LMB-Q1

 

Quarterly Report

June 30, 2025

MFS®  Municipal Income Fund

 

Portfolio of Investments

6/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

 

Issuer		Shares/Par	Value ($)
Municipal Bonds – 98.6%
Alabama – 3.6%
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033	$	620,000	$620,496
Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.5%, 9/01/2045		860,000	900,350
Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.75%, 9/01/2050		1,110,000	1,172,585
Baldwin County, AL, Industrial Development Authority, County Solid Waste Disposal Rev. (Novelis Corp. Project), “A”, 5%, 6/01/2055 (Put Date 6/01/2032)		10,495,000	10,580,450
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035		240,000	243,075
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038		1,245,000	1,215,803
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 12/01/2049 (Put Date 12/01/2025)		4,825,000	4,829,205
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)		12,920,000	13,074,243
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032)		23,250,000	25,096,717
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5%, 5/01/2055 (Put Date 7/01/2031)		10,520,000	11,019,008
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)		6,810,000	7,156,062
Black Belt Energy Gas District, AL, Gas Project Rev., “B”, 5%, 10/01/2055 (Put Date 9/01/2032)		17,190,000	18,097,548
Energy Southeast, AL, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031)		14,150,000	15,452,188
Homewood, AL, Educational Building Authority Rev. (CHF - Horizons II LLC, Student Housing & Parking Project at Samford University), “C”, 5.5%, 10/01/2054		1,540,000	1,553,783
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2053		2,235,000	2,229,542
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058		1,885,000	1,909,352
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, BAM, 5%, 8/01/2056		4,115,000	4,050,892
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052		9,730,000	9,803,049
Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053		15,180,000	15,561,054
Lauderdale County, AL, Agriculture Center Authority Rev., 4.75%, 7/01/2064		965,000	903,407
Lauderdale County, AL, Agriculture Center Authority Rev., 5.25%, 7/01/2064		940,000	950,741
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)		18,165,000	19,053,804
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 6), 5%, 1/01/2054 (Put Date 6/01/2030)		6,875,000	7,241,875
Southeast Alabama Energy Authority, Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031)		9,535,000	9,424,096
Southeast Alabama Energy Authority, Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029)		5,485,000	5,853,003
Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., “A”, 5%, 11/01/2035		13,835,000	14,293,525
Stadium Trace Village District, AL, Development Incentive Anticipation Bonds, 3.625%, 3/01/2036		1,125,000	994,684
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038		1,185,000	1,219,165
University of South Alabama Facilities Rev., “A”, BAM, 5%, 4/01/2049		1,955,000	1,958,267
University of South Alabama Facilities Rev., “A”, BAM, 5.25%, 4/01/2054		3,595,000	3,688,938
			$210,146,907
Alaska – 0.1%
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2047	$	1,580,000	$1,594,373
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2052		1,975,000	1,972,390
			$3,566,763
Arizona – 1.8%
Arizona Board of Regents, State University System Rev., “B”, 4%, 7/01/2053	$	10,795,000	$9,260,537
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2045		1,000,000	972,725
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2050		380,000	357,711
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5.25%, 7/01/2055		1,750,000	1,683,550
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5.25%, 7/01/2060		1,515,000	1,442,884
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.25%, 7/01/2043		120,000	116,314
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.375%, 7/01/2053		440,000	414,482
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058		415,000	395,609
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “A”, 5%, 7/01/2052		975,000	907,685
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n)		790,000	791,758
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n)		590,000	569,307
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)		95,000	95,243
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)		130,000	121,332

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Arizona – continued
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)	$	810,000	$738,882
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037		790,000	799,782
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047		1,850,000	1,825,605
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052		1,475,000	1,423,432
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n)		130,000	130,234
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n)		130,000	121,333
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n)		245,000	223,179
Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.25%, 7/01/2053		440,000	404,633
Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.5%, 7/01/2058		440,000	413,931
Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2047		300,000	284,644
Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057		385,000	354,533
Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2062		535,000	486,635
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036		870,000	837,327
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038		475,000	442,598
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039		590,000	544,074
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040		630,000	574,574
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2051		1,965,000	1,585,814
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., “A”, 4.25%, 11/01/2052		2,760,000	2,314,736
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033		1,015,000	828,797
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035		510,000	470,060
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042		2,855,000	2,854,952
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048		3,150,000	3,017,645
Industrial Development Authority of the County of Maricopa Educational Rev. (Legacy Traditional Schools Projects), “A”, 5.25%, 7/01/2050		1,370,000	1,325,277
Industrial Development Authority of the County of Maricopa Educational Rev. (Legacy Traditional Schools Projects), “A”, 5.25%, 7/01/2055		1,230,000	1,176,352
Industrial Development Authority of the County of Maricopa Educational Rev. (Legacy Traditional Schools Projects), “A”, 5.5%, 7/01/2060		2,460,000	2,414,961
La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public Schools Project), “A”, 5%, 2/15/2038		535,000	530,482
La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public Schools Project), “A”, 5%, 2/15/2048		465,000	421,455
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047		655,000	601,139
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053		4,375,000	4,393,815
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038		2,360,000	2,388,947
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034		135,000	132,613
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039		235,000	238,247
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)		430,000	416,738
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)		365,000	342,365
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054		545,000	520,984
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “B”, 5%, 7/01/2039 (n)		680,000	683,234
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “B”, 5%, 7/01/2054 (n)		1,615,000	1,490,036
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026)		625,000	602,521
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045		7,865,000	7,918,365
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)		370,000	370,073
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)		115,000	115,025
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)		450,000	423,509
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)		270,000	252,936

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Arizona – continued
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)	$	665,000	$665,192
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)		730,000	692,726
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n)		480,000	451,775
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2041 (n)		1,885,000	1,440,275
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n)		6,255,000	4,213,750
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4.15%, 12/01/2057 (n)		2,355,000	1,542,123
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)		2,750,000	1,981,632
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, 5.75%, 3/01/2056		3,305,000	3,620,383
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2044		335,000	319,188
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2049		815,000	761,628
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2059		665,000	599,946
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2037		395,000	396,031
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042		480,000	466,463
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)		185,000	156,211
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)		995,000	840,160
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)		1,105,000	846,250
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)		285,000	217,948
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)		250,000	185,174
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)		1,245,000	920,731
Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.75%, 11/15/2042 (n)		925,000	978,555
Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.875%, 11/15/2052 (n)		2,625,000	2,735,346
Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n)		1,180,000	1,234,552
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038		6,295,000	6,402,542
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2053		3,560,000	3,574,222
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2058		2,700,000	2,704,497
			$102,512,911
Arkansas – 0.2%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028	$	170,000	$168,376
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033		345,000	340,812
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039		40,000	36,810
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027		3,690,000	3,786,088
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028		1,595,000	1,653,063
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029		1,360,000	1,420,639
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037		480,000	487,072

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Arkansas – continued
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039	$	380,000	$381,198
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040		420,000	419,147
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027)		965,000	968,704
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032		135,000	123,929
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036		370,000	304,248
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041		145,000	119,609
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052		610,000	407,526
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038		1,310,000	1,311,283
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046		3,930,000	1,309,713
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042		1,200,000	1,199,940
			$14,438,157
California – 5.7%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2052	$	6,270,000	$3,482,504
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053		3,695,000	879,481
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2051		8,000,000	2,184,052
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2052		6,000,000	1,558,996
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2053		6,000,000	1,483,768
Alameda, CA, Corridor Transportation Authority Rev., Subordinate Lien Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2049		6,270,000	1,855,798
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, AGM, 4.125%, 7/01/2041		2,000,000	1,849,763
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, AGM, 4.375%, 7/01/2049		1,500,000	1,358,721
California Community Choice Financing Authority Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2056 (Put Date 11/01/2035)		7,870,000	8,356,287
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)		26,240,000	27,497,463
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%, 8/01/2055 (Put Date 10/01/2032)		14,840,000	15,640,713
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 2/01/2055 (Put Date 9/01/2032)		6,000,000	6,339,634
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)		12,935,000	13,868,831
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “A”, 4%, 6/01/2049		700,000	603,736
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033		3,542,441	3,546,233
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036		17,954,009	17,941,190
California Housing Finance Agency Municipal Certificates, “X”, 0.799%, 11/20/2035 (i)		51,974,776	2,239,941
California Housing Finance Agency Municipal Certificates, “X”, 0.792%, 8/20/2036 (i)(n)		18,569,288	849,396
California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “A”, 1.2%, 12/01/2050 (Put Date 6/01/2028)		6,245,000	5,709,183
California M-S-R Energy Authority, Gas Rev., “A”, 7%, 11/01/2034		470,000	560,717
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042		1,380,000	1,371,606
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036		1,190,000	1,194,310
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041		1,060,000	1,002,814
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047		2,975,000	2,736,196
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039		1,695,000	1,410,493
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052		3,185,000	3,239,233
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)		1,515,000	1,393,890
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029)		3,370,000	3,182,675
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.1%, 12/01/2044 (Put Date 12/01/2025)		1,625,000	1,625,116
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)		2,420,000	1,993,959
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037		405,000	407,348
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047		405,000	382,576
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026		330,000	331,528
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)		1,105,000	1,065,862
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)		2,155,000	2,098,468
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2051		550,000	435,883

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
California – continued
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2061 (n)	$	890,000	$671,424
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)		1,055,000	1,048,226
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 4%, 7/01/2050 (n)		2,740,000	2,226,280
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034		790,000	809,524
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035		1,160,000	1,185,052
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n)		1,885,000	1,857,388
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n)		385,000	390,463
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)		755,000	722,084
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.25%, 8/15/2052		2,640,000	2,679,154
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057		5,000,000	5,064,398
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044		2,085,000	2,027,243
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)		8,560,000	8,199,996
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058		5,820,000	5,677,693
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n)		390,000	395,970
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n)		375,000	375,026
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)		1,415,000	1,347,070
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n)		615,000	577,402
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)		6,810,000	5,234,031
California Statewide Communities Development Authority, Multi-Family Housing Rev. (Apple Tree Village Apartments), “R”, 3.95%, 4/01/2060 (Put Date 10/01/2037)		10,200,000	8,363,938
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031		3,160,000	2,594,484
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033		2,195,000	1,661,856
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050		12,325,000	11,214,986
Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058		10,305,000	8,990,667
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036		1,345,000	1,404,173
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037		1,005,000	1,042,638
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038		2,210,000	2,275,817
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039		3,275,000	3,352,799
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038		1,395,000	1,427,815
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044		2,840,000	2,811,474
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046		1,415,000	1,045,055
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050		880,000	624,278
Montebello, CA, Public Financing Authority, Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041		5,115,000	5,144,902
Montebello, CA, Public Financing Authority, Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046		1,575,000	1,582,568
Mount San Antonio, CA, Community College District Rev. (Election of 2008), “A”, 5.875%, 8/01/2028		1,465,000	1,585,286
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.125%, 12/01/2048		1,000,000	936,177
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.25%, 12/01/2052		2,000,000	1,875,312
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2029		2,425,000	2,140,945
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2030		3,110,000	2,656,272
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027		155,000	146,112
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027		75,000	70,699
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027		130,000	122,546
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029		225,000	199,415
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029		125,000	110,786
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030		180,000	154,357
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030		125,000	107,192
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048		765,000	557,149
River Islands, CA, Public Finance Authority Improvement Area No. 1, Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052		6,700,000	6,805,836

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
California – continued
River Islands, CA, Public Finance Authority, Community Facilities District No. 2016-1, AGM, 5.25%, 9/01/2052	$	1,575,000	$1,599,879
Riverside County, CA, Transportation Commission Rev. (Limited Tax), “A”, 2%, 6/01/2029		1,585,000	1,494,494
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041		4,720,000	4,730,793
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2041		1,310,000	1,196,197
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2046		1,500,000	1,293,254
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2046		1,875,000	1,859,455
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2051		1,875,000	1,856,633
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2056		2,060,000	1,670,552
San Francisco, CA, City & County Airports Commission Refunding Rev., “C”, 5.75%, 5/01/2048		5,975,000	6,284,098
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2042		8,275,000	8,717,693
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2043		6,145,000	6,433,199
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038		3,385,000	3,448,356
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039		3,855,000	3,911,206
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040		1,800,000	1,818,146
San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043		270,000	269,994
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026		4,015,000	3,884,461
Southern California Public Power Authority, Clean Energy Project Rev., “A”, 5%, 4/01/2055 (Put Date 9/01/2030)		5,420,000	5,700,082
State of California, Veterans General Obligation, “CU”, 4.85%, 12/01/2046		1,445,000	1,466,152
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051		1,685,000	1,225,289
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)		6,640,000	6,044,459
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)		6,760,000	5,773,787
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)		9,605,000	4,214,070
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029		2,710,000	2,392,561
			$330,457,132
Colorado – 3.3%
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, 5%, 12/01/2043	$	325,000	$330,515
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, AGM, 5%, 12/01/2052		645,000	644,229
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032		56,000	57,722
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038		805,000	805,140
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.25%, 7/01/2043		3,105,000	2,764,826
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2053		5,250,000	4,554,031
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2058		3,780,000	3,222,548
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037		430,000	430,396
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030		390,000	390,398
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034		385,000	385,897
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029		720,000	720,852
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048		2,710,000	2,293,886
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031		1,460,000	1,461,384
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038		240,000	243,184
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048		290,000	281,756
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053		305,000	290,217
Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Liberty Common School Project), “A”, BAM, 5%, 1/15/2044		595,000	609,405
Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Liberty Common School Project), “A”, BAM, 5%, 1/15/2049		2,075,000	2,104,185
Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041		1,315,000	1,198,748
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040		2,800,000	2,805,456
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050		14,255,000	13,524,475
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040		1,380,000	1,396,175

6

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Colorado – continued
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050	$	2,825,000	$2,738,426
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055		4,165,000	3,990,668
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (American Academy Project), 5%, 12/01/2055		4,905,000	4,592,366
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050		385,000	316,712
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055		690,000	552,116
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Highline Academy Charter School Project), 5.75%, 12/01/2061		3,140,000	3,266,510
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.5%, 11/01/2047		2,915,000	2,989,780
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052		4,430,000	4,456,164
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044		4,025,000	3,495,474
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049		8,090,000	6,769,659
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5.125%, 12/01/2045		1,955,000	1,961,029
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5.125%, 12/01/2050		2,635,000	2,595,113
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5.125%, 12/01/2055		1,780,000	1,737,169
Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039		7,395,000	7,558,631
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036		935,000	931,715
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037		3,380,000	3,316,914
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2038		3,895,000	3,792,824
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043		3,685,000	3,288,835
Colorado Health Facilities Authority, Hospital Rev. (Adventist System/Sunbelt Obligated Group), “A”, 4%, 11/15/2048		18,540,000	15,940,529
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035		600,000	592,132
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037		355,000	345,129
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038		280,000	268,390
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039		280,000	264,956
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040		240,000	223,669
Colorado Housing & Finance Authority, Mortgage Backed Securities (Fitzsimons Gateway Apartments Project), “A”, FNMA, 4.48%, 3/01/2044		1,647,434	1,588,759
Colorado Housing & Finance Authority, Single Family Mortgage, Class I, “C”, 4.75%, 5/01/2049 (u)		2,195,000	2,226,257
Colorado Housing & Finance Authority, Single Family Mortgage, Class I, “F”, GNMA, 5.25%, 11/01/2052		4,340,000	4,501,763
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “D”, 5.75%, 5/01/2053		15,150,000	16,028,555
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “H”, 4.25%, 11/01/2049		1,810,000	1,829,797
Colorado Regional Transportation District, Sales Tax Rev. (FasTracks Project), “A”, 5%, 11/01/2036		2,170,000	2,196,154
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047		2,700,000	2,387,076
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053		2,535,000	2,177,827
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2040		1,255,000	1,341,886
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2041		500,000	530,123
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2042		235,000	246,458
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2043		1,000,000	1,042,538
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040		1,290,000	1,274,597
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038		620,000	580,429
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040		1,000,000	911,616
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045		955,000	956,653
Denver, CO, Health & Hospital Authority Rev., “A”, 5.125%, 12/01/2050		625,000	618,234
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 12/01/2055		1,970,000	2,079,230
Erie,CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1),“A”, AGM, 5.375%, 12/01/2045		1,091,000	1,127,208
Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.125%, 6/01/2055		3,130,000	3,132,593
Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.25%, 6/01/2059		2,660,000	2,680,074
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030		1,160,000	1,186,306
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031		1,310,000	1,339,172
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032		1,385,000	1,414,684
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033		1,385,000	1,413,721
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034		1,140,000	1,162,531
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035		1,285,000	1,309,160
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045		4,155,000	4,155,693

7

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Colorado – continued
Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), “A” , AGM, 5%, 12/01/2050	$	1,091,000	$1,092,753
Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), “A” , AGM, 5.5%, 12/01/2055		1,091,000	1,123,833
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028		800,000	837,463
State of Colorado (Building Excellent Schools Today), “S”, COP, AGM, 4%, 3/15/2046		12,145,000	10,592,894
Sterling, CO, Water Resources & Power Development Authority Rev. (Wastewater Utility Enterprise Project), “A”, AGM, 5%, 9/01/2055		795,000	799,704
Vail, CO, Certificates of Participation , 5.5%, 12/01/2064		2,645,000	2,759,873
			$195,145,949
Connecticut – 0.8%
Connecticut Airport Authority Rev. (Ground Transportation Center Project), “A”, 4%, 7/01/2049	$	1,550,000	$1,299,075
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), “E”, 5.25%, 7/15/2048		1,910,000	1,947,787
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), “E”, 4.25%, 7/15/2053		2,195,000	1,908,396
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043		3,330,000	3,059,728
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 3.5%, 11/15/2033		1,380,000	1,292,264
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 3.75%, 11/15/2034		1,530,000	1,438,223
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4%, 11/15/2035		905,000	880,915
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4%, 11/15/2036		400,000	388,722
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4.25%, 11/15/2039		830,000	801,724
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.5%, 10/01/2042 (n)		2,050,000	2,059,663
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n)		4,860,000	4,884,752
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)		7,145,000	7,202,618
Norwalk, CT, Housing Authority Multi-Family (Monterey Village Apartments), FNMA, 4.4%, 9/01/2042		2,215,000	2,144,417
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “C”, 4.75%, 10/01/2032		8,085,000	8,188,878
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “D”, 4.25%, 10/01/2030		3,695,000	3,718,949
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n)		145,000	145,349
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n)		230,000	220,992
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n)		275,000	246,357
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 5.625%, 4/01/2044		485,000	493,366
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n)		630,000	509,966
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 6%, 4/01/2052 (n)		845,000	880,307
West Haven, CT, General Obligation, BAM, 4%, 3/15/2040		590,000	559,883
			$44,272,331
Delaware – 0.4%
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046	$	375,000	$365,670
Delaware Economic Development Authority, Retirement Communities Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), “B”, 5.25%, 11/15/2053		3,670,000	3,687,114
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), HUD Section 8, 4.65%, 1/01/2041		19,624,158	19,632,622
			$23,685,406
District of Columbia – 0.5%
District of Columbia Refunding Rev. (Catholic University of America), “A”, 5.75%, 10/01/2055	$	2,400,000	$2,474,734
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035		2,360,000	2,398,682
District of Columbia, Housing Finance Agency, Multi-Family Sustainable Mortgage Rev. (Edmonson), FNMA, 4.8%, 6/01/2045		1,542,325	1,522,598
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030		2,200,000	2,200,080
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035		3,545,000	3,490,749
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045		720,000	656,268
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052		2,085,000	1,777,345
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “B”, AGM, 4%, 10/01/2049		1,455,000	1,270,569
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053		1,250,000	1,073,865
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5.25%, 7/15/2059 (u)		11,950,000	12,278,439
			$29,143,329

8

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – 6.1%
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2040	$	520,000	$464,024
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2046		700,000	562,713
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2035		795,000	829,467
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2036		1,345,000	1,395,609
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2037		1,750,000	1,805,223
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036		20,000	20,009
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030		825,000	825,504
Broward County, FL, Airport System Rev., 5%, 10/01/2042		855,000	852,446
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038		2,360,000	2,399,155
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039		3,540,000	3,590,381
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044		2,755,000	2,747,059
Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 4.3%, 5/01/2031		95,000	95,010
Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5%, 5/01/2044		910,000	863,278
Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5.25%, 5/01/2055		695,000	655,098
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052		4,070,000	3,253,484
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035 (a)(d)(z)		75,307	8
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z)		492,158	49
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z)		741,965	74
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z)		135,552	14
Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), “A”, AGM, 5%, 10/01/2049		2,000,000	2,012,495
Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), “A”, AGM, 5%, 10/01/2054		2,115,000	2,114,924
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036		465,000	466,189
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028		75,000	75,955
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039		395,000	396,295
Florida Capital Trust Agency, Air Cargo Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029		3,185,000	3,188,990
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030		60,000	59,940
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040		125,000	122,689
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055		385,000	349,999
Florida Capital Trust Authority, Educational Facilities Refunding Rev. (Madrone-Florida Tech Student Housing I, LLC-Florida Institute of Technology Project), “A”, 5.25%, 7/01/2055		775,000	723,807
Florida Capital Trust Authority, Educational Facilities Rev. (Madrone - Florida Tech Student Housing I, LLC - Florida Institute of Technology Project), “A”, 5.375%, 7/01/2065		1,350,000	1,258,605
Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 3%, 7/01/2031 (n)		100,000	94,607
Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)		510,000	399,634
Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2047		250,000	239,379
Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2052		880,000	821,604
Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056		1,290,000	1,196,331
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 4%, 9/15/2030 (n)		220,000	210,666
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2040 (n)		395,000	360,963
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2050 (n)		775,000	655,824
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035		120,000	115,709

9

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – continued
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045	$	225,000	$187,212
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055		315,000	242,159
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2042		170,000	166,844
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2051		155,000	145,401
Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057		185,000	171,200
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n)		305,000	306,221
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n)		930,000	897,266
Florida Development Finance Corp., Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046		5,120,000	4,626,611
Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n)		540,000	552,627
Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n)		320,000	321,406
Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)		6,605,000	5,786,405
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2036 (n)		645,000	576,685
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2041 (n)		330,000	266,237
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2046 (n)		490,000	363,455
Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), “A”, 4.375%, 10/01/2054 (Put Date 10/01/2031)		9,850,000	9,811,004
Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), “A-1”, 5%, 6/01/2044 (n)		180,000	170,379
Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), “A-1”, 5.25%, 6/01/2054 (n)		1,065,000	1,000,181
Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), “A-1”, 5.25%, 6/01/2059		710,000	658,965
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031		740,000	770,133
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033		1,020,000	1,050,401
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034		845,000	865,696
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036		645,000	653,716
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037		900,000	827,222
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038		1,240,000	1,120,350
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039		1,480,000	1,314,308
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044		2,310,000	1,944,580
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)		435,000	409,804
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)		2,475,000	2,202,662
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)		1,785,000	1,504,974
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, FHLMC, 4%, 7/01/2049		925,000	926,013
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052		3,015,000	2,977,365
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3.5%, 7/01/2052		5,790,000	5,768,279
Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052		3,990,000	3,927,243
Florida Housing Finance Corp., Homeowner Mortgage Rev., “5”, GNMA, 6.25%, 1/01/2055		1,765,000	1,933,858
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2049		2,825,000	2,889,803
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2051 (u)		8,475,000	8,637,117
Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., “B”, 5.5%, 10/01/2054 (u)		5,485,000	5,706,626
Hillsborough County, FL, Industrial Development Authority, Baycare Health System Rev., “C”, 5.5%, 11/15/2054 (u)		10,980,000	11,588,644
Hillsborough County, FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2055		1,875,000	1,583,926
Hillsborough County, FL, Solid Waste & Resource Recovery Rev., “A”, 5.25%, 9/01/2050 (u)		2,990,000	3,061,748
Hillsborough County, FL, Solid Waste & Resource Recovery Rev., “A”, AGM, 5.25%, 9/01/2054 (u)		10,390,000	10,579,042
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)		450,000	366,083
JEA, FL, Water and Sewer System Rev., 5.25%, 10/01/2055		19,530,000	20,252,387
JEA, FL, Water and Sewer System Rev., “A”, 5.5%, 10/01/2054 (u)		10,000,000	10,534,524
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035		95,000	95,034
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045		150,000	141,692
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047		480,000	482,055
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.125%, 5/01/2043		1,075,000	1,116,639
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054		1,500,000	1,545,731
Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u)		2,495,000	2,520,442
Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u)		4,195,000	4,237,777
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2044		1,620,000	1,602,256
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2049		1,740,000	1,671,130

10

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – continued
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “A”, 5.25%, 11/15/2054	$	3,195,000	$3,138,256
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “B-1”, 4.75%, 11/15/2029		930,000	934,908
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “B-2”, 4.375%, 11/15/2029		720,000	722,433
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “C”, 5%, 11/15/2044		2,880,000	2,851,953
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “C”, 5%, 11/15/2054		9,885,000	9,332,416
Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2048		10,000,000	9,010,777
Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2053		6,750,000	5,782,929
Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051		9,745,000	7,979,511
Miami-Dade County, FL, Aviation Rev., “A”, 5.25%, 10/01/2050 (u)		6,860,000	6,964,066
Miami-Dade County, FL, Aviation Rev., “A”, 5.5%, 10/01/2055 (u)		7,565,000	7,773,968
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052		1,630,000	1,608,538
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045		4,880,000	4,425,460
Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029		185,000	185,107
Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037		110,000	110,002
Midtown Miami, FL, Community Development District, Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037		185,000	185,004
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036		1,000,000	957,418
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2042		3,625,000	3,189,947
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047		4,085,000	3,395,436
Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053		8,320,000	8,126,245
Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), “A”, 5.25%, 10/01/2056		7,090,000	7,202,916
Orange County, FL, Health Facilities Authority, Hospital Rev. (Presbyterian Retirement Communities Obligated Group Project), 5%, 8/01/2047		1,900,000	1,848,762
Orange County, FL, Health Facilities Authority, Hospital Rev. (Presbyterian Retirement Communities Obligated Group Project), 5%, 8/01/2054		1,665,000	1,561,475
Orlando, FL, Greater Orlando Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2048 (u)		14,640,000	14,978,859
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044		590,000	590,618
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2035		435,000	281,686
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036		520,000	318,317
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037		200,000	115,389
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038		610,000	330,439
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039		725,000	369,221
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040		775,000	371,815
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041		865,000	387,688
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042		695,000	290,936
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5%, 10/01/2043		885,000	854,698
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2048		1,800,000	1,751,730
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2053		2,730,000	2,607,567
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2047		755,000	729,262
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052		985,000	938,857
Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042		700,000	700,512
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031		480,000	478,383

11

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – continued
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036	$	790,000	$751,014
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041		515,000	451,363
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056		3,250,000	2,577,554
Palm Beach County, FL, Health Facilities Authority, Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049		7,700,000	6,404,559
Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), “A”, 5.5%, 10/01/2045		1,500,000	1,511,032
Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), “A”, 5.75%, 10/01/2055		2,200,000	2,236,793
Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), “A”, 5.75%, 10/01/2065		1,500,000	1,509,920
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5%, 9/01/2048		4,540,000	4,549,121
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.75%, 9/01/2054		4,430,000	4,668,117
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039		540,000	545,851
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049		700,000	695,150
Pompano Beach, FL (John Knox Village Project), 5%, 9/01/2039		640,000	633,350
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040		160,000	143,176
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050		4,215,000	3,334,043
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051		3,020,000	2,364,525
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056		4,500,000	3,418,493
South Miami, FL, Health Facilities Authority, Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2047		13,610,000	11,588,379
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027		85,000	83,437
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028		80,000	77,984
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029		85,000	82,350
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030		75,000	72,118
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031		80,000	76,218
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036		375,000	334,377
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041		285,000	233,878
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046		285,000	216,569
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050		275,000	198,608
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2025 (d)		42,764	18,816
Sumter County, FL, Industrial Development Authority, Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026		195,000	195,256
Sumter County, FL, Industrial Development Authority, Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034		385,000	385,275
Sumter County, FL, Industrial Development Authority, Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044		1,145,000	1,145,114
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055		875,000	845,328
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034		1,125,000	768,178
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035		620,000	401,725
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036		955,000	582,916
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2037		450,000	258,206
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038		620,000	334,100
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039		620,000	313,909
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040		845,000	402,236
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041		375,000	166,650
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042		375,000	155,545

12

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Florida – continued
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045	$	3,750,000	$3,216,125
Tampa, FL, Water and Wastewater Systems Rev., “A”, 5.25%, 10/01/2057		2,500,000	2,583,440
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “A”, 5.5%, 1/01/2055		565,000	532,701
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “A”, 5.625%, 1/01/2060		695,000	660,379
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “B-1”, 4.625%, 1/01/2030		420,000	420,591
Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.55%, 5/01/2044		240,000	224,172
Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.75%, 5/01/2055		200,000	183,317
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4%, 5/01/2034		620,000	607,892
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.85%, 5/01/2038		325,000	327,785
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.2%, 5/01/2039		225,000	210,659
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5%, 5/01/2043		490,000	482,689
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054		935,000	916,093
			$356,763,308
Georgia – 2.9%
Atlanta, GA, Airport Passenger Facility Charge Rev., “D”, 4%, 7/01/2038	$	4,680,000	$4,529,296
Atlanta, GA, Airport Passenger Facility Charge Rev., “D”, 4%, 7/01/2039		6,860,000	6,549,381
Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, “A-1”, 0% to 6/15/2028, 6.5% to 12/15/2048		5,742,000	5,018,103
Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), “A-2”, 5.5%, 4/01/2039 (n)		5,305,000	5,336,238
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)		1,040,000	993,003
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n)		910,000	912,450
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)		2,595,000	2,322,901
Augusta, GA, Development Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.125%, 4/01/2053		9,155,000	9,150,233
Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051		4,825,000	4,173,609
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044		675,000	609,875
Burke County, GA, Development Authority, Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), “C”, 4.125%, 11/01/2045		2,000,000	1,757,634
Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053		1,250,000	1,095,533
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030		505,000	505,206
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 (Prerefunded 7/15/2025)		10,000	10,007
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033		860,000	860,152
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053		4,010,000	4,206,705
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2045		105,000	100,261
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2050		375,000	348,674
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2063		500,000	443,044
DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034		4,715,000	4,595,362
Fulton County, GA, Development Authority, Hospital Rev. (Wellstar Health System, Inc. Project), “A”, 4%, 4/01/2050		2,670,000	2,298,220
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), 5%, 7/01/2042		5,275,000	5,042,331
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047		195,000	195,044
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C”, 4.6%, 12/01/2054		7,000,000	6,619,976
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026		665,000	679,649
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028		1,370,000	1,449,070
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031		4,530,000	4,700,216
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2043		1,470,000	1,471,850
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)		17,500,000	18,344,881
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2055 (Put Date 6/01/2032)		11,585,000	12,320,168
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026)		1,670,000	1,674,092
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 5/01/2052 (Put Date 12/01/2028)		14,255,000	14,329,948
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)		9,915,000	10,485,502
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, 5%, 5/01/2054 (Put Date 12/01/2030)		8,570,000	9,015,767
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 4%, 1/01/2046		945,000	857,165
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064		4,175,000	4,177,426
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2056		1,530,000	1,508,643
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 4%, 1/01/2046		590,000	535,161

13

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Georgia – continued
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 5%, 1/01/2062	$	2,125,000	$2,114,176
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064		4,415,000	4,515,476
Georgia Ports Authority Rev., 4%, 7/01/2047		1,900,000	1,699,768
Georgia Ports Authority Rev., 4%, 7/01/2052		2,985,000	2,587,709
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035		155,000	146,014
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036		195,000	181,145
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037		165,000	150,992
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042		3,150,000	3,152,329
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2045		3,935,000	3,900,552
			$167,670,937
Guam – 0.2%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042	$	2,235,000	$1,978,368
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036		680,000	600,975
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043		770,000	639,482
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		6,005,000	5,931,973
			$9,150,798
Hawaii – 0.1%
Hawaii Airports System Rev., “A”, 5.25%, 7/01/2051 (u)	$	2,515,000	$2,566,356
Hawaii Airports System Rev., “A”, 5.5%, 7/01/2054 (u)		3,880,000	4,046,995
			$6,613,351
Idaho – 0.0%
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2044	$	450,000	$448,181
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2049		665,000	644,516
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2063		445,000	416,383
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.75%, 5/01/2058		535,000	545,553
			$2,054,633
Illinois – 6.3%
Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2050	$	3,280,000	$3,132,506
Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2039		865,000	873,281
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036		7,230,000	6,619,885
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028		7,785,000	6,825,616
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029		2,590,000	2,177,103
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030		1,125,000	905,894
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026		2,680,000	2,541,510
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028		3,065,000	2,687,285
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2036		795,000	803,434
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2037		795,000	802,041
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045		3,000,000	2,953,297
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2046		2,100,000	2,041,672
Chicago, IL, Board of Education, Dedicated Capital Improvement, 6%, 4/01/2046		17,805,000	18,056,439
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048		6,350,000	6,566,988
Chicago, IL, Board of Education, Dedicated Capital Improvement , 5%, 4/01/2042		1,405,000	1,401,121
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.5%, 12/01/2038		1,345,000	1,394,761
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 7%, 12/01/2044		2,000,000	2,010,179
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047		13,010,000	10,273,231
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.875%, 12/01/2047		3,665,000	3,801,602
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028		1,070,000	1,121,755
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029		715,000	755,473
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030		535,000	569,612

14

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Illinois – continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031	$	1,425,000	$1,522,958
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030		2,160,000	2,246,247
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042		9,915,000	9,298,690
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 4%, 12/01/2043		1,000,000	832,569
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2036		955,000	900,750
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039		1,500,000	1,334,870
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2040		980,000	862,764
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041		6,865,000	5,936,189
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046		2,895,000	2,626,642
Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049		7,535,000	7,854,721
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027		1,435,000	1,369,811
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2039		5,435,000	5,591,380
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2041		1,740,000	1,762,483
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043		435,000	437,256
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029		5,580,000	5,820,300
Chicago, IL, General Obligation, “A”, 4%, 1/01/2035		1,970,000	1,885,323
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038		7,390,000	7,554,733
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039		1,435,000	1,436,985
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040		380,000	375,467
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044		3,540,000	3,331,243
Chicago, IL, General Obligation, “A”, 6%, 1/01/2050		7,305,000	7,536,311
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), “A”, 4%, 6/15/2052		4,340,000	3,526,783
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), “A”, 4%, 12/15/2047		2,605,000	2,196,741
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056		4,020,000	761,405
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2053		3,335,000	3,228,346
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2057		6,090,000	5,862,024
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), “B”, NPFG, 5.5%, 6/15/2029		3,340,000	3,519,603
Chicago, IL, Midway Airport Refunding Rev., “A”, BAM, 5.75%, 1/01/2048		1,975,000	2,078,774
Chicago, IL, Midway Airport Refunding Rev., “A”, BAM, 5.5%, 1/01/2053		2,035,000	2,084,422
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038		1,455,000	1,465,594
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2042		1,345,000	1,409,884
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2043		1,055,000	1,100,516
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.5%, 1/01/2048		7,210,000	6,604,020
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048		2,610,000	2,566,993
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.625%, 1/01/2053		8,650,000	8,002,559
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055		2,760,000	2,814,292
Chicago, IL, O'Hare International General Airport Senior Lien Rev., “A”, 5.5%, 1/01/2059		4,115,000	4,230,199
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045		1,450,000	1,455,607
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 4%, 12/01/2050		2,365,000	2,040,943
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2057		7,855,000	7,681,791
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2053		5,000,000	5,071,758
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2058		10,000,000	10,130,187
DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032		985,000	949,732
Illinois Finance Authority Rev. (Ascension Health), “C”, 5%, 2/15/2041 (Prerefunded 2/15/2027)		580,000	600,516
Illinois Finance Authority Rev. (Ascension Health), “C”, 5%, 2/15/2041		630,000	633,888
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034		330,000	332,722
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038		405,000	390,365
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042		250,000	228,410
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047		455,000	405,226
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052		395,000	340,704
Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n)		2,525,000	2,137,589
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046		7,265,000	7,265,822
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2042		1,640,000	1,738,736
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2047		2,385,000	2,488,134
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.625%, 5/15/2052		1,940,000	2,018,382

15

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Illinois – continued
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058	$	2,580,000	$2,684,770
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042		405,000	397,890
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047		820,000	784,016
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2046		645,000	621,009
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2049		630,000	594,052
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047		7,865,000	7,692,529
Illinois Finance Authority Rev., Taxable (McKinley Foundation), “B”, 7%, 11/01/2037 (n)		775,000	761,299
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051		335,000	321,292
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033		445,000	367,690
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035		250,000	217,557
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050		2,430,000	2,009,998
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2053		5,210,000	5,283,764
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2057		6,000,000	6,035,343
Illinois Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 11/01/2044 (Put Date 11/03/2025)		6,565,000	6,564,025
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2028		155,000	157,577
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037		390,000	385,617
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047		2,055,000	1,904,600
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2050		390,000	355,901
Illinois Housing Development Authority Rev., “A”, 4.5%, 10/01/2048		1,720,000	1,739,503
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 (z)		7,812,755	7,039,260
Illinois Housing Development Authority Rev., “A”, GNMA, 4.8%, 10/01/2043		10,180,000	9,994,898
Illinois Housing Development Authority Rev., “A”, GNMA, 4.9%, 4/01/2047		2,660,000	2,631,325
Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051		1,635,000	1,610,082
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 (z)		3,186,207	2,870,760
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 (z)		3,179,429	2,864,652
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/01/2051 (z)		2,901,223	2,613,990
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (z)		1,996,587	1,798,917
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036		200,000	199,814
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039		645,000	622,562
Macon County, IL, Decatur School District No. 61, General Obligation School Rev., “C”, AGM, 4%, 1/01/2035		1,475,000	1,478,868
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028		605,000	609,187
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029		620,000	624,162
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042		1,330,000	1,238,806
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039		1,095,000	1,051,188
Southern Illinois University Housing & Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031		750,000	773,204
Southern Illinois University Housing & Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036		515,000	509,408
Southern Illinois University Housing & Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038		790,000	750,198
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2039		350,000	374,455
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2040		320,000	338,455
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2041		425,000	445,639
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2042		500,000	520,227
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2043		525,000	543,274
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2044		250,000	257,479
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2054		860,000	870,061
State of Illinois, General Obligation, 5%, 11/01/2028		1,580,000	1,613,780
State of Illinois, General Obligation, 5.5%, 5/01/2039		1,310,000	1,372,194
State of Illinois, General Obligation, 4.5%, 11/01/2039		1,495,000	1,433,257
State of Illinois, General Obligation, 5.75%, 5/01/2045		1,220,000	1,266,377
State of Illinois, General Obligation, “A”, 5%, 11/01/2027		7,725,000	8,035,610

16

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Illinois – continued
State of Illinois, General Obligation, “A”, 5%, 11/01/2028	$	10,235,000	$10,781,632
State of Illinois, General Obligation, “B”, 5.25%, 5/01/2047		800,000	807,540
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047		3,700,000	3,776,721
State of Illinois, General Obligation, “B”, 5.25%, 5/01/2048		800,000	805,809
State of Illinois, General Obligation, Taxable, “B”, 5.25%, 5/01/2049		800,000	804,498
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2035		2,320,000	2,328,261
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2036		1,190,000	1,191,193
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2038		1,520,000	1,488,973
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2029		535,000	543,945
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2030		670,000	680,105
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2032		930,000	933,947
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2034		1,385,000	1,386,174
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2036		1,575,000	1,543,826
Will County, IL, Joliet School District No. 86 General Obligation, BAM, 4%, 1/01/2049		1,795,000	1,576,478
			$370,074,667
Indiana – 1.4%
Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 7/15/2058	$	5,000,000	$5,438,896
Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 1/15/2063		16,030,000	17,437,101
Indiana Finance Authority Rev. (Marquette Project), “A”, 5.25%, 3/01/2050		1,660,000	1,609,083
Indiana Finance Authority Rev. (Marquette Project), “A”, 5.375%, 3/01/2055		3,435,000	3,345,988
Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2048		1,035,000	1,079,133
Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2053		5,325,000	5,516,175
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028		205,000	206,523
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033		135,000	132,236
Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026)		2,260,000	2,211,631
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051		4,685,000	4,578,576
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047		2,005,000	1,791,309
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5%, 5/01/2040		305,000	302,338
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5.25%, 5/01/2045		1,090,000	1,059,066
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5.375%, 5/01/2050		1,465,000	1,422,538
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5.5%, 5/01/2054		1,475,000	1,444,777
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2053		1,050,000	1,003,343
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.125%, 6/01/2058		860,000	831,364
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064		2,580,000	2,552,607
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B-1”, GNMA, 3.25%, 7/01/2049		660,000	655,711
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1-A”, 4.5%, 6/01/2039		80,000	78,908
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), “E”, 6%, 3/01/2053		685,000	708,640
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), “E”, BAM, 5.25%, 3/01/2067		7,815,000	7,957,440
Indianapolis, IN, Local Public Improvement Bond Bank Subordinate Rev. (Convention Center Hotel), “E”, 6.125%, 3/01/2057		770,000	797,750
Indianapolis, IN, Water System First Lien Refunding Rev., “A”, 5%, 10/01/2037		4,130,000	4,261,968
Northern Indiana Commuter Transportation District, Limited Obligation Consolidated Rev., 5.25%, 1/01/2049		3,000,000	3,116,390
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026		796,000	815,164
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031)		10,475,000	10,638,709
			$80,993,364
Iowa – 0.3%
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033	$	610,000	$615,041
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038		485,000	484,123
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048		885,000	806,601
Iowa Finance Authority, Single Family Mortgage Rev., “A”, FNMA, 4%, 7/01/2047		180,000	180,342
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 3%, 1/01/2047		1,705,000	1,687,138
Iowa Finance Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2051		4,470,000	4,407,728

17

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Iowa – continued
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042	$	620,000	$609,535
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047		660,000	657,279
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4%, 10/01/2050		485,000	401,782
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052		730,000	736,624
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039		95,000	90,042
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044		4,615,000	3,454,015
Iowa Student Loan Liquidity Corp. Rev., “C”, 5%, 12/01/2054		1,210,000	1,062,244
			$15,192,494
Kansas – 0.4%
Ellis County, KS, Unified School District No. 489 General Obligation, “B”, AGM, 4%, 9/01/2052	$	1,270,000	$1,094,373
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036		1,020,000	916,487
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041		535,000	440,439
Kansas Development Finance Authority, Multi-Family Mortgage-Backed (Sycamore Village), FNMA, 4.17%, 11/01/2041		1,211,146	1,119,074
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033		410,000	413,713
Lyon County, KS, School District No. 253 General Obligation, BAM, 4%, 9/01/2039		2,360,000	2,290,065
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032		815,000	843,492
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033		855,000	881,876
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034		905,000	930,051
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036		995,000	1,014,743
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038		1,100,000	1,113,485
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044		1,890,000	1,841,995
Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049		3,580,000	3,386,732
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2031		905,000	919,886
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2032		675,000	683,736
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.25%, 12/01/2042		1,260,000	1,276,544
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052		2,310,000	2,322,507
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2033		915,000	910,834
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038		1,465,000	1,391,254
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 4.625%, 5/15/2041		115,000	100,011
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047		570,000	480,834
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040		245,000	232,469
			$24,604,600
Kentucky – 0.8%
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)	$	1,915,000	$1,772,042
Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041		3,335,000	3,348,917
Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046		2,115,000	2,097,213
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037		1,990,000	1,997,808
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041		1,305,000	1,281,987
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041		1,015,000	1,016,447
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045		1,630,000	1,573,775
Kentucky Economic Development Finance Authority, Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), “A”, AGM, 5%, 12/01/2047		705,000	688,511
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036		5,095,000	5,278,346
Kentucky Municipal Energy Agency, Power System Rev. (Energy Center I Project), AGM, 5%, 1/01/2055		7,815,000	7,915,170
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051		185,000	159,755
Trimble County, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), “A”, 1.3%, 9/01/2044 (Put Date 9/01/2027)		10,000,000	9,303,063
Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2049		2,000,000	2,036,575

18

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Kentucky – continued
Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2054	$	7,000,000	$7,093,304
			$45,562,913
Louisiana – 1.3%
East Baton Rouge, LA, Sewerage Commission, Multi-Modal Rev., “A”, 1.3%, 2/01/2041 (Put Date 2/01/2028)	$	7,420,000	$6,878,554
Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), “C”, 5%, 9/15/2049		2,335,000	2,278,468
Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), “C”, 5%, 9/15/2054		1,590,000	1,531,022
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045		3,470,000	2,687,188
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048		2,010,000	2,009,384
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035		460,000	460,267
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045		2,755,000	2,669,842
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2029 (n)		285,000	282,769
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)		945,000	842,494
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)		1,515,000	1,196,810
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 4%, 10/01/2041		875,000	763,922
Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), “A”, 5%, 4/01/2045		3,865,000	3,914,568
Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge Public-Private Partnership Project), 5.75%, 9/01/2064		10,735,000	11,049,386
Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046		7,810,000	7,628,934
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.375%, 1/01/2040 (n)		3,175,000	2,577,466
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.5%, 1/01/2050 (n)		2,175,000	1,664,779
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)		7,310,000	5,530,803
New Orleans, LA, Aviation Board Rev. Amt General Airport, “B”, AGM, 5.25%, 1/01/2042		4,000,000	4,142,664
New Orleans, LA, Aviation Board Rev. Amt General Airport, “B”, AGM, 5.25%, 1/01/2043		11,000,000	11,331,177
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2048		955,000	957,225
Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., “B”, AGM, 5.5%, 4/01/2051		1,905,000	1,967,506
Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., “B”, AGM, 5.5%, 4/01/2054		2,440,000	2,512,310
Shreveport, LA, General Obligation, AGM, 5%, 3/01/2054		2,265,000	2,248,072
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2044		790,000	692,627
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2049		985,000	832,015
			$78,650,252
Maine – 0.5%
Finance Authority of Maine Rev. University of New England , 5.5%, 7/01/2055 (w)	$	6,145,000	$6,321,057
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035)		935,000	910,475
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n)		900,000	899,562
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5%, 12/01/2028		395,000	413,005
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5%, 12/01/2029		395,000	413,560
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5%, 12/01/2030		395,000	415,999
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5.25%, 12/01/2032		995,000	1,065,345
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5.25%, 12/01/2033		965,000	1,035,596
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4%, 12/01/2034		1,105,000	1,079,695
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.125%, 12/01/2035		980,000	953,980
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.25%, 12/01/2036		970,000	945,877
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.625%, 12/01/2040		860,000	827,859
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.75%, 12/01/2041		860,000	832,326

19

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Maine – continued
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.75%, 12/01/2042	$	810,000	$783,637
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.875%, 12/01/2043		560,000	544,964
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 4.875%, 12/01/2044		535,000	515,787
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2036		1,160,000	1,159,995
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2037		945,000	932,255
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2038		985,000	954,538
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2039		1,220,000	1,166,377
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2040		1,735,000	1,634,786
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050		6,175,000	5,284,608
Maine Housing Authority Mortgage, “C”, 4%, 11/15/2050		1,235,000	1,242,110
Maine Housing Authority Mortgage, “E”, 5%, 11/15/2052		1,130,000	1,167,033
			$31,500,426
Maryland – 1.6%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025	$	1,125,000	$1,125,891
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026		380,000	383,645
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033		790,000	796,630
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034		2,875,000	2,892,878
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042		1,635,000	1,552,208
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046		1,070,000	1,003,793
Baltimore, MD, Project Rev. (Water Projects), “A”, 5%, 7/01/2041		3,935,000	3,955,689
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038		1,235,000	1,236,219
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029		250,000	247,085
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036		335,000	336,535
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), “B”, 4.625%, 7/01/2043 (n)		580,000	535,896
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.125%, 2/15/2034 (n)		150,000	144,285
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n)		155,000	145,301
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)		870,000	771,002
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.5%, 9/01/2048 (u)		3,495,000	3,545,138
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”, 4.5%, 9/01/2048 (u)		2,830,000	2,857,762
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “C”, 4%, 9/01/2044		160,000	159,968
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “E”, GNMA, 6.25%, 9/01/2055		15,930,000	17,741,279
Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood Marshall Airport), “A”, AGM, 5.25%, 8/01/2054		8,120,000	8,225,471
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown Project), AGM, 5.125%, 7/01/2059		2,895,000	2,892,300
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown Project), AGM, 5.25%, 7/01/2064		3,985,000	3,987,167
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035		550,000	554,614
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n)		705,000	674,624
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n)		655,000	583,810
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038		145,000	126,207
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048		435,000	333,004
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058		1,270,000	907,738
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036		4,005,000	4,063,946
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033		1,340,000	1,361,624
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038		3,815,000	3,835,088
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2051		4,985,000	1,275,020
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2052		7,475,000	1,811,084
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053		3,665,000	841,677
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2054		5,485,000	1,193,792

20

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Maryland – continued
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2055	$	3,390,000	$699,610
Maryland Stadium Authority, Built to Learn Rev., 5.25%, 6/01/2051 (u)		19,390,000	20,146,978
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037		150,000	147,051
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042		250,000	231,144
			$93,323,153
Massachusetts – 2.6%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), “A”, 5%, 6/01/2053	$	10,000,000	$10,218,880
Commonwealth of Massachusetts Transportation Rev., “A”, 5%, 6/01/2043		7,310,000	7,396,840
Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2045		1,460,000	1,462,744
Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2055		585,000	572,268
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “2018 I-2”, 5%, 7/01/2053		6,820,000	6,594,460
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2031		890,000	946,243
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2032		905,000	955,319
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052		6,700,000	5,809,580
Massachusetts Development Finance Agency Rev. (CareGroup), “J-1”, 5%, 7/01/2048		2,360,000	2,302,894
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042		200,000	200,441
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043		2,765,000	2,587,369
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046		625,000	498,654
Massachusetts Development Finance Agency Rev. (Lasell Village, Inc.), 5.25%, 7/01/2050		1,375,000	1,360,685
Massachusetts Development Finance Agency Rev. (Lowell General Hospital), “G”, 5%, 7/01/2037		2,145,000	2,041,077
Massachusetts Development Finance Agency Rev. (Mass General Brigham), “D”, 5%, 7/01/2054		17,000,000	17,012,643
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 5%, 7/01/2044		485,000	460,875
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 5%, 7/01/2054		4,405,000	4,056,644
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)		1,405,000	1,419,354
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)		1,830,000	1,740,139
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)		6,355,000	5,852,701
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 5%, 7/01/2032		1,005,000	1,041,828
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n)		400,000	380,407
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n)		1,045,000	922,725
Massachusetts Development Finance Agency Rev. (Suffolk University), 5.5%, 7/01/2045		125,000	126,617
Massachusetts Development Finance Agency Rev. (Suffolk University), 6%, 7/01/2050		1,635,000	1,718,858
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051		4,140,000	3,258,399
Massachusetts Development Finance Agency Rev. (Suffolk University), 5.25%, 7/01/2055		4,085,000	3,901,094
Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2060		1,365,000	1,389,163
Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2065		1,865,000	1,884,942
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038		1,025,000	1,033,670
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2032		670,000	720,789
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2033		415,000	443,383
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2039		1,470,000	1,448,325
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044		1,765,000	1,456,571
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044		1,755,000	1,659,639
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046		905,000	847,055
Massachusetts Educational Financing Authority Education Loan Rev., “B”, 5.5%, 7/01/2055		7,595,000	7,452,604
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046		8,040,000	6,633,690
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3%, 7/01/2051		2,580,000	1,635,672
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2052		8,155,000	6,358,704
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3%, 7/01/2035		25,000	24,734
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037		295,000	251,047
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036		10,000	9,747
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3.75%, 7/01/2047		9,100,000	7,098,353
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “D”, 5%, 7/01/2054		5,805,000	5,278,207
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037		3,080,000	3,154,266
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038		3,870,000	3,942,036
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2039		6,275,000	6,366,285
Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2035		395,000	406,717
Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2036		790,000	808,284

21

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Massachusetts – continued
Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2037	$	1,130,000	$1,153,088
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047		4,785,000	3,481,591
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052		3,015,000	2,091,538
			$151,869,838
Michigan – 1.5%
Board of Trustees of Northern Michigan University Rev., “A”, 5.5%, 6/01/2050 (w)	$	270,000	$280,707
Board of Trustees of Northern Michigan University Rev., “A”, 5.5%, 6/01/2055 (w)		4,000,000	4,141,726
Great Lakes Water Authority, Michigan Water Supply System Rev., “B”, BAM, 5%, 7/01/2046		4,520,000	4,536,350
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, 5%, 7/01/2036		2,485,000	2,509,749
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051		990,000	986,011
Michigan Housing Development Authority, Rental Housing Rev., “A”, 4.7%, 10/01/2054		6,635,000	6,347,980
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052		1,370,000	1,177,271
Michigan Finance Authority Higher Education Facilities Limited Obligation Rev. (Kalamazoo College Project) , 6%, 12/01/2054		2,860,000	3,028,757
Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054		1,330,000	1,196,919
Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 5.5%, 2/28/2057		1,200,000	1,237,394
Michigan Finance Authority, Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028)		2,005,000	1,886,929
Michigan Finance Authority, Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028)		2,515,000	2,360,519
Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030		790,000	815,904
Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031		1,575,000	1,624,160
Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048		2,285,000	2,238,341
Michigan Housing Development Authority, Rental Housing Rev., “A”, 5.15%, 10/01/2058		11,055,000	11,138,712
Michigan Housing Development Authority, Rental Housing Rev., “A”, 4.75%, 10/01/2059		15,980,000	15,320,060
Michigan Housing Development Authority, Single-Family Mortgage Rev., “D”, 6.25%, 6/01/2055		7,685,000	8,431,086
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048		3,935,000	3,808,761
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035		7,315,000	7,273,552
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.25%, 12/31/2038		2,300,000	2,224,147
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044		790,000	791,205
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039		480,000	480,732
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039		370,000	370,011
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044		805,000	799,736
Wayne County, MI, Airport Authority Rev., “B”, 5.75%, 12/01/2050 (w)		485,000	512,552
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034		2,755,000	2,941,257
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036		790,000	832,235
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037		870,000	908,857
			$90,201,620
Minnesota – 0.9%
Center City, MN, Health Care Facilities Rev. (Hazeldon Betty Ford Foundation Project), 5%, 11/01/2044	$	655,000	$665,959
Center City, MN, Health Care Facilities Rev. (Hazeldon Betty Ford Foundation Project), 5%, 11/01/2047		565,000	568,282
Dakota County, MN, Community Development Agency Multi-Family Housing Rev. (Heart of the City Apartments Project), FNMA, 4.2%, 5/01/2043		4,795,000	4,365,115
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031		840,000	797,656
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036		1,330,000	1,161,920
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041		555,000	445,895
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043		2,195,000	2,008,484
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043		2,010,000	2,010,398
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048		2,585,000	2,271,060
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048		1,585,000	1,582,818
Duluth, MN, Independent School District No. 709, “A”, COP, 4.2%, 3/01/2034		240,000	245,046
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “B”, 5.25%, 1/01/2049		5,255,000	5,338,888
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2041		1,180,000	1,186,544
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2046		2,360,000	2,363,556
Minnesota Housing Finance Agency, Residential Housing, “A”, 4.25%, 7/01/2049 (u)		7,435,000	7,506,376
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037		1,170,000	1,164,125
St. Cloud, MN, Health Care Rev. (Centracare Health System), 5%, 5/01/2054		14,350,000	14,179,071
St. Cloud, MN, Health Care Rev. (Centracare Health System), “A”, 5%, 5/01/2046		2,865,000	2,844,829

22

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Minnesota – continued
St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n)	$	240,000	$221,543
			$50,927,565
Mississippi – 0.7%
Hinds County, MS, Certificates of Participation (Lease Purchase Project), “A”, BAM, 4.625%, 9/01/2054 (n)	$	5,760,000	$4,979,817
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034		1,935,000	2,129,455
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025		275,000	275,306
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026		770,000	780,159
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040		390,000	396,688
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048		3,150,000	3,139,102
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 4%, 12/01/2044		405,000	406,849
Mississippi Home Corp., Single Family Mortgage Rev., “E”, GNMA, 7.5%, 6/01/2044		375,000	447,472
Mississippi Home Corp., Single Family Mortgage Rev., “E”, GNMA, 7.5%, 6/01/2049		935,000	1,116,171
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046		1,500,000	1,432,963
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2039		595,000	555,189
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040		335,000	309,067
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2035		945,000	981,997
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2039		670,000	682,526
Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2048		10,990,000	9,733,307
University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053		8,350,000	7,222,157
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053		3,980,000	4,278,047
			$38,866,272
Missouri – 1.1%
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 (u)	$	15,250,000	$15,592,571
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054		8,055,000	7,816,721
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055		4,465,000	4,363,297
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n)		160,000	156,436
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n)		275,000	258,266
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036		945,000	891,174
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037		300,000	277,759
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041		380,000	327,317
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051		1,405,000	1,082,954
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), 5.5%, 12/01/2048		3,995,000	4,141,572
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2030		3,935,000	4,153,735
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2031		2,490,000	2,625,458
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2044		1,810,000	1,590,600
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2049		3,935,000	3,347,763
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2054		3,580,000	2,958,531
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, 3.75%, 5/01/2038		15,000	14,986
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FNMA, 4.25%, 5/01/2049		1,450,000	1,460,635
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “G”, GNMA, 5.5%, 5/01/2055		5,375,000	5,745,002
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030		290,000	273,200
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035		215,000	185,559
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 4%, 12/01/2037		1,115,000	1,037,994
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030		115,000	115,009

23

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Missouri – continued
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035	$	95,000	$92,263
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045		205,000	176,425
St. Louis, MO, Airport Rev. (Lambert International Airport), “B”, AGM, 5.25%, 7/01/2054		1,895,000	1,918,156
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029		110,000	105,272
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035		580,000	524,927
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047		1,805,000	1,530,999
St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment Project), “A”, 5.75%, 6/15/2054		1,205,000	1,178,027
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2049		2,385,000	2,377,097
			$66,319,705
Montana – 0.0%
Montana Board of Housing Single Family Program, HUD, “A-2”, 3%, 12/01/2043	$	20,000	$19,891
Nebraska – 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2034	$	670,000	$717,361
Nebraska Investment Finance Authority, Single Family Housing Rev., “C”, FHLMC, 4%, 9/01/2048		1,390,000	1,395,246
Omaha, NE, Airport Authority, Facilities Rev., AGM, 5.25%, 12/15/2054		5,935,000	6,010,235
			$8,122,842
Nevada – 0.3%
Clark County, NV, School District, General Obligation, “A”, AGM, 4%, 6/15/2037	$	710,000	$707,231
Clark County, NV, School District, General Obligation, “A”, AGM, 4%, 6/15/2039		1,555,000	1,505,853
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 4.5%, 12/15/2029 (n)		245,000	245,139
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 (n)		500,000	500,318
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2038 (n)		1,005,000	978,206
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n)		600,000	563,946
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n)		2,835,000	2,555,656
Nevada Housing Division, Single Family Mortgage Rev., “A”, GNMA, 3%, 4/01/2051		1,540,000	1,513,386
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048		365,000	317,541
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058		450,000	392,243
Reno-Tahoe, NV, Airport Authority Rev., “A”, 5.25%, 7/01/2049		2,195,000	2,231,677
Reno-Tahoe, NV, Airport Authority Rev., “A”, 5.25%, 7/01/2054		1,785,000	1,802,958
Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), “C”, 4.125%, 3/01/2036 (Put Date 10/01/2029)		1,420,000	1,422,887
Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), “F”, 4.125%, 3/01/2036 (Put Date 10/01/2029)		1,945,000	1,948,955
			$16,685,996
New Hampshire – 3.5%
National Finance Authority Rev. (Winston-Salem Sustainable Energy Partners), “A”, 5.5%, 6/01/2050	$	23,440,000	$24,053,905
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038		27,905,000	28,025,017
National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), “A”, 5%, 5/15/2034		16,680,000	16,625,925
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038		1,680,000	1,680,647
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street, LLC), “B”, 8.33%, 5/15/2034		1,200,000	1,225,702
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 6/01/2051		2,520,000	2,581,207
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 4.5%, 6/01/2053		1,130,000	1,055,737

24

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New Hampshire – continued
National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044	$	13,890,000	$13,502,212
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036		9,245,199	8,952,337
National Finance Authority, NH, Municipal Certificates, “2-A”, 3.875%, 1/20/2038		7,495,905	6,841,817
National Finance Authority, NH, Municipal Certificates, “3-A”, 4.163%, 10/20/2051		6,001,157	5,564,068
National Finance Authority, NH, Municipal Certificates, “4-B”, 4.183%, 5/20/2042		5,630,341	4,805,944
National Finance Authority, NH, Municipal Certificates, “A”, 4.125%, 1/20/2034		6,413,410	6,341,215
National Finance Authority, NH, Municipal Certificates, “A-1”, 4.168%, 1/20/2041		5,188,884	4,926,917
National Finance Authority, NH, Municipal Certificates, “A-2”, 4%, 10/20/2036		6,410,408	6,035,620
National Finance Authority, NH, Municipal Certificates, “A-2”, 4.168%, 1/20/2041		1,846,045	1,660,604
National Finance Authority, NH, Municipal Certificates, “X-2”, 0.674%, 10/20/2036 (i)		28,107,545	1,205,853
National Finance Authority, NH, Municipal Certificates, “1-A“, 4.25%, 7/20/2041		4,530,503	4,321,190
National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), “B”, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n)		2,290,000	1,836,985
National Finance Authority, NH, Resource Recovery Refunding Rev., “B”, 4.625%, 11/01/2042 (n)		1,855,000	1,673,549
National Finance Authority, NH, Rev. (Abilene Christian University Energy Projects), “A”, 5%, 11/01/2049		5,000,000	4,787,778
National Finance Authority, NH, Rev. (Abilene Christian University Energy Projects), “A”, 5.25%, 11/01/2054		4,805,000	4,699,468
National Finance Authority, NH, Rev. (Presbyterian Senior Living Project), “A”, 5.25%, 7/01/2048		2,160,000	2,167,728
National Finance Authority, NH, Rev., Taxable (Centurion Foundation), “C”, 11%, 12/15/2038		915,000	915,332
National Finance Authority, NH, Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041		840,000	719,171
National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch & Fort Bend Counties, TX), 4.875%, 12/01/2033		3,733,000	3,707,880
National Finance Authority, NH, Special Rev. (Emberly & Canterra Creek Projects, Fort Bend & Brazoria Counties, TX), 5.375%, 12/01/2031		4,804,000	4,785,175
National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030		3,914,000	3,919,824
National Finance Authority, NH, Special Rev. (Tamarron Project, Fort Bend County, TX), 5.25%, 12/01/2035		7,095,000	7,088,610
National Finance Authority, NH, Special Rev. (Valencia Project, Brazoria County, TX), 5.3%, 12/01/2032		4,477,000	4,479,500
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health), 4%, 7/01/2037		12,920,000	10,743,020
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Rev., “E”, GNMA, 6.25%, 7/01/2055		11,465,000	12,759,104
			$203,689,041
New Jersey – 2.9%
Atlantic City, NJ, Tax Appeal Refunding (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2032	$	3,875,000	$3,988,283
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2042		225,000	235,126
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2047		620,000	642,078
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2052		570,000	587,218
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062		1,880,000	1,928,159
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027		370,000	370,556
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028		370,000	370,414
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031		1,115,000	1,119,058
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042		345,000	345,511
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030		865,000	864,937
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035		1,235,000	1,208,992
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042		2,250,000	2,353,352
New Jersey Economic Development Authority, Deck & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.625%, 1/01/2045		1,885,000	1,924,300
New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035		1,850,000	1,884,671
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 3.125%, 7/01/2031		16,900,000	16,430,061
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029		2,465,000	2,465,835
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030		3,185,000	3,186,908
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042		2,665,000	2,664,245
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “E”, 0.85%, 12/01/2025		1,550,000	1,522,840
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032		1,655,000	1,720,305

25

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New Jersey – continued
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037	$	1,670,000	$1,701,762
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., “B”, 4%, 12/01/2044		12,920,000	12,024,219
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 3.25%, 12/01/2039		1,305,000	1,229,525
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041		9,675,000	9,540,695
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028		315,000	327,814
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029		435,000	456,341
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028		1,145,000	1,191,580
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029		1,115,000	1,169,702
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039		3,335,000	3,201,079
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040		1,410,000	1,293,122
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev. (Immediate Delivery), “C-1”, 5.5%, 12/01/2055		2,325,000	2,281,054
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “B”, 4.25%, 12/01/2045		12,265,000	11,959,532
New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., “C”, 5%, 12/01/2053		1,475,000	1,334,158
New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., “C”, 5.25%, 12/01/2054		1,005,000	957,406
New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Rev., ”C“, 3.25%, 12/01/2051		700,000	463,770
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “E”, 3.5%, 4/01/2051		5,865,000	5,841,613
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “H”, 3%, 10/01/2052		6,125,000	5,987,929
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2032		2,360,000	2,420,224
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2033		2,360,000	2,413,703
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2034		2,360,000	2,405,259
New Jersey Transportation Trust Authority, “B”, AAC, 5.5%, 9/01/2026		2,775,000	2,859,057
New Jersey Transportation Trust Fund Authority, “A”, 4.25%, 6/15/2040		3,975,000	3,844,254
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035		840,000	889,671
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2038		1,200,000	1,246,479
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2040		840,000	862,326
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044		955,000	891,098
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045		2,225,000	1,992,949
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/2032)		2,405,000	2,815,075
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “A”, 0%, 12/15/2037		19,665,000	11,573,610
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2035		2,930,000	1,940,337
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2036		7,645,000	4,783,054
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029		2,690,000	2,735,092
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2028		5,010,000	4,497,256
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2032		2,635,000	2,029,115
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2027		3,730,000	3,462,364
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2031		3,935,000	3,146,496
Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), 4.5%, 7/01/2040		335,000	321,652
Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), 5%, 7/01/2044		500,000	486,673
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2033		575,000	608,250
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5.25%, 11/01/2052		2,760,000	2,854,330
			$167,852,474
New Mexico – 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “A-1”, FNMA, 4%, 1/01/2049	$	385,000	$386,697
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “C”, FNMA, 4%, 1/01/2049		845,000	847,069
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053		4,500,000	4,726,298
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), 5%, 5/15/2042		115,000	109,765
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2034		425,000	432,141
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2039		165,000	161,633
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2044		170,000	159,757
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2049		445,000	402,550
			$7,225,910

26

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New York – 6.8%
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034	$	790,000	$795,154
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036		1,420,000	1,272,487
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037		1,180,000	1,030,103
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038		985,000	937,697
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039		1,065,000	997,336
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)		14,515,000	14,269,636
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2052		290,000	267,682
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062		2,170,000	1,948,996
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2057		1,615,000	1,573,455
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062		2,025,000	1,954,562
Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2050		2,145,000	2,193,162
Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055		2,725,000	2,758,315
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 4%, 11/01/2032		380,000	357,383
New York Dormitory Authority Rev. (New School), “A”, 4.25%, 7/01/2050		2,200,000	1,929,352
New York Dormitory Authority Rev. (Northwell Health Obligated Group), “A”, 4%, 5/01/2045		4,380,000	3,918,117
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2040		995,000	1,016,860
New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054		7,835,000	8,154,295
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 4%, 3/15/2048		840,000	741,791
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 5.25%, 3/15/2052		4,785,000	4,947,036
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2042		14,455,000	13,388,114
New York Dormitory Authority, Montefiore Obligated Group Rev., 5.5%, 11/01/2044		685,000	712,043
New York Dormitory Authority, Montefiore Obligated Group Rev., 5.5%, 11/01/2047		750,000	771,283
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n)		580,000	577,666
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)		15,300,000	14,951,670
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n)		2,510,000	2,509,897
New York Power Authority, Green Transmission Project Rev., “A”, AGM, 4%, 11/15/2047		1,565,000	1,392,083
New York State Thruway Authority, Personal Income Tax Rev., “A”, 4%, 3/15/2043		10,645,000	9,663,473
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046		7,000,000	5,898,941
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053		1,740,000	1,385,542
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036		2,620,000	2,671,561
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031		6,400,000	6,529,881
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032		1,835,000	1,868,852
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2035		4,395,000	4,467,304
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036		1,035,000	970,627
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040		4,360,000	4,480,979
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040		5,050,000	5,022,446
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, 5.5%, 12/31/2060		13,295,000	13,293,000
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, AGM, 5.25%, 12/31/2054		26,225,000	26,245,199
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital Appreciation, “B”, AGM, 0%, 12/31/2054		3,245,000	2,003,630
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054		20,015,000	20,675,345
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5%, 6/30/2054		5,780,000	5,599,778
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060		29,265,000	28,724,923
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.25%, 6/30/2060		12,820,000	12,827,752
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Terminal Four Project), “A”, 4%, 12/01/2038		135,000	122,890

27

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New York – continued
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2046	$	10,000,000	$9,681,678
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2036		40,000	41,022
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2039		400,000	358,020
New York, NY, City Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053		6,270,000	6,125,800
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “D-1”, 4.5%, 11/01/2054		5,350,000	5,024,762
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “E”, 4.375%, 12/15/2031		1,443,121	1,476,062
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “F”, 5.25%, 12/15/2031 (n)		2,426,471	2,483,905
New York, NY, General Obligation, “B-1”, 5%, 12/01/2041		2,755,000	2,785,204
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, 4.75%, 11/01/2048		1,645,000	1,619,471
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, 4.85%, 11/01/2053		835,000	817,343
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.85%, 11/01/2053		2,625,000	2,569,492
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.95%, 11/01/2058		2,500,000	2,486,578
New York, NY, Housing Finance Agency, State Personal Income Tax Rev., “A-1”, 5%, 6/15/2054		4,000,000	4,019,826
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028		1,090,000	1,090,094
New York, NY, Industrial Development Agency, PILOT Refunding Rev. (Yankee Stadium Project), “A”, AGM, 3%, 3/01/2040		3,155,000	2,556,502
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2046		5,505,000	5,515,099
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2048		4,055,000	4,069,744
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2036		1,575,000	1,579,436
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2039		2,755,000	2,678,595
New York, NY, Transitional Finance Authority, “A”, 4%, 11/01/2034		790,000	799,845
New York, NY, Transitional Finance Authority, “C”, 4%, 2/01/2041		6,035,000	5,649,011
New York, NY, Transitional Finance Authority, “C-1”, 4%, 5/01/2045		7,865,000	7,025,566
New York, NY, Transitional Finance Authority, “D”, 5.5%, 5/01/2052		3,000,000	3,183,278
New York, NY, Transitional Finance Authority, “F”, 4%, 2/01/2051		15,000,000	13,161,869
New York, NY, Transitional Finance Authority, “F-1”, 5.25%, 2/01/2053		3,500,000	3,621,803
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052		2,260,000	1,932,757
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052		1,215,000	1,118,873
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045		1,125,000	977,007
Port Authority of NY & NJ (221st Series), 4%, 7/15/2050		2,810,000	2,362,532
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055		9,010,000	7,432,496
Port Authority of NY & NJ (223rd Series), 4%, 7/15/2038		2,210,000	2,155,343
Port Authority of NY & NJ (226th Series), 5%, 10/15/2038		2,360,000	2,435,647
Port Authority of NY & NJ (226th Series), 5%, 10/15/2039		1,750,000	1,791,783
Schenectady County, NY, Capital Resource Corp. Rev. (Union College Project), 5.25%, 7/01/2052		555,000	569,585
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2028		1,315,000	1,076,991
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029		1,915,000	1,526,081
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2030		1,475,000	1,153,478
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031		1,825,000	1,408,578
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032		3,370,000	2,571,623
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2033		2,970,000	2,247,297
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034		2,660,000	1,998,899
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035		3,550,000	2,652,441
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036		1,160,000	862,517
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041		2,135,000	2,080,247
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “C-3”, 4%, 5/15/2051		8,500,000	7,440,387
Triborough Bridge & Tunnel Authority Rev., NY, Sales Tax Rev. (MTA Bridges and Tunnels), “A-1”, 5.25%, 5/15/2064		20,000,000	20,613,486
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2047		1,205,000	1,226,882
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2048		1,465,000	1,570,303
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2049		1,675,000	1,790,302

28

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
New York – continued
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2051	$	590,000	$591,011
			$399,824,849
North Carolina – 1.4%
Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048	$	735,000	$745,338
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2032		790,000	799,598
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2043		1,290,000	1,310,114
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050		575,000	577,967
North Carolina Housing Finance Agency, Home Ownership Rev., “46-A”, GNMA, 3%, 7/01/2051		6,460,000	6,363,318
North Carolina Housing Finance Agency, Home Ownership Rev., “55-A”, GNMA, 6.25%, 7/01/2055		3,005,000	3,294,126
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2029		220,000	219,880
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036		1,070,000	1,017,601
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041		370,000	327,441
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051		6,585,000	5,147,398
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036		465,000	442,229
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042		175,000	152,673
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025		35,000	34,998
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030		205,000	205,016
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035		225,000	219,363
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2040		720,000	721,901
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2045		690,000	670,034
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050		690,000	657,343
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052		1,370,000	1,036,307
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), “B-1”, 4.75%, 9/01/2029		410,000	410,050
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), “B-2”, 4.5%, 9/01/2029		625,000	625,084
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), “B-3”, 4.25%, 9/01/2028		1,090,000	1,090,195
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “A”, 5%, 10/01/2044		570,000	564,964
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “A”, 5%, 10/01/2049		150,000	145,532
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042		480,000	480,542
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047		940,000	927,917
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051		1,920,000	1,882,042
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054		1,650,000	1,596,158
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031		1,260,000	1,291,834
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036		9,165,000	9,555,516
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058		28,850,000	28,888,371
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, “B”, AGM, 0%, 1/01/2050		9,265,000	2,641,210
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, “B”, AGM, 0%, 1/01/2051		9,000,000	2,419,700

29

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
North Carolina – continued
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, “B”, AGM, 0%, 1/01/2053	$	4,500,000	$1,083,263
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2030		985,000	1,052,649
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2032		790,000	834,128
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2033		790,000	831,481
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027		1,190,000	1,192,980
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031		985,000	942,911
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033		1,085,000	1,010,947
			$83,410,119
North Dakota – 0.3%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2048	$	535,000	$537,290
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2053		1,315,000	1,307,148
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “D”, 4.25%, 1/01/2049 (u)		2,480,000	2,491,332
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “F”, 5%, 1/01/2053		1,915,000	1,978,912
North Dakota State Board of Higher Education, Housing & Auxiliary Facilities Rev. (University of North Dakota), “A”, AGM, 4%, 4/01/2039		1,845,000	1,790,000
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034		3,065,000	3,053,938
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038		2,850,000	2,748,555
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048		160,000	147,403
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053		1,170,000	1,060,797
			$15,115,375
Ohio – 3.6%
Bedford, OH, School District General Obligations, School Improvement, BAM, 5.5%, 12/01/2058	$	5,945,000	$6,095,727
Brunswick, OH, School District, Classroom Facilities & School Improvement, Unlimited Tax General Obligation, BAM, 5.25%, 12/01/2053		4,585,000	4,704,842
Brunswick, OH, School District, Classroom Facilities & School Improvement, Unlimited Tax General Obligation, BAM, 5.5%, 12/01/2060		8,490,000	8,819,083
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048		11,550,000	9,569,604
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055		13,285,000	11,325,816
Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Cobblestone Manor Project), 4.625%, 8/01/2042		580,000	560,309
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 4%, 12/01/2034		6,275,000	6,222,587
Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), “A”, 5.5%, 1/01/2055 (u)		28,125,000	29,027,540
Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), “A”, 5.25%, 5/15/2045		320,000	320,611
Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), “A”, 5.5%, 5/15/2055		1,200,000	1,192,936
Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing (Caravel Apartments), “A”, FNMA, 4.46%, 11/01/2044		3,870,418	3,711,096
Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing Rev. (Westerville Crossing Apartments), “A”, FNMA, 4.375%, 6/01/2043		11,060,000	10,454,862
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, 2/15/2047		3,200,000	2,909,476
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, 2/15/2047		2,730,000	2,627,192
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2052		1,575,000	1,445,582
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052		8,630,000	8,444,327
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2057		890,000	863,549
Cuyahoga County, OH, Metropolitan Housing Authority, General Rev. (2045 Initiative Project), 2%, 12/01/2031		2,305,000	2,007,821
Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), “A”, 4%, 12/01/2055 (n)		665,000	503,023
Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), “B”, 4.5%, 12/01/2055 (n)		290,000	231,409
Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, 12/01/2049		1,415,000	1,433,362
Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, 12/01/2054		1,700,000	1,716,325
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047		3,260,000	2,891,145
Greene County, OH, Port Authority Economic Development, Facilities Rev. (Community First Solutions Obligated Group), “B”, 5%, 5/15/2059		3,375,000	3,084,425
Hamilton County, OH, Healthcare Improvement & Refunding Rev. (Life Enriching Communities Project), 5%, 1/01/2051		3,340,000	3,138,324
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 1/01/2038		250,000	258,893
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.5%, 1/01/2043		755,000	773,431
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.75%, 1/01/2053		1,420,000	1,447,955

30

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Ohio – continued
Huron County, OH, Norwalk City School District Facilities, General Obligation Unlimited Tax, 5%, 11/01/2061	$	430,000	$432,852
Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2053		700,000	707,351
Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2055		550,000	555,336
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049		7,745,000	7,578,961
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041		2,470,000	2,219,677
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047		1,555,000	1,283,478
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 5%, 11/15/2034		790,000	818,180
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2038		1,775,000	1,649,327
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2045		850,000	711,266
Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), “B”, 3.7%, 7/01/2028		3,500,000	3,472,872
Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), “C”, 3.65%, 12/01/2027		5,275,000	5,249,499
Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), “C”, 3.7%, 4/01/2028		3,000,000	2,980,351
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027)		2,615,000	2,642,603
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027)		3,105,000	3,137,882
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “B”, 2.6%, 6/01/2041 (Put Date 10/01/2029)		3,630,000	3,427,247
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n)		2,930,000	2,930,862
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042		1,135,000	1,139,087
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052		1,850,000	1,847,663
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041		2,360,000	2,361,913
Ohio Higher Educational Facility Commission Rev. (Xavier University Project), 5.25%, 5/01/2049		2,060,000	2,045,921
Ohio Higher Educational Facility Commission Rev. (Xavier University Project), 5.25%, 5/01/2054		3,245,000	3,180,032
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.5%, 9/01/2048 (u)		2,075,000	2,095,107
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.8%, 9/01/2048		8,260,000	8,216,385
Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), “A”, 5.7%, 8/01/2043		3,180,000	3,217,342
Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053		3,955,000	3,919,359
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036		500,000	477,002
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038		490,000	453,928
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040		465,000	416,032
Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), “C”, AGM, 5.25%, 12/01/2048		400,000	404,987
Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), “C”, AGM, 5.25%, 12/01/2058		270,000	272,088
Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), “C”, AGM, 5.25%, 12/01/2063		450,000	453,479
Warren County, OH, Healthcare Facilities Improvement & Refunding Rev. (Otterbein Homes Obligated Group), 5%, 7/01/2049		4,525,000	4,348,738
Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), “A”, 5%, 5/15/2044		575,000	563,458
Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), “A”, 5%, 5/15/2049		2,000,000	1,903,988
Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), “A”, 5%, 5/15/2052		2,000,000	1,874,007
Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2049		740,000	754,869
Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2053		2,850,000	2,901,248
			$208,425,629
Oklahoma – 0.7%
Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045	$	3,120,000	$2,249,640
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045		2,715,000	2,265,582
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042		80,000	72,499
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041		3,920,000	3,934,495
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044		3,960,000	3,871,269
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038		895,000	901,029
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043		315,000	314,086
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048		900,000	869,041
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2057		9,390,000	9,190,571
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028		6,087,000	5,922,458
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “A”, 4.75%, 9/01/2048		695,000	705,048

31

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Oklahoma – continued
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “C”, GNMA, 6%, 3/01/2056	$	6,025,000	$6,620,460
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035		1,300,000	1,435,897
			$38,352,075
Oregon – 0.9%
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050	$	3,015,000	$2,488,198
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2041		2,370,000	1,959,862
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051		1,750,000	1,257,748
Oregon Facilities Authority Charter School Rev. (Redmond Proficiency Academy Project), “A”, 6%, 6/15/2065		655,000	657,669
Oregon Facilities Authority Rev. (Legacy Health Project), “A”, 5%, 6/01/2046		7,945,000	7,905,794
Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035		14,015,000	14,276,224
Oregon Health & Sciences University Rev., “B”, 5%, 7/01/2034		5,900,000	5,965,373
Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Redmond Landing Apartments Project), “K-1”, FNMA, 4.33%, 11/01/2043		2,428,000	2,279,657
Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2042		1,055,000	1,055,069
Port of Portland, OR, International Airport Rev., “A”, 5.25%, 7/01/2054 (u)		10,965,000	11,162,403
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2036		575,000	553,689
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2046		690,000	580,244
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2046		1,360,000	1,143,668
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2051		580,000	469,572
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056		3,325,000	2,628,434
			$54,383,604
Pennsylvania – 6.8%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2054	$	2,350,000	$2,166,347
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2059		1,245,000	1,132,518
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2048		3,185,000	3,302,885
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2050		11,690,000	12,207,181
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2053		5,175,000	5,329,912
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2055		7,955,000	8,258,886
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044		5,185,000	4,536,735
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2035		905,000	907,182
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2036		870,000	861,357
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy Charter School Project), 5%, 7/01/2059 (n)		1,630,000	1,466,132
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/15/2038 (n)		160,000	165,485
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.75%, 6/15/2043 (n)		330,000	338,095
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 6%, 6/15/2053 (n)		575,000	587,188
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n)		135,000	137,847
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)		330,000	321,698
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n)		800,000	790,620
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)		1,260,000	1,240,594
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n)		580,000	593,869
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035		395,000	396,559
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036		850,000	851,317
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037		395,000	392,874
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038		395,000	390,882
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041		1,970,000	1,864,681
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035		1,795,000	1,792,210
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036		675,000	662,667

32

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034	$	2,420,000	$2,560,912
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039		19,469,000	17,972,282
Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, “B-1”, 0% to 11/15/2029, 6% to 6/30/2044		8,606,000	6,213,859
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034		3,279,000	3,345,704
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044		810,000	700,404
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050		7,225,000	6,060,043
Bucks County, PA, Water & Sewer Authority, Sewer System Rev., “A”, AGM, 5.25%, 12/01/2047		1,710,000	1,792,201
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051		535,000	406,939
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037		880,000	876,275
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047		420,000	388,997
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2051		510,000	460,985
Cumberland County, PA, Cumberland Valley School District, General Obligation, “A”, BAM, 5%, 12/01/2049		1,160,000	1,173,036
Cumberland County, PA, Cumberland Valley School District, General Obligation, “A”, BAM, 5%, 12/01/2053		1,955,000	1,968,474
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033		415,000	397,656
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038		95,000	94,372
Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049		3,355,000	2,742,913
Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063		800,000	830,142
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2046		475,000	430,502
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 3.826% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037		5,755,000	5,349,274
Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039		1,050,000	1,113,863
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045		420,000	364,951
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029)		50,000	53,629
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049		415,000	405,695
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2035		200,000	209,397
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2038		340,000	347,893
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2048		275,000	259,122
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), “A”, 5%, 5/01/2044		350,000	348,956
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), “B”, 5%, 5/01/2054		400,000	382,674
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), “B”, 5%, 5/01/2059		280,000	265,264
Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049		2,235,000	2,241,216
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049		7,900,000	6,464,242
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036		9,515,000	5,892,887
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039		215,000	213,076
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2040		765,000	750,811
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2041		565,000	550,738
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2042		585,000	566,561
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 4.5%, 1/01/2045		2,015,000	1,785,436
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044		1,550,000	1,367,246
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049		1,480,000	1,243,169
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 4%, 9/01/2049		1,815,000	1,531,208
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2047		1,750,000	1,451,069
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053		2,415,000	1,748,725
Montgomery County, PA, Higher Education & Health Authority Rev., Taxable (Thomas Jefferson University), 4%, 9/01/2051		2,980,000	2,479,396
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5%, 1/01/2030		790,000	790,066
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050		7,060,000	6,199,658
Montgomery County, PA, Industrial Development Authority, Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), “A”, 5.25%, 11/15/2053		1,500,000	1,506,995
Montgomery County, PA, Industrial Development Authority, Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045		1,820,000	1,782,192
Montour County, PA, Geisinger Authority, Health System Rev., “A”, 4%, 4/01/2039		2,615,000	2,474,362

33

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Montour County, PA, Geisinger Authority, Health System Rev., “A”, 4%, 4/01/2050	$	5,000,000	$4,215,794
Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke's University Health Network Project), “A-1”, AGM, 5.25%, 8/15/2053		13,560,000	13,898,412
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2032		355,000	361,599
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2033		475,000	481,922
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2044		1,035,000	950,472
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049		630,000	558,840
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049		1,180,000	1,181,973
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 7/01/2042		1,755,000	1,770,492
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5.25%, 7/01/2046		940,000	947,730
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038		16,660,000	16,594,893
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2035		1,190,000	791,511
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2036		1,255,000	790,060
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2037		1,215,000	723,309
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2038		1,245,000	698,451
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2039		1,365,000	714,926
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2040		1,315,000	640,354
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2041		1,265,000	575,168
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2042		1,215,000	518,142
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2043		1,160,000	465,099
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, BAM, 0%, 1/01/2046		2,750,000	965,510
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, BAM, 0%, 1/01/2047		2,865,000	950,656
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049		5,775,000	1,175,580
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053		11,855,000	11,857,459
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057		17,360,000	16,922,847
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.75%, 12/31/2062		2,575,000	2,671,641
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4.125%, 12/31/2038		1,330,000	1,225,326
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042		8,855,000	8,653,924
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 7/01/2041 (Put Date 7/01/2027)		3,925,000	3,962,876
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2048		3,250,000	2,782,368
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053		4,265,000	3,544,861
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.125%, 6/01/2045		4,839,000	4,622,349
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051		3,477,000	3,189,680
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5.5%, 6/01/2052		5,601,000	5,497,710
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030		200,000	208,961
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042		870,000	765,338
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043		560,000	560,116
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044		6,915,000	6,707,959
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A-1”, 4.75%, 6/01/2046		4,694,000	4,619,471
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039		200,000	204,343
Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Cambridge Square), “A”, 5.55%, 11/01/2042		2,547,875	2,723,835
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 4.75%, 4/01/2033 (u)		1,230,000	1,232,828

34

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2030	$	1,905,000	$2,002,387
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2030		1,105,000	1,162,349
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053		10,515,000	11,148,072
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2030		1,575,000	1,601,523
Pennsylvania School District Authority Rev. (William Penn School District Project), “B”, BAM, 5%, 3/15/2045		755,000	764,747
Pennsylvania School District Authority Rev. (William Penn School District Project), “B”, BAM, 5%, 3/15/2049		560,000	562,479
Philadelphia, PA, Airport Refunding Rev., “B”, AGM, 5%, 7/01/2042		8,790,000	8,764,659
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034		4,200,000	4,247,073
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2042		3,920,000	3,908,699
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036		250,000	251,141
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046		965,000	964,999
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051		1,205,000	1,166,669
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051		845,000	845,740
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042		8,505,000	8,447,136
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5.125%, 6/15/2042		335,000	318,150
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5.25%, 6/15/2052		380,000	352,014
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057		180,000	167,690
Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), “A”, 5.5%, 7/01/2053		22,225,000	23,423,990
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2037 (Prerefunded 12/01/2026)		1,545,000	1,589,417
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 (Prerefunded 12/01/2026)		6,530,000	6,717,232
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)		350,000	361,241
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)		400,000	414,224
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037		670,000	662,611
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042		1,530,000	1,430,213
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049		1,330,000	1,164,853
Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), “A”, 5.125%, 9/01/2045 (w)		355,000	341,070
Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), “A”, 5.375%, 9/01/2055 (w)		1,860,000	1,780,945
Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060		7,085,000	7,131,053
Philadelphia, PA, Gas Works Rev., “14”, AGM, 5%, 10/01/2033		2,290,000	2,340,106
Philadelphia, PA, School District General Obligation, “B”, 5%, 9/01/2043		915,000	924,560
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038		205,000	208,307
Philadelphia, PA, School District General Obligation, Taxable, “A”, 5.5%, 9/01/2048		10,745,000	11,167,922
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 4.25%, 9/01/2053		2,910,000	2,591,446
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046		2,320,000	2,079,308
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048		3,440,000	3,023,237
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035		65,000	63,795
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051		1,190,000	1,039,924
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030		350,000	350,078
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035		345,000	343,523
			$397,000,555
Puerto Rico – 1.6%
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029	$	1,584,778	$1,671,637
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031		2,704,937	2,917,613
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033		1,459,691	1,424,117

35

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Puerto Rico – continued
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035	$	2,865,019	$2,758,563
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037		1,126,601	1,073,372
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041		1,531,429	1,360,948
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046		1,592,259	1,360,451
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033		1,878,095	1,298,384
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)		3,140,000	1,715,225
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)		5,075,000	2,772,219
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025		170,000	170,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		7,990,000	4,364,537
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		3,005,000	1,641,481
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033		1,405,000	1,345,057
Puerto Rico Electric Power Authority Rev., “RR”, AGM, 5%, 7/01/2028		380,000	379,028
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030		375,000	360,690
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)		1,540,000	841,225
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		400,000	218,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		4,105,000	2,242,356
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026		30,000	29,972
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027		1,090,000	1,073,701
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025		225,000	225,000
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026		940,000	941,371
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029		3,755,000	3,766,457
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030		2,455,000	2,454,707
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034		370,000	363,614
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		2,150,000	1,174,438
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)		910,000	497,088
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026)		1,435,000	1,450,244
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033		1,610,000	1,606,412
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034		311,000	310,985
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		104,000	90,345
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040		766,000	734,218
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053		1,988,000	1,827,702
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058		24,407,000	22,945,711
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040		5,124,000	4,807,972
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058		1,435,000	1,307,675
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031		11,027,000	8,603,411
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033		10,791,000	7,670,370
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046		6,188,000	1,959,416
			$93,756,212
Rhode Island – 0.5%
Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), “A”, AGM, 5.25%, 9/15/2043	$	555,000	$581,284
Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), “A”, AGM, 5.25%, 9/15/2044		1,000,000	1,041,689
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2037		525,000	520,561
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2038		555,000	541,660
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2039		675,000	643,024
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2040		710,000	669,352
Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, “84-A”, GNMA, 5%, 4/01/2044		700,000	702,346
Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, “84-A”, GNMA, 5%, 4/01/2049		235,000	233,979
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2028		690,000	719,195
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2029		555,000	581,768
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2030		515,000	542,378
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039		1,465,000	1,261,026
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042		6,095,000	5,725,641

36

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Rhode Island – continued
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2043	$	7,155,000	$6,550,997
Rhode Island Student Loan Authority, Education Loan Rev., “B”, 4.125%, 12/01/2043		4,130,000	3,755,008
Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, “1”, 4.125%, 12/01/2041		3,680,000	3,484,769
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034		910,000	866,602
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.625%, 12/01/2037		3,015,000	2,902,712
			$31,323,991
South Carolina – 2.5%
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2049	$	1,910,000	$1,941,915
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2054		3,835,000	3,884,625
Charleston, SC, Housing Authority, General Rev. (Kiawah Homes), 5%, 12/01/2041		920,000	901,328
Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028		515,000	538,068
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040		3,055,000	3,078,012
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “A-1”, 5.25%, 10/01/2054 (Put Date 8/01/2031)		3,995,000	4,222,661
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)		13,450,000	14,439,625
South Carolina Housing Finance & Development Authority, Mortgage Rev., “A”, 6.5%, 7/01/2055 (u)		5,600,000	6,328,563
South Carolina Housing Finance & Development Authority, Mortgage Rev., “B”, 5%, 1/01/2052		9,655,000	10,030,515
South Carolina Housing Finance & Development Authority, Mortgage Rev., “B”, 6%, 1/01/2055		14,095,000	15,470,341
South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)		1,950,000	1,888,631
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2036 (n)		380,000	320,044
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n)		420,000	297,542
South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 5.5%, 11/01/2054		3,190,000	3,304,959
South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad Healthcare Project), 5.25%, 11/15/2039		375,000	386,994
South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad Healthcare Project), 5.5%, 11/15/2044		345,000	342,006
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044		4,840,000	4,267,947
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047		6,630,000	6,623,627
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048		5,260,000	5,147,074
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047		2,060,000	1,894,420
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2048		790,000	719,696
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052		1,195,000	1,063,282
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2035		2,680,000	2,641,351
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2037		4,165,000	4,034,403
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2039		4,120,000	3,895,947
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044		6,295,000	6,300,893
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5%, 12/01/2050		2,065,000	2,073,074
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5.25%, 12/01/2050		2,205,000	2,254,673
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5.5%, 12/01/2054		5,000,000	5,235,587
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5%, 12/01/2055		5,120,000	5,119,290
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5%, 12/01/2055		4,820,000	4,804,380
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5.25%, 12/01/2054		1,425,000	1,448,264
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.641%, 12/01/2026		6,285,000	6,086,446
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.771%, 12/01/2027		2,910,000	2,771,014
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.923%, 12/01/2028		2,165,000	2,029,281
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.993%, 12/01/2029		1,420,000	1,307,434
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.043%, 12/01/2030		455,000	410,891
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.593%, 12/01/2039		1,195,000	1,190,731
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048		3,635,000	3,595,511
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045		1,070,000	969,199
			$143,260,244

37

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
South Dakota – 0.0%
South Dakota Housing Development Authority, Homeownership Mortgage, “B”, 4.5%, 11/01/2048 (u)	$	2,885,000	$2,914,456
Tennessee – 2.7%
Caption Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”, 5.25%, 12/01/2054	$	16,455,000	$16,491,097
Cleveland, TN, Health & Educational Facilities, Board of Multi-Family Housing Rev. (Horizon Square Apartments Project), FNMA, 4.2%, 5/01/2040		2,656,000	2,529,474
Hamilton County & Chattanooga, TN, Sports Authority, Public Facilities Rev. (Stadium Project), “A”, 5.75%, 12/01/2050		1,500,000	1,645,995
Hamilton County & Chattanooga, TN, Sports Authority, Public Facilities Rev. (Stadium Project), “A”, 6%, 12/01/2055		1,455,000	1,615,046
Knox County, TN, Health Educational & Housing Facility, Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2042		5,505,000	5,517,082
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030		625,000	635,829
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036		2,210,000	2,218,785
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2040		7,445,000	7,398,636
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5.25%, 7/01/2049		580,000	588,531
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2054		680,000	696,806
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2059		630,000	643,042
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “A-1”, BAM, 5%, 7/01/2064		1,625,000	1,581,358
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5%, 7/01/2044		1,470,000	1,486,387
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 4.5%, 7/01/2046		1,100,000	1,036,906
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5%, 7/01/2049		1,200,000	1,187,682
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5.125%, 7/01/2054		1,000,000	996,316
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5.125%, 7/01/2059		1,560,000	1,551,138
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “B-1”, BAM, 5.25%, 7/01/2064		2,115,000	2,111,235
Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), “C”, BAM, 5.125%, 7/01/2064		275,000	272,449
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030		4,525,000	4,655,015
Knoxville, TN, Metropolitan Airport Authority Rev., “A”, 5.25%, 6/01/2049		5,300,000	5,499,564
Knoxville, TN, Metropolitan Airport Authority Rev., “A”, 5.25%, 6/01/2054		7,250,000	7,473,937
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2035		3,055,000	3,180,669
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2036		3,205,000	3,316,860
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2037		3,370,000	3,465,435
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2038		3,535,000	3,607,208
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2039		3,710,000	3,764,179
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2040		1,540,000	1,553,685
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., “A”, AGM, 5.25%, 7/01/2053		1,200,000	1,235,120
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., “A”, AGM, 5.25%, 7/01/2056		2,995,000	3,069,222
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., “B”, AGM, 5.25%, 7/01/2053		4,795,000	4,891,771
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., “B”, AGM, 5.25%, 7/01/2056		5,565,000	5,660,321
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035		1,340,000	1,386,866
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.5%, 7/01/2052		5,055,000	5,159,813
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2054		7,865,000	7,689,331
Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048		8,995,306	8,568,127
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032		445,000	332,317

38

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tennessee – continued
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033	$	630,000	$447,033
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037		570,000	316,785
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2038		475,000	245,460
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)		19,225,000	20,177,847
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026		2,210,000	2,243,718
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2028		1,580,000	1,669,928
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2029		850,000	902,601
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2029		1,480,000	1,582,109
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2030		1,720,000	1,845,459
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2030		1,745,000	1,874,143
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2031		825,000	890,141
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2031		1,855,000	2,009,873
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 3.75%, 7/01/2039		685,000	625,076
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4%, 1/01/2043		490,000	491,012
Tennessee Housing Development Agency, Residential Finance Program Rev., “2-C”, 4%, 1/01/2045		10,000	9,998
Tennessee Housing Development Agency, Residential Finance Program Rev., “3”, 4.25%, 7/01/2049		530,000	533,202
			$160,577,619
Texas – 8.9%
Anna, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 2/15/2053	$	795,000	$686,576
Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n)		725,000	720,908
Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), 4.875%, 6/15/2059		415,000	365,508
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.75%, 6/15/2049		915,000	819,387
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.875%, 6/15/2054		1,050,000	938,933
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, Texas PSF, 4%, 8/15/2048		1,400,000	1,230,836
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, Texas PSF, 4%, 8/15/2053		1,000,000	859,737
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, Texas PSF, 4.125%, 8/15/2058		1,500,000	1,303,770
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.125%, 8/15/2042		2,915,000	2,726,100
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.375%, 8/15/2052		3,130,000	2,835,129
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2043		4,015,000	4,040,985
Austin, TX, Affordable PFC, Inc., Multi-Family Housing Rev. (Village at Collinwood Apartments), “A”, FNMA, 4.45%, 3/01/2043		1,725,000	1,660,518
Austin, TX, Airport System Rev., 5%, 11/15/2052		1,315,000	1,291,156
Austin, TX, Airport System Rev., “B”, 5%, 11/15/2041		845,000	841,853
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029		565,000	569,828
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031		830,000	835,437
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034		160,000	159,605
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026		390,000	390,314
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028		250,000	251,560
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030		365,000	366,674
Belton, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2052		2,250,000	1,947,059
Bexar County, TX, Southwest Independent School District, Texas PSF, 4%, 2/01/2053		15,000,000	12,837,620
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 2.35%, 4/01/2040		30,000	29,825
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 3%, 4/01/2040		710,000	544,597
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.125%, 4/01/2043		10,400,000	10,712,832
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 4%, 4/01/2045		6,540,000	5,665,440
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 3.414%, 4/01/2040		65,000	64,771
Brock, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 8/15/2048		7,975,000	7,031,558
Chambers County, TX, Public Facilities Corp. Lease Rev. (Justice Center Project), 5.5%, 6/01/2055		11,980,000	12,454,285
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), Texas PSF, 5%, 8/15/2055		8,165,000	8,164,172
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), Texas PSF, 4.25%, 8/15/2052		2,500,000	2,194,899
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), “A”, Texas PSF, 5.25%, 2/15/2049		3,930,000	4,022,896
College of the Mainland, TX, General Obligation, 4%, 8/15/2044		1,765,000	1,587,401
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 2.5%, 10/01/2031		450,000	391,561
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050		1,165,000	863,118

39

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Texas – continued
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 3.5%, 10/01/2031 (n)	$	355,000	$298,709
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)		535,000	395,119
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2046		265,000	229,221
Crowley, TX, Independent School District (Tarrant and Johnson Counties), Texas PSF, 4.25%, 2/01/2053		8,960,000	8,178,461
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (West Virgina Apartments), FNMA, 4.35%, 10/01/2041		3,065,000	2,992,881
Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035		4,065,000	4,091,870
Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2036		6,170,000	6,201,623
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)		6,090,000	6,091,884
Denton County, TX, Lakes Fresh Water Supply District, BAM, 4%, 9/01/2048		5,385,000	4,757,617
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.5%, 8/15/2043		1,000,000	973,479
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2047		1,450,000	1,345,130
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2050		2,400,000	2,190,979
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025		340,000	340,408
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026		515,000	520,923
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027		790,000	807,437
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028		850,000	875,947
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029		555,000	574,882
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030		630,000	655,719
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031		870,000	900,131
El Paso County, TX, Hospital District Refunding Rev., BAM, 4.125%, 2/15/2049		1,000,000	893,381
El Paso County, TX, Hospital District Refunding Rev., BAM, 4.25%, 2/15/2054		195,000	173,403
El Paso, TX, EP La Privada PFC Residential Development Rev. (Home Essential Function Housing Program, LA Privada Apartments), 4.5%, 6/01/2040		6,265,000	6,062,178
El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039		1,350,000	1,277,449
El Paso, TX, Water & Sewer Rev., 5.25%, 3/01/2050 (u)		16,525,000	17,078,422
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032		180,000	185,781
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033		205,000	209,827
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034		320,000	324,578
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036		270,000	268,140
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038		465,000	441,746
EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034		12,650,000	12,541,850
EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039		2,590,000	2,456,467
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2048		7,905,000	6,984,776
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2053		5,535,000	4,783,663
Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), “A”, 5.5%, 3/01/2050 (w)		3,255,000	3,352,328
Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052 (Prerefunded 2/15/2032)		190,000	201,894
Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052		3,815,000	3,251,792
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.375%, 9/01/2039		1,280,000	1,249,524
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2042		1,110,000	1,060,726
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2045		1,260,000	1,191,123
Galveston County, TX, Municipal Utility District No. 56, AGM, 4.5%, 6/01/2047		1,600,000	1,512,718
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2038		230,000	237,464
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2039		500,000	512,664
Galveston, TX, Wharves and Terminal, First Lien Rev., 6%, 8/01/2043		325,000	345,443
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.25%, 8/01/2036		715,000	752,805
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.25%, 8/01/2037		225,000	234,942
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.25%, 8/01/2038		1,250,000	1,292,769
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.5%, 8/01/2040		525,000	546,624
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.5%, 8/01/2042		525,000	542,473
Galveston, TX, Wharves and Terminal, First Lien Rev., “A”, 5.5%, 8/01/2044		400,000	408,843
Gray and Roberts Counties, TX, Pampa Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 8/15/2058		2,420,000	2,103,416
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052		7,825,000	6,740,269
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2046		1,615,000	1,406,115
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2048		1,755,000	1,508,417
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2050		1,915,000	1,626,606
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041		710,000	315,294
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046		3,350,000	1,074,567

40

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Texas – continued
Houston, TX, Airport System Refunding Rev., “A”, AGM, 5.25%, 7/01/2053	$	6,970,000	$7,053,422
Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029		100,000	100,004
Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), “A”, 5%, 7/01/2027		525,000	527,194
Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030		2,175,000	2,174,982
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Project), “B”, 5.25%, 7/15/2034		1,525,000	1,571,194
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027		715,000	718,009
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037		190,000	164,424
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 4%, 10/01/2051		630,000	498,888
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.125%, 10/01/2051		400,000	373,569
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University), 5.25%, 10/01/2054		500,000	471,551
Hunt County, TX, Caddo Mills Independent School District, Texas PSF, 5.25%, 8/15/2056		10,000,000	10,358,492
Hunt County, TX, City of Greenville Electric System Rev., 5.25%, 2/15/2049 (u)		9,050,000	9,343,399
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044		1,235,000	1,214,779
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038		190,000	188,208
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043		345,000	322,301
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042		1,960,000	1,919,148
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042		1,370,000	1,341,445
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048		2,580,000	2,467,862
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048		1,810,000	1,731,329
Lower Colorado River Authority, TX, Transmission Contract Rev. (LCRA Transmission Services Corp. Project), AGM, 5.25%, 5/15/2054		9,970,000	10,182,555
Mesquite, TX, Housing Finance Corp., Multi-Family (Wooded Lake), “A”, FNMA, 4.53%, 2/01/2044		3,860,195	3,737,307
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.1%, 1/01/2026 (Put Date 8/01/2025)		5,400,000	5,401,410
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2045		1,035,000	945,901
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2047		1,145,000	1,026,469
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058		1,400,000	1,332,731
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “B-2”, 4.625%, 10/01/2030		3,605,000	3,608,526
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “B-3”, 4.25%, 10/01/2030		1,465,000	1,466,541
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2032		420,000	394,573
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2037		1,260,000	1,095,872
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2042		900,000	714,822
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2047		1,475,000	1,080,267
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, 1/01/2057		3,155,000	2,177,762
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, 1/01/2057		2,100,000	1,692,468
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2040		1,075,000	1,092,357
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2055		1,280,000	1,188,244
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060		1,000,000	916,982
Newark Higher Education Finance Corporation Education Rev. (Hughen Center, Inc.), “A”, 5.25%, 8/15/2060		3,925,000	4,020,724
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, Texas PSF, 4%, 6/15/2052		1,375,000	1,170,210
Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2051		2,645,000	1,799,738
Pflugerville, TX, Combination Tax & Limited Rev., 4%, 8/01/2049		3,185,000	2,795,615
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039		240,000	230,757
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040		280,000	264,195
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041		280,000	261,058
Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n)		10,610,000	9,388,318

41

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Texas – continued
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3%, 1/01/2050 (n)	$	1,540,000	$978,037
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)		1,980,000	1,514,456
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 10%, 7/01/2026		1,820,000	1,838,777
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046		1,645,000	1,648,297
San Antonio, TX, Electric & Gas Systems Refunding Rev., “D”, 5.25%, 2/01/2054 (u)		7,020,000	7,282,407
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), “A”, FNMA, 4.45%, 4/01/2043		2,035,000	1,959,111
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Sageland Flats Apartments), “A”, FNMA, 4.55%, 3/01/2043		3,695,000	3,587,384
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family Tax-Exempt (Residences at Pearsall Park), “A”, FNMA, 4.43%, 4/01/2043		2,312,000	2,220,500
San Antonio, TX, Water Rev. (A Political Subdivision of the State of Texas Located Primary in Bexar County), “B”, 5.25%, 5/15/2052		15,000,000	15,397,686
Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2048		1,500,000	1,559,689
Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2053		2,800,000	2,881,558
Sweetwater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053		5,000,000	4,305,495
Tarrant County, TX, Cultural Education Facilities Finance Corp. Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2044		1,375,000	1,352,895
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053		9,115,000	7,377,655
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “D”, 5%, 11/15/2051		6,025,000	6,026,856
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030		915,000	916,340
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035		1,075,000	1,075,127
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton Museum Way), 5.75%, 12/01/2054 (a)(d)		5,308,852	4,445,191
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), 5%, 10/01/2049		160,000	153,113
Tarrant County, TX, Hospital District, 4.25%, 8/15/2053		4,340,000	3,847,214
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2037		160,000	155,636
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2038		135,000	127,979
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2041		160,000	145,355
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048		4,980,000	4,409,599
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052		2,010,000	1,753,262
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, 4.75%, 1/01/2049 (u)		5,310,000	5,366,965
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, GNMA, 3.5%, 7/01/2052		5,150,000	5,119,328
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 4.75%, 3/01/2049 (u)		1,225,000	1,238,281
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 5.5%, 9/01/2052		4,350,000	4,595,520
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.125%, 9/01/2048		2,000,000	2,012,645
Texas Highway 380 Municipal Management District No. 1, Unlimited Tax Road, AGM, 4%, 5/01/2048		6,740,000	5,968,474
Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031		3,030,000	3,220,982
Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034)		29,755,000	32,637,438
Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034)		10,000,000	10,629,499
Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040		1,365,000	1,417,476
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058		6,230,000	5,948,863
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2041		2,750,000	2,837,643
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2042		825,000	846,453
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043		2,010,000	2,054,041
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028		790,000	802,572
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2037		270,000	285,982
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2038		500,000	524,899
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039		600,000	624,814
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2040		500,000	517,269

42

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Texas – continued
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2041	$	500,000	$513,267
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2042		500,000	509,802
Texas Rockwall Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053		2,280,000	1,969,480
Texas State Affordable Housing Corp., Single Family Mortgage Rev., “A”, GNMA, 5.5%, 9/01/2053		3,535,000	3,721,927
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 5.5%, 8/01/2042		1,500,000	1,607,037
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 5.75%, 8/01/2047		2,145,000	2,302,038
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054		2,065,000	2,231,621
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057		3,225,000	3,225,843
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039		295,000	151,186
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040		295,000	142,041
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042		810,000	340,237
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043		665,000	263,228
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2045		12,500,000	12,909,576
Texas Water Development Board State Water Implementation Rev., “A”, 4%, 4/15/2048		3,995,000	3,524,552
White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 4%, 8/15/2052		2,015,000	1,740,612
			$518,266,557
U.S. Virgin Islands – 0.0%
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025	$	285,000	$285,339
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026		1,365,000	1,376,247
			$1,661,586
Utah – 0.7%
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5.5%, 7/01/2053 (u)	$	13,000,000	$13,375,803
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2043		1,340,000	1,342,967
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049		1,450,000	1,418,890
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037		790,000	794,248
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042		2,750,000	2,751,364
Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), “B”, AGM, 5.5%, 6/01/2055		1,340,000	1,399,274
Utah Housing Corp., Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051		2,335,807	1,918,711
Utah Housing Corp., Single Family Mortgage Rev., “A”, GNMA, 6.5%, 1/01/2054		3,270,000	3,565,938
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “G”, GNMA, 4.5%, 7/21/2049		477,443	468,120
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “H”, GNMA, 4.5%, 8/21/2049		296,787	291,055
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 4%, 9/21/2049		470,858	448,099
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “J”, GNMA, 2.5%, 9/21/2051		9,071,034	7,240,988
Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, “G”, GNMA, 3.5%, 2/21/2050		705,719	640,696
Wakara Ridge, UT, Public Infrastructure District, Special Assessment (Wakara Ridge Assessment Area), 5.625%, 12/01/2054		4,571,048	4,562,788
			$40,218,941
Vermont – 0.4%
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n)	$	815,000	$820,435
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “A-2”, 4.375%, 6/01/2052 (Put Date 6/01/2032)		1,160,000	1,143,466
Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053		2,437,000	2,638,934
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.625%, 6/15/2029		120,000	119,527
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029		395,000	410,754
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.75%, 6/15/2030		125,000	124,458
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2031		445,000	465,049
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2033		120,000	119,216
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2034		130,000	129,156
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3%, 6/15/2035		3,140,000	3,011,834
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2035		335,000	316,219
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.375%, 6/15/2036		2,725,000	2,591,815
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.125%, 6/15/2036		735,000	695,661
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.25%, 6/15/2037		780,000	753,140
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2038		685,000	646,014
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039		590,000	552,734

43

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Vermont – continued
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.5%, 6/15/2039	$	735,000	$698,043
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040		925,000	894,845
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.5%, 6/15/2040		825,000	760,351
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2041		5,150,000	4,783,890
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046		605,000	511,656
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4%, 6/15/2047		995,000	792,258
			$22,979,455
Virginia – 2.2%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027	$	320,000	$306,178
Commonwealth of Virginia, University Health System General Rev., “A”, 4%, 7/01/2040		10,345,000	9,999,046
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5.25%, 7/01/2059		14,250,000	14,735,073
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5.25%, 7/01/2064		12,385,000	12,679,177
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052		2,215,000	2,212,235
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), ETM, AGM, 5.982%, 8/23/2027		1,650,000	1,650,000
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 5.509%, 8/23/2027 (p)		1,600,000	1,709,176
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “B”, 0.75%, 11/01/2035 (Put Date 9/02/2025)		3,275,000	3,251,683
Lynchburg, VA, Economic Development Authority, Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2055		4,080,000	3,265,573
Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048		10,590,000	9,221,137
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n)		145,000	145,797
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)		270,000	270,440
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)		765,000	675,755
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)		1,195,000	1,128,082
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), 7%, 9/01/2053		4,300,000	4,703,003
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”, 6.5%, 9/01/2043		1,535,000	1,671,182
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”, 7%, 9/01/2059		6,400,000	6,962,829
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n)		630,000	592,489
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)		565,000	501,448
Virginia Housing Development Authority, Rental Housing, “D”, 4.875%, 8/01/2065		22,080,000	21,370,541
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029		495,000	495,937
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2039		6,020,000	5,639,878
Virginia Small Business Financing Authority Rev. (Pinnacle Living), 5%, 6/01/2052		2,710,000	2,457,490
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054		1,370,000	1,390,120
Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n)		185,000	176,910
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.25%, 7/01/2058		925,000	818,575
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.375%, 7/01/2063		4,050,000	3,633,767
Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 5.25%, 7/01/2053		810,000	840,154
Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 4.125%, 7/01/2058		4,195,000	3,702,775
Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 4.375%, 7/01/2063		11,360,000	10,280,974
			$126,487,424
Washington – 1.7%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037	$	10,030,000	$9,338,441
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2033		1,485,000	1,504,909
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2038		1,900,000	1,873,755
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2048		3,645,000	3,280,014

44

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Washington – continued
King County, WA, Public Hospital District No. 2 General Obligation (EvergreenHealth), 5.25%, 12/01/2045	$	3,265,000	$3,362,492
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026		4,220,000	4,104,002
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047		1,185,000	998,828
Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2038		7,865,000	7,990,159
Spokane County, WA, Airport Rev., “B”, 5.25%, 1/01/2049		13,680,000	13,898,379
Spokane County, WA, Airport Rev., “B”, 5.25%, 1/01/2054		6,320,000	6,380,757
Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), “A”, 5%, 12/01/2042		2,875,000	2,754,650
Vancouver, WA, Housing Authority, Multi-Family Rev., (Esther Short Project), 4.5%, 10/01/2042		995,000	968,652
Washington Housing Finance Commission, Municipal Certificates, “A”, 3.5%, 12/20/2035		16,015,185	15,059,229
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050		1,970,000	1,944,789
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055		5,005,000	4,912,743
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027		395,000	410,718
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035		395,000	396,086
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037		1,345,000	1,345,667
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042		5,100,000	4,581,590
Washington Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041		2,380,000	2,195,113
Washington Housing Finance Commission Multi-Family Mortgage-Backed (Camas Flats Apartments Project), “A”, FNMA, 4.55%, 8/01/2043		965,000	938,235
Washington Housing Finance Commission Municipal Certificates, “A”, 4.085%, 3/20/2040		3,534,836	3,318,523
Washington Housing Finance Commission Non-Profit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2043		1,045,000	1,042,722
Washington Housing Finance Commission Non-Profit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2048		920,000	890,878
Washington Housing Finance Commission Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), “A”, BAM, 5.25%, 7/01/2064		1,865,000	1,831,405
Washington State Housing Finance Commission Nonprofit Rev. (Blakely and Laurel Villages Portfolio), “A”, BAM, 5.25%, 7/01/2055		2,245,000	2,241,394
Whatcom County, WA, Public Utility District No. 1, Taxable, “A”, BAM, 5.5%, 12/01/2041		165,000	174,261
Whatcom County, WA, Public Utility District No. 1, Taxable, “A”, BAM, 5.5%, 12/01/2042		485,000	508,382
Whatcom County, WA, Public Utility District No. 1, Taxable, “A”, BAM, 5.5%, 12/01/2043		700,000	730,048
			$98,976,821
West Virginia – 1.0%
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), “A”, 4.125%, 6/01/2043 (n)	$	1,010,000	$845,092
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “B”, 4.875%, 6/01/2043 (n)		2,130,000	1,943,708
Ohio County, WV, County Commission Tax Increment Refunding & Improvement Rev. (Highlands Project), 5.25%, 6/01/2044		360,000	355,979
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027)		3,610,000	3,558,164
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025)		2,625,000	2,587,180
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025)		2,470,000	2,455,283
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%, 4/15/2055 (Put Date 5/15/2032)		4,390,000	4,370,081
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2038		665,000	671,471
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2039		200,000	201,037
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “B”, 5.375%, 9/01/2053		19,920,000	20,628,365
West Virginia Hospital Finance Authority Hospital Rev. (Vandalia Health Group), “B”, 5.5%, 9/01/2048		12,995,000	13,677,456
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, AGM, 4%, 6/01/2051		5,505,000	4,805,855
West Virginia Housing Development Fund, “A”, FHA, 3.75%, 11/01/2038		480,000	442,773
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033		535,000	545,240
			$57,087,684
Wisconsin – 3.8%
University of Wisconsin Hospitals and Clinics Authority Rev., “B”, 4%, 4/01/2051	$	10,905,000	$9,372,430
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2032		515,000	387,684
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2033		785,000	563,772
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2034		750,000	512,248
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2035		1,120,000	725,167

45

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2036	$	1,150,000	$704,318
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2037		1,865,000	1,076,426
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2038		2,025,000	1,099,066
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2039		2,200,000	1,123,264
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040		950,000	458,837
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2032		525,000	395,212
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2033		505,000	362,681
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2034		470,000	321,009
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2035		600,000	388,482
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2036		580,000	355,221
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2037		585,000	337,646
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2038		600,000	325,649
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2039		560,000	285,922
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040		140,000	67,618
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040		17,300,000	16,210,071
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5.5%, 12/01/2052		4,335,000	4,492,076
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2036		945,000	947,946
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2037		870,000	866,056
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, BAM, 5.25%, 2/15/2054		1,995,000	2,045,688
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2042		2,315,000	2,047,065
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047		635,000	625,827
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050		2,260,000	1,904,564
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.75%, 3/15/2043		505,000	470,882
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 5%, 3/15/2053		510,000	468,743
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037		2,520,000	2,325,064
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047		3,680,000	2,938,780
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057		5,220,000	3,833,380
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2039		645,000	621,718
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2046		1,445,000	1,281,694
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054		6,435,000	5,473,215
Wisconsin Housing & Economic Development Authority Home Ownership, “D”, 4%, 3/01/2047		1,650,000	1,656,505
Wisconsin Housing & Economic Development Authority, Multi-Family Housing, Taxable (Flats at Bishop Woods Project), “E”, 4.75%, 6/01/2043		10,000,000	9,947,202
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047		295,000	250,458
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052		395,000	320,507
Wisconsin Public Finance Authority Rev., Bluehub Loan, “B”, 5.25%, 7/01/2044		7,085,000	7,288,117
Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2050		1,150,000	1,159,506
Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2055		985,000	987,303
Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2061		1,655,000	1,647,627
Wisconsin Public Finance Authority, Affordable Housing Multi-Family Certificates, “B-1”, 7.125%, 7/25/2034		6,580,000	6,782,163
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2036		1,000,000	1,065,069
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037		1,205,000	1,273,161
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2039		250,000	259,564
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2043		1,000,000	1,009,551
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028		335,000	335,268
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042		1,430,000	1,413,108
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “C”, 5%, 7/01/2042		1,630,000	1,610,746
Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039		160,000	159,947
Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049		965,000	901,525
Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053		335,000	307,815
Wisconsin Public Finance Authority, Education Refunding Rev., Taxable (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), “A”, 4.5%, 7/15/2049 (n)		650,000	557,297
Wisconsin Public Finance Authority, Education Refunding Rev., Taxable (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), “A”, 4.5%, 7/15/2053 (n)		285,000	238,911
Wisconsin Public Finance Authority, Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n)		95,000	95,033

46

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Public Finance Authority, Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n)	$	95,000	$95,030
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2042		495,000	479,832
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2052		695,000	662,873
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.375%, 6/15/2057		665,000	640,906
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062		1,045,000	1,009,749
Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2054		900,000	838,040
Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2064		690,000	627,818
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “A”, 4%, 10/01/2052		7,495,000	6,312,877
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045		650,000	574,125
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)		25,000	25,007
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)		130,000	130,048
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)		175,000	173,787
Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042		520,000	490,812
Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047		585,000	534,144
Wisconsin Public Finance Authority, Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049		6,320,000	5,407,329
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2036 (n)		1,475,000	1,291,676
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2041 (n)		1,345,000	1,061,763
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2051 (n)		4,715,000	3,192,107
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2056 (n)		2,245,000	1,464,520
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)		10,340,000	10,003,950
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)		4,090,000	3,957,075
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%, 4/28/2036		8,780,000	8,923,351
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, “1-A”, FHLMC, 4.1%, 9/25/2039 (n)		11,905,000	11,225,249
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n)		3,840,000	3,850,702
Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.5%, 7/01/2052		5,510,000	5,575,688
Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.625%, 7/01/2055		4,225,000	4,272,299
Wisconsin Public Finance Authority, Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “A”, 5%, 11/15/2041		795,000	799,661
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2041		190,000	171,415
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2046		260,000	217,552
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051		730,000	584,014
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n)		1,180,000	1,184,151
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n)		2,015,000	1,948,248
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n)		3,335,000	3,089,587
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n)		2,305,000	2,084,416
Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)		5,460,000	3,985,800
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), “A”, 5%, 6/01/2039		965,000	983,977
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), “A”, 5%, 6/01/2044		1,300,000	1,279,582
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), “A”, 5.25%, 6/01/2054		445,000	434,019
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation, LLC Project), “A”, 5.25%, 6/15/2045		1,000,000	1,014,001

47

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation, LLC Project), “A”, 5.25%, 6/15/2050	$	525,000	$526,638
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation, LLC Project), “B”, 5.25%, 6/15/2045		330,000	328,423
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation, LLC Project), “B”, 5.5%, 6/15/2055		310,000	309,511
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (NC A&T Real Estate Foundation, LLC Project), “A”, 5%, 6/01/2049		4,355,000	4,108,768
Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044		295,000	295,160
Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2045		635,000	569,485
Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2050		550,000	474,181
Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2055		620,000	519,911
Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), 5%, 7/01/2036		395,000	405,270
Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048		4,720,000	4,581,086
Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053		2,810,000	2,665,676
Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058		3,935,000	3,716,746
Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2041 (n)		335,000	282,523
Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2051 (n)		1,310,000	1,001,042
Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n)		1,540,000	1,113,596
Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 4.85%, 7/01/2031 (n)		335,000	309,218
Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 5.35%, 7/01/2040 (n)		1,125,000	898,806
Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev. (Astro Texas Land Projects), 5%, 12/15/2036		3,148,584	3,102,944
Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., Taxable (Astro Texas Land Projects), Capital Appreciation, 0%, 12/15/2037		3,618,000	1,788,448
			$222,276,416
Wyoming – 0.1%
Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050	$	3,770,000	$3,796,570
Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052		2,800,000	2,783,555
			$6,580,125
Total Municipal Bonds			$5,760,184,672
Other Municipal Bonds – 1.2%
Multi-Family Housing Revenue – 1.2%
Affordable Housing Opportunities Trust Certificates, AH-01, “A”, 3.528%, 5/01/2039 (n)	$	9,230,000	$7,395,085
Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040		11,348,714	11,282,348
Freddie Mac, FHLMC, 2.625%, 6/15/2035 (n)		12,880,000	11,273,292
Freddie Mac, 4.143%, 1/25/2040		15,684,878	15,074,764
Freddie Mac, 4.685%, 10/25/2040		10,136,942	10,325,732
Freddie Mac, 4.519%, 8/25/2041		11,094,194	11,385,750
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.305%, 7/25/2041 (i)(n)		12,170,475	1,081,157
FRETE 2022-ML13 Trust, “X-CA”, 0.964%, 7/25/2036 (i)		34,668,285	1,850,305
FRETE 2023-ML16 Trust, “A”, 4.633%, 7/25/2038		2,945,657	3,027,564
Total Other Municipal Bonds			$72,695,997

48

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – 0.3%
Medical & Health Technology & Services – 0.1%
Boston Medical Center Corp., 4.519%, 7/01/2026	$	3,689,000	$3,679,980
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028		385,000	383,796
			$4,063,776
Transportation - Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n)	$	4,770,000	$4,583,176
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)		670,000	605,413
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n)		2,726,000	2,318,932
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n)		2,925,000	1,661,315
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		17,864,709	3,746,307
			$12,915,143
Total Bonds			$16,978,919
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	6,038,348	$3,713,584
Mutual Funds (h) – 1.0%
Money Market Funds – 1.0%
MFS Institutional Money Market Portfolio, 4.35% (v)		61,217,441	$61,223,563
Other Assets, Less Liabilities – (1.2)%			(69,840,383 )
Net Assets – 100.0%			$5,844,956,352

 

(a)	Non-income producing security.
(d)	In default.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $61,223,563 and $5,853,573,172, respectively.
(i)	Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(n)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $311,245,797, representing 5.3% of net assets.
(p)	Primary market inverse floater.
(u)	Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.
(z)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities	Acquisition Date	Cost	Value
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035	6/30/2015	$46,674	$8
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035	11/15/2017	298,012	49
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044	11/15/2017	438,336	74
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049	6/30/2015	81,952	14
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035	2/04/2021	8,963,663	7,039,260
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035	2/04/2021	3,655,572	2,870,760
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035	2/04/2021	3,647,795	2,864,652
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/01/2051	2/04/2021	3,328,104	2,613,990

49

Portfolio of Investments (unaudited) – continued

Restricted Securities − continued	Acquisition Date	Cost	Value
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035	2/04/2021	$2,290,702	$1,798,917
Total Restricted Securities			$17,187,724
% of Net assets			0.3%

 

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
BAM	Build America Mutual
COP	Certificate of Participation
ETM	Escrowed to Maturity
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
NPFG	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
RIBS	Residual Interest Bonds
SOFR	Secured Overnight Financing Rate

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

50

Supplemental Information

6/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value.Open-end investment companies are generally valued at net asset value per share.

Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities: 

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$5,836,594,253	$—	$5,836,594,253
U.S. Corporate Bonds	—	16,978,919	—	16,978,919
Investment Companies	61,223,563	—	—	61,223,563
Total	$61,223,563	$5,853,573,172	$—	$5,914,796,735

For further information regarding security characteristics, see the Portfolio of Investments.

51

Supplemental Information (unaudited) – continued

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:

 

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$61,804,407	$449,409,435	$449,991,762	$1,246	$237	$61,223,563

 

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$985,577	$—

52