NPORT-EX 2 tiaa_FSTF.htm
1
Portfolio of Investments December 31, 2025
Short Term
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 94.0%
414139860
MUNICIPAL BONDS - 94.0%
414139860
ALABAMA - 3.7%
$
2,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D
5.000
%
11/01/27
$
2,062,519
500,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A
5.000
05/01/27
504,633
300,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5.000
08/01/27
308,913
1,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5.000
08/01/28
1,048,645
1,000,000
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2023 Sub B-1
5.000
06/01/27
1,024,561
1,600,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Fixed Rate Series 2023B-1
5.500
11/01/27
1,659,202
1,000,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Series 2025B
5.000
03/01/28
1,023,956
1,000,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5.000
10/01/27
1,035,357
650,000
(a)
Mobile Industrial Development Board, Alabama, Pollution
Control Revenue Refunding Bonds, Alabama Power Company
Barry Plan, Series 2007A, (Mandatory Put 6/26/29)
3.375
06/01/34
657,807
1,500,000
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 1, Refunding Series 2024A
5.000
04/01/28
1,563,605
1,500,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5.000
11/01/27
1,529,460
1,270,000
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 3, Fixed Rate Series 2022A-1
5.000
12/01/26
1,288,090
500,000
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025E
5.000
10/01/27
517,225
300,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5.000
09/01/28
312,785
1,580,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025B
5.000
01/01/28
1,621,755
TOTAL ALABAMA
16,158,513
ALASKA - 2.2%
815,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
3.250
12/01/27
819,946
1,020,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2024A
5.000
12/01/27
1,065,769
5,000,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2025A
5.000
12/01/27
5,212,916
500,000
Alaska Municipal Bond Bank, General Obligation Bonds,
Refunding Three Series 2025
5.000
10/01/29
545,088
1,100,000
Alaska State, General Obligation Bonds, Refunding Series
2024B
5.000
08/01/27
1,143,059
1,000,000
North Slope Borough, Alaska, General Obligation Bonds,
Series 2024A
5.000
06/30/29
1,082,844
TOTAL ALASKA
9,869,622
ARIZONA - 3.5%
650,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4.100
12/01/37
654,929
530,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4.000
06/01/49
537,529
1,920,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2022-2, (AMT), (Mandatory Put 9/01/27)
5.000
09/01/52
1,956,787
1,000,000
(a)
Coconino County, Arizona, Pollution Control Revenue Bonds,
Nevada Power Company Project, Refunding Series 2017B,
(Mandatory Put 3/31/26)
3.750
03/01/39
1,001,120
Portfolio of Investments December 31, 2025
(continued)
Short Term
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
510,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5.000
%
07/01/27
$
528,906
370,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5.000
07/01/28
392,935
7,550,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019D, (Mandatory Put
5/15/26)
5.000
01/01/46
7,616,746
1,165,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement &
Project of 2023 Series 2025B
5.000
07/01/28
1,237,213
435,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5.000
08/01/28
462,284
1,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5.000
07/01/29
1,086,405
TOTAL ARIZONA
15,474,854
CALIFORNIA - 2.7%
1,000,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023E-1
5.000
09/01/27
1,030,638
1,750,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B
5.000
12/01/27
1,799,744
150,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C
5.000
10/01/28
156,991
500,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D
5.000
07/01/30
528,026
175,000
(a)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Republic Services Inc. Project, Refunding
Series 2021A, (AMT), (Mandatory Put 4/01/26)
3.450
07/01/41
174,980
500,000
(a)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Waste Management Inc. Project, Series 2022A,
(AMT), (Mandatory Put 10/02/28)
3.450
10/01/41
501,655
260,000
(a),(b)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Republic Services Inc., Refunding
Series 2023, (AMT), (Mandatory Put 2/17/26)
3.800
07/01/43
259,925
2,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5.000
08/01/28
2,135,795
2,070,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding
Subordinate Green Series 2025A, (AMT)
5.000
05/15/29
2,209,132
1,000,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Senior Series 2025B, (AMT)
5.000
07/01/29
1,073,880
2,020,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2021B, (AMT)
5.000
07/01/26
2,042,308
TOTAL CALIFORNIA
11,913,074
COLORADO - 5.6%
333,000
(b)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
3.375
12/01/26
328,619
100,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Aspen View Academy Project, Series 2021
4.000
05/01/26
99,948
630,000
(a),(c)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019B, (Pre-refunded
11/19/26)
5.000
11/15/49
643,085
1,795,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health, Sunbelt Obligated Group, Series 2016C,
(Mandatory Put 11/15/26)
5.000
11/15/36
1,830,449
500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5.000
08/01/26
505,809
2,265,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5.000
08/01/49
2,268,339
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
9,930,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2022A, (Mandatory Put
8/17/26)
5.000
%
05/15/62
$
10,075,309
2,300,000
Colorado Housing and Finance Authority, Multi Family Project
Bonds, Class I Series 2025C-2
3.350
07/01/28
2,324,382
3,525,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5.250
11/15/26
3,598,762
2,070,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5.000
12/01/27
2,149,497
290,000
Gold Hill Mesa Metropolitan District 2, Colorado Springs, El
Paso County, Colorado, Limited Tax General Obligation and
Special Revenue Bonds, Refunding & Improvement Series
2022A - BAM Insured
5.000
12/01/26
295,498
510,000
Ravenna Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Refunding Limited Tax Series 2023
- AGM Insured
5.000
12/01/27
527,466
TOTAL COLORADO
24,647,163
CONNECTICUT - 2.0%
20,000
(a)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Series 2016A-2, (Mandatory
Put 7/01/26)
2.000
07/01/42
19,934
630,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3.200
05/15/28
635,303
650,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3.200
11/15/28
658,372
550,000
(a)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025B-2, (Mandatory Put
5/15/28)
3.300
05/15/60
553,054
2,000,000
Connecticut State, General Obligation Bonds, Refunding Series
2025D
5.000
08/15/29
2,176,510
1,060,000
Connecticut State, General Obligation Bonds, Series 2025A
5.000
03/15/28
1,117,524
1,000,000
Connecticut State, General Obligation Bonds, Series 2025A
5.000
03/15/29
1,078,254
1,180,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Refunding Forward
Delivery Series 2021C
5.000
01/01/27
1,209,472
1,340,000
University of Connecticut, General Obligation Bonds,
Refunding Series 2023A
5.000
08/15/27
1,393,322
TOTAL CONNECTICUT
8,841,745
DELAWARE - 0.3%
225,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3.250
07/01/27
226,038
205,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3.300
01/01/28
206,515
590,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3.350
07/01/28
595,687
430,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3.400
01/01/29
435,917
TOTAL DELAWARE
1,464,157
DISTRICT OF COLUMBIA - 1.4%
6,005,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2017, (AMT)
5.000
10/01/26
6,107,092
TOTAL DISTRICT OF COLUMBIA
6,107,092
FLORIDA - 4.1%
1,735,000
(a),(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
10.000
07/01/57
1,214,500
720,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2.650
01/01/28
712,841
350,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2.700
07/01/28
345,834
815,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2.750
01/01/29
804,204
Portfolio of Investments December 31, 2025
(continued)
Short Term
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
5,090,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5.000
%
10/01/29
$
5,531,859
2,000,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5.000
07/01/29
2,167,911
2,600,000
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT)
5.000
10/01/26
2,637,614
2,555,000
(a)
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Advent Health Obligated Group, Series
2021C, (Mandatory Put 11/15/26)
5.000
11/15/52
2,605,458
1,000,000
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2025A
5.000
08/01/30
1,107,604
350,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5.000
10/01/28
372,292
365,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5.000
10/01/29
397,231
160,000
Seminole County, Florida, Water and Sewer Revenue Bonds,
Refunding Series 2025A
5.000
10/01/29
174,368
TOTAL FLORIDA
18,071,716
GEORGIA - 3.4%
1,605,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5.000
07/01/28
1,689,720
1,260,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5.000
04/01/29
1,362,403
1,500,000
Fulton County, Georgia, Water and Sewerage Revenue Bonds,
Refunding Series 2025
5.000
01/01/29
1,612,717
3,420,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4.000
07/01/52
3,453,482
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023A
5.000
06/01/26
1,006,906
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023A
5.000
06/01/27
1,022,471
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023D
5.000
12/01/26
1,015,510
250,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5.000
12/01/26
254,149
500,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5.000
12/01/27
517,029
1,905,000
Richmond County Board of Education, Georgia, General
Obligation Bonds, Sales Tax Series 2025
5.000
10/01/28
2,033,652
1,045,000
Wayne County School District, Georgia, General Obligation
Sales Tax Bonds, Series 2023
5.250
09/01/27
1,091,444
TOTAL GEORGIA
15,059,483
GUAM - 0.1%
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.000
01/01/29
527,473
TOTAL GUAM
527,473
HAWAII - 0.8%
2,080,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific Health Obligated Group, Series
2023C
5.000
07/01/28
2,193,398
25,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Series 2017A, (AMT)
3.100
05/01/26
24,866
1,000,000
Maui County, Hawaii, General Obligation Bonds, Series 2025
5.000
09/01/29
1,090,413
TOTAL HAWAII
3,308,677
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO - 0.4%
$
270,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3.125
%
07/01/28
$
270,439
725,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3.200
01/01/29
727,119
590,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3.300
07/01/29
592,735
TOTAL IDAHO
1,590,293
ILLINOIS - 4.8%
4,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Refunding Senior Lien Series 2024C
5.000
01/01/27
4,074,485
1,000,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Second Lien Series 2016A
5.000
01/01/26
1,000,000
3,000,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023C
5.000
01/01/27
3,055,864
545,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2024A
5.000
01/01/26
545,000
1,165,000
Cook County School District 78 Rosemont, Illinois, General
Obligation Bonds, Series 2020 - AGM Insured
5.000
12/01/26
1,185,814
600,000
Illinois State, General Obligation Bonds, November Series
2017C
5.000
11/01/29
621,804
1,080,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/26
1,099,673
780,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/27
810,748
1,030,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/28
1,068,604
1,005,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5.000
06/15/28
1,057,517
1,055,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5.000
06/15/29
1,132,404
2,330,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation September Series 2021C
5.000
06/15/27
2,403,519
500,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5.000
10/01/27
519,481
525,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5.000
10/01/28
552,298
1,085,000
Will County School District 86, Joliet, Illinois, General
Obligation Bonds, School Series 2023 - BAM Insured
5.000
03/01/26
1,088,642
700,000
Will County School District 86, Joliet, Illinois, General
Obligation Bonds, School Series 2023 - BAM Insured
5.000
03/01/28
730,841
TOTAL ILLINOIS
20,946,694
INDIANA - 2.0%
500,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5.000
07/15/26
505,846
560,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5.000
07/15/27
578,984
505,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5.000
01/15/28
527,798
1,430,000
Crown Point Multi-School Building Corporation, Indiana, First
Mortgage Bonds, Crown Point Community School Corporation,
Series 2021
5.000
01/15/26
1,431,175
500,000
(a)
Indiana Finance Authority, Environmental Facilities Revenue
Bonds, Indianapolis Power & Light Company Project, Refunding
Series 2020A, (AMT), (Mandatory Put 4/01/26)
0.950
12/01/38
496,685
1,000,000
(a)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-1, (Mandatory Put 10/01/29)
5.000
10/01/64
1,068,425
700,000
Indiana Finance Authority, Hospital Revenue Bonds, Marion
General Hospital Project, Series 2021A
5.000
07/01/26
706,137
405,000
Mount Vernon of Hancock County Multi-School Building
Corporation, Indiana, First Mortgage Bonds, Series 2022
5.000
01/15/27
414,128
Portfolio of Investments December 31, 2025
(continued)
Short Term
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
1,000,000
(a)
Mount Vernon, Indiana, Environmental Improvement Revenue
Bonds, Southern Indiana Gas and Electric Company Project,
Series 2015, (AMT), (Mandatory Put 9/01/28)
4.250
%
09/01/55
$
1,013,444
505,000
(a)
Rockport, Indiana, Pollution Control Revenue Refunding Bonds,
Indiana Michigan Power Company Project, Series 2025A,
(Mandatory Put 6/01/29)
3.700
06/01/47
515,526
750,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5.000
07/15/29
803,652
800,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5.000
01/15/30
865,087
TOTAL INDIANA
8,926,887
IOWA - 0.0%
65,000
(a),(c)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/32)
4.000
12/01/50
70,722
TOTAL IOWA
70,722
KANSAS - 1.1%
1,000,000
Hutchinson, Kansas, General Obligation Bonds, Temporary
Notes Series 2025D
3.375
10/01/28
1,003,975
1,295,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5.000
09/01/28
1,380,182
545,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5.000
09/01/29
593,875
650,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5.000
06/15/28
655,612
1,000,000
Olathe, Kansas, General Obligation Bonds, Temporary Notes
Series 2025A
5.000
09/01/26
1,015,971
TOTAL KANSAS
4,649,615
KENTUCKY - 2.1%
800,000
Kentucky Asset/Liability Commission, General Fund Revenue
Project Notes, Federal Highway Trust Fund, First Refunding
Series 2024A
5.000
09/01/26
812,174
595,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 128, Series 2023A
5.000
11/01/27
621,595
455,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 132, Refunding Series 2025B
5.000
04/01/30
498,544
750,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5.000
09/01/28
797,535
200,000
(a)
Owen County, Kentucky, Waterworks System Revenue Bonds,
Kentucky-American Water Company Project, Refunding Series
2019A, (Mandatory Put 10/01/29)
2.450
06/01/39
194,291
1,000,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B
5.000
08/01/28
1,038,049
360,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5.000
01/01/55
387,487
3,500,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2019C-1, (Mandatory Put 2/01/28)
4.000
02/01/50
3,546,310
1,000,000
(a)
Trimble County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project Series 2023A,
(AMT), (Mandatory Put 6/01/27)
4.700
06/01/54
1,007,640
500,000
(a)
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2016A,
(AMT), (Mandatory Put 9/01/27)
1.300
09/01/44
476,430
TOTAL KENTUCKY
9,380,055
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA - 2.3%
$
540,000
Livingston Parish, Louisiana, Sales Tax Revenue Bonds, Series
2025
5.000
%
10/01/29
$
584,143
3,250,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Insurance
Assessment Revenue Bonds, Louisiana Insurance Guaranty
Association Project, Series 2022B
5.000
08/15/26
3,294,920
3,000,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Series 2025B
5.000
05/01/29
3,245,974
600,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-1,
(Mandatory Put 7/01/26)
4.050
06/01/37
603,590
35,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-3,
(Mandatory Put 7/01/26)
2.200
06/01/37
34,892
1,460,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017C,
(Mandatory Put 7/03/28)
3.300
06/01/37
1,478,247
755,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5.000
12/01/27
783,566
TOTAL LOUISIANA
10,025,332
MAINE - 0.2%
885,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2025D
2.850
11/15/28
882,093
TOTAL MAINE
882,093
MARYLAND - 0.2%
1,000,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Series 2024
5.000
02/01/27
1,027,173
TOTAL MARYLAND
1,027,173
MASSACHUSETTS - 2.5%
360,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5.000
02/01/29
390,914
1,950,000
Massachusetts Educational Financing Authority, Education
Loan Revenue Bonds, Issue M, Senior Series 2021B, (AMT)
5.000
07/01/27
1,995,375
540,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2023A-3
3.050
12/01/27
541,662
750,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3.400
12/01/27
752,502
5,000,000
Massachusetts Port Authority, Revenue Bonds, Series 2019A,
(AMT)
5.000
07/01/26
5,053,481
2,005,000
Massachusetts School Building Authority, Senior Dedicated
Sales Tax Revenue Bonds, Subordinated Refunding Social
Series 2025B
5.000
02/15/29
2,167,318
TOTAL MASSACHUSETTS
10,901,252
MICHIGAN - 2.4%
590,000
Detroit City School District, Wayne County, Michigan, Unlimited
Tax School Building and Site Improvement Bonds, Series
2001A - AGM Insured
6.000
05/01/29
627,964
635,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
3.700
04/01/30
635,304
850,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2025A-1
2.875
04/01/28
846,923
1,920,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A
3.350
12/01/28
1,938,650
3,110,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5.000
04/15/29
3,359,596
3,065,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Consumers Energy Company Project, Series 2019, (AMT),
(Mandatory Put 10/01/27)
3.350
10/01/49
3,061,303
TOTAL MICHIGAN
10,469,740
Portfolio of Investments December 31, 2025
(continued)
Short Term
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA - 2.4%
$
690,000
Becker Independent School District 726, Minnesota, General
Obligation Bonds, School Building Series 2022A
0.000
%
02/01/26
$
688,336
1,130,000
Eastern Carver County Independent School District 112,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2025A
5.000
02/01/28
1,187,730
900,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2019A
4.375
08/01/29
908,653
420,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Yinghua Academy Project, Series 2013A
6.000
07/01/33
420,473
1,060,000
(a)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2023A, (Mandatory Put 11/15/28)
5.000
11/15/52
1,117,611
275,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3.700
07/01/28
278,560
285,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3.800
01/01/29
289,547
265,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3.850
07/01/29
270,138
750,000
Moorhead, Minnesota, General Obligation Bonds,
Improvement Series 2022A
5.000
02/01/26
751,451
425,000
New London Economic Development Authority, Minnesota,
Lease Revenue Bonds, SWWC Service Cooperative Lease With
Option to Purchase Project, Public Series 2023
5.000
02/01/26
425,396
500,000
Northern Municipal Power Agency, Minnesota, Electric System
Revenue Bonds, Refunding Series 2016
5.000
01/01/26
500,000
2,030,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2016A
5.000
05/01/27
2,044,256
95,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Refunding Series 2021A
2.000
09/01/26
93,542
175,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5.000
11/15/27
180,527
300,000
Shakopee Independent School District 720, Scott County,
Minnesota, Certificates of Participation, Series 2021B
4.000
02/01/26
300,192
1,250,000
Southern Minnesota Municipal Power Agency, Power Supply
System Revenue Bonds, Series 1994A - NPFG Insured
0.000
01/01/26
1,250,000
TOTAL MINNESOTA
10,706,412
MISSISSIPPI - 0.6%
1,095,000
Mississippi Development Bank, Special Obligation Bonds,
Mississippi Highway Refunding Project, Refunding Series
2024A
5.000
01/01/28
1,147,430
1,410,000
Mississippi Development Bank, Special Obligation Bonds,
Municipal Energy Agency of Mississippi, Power Supply Project,
Refunding Series 2015A - AGM Insured
5.000
03/01/28
1,414,171
265,000
Warren County, Mississippi, Gulf Opportunity Zone Revenue
Bonds, International Paper Company Project, Refunding Series
20218
4.000
09/01/32
272,998
TOTAL MISSISSIPPI
2,834,599
MISSOURI - 2.0%
1,000,000
(a)
Kansas City Planned Industrial Expansion Authority, Missouri,
Multifamily Housing Revenue Bonds, The Depot on Old Santa
Fe Series 2023, (Mandatory Put 7/01/27)
5.000
07/01/45
1,019,922
160,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2.900
09/01/33
149,794
1,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998B
2.900
09/01/33
936,216
2,595,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021B,
(Mandatory Put 5/01/26)
4.000
05/01/51
2,605,376
250,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lake Regional Health System, Series 2021
5.000
02/15/26
250,276
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
285,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3.200
%
11/01/26
$
285,258
525,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3.250
05/01/27
527,015
300,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3.300
11/01/27
301,875
500,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, Gree Bonds, MoPEP Facilities,
Series 2022
5.000
12/01/26
510,116
630,000
Saint Louis County Industrial Development Authority, Missouri,
Health Facilities Revenue Bonds, Ranken-Jordan Project,
Refunding & Improvement Series 2016
5.000
11/15/26
630,341
1,630,000
Springfield, Missouri, Special Obligation Bonds, Refunding
Series 2017B, (AMT)
5.000
07/01/26
1,646,627
TOTAL MISSOURI
8,862,816
MONTANA - 0.2%
365,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3.200
06/01/29
369,712
370,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3.250
12/01/29
375,822
TOTAL MONTANA
745,534
NEBRASKA - 0.9%
2,710,000
Metropolitan Utilities District of Omaha, Nebraska, Gas System
Revenue Bonds, Series 2023
5.000
12/01/26
2,771,015
1,255,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Series 2022B
5.000
12/15/27
1,258,193
TOTAL NEBRASKA
4,029,208
NEVADA - 0.4%
1,410,000
Clark County School District, Nevada, General Obligation
Bonds, Limited Tax Building Series 2018B - AGM Insured
5.000
06/15/27
1,459,045
110,000
(a),(b)
Director of the State of Nevada Department of Business and
Industry, Solid Waste Disposal Revenue Bonds, Republic
Services Inc., Variable Rate Demand Series 2001, (AMT),
(Mandatory Put 6/01/26)
3.450
12/01/26
110,007
TOTAL NEVADA
1,569,052
NEW HAMPSHIRE - 0.4%
1,190,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth College, Series 2015B, (Mandatory
Put 8/03/27)
3.300
06/01/40
1,194,101
500,000
New Hampshire Housing Finance Authority, Multi-Family
Housing Revenue Bonds, Series 2024-2
3.150
07/01/27
500,942
TOTAL NEW HAMPSHIRE
1,695,043
NEW JERSEY - 0.7%
515,000
(a)
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, New Jersey-American Water Company
Inc. Project, Refunding Series 2020B, (AMT), (Mandatory Put
6/01/28)
3.750
11/01/34
521,131
1,275,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023A, (AMT)
5.000
12/01/26
1,293,391
1,475,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Social Series 2025B
3.050
11/01/29
1,470,022
TOTAL NEW JERSEY
3,284,544
NEW MEXICO - 0.2%
775,000
Albuquerque Municipal School District 12, Bernalillo and
Sandoval Counties, New Mexico, General Obligation Bonds,
Refunding Series 2025B
5.000
08/01/28
824,610
TOTAL NEW MEXICO
824,610
Portfolio of Investments December 31, 2025
(continued)
Short Term
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK - 3.9%
$
1,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5.000
%
03/15/30
$
1,104,430
1,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Refunding Series 2025B
5.000
11/15/27
1,043,991
1,300,000
(a)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2025B-2, (Mandatory Put 7/02/29)
3.950
11/01/64
1,328,102
2,625,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries F-1
5.000
11/01/27
2,739,930
1,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series
A-1
5.000
11/01/27
1,043,783
1,370,000
New York City, New York, General Obligation Bonds, Fiscal
2025 Series A
5.000
08/01/27
1,424,712
1,200,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Green Series 2025B-2,
(Mandatory Put 5/01/29)
3.600
11/01/64
1,208,581
1,000,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5.000
11/15/27
1,050,362
1,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A
5.000
03/15/29
1,080,179
2,895,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023,
(AMT)
5.000
12/01/26
2,946,987
2,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, MTA Bridges and Tunnels, Bond
Anticipation Notes Series 2025A
5.000
03/01/28
2,106,208
TOTAL NEW YORK
17,077,265
NORTH CAROLINA - 2.2%
1,745,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2025-59A
2.950
07/01/29
1,747,942
2,065,000
(a)
North Carolina Medical Care Commission, Hospital Revenue
Bonds, CaroMont Health A/K/A Gaston Health, Series 2021A,
(Mandatory Put 2/01/26)
5.000
02/01/51
2,068,434
2,000,000
North Carolina State, Federal Grant Anticipation Revenue
Bonds, Refunding Vehicle Series 2025
5.000
03/01/28
2,105,775
2,000,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2025B
5.000
05/01/28
2,115,245
1,700,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017 - AGM
Insured
5.000
01/01/27
1,736,876
TOTAL NORTH CAROLINA
9,774,272
NORTH DAKOTA - 0.4%
415,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement  Special Assessment Bonds,
Refunding Series 2024A
3.450
04/01/27
415,087
450,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/26
452,578
475,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/27
485,915
480,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/28
497,955
TOTAL NORTH DAKOTA
1,851,535
OHIO - 2.4%
1,065,000
Cleveland, Ohio, Airport System Revenue Bonds, Series 2018A,
(AMT)
5.000
01/01/27
1,084,832
265,000
Cleveland-Cuyahoga County Port Authroity, Ohio, Cultural
Facility Revenue Bonds, The Cleveland Museum of Natural
History Project, Series 2021
5.000
07/01/26
267,703
2,500,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025-1
5.000
04/01/28
2,641,755
1,070,000
Dublin, Ohio, General Obligation Bonds, Limited Tax
Refunding Various Purpose Improvement Series 2025
5.000
12/01/29
1,174,906
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
1,165,000
(a),(b)
Jefferson County Port Authority, Ohio, Economic Development
Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023,
(AMT), (Mandatory Put 12/01/28)
5.000
%
12/01/53
$
1,191,878
500,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005A, (AMT)
3.750
01/01/29
503,140
1,430,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014C, (AMT)
3.650
12/01/27
1,433,728
1,125,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dayton Power & Light Company Project, Refunding
Collateralized Series 2015A, (AMT), (Mandatory Put 6/01/27)
4.250
11/01/40
1,142,468
1,000,000
Upper Arlington, Ohio, General Obligation Bonds, Various
Purpose Limited Tax Refunding Series 2025
5.000
12/01/28
1,072,184
TOTAL OHIO
10,512,594
OKLAHOMA - 0.8%
1,490,000
Cleveland County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Norman Public
Schools Project, Series 2023C
5.000
06/01/28
1,566,376
775,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5.000
07/01/27
800,028
250,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5.000
07/01/28
263,320
660,000
Payne County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Stillwater Public
Schools Project, Series 2024 - BAM Insured
5.000
09/01/26
669,081
TOTAL OKLAHOMA
3,298,805
OREGON - 1.3%
1,000,000
Chemeketa Community College District, Oregon, General
Obligation Bonds, Series 2025B
5.000
06/15/28
1,060,883
1,500,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5.000
06/15/29
1,626,418
1,070,000
Salem-Keizer School District 24J, Marion and Polk Counties,
Oregon, General Obligation Bonds, Series 2009B
0.000
06/15/27
1,027,122
2,050,000
Washington Multnomah & Yamhill Counties School District 1J
Hillsboro, Oregon, General Obligation Bonds, Series 2017
5.000
06/15/26
2,072,786
TOTAL OREGON
5,787,209
PENNSYLVANIA - 2.0%
1,600,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2021A,
(AMT)
5.000
01/01/26
1,600,000
1,690,000
Montgomery County, Pennsylvania, General Obligation Bonds,
Series 2025A
5.000
03/01/28
1,780,478
1,005,000
North Allegheny School District, Allegheny County,
Pennsylvania, General Obligation Bonds, Series 2025
5.000
05/01/28
1,063,145
500,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2013, (AMT), (Mandatory Put 2/02/26)
3.400
08/01/45
500,072
1,140,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5.000
08/15/29
1,241,024
1,000,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5.000
07/01/28
1,050,809
1,390,000
University of Pittsburgh of the Commonwealth System of
Higher Education, Pennsylvania, Pitt Asset Notes, Series 2023
5.000
02/15/29
1,494,933
TOTAL PENNSYLVANIA
8,730,461
Portfolio of Investments December 31, 2025
(continued)
Short Term
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO - 1.7%
$
1,050,000
(c)
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds, Hospital de la Concepcion, Series 2017A, (Pre-
refunded 11/15/26)
3.550
%
11/15/30
$
1,058,357
509,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/27
483,888
680,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/29
604,597
68,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/31
55,957
4,289,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/27
4,381,296
800,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/29
847,953
TOTAL PUERTO RICO
7,432,048
SOUTH CAROLINA - 0.2%
1,000,000
South Carolina Association of Governmental Organizations,
Educational Facilities Corporation for Pickens School District,
Installment Purchase Revenue Bonds, Pickens County,
Refunding Series 2025
5.000
12/01/28
1,066,797
TOTAL SOUTH CAROLINA
1,066,797
SOUTH DAKOTA - 0.5%
1,770,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5.000
11/01/29
1,922,286
410,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
3.300
11/01/29
415,843
TOTAL SOUTH DAKOTA
2,338,129
TENNESSEE - 1.0%
100,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
5.000
08/01/28
105,093
1,000,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.000
07/01/28
1,056,255
260,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5.000
07/01/26
262,588
885,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Revenue Bonds, Improvement Series 2015B, (AMT)
5.000
07/01/26
886,352
2,000,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5.625
09/01/26
2,025,347
TOTAL TENNESSEE
4,335,635
TEXAS - 13.6%
1,250,000
Austin, Texas, Airport System Revenue Bonds, Series 2019B,
(AMT)
5.000
11/15/27
1,298,015
650,000
Bexar County Hospital District, Texas, Certificates of Obligation,
Series 2023
5.000
02/15/26
651,743
410,000
Bexar County Hospital District, Texas, Certificates of Obligation,
Series 2023
5.000
02/15/27
420,443
4,715,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5.000
08/15/28
5,013,874
545,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Anticipation Notes Subordinate Lien Series 2021C
5.000
01/01/27
546,603
555,000
Chapel Hill Independent School District, Smith County, Texas,
General Obligation Bonds, School Building Series 2023
5.000
02/15/26
556,529
1,585,000
Collin County, Texas, General Obligation Bonds, Refunding
Limited Tax Permanent Improvement, Tax Notes Series 2025
5.000
02/15/29
1,700,442
1,560,000
Cypress-Fairbanks Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding Series 2025
5.000
02/15/29
1,674,592
1,200,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding & Improvement Series 2025A-1, (AMT)
5.000
11/01/28
1,267,279
1,000,000
Denton, Texas, Certificates of Obligation, Series 2025
5.000
02/15/30
1,095,508
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,615,000
Dickinson Independent School District, Galveston County,
Texas, General Obligation Bonds, Refunding Series 2023A
5.000
%
02/15/27
$
1,656,678
1,445,000
Fort Bend County, Texas, General Obligation Bonds, Tax Road
Series 2024
5.000
03/01/27
1,484,616
600,000
Frisco Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, Refunding Series
2025A
5.000
02/15/30
658,537
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5.000
02/15/28
1,050,970
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5.000
02/15/29
1,073,145
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5.000
02/15/27
513,351
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5.000
02/15/28
524,744
5,675,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2019B-3, (Mandatory Put
12/01/26)
5.000
07/01/49
5,784,131
1,450,000
Harris County Flood Control District, Texas, Contract Tax Bonds,
Refunding Series 2025A
5.000
09/15/29
1,579,774
1,835,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5.000
09/15/29
1,995,158
610,000
Harris County, Texas, Road Revenue Bonds, Refunding, Series
2024A
5.000
09/15/27
636,059
3,630,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018C, (AMT)
5.000
07/01/26
3,668,108
1,295,000
Houston, Texas, General Obligation Bonds, Refunding Public
Improvement Series 2016A
5.000
03/01/27
1,300,022
340,000
Hunt Memorial Hospital District, Hunt County, Texas, General
Obligation Bonds, Refunding & Improvment Series 2020
5.000
02/15/26
340,655
1,000,000
Irving, Dallas County, Texas, General Obligation Bonds, Series
2024
5.000
09/15/28
1,066,185
1,170,000
Katy Independent School District, Harris, Fort Bend and Waller
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5.000
02/15/28
1,230,379
1,240,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Schoolhouse Series
2025
5.000
08/01/29
1,345,183
1,185,000
Lake Dallas Independent School District, Denton County, Texas,
General Obligation Bonds, Refunding Series 2025
5.000
08/15/29
1,284,443
460,000
Lewisville Independent School District, Denton and Tarrant
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5.000
08/15/28
490,123
1,255,000
McKinney Independent School District, Collin County, Texas,
General Obligation Bonds, Refunding & School Building Series
2021
5.000
02/15/27
1,290,338
100,000
(a)
Mission Economic Development Corporation, Texas,
Solid Waste Disposal Revenue Bonds, Graphic Packaging
International, LLC Project, Green Series 2025, (AMT),
(Mandatory Put 6/01/30)
5.000
12/01/64
103,691
1,250,000
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Waste Management Inc.
Project, Series 2023A, (AMT), (Mandatory Put 7/01/27)
4.250
06/01/48
1,257,443
2,775,000
North East Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding Series 2025
5.000
08/01/29
3,014,360
1,905,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5.000
01/01/27
1,952,390
1,500,000
Pearland Independent School District, Brazoria County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5.000
02/15/30
1,646,343
1,365,000
Plano Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2025
5.000
02/15/28
1,433,419
Portfolio of Investments December 31, 2025
(continued)
Short Term
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
315,000
(b)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
1.875
%
01/01/26
$
315,000
1,060,000
San Antonio, Texas, General Obligation Bonds, Tax Notes
Series 2024
5.000
02/01/27
1,088,803
1,500,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.000
02/01/29
1,609,301
555,000
(a)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2022E, (Mandatory Put 5/15/26)
5.000
11/15/52
557,722
1,020,000
(a)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2025B, (Mandatory Put 11/15/29)
5.000
11/15/64
1,100,286
545,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
2.950
07/01/28
543,091
565,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
3.000
01/01/29
563,120
250,000
Texas Municipal Gas Acquisition and Supply Corporation VI,
Gas Supply Revenue Bonds, Series 2025
5.000
01/01/27
254,211
1,055,000
Texas Transportation Commission, Central Texas Turnpike
System Revenue Bonds, Refunding Second Tier Series 2024C
5.000
08/15/31
1,181,108
TOTAL TEXAS
59,817,915
UTAH - 0.5%
625,000
Alpine School District Local Building Authority, Utah County,
Utah, Lease Revenue Bonds, Series 2025
5.000
03/15/29
674,109
1,405,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025
5.000
12/15/28
1,507,769
TOTAL UTAH
2,181,878
VIRGIN ISLANDS - 0.4%
1,645,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/26
1,659,784
TOTAL VIRGIN ISLANDS
1,659,784
VIRGINIA - 1.3%
3,220,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Intermediate Lien Bond Anticipation Notes Series 2023A
5.000
07/01/27
3,335,995
260,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2.650
01/01/28
257,934
265,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2.700
07/01/28
262,498
1,500,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3.600
12/01/28
1,500,201
500,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
3.250
09/01/29
501,218
TOTAL VIRGINIA
5,857,846
WASHINGTON - 3.8%
2,525,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2015C, (AMT)
5.000
04/01/26
2,527,766
1,550,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5.000
05/01/27
1,591,680
5,485,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019B-3, (Mandatory Put
8/01/26)
5.000
08/01/49
5,493,086
5,040,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5.000
07/01/28
5,357,450
1,780,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5.000
07/01/29
1,934,424
TOTAL WASHINGTON
16,904,406
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA - 0.4%
$
300,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5.000
%
06/01/27
$
308,207
570,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2009A, (Mandatory Put
6/01/28)
3.700
12/01/42
580,581
70,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Wheeling Power Company
- Mitchell Project, Refunding Series 2013A, (AMT), (Mandatory
Put 6/18/27)
3.000
06/01/37
69,422
400,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5.000
11/01/27
417,074
500,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5.000
11/01/28
532,380
TOTAL WEST VIRGINIA
1,907,664
WISCONSIN - 1.9%
400,000
Public Finance Authority of Wisconsin, Health Care Facilities
Revenue Bonds, Blue Ridge HealthCare, Refunding Series
2020A
5.000
01/01/26
400,000
155,000
Public Finance Authority of Wisconsin, Hospital Revenue
Bonds, Carson Valley Medical Center, Series 2021A
3.000
12/01/26
151,922
325,000
Public Finance Authority of Wisconsin, Hospital Revenue
Bonds, Renown Regional Medical Center Project, Series 2020A
5.000
06/01/26
327,823
1,655,000
(a)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/26)
3.300
10/01/46
1,657,361
1,300,000
Racine, Racine County, Wisconsin, General Obligation Bonds,
Promissory Notes Series 2025
4.500
03/15/27
1,304,043
1,150,000
University of Wisconsin Hospitals and Clinics Authority,
Revenue Bonds, Sustainability Series 2024A
5.000
04/01/27
1,182,521
455,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
5.000
10/01/26
456,452
250,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Agnesian HealthCare, Inc., Series
2017
5.000
07/01/26
252,365
230,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, PHM / New Richmond Senior
Housing, Inc., Refunding Series 2021
2.250
07/01/26
226,625
2,065,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-2
5.000
05/01/28
2,185,918
TOTAL WISCONSIN
8,145,030
WYOMING - 0.1%
590,000
Consolidated Wyoming Municipalities Electric Power System
Joint Powers Board, Wyoming, Electric Facilities Improvement
Lease Revenue Bonds, Gillette Electrical System Project,
Refunding Series 2022
5.000
06/01/26
595,344
TOTAL WYOMING
595,344
TOTAL MUNICIPAL BONDS
(Cost $412,213,690)
414,139,860
TOTAL LONG-TERM INVESTMENTS
(Cost $412,213,690)
414,139,860
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.4%
10500000
MUNICIPAL BONDS - 2.4%
10500000
CONNECTICUT - 0.7%
3,000,000
(a),(d)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2017F-3
3.350
05/15/40
3,000,000
TOTAL CONNECTICUT
3,000,000
Portfolio of Investments December 31, 2025
(continued)
Short Term
16
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA - 0.7%
$
3,000,000
(a),(d)
JEA, Florida, Water and Sewerage System Revenue Bonds,
Variable Rate Demand Obligations Series 2008B-1
2.570
%
10/01/36
$
3,000,000
TOTAL FLORIDA
3,000,000
NEW YORK - 0.4%
2,000,000
(a),(d)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series
A-2
2.500
05/01/55
2,000,000
TOTAL NEW YORK
2,000,000
OHIO - 0.6%
1,500,000
(a),(d)
Ohio State, Hospital Revenue Bonds, University Hospitals
Health System, Inc., Series 2025C
2.500
01/15/50
1,500,000
1,000,000
(a),(b),(d)
Worthington City School District, Franklin County, Ohio,
General Obligation Bonds, Tender Option Bond Trust
2025-XM1322
2.000
06/01/31
1,000,000
TOTAL OHIO
2,500,000
TOTAL MUNICIPAL BONDS
(Cost $10,500,000)
10,500,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,500,000)
10,500,000
TOTAL INVESTMENTS - 96.4%
(Cost $422,713,690)
424,639,860
OTHER ASSETS & LIABILITIES, NET -  3.6%
15,637,378
NET ASSETS - 100%
$
440,277,238
AMT
Alternative Minimum Tax
(a)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $4,419,929 or 1.0% of Total Investments.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
17
Short Term
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
414,139,860
$
–
$
414,139,860
Short-Term Investments:
Municipal Bonds
–
10,500,000
–
10,500,000
Total
$
–
$
424,639,860
$
–
$
424,639,860