NPORT-EX 2 tiaa_FSTF.htm
1
Portfolio of Investments June 30, 2026
Short Term
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 102.1%
432173535
MUNICIPAL BONDS - 102.1%
432173535
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
$
2,048,862
500,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A
5
.000
05/01/27
502,541
300,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5
.000
08/01/27
305,829
1,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5
.000
08/01/28
1,033,561
1,000,000
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2023 Sub B-1
5
.000
06/01/27
1,017,538
1,600,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Fixed Rate Series 2023B-1
5
.500
11/01/27
1,649,665
1,000,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Series 2025B
5
.000
03/01/28
1,019,054
1,000,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.000
10/01/27
1,027,999
670,000
(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
678,070
1,500,000
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 1, Refunding Series 2024A
5
.000
04/01/28
1,543,274
1,500,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/27
1,524,638
1,270,000
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 3, Fixed Rate Series 2022A-1
5
.000
12/01/26
1,279,387
500,000
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025E
5
.000
10/01/27
512,461
300,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5
.000
09/01/28
311,232
1,000,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025B
5
.000
01/01/28
1,011,891
TOTAL ALABAMA
15,466,002
ALASKA - 2.3%
815,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
3
.250
12/01/27
819,449
1,020,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2024A
5
.000
12/01/27
1,055,068
5,000,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2025A
5
.000
12/01/27
5,174,028
535,000
Alaska Municipal Bond Bank, General Obligation Bonds,
Refunding Three Series 2025
5
.000
10/01/29
575,391
1,120,000
Alaska State, General Obligation Bonds, Refunding Series
2024B
5
.000
08/01/27
1,151,192
1,065,000
North Slope Borough, Alaska, General Obligation Bonds,
Series 2024A
5
.000
06/30/29
1,139,470
TOTAL ALASKA
9,914,598
ARIZONA - 1.6%
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
658,897
425,000
(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
431,805
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
1,942,921
65,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5
.000
07/01/26
65,000
Portfolio of Investments June 30, 2026
(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
$
522,986
400,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5
.000
07/01/28
420,027
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
1,222,630
465,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5
.000
08/01/28
488,659
1,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5
.000
07/01/29
1,072,379
TOTAL ARIZONA
6,825,304
ARKANSAS - 0.5%
2,000,000
(a)
Arkansas Development Finance Authority, Single Family
Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, Series 2026A, (Mandatory Put 5/15/27)
2
.875
07/01/57
2,000,100
TOTAL ARKANSAS
2,000,100
CALIFORNIA - 2.8%
1,000,000
(b)
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/26
998,025
1,000,000
(b)
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/27
973,725
1,000,000
(b)
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/28
948,204
150,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C
5
.000
10/01/28
154,678
500,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D
5
.000
07/01/30
516,323
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
504,180
1,000,000
(a),(c)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Republic Services Inc., Refunding
Series 2023, (AMT), (Mandatory Put 8/17/26)
2
.875
07/01/43
999,435
2,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5
.000
08/01/28
2,110,117
1,290,000
(d)
Los Angeles County, California, Tax and Revenue Anticipation
Notes, Series 2025-26
5
.000
06/30/27
1,321,146
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
2,195,355
1,000,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Senior Series 2025B, (AMT)
5
.000
07/01/29
1,062,838
TOTAL CALIFORNIA
11,784,026
COLORADO - 5.8%
333,000
(c)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
3
.375
12/01/26
331,044
650,000
(a),(e)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019B, (Pre-refunded
11/19/26)
5
.000
11/15/49
655,870
1,945,000
(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
1,961,344
500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/26
500,774
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,285,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5
.000
%
08/01/49
$
2,287,574
10,120,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2022A, (Mandatory Put
8/17/26)
5
.000
05/15/62
10,147,450
2,300,000
Colorado Housing and Finance Authority, Multi Family Project
Bonds, Class I Series 2025C-2
3
.350
07/01/28
2,308,388
3,525,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.250
11/15/26
3,558,254
2,080,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/27
2,146,804
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
292,409
510,000
Ravenna Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Refunding Limited Tax Series 2023
- AGM Insured
5
.000
12/01/27
523,939
TOTAL COLORADO
24,713,850
CONNECTICUT - 2.1%
630,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3
.200
05/15/28
634,798
650,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3
.200
11/15/28
657,038
590,000
(a)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025B-2, (Mandatory Put
5/15/28)
3
.300
05/15/60
592,506
2,000,000
Connecticut State, General Obligation Bonds, Refunding Series
2025D
5
.000
08/15/29
2,146,286
1,060,000
Connecticut State, General Obligation Bonds, Series 2025A
5
.000
03/15/28
1,105,268
1,000,000
Connecticut State, General Obligation Bonds, Series 2025A
5
.000
03/15/29
1,064,570
1,215,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Refunding Forward
Delivery Series 2021C
5
.000
01/01/27
1,230,278
1,340,000
University of Connecticut, General Obligation Bonds,
Refunding Series 2023A
5
.000
08/15/27
1,378,927
TOTAL CONNECTICUT
8,809,671
DELAWARE - 0.3%
225,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.250
07/01/27
225,908
205,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.300
01/01/28
206,334
585,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.350
07/01/28
590,075
430,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.400
01/01/29
434,879
TOTAL DELAWARE
1,457,196
DISTRICT OF COLUMBIA - 1.4%
6,010,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2017, (AMT)
5
.000
10/01/26
6,043,312
TOTAL DISTRICT OF COLUMBIA
6,043,312
FLORIDA - 4.9%
1,735,000
(a),(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 7/01/26)
1
.000
07/01/57
1,127,750
720,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.650
01/01/28
717,254
350,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.700
07/01/28
349,119
815,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.750
01/01/29
813,905
Portfolio of Investments June 30, 2026
(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
$
5,464,401
200,000
Florida State Board of Education, Public Education Capital
Outlay Bonds, Refunding Series 2017B
4
.000
06/01/32
202,073
2,000,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/29
2,142,362
1,500,000
Miami-Dade County School Board, Florida, Certificates of
Participation, Series 2026A
5
.000
02/01/28
1,555,575
1,125,000
Miami-Dade County School Board, Florida, Certificates of
Participation, Series 2026A
5
.000
02/01/29
1,189,307
2,600,000
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT)
5
.000
10/01/26
2,611,653
2,565,000
(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
2,586,554
1,000,000
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2025A
5
.000
08/01/30
1,088,661
365,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/28
384,394
370,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/29
397,096
180,000
Seminole County, Florida, Water and Sewer Revenue Bonds,
Refunding Series 2025A
5
.000
10/01/29
193,706
TOTAL FLORIDA
20,823,810
GEORGIA - 2.9%
1,605,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5
.000
07/01/28
1,672,567
1,315,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5
.000
04/01/29
1,402,921
1,500,000
Fulton County, Georgia, Water and Sewerage Revenue Bonds,
Refunding Series 2025
5
.000
01/01/29
1,591,983
1,855,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4
.000
07/01/52
1,879,028
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023A
5
.000
06/01/27
1,016,446
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023D
5
.000
12/01/26
1,007,225
250,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5
.000
12/01/26
251,671
500,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5
.000
12/01/27
512,125
1,905,000
Richmond County Board of Education, Georgia, General
Obligation Bonds, Sales Tax Series 2025
5
.000
10/01/28
2,011,361
1,045,000
Wayne County School District, Georgia, General Obligation
Sales Tax Bonds, Series 2023
5
.250
09/01/27
1,078,295
TOTAL GEORGIA
12,423,622
GUAM - 0.1%
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
01/01/29
520,652
TOTAL GUAM
520,652
HAWAII - 0.7%
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
2,171,692
785,000
Maui County, Hawaii, General Obligation Bonds, Series 2025
5
.000
09/01/29
845,385
TOTAL HAWAII
3,017,077
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
$
270,596
725,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3
.200
01/01/29
726,627
590,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3
.300
07/01/29
591,314
TOTAL IDAHO
1,588,537
ILLINOIS - 4.3%
3,050,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Refunding Senior Lien Series 2024C
5
.000
01/01/27
3,082,261
3,000,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023C
5
.000
01/01/27
3,031,732
1,165,000
Cook County School District 78 Rosemont, Illinois, General
Obligation Bonds, Series 2020 - AGM Insured
5
.000
12/01/26
1,174,096
630,000
Illinois State, General Obligation Bonds, November Series
2017C
5
.000
11/01/29
648,987
715,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/26
720,365
920,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/27
947,260
1,100,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/28
1,133,165
1,005,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5
.000
06/15/28
1,051,906
1,080,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5
.000
06/15/29
1,147,380
2,345,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation September Series 2021C
5
.000
06/15/27
2,399,418
1,000,000
Oak Park, Illinois, General Obligation Bonds, Refunding
Corporate Purpose Series 2026
5
.000
11/01/28
1,052,314
500,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5
.000
10/01/27
515,328
525,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5
.000
10/01/28
548,436
700,000
Will County School District 86, Joliet, Illinois, General
Obligation Bonds, School Series 2023 - BAM Insured
5
.000
03/01/28
724,115
TOTAL ILLINOIS
18,176,763
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
500,382
565,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5
.000
07/15/27
578,346
505,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5
.000
01/15/28
522,507
1,000,000
(d)
Carmel Local Public Improvement Bond Bank, Indiana,
Multipurpose Revenue Bonds, Ad Valorem Property Tax
Supported Projects, Refunding Series 2026
5
.000
07/15/28
1,048,994
205,000
(a)
Indiana Finance Authority, Economic Development Revenue
Bonds, Republic Service, Inc. Project, Refunding Series 2010A,
(AMT), (Mandatory Put 9/01/26)
2
.900
05/01/28
204,948
1,025,000
(a)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-1, (Mandatory Put 10/01/29)
5
.000
10/01/64
1,089,807
700,000
Indiana Finance Authority, Hospital Revenue Bonds, Marion
General Hospital Project, Series 2021A
5
.000
07/01/26
700,000
405,000
Mount Vernon of Hancock County Multi-School Building
Corporation, Indiana, First Mortgage Bonds, Series 2022
5
.000
01/15/27
409,656
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
1,010,775
Portfolio of Investments June 30, 2026
(continued)
Short Term
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
600,000
(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
$
610,269
750,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5
.000
07/15/29
796,764
800,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5
.000
01/15/30
856,780
TOTAL INDIANA
8,329,228
IOWA - 0.3%
1,000,000
(d)
Des Moines Independent Community School District, Polk
and Warren Counties, Iowa, General Obligation Bond, School
Series 2026
5
.000
06/01/28
1,041,887
140,000
(a),(e)
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
150,291
55,000
(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
62,259
TOTAL IOWA
1,254,437
KANSAS - 2.4%
1,000,000
Finney County Unified School District 457, Garden City, Kansas,
General Obligation Bonds, Refunding Series 2026
5
.000
09/01/28
1,047,931
1,000,000
Hutchinson, Kansas, General Obligation Bonds, Temporary
Notes Series 2025D
3
.375
10/01/28
1,001,379
1,500,000
Johnson County Unified School District 233, Kansas, General
Obligation Bonds, Refunding Series 2026B
5
.000
09/01/30
1,629,038
1,295,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/28
1,362,946
545,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/29
584,856
550,000
Maize, Kansas, General Obligation Bonds, Temporary Notes
Series 2026A
2
.750
08/01/29
546,528
450,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5
.000
06/15/28
450,693
1,240,000
Olathe, Kansas, General Obligation Bonds, Temporary Notes
Series 2025A
5
.000
09/01/26
1,244,608
2,000,000
Riley County Unified School District 383, Manhattan-Ogden,
Kansas, General Obligation Bonds, Refunding Series 2026
5
.000
09/01/28
2,100,610
TOTAL KANSAS
9,968,589
KENTUCKY - 2.2%
875,000
Kentucky Asset/Liability Commission, General Fund Revenue
Project Notes, Federal Highway Trust Fund, First Refunding
Series 2024A
5
.000
09/01/26
878,180
605,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 128, Series 2023A
5
.000
11/01/27
625,323
490,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 132, Refunding Series 2025B
5
.000
04/01/30
530,913
750,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/28
789,189
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
194,299
1,000,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B
5
.000
08/01/28
1,033,561
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
380,824
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
3,543,225
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
1,004,280
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
(continued)
$
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
$
486,915
TOTAL KENTUCKY
9,466,709
LOUISIANA - 2.7%
540,000
Livingston Parish, Louisiana, Sales Tax Revenue Bonds, Series
2025
5
.000
10/01/29
577,804
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
3,259,029
3,000,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Series 2025B
5
.000
05/01/29
3,197,334
1,000,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
12/01/28
1,042,973
290,000
New Orleans, Louisiana, General Obligation Bonds, Refunding
Series 2016
5
.000
12/01/26
292,240
1,230,000
(a),(d)
Saint John Baptist Parish, Louisiana, Revenue Bonds, Marathon
Oil Corporation Project, Refunding Series 2017D, (Mandatory
Put 7/02/29)
3
.000
06/01/37
1,233,007
1,055,000
(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
1,076,304
755,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5
.000
12/01/27
776,589
TOTAL LOUISIANA
11,455,280
MAINE - 0.7%
2,000,000
Maine Municipal Bond Bank, Transportation Infrastructure
Revenue Bonds, Transcap Program, Highway and Bridge Series
2026A
5
.000
09/01/28
2,106,671
885,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2025D
2
.850
11/15/28
882,675
TOTAL MAINE
2,989,346
MASSACHUSETTS - 1.6%
165,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5
.000
02/01/29
176,221
1,950,000
Massachusetts Educational Financing Authority, Education
Loan Revenue Bonds, Issue M, Senior Series 2021B, (AMT)
5
.000
07/01/27
1,983,162
770,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2023A-3
3
.050
12/01/27
771,382
750,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3
.400
12/01/27
751,431
3,000,000
Massachusetts Port Authority, Revenue Bonds, Series 2019A,
(AMT)
5
.000
07/01/26
3,000,000
TOTAL MASSACHUSETTS
6,682,196
MICHIGAN - 2.6%
455,000
Detroit City School District, Wayne County, Michigan, Unlimited
Tax School Building and Site Improvement Bonds, Series
2001A - AGM Insured
6
.000
05/01/29
484,270
200,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/28
208,906
275,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/29
292,623
300,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/30
325,309
635,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
3
.700
04/01/30
635,045
850,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2025A-1
2
.875
04/01/28
849,660
Portfolio of Investments June 30, 2026
(continued)
Short Term
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
1,920,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A
3
.350
%
12/01/28
$
1,935,590
3,110,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5
.000
04/15/29
3,317,850
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
3,063,745
TOTAL MICHIGAN
11,112,998
MINNESOTA - 1.8%
1,130,000
Eastern Carver County Independent School District 112,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2025A
5
.000
02/01/28
1,173,833
900,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2019A
4
.375
08/01/29
908,880
380,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Yinghua Academy Project, Series 2013A
6
.000
07/01/33
380,442
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
1,108,619
385,000
Minnesota Agricultural and Economic Development, Health
Care System Revenue Bonds, Fairview Health Services, Series
2026A
5
.000
11/15/27
395,932
270,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.700
07/01/28
273,064
280,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.800
01/01/29
283,696
260,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.850
07/01/29
263,893
1,665,000
Minnesota Rural Water Finance Authority, Public Projects
Construction Notes, Series 2026
2
.875
01/01/28
1,665,748
1,050,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2026
5
.000
05/01/27
1,069,512
95,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Refunding Series 2021A
2
.000
09/01/26
94,603
175,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5
.000
11/15/27
179,969
TOTAL MINNESOTA
7,798,191
MISSISSIPPI - 0.7%
1,250,000
Mississippi Development Bank, Special Obligation Bonds,
Mississippi Highway Refunding Project, Refunding Series
2024A
5
.000
01/01/28
1,294,904
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
1,422,151
265,000
Warren County, Mississippi, Gulf Opportunity Zone Revenue
Bonds, International Paper Company Project, Refunding Series
20218
4
.000
09/01/32
273,501
TOTAL MISSISSIPPI
2,990,556
MISSOURI - 1.4%
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
1,010,560
160,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2
.900
09/01/33
151,471
1,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998B
2
.900
09/01/33
946,690
285,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.200
11/01/26
285,026
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
525,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.250
%
05/01/27
$
526,510
300,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.300
11/01/27
301,661
550,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, Gree Bonds, MoPEP Facilities,
Series 2022
5
.000
12/01/26
554,752
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
630,302
1,630,000
Springfield, Missouri, Special Obligation Bonds, Refunding
Series 2017B, (AMT)
5
.000
07/01/26
1,630,000
TOTAL MISSOURI
6,036,972
MONTANA - 0.2%
365,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3
.200
06/01/29
368,504
370,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3
.250
12/01/29
374,054
TOTAL MONTANA
742,558
NEBRASKA - 0.9%
2,710,000
Metropolitan Utilities District of Omaha, Nebraska, Gas System
Revenue Bonds, Series 2023
5
.000
12/01/26
2,736,924
1,255,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Series 2022B
5
.000
12/15/27
1,261,421
TOTAL NEBRASKA
3,998,345
NEVADA - 0.4%
1,515,000
Clark County School District, Nevada, General Obligation
Bonds, Limited Tax Building Series 2018B - AGM Insured
5
.000
06/15/27
1,551,682
TOTAL NEVADA
1,551,682
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
1,192,738
500,000
New Hampshire Housing Finance Authority, Multi-Family
Housing Revenue Bonds, Series 2024-2
3
.150
07/01/27
500,173
TOTAL NEW HAMPSHIRE
1,692,911
NEW JERSEY - 1.2%
170,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
169,995
520,000
(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
525,467
1,275,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023A, (AMT)
5
.000
12/01/26
1,285,432
1,420,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Social Series 2025B
3
.050
11/01/29
1,422,803
1,500,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/30
1,557,549
TOTAL NEW JERSEY
4,961,246
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
813,625
TOTAL NEW MEXICO
813,625
Portfolio of Investments June 30, 2026
(continued)
Short Term
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK - 4.5%
$
1,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5
.000
%
03/15/30
$
1,087,051
1,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Refunding Series 2025B
5
.000
11/15/27
1,034,280
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
1,323,239
2,635,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries F-1
5
.000
11/01/27
2,723,517
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
1,033,593
1,370,000
New York City, New York, General Obligation Bonds, Fiscal
2025 Series A
5
.000
08/01/27
1,408,452
500,000
New York City, New York, General Obligation Bonds, Fiscal
2026, Subseries Series F-1
5
.000
08/01/29
534,937
1,500,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Sustainability Green
Series 2026D-2, (Mandatory Put 11/01/30)
3
.150
05/01/66
1,503,599
1,250,000
(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
1,256,022
1,000,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5
.000
11/15/27
1,037,585
1,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A
5
.000
03/15/29
1,065,922
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
2,921,102
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
2,084,527
TOTAL NEW YORK
19,013,826
NORTH CAROLINA - 3.0%
670,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5
.000
12/01/28
710,514
1,525,000
Durham, North Carolina, Limited Obligation Bonds, Series
2026A
5
.000
04/01/28
1,593,379
2,065,000
(d)
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 61
2
.950
07/01/29
2,066,657
1,000,000
(d)
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 61
3
.000
01/01/30
1,000,846
1,740,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2025-59A
2
.950
07/01/29
1,739,429
2,000,000
North Carolina State, Federal Grant Anticipation Revenue
Bonds, Refunding Vehicle Series 2025
5
.000
03/01/28
2,082,857
1,500,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2025B
5
.000
05/01/28
1,568,994
1,700,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017 - AGM
Insured
5
.000
01/01/27
1,718,913
TOTAL NORTH CAROLINA
12,481,589
NORTH DAKOTA - 0.5%
455,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement  Special Assessment Bonds,
Refunding Series 2024A
3
.450
04/01/27
454,988
475,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/27
481,935
480,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/28
493,949
315,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2026B - BAM Insured
5
.000
05/01/28
325,517
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH DAKOTA
(continued)
$
325,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2026B - BAM Insured
5
.000
%
05/01/29
$
340,548
TOTAL NORTH DAKOTA
2,096,937
OHIO - 3.9%
25,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/27
25,542
1,105,000
Cleveland, Ohio, Airport System Revenue Bonds, Series 2018A,
(AMT)
5
.000
01/01/27
1,115,918
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
265,000
2,500,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025-1
5
.000
04/01/28
2,612,097
1,090,000
Dublin, Ohio, General Obligation Bonds, Limited Tax
Refunding Various Purpose Improvement Series 2025
5
.000
12/01/29
1,179,046
1,165,000
(a),(c)
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
1,192,208
570,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005A, (AMT)
3
.750
01/01/29
576,091
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
1,438,541
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
1,137,062
2,000,000
Ohio State, General Obligation Bonds, Refunding Highway
Capital Improvement Series 2026AA
5
.000
05/01/29
2,137,213
1,750,000
Rocky River, Ohio, General Obligation Bonds, Fire Station
Improvement Bond Anticipation Notes, Series 2026
4
.000
02/11/27
1,760,626
1,025,000
Upper Arlington, Ohio, General Obligation Bonds, Various
Purpose Limited Tax Refunding Series 2025
5
.000
12/01/28
1,085,244
1,750,000
Wyoming, Ohio, General Obligation Bonds, Various Purpose
Bond Anticipation Notes, Series 2026
4
.000
10/13/26
1,755,262
TOTAL OHIO
16,279,850
OKLAHOMA - 2.3%
125,000
Cherokee County Economic Development Authority,
Oklahoma, Educational Facilities Lease Revenue Bonds,
Tahlequah Public Schools Project, Series 2026
5
.000
09/01/30
133,972
1,565,000
Cleveland County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Norman Public
Schools Project, Series 2023C
5
.000
06/01/28
1,629,401
1,000,000
Cleveland County Independent School District 2 Moore,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2026
2
.000
03/01/28
986,789
775,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/27
792,488
250,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/28
260,772
340,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Crooked Oak Public Schools
Project, Series 2026
5
.000
09/01/28
350,999
655,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Crooked Oak Public Schools
Project, Series 2026
5
.000
09/01/29
682,799
665,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2026B
2
.950
03/01/30
664,948
550,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2026B
3
.000
09/01/30
549,615
Portfolio of Investments June 30, 2026
(continued)
Short Term
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
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
$
662,086
1,000,000
Tulsa County Independent School District 5, Jenks, Oklahoma,
General Obligation Bonds, Combined Purpose Series 2026
4
.000
06/01/28
1,026,009
1,000,000
Tulsa County Independent School District 5, Jenks, Oklahoma,
General Obligation Bonds, Combined Purpose Series 2026
4
.000
06/01/29
1,036,664
1,000,000
Tulsa County Independent School District 9 Union Board of
Education, Oklahoma, General Obligation Bonds, Building
Series 2026
2
.000
04/01/28
986,126
TOTAL OKLAHOMA
9,762,668
OREGON - 1.2%
1,000,000
Chemeketa Community College District, Oregon, General
Obligation Bonds, Series 2025B
5
.000
06/15/28
1,048,590
1,500,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5
.000
06/15/29
1,604,509
740,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/27
766,181
550,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/28
581,925
200,000
(c)
Port of Morrow, Morrow County Oregon, Full Faith and Credit
Obligations, Series 2024A
5
.150
10/01/26
200,031
1,085,000
(b)
Salem-Keizer School District 24J, Marion and Polk Counties,
Oregon, General Obligation Bonds, Series 2009B
0
.000
06/15/27
1,057,247
TOTAL OREGON
5,258,483
PENNSYLVANIA - 2.3%
1,495,000
(d)
Gateway School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Refunding Series 2026A - BAM
Insured
5
.000
10/15/28
1,568,240
1,000,000
(d)
Gateway School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Refunding Series 2026A - BAM
Insured
5
.000
10/15/29
1,065,982
135,000
Lehigh County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, Pennsylvania Power and
Light Company, Series 2016A
3
.000
09/01/29
135,081
110,000
(a)
Montgomery County Industrial Development Authority,
Pennsylvania, Facilities Revenue Bonds, Constellation Energy
Generation LLC Project, Refunding Series 2023A, (Mandatory
Put 4/03/28)
4
.100
04/01/53
112,797
1,690,000
Montgomery County, Pennsylvania, General Obligation Bonds,
Series 2025A
5
.000
03/01/28
1,762,838
1,015,000
North Allegheny School District, Allegheny County,
Pennsylvania, General Obligation Bonds, Series 2025
5
.000
05/01/28
1,061,686
395,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services Inc
Project, Series 2019B-1, (AMT), (Mandatory Put 7/15/26)
2
.950
04/01/49
394,946
1,140,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5
.000
08/15/29
1,224,449
1,000,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
07/01/28
1,041,106
1,390,000
University of Pittsburgh of the Commonwealth System of
Higher Education, Pennsylvania, Pitt Asset Notes, Series 2023
5
.000
02/15/29
1,476,095
TOTAL PENNSYLVANIA
9,843,220
PUERTO RICO - 1.1%
1,050,000
(e)
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
1,053,142
461,000
(b)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/27
447,440
600,000
(b)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/29
547,403
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
84,000
(b)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
%
07/01/31
$
71,915
1,697,467
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/27
1,729,461
827,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
875,629
TOTAL PUERTO RICO
4,724,990
SOUTH CAROLINA - 1.2%
1,000,000
Cherokee County School District 1, South Carolina, General
Obligation Bonds, Refunding Series 2026B
5
.000
03/01/29
1,065,372
375,000
Medical University Hospital Authority, South Carolina, FHA-
Insured Mortgage Revenue Bonds, Nexton Project, Series 2026
5
.000
11/15/29
400,382
1,005,000
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
1,064,566
1,175,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6
.000
01/01/30
1,298,535
1,200,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6
.000
07/01/30
1,340,665
TOTAL SOUTH CAROLINA
5,169,520
SOUTH DAKOTA - 0.8%
1,770,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5
.000
11/01/29
1,904,940
875,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Vocational Education Program, Refunding
Series 2026
5
.000
08/01/28
917,881
410,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
3
.300
11/01/29
414,038
TOTAL SOUTH DAKOTA
3,236,859
TENNESSEE - 1.3%
125,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
5
.000
08/01/28
130,298
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
1,045,475
500,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2026B
5
.000
07/01/29
529,496
260,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5
.000
07/01/26
260,000
1,300,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026A
5
.000
07/01/29
1,390,591
2,000,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5
.625
09/01/26
2,006,171
TOTAL TENNESSEE
5,362,031
TEXAS - 14.1%
625,000
Austin, Texas, Airport System Revenue Bonds, Refunding AMT
Series 2026B, (AMT)
5
.000
11/15/30
673,695
1,250,000
Austin, Texas, Airport System Revenue Bonds, Series 2019B,
(AMT)
5
.000
11/15/27
1,285,493
425,000
Bexar County Hospital District, Texas, Certificates of Obligation,
Series 2023
5
.000
02/15/27
431,201
4,745,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5
.000
08/15/28
4,987,395
1,605,000
Collin County, Texas, General Obligation Bonds, Refunding
Limited Tax Permanent Improvement, Tax Notes Series 2025
5
.000
02/15/29
1,704,280
1,580,000
Cypress-Fairbanks Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding Series 2025
5
.000
02/15/29
1,677,636
1,200,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding & Improvement Series 2025A-1, (AMT)
5
.000
11/01/28
1,257,775
Portfolio of Investments June 30, 2026
(continued)
Short Term
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,000,000
Denton, Texas, Certificates of Obligation, Series 2025
5
.000
%
02/15/30
$
1,081,070
1,655,000
Dickinson Independent School District, Galveston County,
Texas, General Obligation Bonds, Refunding Series 2023A
5
.000
02/15/27
1,680,180
1,525,000
Fort Bend County, Texas, General Obligation Bonds, Tax Road
Series 2024
5
.000
03/01/27
1,548,854
630,000
Frisco Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, Refunding Series
2025A
5
.000
02/15/30
680,572
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5
.000
02/15/28
1,041,822
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5
.000
02/15/29
1,062,380
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5
.000
02/15/27
507,358
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5
.000
02/15/28
519,044
5,000
Greenville Independent School District, Hunt County, Texas,
General Obligation Bonds, School Building Series 2026
5
.000
02/15/27
5,078
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
5,739,205
500,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Medical Center,
Refunding Series 2026
5
.000
12/01/29
535,419
1,450,000
Harris County Flood Control District, Texas, Contract Tax Bonds,
Refunding Series 2025A
5
.000
09/15/29
1,556,809
1,500,000
Harris County Metropolitan Transit Authority, Texas, Sales and
Use Tax Revenue Bonds, Contractual Obligations Series 2026
5
.000
11/01/29
1,617,137
1,850,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5
.000
09/15/29
1,989,229
610,000
Harris County, Texas, Road Revenue Bonds, Refunding, Series
2024A
5
.000
09/15/27
629,006
1,295,000
Houston, Texas, General Obligation Bonds, Refunding Public
Improvement Series 2016A
5
.000
03/01/27
1,297,599
1,000,000
Irving, Dallas County, Texas, General Obligation Bonds, Series
2024
5
.000
09/15/28
1,052,243
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
1,217,599
1,275,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Schoolhouse Series
2025
5
.000
08/01/29
1,364,480
1,185,000
Lake Dallas Independent School District, Denton County, Texas,
General Obligation Bonds, Refunding Series 2025
5
.000
08/15/29
1,267,256
590,000
Lewisville Independent School District, Denton and Tarrant
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5
.000
08/15/28
620,390
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
103,718
100,000
(a)
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Republic Services Inc. Project,
Adjustable Rate Series 2020A, (AMT), (Mandatory Put 8/03/26)
2
.950
05/01/50
99,981
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
1,260,789
1,000,000
New Hope Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Texas Christian University Project,
Series 2026A
5
.000
03/15/28
1,041,852
2,780,000
North East Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding Series 2025
5
.000
08/01/29
2,981,933
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,935,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5
.000
%
01/01/27
$
1,958,654
1,580,000
Pearland Independent School District, Brazoria County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5
.000
02/15/30
1,707,399
1,365,000
Plano Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2025
5
.000
02/15/28
1,421,864
1,060,000
San Antonio, Texas, General Obligation Bonds, Tax Notes
Series 2024
5
.000
02/01/27
1,075,348
1,500,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.000
02/01/29
1,593,465
230,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2026E
5
.000
11/15/28
242,153
1,110,000
(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
1,182,885
545,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
2
.950
07/01/28
544,785
560,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
3
.000
01/01/29
559,117
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.650
07/01/28
499,030
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.700
01/01/29
498,729
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.700
07/01/29
497,836
250,000
Texas Municipal Gas Acquisition and Supply Corporation VI,
Gas Supply Revenue Bonds, Series 2025
5
.000
01/01/27
252,036
2,000,000
(d)
Texas State, General Obligation Bonds, College Student Loan,
Refunding Series 2026, (AMT)
5
.000
08/01/28
2,086,302
1,055,000
Texas Transportation Commission, Central Texas Turnpike
System Revenue Bonds, Refunding Second Tier Series 2024C
5
.000
08/15/31
1,161,015
TOTAL TEXAS
59,799,096
UTAH - 0.5%
640,000
Alpine School District Local Building Authority, Utah County,
Utah, Lease Revenue Bonds, Series 2025
5
.000
03/15/29
681,497
55,000
(a)
Utah County, Utah, Hospital Revenue Bonds, IHC Health
Services Inc., Series 2020B-2, (Mandatory Put 8/01/26)
5
.000
05/15/60
55,080
1,415,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025
5
.000
12/15/28
1,500,045
TOTAL UTAH
2,236,622
VIRGIN ISLANDS - 0.4%
1,645,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/26
1,650,715
TOTAL VIRGIN ISLANDS
1,650,715
VIRGINIA - 3.8%
1,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4
.000
10/01/28
1,036,523
1,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
10/01/29
1,079,393
3,290,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Intermediate Lien Bond Anticipation Notes Series 2023A
5
.000
07/01/27
3,371,795
400,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2026B
5
.000
01/01/27
403,992
1,555,000
Richmond, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
01/15/29
1,654,003
1,000,000
Richmond, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
01/15/30
1,084,304
Portfolio of Investments June 30, 2026
(continued)
Short Term
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
1,000,000
Richmond, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
%
01/15/31
$
1,104,309
1,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, 21st Century College & Equipment Programs,
Series 2026A
5
.000
02/01/30
1,081,666
260,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2
.650
01/01/28
259,009
265,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2
.700
07/01/28
264,588
975,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2025G-2
3
.000
01/01/30
975,513
560,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2025G-2
3
.100
07/01/30
561,327
1,000,000
(a),(d)
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2026J, (Mandatory Put 6/01/27)
1
.000
01/01/57
1,000,026
1,575,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3
.600
12/01/28
1,575,284
500,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
3
.250
09/01/29
500,283
TOTAL VIRGINIA
15,952,015
WASHINGTON - 3.4%
1,560,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5
.000
05/01/27
1,590,157
5,550,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019B-3, (Mandatory Put
8/01/26)
5
.000
08/01/49
5,555,622
5,040,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5
.000
07/01/28
5,290,326
1,780,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5
.000
07/01/29
1,907,235
TOTAL WASHINGTON
14,343,340
WEST VIRGINIA - 0.5%
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
305,973
610,000
(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
619,136
165,000
(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
164,320
400,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5
.000
11/01/27
412,903
500,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5
.000
11/01/28
526,041
TOTAL WEST VIRGINIA
2,028,373
WISCONSIN - 1.8%
155,000
Public Finance Authority of Wisconsin, Hospital Revenue
Bonds, Carson Valley Medical Center, Series 2021A
3
.000
12/01/26
153,514
1,765,000
(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
1,763,983
1,300,000
Racine, Racine County, Wisconsin, General Obligation Bonds,
Promissory Notes Series 2025
4
.500
03/15/27
1,301,582
1,150,000
University of Wisconsin Hospitals and Clinics Authority,
Revenue Bonds, Sustainability Series 2024A
5
.000
04/01/27
1,169,643
455,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
5
.000
10/01/26
455,700
17
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, and the fair value of certain other assets and liabilities, when applica-
ble, as of the end of the reporting period, based on the inputs used to value them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
260,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Agnesian HealthCare, Inc., Series
2017
5
.000
%
07/01/26
$
260,000
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
230,000
2,090,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-2
5
.000
05/01/28
2,189,590
TOTAL WISCONSIN
7,524,012
TOTAL MUNICIPAL BONDS
(Cost $431,174,215)
432,173,535
TOTAL LONG-TERM INVESTMENTS
(Cost $431,174,215)
432,173,535
BORROWINGS - (0.8)% (f)
(
3,501,966
)
OTHER ASSETS & LIABILITIES, NET -  (1.3)%
(
5,360,990
)
NET ASSETS - 100%
$
423,310,579
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)
Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial
period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference
between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(c)
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 $3,850,468 or 0.9% of Total Investments.
(d)
When-issued or delayed delivery security.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
Borrowings as a percentage of Total Investments is 0.8%.
Portfolio of Investments June 30, 2026
(continued)
Short Term
18
Short Term
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
432,173,535
$
–
$
432,173,535
$
–
$
432,173,535
$
–
$
432,173,535
Assets at Fair Value:
Receivable for sale of Vistra Vision interest
$
–
$
369,128
$
–
$
369,128
$
–
$
369,128
$
–
$
369,128