N-CSRS 1 d294199dncsrs.htm MFS INVESTMENT GRADE MUNICIPAL TRUST N-CSRS MFS INVESTMENT GRADE MUNICIPAL TRUST N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05785

MFS INVESTMENT GRADE MUNICIPAL TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: November 30

Date of reporting period: May 31, 2022

 


ITEM 1.

REPORTS TO STOCKHOLDERS.

Item 1(a):


Semiannual Report
May 31, 2022
MFS®  Investment Grade Municipal Trust
CXH-SEM








LETTER FROM THE CHAIR AND CEO
Dear Shareholders:
Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, the continued spread of the coronavirus (particularly in Asia), and the evolving geopolitical landscape in the wake of Russia’s invasion of Ukraine. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. At its June meeting, the US Federal Reserve undertook a 0.75% rate hike, its largest since 1994. Additional larger-than-normal hikes are expected in coming meetings as the Fed seeks to move policy into restrictive territory by year-end to slow the economy and dampen inflation. Richly valued, rate-sensitive growth equities have been hit particularly hard by higher interest rates, and volatility in credit markets has picked up too.
There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, cases outside of Asia remain well below prior peaks, and fewer are seriously ill. Meanwhile, unemployment is low and there are signs that some global supply chain bottlenecks are beginning to ease, though lingering coronavirus restrictions in China and disruptions stemming from Russia’s invasion of Ukraine could hamper these advances. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.
It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.
Respectfully,
Michael W. Roberge
Chair and Chief Executive Officer
MFS Investment Management
July 15, 2022
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1


Portfolio Composition
Portfolio structure (i)
Top ten industries (i)
Healthcare Revenue – Hospitals 33.7%
General Obligations – General Purpose 10.8%
Student Loan Revenue 10.1%
Universities – Colleges 8.9%
Water & Sewer Utility Revenue 8.8%
Toll Roads 8.8%
State & Local Appropriations 8.3%
Airports 6.9%
Tax - Sales 6.8%
General Obligations – Schools 6.7%
Composition including fixed income credit quality (a)(i)
AAA 4.0%
AA 41.9%
A 50.7%
BBB 33.4%
BB 6.3%
B 1.7%
CCC 0.4%
CC (o) 0.0%
C 0.7%
D 2.4%
Not Rated 17.2%
Cash & Cash Equivalents
(Less Liabilities) (b)
(55.0)%
Other (3.7)%
Portfolio facts (i)
Average Duration (d) 13.6
Average Effective Maturity (m) 18.5 yrs.
 
2


Portfolio Composition - continued
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(b) Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the remarketable variable rate munifund term preferred shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative due to the aggregate liquidation value of RVMTP shares. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This calculation is based on net assets applicable to common shares as of May 31, 2022.
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of May 31, 2022.
(o) Less than 0.1%.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and/or the leverage created through the issuance of self-deposited inverse floaters and may be negative.
Percentages are based on net assets applicable to common shares as of May 31, 2022.
The portfolio is actively managed and current holdings may be different.
3


Portfolio Managers' Profiles
Portfolio Manager Primary Role Since Title and Five Year History
Michael Dawson Portfolio Manager 2007 Investment Officer of MFS; employed in the investment management area of MFS since 1998.
Jason Kosty Portfolio Manager March 2022 Investment Officer of MFS; employed in the investment management area of MFS since 2014.
Geoffrey Schechter Portfolio Manager 2007 Investment Officer of MFS; employed in the investment management area of MFS since 1993.
Effective March 31, 2022, Jason Kosty was added as a Portfolio Manager of the fund.
Other Notes
The fund’s shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund’s concurrent liquidation.
The fund’s monthly distributions may include a return of capital to shareholders to the extent that distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the fund’s assets and increasing the fund’s expense ratio.
In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.
4


Portfolio of Investments
5/31/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Municipal Bonds - 156.5%
Alabama - 1.0%
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040   $ 40,000 $ 40,605
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025     40,000 40,099
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026     95,000 81,141
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029     135,000 94,713
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034     190,000 93,968
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035     365,000 169,061
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044     170,000 189,884
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049     100,000 111,102
        $ 820,573
Arizona - 2.3%
Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n)   $ 300,000 $ 239,352
Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)     100,000 82,283
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036     60,000 61,651
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041     45,000 46,053
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046     80,000 81,526
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)     70,000 71,559
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)     80,000 81,319
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n)     165,000 165,218
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)     120,000 102,733
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n)     145,000 145,191
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032     795,000 887,540
        $ 1,964,425
5


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arkansas - 0.3%
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046   $ 25,000 $ 20,573
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035     30,000 31,045
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033     50,000 51,812
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042     120,000 123,462
        $ 226,892
California - 14.7%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031   $ 130,000 $ 98,508
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032     235,000 171,487
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033     470,000 329,889
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)     175,000 163,632
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2046     1,000,000 998,331
California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 4%, 8/15/2048     935,000 951,130
California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i)     1,816,379 108,289
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)     55,000 51,720
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)     35,000 32,995
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)     50,000 47,523
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032     445,000 533,742
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035     380,000 448,680
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038     1,220,000 1,269,090
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033     1,135,000 1,200,269
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%, 8/01/2052 (n)     235,000 246,555
6


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)   $ 40,000 $ 41,928
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)     100,000 102,828
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034     85,000 87,580
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     245,000 251,115
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)     120,000 121,425
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)     100,000 92,145
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)     255,000 203,612
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     100,000 93,462
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 (Prerefunded 6/01/2023)     85,000 87,918
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066     3,970,000 523,100
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2023     185,000 192,473
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2023     25,000 26,013
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034     35,000 35,419
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044     65,000 65,747
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028     140,000 154,772
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043     355,000 358,629
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056     360,000 386,699
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047     195,000 209,278
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     25,000 26,313
7


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)   $ 325,000 $ 339,027
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)     330,000 160,931
San Joaquin Hills, CA, Transportation Corridor Agency Rev., “A”, 4%, 1/15/2037     430,000 438,327
San Joaquin Hills, CA, Transportation Corridor Agency Rev., “A”, 4%, 1/15/2040     500,000 506,345
State of California, Various Purpose General Obligation, 5%, 4/01/2045     770,000 862,184
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049     55,000 60,375
West Contra Costa, CA, Unified School District, “B”, NPFG, 6%, 8/01/2024     80,000 83,525
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044     125,000 128,594
        $ 12,291,604
Colorado - 5.1%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030   $ 10,000 $ 10,919
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050     41,000 45,621
Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046     447,000 440,760
Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2042     70,000 71,524
Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2052     160,000 160,963
Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2056     90,000 90,542
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038     75,000 78,064
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037     40,000 40,093
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031     145,000 150,551
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055     685,000 767,079
8


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055   $ 325,000 $ 355,252
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050     130,000 143,106
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044     145,000 142,130
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049     25,000 24,398
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023)     90,000 93,517
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044     380,000 392,548
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038     115,000 117,582
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043     245,000 248,612
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035     70,000 73,031
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040     120,000 124,392
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040     140,000 140,085
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045     95,000 96,827
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045     405,000 430,472
        $ 4,238,068
Connecticut - 0.3%
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)   $ 275,000 $ 279,950
District of Columbia - 0.2%
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053   $ 175,000 $ 176,691
Florida - 6.2%
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030   $ 80,000 $ 83,189
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033     35,000 36,155
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034     60,000 62,056
9


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052   $ 115,000 $ 111,161
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 (Prerefunded 6/01/2025)     105,000 113,608
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 (Prerefunded 6/01/2025)     105,000 113,608
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)     100,000 86,539
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056     60,000 61,400
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055     25,000 21,491
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057     15,000 15,289
Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046     175,000 175,121
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)     200,000 174,893
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)     165,000 130,443
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)     100,000 101,135
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2045     1,000,000 988,814
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046     250,000 246,954
Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040     250,000 251,743
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045     145,000 146,065
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/2035 (Prerefunded 10/01/2022)     180,000 182,231
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042     275,000 284,747
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049     60,000 64,209
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037     105,000 55,452
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042     175,000 72,151
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056     70,000 64,124
10


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049   $ 100,000 $ 102,207
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056     100,000 86,461
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050     40,000 31,314
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026     20,000 20,741
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029     20,000 20,600
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034     40,000 40,957
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044     120,000 122,572
Tampa, FL (University of Tampa Project), 5%, 4/01/2040     85,000 88,100
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050     180,000 193,072
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025     730,000 774,327
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037     50,000 50,010
        $ 5,172,939
Georgia - 4.0%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)   $ 100,000 $ 95,911
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2044     145,000 147,080
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2049     215,000 215,544
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039     45,000 45,578
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028     125,000 125,299
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029     120,000 120,281
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030     75,000 75,171
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041     340,000 340,700
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050     130,000 130,156
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026     120,000 131,844
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028     250,000 280,601
11


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043   $ 75,000 $ 79,042
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056     65,000 69,318
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063     70,000 74,650
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062     395,000 425,502
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025)     320,000 349,553
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039     145,000 150,273
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040     145,000 149,513
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041     290,000 298,594
        $ 3,304,610
Guam - 0.3%
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043   $ 35,000 $ 30,771
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050     175,000 191,896
        $ 222,667
Illinois - 16.1%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024   $ 100,488 $ 97,343
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036     360,000 334,885
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046     100,000 101,802
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046     420,000 449,875
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025     85,000 92,925
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026     30,000 33,441
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027     85,000 96,346
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028     40,000 45,993
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029     30,000 34,856
12


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030   $ 20,000 $ 23,517
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031     55,000 65,381
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030     115,000 127,931
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031     220,000 244,133
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032     190,000 210,450
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029     100,000 111,935
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041     100,000 96,496
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046     180,000 185,650
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025     25,000 25,988
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026     120,000 126,062
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027     80,000 84,797
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028     20,000 21,341
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029     215,000 230,614
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031     30,000 32,015
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039     70,000 73,539
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040     15,000 15,739
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044     210,000 219,092
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049     275,000 293,970
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033     70,000 72,972
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “A”, 4%, 12/01/2051     565,000 568,383
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056     220,000 48,824
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032     70,000 71,075
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033     35,000 35,531
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043     145,000 146,680
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048     140,000 146,657
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053     75,000 78,343
13


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045   $ 270,000 $ 292,710
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047     455,000 484,082
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 (Prerefunded 1/01/2027)     145,000 162,900
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 (Prerefunded 1/01/2027)     145,000 162,900
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)     20,000 20,569
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033     140,000 141,061
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)     15,000 15,479
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043     110,000 110,907
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036     85,000 91,498
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041     120,000 127,998
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043     565,000 586,768
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035     315,000 330,400
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035     1,000,000 1,049,601
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035     390,000 469,579
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050     230,000 219,791
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030     5,000 5,504
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026     55,000 59,301
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027     120,000 131,408
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028     110,000 122,011
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029     25,000 28,037
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030     55,000 62,319
14


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036   $ 50,000 $ 55,653
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037     70,000 78,381
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038     50,000 50,708
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040     30,000 30,390
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034     136,000 132,189
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042     130,000 133,901
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039     60,000 61,947
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041     45,000 45,086
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046     50,000 49,650
Sangamon County, IL, General Obligation, BAM, 4%, 12/15/2040     500,000 519,099
State of Illinois, General Obligation, 5.5%, 5/01/2039     495,000 535,857
State of Illinois, General Obligation, 5.75%, 5/01/2045     475,000 518,439
State of Illinois, General Obligation, AGM, 5%, 2/01/2027     95,000 99,240
State of Illinois, General Obligation, “A”, 5%, 11/01/2027     325,000 355,550
State of Illinois, General Obligation, “A”, 5%, 3/01/2046     480,000 499,896
State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047 (w)     560,000 610,400
State of Illinois, General Obligation, “A”, 5%, 12/01/2024     20,000 21,144
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047     355,000 356,784
        $ 13,473,718
Indiana - 1.5%
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030   $ 40,000 $ 41,291
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039     100,000 102,258
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)     350,000 361,983
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034     70,000 70,387
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035     90,000 90,364
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051     295,000 309,368
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032     25,000 28,197
15


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033   $ 20,000 $ 22,522
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035     25,000 28,015
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038     75,000 83,634
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     110,000 115,415
        $ 1,253,434
Iowa - 0.2%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044   $ 170,000 $ 147,039
Kansas - 2.0%
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)   $ 300,000 $ 322,332
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)     100,000 107,444
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036     45,000 46,971
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041     45,000 46,739
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048     540,000 577,694
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047     215,000 214,848
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052     140,000 138,375
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040     20,000 18,398
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044     195,000 206,214
        $ 1,679,015
Kentucky - 1.0%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032   $ 35,000 $ 39,299
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033     35,000 39,233
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034     40,000 44,953
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037     35,000 37,206
16


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kentucky - continued
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041   $ 230,000 $ 243,449
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046     135,000 141,984
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036     250,000 259,665
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056     30,000 30,597
        $ 836,386
Louisiana - 1.6%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045   $ 240,000 $ 243,551
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046     345,000 330,823
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)     445,000 437,873
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)     65,000 71,234
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025)     185,000 200,446
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025)     85,000 93,153
        $ 1,377,080
Maine - 0.3%
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050   $ 210,000 $ 210,263
Maryland - 1.4%
Maryland Department of Transportation Special Project Rev., “B”, 5%, 8/01/2046   $ 420,000 $ 461,034
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038     10,000 8,542
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048     20,000 15,554
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058     70,000 51,547
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033     100,000 106,285
17


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - continued
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034   $ 65,000 $ 68,993
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038     280,000 296,140
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)     100,000 101,623
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037     10,000 10,099
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042     15,000 15,028
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047     15,000 14,850
        $ 1,149,695
Massachusetts - 14.7%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029   $ 350,000 $ 414,874
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031 (Prerefunded 5/01/2023)     190,000 195,979
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039     35,000 40,287
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049     30,000 32,625
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053     690,000 731,988
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043     40,000 40,942
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)     100,000 105,548
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046     145,000 141,256
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050     395,000 421,365
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033     35,000 37,417
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034     30,000 32,001
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036     120,000 126,133
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038     80,000 84,402
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     1,675,000 1,646,720
18


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044   $ 35,000 $ 37,557
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043     1,000,000 1,023,713
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037     10,000 8,965
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036     20,000 18,556
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033     45,000 45,020
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)     6,230,000 6,232,679
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029     80,000 80,203
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051     45,000 33,968
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037 (Prerefunded 7/01/2022)     35,000 35,108
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029     600,000 712,162
        $ 12,279,468
Michigan - 5.7%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043   $ 65,000 $ 68,250
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047     250,000 249,824
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051     50,000 55,569
Michigan Building Authority Rev., “I”, 4%, 10/15/2049     100,000 100,515
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023     50,000 50,521
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024     65,000 65,973
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047     570,000 618,016
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042     570,000 523,515
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048     150,000 160,137
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033     65,000 68,708
19


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034   $ 150,000 $ 158,284
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035     100,000 105,463
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 (Prerefunded 7/01/2022)     175,000 175,551
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-6”, 5%, 7/01/2033     220,000 229,090
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-2”, 5%, 7/01/2044 (Prerefunded 7/01/2022)     135,000 135,414
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034     65,000 68,590
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026)     100,000 102,312
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039     545,000 574,795
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040     570,000 606,985
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “A”, 5%, 12/01/2046     190,000 214,650
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2046     60,000 65,491
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038     105,000 117,862
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040     190,000 212,603
        $ 4,728,118
Minnesota - 2.8%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041   $ 55,000 $ 51,906
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043     60,000 60,569
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043     105,000 111,339
20


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Minnesota - continued
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048   $ 60,000 $ 60,251
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048     85,000 89,665
Minneapolis, MN, Health Care System Rev. (Allina Health System), 4%, 11/15/2040     1,000,000 1,008,572
Minnesota Housing Finance Agency, “H”, 3%, 7/01/2052     1,000,000 988,491
        $ 2,370,793
Mississippi - 0.1%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $ 90,000 $ 94,946
Missouri - 3.6%
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049   $ 355,000 $ 379,508
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055     215,000 228,025
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “A”, AGM, 5%, 3/01/2057     1,000,000 1,068,278
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046     630,000 673,011
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051     85,000 78,775
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023)     55,000 57,400
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 (Prerefunded 6/01/2024)     205,000 217,033
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030     10,000 9,247
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035     5,000 4,368
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045     285,000 319,920
        $ 3,035,565
Nebraska - 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036   $ 105,000 $ 118,224
21


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Nevada - 0.2%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040   $ 90,000 $ 92,299
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033     5,000 5,518
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038     5,000 5,483
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048     20,000 20,383
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058     25,000 25,584
        $ 149,267
New Hampshire - 0.6%
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034   $ 263,271 $ 276,962
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031     100,000 108,159
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036     105,000 112,211
        $ 497,332
New Jersey - 9.9%
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032   $ 85,000 $ 94,212
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037     80,000 87,927
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060     285,000 281,315
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046     105,000 106,149
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051     170,000 171,707
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)     30,000 33,145
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027     40,000 41,461
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028     40,000 41,067
22


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043   $ 225,000 $ 229,936
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031     115,000 118,089
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039     70,000 71,712
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042     35,000 35,815
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032     10,000 11,116
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033     5,000 5,546
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037     15,000 15,165
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034     55,000 58,679
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035     40,000 42,639
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042     240,000 254,102
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030     155,000 157,733
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042     150,000 159,603
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     360,000 371,146
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041     560,000 560,906
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039     230,000 229,120
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051     20,000 15,929
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035     550,000 589,643
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029     85,000 93,854
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030     80,000 88,978
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032     85,000 95,883
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033     115,000 129,401
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034     105,000 117,874
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035     105,000 117,693
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036     110,000 123,138
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037     55,000 61,481
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040     45,000 45,186
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045     70,000 69,532
23


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045   $ 80,000 $ 86,483
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029     150,000 161,880
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031     100,000 107,211
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2036     30,000 30,595
South Jersey Transportation Authority, Transportation System Rev., “A”, BAM, 5%, 11/01/2041     1,000,000 1,116,104
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031     1,875,000 2,022,761
        $ 8,251,916
New Mexico - 0.0%
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040   $ 15,000 $ 15,391
New York - 13.0%
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)   $ 300,000 $ 312,906
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052     280,000 301,870
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2045     1,000,000 1,029,807
New York Dormitory Authority, State Personal Income Tax Rev., Tax-Exempt, “E”, 4%, 3/15/2042     455,000 471,839
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035     1,725,000 2,036,788
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031     40,000 37,335
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031     320,000 333,023
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032     120,000 124,629
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036     100,000 96,157
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045     385,000 370,000
24


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038   $ 50,000 $ 48,977
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038     205,000 220,365
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048     172,516 168,467
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048     570,000 567,215
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045     25,000 24,870
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023)     470,000 486,709
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047     530,000 538,383
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037     140,000 146,853
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038     175,000 183,108
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035     70,000 72,710
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052     85,000 73,952
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050     20,000 20,006
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Capital Appreciation, “B-2”, 0%, 6/01/2066     285,000 39,203
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031     110,000 93,486
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035     215,000 171,295
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029     1,125,000 882,520
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051     380,000 428,966
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/2041     1,500,000 1,558,080
        $ 10,839,519
25


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - 1.7%
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)   $ 323,907 $ 332,195
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036     35,000 30,720
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041     10,000 8,393
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051     130,000 100,747
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036     15,000 13,220
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042     5,000 4,129
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050     65,000 67,922
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052     285,000 285,959
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036     500,000 561,481
        $ 1,404,766
Ohio - 5.2%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036   $ 90,000 $ 98,231
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055     400,000 406,054
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057     1,825,000 268,615
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047     220,000 226,387
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057     580,000 633,104
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031     75,000 66,417
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047     160,000 160,805
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049     405,000 431,732
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041     90,000 89,268
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047     50,000 49,262
26


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) (w)   $ 80,000 $ 83,205
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) (w)     90,000 93,377
Ohio Higher Educational Facility Rev. (Cleveland Insititute of Music 2022 Project), 5.125%, 12/01/2042 (w)     70,000 71,748
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034     1,000,000 1,100,419
Ohio State Hospital Rev. (University Hospitals Health System, Inc.), “E”, 4%, 1/15/2041     175,000 176,197
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035     395,000 418,825
        $ 4,373,646
Oklahoma - 0.3%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028   $ 10,000 $ 9,943
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045     25,000 26,007
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029     5,000 5,137
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033     35,000 35,638
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038     50,000 50,360
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043     30,000 30,665
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048     50,000 50,800
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024)     55,000 57,951
        $ 266,501
Oregon - 0.7%
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036   $ 95,000 $ 99,000
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050     260,000 254,331
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028     20,000 17,641
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027     50,000 44,972
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040     20,000 21,803
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056     120,000 109,396
27


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oregon - continued
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028   $ 20,000 $ 18,579
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027     10,000 9,361
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026     15,000 14,122
        $ 589,205
Pennsylvania - 9.5%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044   $ 555,000 $ 548,049
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042     25,000 27,332
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2055     130,000 132,291
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047     585,000 556,379
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050     140,000 132,073
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032     70,000 77,273
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033     60,000 66,054
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034     30,000 32,975
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029     80,000 82,170
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048     20,000 20,449
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2051     155,000 158,117
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045     20,000 17,619
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025)     25,000 27,139
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025)     35,000 37,995
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024)     35,000 37,131
28


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024)   $ 20,000 $ 21,218
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034     30,000 33,805
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050     720,000 721,828
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049     275,000 275,190
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036     940,000 544,026
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)     480,000 503,150
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043     420,000 438,031
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059     35,000 38,818
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044     80,000 80,311
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049     70,000 69,214
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045     80,000 86,228
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     125,000 126,689
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024)     50,000 47,192
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042     30,000 26,532
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., Tax-Exempt, “A”, 4.5%, 6/01/2043 (w)     285,000 290,817
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044     70,000 77,323
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050     275,000 266,742
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049     615,000 628,267
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043     100,000 103,643
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035     65,000 69,093
29


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042   $ 645,000 $ 681,205
Philadelphia, PA, School District, “A”, 4%, 9/01/2039     100,000 102,732
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028     180,000 180,713
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032     30,000 35,413
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033     20,000 23,839
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035     10,000 10,523
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044     70,000 79,167
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044     65,000 66,397
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046     105,000 107,046
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048     70,000 71,284
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051     90,000 91,829
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030     30,000 30,834
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035     35,000 35,810
        $ 7,917,955
Puerto Rico - 7.8%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032   $ 300,000 $ 302,272
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029     20,000 20,487
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030     145,000 148,078
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031     120,000 122,464
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031     58,000 65,568
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041     280,000 264,939
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     10,000 9,275
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     25,000 23,313
30


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)   $ 10,000 $ 9,325
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     35,000 32,637
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 13,913
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     15,000 13,913
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022     115,000 115,096
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033     20,000 20,616
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2022     45,000 46,009
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     60,000 55,650
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 9,275
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)     685,000 635,337
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022     30,000 30,579
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025     25,000 25,745
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029     125,000 129,721
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030     205,000 210,916
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 9,338
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     25,000 23,313
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)     575,000 533,312
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     30,000 27,975
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     90,000 83,925
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     70,000 62,737
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026     320,000 331,644
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027     15,000 15,223
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040     29,000 29,303
31


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053   $ 69,000 $ 69,249
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     1,816,000 1,846,356
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040     179,000 178,776
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053     1,000 982
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058     32,000 32,172
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027     51,000 42,454
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031     550,000 377,473
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033     524,000 320,024
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046     772,000 233,933
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025     30,000 30,673
        $ 6,553,990
Rhode Island - 1.1%
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2041   $ 750,000 $ 758,722
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039     65,000 59,166
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037     110,000 105,936
        $ 923,824
South Carolina - 1.7%
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038 (Prerefunded 2/01/2023)   $ 1,000,000 $ 1,023,616
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n)     100,000 83,776
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048     270,000 285,312
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045     30,000 30,211
        $ 1,422,915
32


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - 2.4%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023)   $ 820,000 $ 836,879
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049     10,000 10,409
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030     50,000 53,536
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     60,000 63,594
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034     5,000 5,222
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     205,000 206,552
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     610,000 659,177
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025     185,000 194,092
        $ 2,029,461
Texas - 9.8%
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057   $ 125,000 $ 140,545
Austin, TX, Airport System Rev., 5%, 11/15/2052     185,000 203,551
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025)     100,000 108,714
Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046     495,000 539,238
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042     330,000 330,983
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039     155,000 162,044
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050     30,000 26,809
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)     100,000 89,421
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2050     20,000 20,356
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2040     195,000 201,829
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028     250,000 249,994
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 (w)     230,000 232,800
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035     60,000 61,816
33


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036   $ 105,000 $ 108,057
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037     140,000 143,958
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038     120,000 123,197
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031     90,000 94,508
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032     20,000 20,986
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033     40,000 41,941
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041     70,000 30,020
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046     175,000 57,079
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030     100,000 101,065
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022)     140,000 140,429
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051     30,000 27,597
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023     100,000 100,211
Lone Star College System, TX, Limited Tax General Obligation, “A”, 4%, 2/15/2046     1,000,000 1,045,542
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028     2,000,000 2,250,768
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025)     25,000 27,023
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025)     30,000 32,428
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025)     65,000 70,260
Port Beaumont, TX, Navigation District Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)     100,000 101,230
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046     160,000 170,687
34


Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035   $ 60,000 $ 61,857
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040     70,000 71,826
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054     539,834 462,858
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044     60,000 61,279
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     115,000 120,049
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     95,000 98,706
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057     165,000 172,626
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037     20,000 10,405
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038