NPORT-EX 2 tiaa_CT.htm
1
Portfolio
of
Investments
November
30,
2024
California
High
Yield
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
125.5%   
X
1,434,796,453
MUNICIPAL
BONDS
-
125.5%  
X
–
CONSUMER
STAPLES
-
2.8%
$
27,000,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Alameda
County
Tobacco
Asset
Securitization
Corporation,
Subordinate
Series
2006A
0
.000
%
06/01/50
$
5,747,266
1,155,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A
5
.000
06/01/47
1,124,572
20,000,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Stanislaus
County
Tobacco
Funding
Corporation,
Series
2006A
0
.000
06/01/46
5,473,016
12,500,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Taxable
Senior
Series
2021A-1
4
.214
06/01/50
9,775,801
3,460,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.625
06/01/47
3,423,207
17,600,000
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-2.
Turbo
Capital
Appreciation
0
.000
06/01/47
3,537,947
7,500,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A
0
.000
06/01/47
2,081,314
5,000,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B
0
.000
06/01/46
1,274,652
TOTAL
CONSUMER
STAPLES
32,437,775
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
22.9%
2,000,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021
4
.000
07/01/61
1,620,058
4,175,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020
6
.250
07/01/58
4,366,967
1,505,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Rocklin
Academy
Project,
Series
2024
5
.000
06/01/44
1,557,277
2,550,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Rocklin
Academy
Project,
Series
2024
5
.000
06/01/64
2,614,032
4,250,000
(b)
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020,
(UB)
4
.000
07/01/50
4,243,479
900,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.000
10/01/35
900,318
1,335,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.250
10/01/45
1,335,060
4,020,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2017A
5
.000
10/01/47
3,939,299
700,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/38
707,400
2,000,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/48
2,005,681
250,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/53
250,639
500,000
(a)
California
Municipal
Finance
Authority,  Revenue
Bonds,
Creative
Center
of
Los
Altos
Project
Pinewood
&
Oakwood
Schools,
Series
2016B
4
.000
11/01/36
488,394
2,200,000
(a)
California
Municipal
Finance
Authority,  Revenue
Bonds,
Creative
Center
of
Los
Altos
Project
Pinewood
&
Oakwood
Schools,
Series
2016B
4
.500
11/01/46
2,099,560
1,150,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Bella
Mente
Montessori
Academy
Project,
Series
2018A
5
.000
06/01/48
1,156,955
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
400,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015
5
.125
%
07/01/35
$
402,521
425,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015
5
.375
07/01/45
426,727
405,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Series
2019A
4
.000
10/01/29
403,574
90,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/39
90,654
1,515,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/49
1,491,597
1,000,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/57
968,597
1,400,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A
5
.000
10/01/34
1,400,561
465,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A
5
.000
10/01/44
463,230
3,695,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
5
.000
07/01/41
3,710,435
1,000,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2018A
5
.000
07/01/38
1,016,328
1,800,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2018A
5
.000
07/01/49
1,808,118
1,715,000
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,  American
Heritage
Foundation
Project,
Series
2016A
5
.000
06/01/46
1,727,142
1,145,000
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
Literacy
First
Charter
Schools
Project,
Series
2019A
5
.000
12/01/39
1,195,357
2,260,000
(a)
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
STREAM
Charter
Schools
Project,
Series
2020A
5
.000
06/15/51
2,142,395
1,000,000
(a)
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Westside
Neighborhood
School
Project,
Series
2024
6
.375
06/15/64
1,091,787
710,000
(a),(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.
AMDA
Inc
Project,
Taxable
Series
2023B
9
.500
07/01/30
736,386
13,905,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7
.250
07/01/53
14,392,163
1,500,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A
5
.000
11/01/36
1,526,491
1,555,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A
5
.000
11/01/46
1,559,430
1,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B
5
.000
10/01/49
990,106
1,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B
5
.000
10/01/54
978,685
270,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A
6
.625
01/01/32
269,970
3,700,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A
5
.250
01/01/45
3,030,680
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
4
.000
12/31/47
953,059
7,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A
6
.000
10/01/50
7,182,461
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019
5
.000
08/01/34
1,040,034
1,100,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Turning
Point
School,
Series
2024
5
.250
06/01/44
1,110,653
1,300,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Turning
Point
School,
Series
2024
5
.500
06/01/54
1,310,516
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
350,000
(a)
California
Municipal
Finance
Authority,
School
Facility
Revenue
Bonds,
Saint
Mary's
School-Aliso
Viejo,
Series
2024A
5
.500
%
05/01/44
$
363,177
435,000
(a)
California
Municipal
Finance
Authority,
School
Facility
Revenue
Bonds,
Saint
Mary's
School-Aliso
Viejo,
Series
2024A
5
.750
05/01/54
452,451
2,000,000
(a)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A
5
.125
07/01/55
1,763,658
700,000
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Multicultural
Learning
Center
Project,
Series
2017A
6
.250
06/15/47
713,742
4,500,000
(a)
California
Public
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Crossroads
Christian
Schools,
Series
2020
5
.000
01/01/56
4,172,761
1,075,000
(a)
California
School
Finance
Authority
Charter
School
Facility
Revenue
Bonds,
Grimmway
Schools-Obligated
Group,
Series
2016A
5
.000
07/01/46
1,082,909
755,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/37
760,808
2,000,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/47
1,983,987
2,090,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/54
2,045,810
960,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A
5
.000
07/01/40
970,371
3,175,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academy
Obligated
Group,
Series
2022A
5
.000
07/01/52
3,137,399
8,125,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academy
Obligated
Group,
Series
2022A
5
.125
07/01/62
8,137,284
305,000
(a)
California
School
Finance
Authority
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2018A
5
.000
08/01/48
312,081
9,925,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2020A
6
.000
06/01/59
9,846,338
1,710,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5
.625
06/01/44
1,691,037
1,225,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5
.875
06/01/54
1,207,259
3,375,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
6
.000
06/01/64
3,322,343
585,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/35
589,381
1,040,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/40
1,045,574
1,600,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/41
1,607,945
460,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/46
461,622
1,100,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A
5
.000
06/01/52
913,006
1,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4
.000
06/01/41
858,202
500,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4
.000
06/01/61
373,705
5,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6
.000
06/15/54
5,000,291
5,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6
.125
06/15/64
5,009,549
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,300,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Lighthouse
Community
Public
Schools
Obligated
Group,
Series
2022A
6
.500
%
06/01/62
$
2,439,599
1,300,000
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2016A
5
.875
06/01/52
1,316,025
1,600,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2019A
5
.000
06/01/58
1,582,036
2,075,000
(a)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7
.250
06/15/43
2,179,812
6,740,000
(a)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7
.375
06/15/53
7,078,741
2,510,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/40
2,085,509
5,550,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/50
4,309,197
8,200,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/59
6,092,037
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/42
1,025,923
5,315,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/61
5,382,052
5,045,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
CIty
Charter
School
Obligated
Group,
Series
2016A
5
.000
06/01/42
5,047,150
805,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Classical
Academies
Project,
Series
2017A
5
.000
10/01/44
816,370
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/37
237,801
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/47
235,109
1,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
4
.750
06/01/36
1,305,138
1,180,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/46
933,991
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ednovate
Obligated
Group,
Series
2018
5
.000
06/01/48
969,094
1,890,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Envision
Education,
Series
2024A
5
.000
06/01/64
1,901,785
1,150,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/41
968,937
1,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/51
1,163,738
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/61
736,475
675,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A
5
.750
05/01/37
686,344
1,135,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Larchmont
Charter
School
Project
,
Series
2018A
5
.000
06/01/55
1,123,775
2,475,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Lifeline
Education
Charter
School
Project,
Series
2020A
5
.000
07/01/55
2,498,300
560,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Orange
County
Educational
Arts
Academy
Project,
Series
2023A
5
.625
06/01/43
577,049
700,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Orange
County
Educational
Arts
Academy
Project,
Series
2023A
5
.875
06/01/53
721,163
425,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5
.500
08/01/47
450,492
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,350,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.000
%
06/01/54
$
1,342,449
1,545,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.125
06/01/59
1,548,657
2,350,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.125
06/01/64
2,345,405
2,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2016A
5
.000
06/01/46
2,499,991
950,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2017A
5
.125
06/01/47
951,420
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2017A
5
.250
06/01/52
1,001,992
990,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
Obligated
Group,
Series
2017G
5
.000
06/01/37
999,875
925,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
Obligated
Group,
Series
2017G
5
.000
06/01/53
913,919
605,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A
4
.000
06/01/31
579,887
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A
4
.000
06/01/51
2,372,594
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A
4
.000
06/01/61
2,257,041
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020A
5
.000
06/01/60
2,775,781
575,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020B
5
.000
06/01/27
559,456
1,435,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2023A
6
.000
06/01/63
1,471,393
490,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
iLead
Lancaster
Project,
Series
2021A
5
.000
06/01/41
465,692
2,050,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
iLead
Lancaster
Project,
Series
2021A
5
.000
06/01/51
1,852,438
1,320,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
iLead
Lancaster
Project,
Series
2021A
5
.000
06/01/61
1,158,725
3,250,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2024A
7
.000
06/01/54
3,272,360
335,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2024B
9
.000
06/01/34
340,678
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Valley
International
Preparatory
High
School
Project,
Series
2022A
5
.125
03/01/52
788,254
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Valley
International
Preparatory
High
School
Project,
Series
2022A
5
.250
03/01/62
774,484
750,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2019A
5
.000
06/01/40
761,240
650,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2024A
5
.000
06/01/54
654,657
1,700,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2024A
5
.000
06/01/64
1,702,800
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,725,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A
5
.000
%
07/01/47
$
1,734,458
1,340,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A
5
.000
07/01/52
1,344,122
1,230,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2023A
5
.750
07/01/42
1,305,895
575,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
5
.625
10/01/34
575,205
1,000,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
5
.875
10/01/44
1,000,335
520,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
6
.000
10/01/49
520,178
3,050,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
4
.125
07/01/35
3,052,704
1,000,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
5
.000
07/01/45
1,004,217
2,000,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.000
07/01/46
2,021,540
1,200,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2019
5
.000
07/01/54
1,209,924
1,200,000
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2022A
5
.375
08/01/42
1,294,189
1,150,000
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2022A
5
.750
08/01/52
1,254,851
725,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Refunding
Series
2023A
5
.250
07/01/48
757,470
1,355,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A
6
.000
07/01/51
1,385,810
9,000,000
(b)
California
State
University,
Systemwide
Revenue
Bonds,
Series
2024A,
(UB)
4
.000
11/01/49
9,106,604
6,325,000
(a)
California
Statewide
Communities
Development
Authority
Revenue
Bonds,
California
Baptist
University,
Refunding
Series
2017A
5
.000
11/01/41
6,389,074
580,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Refunding
Series
2006P
5
.000
06/01/30
566,590
125,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q
5
.000
06/01/30
122,110
1,580,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q
5
.000
06/01/36
1,538,893
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
261,966,465
HEALTH
CARE
-
10.0%
3,275,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.250
03/01/36
3,310,243
3,000,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.000
03/01/41
3,011,834
9,100,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.000
03/01/46
9,106,311
4,000,000
(b)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
(UB)
4
.000
11/15/48
3,996,228
4,740,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Health
System,
Series
2021A,
(UB)
4
.000
08/15/48
4,761,982
2,485,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
5
.000
11/15/49
2,525,869
1,665,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.000
12/01/54
1,816,124
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
5,000,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A
4
.000
%
05/15/51
$
5,058,973
7,800,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hosptial
at
Stanford,
Series
2017A,
(UB)
5
.000
11/15/56
8,056,788
1,455,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Clinicas
del
Camino
Real,
Inc.,
Series
2020
4
.000
03/01/28
1,452,650
2,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
Centers
of
the
Central
Coast,
Inc.,
Series
2021A
5
.000
12/01/46
2,037,776
5,480,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
5,537,840
8,200,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
8,211,005
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
1,005,854
1,565,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
-
AGM
Insured
5
.250
11/01/52
1,675,934
16,700,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.500
12/01/54
16,701,257
2,055,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.000
12/01/41
2,082,643
2,280,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
2,304,165
315,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.250
12/01/48
324,553
16,250,000
(b)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2024A,
(UB)
5
.250
12/01/54
18,137,530
13,766
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
12/31/24
13,766
7,969
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
7,969
8,609
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
8,609
35,986
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
35,986
717
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H
5
.750
07/01/25
717
6,100,000
Oroville,
California,
Revenue
Bonds,
Oroville
Hospital
Series
2019
5
.250
04/01/54
4,529,183
1,500,000
Palomar
Pomerado
Health
Care
District,
California,
Certificates
of
Participation,
Series
2017
4
.000
11/01/47
1,213,340
2,245,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/01/36
2,247,753
4,790,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/01/39
4,696,222
200,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A
5
.000
07/01/42
202,320
TOTAL
HEALTH
CARE
114,071,424
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
-
15.9%
$
4,330,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
%
02/01/56
$
2,946,073
1,000,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Exchange
at
Bayfront
Apartments,
Series
2021A-1
3
.000
02/01/57
645,552
8,750,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
7,052,686
4,000,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2
4
.000
08/01/50
3,241,207
8,145,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Mira
Vista
Hills  Apartments,
Series
2021A
4
.000
02/01/56
4,682,079
22,495,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
17,049,584
9,960,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2
4
.000
02/01/50
7,822,611
5,880,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A
5
.000
08/01/50
5,738,410
18,480,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
16,108,120
1,000,000
California
Housing
Finance
Agency,
California,
Multifamily
Housing
Revenue
Bonds,
Power
Station
Block
7B,
Limited
Obligation
Senior
Series
2024L
5
.200
12/01/27
1,009,549
1,585,000
(a)
California
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Redwood
Gardens
Apartments,
Subordinate
Lien
Series
2021N-S
4
.000
03/01/37
1,373,755
58,731
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
60,790
8,384,371
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
8,761,420
2,375,000
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Royal
York
Estates
Projects
Series
2020A
4
.000
02/15/55
2,000,238
2,980,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Catalyst
Impact
Fund
1
LLC
Series
2024-II
7
.000
01/01/39
3,166,815
1,335,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
5
.500
07/01/50
1,466,791
1,715,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
6
.000
07/01/53
1,951,036
450,000
(a)
California
Statewide
Communities
Development
Authority,
College
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Hooper
Street
LLC
Project,
Series
2019
5
.250
07/01/52
456,557
4,600,000
(a)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A
5
.000
06/01/36
4,651,527
2,090,000
(a)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A
5
.000
06/01/46
2,094,173
6,885,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
5,427,126
1,000,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B
8
.000
04/01/56
759,875
2,500,000
(a)
CMFA
Special
Finance
Agency
XII,
California,
Essential
Housing
Revenue
Bonds,
Allure
Apartments
Project,
Series
2022A-2
3
.250
02/01/57
1,898,320
1,000,000
(a)
CMFA
Special
Financing
Agency
VIII,
California,
Essential
Housing
Revenue
Bonds,
Elan
Huntington
Beach,
Senior
Lien
Series
2021A-1
3
.000
08/01/56
718,742
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
2,905,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B
4
.000
%
04/01/57
$
2,151,963
18,795,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-1
3
.500
10/01/46
15,872,870
5,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
4,119,345
3,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
2,683,811
2,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Escondido
Portfolio,
Social
Senior
Lien
Series
2021A-2
4
.000
06/01/58
1,613,073
5,815,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Link-Glendale,
Series
2021A-2
4
.000
07/01/56
4,631,862
22,660,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
17,918,896
9,360,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
6,553,206
2,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B
4
.000
07/01/58
1,418,199
4,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2
4
.000
09/01/56
3,168,998
2,110,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
1,607,563
2,500,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
2,070,294
2,625,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A
3
.250
10/01/58
1,879,392
5,050,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
06/01/57
3,094,431
2,000,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2
4
.000
12/01/58
1,572,927
2,145,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B
4
.000
12/01/59
1,433,668
6,155,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
4,367,754
1,000,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015
5
.000
09/15/36
1,008,841
315,000
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014
5
.000
06/15/49
315,187
2,110,000
Palmdale
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Impression,
La
Quinta,
Park
Vista
&
Summerwood
Apartments,
Series
2015
5
.250
06/01/45
2,053,209
400,000
Santa
Clara
County
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Blossom
River
Project,
Series
1998A,
(AMT)
6
.500
09/01/39
400,085
455,000
(a),(c)
Wilson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Senior
Living
Revenue
Bonds,
Rutland
Place
Inc.
Project,
Series
2015A
4
.400
01/01/46
295,750
TOTAL
HOUSING/MULTIFAMILY
181,314,360
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
-
12.3%
$
7,880,000
(b)
Antioch
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2024
Series
2024A,
(UB)
4
.000
%
08/01/54
$
7,921,402
1,115,000
Denair
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Series
2002A
-
FGIC
Insured
0
.000
08/01/26
1,057,151
1,205,000
Jamul
Dulzura
Union
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
1995
Series
2004A
-
NPFG
Insured
0
.000
11/01/28
1,067,046
10,355,000
(b)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2024D,
(UB)
4
.000
08/01/49
10,474,937
650,000
(b),(e)
Newman-Crows
Landing
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election,
Series
2010B
-
AGM
Insured
0
.000
08/01/49
589,122
2,000,000
Northern
Inyo
County
Local
Hospital
District,
California,
General
Obligation
Bonds,
Election
2005
Series
2009
-
AGC
Insured
0
.000
11/01/38
1,124,978
5,000,000
(b)
Oakland
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2020,
Series
2023A
-
AGM
Insured,
(UB)
5
.250
08/01/48
5,646,591
5,000,000
(b)
Oxnard
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
of
2022
Series
2023A
-
BAM
Insured,
(UB)
4
.125
08/01/50
5,087,928
1,350,000
Paso
Robles
Joint
Unified
School
District,
San
Luis
Obispo
and
Monteray
Counties,
California,
General
Obligation
Bonds,
Election
2006
Series
2010A
0
.000
09/01/34
977,811
9,470,000
(b)
Pittsburg
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
(UB)
4
.000
08/01/44
9,476,526
2,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
1,385,929
11,187,234
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
10,779,146
14,952,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
14,261,623
5,750,000
(b)
San
Diego
Public
Facilities
Financing
Authority,
California,
Lease
Revenue
Bonds,
Capital
Improvement
Projects,
Series
2021A,
(UB)
4
.000
10/15/50
5,790,878
10,000,000
(b)
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2012
Series
2017I,
(UB)
4
.000
07/01/47
10,050,112
5,000,000
(b)
San
Luis
Coastal
Unified
School
District,
San
Luis
Obispo
County,
California,
General
Obligation
Bonds,
Election
of
2022
Series
2023A,
(UB)
4
.000
08/01/53
5,036,537
3,045,000
(b)
Santa
Ana
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2018
Election
Series
2022C,
(UB)
4
.000
08/01/44
3,115,371
5,680,000
(b)
Santa
Ana
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2018
Election
Series
2022C,
(UB)
4
.000
08/01/45
5,784,724
17,585,000
(b)
Santa
Ana
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2018
Election
Series
2022C,
(UB)
4
.250
08/01/50
18,032,232
500,000
Selma
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2020C
-
AGM
Insured
3
.000
08/01/49
419,453
12,460,000
(b)
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B,
(UB)
4
.000
08/01/45
12,452,125
10,100,000
(b)
West
Contra
Costa
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2015B,
(UB)
4
.000
08/01/54
10,103,543
TOTAL
TAX
OBLIGATION/GENERAL
140,635,165
TAX
OBLIGATION/LIMITED
-
33.5%
1,000,000
Adelanto
Community
Facilities
District
Number
2006-2,
San
Bernadino
County,
California,
Special
Tax
Bonds,
Series
2015A
5
.000
09/01/45
1,005,755
850,000
Alameda
Community
Facilities
District
No.
22-1,
California,
Alameda
Marina,
Special
Tax
Bonds,
Green
Series
2023
5
.000
09/01/48
875,993
1,250,000
Alameda
Community
Facilities
District
No.
22-1,
California,
Alameda
Marina,
Special
Tax
Bonds,
Green
Series
2023
5
.000
09/01/53
1,295,531
330,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/28
295,121
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
240,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
%
09/01/30
$
200,639
4,475,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/34
3,216,503
1,985,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/35
1,367,491
2,580,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
7A-1,
Series
2015A
5
.000
09/01/45
2,594,848
660,000
Beaumont
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1,
Improvement
Area
2
Series
2023
5
.000
09/01/48
689,393
875,000
Beaumont
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1,
Improvement
Area
2
Series
2023
5
.000
09/01/53
906,871
300,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Fairway
Canyon,
Series
2019
5
.000
09/01/44
310,315
400,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Fairway
Canyon,
Series
2019
5
.000
09/01/49
411,735
1,115,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17C,
Series
2018
5
.000
09/01/48
1,149,204
880,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17D,
Series
2024
5
.000
09/01/49
949,312
1,510,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17D,
Series
2024
5
.000
09/01/54
1,618,216
1,900,000
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015
5
.000
05/01/38
1,919,206
1,500,000
Brea
Redevelopment
Agency,
Orange
County,
California,
Tax
Allocation
Bonds,
Project
Area
AB,
Series
2003
-
AMBAC
Insured
0
.000
08/01/28
1,330,018
1,700,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
1,700,813
4,095,000
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003
-
AMBAC
Insured
0
.000
06/01/33
2,907,185
1,095,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2021A
4
.000
09/01/46
1,030,281
1,505,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2021A
4
.000
09/01/51
1,379,634
3,990,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2022C
6
.250
09/01/52
4,333,946
3,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2022D
6
.125
09/01/52
3,245,523
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024A
5
.125
09/01/54
1,055,083
1,070,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024B
5
.000
09/01/49
1,128,640
545,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/44
581,299
885,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/49
938,568
540,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
4
.700
09/01/54
545,442
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/54
1,057,654
1,000,000
(f)
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024D
5
.000
09/01/49
1,047,466
1,000,000
(f)
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024D
5
.000
09/01/54
1,041,421
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-06,
Series
2022B
6
.000
09/01/52
1,084,630
2,160,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-6,
County
of
Placer-
PV400,
Series
2022
5
.250
09/01/52
2,288,317
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,375,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2022-6,
County
of
Sacramento
-
Wildhawk
North
Series
2024
5
.000
%
09/01/54
$
1,446,428
500,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2022-8
City
of
Palmdale
-
Wildflower/Creekside
Encore
Series
2024
5
.000
09/01/49
524,964
785,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2022-8
City
of
Palmdale
-
Wildflower/Creekside
Encore
Series
2024
5
.000
09/01/54
822,597
340,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-11
Improvement
Area
A
Hesperia
Silverwood,
Series
2024
5
.000
09/01/49
358,357
800,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-11
Improvement
Area
A
Hesperia
Silverwood,
Series
2024
5
.000
09/01/54
837,669
1,835,000
(f)
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5
Sacramento
County-
The
GAP
Improvement
Area
1,
Series
2024
5
.000
09/01/49
1,921,962
2,665,000
(f)
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5
Sacramento
County-
The
GAP
Improvement
Area
1,
Series
2024
5
.000
09/01/54
2,775,212
400,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5,
Improvement
Area
1
Series
2023
5
.250
09/01/43
432,389
1,060,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5,
Improvement
Area
1
Series
2023
5
.625
09/01/53
1,152,363
345,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Orinda
Wilder
Project,
Refunding
Series
2015
5
.000
09/01/37
348,166
945,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A
5
.000
09/01/33
946,052
2,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A
5
.125
09/01/42
2,001,568
3,420,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-01
Improvement
Area
2
University
District,
Series
2017
5
.000
09/01/47
3,491,564
2,500,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-2
Rio
Bravo,
Series
2015A
5
.625
09/01/45
2,525,928
3,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2016-02
Delta
Coves,
Series
2019
5
.000
09/01/49
3,076,835
5,250,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2017-01
Horse
Creek,
Series
2018
5
.000
09/01/48
5,400,026
1,200,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2018-02,
McSweeny,
Improvement
Area
1
Series
2023
5
.250
09/01/53
1,272,581
340,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
2
Atwell,
Series
2022
5
.250
09/01/52
360,887
475,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
3
Atwell,
Series
2024
5
.000
09/01/49
500,599
650,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
3
Atwell,
Series
2024
5
.000
09/01/54
683,813
2,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2021-01
Meadowlands,
Series
2021-01
4
.000
09/01/51
1,827,614
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
2,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2021-02
Citro,
Series
2023
5
.000
%
09/01/53
$
2,098,336
1,635,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2022-07,
Improvement
Area
Number
1,
Watson
Ranch,
Series
2023
5
.000
09/01/53
1,721,478
3,510,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1
5
.000
09/02/35
3,545,237
1,120,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1
5
.000
09/02/40
1,128,751
465,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A
8
.000
09/02/41
464,963
2,275,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014A
5
.000
09/02/43
2,276,471
2,060,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014B
5
.000
09/02/44
2,061,265
2,240,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016A
5
.000
09/02/45
2,272,788
1,690,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B
5
.000
09/02/36
1,727,030
3,310,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B
5
.000
09/02/46
3,352,030
480,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017A
5
.000
09/02/46
490,275
375,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017B
5
.000
09/02/47
384,422
920,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018B
5
.000
09/02/48
942,776
725,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019C
5
.000
09/02/44
749,033
850,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2020A
4
.000
09/02/50
797,532
1,495,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2022C
5
.125
09/02/42
1,556,740
1,990,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2022C
5
.375
09/02/52
2,104,342
3,965,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2020C
4
.000
09/02/40
3,917,155
1,085,000
Cathedral
City
Public
Financing
Authority,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project,
Series
2000A
-
NPFG
Insured
0
.000
08/01/33
789,004
740,000
Chino,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-3
Improvement
Area
10,
Series
2024.
5
.000
09/01/54
780,248
895,000
Chula
Vista,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-I
Millenia
Improvement
Area
1,
Series
2018
5
.000
09/01/43
925,490
1,115,000
Chula
Vista,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-I
Millenia
Improvement
Area
1,
Series
2018
5
.000
09/01/48
1,145,694
320,000
City
of
Dublin,
California,
Community
Facilities
District
No.
2015-
1,
Dublin
Crossing,
Improvement
Area
No.
1,
Special
Tax
Bonds,
Series
2017
5
.000
09/01/47
326,446
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
315,000
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008
-
AMBAC
Insured
5
.250
%
09/01/27
$
315,316
210,000
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008
-
AMBAC
Insured
5
.000
09/01/32
210,116
670,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-1
Dos
Lagos
Improvement
Area
1,
Refunding
Series
2017
5
.000
09/01/37
692,120
2,155,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A
5
.000
09/01/43
2,213,234
1,250,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A
5
.000
09/01/48
1,278,004
345,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Sierra
Bella,
Series
2022A
5
.000
09/01/51
363,054
625,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
2,
Series
2024
5
.000
09/01/46
662,788
1,000,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
2,
Series
2024
5
.000
09/01/54
1,047,086
1,000,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
4,
Series
2022
5
.500
09/01/47
1,078,481
1,000,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
4,
Series
2022
5
.500
09/01/51
1,074,098
1,250,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
5,
Series
2023
5
.375
09/01/51
1,329,975
6,300,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,
Improvement  Area
2,
Series
2019
5
.000
09/01/39
6,599,968
250,000
El
Dorado
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-2,
Series
2006
5
.100
09/01/36
250,902
1,000,000
Elk
Grove
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2024
5
.000
09/01/44
1,084,123
1,700,000
Elk
Grove
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2024
5
.000
09/01/51
1,813,269
1,685,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A
4
.000
09/01/41
1,591,333
1,245,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A
4
.000
09/01/51
1,100,793
1,565,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A
4
.000
09/01/41
1,478,004
2,325,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A
4
.000
09/01/51
2,058,908
430,000
Fairfield,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Fairfield
Commons
Project,
Series
2008
6
.875
09/01/38
433,648
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
18,
Folsom
Plan
Area-Area-Wide
Improvements
and
Services,
Series
2024
5
.000
09/01/44
1,079,083
1,200,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
18,
Folsom
Plan
Area-Area-Wide
Improvements
and
Services,
Series
2024
5
.000
09/01/49
1,279,548
2,765,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
18,
Folsom
Plan
Area-Area-Wide
Improvements
and
Services,
Series
2024
5
.000
09/01/54
2,935,744
1,250,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
20
Russell
Ranch,
Series
2020
5
.125
09/01/47
1,330,534
1,300,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
20
Russell
Ranch,
Series
2020
5
.125
09/01/52
1,377,163
1,075,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2020
4
.000
09/01/45
1,051,098
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
4,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2022
5
.000
%
09/01/52
$
4,191,207
400,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
2,
Series
2024
5
.000
09/01/49
420,066
460,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
2,
Series
2024
5
.000
09/01/53
480,911
1,000,000
(f)
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
4,
Series
2024
5
.000
09/01/49
1,056,397
1,000,000
(f)
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
4,
Series
2024
5
.000
09/01/54
1,050,290
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2022
5
.000
09/01/52
1,046,458
500,000
Folsom,
California,
Special
Tax
Bonds,
Community
Facilities
District
16
Islands
at
Parkshore
Improvement
Area
1,
Series
2018
4
.000
09/01/43
478,317
1,545,000
Folsom,
California,
Special
Tax
Bonds,
Community
Facilities
District
16
Islands
at
Parkshore
Improvement
Area
1,
Series
2018
4
.000
09/01/48
1,427,276
375,000
Fontana,
California,  Special
Tax
Bonds,
Community
Facilities
District
106,
Mountain
View,
Series
2022
4
.250
09/01/38
383,276
500,000
Fontana,
California,  Special
Tax
Bonds,
Community
Facilities
District
106,
Mountain
View,
Series
2022
4
.500
09/01/43
512,131
3,030,000
Fontana,
California,
Special
Tax
Bonds,
Community
Facilities
District
112
The
Gardens
Phase
One,
Series
2024
5
.000
09/01/49
3,228,359
2,825,000
Fontana,
California,
Special
Tax
Bonds,
Community
Facilities
District
112
The
Gardens
Phase
One,
Series
2024
5
.000
09/01/54
2,992,496
400,000
Fontana,
California,
Special
Tax
Bonds,
Narra
Hills
Community
Facilities
District
109,
Refunding
Series
2024
5
.000
09/01/49
427,177
4,040,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
4,261,752
1,000,000
Hemet
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-7,
Series
2023
5
.000
09/01/43
1,056,496
1,000,000
Hemet
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-7,
Series
2023
5
.000
09/01/53
1,046,941
1,030,000
Imperial,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Springfield,
Series
2015A
5
.000
09/01/36
1,039,934
155,000
Indio
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Area
Redevelopment
Project,
Subordinate
Lien
Refunding
Series
2008A
5
.250
08/15/28
155,382
3,380,000
Jurupa
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
9,
Series
2015A
5
.000
09/01/45
3,401,932
1,220,000
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-2,
Series
2005
5
.350
09/01/35
1,225,411
1,000,000
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-2
Improvement
Area
B,
Series
2018
4
.000
09/01/48
958,956
475,000
Lake
Elsinore,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Summerly
Improvement
Area
KK,
Series
2021
4
.000
09/01/42
463,922
600,000
Lammersville
Joint
Unified
School
District,
San
Joaquin
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-
1
Improvement
Area
1
Mountain
House
School
Facilities,
Series
2017
5
.000
09/01/47
610,839
595,000
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Central
Lathrop
Specific
Plan
Improvement
Areas
5,
Series
2019
5
.650
09/01/38
616,036
945,000
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Central
Lathrop
Specific
Plan
Improvement
Areas
5,
Series
2019
5
.750
09/01/43
972,932
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
925,000
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A
5
.000
%
09/01/39
$
925,657
1,815,000
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A
5
.000
09/01/43
1,816,087
1,750,000
Los
Angeles
County
Community
Facilities
District
2021-01,
California,
Special
Tax
Bond,
Valencia-Facilities
Improvement
Area
1,
Series
2022
5
.000
09/01/47
1,846,007
8,660,000
Madera
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Tesoro
Viejo
II
Improvement
Area
1,
Series
2022
5
.750
09/01/53
8,855,506
2,022,000
Manteca
Unified
School
District,
San
Joaquin
County,
California,
Certificates
of
Participation,
Series
2004
-
NPFG
Insured
0
.000
09/15/33
1,489,576
450,000
Marina
Redevelopment
Agency
Successor
Agency,
California,
Housing
Tax
Allocation
Bonds,
Series
2018B
5
.000
09/01/38
466,883
3,000,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
3,124,071
500,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014
4
.125
09/01/39
499,991
500,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014
4
.250
09/01/44
495,290
500,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
6,
Series
2021
4
.000
09/01/50
476,548
1,325,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
7,
Series
2021
5
.125
09/01/47
1,403,161
2,000,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
7,
Series
2021
5
.250
09/01/52
2,126,930
1,000,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-2,
Series
2017
5
.000
09/01/47
1,022,489
1,000,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilties
District
2016-1,
Improvement
Area
B,
Series
2022
4
.625
09/01/52
1,011,439
750,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1,
Banner
Park
Series
2023A
5
.000
09/01/53
782,817
700,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1,
Quartz
Ranch
Series
2023A
5
.000
09/01/48
739,728
1,000,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1,
Quartz
Ranch
Series
2023A
5
.000
09/01/53
1,049,911
2,095,000
(f)
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2023-1,
Rockport
Ranch
Series
2024
5
.000
09/01/49
2,221,574
2,430,000
(f)
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2023-1,
Rockport
Ranch
Series
2024
5
.000
09/01/55
2,563,900
835,000
Moorpark,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1,
Refunding
Junior
Lien
Series
2014B
5
.000
09/01/33
835,903
970,000
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-
2,
Series
2019
5
.000
09/01/48
996,702
1,085,000
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-
3,
Series
2019
4
.000
09/01/44
1,045,986
825,000
Murrieta,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-5
Golden
City
Improvement
Area
A,
Series
2017
5
.000
09/01/46
844,365
980,480
(c)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005
1
.908
09/01/28
274,534
2,926,584
(c)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005
1
.943
09/01/36
819,444
1,250,000
Oceanside,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Pacific
Coast
Business
Park,
Series
2017
5
.000
09/01/38
1,284,654
1,200,000
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
28
New
Haven
Facilities
-
Area
A,
Series
2017
5
.000
09/01/47
1,224,173
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
845,000
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
55
Parklane
Facilities,
Series
2022
5
.000
%
09/01/53
$
879,151
350,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Rienda,
Series
2022A
5
.000
08/15/42
374,011
3,400,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Rienda,
Series
2022A
5
.000
08/15/47
3,567,341
500,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2023-1
Rienda
Phase
2B,
Series
2023A
5
.500
08/15/53
542,770
275,000
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2021
3
.000
09/01/31
258,111
1,340,000
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2021
4
.000
09/01/51
1,186,639
1,230,000
Palmdale
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project
Areas,
Series
2002
-
AMBAC
Insured
0
.000
12/01/30
1,015,763
2,990,000
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999
-
AMBAC
Insured
0
.000
08/01/27
2,749,980
3,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
3,002,838
4,645,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
4,645,040
2,610,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
2,575,389
2,670,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
2,675,480
1,200,000
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2015
5
.000
09/01/40
1,208,900
1,590,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Communities
Facilities
District
2014-1
Montelena,
Series
2022
5
.000
09/01/42
1,669,001
250,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.000
09/01/38
267,595
525,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.125
09/01/43
557,155
1,300,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.375
09/01/53
1,379,887
1,400,000
Rancho
Mirage,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Section
31,
Improvement
Area
1
Series
2024A
5
.000
09/01/54
1,459,153
1,755,000
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A
-
AMBAC
Insured
0
.000
07/15/29
1,507,628
1,260,000
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A
-
AMBAC
Insured
0
.000
07/15/31
1,005,193
1,185,000
Rio
Vista,
California,
Special
Tax
Bonds,
Community
Faciliites
District
2018-1
Liberty
Community,
Series
2018-1
5
.000
09/01/48
1,213,491
1,185,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
4
.250
09/01/47
1,208,550
1,000,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.000
09/01/42
1,045,166
1,525,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.250
09/01/47
1,598,674
2,015,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.000
09/01/52
2,059,263
1,000,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Phase
2
Public
Improvements,
Series
2019
4
.000
09/01/46
901,999
1,295,000
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997
-
NPFG
Insured
0
.000
06/01/26
1,237,936
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
2,115,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
03-1
Newport
Road,
Series
2014
5
.000
%
09/01/30
$
2,123,153
1,000,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017
5
.000
09/01/42
1,023,433
535,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017
5
.000
09/01/45
545,952
1,010,000
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007
-
NPFG
Insured
0
.000
09/01/34
715,602
1,155,000
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007
-
NPFG
Insured
0
.000
09/01/35
783,191
815,000
Rocklin,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
10
Whitney
Ranch,
Series
2015
5
.000
09/01/39
822,693
935,000
Rohnert
Park
Community
Development
Agency,
California,
Tax
Allocation
Bonds,
Series
1999
0
.000
08/01/33
695,732
2,635,000
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Heritage
Lake
Improvement
Area
3,
Series
2013
5
.000
09/01/43
2,636,745
480,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Creekview
Improvement
Area
2,
Series
2023
5
.000
09/01/43
506,115
1,500,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Creekview
Improvement
Area
2,
Series
2023
5
.250
09/01/53
1,585,033
1,050,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Hewlett
Parkard
Campus
Oaks,
Series
2016
5
.500
09/01/46
1,070,106
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Ranch
at
Sierra
Vista,
Public
Facilities
Series
2023
5
.000
09/01/43
1,060,251
1,150,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Ranch
at
Sierra
Vista,
Public
Facilities
Series
2023
5
.000
09/01/53
1,201,428
625,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Villages
at
Sierra
Vista,
Series
2022
4
.500
09/01/52
611,588
1,100,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westbrook,
Series
2014
5
.000
09/01/34
1,101,093
1,500,000
(a)
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Fiddyment
Ranch
Public
Facilities,
Series
2017
5
.000
09/01/47
1,529,046
2,755,000
Roseville,
California,
Special
Tax
Bonds,
SVSP
Westpark-Federico
Community
Facilities
District
1,
Series
2022
5
.000
09/01/52
2,871,921
230,000
Sabal
Palm
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2016
5
.500
11/01/46
232,912
1,510,000
(a),(b)
Sacramento
City
Financing
Authority
California,
Lease
Revenue
Bonds,
Master
Lease
Program
Facilities
Projects,
Tender
Option
Bond
Trust
2016-XG0100
-
AMBAC
Insured,
(IF)
9
.970
12/01/33
2,503,508
4,295,000
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A
-
FGIC
Insured
0
.000
12/01/31
3,352,979
4,435,000
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A
-
FGIC
Insured
0
.000
12/01/32
3,323,582
250,000
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1
College
Square,
Series
2007
5
.900
09/01/37
251,360
1,600,000
(a)
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-01
Railyards,
Improvements
Series
2022
5
.375
09/01/52
1,695,128
710,000
(a)
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01
5
.000
09/01/37
731,932
1,900,000
(a)
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01
5
.000
09/01/47
1,939,757
428,000
(c)
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Grace
Lofts
Redevelopment
Projects,
Series
2007A
2
.100
12/31/26
18,832
1,485,000
San
Bernardino
Community
Facilities
District
Number
2020-1,
California,
Special
Tax
Bonds,
Series
2022
4
.500
09/01/52
1,432,905
360,000
San
Bernardino
County
Financing
Authority,
California,
Revenue
Bonds,
Courthouse
Facilities
Project,
Series
2007
-
NPFG
Insured
5
.500
06/01/37
380,852
550,000
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Lytle
Creek
North
Improvement
Area
1,
Series
2015
5
.000
09/01/40
553,796
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
905,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Facilities
Increment
Series
2023A
5
.000
%
09/01/43
$
915,804
1,525,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Facilities
Increment
Series
2023A
5
.500
09/01/53
1,570,937
1,500,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Housing
Increment
Series
2022B
5
.000
09/01/52
1,502,955
805,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014
5
.000
08/01/39
806,290
1,250,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Series
2014A
5
.000
08/01/43
1,250,901
12,610,000
(a)
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Subordinate
Series
2016D
0
.000
08/01/43
5,020,920
1,450,000
(a)
San
Francisco
City
and
County
Special
Tax
District
2020-1,
California,
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services,
Series
2023B
5
.750
09/01/53
1,580,026
1,000,000
(a)
San
Francisco
City
and
County
Special
Tax
District
2020-1,
California,
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services,
Shoreline
Tax
Zone
1
Series
2023C
5
.750
09/01/53
1,085,400
11,755,000
(b)
San
Francisco
City
and
County,
California,
Certificates
of
Participation,
49
South
Van
Ness
Avenue
Project,
Green
Series
2019A,
(UB)
4
.000
04/01/45
11,806,295
3,900,000
(a)
San
Francisco
City
and
County,
California,
Development
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services
Special
Tax
District
2020-1,
Series
2021C
4
.000
09/01/51
3,541,422
1,000,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/42
1,100,457
1,735,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/47
1,885,227
1,150,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/52
1,239,566
2,900,000
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
1,
Series
2020
4
.000
09/01/50
2,678,927
965,000
(a)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
5
.250
09/01/48
1,021,330
2,050,000
(a)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
5
.500
09/01/53
2,204,688
5,000,000
Stockton,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
19-1,
Cannery
Park
II,
Series
2022
5
.000
09/01/52
5,188,873
1,335,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2018
5
.000
09/01/43
1,374,232
5,400,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1,
Series
2022
4
.500
09/01/52
5,359,153
1,750,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1,
Series
2024A
5
.000
09/01/54
1,872,511
2,000,000
Tejon
Ranch
Public
Facilities
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2008-1,
Tejon
Industrial
Complex
Public
Improvements-East,
Series
2015A
5
.000
09/01/45
2,013,418
1,045,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
6
.250
09/01/47
1,095,716
1,750,000
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2023A
5
.000
09/01/49
1,832,839
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
400,000
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-
1,
Series
2014
4
.250
%
09/01/44
$
390,515
1,195,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
1,
Series
2019
5
.000
09/01/49
1,216,351
2,700,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
2,
Series
2023
5
.875
09/01/53
2,927,539
1,000,000
Val
Verde
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2,
Stratford
Improvement
Area
2
Series
2023
5
.000
09/01/54
1,034,986
700,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-
1,
Series
2013
5
.000
09/01/43
700,296
1,000,000
(a)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C
5
.000
10/01/39
986,534
350,000
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-KDN,
Refunding
Series
2015
5
.250
09/01/35
354,347
785,000
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-KDN,
Refunding
Series
2015
5
.250
09/01/45
791,521
2,805,000
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Refunding
Series
2016
5
.000
09/01/40
2,849,609
5,605,000
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Series
2017
5
.000
09/01/47
5,691,730
1,890,000
Westside
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Improvement
Area
B,
Series
2023
5
.250
09/01/52
1,928,668
1,445,000
William
S.
Hart
Union
High
School
District,
Los
Angeles
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-
1,
Series
2017
5
.000
09/01/47
1,465,080
1,855,000
Woodland,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Spring
Lake,
Refunding
&
Capital
Projects
Series
2016
4
.000
09/01/45
1,773,942
290,000
(c)
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007
4
.800
01/01/27
121,800
TOTAL
TAX
OBLIGATION/LIMITED
382,517,277
TRANSPORTATION
-
9.7%
10,285,000
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
(AMT)
4
.000
07/15/29
10,258,306
10,845,000
(b)
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
(UB)
4
.000
01/15/46
10,888,126
5,000,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
-
AGM
Insured
0
.000
01/15/37
3,261,803
2,500,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Sub-Series
2013B-1
-
AGM
Insured
3
.950
01/15/53
2,502,492
250,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/36
257,213
400,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/37
410,707
375,174
HTA
CL
6
TR
CTFS
CL
L-2028
UNITS
5
.250
07/01/38
375,260
10,000,000
(b)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT),
(UB)
5
.000
05/15/44
10,233,453
6,680,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/53
7,057,426
10,000,000
(b)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT),
(UB)
5
.250
07/01/58
10,727,336
5,000,000
(b)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT),
(UB)
5
.000
07/01/51
5,210,019
13,330,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/56
13,836,291
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
20,000,000
(b)
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT),
(UB)
5
.750
%
05/01/48
$
22,468,976
5,165,000
(b)
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT),
(UB)
5
.000
05/01/48
5,285,628
200,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/49
200,282
50,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A
-
NPFG
Insured
0
.000
01/15/31
40,634
6,650,000
(b)
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A
-
BAM
Insured,
(AMT),
(UB)
4
.000
03/01/42
6,650,078
1,200,000
(a)
West
Indian
Company
Limited,
Virgin
Island,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022B,
(AMT)
6
.500
04/01/52
1,204,236
TOTAL
TRANSPORTATION
110,868,266
U.S.
GUARANTEED
-
0.2%
(g)
2,320,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured,
(ETM)
0
.000
09/01/35
1,650,539
40,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016,
(Pre-refunded
8/01/25)
5
.000
08/01/46
40,541
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/37
277,168
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
277,169
TOTAL
U.S.
GUARANTEED
2,245,417
UTILITIES
-
18.2%
27,110,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
(Mandatory
Put
8/01/31),
(UB)
4
.000
02/01/52
27,601,409
11,000,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E-1,
(Mandatory
Put
3/01/31),
(UB)
5
.000
02/01/54
11,844,208
17,680,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023F,
(Mandatory
Put
11/01/30),
(UB)
5
.500
10/01/54
19,671,578
44,950,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
(Mandatory
Put
4/01/30),
(UB)
5
.250
11/01/54
48,499,270
50,000,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32),
(UB)
5
.000
05/01/54
54,289,505
1,100,000
(a)
California
Pollution
Control
Financing
Authority
Water
Furnishing
Revenue
Bonds
(Poseidon
Resources
(Channelside)
LP
Desalination
Project),
Series
2023
(AMT),
(AMT)
5
.000
11/21/45
1,163,627
25,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.500
11/15/28
26,751
50,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A
6
.500
11/01/39
65,061
360,000
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A
-
NPFG
Insured
5
.500
05/01/29
377,042
3,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
3,094,426
5,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
5,242
8,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Federally
Taxable
Build
America
Bonds,
Series
2010YY
6
.125
07/01/40
4,200,000
1,140,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
National
Series
2007VV
-
NPFG
Insured
5
.250
07/01/34
1,139,067
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,030,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD
3
.625
%
01/01/26
$
540,750
1,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD
5
.000
01/01/26
525,000
85,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN
5
.500
01/01/26
44,625
3,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5
.250
07/01/27
1,575,000
1,020,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5
.250
07/01/31
535,500
275,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.250
07/01/25
144,375
165,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.000
01/01/26
86,625
1,695,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.000
01/01/26
889,875
1,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.250
07/01/26
525,000
2,925,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5
.050
01/01/26
1,535,625
1,415,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
4
.800
07/01/29
742,875
2,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Series
2010BBB
5
.400
07/01/28
1,050,000
25,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Refunding
Series
2005SS
4
.625
07/01/30
13,125
1,950,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5
.000
07/01/32
1,023,750
915,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.375
01/01/26
480,375
1,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.250
07/01/33
525,000
295,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.500
07/01/38
154,875
500,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010AAA
5
.250
07/01/24
262,500
135,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC
5
.000
07/01/24
70,875
200,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC
4
.800
07/01/27
105,000
1,445,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
4
.625
07/01/25
758,625
95,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5
.250
07/01/26
49,875
1,000,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5
.250
07/01/35
525,000
220,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
7
.250
07/01/30
115,500
4,430,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
6
.750
07/01/36
2,325,750
5,385,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
5
.000
07/01/42
2,827,125
2,380,000
(c),(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
5
.950
07/01/30
1,249,500
1,250,000
San
Joaquin
County,
California,
Revenue
Bonds,
CSA
County
Service
Area
31,
Refunding
Series
2018A
5
.000
08/01/38
1,272,420
1,500,000
San
Joaquin
County,
California,
Revenue
Bonds,
CSA
County
Service
Area
31,
Refunding
Series
2018A
5
.000
08/01/42
1,519,062
6,135,000
(b)
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Clean
Energy
Project
Revenue
Bonds,
Series
2024A,
(Mandatory
Put
9/01/30),
(UB)
5
.000
04/01/55
6,578,589
1,000,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A
5
.000
11/01/29
1,047,745
220,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A
5
.000
11/01/33
238,304
23
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:
The
following
is
a
reconciliation
of
the
Fund’s
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
2,190,000
(a)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Series
2024A
8
.000
%
07/01/26
$
2,181,815
150,000
(a)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2024B
10
.250
07/01/26
150,018
5,020,000
(b)
West
County
Facilities
Financing
Authority,
California,
Wastewater
Revenue
Bonds,
Green
Series
2021,
(UB)
4
.000
06/01/46
5,093,040
TOTAL
UTILITIES
208,740,304
TOTAL
MUNICIPAL
BONDS
(Cost
$1,416,059,975)
1,434,796,453
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,416,059,975)
1,434,796,453
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.3%  
X
14,875,000
REPURCHASE
AGREEMENTS
-
1.3%  
X
–
$
14,875,000
(h)
Fixed
Income
Clearing
Corporation
4
.550
12/02/24
$
14,875,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$14,875,000)
14,875,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$14,875,000)
14,875,000
TOTAL
INVESTMENTS
-
126.8%
(Cost
$1,430,934,975)
1,449,671,453
FLOATING
RATE
OBLIGATIONS
-
(26.9)%  
(
307,585,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.1%
1,107,995
NET
ASSETS
-
100%
$
1,143,194,448
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,411,847,281
$
22,949,172
$
1,434,796,453
Short-Term
Investments:
Repurchase
Agreements
–
14,875,000
–
14,875,000
Total
$
–
$
1,426,722,281
$
22,949,172
$
1,449,671,453
Portfolio
of
Investments
November
30,
2024
(continued)
California
High
Yield
Municipal
Bond
24
Level
3
California
High
Yield
Municipal
Bonds
Balance
at
the
beginning
of
period
$186,917
Gains
(losses):
Net
realized
gains
(losses)
8,799
Change
in
net
unrealized
appreciation
(depreciation)
(8,799)
Purchases
at
cost
1,830
Sales
at
proceeds
(121,700)
Net
discounts
(premiums)
-
Transfers
into
19,503,603
Transfers
(out
of)
-
Balance
at
the
end
of
period
$19,570,650
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$3,215,807
(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
$421,904,872
or
29.1%
of
Total
Investments.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
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.
(f)
When-issued
or
delayed
delivery
security.
(g)
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.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.550%
dated
11/29/24
to
be
repurchased
at
$14,880,640
on
12/2/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.875%
and
maturity
date
5/15/43,
valued
at
$15,172,645.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
25
Portfolio
of
Investments
November
30,
2024
California
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.2%   
X
1,762,000,303
MUNICIPAL
BONDS
-
98.2%  
X
–
CONSUMER
STAPLES
-
0.0%
$
370,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
%
06/01/49
$
351,353
TOTAL
CONSUMER
STAPLES
351,353
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
7.1%
5,000,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University,
Series
2015
5
.000
04/01/45
5,014,923
3,000,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Refunding
Series
2015
5
.000
11/01/36
3,042,212
2,040,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023
5
.000
11/01/43
2,299,159
3,240,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023
4
.250
11/01/48
3,281,992
11,780,000
California
Enterprise
Development
Authority,
Revenue
Bonds,
Castilleja
School
Foundation
Series
2024
4
.000
06/01/54
11,785,444
2,435,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Science
Center
Phase
III
Project,
Green
Series
2021B
4
.000
05/01/41
2,489,614
3,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020
4
.000
07/01/50
2,995,397
500,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.250
10/01/45
500,022
1,275,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A
5
.000
01/01/35
1,127,418
8,595,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
4
.000
12/31/47
8,191,542
6,980,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/47
7,079,325
555,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/27
560,362
250,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/54
244,714
2,935,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A
5
.000
07/01/50
2,949,678
1,045,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/40
1,050,601
1,100,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/45
1,104,129
450,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/36
453,254
460,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/46
461,623
815,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/52
827,808
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/47
235,109
410,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/46
324,522
500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/51
378,761
375,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A
5
.750
05/01/37
381,302
550,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5
.500
08/01/43
588,250
285,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2016A
5
.000
06/01/36
285,776
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
280,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Stem
Preparatory
Schools
Obligated
Group,
Series
2023A
5
.000
%
06/01/43
$
290,847
750,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
5
.000
07/01/45
753,163
830,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A
5
.000
07/01/46
833,335
5,235,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.250
07/01/52
5,300,602
680,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2021A
4
.000
07/01/48
637,791
545,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Refunding
Series
2023A
5
.000
07/01/40
569,684
3,100,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A
5
.000
11/01/43
3,295,442
15,665,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A
5
.000
11/01/48
16,513,194
5,210,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2019A
5
.000
11/01/51
5,537,917
5,500,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2024A
4
.000
11/01/49
5,565,147
1,120,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2024A
4
.000
11/01/55
1,129,117
1,115,000
San
Diego
County,
California,
Limited
Revenue
Obligations,
Sanford
Burnham
Prebys
Medical
Discovery
Institute,
Series
2015A
5
.000
11/01/28
1,135,247
15,325,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M
5
.000
05/15/47
15,888,584
11,620,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O
5
.000
05/15/43
12,251,703
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
127,354,710
FINANCIALS
-
0.0%
7,048
Cofina
Class
2
Trust
Tax-Exempt
Class
2047,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAN5
0
.000
08/01/47
2,256
TOTAL
FINANCIALS
2,256
HEALTH
CARE
-
15.5%
17,205,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
17,611,114
3,815,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A
5
.000
11/15/48
3,948,638
1,225,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/36
1,291,872
11,100,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/48
11,488,830
7,000,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Health
System,
Series
2021A
4
.000
08/15/48
7,032,462
3,850,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A
5
.000
08/15/47
3,915,544
4,750,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
of
Orange
County,
Series
2024A
5
.000
11/01/54
5,229,070
6,100,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2012A
4
.000
11/15/39
6,100,355
7,850,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
4
.000
11/15/45
7,816,393
2,700,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
5
.000
11/15/49
2,744,405
10,750,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/40
10,867,101
3,175,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/45
3,190,884
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
35,085,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
%
04/01/49
$
34,787,935
4,775,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.250
12/01/49
5,328,769
2,055,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.000
12/01/54
2,241,522
3,940,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Refunding
Series
2015A
5
.000
02/01/40
3,947,666
1,825,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B
5
.000
10/01/44
1,825,417
32,335,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/54
34,772,736
250,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/47
253,471
1,810,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/36
1,838,548
11,500,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
11,621,380
6,750,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
6,759,059
3,810,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
3,832,302
5,300,000
California
Municipal
Finance
Authority,
Reveue
Bonds,
Community
Medical
Centers,
Series
2017A
5
.000
02/01/47
5,362,417
2,950,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
-
AGM
Insured
5
.250
11/01/52
3,159,109
2,000,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017
5
.000
10/15/47
2,020,374
2,500,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016
5
.000
10/01/46
2,536,065
6,000,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/44
6,000,146
20,750,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
20,969,925
8,400,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.500
12/01/58
8,715,815
1,305,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A
5
.000
03/01/35
1,325,120
1,000,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A
5
.000
03/01/45
1,010,272
4,650,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2018A
5
.000
03/01/48
4,766,954
10,300,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2024A
5
.250
12/01/54
11,496,404
10,000,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Marin
General
Hospital,
Green
Series
2018A
4
.000
08/01/45
9,266,958
1,365,000
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A
-
AGM
Insured
5
.250
08/15/52
1,478,213
8,027
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
12/31/24
8,027
9,230
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
9,229
601
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
601
8,686
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G
5
.500
12/31/25
8,686
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
3,000,000
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B
5
.000
%
06/01/40
$
2,919,782
5,000,000
Palomar
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2017
5
.000
11/01/42
4,790,184
1,630,000
Upland,
California,
Certificates
of
Participation,
San
Antonio
Regional
Hospital,
Series
2017
5
.000
01/01/47
1,668,996
2,800,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A
5
.000
07/01/42
2,832,482
TOTAL
HEALTH
CARE
278,791,232
HOUSING/MULTIFAMILY
-
14.0%
5,340,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
3,633,263
15,920,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
12,831,859
30,005,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
22,741,621
560,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2
4
.000
02/01/50
439,825
425,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A
5
.000
08/01/50
414,766
2,850,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A
5
.000
08/01/49
2,737,419
25,810,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
22,497,325
10,345,869
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2
4
.000
03/20/33
10,463,723
12,168,651
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1
3
.500
11/20/35
11,921,720
1,486,621
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
1,538,752
9,694,429
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
10,130,392
2,900,000
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects,
Social
Series
2024A
5
.000
08/15/59
3,071,314
2,845,000
California
Statewide
Community
Development
Authority,
Multifamily
Housing
Revenue
Senior
Bonds,
Westgate
Courtyards
Apartments,
Series
2001X-1
-
AMBAC
Insured,
(AMT)
5
.420
12/01/34
2,844,794
23,205,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
18,291,425
5,675,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1
4
.000
08/01/58
4,590,009
920,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1
3
.600
05/01/47
776,134
8,660,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2
3
.250
05/01/57
6,121,765
5,230,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4
.000
10/01/56
4,659,947
26,965,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
22,215,630
15,755,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
14,094,480
2,680,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1
2
.875
08/01/41
2,495,564
4,640,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2
3
.125
08/01/56
3,549,602
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
19,550,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
%
10/01/56
$
15,459,595
1,615,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
1,308,567
4,750,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
3,325,612
395,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B
4
.000
03/01/57
300,173
15,225,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A
4
.000
08/01/56
13,912,185
3,765,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
2,868,472
5,730,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
4,745,113
7,475,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A
3
.250
10/01/58
5,351,793
2,100,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B
4
.000
09/01/46
1,793,490
3,995,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1
3
.000
06/01/47
2,837,340
16,280,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
06/01/57
9,975,710
2,100,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2
4
.000
12/01/58
1,651,574
7,545,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
5,354,135
265,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015
5
.000
09/15/25
266,974
TOTAL
HOUSING/MULTIFAMILY
251,212,062
HOUSING/SINGLE
FAMILY
-
0.3%
6,000,000
California
Department
of
Veterans
Affairs,
Home
Purchase
Revenue
Bonds,
Series
2024A
4
.300
12/01/54
6,094,102
TOTAL
HOUSING/SINGLE
FAMILY
6,094,102
LONG-TERM
CARE
-
0.1%
1,300,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015
5
.000
07/01/39
1,312,911
TOTAL
LONG-TERM
CARE
1,312,911
TAX
OBLIGATION/GENERAL
-
11.3%
1,000,000
Acalanes
Union
High
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2010A
0
.000
08/01/26
953,571
8,000,000
Antioch
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2024
Series
2024A
4
.000
08/01/47
8,081,724
6,375,000
Antioch
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2024
Series
2024A
4
.000
08/01/50
6,420,758
5,570,000
(d)
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C
0
.000
05/01/42
4,503,505
11,350,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2019
5
.000
04/01/25
11,431,728
2,500,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016
5
.000
09/01/45
2,572,287
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
835,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016
5
.000
%
09/01/46
$
858,930
22,700,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018
5
.000
10/01/47
23,193,348
1,770,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020
4
.000
11/01/45
1,773,092
3,385,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B
5
.000
08/01/55
3,609,640
4,900,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C
4
.000
08/01/49
4,923,893
5,165,000
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2016
Series
2024
4
.000
08/01/51
5,213,551
14,500,000
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D
4
.000
07/15/40
14,512,977
2,745,000
Grossmont-Cuyamaca
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2018
4
.000
08/01/47
2,764,128
7,000,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A
4
.000
08/01/47
7,036,049
30,000
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2009A
5
.500
08/01/29
30,053
6,225,000
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B
4
.000
08/01/42
6,265,874
10,000,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/40
10,021,056
4,040,000
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B
4
.000
08/01/47
4,060,806
2,290,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019A
5
.000
08/01/44
2,454,762
9,440,000
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011
6
.375
08/01/45
11,374,079
7,070,089
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
4,899,321
30,295,000
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2020C-1
4
.000
08/01/45
30,575,438
1,535,000
(d)
San
Leandro
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2010C
-
AGC
Insured
0
.000
08/01/39
1,557,475
5,000,000
(e)
Santa
Cruz
City
High
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Election
of
2022,
Series
2024A
4
.000
08/01/54
5,031,751
2,000,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
20008
Election
Series
2009A
-
AGC
Insured
5
.750
08/01/31
2,102,374
10,000,000
Walnut
Creek
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2022
Series
2023A
4
.000
09/01/52
10,080,585
3,080,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B
5
.000
08/01/43
3,079,959
645,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A
5
.500
08/01/40
646,631
8,640,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B
4
.000
08/01/45
8,634,540
3,500,000
(d)
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D
0
.000
08/01/42
3,053,788
TOTAL
TAX
OBLIGATION/GENERAL
201,717,673
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
-
10.4%
$
995,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B
5
.000
%
09/01/35
$
1,004,954
1,035,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
8D,
Series
2018A
5
.000
09/01/48
1,066,750
1,655,000
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005
-
AMBAC
Insured
5
.000
10/01/36
1,655,113
700,000
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A
-
AGM
Insured
5
.125
08/01/26
700,878
200,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
200,096
1,995,000
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003
-
AMBAC
Insured
0
.000
06/01/33
1,416,321
2,040,000
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019
5
.000
08/01/44
2,174,072
1,960,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004
-
AMBAC
Insured
5
.000
12/01/25
1,962,872
750,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020A
4
.000
09/01/45
721,208
4,325,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
California
Air
Resources
Board,
Southern
California
Headquarters
-
Mary
D.
Nichols
Campus,
Green
Series
2022D
4
.000
05/01/47
4,382,198
7,750,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
General
Services,
May
Lee
State
Office
Complex
Series
2024A
5
.000
04/01/45
8,740,140
5,120,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B
5
.000
10/01/32
5,127,953
3,820,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B
5
.000
10/01/34
3,825,934
2,000,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B
5
.000
10/01/39
2,003,107
345,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A
8
.000
09/02/41
344,973
1,000,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018A
5
.000
09/02/47
1,030,111
775,000
City
of
Dublin,
California,
Community
Facilities
District
No.
2015-
1,
Dublin
Crossing,
Improvement
Area
No.
1,
Special
Tax
Bonds,
Series
2017
5
.000
09/01/37
800,934
1,800,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,
Improvement  Area
2,
Series
2019
5
.000
09/01/44
1,876,150
1,500,000
Elk
Grove
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015
-
BAM
Insured
5
.000
09/01/38
1,516,746
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
19
Mangini
Ranch,
Series
2019
5
.000
09/01/49
1,036,886
310,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
327,016
6,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/32
6,067,525
3,725,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
3,740,034
1,000,000
Huntington
Beach,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Huntington
Center,
Refunding
Series
2013
5
.375
09/01/33
1,001,249
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,090,000
Irvine,
California,
Limited
Obligation
Improvement
Bonds,
Reassessment
District
15-2,
Series
2015
5
.000
%
09/02/42
$
1,098,655
790,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C
5
.000
09/01/40
790,665
1,620,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015
5
.000
09/01/40
1,631,420
1,400,000
Lammersville
Joint
Unified
School
District,
San
Joaquin
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-
1
Improvement
Area
1
Mountain
House
School
Facilities,
Series
2017
5
.000
09/01/47
1,425,291
1,000,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015
5
.000
09/02/40
1,004,940
1,000,000
Los
Angeles
County
Facilities
Inc,
California,
Lease
Revenue
Bonds,
Vermont
Corridor
County
Administration
Building,
Series
2018A
5
.000
12/01/51
1,048,625
5,075,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A
5
.000
07/01/44
5,395,735
7,000,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1
5
.000
12/01/44
7,533,750
3,495,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1
5
.000
12/01/49
3,727,699
115,000
Menifee
Union
School
District
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2016A
-
BAM
Insured
5
.000
09/01/36
116,706
325,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1,
Banner
Park
Series
2023A
5
.000
09/01/48
339,909
1,455,000
Modesto,
California,
Speical
Tax
Bonds,
Community
Faclities
District
2004-1
Village
One
2,
Refunding
Series
2014
5
.000
09/01/28
1,457,083
570,000
ndio,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-3
Terra
Lago,
Improvement
Area
1,
Series
2015
5
.000
09/01/35
575,282
3,250,000
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE
-
AGM
Insured
5
.000
09/01/35
3,294,549
3,215,000
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE
-
AGM
Insured
5
.000
09/01/36
3,256,237
255,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Esencia
Village,
Series
2015A
5
.250
08/15/45
257,082
15,907,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
5,389,053
31,031,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
31,171,071
5,920,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
5,841,496
7,525,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
7,540,443
1,600,000
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014
5
.000
09/01/30
1,602,878
2,800,000
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014
5
.000
09/01/31
2,804,749
2,400,000
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014
5
.000
09/01/32
2,403,812
4,180,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
5
.250
09/01/52
4,539,195
415,000
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
32,
Series
2020
4
.000
09/01/45
399,622
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/28
1,012,620
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
%
09/01/29
$
1,012,112
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/30
1,011,544
3,390,000
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
Sales
Tax
Revenue
Bonds,
Series
2019A
4
.000
07/01/38
3,457,601
365,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014
5
.000
08/01/39
365,585
1,955,000
San
Francisco
City
and
County
Redevelopment
Agency,
California,
Hotel
Occupancy
Tax
Revenue
Bonds,
Refunding
Series
2011
-
AGM
Insured
5
.000
06/01/25
1,957,866
5,380,000
(e)
Santa
Barbara
Finance
Authority,
California,
Lease
Revenue
Bonds,
Public
Safety
and
Parks
Projects,
Series
2024
4
.000
05/15/54
5,370,738
75,000
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011
7
.000
10/01/26
75,218
2,235,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/43
2,300,162
380,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
09/01/44
403,119
525,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
09/01/49
558,504
650,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
09/01/54
688,007
105,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
6
.125
09/01/37
111,064
1,345,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
2,
Series
2023
5
.625
09/01/43
1,454,878
3,120,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/45
3,212,285
395,000
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
06-1
Tustin
Legacy/Columbus
Villages,
Refunding
Series
2015A
5
.000
09/01/37
399,120
50,000
Tustin,
California,Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A
5
.000
09/01/40
50,433
100,000
Tustin,
California,Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A
5
.000
09/01/45
100,686
625,000
Val
Verde
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2,
Stratford
Improvement
Area
2
Series
2023
5
.000
09/01/48
652,834
7,600,000
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011
6
.000
09/01/33
7,618,308
7,920,000
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011
6
.125
09/01/37
7,938,828
TOTAL
TAX
OBLIGATION/LIMITED
187,120,679
TRANSPORTATION
-
18.6%
50,000
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016A
5
.000
10/01/25
50,381
4,375,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B
-
AGM
Insured,
(AMT)
4
.375
07/01/49
4,433,098
18,840,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
01/15/46
18,914,919
5,050,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Green
Series
2022G,
(AMT)
5
.000
05/15/52
5,307,515
1,550,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/37
1,559,009
1,250,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/38
1,250,635
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,930,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
%
05/15/39
$
1,930,000
2,255,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
(AMT)
5
.000
05/15/46
2,377,419
3,135,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
(AMT)
5
.000
05/15/35
3,151,376
355,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E
5
.000
05/15/41
357,656
6,925,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B,
(AMT)
5
.000
05/15/46
6,998,673
1,935,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/36
2,002,083
24,440,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/44
25,010,559
2,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/30
2,125,272
2,415,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/34
2,542,226
1,695,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/35
1,779,294
3,500,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/39
3,635,838
3,600,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F,
(AMT)
5
.000
05/15/37
3,784,542
10,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F,
(AMT)
5
.000
05/15/44
10,378,790
9,680,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(AMT)
5
.000
05/15/37
10,470,300
6,995,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
5
.000
05/15/45
7,432,249
1,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
4
.000
05/15/49
968,886
16,305,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C
4
.000
06/01/47
16,296,508
3,085,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/40
3,146,176
10,815,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/46
10,860,733
4,230,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/48
4,500,853
2,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A,
(AMT)
5
.000
07/01/47
2,030,203
2,625,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A
5
.000
07/01/47
2,716,467
4,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/49
4,102,649
35
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
2,500,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
%
07/01/46
$
2,623,303
7,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/51
7,294,027
16,055,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/41
18,109,319
2,175,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.250
05/01/49
2,366,024
14,120,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B
5
.000
05/01/47
14,637,834
5,150,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/44
5,343,445
3,515,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/49
3,630,702
10,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
05/01/41
10,120,032
17,855,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
05/01/46
18,015,320
5,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
(AMT)
5
.000
05/01/47
5,070,861
7,170,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/43
7,380,290
9,315,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/48
9,532,551
1,025,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/40
1,070,096
18,500,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/45
19,187,562
16,460,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
16,527,565
10,000,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
10,015,112
23,160,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A
-
NPFG
Insured
0
.000
01/15/25
23,056,730
TOTAL
TRANSPORTATION
334,095,082
U.S.
GUARANTEED
-
6.9%
(f)
8,310,000
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
(Pre-refunded
2/15/27)
5
.250
08/01/42
8,804,934
8,455,000
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
(Pre-refunded
2/15/25)
0
.000
08/01/30
6,744,237
3,915,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
(Pre-refunded
9/01/25)
5
.000
09/01/40
3,981,791
2,430,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
(Pre-
refunded
8/15/25)
5
.000
08/15/43
2,466,436
5,360,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
5,606,661
10,845,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
(Pre-refunded
11/15/25)
5
.000
11/15/41
11,077,043
1,235,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
(Pre-refunded
4/01/30)
4
.000
04/01/49
1,322,873
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
GUARANTEED
(f)
(continued)
$
40,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016,
(Pre-refunded
8/01/25)
5
.000
%
08/01/46
$
40,540
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
277,169
2,000,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
(Pre-refunded
12/30/24)
5
.000
09/01/39
2,002,948
2,600,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
(Pre-refunded
12/30/24)
5
.000
10/01/33
2,604,039
5,270,000
Charter
Oak
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2012
Refunding
Series
2015A,
(Pre-refunded
8/01/25)
-
AGM
Insured
5
.000
08/01/40
5,344,694
500,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
(Pre-refunded
8/01/27)
-
AGM
Insured
6
.800
08/01/39
554,148
21,090,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/40
21,321,007
17,210,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/40
17,398,508
4,390,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
-
AMBAC
Insured,
(ETM)
0
.000
06/01/28
3,965,966
545,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
5
.000
05/15/37
606,183
5,870,000
Riverside
Community
College
District,
California,
General
Obligation
Bonds,
Refunding  Series
2015,
(Pre-refunded
8/01/25)
5
.000
08/01/29
5,955,143
2,000,000
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/41
2,080,121
4,960,000
San
Dieguito
Union
High
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2015B-2,
(Pre-refunded
8/01/25)
4
.000
08/01/32
4,999,576
5,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(Pre-
refunded
5/01/28),
(AMT)
5
.000
05/01/48
5,225
6,240,000
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2010,
Series
2015A,
(Pre-refunded
9/01/25)
4
.000
09/01/31
6,300,646
7,800,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2015D,
(Pre-refunded
8/01/25)
5
.000
08/01/44
7,910,553
1,700,000
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
(Pre-refunded
8/01/25)
5
.000
08/01/32
1,725,786
TOTAL
U.S.
GUARANTEED
123,096,227
UTILITIES
-
14.0%
15,000,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E,
(Mandatory
Put
9/01/32)
5
.000
02/01/55
16,358,560
16,040,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32)
5
.000
05/01/54
17,416,073
17,830,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024G,
(Mandatory
Put
8/01/32)
5
.000
11/01/55
19,288,255
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
5,000,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
%
07/01/37
$
5,002,447
18,060,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
11/21/45
18,062,328
4,405,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019
5
.000
07/01/39
4,584,338
2,500,000
El
Dorado
Irrigation
District,
California,
Certificates
of
Participation,
Revenue
Bonds,
Series
2024A
4
.000
03/01/50
2,518,599
5,005,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016
5
.000
03/01/46
5,139,286
2,930,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A
5
.000
07/01/47
3,015,393
32,975,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/50
35,474,353
11,065,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2021B
5
.000
07/01/51
11,966,244
2,040,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/47
2,251,677
5,165,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C
5
.000
07/01/52
5,644,358
5,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2023D
5
.000
07/01/43
5,666,509
6,640,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022D
5
.000
07/01/52
7,303,590
7,730,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2016A
5
.000
07/01/46
7,851,219
5,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B
5
.000
07/01/48
5,238,778
16,990,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/39
18,852,952
9,000,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Green
Series
2015A
5
.000
06/01/44
9,067,921
2,600,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
5
.000
06/01/35
2,602,090
16,465,000
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2023A
5
.000
04/01/53
18,288,085
2,700,000
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A
-
NPFG
Insured
5
.500
05/01/29
2,827,813
2,180,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,248,616
250,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
07/01/42
241,538
5,110,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
4,937,039
17,000,000
Southern
California
Public
Power
Authority,
Southern
Transmission
System
Renewal
Project
Revenue
Bonds,
Series
2024-1
5
.000
07/01/53
19,003,955
TOTAL
UTILITIES
250,852,016
TOTAL
MUNICIPAL
BONDS
(Cost
$1,764,707,729)
1,762,000,303
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,764,707,729)
1,762,000,303
Portfolio
of
Investments
November
30,
2024
(continued)
California
Municipal
Bond
38
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:
The
following
is
a
reconciliation
of
the
Fund’s
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.2%  
X
21,000,000
MUNICIPAL
BONDS
-
1.2%  
X
–
U.S.
GUARANTEED
-
1.2%
(f)
$
21,000,000
(f),(g)
BlackRock
MuniHoldings
California
Quality
Fund
Inc,
(AMT)
3
.650
%
09/01/54
$
21,000,000
TOTAL
U.S.
GUARANTEED
21,000,000
TOTAL
MUNICIPAL
BONDS
(Cost
$21,000,000)
21,000,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$21,000,000)
21,000,000
TOTAL
INVESTMENTS
-
99.4%
(Cost
$1,785,707,729)
1,783,000,303
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.6%
11,112,099
NET
ASSETS
-
100%
$
1,794,112,402
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,761,973,760
$
26,543
$
1,762,000,303
Short-Term
Investments:
Municipal
Bonds
–
21,000,000
–
21,000,000
Total
$
–
$
1,782,973,760
$
26,543
$
1,783,000,303
Level
3
California
Municipal
Bonds
Balance
at
the
beginning
of
period
$73,999
Gains
(losses):
Net
realized
gains
(losses)
2,850
Change
in
net
unrealized
appreciation
(depreciation)
(2,850)
Purchases
at
cost
-
Sales
at
proceeds
(47,456)
Net
discounts
(premiums)
-
Transfers
into
-
Transfers
(out
of)
-
Balance
at
the
end
of
period
26,543
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(2,850)
39
(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
$287,390,814
or
16.1%
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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(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)
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.
(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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
40
Portfolio
of
Investments
November
30,
2024
Connecticut
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.1%   
X
243,083,503
MUNICIPAL
BONDS
-
97.1%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
19.3%
$
1,220,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avon
Old
Farms
School,
Series
2021D-1
4
.000
%
07/01/41
$
1,222,776
380,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Choate
Rosemary
Hall,
Series
2020F
4
.000
07/01/39
386,147
1,250,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
College,
Series
2022M
4
.000
07/01/52
1,212,358
1,885,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1
5
.000
07/01/46
1,910,320
750,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2017R
4
.000
07/01/47
750,525
2,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2022U
4
.000
07/01/52
2,477,268
1,545,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hopkins
School,
Series
2022E
5
.250
07/01/47
1,672,928
1,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hopkins
School,
Series
2022E
5
.000
07/01/53
1,058,112
1,130,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Loomis
Chaffe
School,
Series
2023L
4
.000
07/01/43
1,145,024
5,095,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L
5
.000
07/01/45
5,123,828
1,750,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2016M
5
.000
07/01/35
1,784,450
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2023N
5
.000
07/01/48
2,139,062
5,110,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1
5
.000
07/01/42
5,195,611
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2020K
5
.000
07/01/40
2,135,381
3,465,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
L
5
.000
07/01/42
3,738,551
790,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L
3
.000
07/01/41
713,491
2,210,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L
3
.000
07/01/46
1,857,510
1,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2020R
4
.000
06/01/45
1,508,399
4,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S
4
.000
06/01/46
4,030,833
3,100,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S
4
.000
06/01/51
3,096,593
1,900,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Hartford,
Series
2022P
5
.375
07/01/52
1,822,198
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
New
Haven,
Series
2018K-1
5
.000
07/01/37
2,044,192
1,200,000
University
of
Connecticut,
Student
Fee
Revenue
Bonds,
Special
Obligation
Series
2023A
5
.250
11/15/48
1,348,751
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
48,374,308
HEALTH
CARE
-
15.7%
4,600,000
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds,
Hartford
HealthCare,
Series
2015F
5
.000
07/01/45
4,614,212
1,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Childrens
Medical
Center
and
Subsidiaries,
Series
2023E
5
.250
07/15/48
1,101,604
5,580,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Childrens
Medical
Center
and
Subsidiaries,
Series
2023E
4
.250
07/15/53
5,612,418
695,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Griffin
Hospital,
Series
2020G-1
5
.000
07/01/39
700,919
1,085,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2020A
4
.000
07/01/40
1,072,841
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
3,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A
-
BAM
Insured
4
.000
%
07/01/51
$
2,893,518
500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare,
Series
2014E
5
.000
07/01/42
499,566
1,995,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Middlesex
Hospital,
Series
2015O
5
.000
07/01/36
2,005,379
2,455,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
07/01/34
2,468,782
2,860,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
07/01/41
2,770,567
6,020,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
-
BAM
Insured
4
.000
07/01/49
5,850,061
1,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Forward
Delivery
Series
2022M
4
.000
07/01/42
1,459,809
1,885,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2016K
4
.000
07/01/46
1,784,193
2,350,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT
5
.000
12/01/41
2,386,041
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT
5
.000
12/01/45
2,022,380
985,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2024A
5
.000
07/01/45
1,082,413
795,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2024A
5
.000
07/01/47
869,432
TOTAL
HEALTH
CARE
39,194,135
HOUSING/MULTIFAMILY
-
0.7%
1,890,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2019B-1
3
.300
11/15/39
1,749,417
TOTAL
HOUSING/MULTIFAMILY
1,749,417
HOUSING/SINGLE
FAMILY
-
3.1%
1,440,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3
2
.150
11/15/41
1,066,702
1,560,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3
2
.300
11/15/46
1,052,048
4,080,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020C-3,
(Mandatory
Put
12/06/24)
(+
–%)
2
.860
11/15/50
4,080,000
195,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3
1
.850
05/15/38
143,569
1,430,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A
4
.600
11/15/49
1,460,080
TOTAL
HOUSING/SINGLE
FAMILY
7,802,399
LONG-TERM
CARE
-
5.3%
1,100,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Duncaster,
Inc.,
Series
2014A
5
.000
08/01/44
1,100,119
2,600,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Healthcare
Facility
Expansion
Church
Home
of
Hartford
Inc.
Project,
Series
2016A
5
.000
09/01/46
2,596,379
900,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1
4
.500
10/01/34
824,593
200,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1
5
.000
10/01/54
162,913
4,365,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Masonicare
Issue,
Series
2016F
5
.000
07/01/37
4,391,158
2,650,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A
5
.000
01/01/45
2,480,833
730,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E
4
.000
07/01/41
681,164
1,250,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E
4
.000
07/01/51
1,075,458
TOTAL
LONG-TERM
CARE
13,312,617
Portfolio
of
Investments
November
30,
2024
(continued)
Connecticut
Municipal
Bond
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
-
25.9%
$
600,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A
-
AGM
Insured
5
.000
%
07/01/32
$
601,174
1,000,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A
-
AGM
Insured
5
.000
07/01/33
1,001,956
1,065,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A
-
AGM
Insured
5
.000
07/01/34
1,067,083
2,000,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2016D
-
AGM
Insured
5
.000
08/15/41
2,034,745
1,200,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2024A
-
BAM
Insured
5
.000
07/01/42
1,338,016
1,000,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2024A
-
BAM
Insured
5
.000
07/01/44
1,104,534
2,425,000
Connecticut
Health
and
Educational
Facilities
Authoroity,
Revneue
Bonds,
Connecticut
State
University
System,
Series
2016P-1
5
.000
11/01/28
2,527,006
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27
2
.400
06/15/41
781,660
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27
2
.550
06/15/46
737,290
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-28
2
.375
06/15/40
793,183
3,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2014F
5
.000
11/15/34
3,006,254
2,370,000
Connecticut
State,
General
Obligation
Bonds,
Series
2015F
5
.000
11/15/34
2,411,890
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2017A
5
.000
04/15/34
1,039,436
3,270,000
Connecticut
State,
General
Obligation
Bonds,
Series
2017A
5
.000
04/15/35
3,391,571
1,510,000
Connecticut
State,
General
Obligation
Bonds,
Series
2018A
5
.000
04/15/37
1,595,578
1,325,000
Connecticut
State,
General
Obligation
Bonds,
Series
2018C
5
.000
06/15/38
1,401,127
1,150,000
Connecticut
State,
General
Obligation
Bonds,
Series
2019A
5
.000
04/15/36
1,236,939
1,450,000
Connecticut
State,
General
Obligation
Bonds,
Series
2019A
4
.000
04/15/37
1,476,385
650,000
Connecticut
State,
General
Obligation
Bonds,
Series
2019A
5
.000
04/15/39
695,201
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2020A
4
.000
01/15/37
2,067,248
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2021A
3
.000
01/15/40
1,819,377
500,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
4
.000
05/01/41
512,057
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
5
.000
05/01/42
2,256,385
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
5
.000
05/01/44
1,120,161
225,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
3
.000
11/15/43
204,916
2,080,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
5
.000
11/15/44
2,341,955
300,000
East
Haddam,
Connecticut,
General
Obligation
Bonds,
Series
2020A
3
.000
12/01/37
286,191
500,000
East
Lyme,
Connecticut,
General
Obligation
Bonds,
Series
2020
3
.000
07/15/39
455,937
325,000
East
Lyme,
Connecticut,
General
Obligation
Bonds,
Series
2020
3
.000
07/15/40
293,230
1,035,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2018
5
.000
07/15/35
1,102,438
1,075,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
07/15/39
1,099,114
3,000,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2023
4
.000
08/01/43
3,056,555
2,285,000
Naugatuck,
Connecticut,
General
Obligation
Bonds,
Tax
Increment
Series
2023
5
.250
10/15/48
2,514,939
1,000,000
Naugatuck,
Connecticut,
General
Obligation
Bonds,
Tax
Increment
Series
2023
4
.625
10/15/53
1,047,995
5,000,000
New
Britain,
Connecticut,
General
Obligation
Bonds,
Series
2022A
-
BAM
Insured
5
.000
03/01/47
5,354,522
1,000,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2016A
-
AGM
Insured
5
.000
08/15/36
1,026,207
795,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/32
805,312
1,620,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/33
1,640,192
500,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/35
505,889
1,035,000
Oxford,
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
08/01/39
1,056,469
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
2,370,000
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2017
-
BAM
Insured
4
.000
%
01/01/39
$
2,390,934
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/30
563,497
485,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/31
492,269
765,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/32
776,129
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/33
562,962
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/34
562,729
750,000
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2020
-
BAM
Insured
4
.000
03/15/40
758,139
TOTAL
TAX
OBLIGATION/GENERAL
64,914,776
TAX
OBLIGATION/LIMITED
-
15.7%
1,770,000
Connecticut
Higher
Education
Supplemental
Loan
Authority,
State
Supported
Revenue
Bonds,
CHESLA
Loan
Program,
Series
2020B,
(AMT)
3
.250
11/15/36
1,626,035
1,390,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2015A
5
.000
08/01/33
1,406,173
1,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A
5
.000
09/01/32
1,031,986
3,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A
5
.000
09/01/33
3,611,439
2,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/37
2,104,916
2,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/38
2,102,155
1,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2021A
4
.000
05/01/40
1,533,582
2,080,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2023A
5
.250
07/01/44
2,367,780
965,000
(a)
Great
Pond
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Great
Pond
Phase
1
Project,
Series
2019
4
.750
10/01/48
948,556
500,000
(a)
Great
Pond
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Great
Pond
Phase
2
Project,
Series
2022
5
.750
10/01/52
521,873
3,720,000
(a)
Harbor
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Harbor
Point
Project,
Refunding
Series
2017
5
.000
04/01/39
3,768,780
635,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
661,262
1,825,000
Naugatuck,
Connecticut,
Certificates
of
Participation,
Incineration
Facilities
Project,
Series
2021A,
(AMT)
4
.000
08/15/41
1,788,981
1,860,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
630,140
4,250,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
4,254,021
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,004,514
2,050,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
2,054,207
100,000
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021
4
.000
04/01/51
85,983
500,000
(a)
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2024
6
.000
04/01/52
539,724
1,590,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A
5
.000
02/15/34
1,595,033
3,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2017A
5
.000
01/15/36
3,117,679
Portfolio
of
Investments
November
30,
2024
(continued)
Connecticut
Municipal
Bond
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A
5
.000
%
11/01/36
$
1,065,329
1,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
11/01/38
1,017,673
420,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2023A
5
.000
08/15/43
468,896
TOTAL
TAX
OBLIGATION/LIMITED
39,306,717
TRANSPORTATION
-
3.2%
1,500,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A,
(AMT)
4
.000
07/01/49
1,424,483
6,125,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A,
(AMT)
5
.000
07/01/49
6,315,514
100,000
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2024A,
(AMT)
5
.250
10/01/41
108,005
TOTAL
TRANSPORTATION
7,848,002
UTILITIES
-
8.2%
2,000,000
Connecticut,
State
Revolving
Fund
General
Revenue
Bonds,
Green
Series
2019A
5
.000
02/01/39
2,152,245
60,000
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
5
.000
08/15/35
60,034
1,000,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/37
1,032,280
1,000,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/40
1,028,846
295,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A
5
.000
01/01/50
307,028
200,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2024A
5
.000
10/01/43
215,271
1,555,000
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2024
4
.000
10/01/36
1,667,139
1,795,000
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2024
4
.000
10/01/37
1,909,680
1,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
1,031,475
2,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/33
2,125,218
2,685,000
South
Central
Connecticut
Regional
Water
Authority,
Connecticut,
Water
System
Revenue
Bonds,
Thirty-Seventh
Series
2023A-1
5
.000
08/01/51
2,916,554
1,685,000
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Refunding
Thirty-third
Series
2017B-1
5
.000
08/01/41
1,777,362
2,915,000
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Thirty-Fourth
Series
2019C
5
.000
08/01/44
3,102,256
500,000
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2013A
5
.250
08/15/43
500,449
750,000
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2019
4
.000
04/01/44
755,295
TOTAL
UTILITIES
20,581,132
TOTAL
MUNICIPAL
BONDS
(Cost
$244,829,885)
243,083,503
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$244,829,885)
243,083,503
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.
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
SHORT-TERM
INVESTMENTS
-
 2.1%  
X
5,375,000
MUNICIPAL
BONDS
-
2.1%  
X
–
HOUSING/SINGLE
FAMILY
-
2.1%
$
5,375,000
(b)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2017F-3
2
.850
%
05/15/40
$
5,375,000
TOTAL
HOUSING/SINGLE
FAMILY
5,375,000
TOTAL
MUNICIPAL
BONDS
(Cost
$5,375,000)
5,375,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$5,375,000)
5,375,000
TOTAL
INVESTMENTS
-
99.2%
(Cost
$250,204,885)
248,458,503
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.8%
1,951,102
NET
ASSETS
-
100%
$
250,409,605
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
243,083,503
$
–
$
243,083,503
Short-Term
Investments:
Municipal
Bonds
–
5,375,000
–
5,375,000
Total
$
–
$
248,458,503
$
–
$
248,458,503
(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
$15,701,263
or
6.3%
of
Total
Investments.
(b)
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.
AMT
Alternative
Minimum
Tax
46
Portfolio
of
Investments
November
30,
2024
Massachusetts
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.6%   
X
552,445,885
MUNICIPAL
BONDS
-
97.6%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
22.0%
$
2,065,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5
.000
%
06/15/39
$
2,083,173
1,750,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5
.000
06/15/49
1,756,373
1,260,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5
.000
10/01/39
1,290,777
5,165,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5
.000
10/01/46
5,268,750
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S
5
.000
07/01/32
3,001,937
2,350,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T
5
.000
07/01/39
2,454,592
1,020,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T
5
.000
07/01/42
1,061,979
3,110,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF
5
.000
10/01/48
3,410,437
1,195,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/37
1,282,171
840,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/38
898,072
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/39
1,067,287
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
5
.000
01/01/35
3,002,091
1,510,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A
5
.250
01/01/42
1,532,281
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A
5
.000
01/01/47
1,510,143
1,600,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5
.000
01/01/37
1,641,768
6,020,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5
.000
01/01/40
6,139,406
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2018
5
.000
01/01/43
2,030,693
2,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A
5
.000
10/01/43
2,507,195
2,055,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016
5
.000
07/01/36
2,085,034
550,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
3
.500
07/01/35
534,126
235,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
5
.000
07/01/37
237,047
700,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017
5
.000
07/01/37
711,711
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2022
5
.000
07/01/52
1,028,035
1,220,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Middlesex
School,
Series
2024
4
.250
07/01/54
1,218,929
2,080,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2022
5
.000
10/01/44
2,298,829
2,790,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2024A
5
.000
10/01/43
3,147,449
1,680,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M
5
.000
10/01/39
1,693,999
2,750,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Springfield
College,
Green
Series
2021B
4
.000
06/01/41
2,514,536
2,495,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015
5
.000
07/01/33
2,518,761
2,415,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2016
4
.000
07/01/41
2,420,928
47
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
610,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019
5
.000
%
07/01/37
$
619,232
875,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q
5
.000
08/15/38
884,852
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H
5
.000
01/01/37
1,028,147
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
06/01/37
1,056,176
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
06/01/38
1,054,908
6,210,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
06/01/48
6,445,686
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B
5
.000
09/01/42
5,178,050
7,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B
5
.000
09/01/45
7,222,126
745,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2019
5
.000
09/01/33
808,351
700,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017
5
.000
07/01/35
707,955
500,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017
5
.000
07/01/36
505,092
2,345,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Refunding
Series
2016
5
.000
01/01/36
2,405,457
2,100,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A
-
AMBAC
Insured
5
.750
01/01/42
2,589,486
850,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B,
(AMT)
5
.000
07/01/29
891,941
1,000,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B,
(AMT)
5
.000
07/01/30
1,057,735
1,000,000
Massachusetts
Educational
Financing
Authority,
Student
Loan
Revenue
Bonds,
Issue
I
Series
2014,
(AMT)
5
.000
01/01/27
1,001,159
4,355,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1
5
.000
11/01/40
4,412,000
5,550,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1
4
.000
11/01/46
5,587,258
10,605,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1
5
.000
11/01/52
11,266,615
6,655,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2024-1
5
.000
11/01/47
7,408,177
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
124,478,912
HEALTH
CARE
-
20.1%
2,160,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
South
Shore
Hospital,
Series
2016I
5
.000
07/01/41
2,179,674
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N
5
.000
07/01/34
1,001,095
5,700,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N
5
.000
07/01/44
5,703,771
1,250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Beth
Israel
Lahey
Health
Issue,
Series
2019K
5
.000
07/01/36
1,352,986
15,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T
5
.250
03/01/54
16,595,519
7,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
7,805,375
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E
5
.000
07/01/32
2,037,736
1,825,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E
5
.000
07/01/36
1,854,752
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5
.250
07/01/48
3,236,864
9,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5
.250
07/01/52
10,192,397
1,675,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
07/01/30
1,715,867
Portfolio
of
Investments
November
30,
2024
(continued)
Massachusetts
Municipal
Bond
48
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
%
07/01/37
$
1,527,906
1,935,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
07/01/38
1,970,522
900,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/30
907,202
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/32
1,007,226
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/33
503,434
4,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5
.000
07/01/48
4,214,317
6,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
6,225,871
2,645,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F
5
.000
08/15/35
2,664,809
5,325,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F
5
.000
08/15/45
5,354,890
11,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2024D
5
.000
07/01/47
12,029,004
1,545,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2014F
5
.750
07/15/43
1,546,759
100,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G
5
.000
07/15/30
107,370
100,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G
5
.000
07/15/37
105,714
1,250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q
4
.000
07/01/41
1,251,677
4,710,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q
5
.000
07/01/47
4,776,825
2,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1
5
.000
07/01/37
2,305,992
3,430,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1
4
.000
07/01/41
3,440,597
1,750,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F
5
.000
07/01/27
1,751,699
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F
5
.000
07/01/37
1,000,855
3,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G
5
.000
07/01/44
3,800,197
890,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K
5
.000
07/01/38
909,032
400,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
3
.625
07/01/37
363,080
1,855,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
5
.000
07/01/44
1,884,928
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A
5
.000
07/01/44
500,875
TOTAL
HEALTH
CARE
113,826,817
HOUSING/MULTIFAMILY
-
2.5%
4,952,953
Massachusetts
Development
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Salem
Heights
II
Preservation
Associates
LP,
Social
Series
2021A
2
.300
01/01/42
3,528,486
500,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CHF
Merrimack,
Inc.
Merrimack
College
Student
Housing
Project,
Series
2024A
4
.250
07/01/34
506,916
200,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CHF
Merrimack,
Inc.
Merrimack
College
Student
Housing
Project,
Series
2024A
5
.000
07/01/54
204,268
1,985,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1
3
.100
12/01/44
1,691,451
49
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
2,000,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2020A-1
3
.000
%
12/01/45
$
1,652,245
1,800,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020C-1
2
.450
12/01/45
1,304,513
1,500,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1
2
.200
12/01/40
1,145,759
1,100,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1
2
.375
12/01/45
753,725
500,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1
2
.000
12/01/36
400,634
2,685,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2022C-1
5
.000
12/01/47
2,849,682
TOTAL
HOUSING/MULTIFAMILY
14,037,679
HOUSING/SINGLE
FAMILY
-
1.0%
1,500,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020-218
2
.400
06/01/44
1,124,481
1,500,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-221
2
.300
06/01/44
1,060,825
1,200,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
1
.950
06/01/32
1,030,132
750,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
2
.000
12/01/32
640,509
1,380,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
2
.050
06/01/33
1,151,190
500,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
2
.100
12/01/33
422,483
TOTAL
HOUSING/SINGLE
FAMILY
5,429,620
LONG-TERM
CARE
-
0.7%
1,910,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
4
.125
10/01/42
1,807,010
275,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
5
.000
10/01/47
276,205
560,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015
5
.000
07/01/31
562,553
400,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019
5
.000
10/01/39
414,485
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022
5
.250
01/01/50
984,877
TOTAL
LONG-TERM
CARE
4,045,130
TAX
OBLIGATION/GENERAL
-
21.6%
825,000
Andover,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022
4
.000
07/15/42
845,865
1,400,000
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019
3
.000
06/01/38
1,301,691
1,440,000
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019
3
.000
06/01/39
1,319,495
1,490,000
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019
3
.000
06/01/40
1,346,833
1,740,000
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011
5
.000
02/15/32
1,742,449
7,400,000
Lincoln,
Massachusetts,
General
Obligation
Bonds,
School
Series
2019
4
.000
03/01/49
7,409,743
2,000,000
Massachusetts
Development
Finance
Agency,
Special
Obligation
Bonds,
Commonwealth
Contract  Assistance,
Series
2015A
4
.000
05/01/45
2,000,618
3,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C
5
.000
07/01/45
3,022,093
3,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017A
5
.000
04/01/42
3,100,606
Portfolio
of
Investments
November
30,
2024
(continued)
Massachusetts
Municipal
Bond
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
3,750,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2018A
5
.000
%
01/01/42
$
3,916,477
5,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2018A
5
.000
01/01/47
5,188,451
11,110,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A
5
.000
01/01/49
11,628,558
7,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C
5
.250
10/01/47
7,805,314
5,450,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2024A
5
.000
01/01/54
5,943,799
10,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2023D
5
.000
10/01/53
10,901,817
3,530,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024B
5
.000
05/01/54
3,859,617
8,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024E
5
.000
08/01/51
8,803,537
15,000,000
Massachusetts
State,
General
Obligation
Bonds,
Series
2022E
5
.000
11/01/52
16,211,483
1,000,000
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012
5
.000
05/15/35
1,001,299
1,685,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2022
4
.000
04/15/47
1,697,837
1,965,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2024
4
.000
05/15/46
1,988,101
1,950,000
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019
3
.000
09/01/42
1,715,234
3,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
2,861,481
2,000,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022A
5
.000
06/01/50
2,169,860
3,000,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022B
5
.000
07/01/47
3,281,954
5,535,000
Taunton,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2024
4
.000
03/01/51
5,553,785
2,170,000
Tisbury,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022
4
.000
08/15/42
2,201,188
3,440,000
Webster,
Massachusetts,
General
Obligation
Bonds,
Qualified
School
Project,
Chapter
70B,
Loan
Series
2022
4
.000
12/01/42
3,501,593
TOTAL
TAX
OBLIGATION/GENERAL
122,320,778
TAX
OBLIGATION/LIMITED
-
19.6%
1,355,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/27
1,373,347
1,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
1,004,036
1,160,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/31
1,186,510
2,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/46
2,010,718
1,010,000
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2014
-
BAM
Insured
5
.000
05/01/33
1,013,880
500,000
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017
-
BAM
Insured
5
.000
05/01/36
520,661
10,000,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2023A-1
5
.250
07/01/48
11,211,136
5,000,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2024A
5
.250
07/01/52
5,595,456
2,050,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2017A-2
5
.000
07/01/44
2,123,085
3,065,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2017A-2
5
.000
07/01/46
3,168,560
4,330,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1
4
.000
07/01/39
4,458,808
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
650,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Refunding
Senior
Series
2015C
5
.000
%
08/15/37
$
657,161
5,000,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Social
Series
2020A
4
.000
08/15/45
5,032,577
3,020,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Social
Series
2020A
5
.000
08/15/50
3,227,589
7,000,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A
5
.250
02/15/48
7,333,845
4,480,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2019A
5
.000
02/15/44
4,750,910
5,000,000
Massachusetts
State,
Special
Obligation
Dedicated
Tax
Revenue
Bonds,
Refunding
Series
2005
-
NPFG
Insured
5
.500
01/01/34
5,690,036
8,180,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2017A
5
.000
06/01/47
8,432,759
5,540,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2019A
5
.000
06/01/49
5,820,684
8,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2024A
5
.000
06/01/53
8,773,949
10,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Sustainability  Green
Series
2022A
5
.000
06/01/50
10,689,440
1,665,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2021A
5
.000
06/01/42
1,817,396
1,510,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
1,572,449
3,177,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.550
07/01/40
3,188,576
4,725,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
4,729,470
5,840,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
5,851,985
TOTAL
TAX
OBLIGATION/LIMITED
111,235,023
TRANSPORTATION
-
2.3%
1,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
(AMT)
5
.000
07/01/42
1,530,216
1,780,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A
5
.000
07/01/34
1,781,878
1,425,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A
5
.000
07/01/40
1,436,283
2,000,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A
5
.000
07/01/45
2,013,352
3,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019C,
(AMT)
5
.000
07/01/49
3,619,170
2,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2021E,
(AMT)
5
.000
07/01/46
2,626,243
TOTAL
TRANSPORTATION
13,007,142
U.S.
GUARANTEED
-
2.0%
(b)
6,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Atrius
Health
Issue,
Series
2019A,
(Pre-refunded
6/01/29)
5
.000
06/01/39
6,601,210
1,750,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015B,
(Pre-
refunded
7/01/25),
(AMT)
5
.000
07/01/45
1,765,907
1,820,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Green
Series
2016C,
(Pre-refunded
8/01/26)
5
.000
08/01/40
1,884,158
1,000,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2016B,
(Pre-refunded
8/01/26)
5
.000
08/01/40
1,035,252
TOTAL
U.S.
GUARANTEED
11,286,527
UTILITIES
-
5.8%
4,000,000
Boston
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Senior
Series
2018A
4
.000
11/01/40
4,026,469
2,805,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/40
2,885,912
920,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
01/01/46
932,719
2,500,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A
5
.000
01/01/50
2,601,930
1,650,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
23B
Series
2021
5
.000
02/01/41
1,813,452
Portfolio
of
Investments
November
30,
2024
(continued)
Massachusetts
Municipal
Bond
52
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).
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
5,785,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Sustainabilty
24B
Series
2022
5
.000
%
02/01/43
$
6,419,332
1,000,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/39
1,028,580
1,310,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/40
1,337,994
1,400,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/41
1,420,269
2,000,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/46
1,998,335
1,250,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Green
Series
2023B
5
.250
08/01/48
1,408,572
2,435,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Green
Series
2024B
5
.000
08/01/49
2,703,746
3,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
3,145,074
1,010,000
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C
5
.000
04/15/33
1,055,873
TOTAL
UTILITIES
32,778,257
TOTAL
MUNICIPAL
BONDS
(Cost
$550,325,957)
552,445,885
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$550,325,957)
552,445,885
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 0.9%  
X
5,000,000
MUNICIPAL
BONDS
-
0.9%  
X
–
HEALTH
CARE
-
0.9%
$
5,000,000
(a),(c)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sturdy
Memorial
Hospital,
Tender
Option
Bond
2024-008
3
.280
05/01/54
$
5,000,000
TOTAL
HEALTH
CARE
5,000,000
TOTAL
MUNICIPAL
BONDS
(Cost
$5,000,000)
5,000,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$5,000,000)
5,000,000
TOTAL
INVESTMENTS
-
98.5%
(Cost
$555,325,957)
557,445,885
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.5%
8,621,336
NET
ASSETS
-
100%
$
566,067,221
53
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:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
552,445,885
$
–
$
552,445,885
Short-Term
Investments:
Municipal
Bonds
–
5,000,000
–
5,000,000
Total
$
–
$
557,445,885
$
–
$
557,445,885
(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
$11,152,557
or
2.0%
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)
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.
AMT
Alternative
Minimum
Tax
54
Portfolio
of
Investments
November
30,
2024
New
Jersey
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
100.2%   
X
400,132,046
MUNICIPAL
BONDS
-
100.2%  
X
–
CONSUMER
STAPLES
-
3.1%
$
3,460,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
4
.000
%
06/01/37
$
3,468,607
3,610,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
3,684,190
5,200,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
5,226,167
TOTAL
CONSUMER
STAPLES
12,378,964
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
14.1%
1,740,000
Atlantic
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Stockton
University
Atlantic
City
Campus
Phase
II,
Series
2021A
-
AGM
Insured
4
.000
07/01/47
1,740,762
715,000
Camden
County
Improvement
Authority,
New
Jersey,
School
Revenue
Bonds,
KIPP:
Cooper
Norcross
Academy
2022
Project,
Social
Series
2022
6
.000
06/15/62
768,396
1,000,000
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-
Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A
-
BAM
Insured
4
.000
08/01/60
996,208
1,050,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Gauranteed
Loan,
Series
2019
5
.000
07/01/44
1,116,094
1,080,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Guaranteed
Loan,
Series
2024
-
BAM
Insured
5
.000
07/01/49
1,167,898
1,000,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Guaranteed
Loan,
Series
2024
-
BAM
Insured
5
.000
07/01/54
1,075,078
1,000,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Student
Center
Project,
Series
2024
4
.000
02/27/25
1,000,317
225,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A
5
.000
07/01/38
228,186
2,805,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
4
.000
07/15/37
2,794,337
100,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
5
.000
07/15/47
101,506
100,000
(a)
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A
5
.125
09/01/52
100,845
945,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015
5
.000
03/01/25
948,476
355,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017
3
.000
06/01/32
346,622
195,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017
5
.000
06/01/32
203,460
1,145,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F
3
.000
07/01/40
992,372
1,470,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H
-
AGM
Insured
4
.000
07/01/39
1,471,632
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D
5
.000
07/01/31
1,010,106
1,055,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D
3
.750
07/01/33
1,055,633
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2024A
-
AGM
Insured
5
.000
07/01/42
1,137,626
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2024A
-
AGM
Insured
5
.000
07/01/43
1,130,019
55
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,125,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2017I
5
.000
%
07/01/35
$
1,179,351
2,500,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2024C
5
.000
03/01/26
2,569,921
3,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2024C
5
.000
03/01/27
3,164,851
2,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Series
2024B
5
.250
03/01/54
2,272,685
360,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
3
.750
07/01/37
277,878
1,370,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
4
.000
07/01/42
992,298
2,265,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
5
.000
07/01/47
1,744,026
1,225,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2015C
5
.000
07/01/32
1,233,905
710,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D
5
.000
07/01/38
710,443
1,870,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
3
.000
07/01/41
1,561,217
2,430,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
3
.000
07/01/46
1,891,466
1,085,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
4
.000
07/01/46
1,005,514
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2020C
-
AGM
Insured
3
.250
07/01/49
885,852
3,445,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology
Issue,
Green
Series
2020A
4
.000
07/01/50
3,238,235
500,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
4
.000
07/01/47
476,831
380,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
5
.000
07/01/47
386,202
775,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2021B,
(AMT)
2
.500
12/01/40
700,059
805,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
3
.750
12/01/31
795,038
180,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
4
.000
12/01/35
179,626
1,375,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2023B,
(AMT)
4
.000
12/01/44
1,323,778
500,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2024B,
(AMT)
4
.250
12/01/45
499,326
1,270,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2021C,
(AMT)
3
.250
12/01/51
960,517
600,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A,
(AMT)
3
.500
12/01/32
586,558
140,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A,
(AMT)
4
.000
12/01/39
139,420
155,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
3
.750
12/01/33
154,489
15,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
4
.000
12/01/40
14,969
635,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2019B,
(AMT)
3
.250
12/01/39
601,539
460,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020B,
(AMT)
3
.500
12/01/39
444,437
725,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2015-1A,
(AMT)
4
.000
12/01/30
717,488
1,740,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2017-C,
(AMT)
4
.250
12/01/47
1,704,142
1,460,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2019C,
(AMT)
3
.625
12/01/49
1,199,820
Portfolio
of
Investments
November
30,
2024
(continued)
New
Jersey
Municipal
Bond
56
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,005,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A
5
.000
%
07/01/45
$
2,017,610
1,335,000
Passaic
County
Improvement
Authority,
New
Jersey,
Charter
School
Revenue
Bonds,
Paterson
Arts
&
Science
Charter
School,
Series
2023
5
.375
07/01/53
1,395,572
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
56,410,636
FINANCIALS
-
0.1%
303,848
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002
6
.500
04/01/28
306,474
TOTAL
FINANCIALS
306,474
HEALTH
CARE
-
8.1%
1,800,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
2
.375
07/01/46
1,236,927
1,800,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
3
.000
07/01/46
1,498,305
1,000,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
3
.000
07/01/51
798,852
115,000
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A
5
.000
07/01/27
115,096
1,525,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016
4
.000
07/01/41
1,531,010
965,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
07/01/57
985,559
3,105,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A
4
.000
07/01/41
3,108,972
2,540,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A
5
.000
07/01/42
2,611,930
1,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
4
.125
07/01/54
1,001,537
2,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
5
.250
07/01/54
2,217,274
610,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A
5
.000
07/01/33
627,297
600,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A
5
.000
07/01/34
616,795
2,235,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A
5
.000
07/01/43
2,275,959
2,755,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
4
.000
07/01/45
2,762,433
2,145,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
3
.000
07/01/51
1,752,053
2,710,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
3
.000
07/01/32
2,486,202
370,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
4
.000
07/01/34
362,359
2,835,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
5
.000
07/01/41
2,869,030
1,450,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
4
.000
07/01/48
1,343,958
1,185,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019
4
.000
07/01/44
1,185,142
1,215,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019
3
.000
07/01/49
978,105
TOTAL
HEALTH
CARE
32,364,795
57
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
-
5.7%
$
150,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A
5
.000
%
07/01/47
$
150,053
450,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A
5
.000
01/01/50
448,705
2,440,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015
5
.000
07/01/47
2,299,456
1,435,335
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B
2
.375
01/01/39
1,122,875
520,000
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Riverview
Towers
Apartments,
Series
2024B
5
.250
12/20/65
548,247
1,310,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A
4
.000
11/01/45
1,288,645
1,135,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016A
3
.750
11/01/45
1,059,870
2,145,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B
3
.600
11/01/40
2,079,650
875,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2017D,
(AMT)
3
.900
11/01/32
878,539
1,935,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.600
11/01/33
1,938,959
1,865,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.875
11/01/38
1,875,834
1,045,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.950
11/01/43
1,042,671
650,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
4
.000
11/01/48
630,913
500,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
4
.100
11/01/53
484,542
1,750,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
2
.900
11/01/39
1,507,610
530,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.000
11/01/44
442,633
870,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.050
11/01/49
699,463
490,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.150
05/01/53
383,915
600,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A
2
.450
11/01/45
435,142
2,470,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A
2
.450
11/01/41
1,942,343
1,090,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023C,
(AMT)
4
.850
05/01/33
1,115,874
250,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023C,
(AMT)
5
.000
11/01/38
259,802
TOTAL
HOUSING/MULTIFAMILY
22,635,741
HOUSING/SINGLE
FAMILY
-
5.6%
1,725,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A
3
.600
04/01/33
1,716,711
1,130,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A
3
.750
10/01/35
1,130,473
2,150,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018B,
(AMT)
3
.800
10/01/32
2,120,040
2,710,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C
4
.000
04/01/49
2,598,734
1,540,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E
2
.250
10/01/40
1,189,741
1,100,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E
3
.500
04/01/51
1,095,351
Portfolio
of
Investments
November
30,
2024
(continued)
New
Jersey
Municipal
Bond
58
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE
FAMILY
(continued)
$
2,000,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2024K
4
.150
%
10/01/39
$
2,035,182
7,090,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021H
2
.300
10/01/46
5,020,356
1,885,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I
4
.500
10/01/42
1,908,866
1,445,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I
4
.600
10/01/46
1,462,872
1,000,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023J
4
.500
10/01/43
1,017,352
1,150,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023J
4
.700
10/01/48
1,182,036
TOTAL
HOUSING/SINGLE
FAMILY
22,477,714
INDUSTRIALS
-
0.4%
500,000
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A,
(AMT)
5
.000
06/15/37
500,068
1,000,000
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A,
(AMT)
5
.125
06/15/43
1,000,124
TOTAL
INDUSTRIALS
1,500,192
LONG-TERM
CARE
-
0.6%
530,000
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014
5
.250
01/01/44
529,952
2,170,000
(a),(b)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020
5
.000
01/01/40
1,457,028
485,000
(a),(b)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018
5
.750
10/01/38
362,882
TOTAL
LONG-TERM
CARE
2,349,862
TAX
OBLIGATION/GENERAL
-
18.2%
1,000,000
Bernardsville,
New
Jersey,
General
Obligation
Bonds,
Bond
Anticipation
Notes
Series
2024
4
.000
03/27/25
1,002,670
5,000,000
Bridgewater
&
Raritan
School
District,
Somerset
County,
New
Jersey,
General
Obligation
Bonds,
Series
2024
4
.000
07/15/45
5,100,808
775,000
Cumberland
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Vineland
Public
Safety
Building
Project,
Series
2017
3
.250
12/15/37
756,228
585,000
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2024
2
.000
08/15/26
572,053
1,470,000
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.000
05/15/29
1,359,715
2,400,000
East
Brunswick
Township,
Middlesex
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Water
Utility
Bond
Anticipation
Notes
Series
2024
4
.500
07/15/25
2,424,301
635,000
Essex
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Essex
County
Family
Court
Building
House
Projects,
County
Guaranteed
Series
2024
5
.000
06/18/25
642,137
15,000
Flemington-Raritan
Regional
School
District,
Hunterdon
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019
2
.375
09/01/34
12,914
745,000
Gloucester
County
Improvement
Authority,
New
Jersey,
General
Obligation
Loan
Revenue
Bonds,
Health
Sciences
Educational
Facilities
Projects
Series
2024
5
.000
03/01/25
748,930
600,000
Gloucester
County
Improvement
Authority,
New
Jersey,
General
Obligation
Loan
Revenue
Bonds,
Health
Sciences
Educational
Facilities
Projects
Series
2024
5
.000
03/01/26
616,632
1,065,000
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019
-
BAM
Insured
2
.000
02/01/28
1,011,073
1,500,000
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019
-
BAM
Insured
2
.250
02/01/29
1,419,145
180,000
Hamilton
Township,
Mercer
County
Board
of
Education,
New
Jersey,
General
Obligation
Bonds,
Series
2017
3
.250
12/15/38
174,419
1,040,000
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
-
BAM
Insured
3
.375
03/01/34
1,041,868
59
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,075,000
Holmdel
Township,
Monmouth,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.000
%
11/15/34
$
892,950
1,000,000
Hudson
County
Improvement
Authority,
County
Guaranteed
Pooled
Notes,
Series
2024B-1
4
.500
07/11/25
1,009,643
1,000,000
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Courthouse
Project,
Series
2020
4
.000
10/01/51
1,000,585
6,490,000
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016
5
.000
05/01/46
6,602,178
1,000,000
Jersey
City
Board
of
Education,
Hudson
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Refunding
Series
2023
-
AGM
Insured
4
.250
08/15/45
1,034,373
1,295,000
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2022A
3
.000
02/15/37
1,202,204
2,000,000
Livingston
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2023
5
.000
12/10/24
2,000,834
1,000,000
Madison
Borough
Board
of
Education,
Morris
County,
New
Jersey,
General
Obligation
Bonds,
School
Series
2024
1
.000
08/15/30
873,485
1,045,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2022C
5
.000
08/15/39
1,185,059
1,125,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2022C
5
.000
08/15/40
1,267,479
1,000,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/34
1,172,804
650,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/35
759,288
575,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/36
669,348
500,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/41
567,588
1,900,000
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A
-
BAM
Insured
5
.000
09/01/32
1,958,481
4,365,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
5
.000
06/01/25
4,407,191
715,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
5
.000
06/01/26
737,962
2,585,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4
.000
06/01/31
2,765,477
625,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
3
.000
06/01/32
618,641
100,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4
.000
06/01/32
107,271
605,000
Newark
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Series
2021
-
BAM
Insured
4
.000
07/15/36
625,075
500,000
Newark,
Essex
County,
New
Jersey,
Mass
Transit
Access
Tax
Revenue
Bonds,
Mulberry
Pedestrian
Bridge
Redevelopment
Project,
Series
2022
-
AGM
Insured
5
.375
11/15/52
564,291
600,000
Newark,
Essex
County,
New
Jersey,
Mass
Transit
Access
Tax
Revenue
Bonds,
Mulberry
Pedestrian
Bridge
Redevelopment
Project,
Series
2022
-
AGM
Insured
6
.000
11/15/62
697,460
2,000,000
North
Brunswick
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2024A
5
.000
07/08/25
2,022,308
1,500,000
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019
2
.250
09/15/33
1,312,157
2,625,000
Passaic
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019A
1
.000
12/01/34
2,047,300
1,054,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
1,137,799
1,477,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
1,472,595
669,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/37
657,163
Portfolio
of
Investments
November
30,
2024
(continued)
New
Jersey
Municipal
Bond
60
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,145,000
Somers
Point,
New
Jersey,
General
Obligation
Bonds,
Improvement
Sewer
Utility
Series
2019
2
.000
%
10/01/31
$
1,011,351
2,460,000
South
Orange
&
Maplewood
School
District,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.375
08/15/46
1,727,840
300,000
Toms
River
Board
of
Education,
Ocean
County,
New
Jersey,
General
Obligation
Bonds,
Regional
Schools
Refunding
Series
2024
5
.000
12/15/35
355,706
260,000
Toms
River
Board
of
Education,
Ocean
County,
New
Jersey,
General
Obligation
Bonds,
Regional
Schools
Refunding
Series
2024
5
.000
12/15/36
307,348
3,535,000
Union
County
Utilities
Authority,
New
Jersey,
Resource
Recovery
Facility
Lease
Revenue
Bonds,
Covantan
Union
Inc.
Lessee,
Refunding
Series
2011B,
(AMT)
5
.250
12/01/31
3,539,377
2,515,000
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A
5
.000
06/15/41
2,516,717
2,015,000
Union
Township,
Union
County,
New
Jersey,
General
Obligation
Bonds,
Bond
Anticipation
Notes
Series
2024
4
.500
01/21/25
2,018,254
1,280,000
Verona
Township
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020
2
.250
03/01/39
994,792
1,020,000
Woodbury
School
District,
New
Jersey,
General
Obligation
Bonds,
Series
2023
-
BAM
Insured
4
.000
08/15/41
1,030,599
1,085,000
Woodridge
Boro,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2021
2
.000
09/01/32
944,002
TOTAL
TAX
OBLIGATION/GENERAL
72,697,868
TAX
OBLIGATION/LIMITED
-
19.7%
1,000,000
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Pooled
Project
Notes,
Series
2024
4
.500
05/28/25
1,007,797
1,235,000
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Pooled
Project
Notes,
Series
2024
4
.000
10/16/25
1,246,180
650,000
Bergen
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Administration
Complex
Project,
Series
2005
5
.000
11/15/26
679,625
1,000,000
Burlington
County
Bridge
Commission,
New
Jersey,
Governmental
Leasing
Program
Revenue
Bonds,
Series
2023D
5
.000
12/13/24
1,000,478
600,000
Burlington
County
Bridge
Commission,
New
Jersey,
Governmental
Leasing
Program
Revenue
Bonds,
Series
2024C
4
.500
08/05/25
605,670
3,000,000
(c)
Burlington
County
Bridge
Commission,
New
Jersey,
Governmental
Leasing
Program
Revenue
Bonds,
Series
2024D
4
.250
12/11/25
3,031,070
1,160,000
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
City
Hall
Project,
Series
2018
3
.250
12/01/37
1,155,189
450,000
(c)
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/29
491,389
1,000,000
(c)
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/30
1,111,328
400,000
(c)
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/31
451,320
340,000
(c)
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/32
388,490
700,000
Casino
Reinvestement
Development
Authority,
New
Jersey,
Luxury
Tax
Revenue
Bonds,
Series
2024A
5
.000
11/01/42
773,877
250,000
Casino
Reinvestement
Development
Authority,
New
Jersey,
Luxury
Tax
Revenue
Bonds,
Series
2024A
4
.000
11/01/44
246,580
700,000
Middlesex
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Lease
Revenue
Bonds,
Educational
Services
Commission
of
New
Jersey
Project,
Refunding
Series
2024
5
.000
10/15/31
804,819
700,000
Middlesex
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Lease
Revenue
Bonds,
Middlesex
Regional
Educational
Services
Commission
Projects,
Refunding
Series
2024
5
.000
10/15/32
816,117
61
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,065,000
Middlesex
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Lease
Revenue
Bonds,
Middlesex
Regional
Educational
Services
Commission
Projects,
Refunding
Series
2024
5
.000
%
10/15/33
$
1,258,421
2,940,000
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A
5
.000
08/15/49
3,239,310
2,000,000
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A
4
.000
08/15/53
2,017,146
1,050,000
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A
5
.000
08/15/53
1,146,783
3,600,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A
5
.250
11/01/47
3,962,562
4,025,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A
5
.000
11/01/52
4,308,129
3,220,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A
3
.375
07/01/30
3,111,694
2,010,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B
5
.000
11/01/25
2,044,397
255,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/29
262,110
175,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/30
179,782
3,845,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2018A
5
.000
06/15/31
3,946,843
505,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2019AA
5
.000
06/15/46
525,719
1,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC
5
.250
06/15/41
1,122,542
570,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC
5
.250
06/15/46
628,371
1,500,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA
4
.250
06/15/44
1,538,298
14,360,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/30
11,733,790
6,925,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/32
5,290,978
4,765,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
3,510,268
1,045,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/34
740,999
2,360,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
3
.500
06/15/46
2,171,011
1,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
4
.000
06/15/50
984,379
1,715,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024AA
4
.000
06/15/42
1,726,613
705,000
Passaic
County
Improvement
Authority,
New
Jersey,
Guaranteed
Revenue
Bonds,
Senior
Housing
Project
Series
2024
4
.000
11/01/51
702,667
1,140,000
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Refunding
Series
2015
3
.750
05/01/36
1,140,502
1,000,000
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012
3
.500
05/01/35
999,995
2,740,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
2,752,368
1,749,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
1,749,015
Portfolio
of
Investments
November
30,
2024
(continued)
New
Jersey
Municipal
Bond
62
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,835,000
Union
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Plainfield
-
Park
Madison
Redevelopment
Project,
Refunding
Series
2013A
5
.000
%
03/01/34
$
2,034,835
TOTAL
TAX
OBLIGATION/LIMITED
78,639,456
TRANSPORTATION
-
13.3%
1,000,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Refunding
Series
2024B
5
.000
01/01/41
1,125,763
1,990,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019
4
.000
01/01/44
2,000,302
335,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2024A
5
.000
01/01/49
369,432
1,090,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
4
.000
07/01/35
1,094,328
1,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
1,038,541
3,685,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
3,794,638
1,285,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/31
1,402,549
1,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A
3
.000
07/01/49
782,873
2,760,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,  Series
2013
5
.000
01/01/40
2,763,197
1,705,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.000
01/01/31
1,706,988
1,645,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
(AMT)
5
.625
01/01/52
1,646,386
1,515,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
(AMT)
5
.250
09/15/29
1,516,652
380,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
(AMT)
5
.625
11/15/30
381,522
1,000,000
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/37
1,027,536
2,390,000
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/47
2,421,914
1,315,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A
-
AGM
Insured
5
.250
01/01/29
1,446,643
1,010,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2021A
4
.000
01/01/51
1,012,986
1,250,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A
4
.000
01/01/42
1,269,646
2,500,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A
4
.000
01/01/43
2,527,371
1,000,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
5
.000
01/01/46
1,102,930
1,530,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
4
.500
01/01/48
1,597,880
2,250,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
5
.250
01/01/52
2,504,525
1,500,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2024B
5
.250
01/01/49
1,696,536
1,305,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2024B
5
.250
01/01/54
1,459,750
2,950,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty
Second
Series
2023,
(AMT)
5
.000
12/01/53
3,137,092
2,200,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty-Fifth
Series
2024
5
.000
09/01/54
2,415,152
63
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Second
Series
2017,
(AMT)
5
.000
%
10/15/33
$
1,030,225
1,615,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty
Series
2022
3
.000
12/01/31
1,621,001
2,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twelfth
Series
2019
4
.000
09/01/38
2,043,402
1,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2014A
5
.000
11/01/39
1,000,472
1,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A
-
AGM
Insured
5
.000
11/01/33
1,076,683
2,350,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
4
.625
11/01/47
2,406,513
650,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
-
BAM
Insured
5
.250
11/01/52
709,797
TOTAL
TRANSPORTATION
53,131,225
U.S.
GUARANTEED
-
1.8%
(d)
250,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW,
(Pre-refunded
6/15/25)
5
.250
06/15/40
252,998
4,110,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW,
(Pre-refunded
6/15/25)
5
.250
06/15/40
4,159,282
215,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Kennedy
Health
System
Obligated
Group
Issue,
Refunding
Series
2012,
(ETM)
3
.750
07/01/27
216,950
270,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2019AA,
(Pre-refunded
12/15/28)
5
.000
06/15/46
294,528
600,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
(Pre-refunded
12/15/32)
5
.250
06/15/46
704,842
1,550,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2010D,
(ETM)
5
.000
12/15/24
1,550,956
TOTAL
U.S.
GUARANTEED
7,179,556
UTILITIES
-
9.5%
450,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2024A
5
.000
10/01/27
472,893
1,975,000
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A
2
.750
08/01/39
1,644,007
500,000
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011C,
(AMT)
3
.000
08/01/41
422,039
3,195,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2019,
(AMT)
4
.000
08/01/59
2,995,684
5,000,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
(AMT),
(Mandatory
Put
12/03/29)
2
.200
10/01/39
4,467,998
5,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1
3
.000
09/01/31
5,020
1,000,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1
3
.000
09/01/32
995,190
5,085,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1
3
.000
09/01/33
5,020,859
6,295,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2022A-2
5
.000
09/01/47
6,960,232
2,000,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2022A-2
5
.000
09/01/52
2,192,875
1,500,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2023A-W1
5
.000
09/01/30
1,690,554
500,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2023A-W1
5
.000
09/01/34
593,163
700,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/36
805,208
500,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/37
572,761
Portfolio
of
Investments
November
30,
2024
(continued)
New
Jersey
Municipal
Bond
64
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
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
%
06/01/38
$
570,767
750,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/39
852,039
375,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/44
416,850
695,000
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018
5
.000
03/01/37
789,129
1,920,000
Passaic
Valley
Water
Commission,
New
Jersey,
Water
System
Revenue
Bonds,
Series
2023
-
AGM
Insured
4
.000
12/01/53
1,958,459
5,000,000
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020
2
.250
06/01/29
4,633,836
TOTAL
UTILITIES
38,059,563
TOTAL
MUNICIPAL
BONDS
(Cost
$405,706,863)
400,132,046
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$405,706,863)
400,132,046
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.2)%
(
939,561
)
NET
ASSETS
-
100%
$
399,192,485
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
400,132,046
$
–
$
400,132,046
Total
$
–
$
400,132,046
$
–
$
400,132,046
(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
$1,920,755
or
0.5%
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)
When-issued
or
delayed
delivery
security.
(d)
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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
65
Portfolio
of
Investments
November
30,
2024
New
York
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.5%   
X
1,107,837,660
MUNICIPAL
BONDS
-
98.5%  
X
–
CONSUMER
STAPLES
-
3.3%
$
15,110,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A
5
.000
%
06/01/38
$
14,592,112
76,105,000
(a)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C
0
.000
06/01/50
9,663,661
895,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.625
06/01/35
915,229
6,885,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.750
06/01/43
6,995,057
1,330,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Turbo
Term
Series
2016A.
Including
2016A-1,
2016A-2A
and
2016A-2B
5
.000
06/01/45
1,258,227
10,000,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
0
.000
06/01/66
1,031,264
3,000,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
2,814,757
TOTAL
CONSUMER
STAPLES
37,270,307
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
8.5%
1,930,000
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A
7
.500
12/01/40
1,850,456
1,360,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Classical
Charter
Schools
Series
2023A
4
.500
06/15/43
1,366,096
550,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Global
Community
Charter
School
Project,
Series
2022A
5
.000
06/15/52
551,015
3,360,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
KIPP
New
York
City
Public
School
Facilities,
Canal
West
Project,
Series
2022
5
.250
07/01/52
3,529,495
2,240,000
(b)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014
5
.000
11/01/39
1,366,400
2,200,000
(b)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014
5
.500
11/01/44
1,342,000
1,265,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
New
World
Preparatory
Charter
School
Project,
Series
2021A
4
.000
06/15/41
1,131,678
2,395,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/55
2,119,315
580,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A
5
.000
06/01/41
567,884
2,620,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A
5
.000
06/01/56
2,413,940
2,965,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7
.250
07/01/53
3,068,879
3,835,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/42
3,980,617
3,015,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/50
3,083,305
1,670,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007
-
FGIC
Insured
5
.250
07/01/29
1,723,007
735,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007
-
FGIC
Insured
5
.250
07/01/34
764,153
9,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Fordham
University,
Series
2020
4
.000
07/01/46
9,018,649
1,480,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A
5
.000
07/01/40
1,487,379
1,055,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2001-1
-
AMBAC
Insured
5
.500
07/01/40
1,263,469
Portfolio
of
Investments
November
30,
2024
(continued)
New
York
Municipal
Bond
66
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,250,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Pace
University,
Series
2024A
5
.500
%
05/01/49
$
2,478,222
3,250,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Green
Series
2019B
5
.000
07/01/50
3,421,472
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2020A
5
.000
07/01/53
1,061,445
8,665,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2022A
4
.000
07/01/42
8,803,371
3,450,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A
5
.500
12/01/36
3,264,455
7,010,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B
0
.000
01/01/45
2,007,740
3,040,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5
.625
01/01/55
2,861,876
200,000
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
Evergreen
Charter
School
Project,
Series
2022A
5
.500
06/15/57
208,120
7,835,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,  University
of
Rochester
Project,
Series
2020A
4
.000
07/01/50
7,830,316
5,750,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,  University
of
Rochester
Project,
Series
2023A
5
.000
07/01/53
6,243,052
300,000
(a)
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Academy
of
Health
Sciences
Charter
School
Project,
Social
Impact
Series
2022
5
.875
07/01/52
310,261
850,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
St.
John
Fisher
University
Project,
Series
2024
5
.250
06/01/54
924,224
405,000
New
Rochelle
Corporation,
New
York,
Local
Development
Revenue
Bonds,
Iona
College
Project,
Series
2015A
5
.000
07/01/40
406,954
2,620,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Yankee
Stadium
Project,
Series
2020A
-
AGM
Insured
4
.000
03/01/45
2,603,317
10,000,000
Onondaga
County
Trust
For
Cultural
Resources,
New
York,
Revenue
Bonds,
Syracuse
University
Project,
Series
2019
5
.000
12/01/45
10,644,057
1,285,000
Troy
Capital
Resource
Corporation,
New
York,  Revenue
Bonds,
Rensselaer
Polytechnic
Institute,
Refunding
Series
2020A.
Forward
Delivery
4
.000
09/01/40
1,288,963
195,000
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-Charter
School
of
Educational
Excellence
Project,
Series
2019A
4
.000
10/15/29
195,212
205,000
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-Charter
School
of
Educational
Excellence
Project,
Series
2019A
5
.000
10/15/39
209,877
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
95,390,671
FINANCIALS
-
1.0%
5,710,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
10/01/35
6,667,095
3,475,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007
5
.500
10/01/37
4,180,255
TOTAL
FINANCIALS
10,847,350
HEALTH
CARE
-
19.7%
15,600,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.000
05/01/45
15,579,491
18,290,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.250
05/01/52
18,435,698
9,255,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
5
.000
05/01/52
9,863,004
2,000,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2024A
4
.000
05/01/54
1,912,195
13,135,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2024A
5
.250
05/01/54
14,534,348
15,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Memorial
Sloan
Kettering
Cancer
Center
Series
2022-1A
4
.000
07/01/51
15,035,333
67
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
3,600,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A
5
.000
%
08/01/35
$
3,737,703
1,200,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
09/01/30
1,288,221
2,680,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
09/01/34
2,841,779
2,620,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
09/01/35
2,771,572
11,400,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
4
.000
09/01/50
10,662,987
2,300,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
North
Shore
Long
Island
Jewish
Obligated
Group,
Series
2015A
5
.000
05/01/43
2,314,947
14,500,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A
4
.000
07/01/50
14,408,846
33,955,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A
4
.000
07/01/53
33,475,983
600,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/24
600,000
500,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/25
500,515
450,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/29
450,407
1,100,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/32
1,098,855
1,100,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/33
1,094,565
1,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/35
987,803
1,300,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/40
1,249,560
1,510,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/24
1,510,000
2,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/26
2,014,591
1,200,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/27
1,208,442
4,250,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/36
4,180,915
1,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/37
978,566
400,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.250
10/01/49
431,019
3,545,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.500
10/01/54
3,976,606
6,280,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/35
6,392,982
2,385,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
4
.000
07/01/41
2,310,421
12,325,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/46
12,448,351
1,000,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Nuvance
Health
Issue,
Series
2019B
5
.000
07/01/26
1,019,295
1,395,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2013A
5
.000
12/01/42
1,395,529
6,605,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2017
5
.000
12/01/46
6,688,088
4,600,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A
4
.000
12/01/46
4,351,286
375,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Tax-Exempt
Revenue
Bonds,
Highland
Hospital
of
Rochester
Project,
Series
2015
5
.000
07/01/34
377,891
19,010,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016
5
.000
11/01/46
18,647,892
Portfolio
of
Investments
November
30,
2024
(continued)
New
York
Municipal
Bond
68
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
380,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
6
.250
%
11/01/52
$
434,738
TOTAL
HEALTH
CARE
221,210,424
HOUSING/MULTIFAMILY
-
0.1%
1,245,000
New
York
State
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Cannon
Street
Senior
Housing
Project,
Series
2007A,
(AMT)
5
.300
02/15/39
1,245,596
TOTAL
HOUSING/MULTIFAMILY
1,245,596
INDUSTRIALS
-
4.5%
17,020,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
17,029,376
7,550,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014
5
.150
11/15/34
7,556,260
1,915,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/41
1,805,709
3,720,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/46
3,382,335
23,765,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
04/30/53
20,972,921
TOTAL
INDUSTRIALS
50,746,601
LONG-TERM
CARE
-
0.1%
535,000
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006
5
.000
11/01/31
532,605
550,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Anns
Community
Project,
Series
2019
5
.000
01/01/40
541,398
330,000
(a)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1
6
.100
07/01/28
330,100
210,000
(a)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1
6
.200
07/01/33
210,037
TOTAL
LONG-TERM
CARE
1,614,140
MATERIALS
-
0.2%
105,000
(a)
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014,
(AMT)
4
.500
01/01/25
105,037
2,145,000
(a)
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014,
(AMT)
5
.000
01/01/35
2,146,560
TOTAL
MATERIALS
2,251,597
TAX
OBLIGATION/GENERAL
-
5.6%
6,495,000
Erie
County,
New
York,
General
Obligation
Bonds,
Public
Improvement
Buffalo
Bills
Stadium
Project
Series
2024B
4
.000
09/15/46
6,519,484
2,005,000
Erie
County,
New
York,
General
Obligation
Bonds,
Public
Improvement
Buffalo
Bills
Stadium
Project
Series
2024B
4
.000
09/15/47
2,016,267
5,165,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2023A
4
.000
04/01/53
5,167,910
5,845,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
B-1
5
.000
10/01/39
6,117,654
7,210,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1
5
.000
03/01/39
7,563,785
6,050,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1
5
.000
03/01/40
6,332,706
3,875,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
F-1
5
.000
04/01/45
4,032,447
69
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
5,450,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
%
08/01/47
$
5,873,703
5,790,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2023
Series
B-1
5
.250
10/01/47
6,406,068
10,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
9,970,175
2,770,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
2,668,956
TOTAL
TAX
OBLIGATION/GENERAL
62,669,155
TAX
OBLIGATION/LIMITED
-
20.4%
1,585,000
Dormitory
Authority
of
the
State
of
New
York,
Residential
Insitutions
for
Children
Revenue
Bonds,
Series
2008-A1
5
.000
06/01/33
1,596,318
1,985,000
Dormitory
Authority
of
the
State
of
New
York,
Residential
Insitutions
for
Children
Revenue
Bonds,
Series
2008-A1
5
.000
06/01/38
1,987,157
20,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2009C
-
AGC
Insured
5
.125
10/01/36
20,033
8,865,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D
4
.000
02/15/38
9,096,650
2,040,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2021A
5
.000
03/15/49
2,176,243
17,140,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A
Group
C
5
.000
03/15/41
17,678,395
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018A
5
.000
03/15/42
10,498,337
2,135,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/26
2,163,498
1,455,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/29
1,474,125
2,170,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A
4
.000
02/15/36
2,304,792
5,710,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/39
5,897,157
3,955,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/42
4,069,593
1,045,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/45
1,072,076
2,935,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024A
4
.000
11/15/51
2,925,017
15,000,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024B-1
4
.000
11/15/54
14,896,371
5,450,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Series
2022A
5
.000
11/15/46
5,913,025
4,000,000
Monroe
County
Industrial
Development
Agency,
New
York,
School
Facility
Revenue
Bonds,
Rochester
Schools
Modernization
Project,
Series
2013
5
.000
05/01/28
4,024,906
9,335,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2020
Subseries
S-1B
4
.000
07/15/43
9,347,678
1,615,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2016S-1
5
.000
07/15/34
1,649,090
1,165,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2016S-1
5
.000
07/15/35
1,188,944
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2015
Series
E-1
5
.000
02/01/34
5,014,167
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
A-1
5
.000
05/01/40
5,086,597
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
B-1
5
.000
08/01/36
5,121,797
5,375,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
E-1
5
.000
02/01/43
5,532,310
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
F-1
5
.000
05/01/38
5,189,660
4,020,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2020
Subseries
B-1
4
.000
11/01/47
4,021,466
Portfolio
of
Investments
November
30,
2024
(continued)
New
York
Municipal
Bond
70
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
5,000,000
New
York
City,
New
York,
Educational
Construction
Fund
Revenue
Bonds,
Series
2021B
5
.000
%
04/01/52
$
5,321,073
9,585,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A
5
.000
03/15/45
10,464,341
15,000,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Climate
Certified
Green
Series
2022C
4
.125
03/15/57
15,034,065
7,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
5
.000
03/15/47
7,457,220
3,800,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
4
.000
03/15/49
3,786,968
500,000
Oneida
Indian
Nation,
New
York,
Tax
Revenue
Bonds,
Series
2024B
6
.000
09/01/43
553,242
2,393,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
810,713
28,646,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
28,775,305
5,750,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/29
4,521,230
1,930,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/32
1,491,838
1,250,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/34
962,750
5,430,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/36
4,177,002
2,340,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1
4
.000
05/15/56
2,274,659
9,500,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
4
.000
05/15/51
9,345,740
1,650,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1
5
.000
05/15/51
1,767,107
2,255,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Senior
Lien
Bonds,
Series
2022C
4
.125
05/15/52
2,255,767
TOTAL
TAX
OBLIGATION/LIMITED
228,944,422
TRANSPORTATION
-
27.0%
2,700,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2016A-1
5
.250
11/15/56
2,729,245
2,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020A-1
5
.000
11/15/48
2,094,425
3,600,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
4
.750
11/15/45
3,725,564
9,200,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.000
11/15/50
9,572,109
2,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.250
11/15/55
2,104,349
2,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Series
2016B
5
.000
11/15/37
2,555,098
7,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015D-1
5
.000
11/15/30
7,622,667
6,655,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D
4
.000
11/15/42
6,573,295
8,350,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2015C-1
5
.250
11/15/30
8,505,993
2,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1
5
.000
11/15/34
2,561,547
2,800,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.300
10/01/37
1,855,000
2,000,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.350
10/01/46
1,325,000
71
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
6,645,000
New
York
City,
Industrial
Development
Agency,
Senior
Airport
Facilities
Revenue
Refunding
Bonds,
TrIPs
Obligated
Group,
Series
2012A,
(AMT)
5
.000
%
07/01/28
$
6,680,565
2,695,000
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021
-
BAM
Insured
4
.000
02/15/43
2,698,544
5,000,000
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N
4
.000
01/01/42
5,036,821
3,000,000
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N
4
.000
01/01/43
3,016,494
8,515,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A
5
.000
01/01/51
8,610,697
4,750,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4
.000
07/01/31
4,749,973
12,020,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
12,020,210
24,965,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
01/01/50
24,966,862
13,780,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.500
12/31/60
14,851,737
6,055,000
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
6,065,145
12,610,000
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
12,625,862
1,745,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.375
08/01/36
1,840,857
2,080,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
6
.000
06/30/54
2,270,704
14,915,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
5
.375
06/30/60
15,607,277
2,500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A,
(AMT)
5
.000
12/01/24
2,500,000
1,280,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A,
(AMT)
5
.000
12/01/37
1,344,916
1,540,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/34
1,668,086
1,745,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/35
1,884,846
2,010,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/35
2,163,997
10,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/36
10,732,712
3,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/37
3,207,987
Portfolio
of
Investments
November
30,
2024
(continued)
New
York
Municipal
Bond
72
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
%
12/01/40
$
1,057,740
1,300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/27
1,336,865
10,200,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/28
10,616,826
10,035,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/31
10,384,654
1,300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
(AMT)
4
.375
10/01/45
1,267,191
5,400,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
6
.000
04/01/35
6,076,706
2,000,000
Niagara
Frontier
Transportation
Authority,
New
York,
Airport
Revenue
Bonds,
Buffalo
International
Airport,
Series
2014A,
(AMT)
5
.000
04/01/25
2,001,296
3,775,000
Niagara
Frontier
Transportation
Authority,
New
York,
Airport
Revenue
Bonds,
Buffalo
International
Airport,
Series
2014A,
(AMT)
5
.000
04/01/26
3,777,244
15,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Eighth
Series
2016
5
.250
11/15/56
15,390,802
2,500,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eighteen
Series
2019,
(AMT)
5
.000
11/01/44
2,591,139
10,230,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Fifth
Series
2017
5
.000
11/15/47
10,670,399
7,495,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty-Fourth
Series
2024
5
.000
07/15/54
8,220,123
5,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Six
Series
2022,
(AMT)
5
.000
01/15/47
5,338,772
4,800,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twentieth
Series
2019,
(AMT)
4
.000
11/01/59
4,532,616
8,055,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Refunding
Series
2017B
5
.000
11/15/38
8,379,509
10,900,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2019A
5
.000
11/15/49
11,438,567
5,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2021A
5
.000
11/15/56
5,305,184
TOTAL
TRANSPORTATION
304,154,217
U.S.
GUARANTEED
-
0.5%
(c)
5,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
B,
(Pre-refunded
2/15/25)
5
.000
02/15/32
5,020
3,290,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015E,
(Pre-
refunded
9/15/25)
4
.000
03/15/28
3,321,833
2,885,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2015
Series
GG,
(Pre-refunded
6/15/25)
5
.000
06/15/27
2,915,942
TOTAL
U.S.
GUARANTEED
6,242,795
UTILITIES
-
7.6%
4,875,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Green
Series
2023E
5
.000
09/01/53
5,301,623
2,000,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2000A
-
AGM
Insured
0
.000
06/01/25
1,966,497
2,215,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/42
2,303,126
695,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/47
718,113
73
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)
$
5,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2017
Series
DD
5
.250
%
06/15/47
$
5,166,712
7,465,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
CC-1
5
.000
06/15/48
7,724,009
9,885,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
CC-1
4
.000
06/15/49
9,783,384
25,000,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
CC-1
5
.250
06/15/54
27,940,647
3,250,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Green
Series
2024A
4
.000
11/15/49
3,247,874
2,500,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Green
Series
2024A
4
.000
11/15/54
2,487,230
4,980,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A
4
.000
11/15/55
4,918,982
4,080,000
New
York
State
Power
Authority,
Green
Transmission
Project
Revenue
Bonds,
Green
Series
2023A
-
AGM
Insured
5
.000
11/15/48
4,492,344
9,400,000
(a)
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
(AMT)
4
.750
11/01/42
9,199,844
TOTAL
UTILITIES
85,250,385
TOTAL
MUNICIPAL
BONDS
(Cost
$1,083,598,910)
1,107,837,660
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,083,598,910)
1,107,837,660
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.5%
16,400,718
NET
ASSETS
-
100%
$
1,124,238,378
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,107,837,660
$
–
$
1,107,837,660
Total
$
–
$
1,107,837,660
$
–
$
1,107,837,660
Portfolio
of
Investments
November
30,
2024
(continued)
New
York
Municipal
Bond
74
(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
$73,859,828
or
6.7%
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.
AMT
Alternative
Minimum
Tax