NPORT-EX 2 rmop-soi.htm SCHEDULE OF INVESTMENTS

 

Rockefeller Opportunistic Municipal Bond ETF

Schedule of Investments

October 31, 2025 (Unaudited)

MUNICIPAL BONDS & NOTES - 112.6%  Interest
Rate		  Maturity
Date		  Principal
Amount		   Value 
Arizona - 2.0%                 
Arizona Industrial Development Authority, Call 07/01/27(a)(b)(c)  5.75%  07/01/2047  $110,000   $105,974 
Arizona Industrial Development Authority, Call 02/01/32(a)(b)(c)  6.88%  02/01/2065   1,000,000    1,001,321 
Arizona Industrial Development Authority, INTER. APPRECIATION, OID, Call 07/01/27(a)(b)(c)  5.88%  07/01/2052   105,000    100,852 
Industrial Development Authority of the County of Pima, Call 11/01/27(a)(c)  6.50%  11/01/2047   970,000    934,208 
La Paz County Industrial Development Authority, Call 02/15/28(a)  5.00%  02/15/2048   50,000    48,608 
Maricopa County & Phoenix Industrial Development Authorities, GNMA, FNMA, FHLMC, Call 03/01/33(a)  6.25%  03/01/2055   300,000    334,910 
Sierra Vista Industrial Development Authority, Call 06/15/31(a)(b)(c)  5.75%  06/15/2064   1,850,000    1,769,578 
                4,295,451 
                  
Arkansas - 0.6%                 
Arkansas Development Finance Authority, GNMA, FNMA, FHLMC, Call 07/01/33(a)  5.00%  01/01/2055   990,000    1,044,159 
Pulaski County Public Facilities Board, Call 12/01/25  5.00%  12/01/2031   5,000    5,005 
Pulaski County Public Facilities Board, Call 12/01/25(a)  5.00%  12/01/2042   210,000    210,120 
                1,259,284 
                  
California - 10.2%                 
California County Tobacco Securitization Agency, Call 11/16/25(d)  0.00%  06/01/2046   3,750,000    1,009,531 
California County Tobacco Securitization Agency, Call 12/01/25(b)  6.00%  06/01/2042   265,000    267,012 
California Infrastructure & Economic Development Bank, Call 07/01/31(a)(b)(c)  5.13%  07/01/2054   1,200,000    1,117,686 
California Infrastructure & Economic Development Bank, Call 07/01/31(a)(b)(c)  5.25%  07/01/2064   500,000    464,144 
California Municipal Finance Authority, Call 01/01/32(a)(b)(c)  5.38%  01/01/2055   450,000    440,355 
California Municipal Finance Authority, Call 11/01/34(a)(c)  5.38%  11/01/2045   775,000    792,044 
California Public Finance Authority, Call 06/01/31(a)(b)  6.38%  06/01/2059   1,500,000    1,412,050 
California Public Finance Authority, Call 03/01/32(a)(b)(c)  6.63%  03/01/2065   2,465,000    2,465,306 
California Public Finance Authority, Call 06/01/32(a)(b)(c)  6.63%  06/01/2065   1,430,000    1,481,267 
California Statewide Financing Authority, Call 12/01/25(b)  6.00%  05/01/2043   200,000    200,449 
City of Los Angeles Department of Airports, Call 05/15/35(a)(c)(e)(h)  7.97%  05/15/2055   8,000,000    8,398,320 
San Francisco City & County Airport Comm-San Francisco International Airport, Call 05/01/35(a)  5.25%  05/01/2055   1,000,000    1,048,650 
San Francisco City & County Redevelopment Agency Successor Agency, TAR, Call 12/01/25(a)  5.00%  08/01/2043   60,000    60,034 
Silicon Valley Tobacco Securitization Authority, Call 12/01/25(d)  0.00%  06/01/2036   4,000,000    2,224,469 
Washington Township Health Care District, GO, Call 11/21/25(a)(b)  5.00%  08/01/2043   105,000    105,026 
                21,486,343 

 

 

 

 

Colorado - 8.4%                 
Baseline Metropolitan District No. 1, GO, Call 12/01/29  6.75%  12/15/2054   1,000,000    1,015,200 
Bent Grass Metropolitan District, GO, Call 12/01/30(a)(c)  5.75%  12/01/2054   1,000,000    1,028,844 
Canyons Metropolitan District No. 5, GO, Call 12/01/29  6.50%  12/15/2054   750,000    754,776 
Colorado Educational & Cultural Facilities Authority, Call 07/01/35(a)(b)(c)  6.00%  07/01/2055   2,525,000    2,560,197 
Colorado Health Facilities Authority, Call 12/01/25(a)  5.00%  05/15/2045   135,000    135,050 
Cottonwood Creek Metropolitan District No. 5, GO, Call 09/01/30(a)(c)  0.00%  12/01/2055   1,000,000    760,688 
Creekwalk Marketplace Business Improvement District, Call 12/01/29(a)  6.00%  12/01/2054   875,000    871,087 
Crowfoot Valley Ranch Metropolitan District No. 2, GO, Call 12/01/29  6.13%  12/15/2054   1,000,000    978,954 
Dominion Water & Sanitation District, Call 12/01/28(a)  5.88%  12/01/2052   1,600,000    1,639,473 
Palisade Metropolitan District No. 2, Call 12/01/29(a)(c)  0.00%  12/15/2054   1,000,000    948,449 
Pinnacle Farms Metropolitan District No. 1, GO, Call 09/01/30(c)  8.75%  12/15/2055   1,051,000    1,052,691 
Sky Dance Metropolitan District No. 2, GO, Call 12/01/29(a)  6.00%  12/01/2054   750,000    764,995 
Sky Ranch Community Authority Board, GO, Call 12/01/29  6.50%  12/15/2054   550,000    553,502 
St. Vrain Lakes Metropolitan District No. 2, GO, Call 12/01/29  6.38%  11/15/2054   500,000    500,292 
St. Vrain Lakes Metropolitan District No. 4, GO, Call 09/01/29(a)(c)  0.00%  09/20/2054   1,000,000    702,133 
Sterling Ranch Community Authority Board, Call 12/01/30  6.88%  12/15/2055   550,000    555,721 
Trevenna Metropolitan District, GO, Call 12/01/29(a)  5.75%  12/01/2054   505,000    495,714 
Vail Home Partners Corp, Call 04/01/35(a)(b)(c)  5.88%  10/01/2055   500,000    510,633 
Village Metropolitan District, GO, Call 09/01/30(a)(b)  5.75%  12/01/2055   1,000,000    1,009,222 
Weems Neighborhood Metropolitan District, GO, Call 06/01/30(a)(c)  5.88%  12/01/2055   800,000    821,764 
                17,659,385 
                  
Connecticut - 0.8%                 
Stamford Housing Authority, Call 10/01/32(a)  6.50%  10/01/2055   1,000,000    1,020,875 
Stamford Housing Authority, Call 10/01/32(a)(b)  6.25%  10/01/2060   750,000    750,889 
                1,771,764 
                  
Delaware - 2.1%                 
Delaware State Economic Development Authority, AG, Call 12/01/25(a)  5.00%  10/01/2039   50,000    50,063 
Delaware State Economic Development Authority, Call 12/01/25(a)  5.00%  10/01/2036   305,000    302,398 
Delaware State Economic Development Authority, Call 07/01/32(a)(b)(c)  6.00%  07/01/2065   1,465,000    1,474,307 
University of Delaware, Call 10/31/25, Put 10/31/25(e)  4.00%  11/01/2035   2,500,000    2,500,000 
                4,326,768 
                  
District of Columbia - 5.3%                 
Washington Metropolitan Area Transit Authority, Call 07/15/33(a)(c)(e)(h)  7.11%  07/15/2053   10,640,000    11,217,433 
                  
Florida - 12.3%                 
Alachua County Health Facilities Authority, Call 12/01/25(a)  5.00%  12/01/2044   710,000    710,247 
Babcock Ranch Community Independent Special District, SA, Call 05/01/35(a)(c)  5.25%  05/01/2055   1,000,000    1,006,947 
Capital Projects Finance Authority, Call 06/15/29(a)(c)  5.00%  06/15/2054   500,000    461,578 
Capital Projects Finance Authority, Call 06/15/30(a)(b)(c)  6.75%  06/15/2065   2,000,000    2,013,041 
Capital Projects Finance Authority, Call 03/01/32(a)(b)(c)  7.13%  01/01/2065   2,000,000    2,011,012 
Capital Trust Authority, Call 12/01/29(a)(c)  6.88%  12/01/2044   1,000,000    1,001,029 
Capital Trust Authority, Call 06/15/30(a)(b)(c)  5.25%  06/15/2059   500,000    456,650 
Capital Trust Authority, Call 07/01/31(a)(c)  5.25%  07/01/2054   1,500,000    1,377,777 
Capital Trust Authority, Call 07/01/31(a)(c)  5.25%  07/01/2059   1,000,000    905,115 
Capital Trust Authority, Call 06/01/32(a)(c)  5.00%  06/01/2054   250,000    219,481 
Charlotte County Industrial Development Authority, Call 10/01/33(a)(c)  6.13%  10/01/2055   500,000    520,754 
City of Venice, Call 01/01/32(a)(c)  5.63%  01/01/2060   750,000    742,468 
Edgewater West Community Development District, SA, Call 11/01/34(a)(b)  5.50%  05/01/2054   1,000,000    979,338 
Florida Higher Educational Facilities Financing Authority, Call 07/01/33(a)(c)  6.25%  07/01/2055   2,000,000    1,978,979 
Florida Local Government Finance Commission, Call 06/15/32(a)(b)(c)  6.13%  06/15/2065   1,500,000    1,514,216 
Florida Local Government Finance Commission, Call 07/01/32(a)(b)(c)  6.00%  07/01/2060   1,000,000    1,010,017 
Florida Local Government Finance Commission, Call 11/15/32(a)(b)(c)  6.88%  11/15/2064   1,165,000    1,214,100 
Gas Worx Community Development District, SA, Call 11/01/35(a)(c)  6.00%  05/01/2057   1,195,000    1,225,555 
Highlands County School Board, BAM, Call 12/01/25(a)  5.00%  09/01/2041   50,000    50,073 
Hillsborough County Industrial Development Authority, Call 10/31/25, Put 10/31/25(a)(e)  3.96%  11/15/2042   1,700,000    1,700,000 
Miami-Dade County Expressway Authority, Call 12/01/25(a)(b)  5.00%  07/01/2040   480,000    482,045 
Miami-Dade County Industrial Development Authority, Call 07/01/29(a)(b)(c)  5.50%  07/01/2061   1,185,000    1,081,783 
Normandy Community Development District, SA, Call 11/01/34(a)(b)(c)  5.55%  05/01/2054   100,000    96,986 
Palm Beach County Health Facilities Authority, Call 05/15/30(a)(b)  7.50%  05/15/2053   135,000    149,864 
Palm Beach County Health Facilities Authority, Call 05/15/30(a)(b)  7.63%  05/15/2058   185,000    205,938 
Parrish Lakes II Community Development District, SA, Call 11/01/34(a)(c)  5.45%  05/01/2054   1,000,000    986,236 
Pioneer Ranch Community Development District, SA, Call 11/01/34(a)(c)  5.30%  05/01/2055   980,000    949,261 
Poitras East Community Development District, SA, Call 05/01/35(a)  6.10%  05/01/2055   855,000    880,028 
                25,930,518 

 

 

 

 

Georgia - 1.0%                 
Atlanta Development Authority, TAR, Call 04/01/29(c)  5.50%  04/01/2039   1,000,000    1,028,363 
Development Authority for Fulton County, Call 12/01/25(a)  5.00%  07/01/2044   1,000,000    1,000,435 
                2,028,798 
                  
Idaho - 0.5%                 
Avimor Community Infrastructure District No. 1, SA, Call 12/01/29(a)(c)  5.50%  09/01/2053   1,000,000    1,008,675 
                  
Illinois - 3.7%                 
Chicago Board of Education, GO, Call 12/01/25(a)(b)  7.00%  12/01/2044   3,000,000    3,007,667 
County of Cook, Call 01/01/35(a)  6.50%  01/01/2045   1,500,000    1,511,783 
Illinois Finance Authority, Call 12/01/25  5.00%  11/15/2027   10,000    10,010 
Illinois Finance Authority, Call 08/01/32(a)(b)(c)  6.38%  08/01/2055   1,900,000    1,940,072 
Illinois State Toll Highway Authority, Call 12/01/25  5.00%  01/01/2031   120,000    120,190 
Upper Illinois River Valley Development Authority, Call 12/01/34(a)(c)  6.00%  12/01/2055   1,000,000    1,008,191 
West Chicago Fire Protection District, GO, Call 12/01/25  5.00%  01/01/2033   100,000    100,081 
                7,697,994 
                  
Indiana - 2.0%                 
City of Evansville, Call 12/06/25(a)  5.45%  01/01/2038   1,070,000    1,016,305 
City of Fort Wayne, Call 12/01/25(a)  5.35%  01/01/2038   715,000    674,788 
City of Mishawaka, Call 12/01/25(a)(c)  5.38%  01/01/2038   920,000    898,093 
City of Valparaiso, Call 12/01/28(a)(c)  5.38%  12/01/2041   750,000    680,182 
Town of Merrillville, Call 12/01/25(a)  5.75%  04/01/2036   945,000    941,705 
                4,211,073 
                  
Iowa - 0.7%                 
Iowa Finance Authority, Call 05/15/26(a)  5.00%  05/15/2047   90,000    86,106 
Iowa Finance Authority, Call 05/15/30(a)(b)  7.50%  05/15/2053   875,000    971,342 
Iowa Finance Authority, Call 11/01/41(a)(c)  6.00%  11/01/2042   500,000    493,455 
                1,550,903 
                  
Kansas - 0.1%                 
City of Wichita KS, Call 05/15/31(a)  5.75%  05/15/2045   225,000    219,385 
                  
Maryland - 0.0%(f)                 
Maryland Health & Higher Educational Facilities Authority, Call 10/02/25(a)  5.00%  08/15/2041   100,000    100,033 
                  
Massachusetts - 1.6%                 
Massachusetts Development Finance Agency, Call 12/01/31(a)(b)(c)  5.88%  12/01/2060   2,730,000    2,515,741 
Massachusetts Development Finance Agency, Call 07/01/34(a)(b)(c)  5.00%  07/01/2060   1,000,000    943,287 
                3,459,028 
                  
Michigan - 1.3%                 
Michigan Strategic Fund, Call 12/01/25(a)  6.25%  11/15/2043   2,000,000    2,000,728 
Michigan Tobacco Settlement Finance Authority, Call 06/01/33(d)  0.00%  06/01/2058   28,500,000    722,837 
                2,723,565 

 

 

 

 

Minnesota - 2.0%                 
City of Apple Valley MN, Call 09/01/33(a)(b)  5.50%  09/01/2055   525,000    530,524 
City of Coon Rapids MN, Call 06/15/35(a)(b)  6.50%  06/15/2065   1,500,000    1,510,359 
City of Eagan, Call 02/01/32(a)(b)(c)  6.25%  02/01/2045   250,000    248,335 
City of Eagan, Call 02/01/32(a)(b)(c)  6.38%  02/01/2055   350,000    341,845 
City of Eagan, Call 02/01/32(a)(b)(c)  6.50%  02/01/2065   625,000    611,779 
City of Minneapolis, Call 07/01/31(a)  4.00%  07/01/2051   100,000    67,535 
City of Shakopee MN Senior Housing Revenue, Call 11/01/32(a)(b)  5.75%  11/01/2055   500,000    500,296 
City of Shakopee MN Senior Housing Revenue, Call 11/01/32(a)  5.88%  11/01/2065   500,000    503,940 
                4,314,613 
                  
Missouri - 1.4%                 
Health & Educational Facilities Authority of the State of Missouri, Call 11/10/25(a)  5.00%  11/15/2038   20,000    20,008 
Health & Educational Facilities Authority of the State of Missouri, Call 12/01/25(a)  5.00%  11/15/2045   245,000    245,102 
Health & Educational Facilities Authority of the State of Missouri, Call 12/01/25(a)  5.00%  11/15/2048   70,000    70,021 
Missouri Development Finance Board, Call 12/01/25  5.00%  06/01/2027   20,000    20,026 
Missouri Housing Development Commission, GNMA, FNMA, FHLMC, Call 05/01/33(a)  5.00%  11/01/2055   2,500,000    2,523,098 
                2,878,255 
                  
New Hampshire - 2.0%                 
New Hampshire Business Finance Authority, Call 12/01/26(c)  5.38%  12/01/2031   1,000,000    1,002,875 
New Hampshire Business Finance Authority, Call 04/01/33(a)(b)  5.63%  04/01/2045   500,000    516,010 
New Hampshire Business Finance Authority, Call 04/01/33(a)(b)  5.75%  04/01/2055   625,000    640,263 
New Hampshire Health and Education Facilities Authority Act, Call 12/01/25  5.00%  07/01/2036   2,000,000    2,002,030 
New Hampshire Health and Education Facilities Authority, Call 12/01/25(a)(b)  5.00%  08/01/2043   120,000    120,043 
                4,281,221 
                  
New York - 12.1%                 
Build NYC Resource Corp., Call 12/01/25(a)(b)  5.88%  07/01/2038   940,000    885,454 
Dobbs Ferry Local Development Corp., Call 12/01/25(a)  5.00%  07/01/2039   350,000    350,218 
Dobbs Ferry Local Development Corp., Call 12/01/25(a)  5.00%  07/01/2044   55,000    55,018 
Hempstead Town Local Development Corp., Call 12/01/25(a)  5.00%  07/01/2044   2,200,000    2,200,564 
Monroe County Industrial Development Corp., Call 07/01/34(a)(c)  5.00%  07/01/2059   1,000,000    891,352 
New York City Housing Development Corp., Call 05/01/33(a)  5.05%  11/01/2045   200,000    209,295 
New York City Housing Development Corp., Call 05/01/33(a)  5.25%  11/01/2055   700,000    726,256 
New York City Transitional Finance Authority, Call 11/01/35(a)(c)(e)(h)  7.86%  05/01/2050   8,000,000    8,773,120 
New York Counties Tobacco Trust VI, Call 06/01/26(b)  3.75%  06/01/2045   195,000    145,955 
New York Transportation Development Corp., AG, Call 12/31/44(a)  0.00%  12/31/2054   300,000    195,328 
New York Transportation Development Corp., Call 12/01/25(a)  5.25%  01/01/2050   735,000    734,992 
New York Transportation Development Corp., Call 10/01/30(a)(b)  4.38%  10/01/2045   945,000    884,616 
New York Transportation Development Corp., Call 06/30/33(a)  5.00%  06/30/2060   1,100,000    1,064,511 
New York Transportation Development Corp., Call 06/30/34(a)  6.00%  06/30/2059   1,500,000    1,596,511 
New York Transportation Development Corp., Call 12/31/34(a)  5.50%  12/31/2060   2,000,000    2,044,380 
Ontario County Local Development Corp., Call 12/01/33(a)(c)  6.50%  12/01/2045   4,000,000    4,037,145 
St Lawrence County Industrial Development Agency, Call 12/01/25(a)  5.00%  07/01/2043   20,000    20,012 
Suffolk Regional Off-Track Betting Corp., Call 06/01/29(a)(b)  6.00%  12/01/2053   750,000    761,199 
                25,575,926 

 

 

 

 

North Carolina - 4.7%                 
City of Charlotte NC Airport Revenue, Call 07/01/33(a)(c)(e)(h)  6.95%  07/01/2053   8,000,000    8,349,520 
North Carolina Medical Care Commission, Call 09/01/31(a)  5.50%  09/01/2054   1,665,000    1,660,103 
                10,009,623 
                  
Ohio - 13.0%                 
Buckeye Tobacco Settlement Financing Authority, Call 06/01/30  5.00%  06/01/2055   3,200,000    2,686,028 
Buckeye Tobacco Settlement Financing Authority, Call 06/01/30(d)  0.00%  06/01/2057   15,000,000    1,421,744 
Cleveland-Cuyahoga County Port Authority, Call 01/01/32(a)(b)(c)  5.88%  01/01/2049   500,000    497,363 
Dayton-Montgomery County Port Authority, Call 01/01/31(a)(c)  6.63%  01/01/2045   1,150,000    1,197,418 
Ohio Housing Finance Agency, Call 12/01/25(a)(c)  5.13%  01/01/2032   545,000    546,883 
Ohio Housing Finance Agency, Call 01/01/30(a)(c)  6.00%  01/01/2045   1,000,000    1,001,732 
Ohio Housing Finance Agency, Call 07/01/30(a)(c)  6.38%  01/01/2045   1,500,000    1,549,097 
Ohio Housing Finance Agency, Call 01/01/31(a)(c)  6.25%  01/01/2045   1,500,000    1,536,808 
Ohio Housing Finance Agency, Call 01/01/31(a)  6.30%  01/01/2045   1,500,000    1,516,230 
Ohio Housing Finance Agency, Call 01/01/31(a)(c)  6.50%  01/01/2045   1,500,000    1,537,503 
Port of Greater Cincinnati Development Authority, Call 07/01/30(a)(c)  6.50%  01/01/2045   1,500,000    1,552,698 
State of Ohio, AG, Call 12/01/25(a)  5.00%  12/31/2035   1,575,000    1,577,198 
Worthington City School District, GO, Call 12/01/32(a)  5.50%  12/01/2054   10,000,000    10,704,840 
                27,325,542 
                  
Oregon - 0.1%                 
Oregon State Facilities Authority, Call 11/21/25  5.00%  11/15/2028   20,000    20,088 
Oregon State Facilities Authority, Call 11/21/25  5.00%  11/15/2029   110,000    110,488 
                130,576 
                  
Pennsylvania - 6.1%                 
Chester Water Authority, Call 12/01/25  5.00%  12/01/2037   200,000    200,254 
Crawford County Hospital Authority, Call 06/01/26(a)  6.00%  06/01/2046   425,000    426,430 
Crawford County Hospital Authority, Call 06/01/26(a)(b)  6.00%  06/01/2051   500,000    501,005 
Lancaster County Hospital Authority, Call 12/01/25(a)(b)  5.00%  07/01/2045   50,000    48,619 
Lehigh County General Purpose Authority, Call 10/12/25(a)  0.00%  02/01/2044   2,340,853    1,431,639 
Lehigh County General Purpose Authority, Call 12/01/25(a)  7.50%  02/01/2044   1,500,000    1,245,145 
Lehigh County General Purpose Authority(g)  0.00%  02/01/2044   2,318,848    12,926 
Monroeville Finance Authority, Call 12/01/25(a)  5.00%  02/01/2045   75,000    75,032 
Pennsylvania State University, Call 09/01/35(a)(c)(e)(h)  7.88%  09/01/2055   8,000,000    8,908,240 
West Shore Area Authority, Call 12/01/25  4.25%  07/01/2035   15,000    14,120 
                12,863,410 
                  
Puerto Rico - 0.3%                 
Children’s Trust Fund, 5/3/2017, Call 12/01/25(b)  5.50%  05/15/2039   155,000    157,125 
Children’s Trust Fund, 5/3/2017, Call 12/01/25(d)  0.00%  05/15/2057   8,000,000    379,100 
                536,225 
                  
Rhode Island - 0.2%                 
Rhode Island Housing & Mortgage Finance Corp., FHA 542(C), Call 04/01/33(a)  4.75%  10/01/2059   500,000    500,555 
                  
South Carolina - 2.6%                 
City of Goose Creek SC, SA, Call 10/01/30(a)(b)(c)  5.50%  10/01/2055   1,000,000    1,008,838 
South Carolina Jobs-Economic Development Authority, Call 10/01/27(a)  7.75%  10/01/2057   3,000,000    3,045,102 
South Carolina Jobs-Economic Development Authority, Call 06/15/29(a)(c)  5.00%  06/15/2051   705,000    547,479 
South Carolina Jobs-Economic Development Authority, Call 06/15/29(a)(c)  5.00%  06/15/2056   500,000    379,972 
South Carolina Jobs-Economic Development Authority, Call 11/15/34(a)  5.75%  11/15/2054   500,000    518,827 
                5,500,218 

 

 

 

 

Tennessee - 0.5%                 
Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 12/01/25(a)  5.00%  12/01/2034   85,000    84,710 
Shelby County Health Educational & Housing Facilities Board, 6/30/2024, Call 12/01/25(a)  5.25%  12/01/2044   1,125,000    1,030,030 
                1,114,740 
                  
Texas - 4.7%                 
Arlington Higher Education Finance Corp., PSF-GTD, Call 06/15/34(a)(b)  4.25%  06/15/2059   850,000    818,822 
City of Austin Texas Airport System, Call 12/01/25(a)  5.00%  11/15/2044   100,000    100,014 
City of Friendswood, SA, Call 09/15/34(a)  7.00%  09/15/2054   1,500,000    1,512,585 
City of Royse City TX, SA, Call 09/15/33(a)  6.00%  09/15/2055   1,000,000    999,874 
City of Terrell TX, SA, Call 09/15/35(a)(b)(c)  7.00%  09/15/2055   1,000,000    1,024,177 
Clifton Higher Education Finance Corp., Call 12/01/25(a)  4.40%  12/01/2047   120,000    108,849 
County of Medina, SA, Call 09/01/32(a)(c)  5.35%  09/01/2054   1,000,000    961,607 
Edinburg Local Government Finance Corp., AG, Call 12/01/25  5.00%  03/01/2027   40,000    40,048 
New Hope Cultural Education Facilities Finance Corp., AG, Call 11/21/25(a)  5.00%  04/01/2046   130,000    130,002 
New Hope Cultural Education Facilities Finance Corp., Call 07/01/32(a)  6.75%  07/01/2044   500,000    512,124 
New Hope Cultural Education Facilities Finance Corp., Call 07/01/32(a)(b)  7.13%  07/01/2056   250,000    254,919 
New Hope Cultural Education Facilities Finance Corp., Call 10/01/32(a)  6.50%  10/01/2055   1,780,000    1,845,563 
New Hope Cultural Education Facilities Finance Corp., Call 10/01/32(a)  6.50%  10/01/2060   1,430,000    1,477,192 
Tarrant County Cultural Education Facilities Finance Corp., Call 12/01/25(a)  4.00%  05/15/2031   45,000    44,802 
                9,830,578 
                  
Utah - 1.3%                 
Mida Cormont Public Infrastructure District, GO, Call 06/01/30(a)(c)  6.25%  06/01/2055   650,000    684,708 
Mida Cormont Public Infrastructure District, GO, Call 06/01/30(a)(c)  6.75%  06/01/2055   1,000,000    846,241 
Viridian Farm Public Infrastructure District No. 1, GO, Call 03/01/30(a)(c)  5.88%  03/01/2054   1,130,000    1,147,347 
                2,678,296 
                  
Virginia - 1.0%                 
Virginia College Building Authority, Call 06/01/35(a)  6.00%  06/01/2055   1,245,000    1,324,990 
Virginia Small Business Financing Authority, Call 11/09/25(a)  5.25%  10/01/2029   815,000    815,314 
                2,140,304 
                  
Washington - 2.3%                 
Washington Health Care Facilities Authority, Call 11/21/25  5.00%  07/01/2029   30,000    30,015 
Washington Health Care Facilities Authority, Call 11/21/25(a)  5.00%  07/01/2038   500,000    500,125 
Washington Health Care Facilities Authority, Call 12/01/25(a)  5.00%  10/01/2038   525,000    525,579 
Washington Health Care Facilities Authority, Call 12/01/25(a)  5.00%  10/01/2041   530,000    530,422 
Washington Health Care Facilities Authority, Call 12/01/25(a)  5.00%  10/01/2042   125,000    125,040 
Washington Health Care Facilities Authority, Call 12/01/25(a)  5.00%  10/01/2044   410,000    410,215 
Washington State Housing Finance Commission, BAM, Call 07/01/35(a)(b)(c)  5.25%  07/01/2055   1,000,000    1,019,559 
Washington State Housing Finance Commission, Call 01/01/30(a)(b)  5.88%  01/01/2059   250,000    243,348 
Washington State Housing Finance Commission, Call 07/01/32(a)(b)(c)  6.38%  07/01/2060   1,500,000    1,505,582 
                4,889,885 
                  
West Virginia - 0.4%                 
City of Huntington, TAR, Call 06/01/32(a)(b)  5.50%  06/01/2049   300,000    300,253 
City of Huntington, TAR, Call 06/01/32(a)(b)  5.63%  05/01/2050   475,000    475,321 
                775,574 

 

 

 

 

Wisconsin - 5.3%                 
Public Finance Authority, Call 06/15/26(a)(c)  4.75%  06/15/2056   995,000    786,620 
Public Finance Authority, Call 12/15/26(c)  5.50%  12/15/2032   192,335    192,214 
Public Finance Authority, Call 12/01/27(a)(c)  5.00%  12/01/2045   250,000    229,422 
Public Finance Authority, Call 09/01/28(a)(b)(c)  5.75%  09/01/2035   250,000    262,152 
Public Finance Authority, Call 09/01/28(a)(b)(c)  6.25%  09/01/2046   250,000    259,109 
Public Finance Authority, Call 06/15/29(a)  5.00%  06/15/2039   485,000    493,366 
Public Finance Authority, Call 06/15/29(a)(b)  6.00%  06/15/2064   1,000,000    989,323 
Public Finance Authority, Call 06/15/32(a)(b)  5.25%  06/15/2065   1,000,000    956,459 
Public Finance Authority, Call 06/15/33(a)(b)(c)  6.75%  06/15/2055   250,000    249,411 
Public Finance Authority, Call 06/15/33(a)(c)  7.00%  06/15/2065   550,000    554,081 
Public Finance Authority, Call 01/01/34(b)  5.75%  07/01/2062   1,189,196    1,248,158 
Public Finance Authority, Call 04/01/35(a)(c)  6.45%  04/01/2060   1,000,000    959,820 
Public Finance Authority, Call 06/30/35(a)  6.50%  12/31/2065   3,000,000    3,297,365 
Wisconsin Health & Educational Facilities Authority, Call 07/01/34(a)  6.63%  07/01/2060   650,000    677,890 
                11,155,390 
                  
TOTAL MUNICIPAL BONDS & NOTES (Cost $234,634,219)               237,447,331 
                  
TOTAL INVESTMENTS - 112.6% (Cost $234,634,219)              $237,447,331 
Floating Rate Note Obligations - (15.2)%(i)               (31,980,000)
Other Assets in Excess of Liabilities - 2.5%               5,324,140 
TOTAL NET ASSETS - 100.0%              $210,791,471 

 

Percentages are stated as a percent of net assets.

 

AG Assured Guaranty 
BAM Build America Mutual Assurance Co.
FHLMC Federal Home Loan Mortgage Association
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation
GTD Guaranteed
PSF-GTD Permanent School Fund-Guaranteed
PSF Public School Fund-Guaranteed
SA Special Assessment
TAR Tax Allocation Receipt

 

(a) Sinkable security.
(b) Fixed coupon bond issued at a discount.
(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d) Zero coupon bond issued at a discount.
(e) Adjustable rate security. Rate disclosed is as of October 31, 2025.
(f) Does not round to 0.1% or (0.1)%, as applicable.
(g) At maturity security. Interest is paid in full at the maturity date.
(h) All or portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB Residuals and cash.
and cash
(i) Face value of Floating Rate Notes issued in TOB transactions.