NPORT-EX 2 tiaa_FSTF.htm
1
Portfolio
of
Investments
June
30,
2025
Short
Term
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
103.1%
416022343
MUNICIPAL
BONDS
-
103
.1
%
416022343
ALABAMA
-
5.1%
$
4,225,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
PrePay
Revenue
Bonds,
Project
4
Series
2019A-1,
(Mandatory
Put
12/01/25)
4
.000
%
12/01/49
$
4,228,873
2,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Prepay
BP
PLC,
Series
2024D
5
.000
11/01/27
2,065,124
1,000,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2023
Sub
B-1
5
.000
06/01/27
1,031,318
1,600,000
Energy
Southeast
Cooperative
District,
Alabama,
Energy
Supply
Revenue
Bonds,
Fixed
Rate
Series
2023B-1
5
.500
11/01/27
1,673,150
1,000,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.000
10/01/27
1,043,665
2,985,000
Lower
Alabama
Gas
District,
Alabama,
Goldman
Sachs
Gas
Project
2
Revenue
Bonds,
Series
2020A,
(Mandatory
Put
12/01/25)
4
.000
12/01/50
2,990,510
600,000
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
602,964
1,500,000
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
1,
Refunding
Series
2024A
5
.000
04/01/28
1,563,882
1,500,000
Southeast
Energy
Authority,
Alabama,
A
Cooperative
District
Energy
Supply
Revenue
Bonds
Series
2024A
5
.000
11/01/27
1,536,323
1,270,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
3,
Fixed
Rate
Series
2022A-1
5
.000
12/01/26
1,296,412
1,000,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
4,
Series
2022B-1
5
.000
08/01/25
1,001,030
1,580,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
Cooperative
District
Energy
Supply
Series
2025B
5
.000
01/01/28
1,626,848
TOTAL
ALABAMA
20,660,099
ALASKA
-
2.0%
815,000
Alaska
Housing
Finance
Corporation,
Collateralized
Mortgage
Bonds,
Veterans
Mortgage
Program,
2024
First
Series
3
.250
12/01/27
818,867
1,000,000
Alaska
Housing
Finance
Corporation,
General
Obligation
Bonds,
State
Capital
Project
II,
Series
2024A
5
.000
12/01/27
1,050,701
5,000,000
(a)
Alaska
Housing
Finance
Corporation,
General
Obligation
Bonds,
State
Capital
Project
II,
Series
2025A
5
.000
12/01/27
5,259,493
1,015,000
Alaska
State,
General
Obligation
Bonds,
Refunding
Series
2024B
5
.000
08/01/27
1,064,181
TOTAL
ALASKA
8,193,242
ARIZONA
-
4.0%
650,000
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
653,680
530,000
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
528,993
2,420,000
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
2,463,540
1,000,000
Coconino
County,
Arizona,
Pollution
Control
Revenue
Bonds,
Nevada
Power
Company
Project,
Refunding
Series
2017B,
(Mandatory
Put
3/31/26)
3
.750
03/01/39
999,434
640,000
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2017,
Series
2023D
5
.000
07/01/26
654,712
510,000
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2017,
Series
2023D
5
.000
07/01/27
534,191
355,000
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2017,
Series
2023D
5
.000
07/01/28
379,639
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
7,550,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2019D,
(Mandatory
Put
5/15/26)
5
.000
%
01/01/46
$
7,657,474
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
1,245,161
1,000,000
Tempe,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2025
5
.000
07/01/29
1,088,932
TOTAL
ARIZONA
16,205,756
CALIFORNIA
-
3.1%
1,000,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E-1
5
.000
09/01/27
1,037,836
1,750,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024B
5
.000
12/01/27
1,808,460
670,000
(b)
California
Municipal
Finance
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.
Project,
Series
2020A,
(AMT),
(Mandatory
Put
9/01/25)
3
.950
10/01/45
670,034
1,550,000
California
Municipal
Finance
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.
Project,
Series
2022A,
(AMT),
(Mandatory
Put
10/01/25)
4
.125
10/01/41
1,550,162
2,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Green
Series
2025A,
(AMT)
5
.000
05/15/29
2,122,965
2,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B,
(AMT)
5
.000
05/15/27
2,031,298
1,000,000
(a)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2025B,
(AMT)
5
.000
07/01/29
1,061,634
2,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/26
2,032,083
TOTAL
CALIFORNIA
12,314,472
COLORADO
-
7.6%
655,000
(c)
Broadway
Park
North
Metropolitan
District
2,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020
3
.375
12/01/26
640,932
100,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Aspen
View
Academy
Project,
Series
2021
4
.000
05/01/26
99,741
630,000
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019B,
(Pre-refunded
11/19/26)
5
.000
11/15/49
647,727
1,785,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health,
Sunbelt
Obligated
Group,
Series
2016C,
(Mandatory
Put
11/15/26)
5
.000
11/15/36
1,827,636
500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/26
509,986
2,265,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-2,
(Mandatory
Put
8/01/26)
5
.000
08/01/49
2,282,364
13,320,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2022A,
(Mandatory
Put
8/17/26)
5
.000
05/15/62
13,595,712
2,300,000
Colorado
Housing
and
Finance
Authority,
Multi
Family
Project
Bonds,
Class
I
Series
2025C-2
3
.350
07/01/28
2,314,324
2,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.000
11/15/25
2,012,544
3,500,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.250
11/15/26
3,597,627
2,055,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/27
2,138,652
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
298,017
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
100,000
Prairiestar
Metropolitan
District
2,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021A
-
BAM
Insured
5
.000
%
12/01/25
$
100,752
510,000
Ravenna
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2023
-
AGM
Insured
5
.000
12/01/27
530,399
TOTAL
COLORADO
30,596,413
CONNECTICUT
-
2.2%
630,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2025A-1
3
.200
05/15/28
633,823
650,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2025A-1
3
.200
11/15/28
655,916
550,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2025B-2,
(Mandatory
Put
5/15/28)
3
.300
05/15/60
550,472
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2025A
5
.000
03/15/28
1,061,939
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2025A
5
.000
03/15/29
1,081,118
1,180,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Refunding
Forward
Delivery
Series
2021C
5
.000
01/01/27
1,221,511
3,340,000
University
of
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2023A
5
.000
08/15/27
3,506,086
TOTAL
CONNECTICUT
8,710,865
DELAWARE
-
0.6%
1,000,000
Delaware
Economic
Development
Authority,
Exempt
Facility
Revenue
Bonds,
NRG
Energy
Project,
Refunding
Series
2020A,
(Mandatory
Put
10/01/25)
1
.250
10/01/45
990,436
225,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
3
.250
07/01/27
225,987
205,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
3
.300
01/01/28
206,242
590,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
3
.350
07/01/28
594,180
430,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
3
.400
01/01/29
434,081
TOTAL
DELAWARE
2,450,926
DISTRICT
OF
COLUMBIA
-
2.2%
6,005,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2017,
(AMT)
5
.000
10/01/26
6,152,147
1,700,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2022A,
(AMT)
5
.000
10/01/25
1,707,469
1,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.000
10/01/25
1,004,394
TOTAL
DISTRICT
OF
COLUMBIA
8,864,010
FLORIDA
-
2.6%
1,700,000
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2025A,
(AMT),
(Mandatory
Put
8/13/25)
8
.250
07/01/57
1,747,303
1,035,000
Greater
Orlando
Aviation
Authority,
Florida,
Airport
Facilities
Revenue
Bonds,
Series
2019A,
(AMT)
5
.000
10/01/25
1,038,973
500,000
Miami,
Florida,
Special
Obligation
Non-Ad
Valorem
Revenue
Bonds,
New
Administrative
Building
Series
2023A
5
.000
03/01/27
519,767
2,600,000
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
(AMT)
5
.000
10/01/26
2,658,878
2,525,000
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
2,585,311
1,000,000
Palm
Beach
County
School
Board,
Florida,
Certificates
of
Participation,
Series
2025A
5
.000
08/01/30
1,099,243
350,000
Seminole
County
School
District,
Florida,
Sales
Tax
Revenue
Bonds,
Series
2025
5
.000
10/01/28
374,238
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
365,000
Seminole
County
School
District,
Florida,
Sales
Tax
Revenue
Bonds,
Series
2025
5
.000
%
10/01/29
$
397,415
TOTAL
FLORIDA
10,421,128
GEORGIA
-
2.9%
7,045,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
9/01/27)
4
.000
07/01/52
7,112,696
1,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023A
5
.000
06/01/26
1,013,870
1,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023A
5
.000
06/01/27
1,028,127
1,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023D
5
.000
12/01/26
1,022,329
250,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2025A
5
.000
12/01/26
256,001
500,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2025A
5
.000
12/01/27
519,880
805,000
Wayne
County
School
District,
Georgia,
General
Obligation
Sales
Tax
Bonds,
Series
2023
5
.250
09/01/27
849,509
TOTAL
GEORGIA
11,802,412
HAWAII
-
0.5%
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
2,201,514
TOTAL
HAWAII
2,201,514
ILLINOIS
-
7.3%
425,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2019A
0
.000
12/01/25
417,983
4,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2024C
5
.000
01/01/27
4,110,933
1,000,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Second
Lien
Series
2016A
5
.000
01/01/26
1,008,953
3,000,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023C
5
.000
01/01/27
3,072,112
545,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2024A
5
.000
01/01/26
549,880
1,165,000
Cook
County
School
District
78
Rosemont,
Illinois,
General
Obligation
Bonds,
Series
2020
-
AGM
Insured
5
.000
12/01/26
1,195,245
825,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2021A
5
.000
11/15/25
830,543
1,000,000
Illinois
Development
Finance
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.
Project,
Series
2019,
(Mandatory
Put
11/03/25)
4
.250
11/01/44
999,885
400,000
Illinois
Finance
Authority,
Health
Services
Facility
Lease
Revenue
Bonds,
Provident
Group
-
UIC
Surgery
Center,
LLC
-
University
of
Illinois
Health
Services
Facility
Project,
Series
2020
5
.000
10/01/25
401,133
3,500,000
Illinois
State,
General
Obligation
Bonds,
May
Refunding
Series
2023D
5
.000
07/01/25
3,500,000
410,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C
5
.000
11/01/29
423,946
360,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/25
362,176
200,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
3
.250
11/01/26
199,725
2,565,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/26
2,628,272
880,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/27
919,482
540,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/28
559,425
1,000,000
Illinois
State,
Sales
Tax
Revenue
Bonds,
Build
Illinois,
Refunding
Junior
Obligation
March
Series
2025A
5
.000
06/15/28
1,055,659
1,025,000
Illinois
State,
Sales
Tax
Revenue
Bonds,
Build
Illinois,
Refunding
Junior
Obligation
March
Series
2025A
5
.000
06/15/29
1,097,056
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,280,000
Illinois
State,
Sales
Tax
Revenue
Bonds,
Build
Illinois,
Refunding
Junior
Obligation
September
Series
2021C
5
.000
%
06/15/27
$
2,366,230
500,000
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Refunding
Series
2023
5
.000
10/01/27
520,587
525,000
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Refunding
Series
2023
5
.000
10/01/28
553,654
1,010,000
(d)
Will
County
Community
Unit
School
District
201-U
Crete-Monee,
Illinois,
General
Obligation
Bonds,
Capital
Appreciation
Series
2005
-
NPFG
Insured,
(ETM)
0
.000
11/01/25
998,556
1,085,000
Will
County
School
District
86,
Joliet,
Illinois,
General
Obligation
Bonds,
School
Series
2023
-
BAM
Insured
5
.000
03/01/26
1,098,977
700,000
Will
County
School
District
86,
Joliet,
Illinois,
General
Obligation
Bonds,
School
Series
2023
-
BAM
Insured
5
.000
03/01/28
735,204
TOTAL
ILLINOIS
29,605,616
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
511,118
510,000
Avon
Community
School
Building
Corporation,
Hendricks
County,
Indiana,
First
Mortgage
Bonds,
Ad
Valorem
Property
Tax
Series
2023
5
.000
07/15/27
531,529
505,000
Avon
Community
School
Building
Corporation,
Hendricks
County,
Indiana,
First
Mortgage
Bonds,
Ad
Valorem
Property
Tax
Series
2023
5
.000
01/15/28
531,561
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
1,445,863
1,000,000
(b)
Indiana
Finance
Authority,
Economic
Development
Revenue
Bonds,
Republic
Service,
Inc.
Project,
Series
2012,
(AMT),
(Mandatory
Put
9/02/25)
3
.950
05/01/28
1,000,255
500,000
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
489,335
1,000,000
(a)
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Series
2025D-1,
(Mandatory
Put
10/01/29)
1
.000
10/01/64
1,066,965
700,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Marion
General
Hospital
Project,
Series
2021A
5
.000
07/01/26
711,436
405,000
Mount
Vernon
of
Hancock
County
Multi-School
Building
Corporation,
Indiana,
First
Mortgage
Bonds,
Series
2022
5
.000
01/15/27
417,827
1,000,000
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
1,010,847
500,000
Rockport,
Indiana,
Pollution
Control
Revenue
Refunding
Bonds,
Indiana
Michigan
Power
Company
Project,
Series
2025A,
(Mandatory
Put
6/01/29)
3
.700
06/01/47
499,132
TOTAL
INDIANA
8,215,868
IOWA
-
0.0%
115,000
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
4
.000
09/01/25
114,644
TOTAL
IOWA
114,644
KANSAS
-
1.2%
1,295,000
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Refunding
Series
2025A
5
.000
09/01/28
1,387,168
545,000
Kansas
Department
of
Transportation,
Highway
Revenue
Bonds,
Refunding
Series
2025A
5
.000
09/01/29
593,755
650,000
Manhattan,
Kansas,
General
Obligation
Bonds,
Temporary
Notes,
Series
2024-02
-
BAM
Insured
5
.000
06/15/28
660,758
1,000,000
(a)
Olathe,
Kansas,
General
Obligation
Bonds,
Temporary
Notes
Series
2025A
5
.000
09/01/26
1,021,936
1,060,000
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Utility
System
Revenue
Bonds,
Improvement
Series
2016A
5
.000
09/01/26
1,063,121
TOTAL
KANSAS
4,726,738
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
-
2.2%
$
740,000
Kentucky
Asset/Liability
Commission,
General
Fund
Revenue
Project
Notes,
Federal
Highway
Trust
Fund,
First
Refunding
Series
2024A
5
.000
%
09/01/26
$
759,292
560,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
128,
Series
2023A
5
.000
11/01/27
588,894
1,115,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
130,
Series
2024B
5
.000
11/01/25
1,122,349
455,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
132,
Refunding
Series
2025B
5
.000
04/01/30
498,924
200,000
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
187,207
1,000,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024B
5
.000
08/01/28
1,042,679
250,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024B,
(Mandatory
Put
8/01/32)
5
.000
01/01/55
264,289
3,500,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2019C-1,
(Mandatory
Put
2/01/28)
4
.000
02/01/50
3,518,808
1,000,000
Trimble
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project
Series
2023A,
(AMT),
(Mandatory
Put
6/01/27)
4
.700
06/01/54
1,009,242
TOTAL
KENTUCKY
8,991,684
LOUISIANA
-
2.3%
3,300,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Insurance
Assessment
Revenue
Bonds,
Louisiana
Insurance
Guaranty
Association
Project,
Series
2022B
5
.000
08/15/25
3,306,384
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
3,323,810
1,490,000
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
1,498,246
1,345,000
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
1,342,631
TOTAL
LOUISIANA
9,471,071
MARYLAND
-
0.3%
1,000,000
Baltimore
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement,
Series
2024
5
.000
02/01/27
1,037,972
TOTAL
MARYLAND
1,037,972
MASSACHUSETTS
-
3.2%
500,000
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2025A
5
.000
02/01/29
544,070
880,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B,
(AMT)
5
.000
07/01/25
880,000
1,850,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
M
Senior
Series
2022B,
(AMT)
5
.000
07/01/25
1,850,000
1,950,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
M,
Senior
Series
2021B,
(AMT)
5
.000
07/01/27
2,006,704
1,075,000
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
M,
Taxable
Senior
Series
2021B,
(AMT)
5
.000
07/01/25
1,075,000
540,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2023A-3
3
.050
12/01/27
540,251
750,000
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024B3
3
.400
12/01/27
750,860
5,000,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019A,
(AMT)
5
.000
07/01/26
5,088,609
TOTAL
MASSACHUSETTS
12,735,494
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
-
2.5%
$
635,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2024A
3
.700
%
04/01/30
$
634,664
1,920,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2025A
3
.350
12/01/28
1,930,049
1,000,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/30
1,005,067
3,110,000
(a)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2025I
5
.000
04/15/29
3,359,580
3,065,000
Michigan
Strategic
Fund,
Limited
Obligation
Revenue
Bonds,
Consumers
Energy
Company
Project,
Series
2019,
(AMT),
(Mandatory
Put
10/01/27)
3
.350
10/01/49
3,022,150
TOTAL
MICHIGAN
9,951,510
MINNESOTA
-
4.0%
145,000
Apple
Valley,
Minnesota
Senior
Housing
Revenue
Bonds,
PHS
Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
II
Project,
Series
2021
4
.000
09/01/25
144,902
690,000
Becker
Independent
School
District
726,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2022A
0
.000
02/01/26
676,663
1,130,000
Eastern
Carver
County
Independent
School
District
112,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2025A
5
.000
02/01/28
1,196,762
1,100,000
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2019A
4
.375
08/01/29
1,101,733
420,000
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Yinghua
Academy
Project,
Series
2013A
6
.000
07/01/33
420,375
1,110,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2023A,
(Mandatory
Put
11/15/28)
5
.000
11/15/52
1,166,671
1,315,000
Minneapolis-Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Refunding
Series
2017A
5
.000
11/15/25
1,323,493
1,000,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A
5
.000
01/01/26
1,010,993
2,015,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
(AMT)
5
.000
01/01/26
2,033,841
275,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Social
Series
2025F
3
.700
07/01/28
278,032
285,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Social
Series
2025F
3
.800
01/01/29
288,434
265,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Social
Series
2025F
3
.850
07/01/29
268,509
65,000
Minnesota
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020A
5
.000
08/01/25
65,110
750,000
Moorhead,
Minnesota,
General
Obligation
Bonds,
Improvement
Series
2022A
5
.000
02/01/26
759,226
250,000
Mountain
Lake,
Minnesota,
General
Obligation
Bonds,
Series
2021A
2
.000
12/15/25
248,120
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
427,793
500,000
Northern
Municipal
Power
Agency,
Minnesota,
Electric
System
Revenue
Bonds,
Refunding
Series
2016
5
.000
01/01/26
504,700
2,015,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2016A
5
.000
05/01/27
2,049,080
170,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Refunding
Series
2021A
2
.000
09/01/26
165,386
175,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
5
.000
11/15/27
181,473
300,000
Shakopee
Independent
School
District
720,
Scott
County,
Minnesota,
Certificates
of
Participation,
Series
2021B
4
.000
02/01/26
301,017
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,225,000
Southern
Minnesota
Municipal
Power
Agency,
Power
Supply
System
Revenue
Bonds,
Series
1994A
-
NPFG
Insured
0
.000
%
01/01/26
$
1,202,921
400,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
3
.000
08/01/25
399,579
TOTAL
MINNESOTA
16,214,813
MISSISSIPPI
-
0.7%
1,035,000
Mississippi
Development
Bank,
Special
Obligation
Bonds,
Mississippi
Highway
Refunding
Project,
Refunding
Series
2024A
5
.000
01/01/28
1,090,469
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
1,425,882
265,000
Warren
County,
Mississippi,
Gulf
Opportunity
Zone
Revenue
Bonds,
International
Paper
Company
Project,
Refunding
Series
20218
4
.000
09/01/32
267,184
TOTAL
MISSISSIPPI
2,783,535
MISSOURI
-
2.8%
1,000,000
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
1,028,495
150,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Refunding
Series
1998A
2
.900
09/01/33
135,439
1,000,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Series
1998B
2
.900
09/01/33
902,929
2,575,000
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
2,591,414
250,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lake
Regional
Health
System,
Series
2021
5
.000
02/15/26
251,143
285,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Home
Ownership
Loan
Program
Series
2024E
3
.200
11/01/26
285,001
500,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Home
Ownership
Loan
Program
Series
2024E
3
.250
05/01/27
501,793
300,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Home
Ownership
Loan
Program
Series
2024E
3
.300
11/01/27
301,590
500,000
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
Gree
Bonds,
MoPEP
Facilities,
Series
2022
5
.000
12/01/26
515,440
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
631,496
1,120,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Refunding
Series
2022,
(AMT)
5
.000
07/01/25
1,120,000
1,170,000
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Refunding
Series
2022,
(AMT)
5
.000
07/01/26
1,191,314
1,630,000
Springfield,
Missouri,
Special
Obligation
Bonds,
Refunding
Series
2017B,
(AMT)
5
.000
07/01/26
1,655,344
TOTAL
MISSOURI
11,111,398
MONTANA
-
0.2%
365,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2025A
3
.200
06/01/29
367,305
370,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2025A
3
.250
12/01/29
372,407
TOTAL
MONTANA
739,712
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA
-
1.1%
$
175,000
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Refunding
Series
2020A
5
.000
%
11/15/25
$
176,039
2,710,000
Metropolitan
Utilities
District
of
Omaha,
Nebraska,
Gas
System
Revenue
Bonds,
Series
2023
5
.000
12/01/26
2,799,808
1,255,000
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Series
2022B
5
.000
12/15/27
1,264,161
TOTAL
NEBRASKA
4,240,008
NEVADA
-
0.3%
1,335,000
Clark
County
School
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Building
Series
2018B
-
AGM
Insured
5
.000
06/15/27
1,395,544
TOTAL
NEVADA
1,395,544
NEW
HAMPSHIRE
-
0.4%
1,190,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth
College,
Series
2015B,
(Mandatory
Put
8/03/27)
3
.300
06/01/40
1,193,559
500,000
New
Hampshire
Housing
Finance
Authority,
Multi-Family
Housing
Revenue
Bonds,
Series
2024-2
3
.150
07/01/27
500,243
TOTAL
NEW
HAMPSHIRE
1,693,802
NEW
JERSEY
-
1.1%
1,375,000
Cherry
Hill
Township
School
District,
Camden
County,
New
Jersey,
General
Obligation
Bonds,
Series
2022
3
.000
08/01/25
219,952
515,000
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
515,028
600,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2022A,
(AMT)
5
.000
12/01/25
603,016
1,275,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.000
12/01/26
1,299,921
1,685,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2021A
5
.000
06/15/26
1,718,793
TOTAL
NEW
JERSEY
4,356,710
NEW
MEXICO
-
0.9%
3,540,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019B,
(Mandatory
Put
8/01/25)
5
.000
08/01/49
3,544,668
TOTAL
NEW
MEXICO
3,544,668
NEW
YORK
-
4.7%
500,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2025A
5
.000
10/01/28
536,560
1,300,000
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
1,316,415
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
2,770,204
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
1,055,316
1,390,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2023
Series
1
5
.000
08/01/25
1,392,258
1,875,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2023
Series
1
5
.000
08/01/26
1,922,146
1,370,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2025
Series
A
5
.000
08/01/27
1,436,952
1,200,000
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
1,202,834
1,000,000
New
York
State
Power
Authority,
Green
Transmission
Project
Revenue
Bonds,
Green
Series
2023A
-
AGM
Insured
5
.000
11/15/27
1,060,461
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
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
$
2,967,727
1,115,000
Rochester,
New
York,
General
Obligation
Bonds,
Bond
Anticipation
Notes
Series
2024-III
5
.000
07/31/25
1,116,758
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
2,113,217
TOTAL
NEW
YORK
18,890,848
NORTH
CAROLINA
-
2.2%
2,010,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
55C,
(Mandatory
Put
1/15/26)
3
.200
07/01/56
2,009,902
2,015,000
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
2,033,941
2,000,000
North
Carolina
State,
Federal
Grant
Anticipation
Revenue
Bonds,
Refunding
Vehicle
Series
2025
5
.000
03/01/28
2,119,570
1,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
-
AGM
Insured
5
.000
01/01/26
1,009,201
1,700,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017
-
AGM
Insured
5
.000
01/01/27
1,751,184
TOTAL
NORTH
CAROLINA
8,923,798
NORTH
DAKOTA
-
0.5%
350,000
Cass
County
Joint
Water
Reserve
District,
North
Dakota,
Temporary
Improvement  Special
Assessment
Bonds,
Refunding
Series
2024A
3
.450
04/01/27
350,150
215,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
5
.000
12/01/25
215,486
450,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2024C
5
.000
05/01/26
455,828
475,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2024C
5
.000
05/01/27
488,823
480,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2024C
5
.000
05/01/28
499,047
TOTAL
NORTH
DAKOTA
2,009,334
OHIO
-
1.7%
1,440,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Revenue
Bonds,
Children's
Hospital
Medical
Center,
Refunding
Series
2022A
5
.000
11/15/25
1,450,320
1,000,000
Cleveland,
Ohio,
Airport
System
Revenue
Bonds,
Series
2018A,
(AMT)
5
.000
01/01/27
1,023,743
260,000
Cleveland-Cuyahoga
County
Port
Authroity,
Ohio,
Cultural
Facility
Revenue
Bonds,
The
Cleveland
Museum
of
Natural
History
Project,
Series
2021
5
.000
07/01/26
264,994
1,165,000
(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
1,167,232
500,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2005A,
(AMT)
3
.750
01/01/29
495,764
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
1,423,638
1,125,000
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
1,137,796
TOTAL
OHIO
6,963,487
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
-
0.5%
$
1,465,000
Cleveland
County
Educational
Facilities
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Norman
Public
Schools
Project,
Series
2023C
5
.000
%
06/01/28
$
1,548,796
605,000
Payne
County
Economic
Development
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Stillwater
Public
Schools
Project,
Series
2024
-
BAM
Insured
5
.000
09/01/26
618,736
TOTAL
OKLAHOMA
2,167,532
OREGON
-
1.4%
300,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
5
.000
10/01/25
300,774
1,005,000
Salem-Keizer
School
District
24J,
Marion
and
Polk
Counties,
Oregon,
General
Obligation
Bonds,
Series
2009B
0
.000
06/15/27
947,318
4,300,000
Washington
Multnomah
&
Yamhill
Counties
School
District
1J
Hillsboro,
Oregon,
General
Obligation
Bonds,
Series
2017
5
.000
06/15/26
4,395,248
TOTAL
OREGON
5,643,340
PENNSYLVANIA
-
2.1%
1,600,000
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
(AMT)
5
.000
01/01/26
1,614,961
1,685,000
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2025A
5
.000
03/01/28
1,792,007
1,000,000
Pennsylvania
State,
General
Obligation
Bonds,
First
Refunding
Series
2025A
5
.000
08/15/29
1,089,089
525,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B
5
.000
12/01/25
529,493
2,000,000
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017B,
(AMT)
5
.000
07/01/25
2,000,000
1,365,000
University
of
Pittsburgh
of
the
Commonwealth
System
of
Higher
Education,
Pennsylvania,
Pitt
Asset
Notes,
Series
2023
5
.000
02/15/29
1,470,945
TOTAL
PENNSYLVANIA
8,496,495
PUERTO
RICO
-
1.7%
1,240,000
(d)
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
1,248,114
310,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
286,660
290,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
247,778
17,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
13,287
4,216,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/27
4,339,695
860,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
907,524
TOTAL
PUERTO
RICO
7,043,058
SOUTH
DAKOTA
-
0.1%
410,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2024C
3
.300
11/01/29
412,210
TOTAL
SOUTH
DAKOTA
412,210
TENNESSEE
-
1.1%
100,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
5
.000
08/01/28
105,616
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
1,062,561
260,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
(AMT)
5
.000
07/01/26
264,865
885,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Improvement
Series
2015B,
(AMT)
5
.000
07/01/26
886,361
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
2,000,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B
5
.625
%
09/01/26
$
2,036,073
TOTAL
TENNESSEE
4,355,476
TEXAS
-
12.0%
1,000,000
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2019B,
(AMT)
5
.000
11/15/25
1,006,458
1,250,000
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2019B,
(AMT)
5
.000
11/15/27
1,300,004
645,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023
5
.000
02/15/26
653,113
400,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023
5
.000
02/15/27
414,023
4,715,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2025A
5
.000
08/15/28
5,049,401
545,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Anticipation
Notes
Subordinate
Lien
Series
2021C
5
.000
01/01/27
550,197
555,000
Chapel
Hill
Independent
School
District,
Smith
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/26
562,187
1,250,000
Cypress-Fairbanks
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2025
5
.000
02/15/29
1,348,109
1,235,000
Dallas,
Texas,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024B
5
.000
02/15/27
1,279,692
1,570,000
Dickinson
Independent
School
District,
Galveston
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2023A
5
.000
02/15/27
1,630,881
1,370,000
Fort
Bend
County,
Texas,
General
Obligation
Bonds,
Tax
Road
Series
2024
5
.000
03/01/27
1,422,565
500,000
Grand
Prairie,
Texas,
Combination
Tax
and
Revenue
Certificates
of
Obligation,
Series
2024
5
.000
02/15/27
518,256
500,000
Grand
Prairie,
Texas,
Combination
Tax
and
Revenue
Certificates
of
Obligation,
Series
2024
5
.000
02/15/28
529,038
2,055,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2019A
5
.000
12/01/25
2,072,074
5,675,000
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
5,829,492
585,000
Harris
County,
Texas,
Road
Revenue
Bonds,
Refunding,
Series
2024A
5
.000
09/15/27
614,907
3,630,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
07/01/26
3,695,409
1,190,000
Houston,
Texas,
General
Obligation
Bonds,
Refunding
Public
Improvement
Series
2016A
5
.000
03/01/27
1,206,891
850,000
Hunt
Memorial
Hospital
District,
Hunt
County,
Texas,
General
Obligation
Bonds,
Refunding
&
Improvment
Series
2020
5
.000
02/15/26
857,434
1,000,000
Irving,
Dallas
County,
Texas,
General
Obligation
Bonds,
Series
2024
5
.000
09/15/28
1,069,381
1,125,000
(a)
Katy
Independent
School
District,
Harris,
Fort
Bend
and
Waller
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2025
5
.000
02/15/28
1,187,227
1,200,000
(a)
Klein
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Schoolhouse
Series
2025
5
.000
08/01/29
1,300,772
400,000
Lake
Houston
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue
Bonds,
Series
2021
5
.000
09/01/25
400,416
460,000
Lewisville
Independent
School
District,
Denton
and
Tarrant
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2025
5
.000
08/15/28
490,914
1,220,000
McKinney
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2021
5
.000
02/15/27
1,267,506
2,235,000
Midlothian
Independent
School
District,
Ellis
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2020
5
.000
02/15/26
2,265,331
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
100,000
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
$
102,267
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
1,260,867
1,905,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Series
2023A
5
.000
01/01/27
1,973,442
1,330,000
Plano
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2025
5
.000
02/15/28
1,409,670
315,000
(c)
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
311,199
1,010,000
San
Antonio,
Texas,
General
Obligation
Bonds,
Tax
Notes
Series
2024
5
.000
02/01/27
1,046,915
555,000
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
561,704
1,055,000
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2024C
5
.000
08/15/31
1,162,152
2,200,000
(d)
Ysleta
Independent
School
District,
El
Paso
County,
Texas,
General
Obligation
Bonds,
Series
2016,
(Pre-refunded
8/15/25)
5
.000
08/15/32
2,205,388
TOTAL
TEXAS
48,555,282
UTAH
-
0.2%
750,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.000
07/01/25
750,000
TOTAL
UTAH
750,000
VIRGIN
ISLANDS
-
0.7%
1,000,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/25
1,001,226
1,645,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/26
1,658,817
TOTAL
VIRGIN
ISLANDS
2,660,043
VIRGINIA
-
1.5%
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
3,370,806
1,500,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024H
3
.600
12/01/28
1,500,258
500,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2025A
3
.250
09/01/29
499,747
500,000
Virginia
Small
Business
Financing
Authority,
Environmental
Facilities
Revenue
Bonds
(Pure
Salmon
Virginia
LLC
Project),
Escrow
Refinancing
Series
2022,
(AMT),
(Mandatory
Put
11/20/25)
4
.000
11/01/52
500,148
TOTAL
VIRGINIA
5,870,959
WASHINGTON
-
3.9%
2,525,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2015C,
(AMT)
5
.000
04/01/26
2,527,419
1,550,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
(AMT)
5
.000
05/01/27
1,598,786
5,485,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-3,
(Mandatory
Put
8/01/26)
5
.000
08/01/49
5,521,360
770,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Series
2018B
5
.000
10/01/25
773,383
5,040,000
Washington
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2025B
5
.000
07/01/28
5,388,298
TOTAL
WASHINGTON
15,809,246
Portfolio
of
Investments
June
30,
2025
(continued)
Short
Term
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST
VIRGINIA
-
0.4%
$
545,000
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
$
548,912
400,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2024D
5
.000
11/01/27
420,546
500,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2024D
5
.000
11/01/28
534,898
TOTAL
WEST
VIRGINIA
1,504,356
WISCONSIN
-
3.0%
1,250,000
Kenosha,
Wisconsin,
General
Obligation
Promissory
Notes
Series
2021B
1
.000
10/01/25
1,239,445
400,000
Public
Finance
Authority
of
Wisconsin,
Health
Care
Facilities
Revenue
Bonds,
Blue
Ridge
HealthCare,
Refunding
Series
2020A
5
.000
01/01/26
402,887
300,000
Public
Finance
Authority
of
Wisconsin,
Hospital
Revenue
Bonds,
Carson
Valley
Medical
Center,
Series
2021A
3
.000
12/01/26
290,453
325,000
Public
Finance
Authority
of
Wisconsin,
Hospital
Revenue
Bonds,
Renown
Regional
Medical
Center
Project,
Series
2020A
5
.000
06/01/26
329,243
2,080,000
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
2,064,972
1,300,000
Racine,
Racine
County,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2025
4
.500
03/15/27
1,313,312
1,000,000
University
of
Wisconsin
Hospitals
and
Clinics
Authority,
Revenue
Bonds,
Sustainability
Series
2024A
5
.000
04/01/27
1,039,141
1,360,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/27
1,364,090
435,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
5
.000
10/01/25
435,195
455,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
5
.000
10/01/26
457,555
250,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Agnesian
HealthCare,
Inc.,
Series
2017
5
.000
07/01/26
254,431
460,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHM
/
New
Richmond
Senior
Housing,
Inc.,
Refunding
Series
2021
2
.250
07/01/26
446,788
350,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Refunding
Series
2021B
4
.000
09/15/25
349,487
1,985,000
Wisconsin
State,
General
Obligation
Bonds,
Refunding
Series
2024-2
5
.000
05/01/28
2,118,959
TOTAL
WISCONSIN
12,105,958
WYOMING
-
0.1%
500,000
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
509,297
TOTAL
WYOMING
509,297
TOTAL
MUNICIPAL
BONDS
(Cost
$414,005,389)
416,022,343
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$414,005,389)
416,022,343
BORROWINGS
-
(3.3)%
(e)
(
13,404,626
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  0.2%
727,998
NET
ASSETS
-
100%
$
403,345,715
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
15
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:
(a)
When-issued
or
delayed
delivery
security.
(b)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(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
reporting
period,
the
aggregate
value
of
these
securities
is
$3,866,666
or
0.9%
of
Total
Investments.
(d)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(e)
Borrowings
as
a
percentage
of
Total
Investments
is
3.2%.
Short
Term
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
416,022,343
$
–
$
416,022,343
Total
$
–
$
416,022,343
$
–
$
416,022,343