NPORT-EX 2 tiaa_NIMF.htm
1
Portfolio
of
Investments
June
30,
2025
NIM
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.4%
MORTGAGE-BACKED
SECURITIES
-
0.5%
–
$
194,411
Federal
Home
Loan
Mortgage
Corporation,
Notes,
Series
2022
M068
3
.150
%
10/15/36
$
170,840
65,876
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
08,
Series
2021,
Series
2021
21-ML08
1
.877
07/25/37
52,942
104,653
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
10,
Series
2021,
Series
2021
ML10
2
.032
01/25/38
83,518
248,019
Freddie
Mac
Multi-Family
ML
Certificates,
Series
ML
22
Class
A-US,
Series
2024,
Series
2024
ML22
4
.685
10/25/40
252,951
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$627,234)
560,251
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
117183819
MUNICIPAL
BONDS
-
95
.9
%
117183819
ALABAMA
-
1.8%
120,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
4
.250
10/01/39
119,084
100,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.450
10/01/44
95,875
140,000
Alabama
Housing
Finance
Authority,
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
2024D
4
.300
10/01/44
133,810
240,000
Alabama
Public
School
and
College
Authority,
Capital
Improvement
Pool
Revenue
Bonds,
Refunding
Series
2020A
5
.000
11/01/27
253,052
80,000
Birmingham-Jefferson
Civic
Center
Authority,
Alabama,
Special
Tax
Bonds,
Series
2018A
4
.000
07/01/37
78,851
200,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2023C,
(Mandatory
Put
6/01/32)
5
.500
10/01/54
216,007
345,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
12/01/31)
4
.000
06/01/51
349,315
80,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2022
Sub
D-1,
(Mandatory
Put
6/01/27)
4
.000
07/01/52
80,684
130,000
Lower
Alabama
Gas
District,
Alabama,
Goldman
Sachs
Gas
Project
2
Revenue
Bonds,
Series
2020A,
(Mandatory
Put
12/01/25)
4
.000
12/01/50
130,240
125,000
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
125,617
200,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds
Cooperative
District
Energy
Supply
Series
2024C,
(Mandatory
Put
11/01/32)
5
.000
10/01/55
210,899
100,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
Cooperative
District
Energy
Supply
Series
2025A,
(Mandatory
Put
6/01/35)
5
.000
01/01/56
102,112
100,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
Cooperative
District
Energy
Supply
Series
2025B,
(Mandatory
Put
1/01/33)
5
.250
03/01/55
104,534
150,000
(a)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
5
.250
05/01/44
148,450
TOTAL
ALABAMA
2,148,530
ALASKA
-
0.4%
420,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
General
Series
2020A-II
2
.000
12/01/35
330,499
100,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
General
Series
2022A-II
2
.350
12/01/39
74,343
150,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
Series
2022B-1
2
.150
06/01/36
116,512
100,000
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
Class
2
0
.000
06/01/66
11,998
TOTAL
ALASKA
533,352
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
-
1.3%
$
165,000
(b)
Arizona
State,
Certificates
of
Participation,
Refunding
Series
2019A,
(ETM)
5
.000
%
10/01/27
$
173,559
110,000
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
109,791
250,000
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
254,498
100,000
Maricopa
County
and
Phoenix
City
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.625
09/01/44
99,327
235,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/32
249,927
730,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
761,182
TOTAL
ARIZONA
1,648,284
ARKANSAS
-
0.3%
100,000
(a)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5
.450
09/01/52
100,234
265,000
Arkansas
Development
Finance
Authority,
Revenue
Bonds,
Baptist
Memorial
Health
Care,
Refunding
Series
2020B-2,
(Mandatory
Put
9/01/27)
5
.000
09/01/44
266,116
TOTAL
ARKANSAS
366,350
CALIFORNIA
-
8.5%
100,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Term
Rate
Series
2018A,
(Mandatory
Put
4/01/26)
2
.625
04/01/45
99,478
100,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
(Mandatory
Put
10/01/31)
5
.250
01/01/54
104,840
100,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023F,
(Mandatory
Put
11/01/30)
5
.500
10/01/54
107,267
250,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024B,
(Mandatory
Put
12/01/32)
5
.000
01/01/55
258,434
180,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024C,
(Mandatory
Put
10/01/32)
5
.000
08/01/55
189,828
195,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024H,
(Mandatory
Put
8/01/33)
5
.000
01/01/56
209,182
200,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
5
.000
06/01/30
209,659
160,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2025V-5,
(Mandatory
Put
3/01/35)
5
.000
03/01/55
182,773
395,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
El
Camino
Hospital,
Series
2017
3
.750
02/01/32
399,407
55,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Term
Rate
Series
2019C,
(Pre-
refunded
10/01/25),
(Mandatory
Put
10/01/25)
5
.000
10/01/39
55,283
94,310
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-3
3
.250
08/20/36
87,975
205,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Academy
of
Sciences,
San
Francisco,
Series
2024A
3
.250
08/01/29
206,190
275,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
5
.000
07/01/31
270,675
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,040,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A
-
AGM
Insured,
(AMT)
3
.250
%
12/31/32
$
985,315
150,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Refunding
Series
2015A-2,
(AMT)
3
.625
07/01/27
150,009
290,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Series
2015A-1,
(AMT)
3
.375
07/01/25
290,000
205,000
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management,
Inc.
Project,
Refunding
Series
2015B-1,
(AMT)
3
.000
11/01/25
204,726
150,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/29
150,125
710,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.000
12/01/27
730,563
30,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.000
12/01/33
30,438
170,000
Central
Valley
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2025,
(Mandatory
Put
8/01/35)
5
.000
12/01/55
181,343
100,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
75,638
190,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-1
2
.650
12/01/46
146,254
870,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0
.000
06/01/66
92,257
70,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
68,997
100,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C
5
.000
09/01/32
100,337
1,070,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
5
.875
08/01/28
1,158,207
2,000,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A
-
AGC
Insured
0
.000
08/01/25
1,992,709
100,000
Peralta
Community
College
District,
Alameda
County,
California,
General
Obligation,
Refunding
Series
2025
5
.000
08/01/36
113,836
2,000,000
San
Diego
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2011
0
.000
08/01/37
1,274,181
215,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Refunding
Series
2015A
5
.000
07/01/25
215,000
TOTAL
CALIFORNIA
10,340,926
COLORADO
-
3.6%
750,000
Colorado
Bridge
Enterprise,
Revenue
Bonds,
Central
70
Project,
Senior
Series
2017,
(AMT)
4
.000
06/30/30
753,004
300,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/36
309,687
600,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-2,
(Mandatory
Put
8/01/26)
5
.000
08/01/49
604,600
300,000
(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2016,
(Pre-refunded
9/01/26)
3
.125
09/01/42
300,585
100,000
Colorado
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Class
I
Series
2021H
2
.000
05/01/42
65,081
235,000
Dawson
Trails
Metropolitan
District
1,
Colorado,
In
The
Town
of
Castle
Rock,
Limited
Tax
General
Obligation
Capital
Appreciation
Turbo
Bonds,
Series
2024
0
.000
12/01/31
145,446
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
70,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.750
%
11/15/34
$
79,073
100,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2023B,
(AMT)
5
.000
11/15/27
104,000
100,000
(a)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
97,002
355,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/29
312,885
400,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/33
300,304
500,000
(a)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
487,212
100,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
5
.000
01/15/31
107,191
100,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
4
.000
07/15/40
93,180
100,000
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-1
3
.500
12/01/27
98,352
500,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.250
12/01/32
496,597
TOTAL
COLORADO
4,354,199
CONNECTICUT
-
1.1%
50,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2021L-1
4
.000
07/01/28
51,005
100,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale
University,
Remarketing
Series
1999U
5
.000
07/01/33
113,958
190,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale
University,
Series
2016A-2,
(Mandatory
Put
7/01/26)
2
.000
07/01/42
187,085
80,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3
1
.850
05/15/38
56,264
450,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2022C-1
4
.250
11/15/37
453,403
335,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2023B
4
.200
11/15/38
327,124
100,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Sustainability
Green
Series
2024D-1
4
.550
11/15/44
98,404
TOTAL
CONNECTICUT
1,287,243
DELAWARE
-
0.5%
240,000
Delaware
Economic
Development
Authority,
Exempt
Facility
Revenue
Bonds,
NRG
Energy
Project,
Refunding
Series
2020A,
(Mandatory
Put
10/01/25)
1
.250
10/01/45
237,704
100,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4
.450
07/01/44
96,881
100,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
4
.200
07/01/39
97,988
150,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.450
07/01/44
145,321
25,000
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
4
.200
07/01/40
24,442
TOTAL
DELAWARE
602,336
DISTRICT
OF
COLUMBIA
-
1.3%
100,000
District
of
Columbia
Student
Dormitory
Revenue
Bonds,
Provident
Group
-
Howard
Properties
LLC
Issue,
Series
2013
5
.000
10/01/30
100,004
230,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2014C
4
.000
10/01/41
212,764
300,000
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Refunding
Series
2023C
5
.000
10/01/32
338,745
390,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A
-
AGM
Insured
4
.000
10/01/52
332,970
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT
OF
COLUMBIA
(continued)
$
250,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2015B,
(AMT)
5
.000
%
10/01/31
$
251,142
330,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.000
10/01/34
351,076
TOTAL
DISTRICT
OF
COLUMBIA
1,586,701
FLORIDA
-
2.4%
125,000
Cape
Coral,
Florida,
Utility
Improvement
Assessment
Bonds,
Refunding
Various
Areas
Series
2017
-
AGM
Insured
3
.000
09/01/28
124,805
100,000
(a)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
GFL
Solid
Waste
Southeast
LLC
Project
Series
2024A,
(AMT),
(Mandatory
Put
10/01/31)
4
.375
10/01/54
99,686
120,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT),
(Mandatory
Put
7/15/28)
12
.000
07/15/32
119,400
1,300,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.000
07/01/36
1,267,855
600,000
(a)
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
616,695
45,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Series
2018-2
3
.750
07/01/33
45,019
100,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Series
2024-5
3
.950
07/01/39
94,432
100,000
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
2021-2
2
.050
07/01/41
66,825
200,000
Hillsborough
County,
Florida,
Solid
Waste
and
Resource
Recovery
Revenue
Bonds,
Refunding
Series
2016A,
(AMT)
4
.000
09/01/34
200,397
15,000
JEA,
Florida,
Electric
System
Revenue
Bonds,
Subordinated
Series
Three
2020A
5
.000
10/01/27
15,735
150,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.000
10/01/29
159,113
270,000
Tampa,
Florida,
Capital
Improvement
Cigarette
Tax
Allocation
Bonds,
H.
Lee
Moffitt
Cancer
Center
Project,
Series
2020A
0
.000
09/01/34
184,528
TOTAL
FLORIDA
2,994,490
GEORGIA
-
2.6%
100,000
(a)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-1
5
.000
04/01/34
100,294
250,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2020A
2
.600
12/01/32
225,442
240,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2023A
4
.150
12/01/38
233,033
100,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024A
4
.100
12/01/39
97,652
275,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2024C
4
.000
12/01/39
266,356
1,000,000
Georgia
State,
General
Obligation
Bonds,
Series
2021A
5
.000
07/01/27
1,048,631
435,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
9/01/27)
4
.000
07/01/52
439,180
100,000
(a)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
(Mandatory
Put
11/01/27)
4
.000
08/01/52
99,723
150,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023E-1,
(Mandatory
Put
6/01/31)
5
.000
12/01/53
158,125
290,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2024D,
(Mandatory
Put
4/01/31)
5
.000
04/01/54
307,653
140,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2025A,
(Mandatory
Put
6/01/32)
5
.000
06/01/55
148,969
TOTAL
GEORGIA
3,125,058
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII
-
0.8%
$
320,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Refunding
Series
2019
3
.200
%
07/01/39
$
268,996
660,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Series
2017A,
(AMT)
3
.100
05/01/26
650,309
TOTAL
HAWAII
919,305
IDAHO
-
0.2%
105,000
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4
.450
01/01/44
101,708
152,000
(a)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021
3
.750
09/01/51
136,492
TOTAL
IDAHO
238,200
ILLINOIS
-
6.6%
13,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
2
.700
03/01/26
12,932
25,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
2
.900
03/01/28
24,727
65,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1,
Refunding
Series
2016
-
BAM
Insured
3
.050
03/01/30
64,686
12,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
2
.700
03/01/26
11,937
35,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
2
.900
03/01/28
34,617
40,000
Cary,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2,
Refunding
Series
2016
-
BAM
Insured
3
.050
03/01/30
39,807
1,215,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
1,232,396
750,000
(a)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017B
6
.750
12/01/30
799,847
160,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017C
5
.000
12/01/30
162,422
200,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017D
5
.000
12/01/31
201,782
70,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018A
5
.000
12/01/32
70,509
100,000
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A
5
.500
01/01/39
102,950
180,000
(b)
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
(ETM)
5
.000
01/01/26
181,790
100,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A
4
.000
11/15/41
91,237
590,000
Huntley,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
10,
Refunding
Series
2017
-
BAM
Insured
3
.300
03/01/28
590,815
145,000
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Refunding
Series
2008A-2
4
.000
11/01/30
147,309
200,000
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Series
2008A-1
4
.000
11/01/30
203,193
150,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2014A
4
.000
10/01/38
142,228
260,000
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2021B,
(Mandatory
Put
8/15/31)
5
.000
08/15/53
282,036
100,000
(a)
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
Revenue
Bonds,
CenterPoint
Joliet
Terminal
Railroad
Project,
Series
2017,
(AMT),
(Mandatory
Put
7/02/35)
1
.000
12/01/43
101,318
220,000
(a)
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
Revenue
Bonds,
CenterPointJoliet
Terminal
Railroad
Project,
Series
2020,
(AMT),
(Mandatory
Put
12/31/34)
4
.125
12/01/50
213,206
280,000
Illinois
Housing
Development
Authority,
Revenue
Bonds,
Green
Series
2021B
2
.150
10/01/41
190,193
105,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/28
108,777
385,000
Illinois
State,
General
Obligation
Bonds,
Refunding
October
Series
2024
5
.000
02/01/29
406,867
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
400,000
Illinois
State,
General
Obligation
Bonds,
Refunding
September
Series
2018B
5
.000
%
10/01/32
$
415,843
610,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A
5
.000
12/01/32
614,429
605,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2014C
5
.000
01/01/36
605,280
365,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4
.000
02/01/28
374,743
200,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4
.000
02/01/29
204,784
395,000
North
Barrington,
Lake
County,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
19,
Refunding
Series
2019
-
BAM
Insured
4
.000
02/01/30
403,720
TOTAL
ILLINOIS
8,036,380
INDIANA
-
1.7%
70,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Earlham
College,
Refunding
Series
2013A
5
.000
10/01/32
69,091
300,000
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
293,601
590,000
Indiana
Finance
Authority,
Environmental
Revenue
Bonds,
Duke
Energy
Indiana,
Inc.
Project,
Refunding
Series
2009A-1,
(AMT),
(Mandatory
Put
6/01/32)
4
.500
05/01/35
596,564
30,000
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2
.050
07/01/41
20,047
350,000
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
PAC
Series
2021B
2
.125
07/01/41
237,487
250,000
Rockport,
Indiana,
Pollution
Control
Revenue
Refunding
Bonds,
Indiana
Michigan
Power
Company
Project,
Series
2025A,
(Mandatory
Put
6/01/29)
3
.700
06/01/47
249,566
250,000
Vanderburgh
County,Indiana,
Redevelopment
District
Tax
Increment
Revenue
bonds,
Refunding
Series
2014
5
.000
02/01/29
250,418
400,000
Whiting,
Indiana,
Environmental
Facilities
Refunding
Revenue
Bonds,
BP
Products
North
America
Inc.
Project,
Refunidng
Series
2019A,
(AMT),
(Mandatory
Put
6/05/26)
5
.000
12/01/44
403,616
TOTAL
INDIANA
2,120,390
IOWA
-
0.4%
200,000
Iowa
Finance
Authority,
Health
Facilities
Revenue
Bonds,
UnityPoint
Health
Project,  Series
2014C
4
.125
02/15/35
197,659
200,000
(b)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32),
(Mandatory
Put
12/01/32)
4
.000
12/01/50
213,602
100,000
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021B
2
.200
07/01/41
70,047
TOTAL
IOWA
481,308
KANSAS
-
0.2%
175,000
Manhattan,
Kansas,
General
Obligation
Bonds,
Temporary
Notes,
Series
2024-02
-
BAM
Insured
5
.000
06/15/28
177,897
100,000
(a)
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Village
East
Project
Areas
2B
3
and
5,
Series
2022
5
.750
09/01/39
102,411
TOTAL
KANSAS
280,308
KENTUCKY
-
1.6%
30,000
Ashland,
Kentucky,
Medical
Center
Revenue
Bonds,
Ashland
Hospital
Corporation
d/b/a
King's
Daughters
Medical
Center
Project,
Refunding
Series
2019
4
.000
02/01/36
28,181
225,000
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Series
2008A,
(AMT)
2
.000
02/01/32
192,239
245,000
Henderson,
Kentucky,
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Series
2022B,
(AMT)
3
.700
01/01/32
240,645
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
(continued)
$
550,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5
.000
%
06/01/31
$
559,690
125,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
131,
Series
2024A
5
.000
10/01/28
133,657
260,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024B,
(Mandatory
Put
8/01/32)
5
.000
01/01/55
274,861
100,000
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2020A,
(Mandatory
Put
6/01/26)
4
.000
12/01/50
100,419
500,000
Trimble
County,
Kentucky,
Pollution
Control
Revenue
Bonds,
Louisville
Gas
and
Electric
Company
Project,
Series
2016A,
(AMT),
(Mandatory
Put
9/01/27)
1
.300
09/01/44
465,260
TOTAL
KENTUCKY
1,994,952
LOUISIANA
-
2.8%
165,000
Calcasieu
Parish
Memorial
Hospital
Service
District,
Louisiana,
Revenue
Bonds,
Lake
Charles
Memorial
Hospital,
Refunding
Series
2019
5
.000
12/01/39
156,064
30,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2021D
2
.350
12/01/41
21,520
485,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2022A
3
.850
12/01/37
465,208
100,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A
4
.000
12/01/39
96,900
100,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
4
.150
12/01/40
97,031
535,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Louisiana,
LLC
Project,
Refunding
Series
2021B
2
.500
04/01/36
433,547
920,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Westlake
Chemical
Corporation
Projects,
Refunding
Series
2017
3
.500
11/01/32
886,111
195,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
5
.000
05/15/30
200,562
310,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
5
.000
05/15/29
314,654
200,000
Louisiana
State,
Gasoline
and
Fuels
Tax
Revenue
Bonds,
Refunding
Second
Lien
Series
2025A
4
.000
05/01/40
193,575
155,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Refunding
Series
2015
5
.000
12/01/25
156,101
105,000
(a)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010B,
(Mandatory
Put
6/01/30)
6
.100
12/01/40
111,896
115,000
Saint
John
the
Baptist
Parish,
Louisiana,
Revenue
Bonds,
Marathon
Oil
Corporation
Project,
Refunding
Series
2017A-3,
(Mandatory
Put
7/01/26)
2
.200
06/01/37
113,563
165,000
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Junior
Lien
Series
2019B
-
AGM
Insured
4
.000
12/01/33
165,540
TOTAL
LOUISIANA
3,412,272
MAINE
-
0.2%
105,000
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2021A
2
.050
11/15/41
68,341
100,000
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2022A
2
.400
11/15/41
69,878
55,000
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Series
2020D
2
.550
11/15/40
41,166
140,000
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Social
Series
2021C
2
.150
11/15/41
94,917
TOTAL
MAINE
274,302
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
-
1.1%
$
335,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
%
09/01/30
$
339,802
245,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C
2
.700
09/01/34
215,074
230,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021A
1
.950
09/01/41
149,396
175,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021B
2
.100
09/01/41
117,820
400,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021C
2
.450
09/01/41
292,993
100,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,  Revenue
Bonds,
University
of
Maryland
Medical
Systems,
Series
2025B,
(Mandatory
Put
7/01/31)
5
.000
07/01/45
109,620
120,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Refunding
Series
2024A
5
.000
07/01/37
132,592
TOTAL
MARYLAND
1,357,297
MASSACHUSETTS
-
1.4%
200,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Lawrence
General
Hospital
Issue,
Series
2014A
5
.000
07/01/27
198,516
100,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
4
.000
10/01/32
100,131
80,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5
.000
07/01/33
83,060
200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Harvard
University,
Series
2025A-2,
(Mandatory
Put
11/15/35)
5
.000
05/15/55
224,592
100,000
(b)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
(Pre-
refunded
7/15/30)
5
.000
07/15/36
109,725
50,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2021G
5
.000
07/01/35
53,128
100,000
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024A1
4
.550
12/01/44
97,105
150,000
Massachusetts
Housing
Finance
Agency,
Multifamily
Housing
Bonds,
Green
Sustainability
Series
2024B3
3
.500
06/01/29
150,183
115,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019-214
2
.800
12/01/39
91,660
70,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2020-220
2
.125
12/01/40
48,711
65,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-221
2
.200
12/01/41
45,255
65,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021-223
2
.350
06/01/39
50,089
200,000
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2024B
5
.000
11/01/37
220,330
205,000
Massachusetts
State,
General
Obligation
Bonds,
Refunding
Series
2024B
5
.000
11/01/38
223,626
TOTAL
MASSACHUSETTS
1,696,111
MICHIGAN
-
2.2%
125,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B
-
NPFG
Insured
5
.500
07/01/29
129,004
150,000
(b)
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Sewage
Disposal
System
Local
Project,
Second
Lien
Series
2015C,
(Pre-refunded
7/30/25)
5
.000
07/01/34
150,223
530,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2022B-MI,
(Mandatory
Put
12/01/28)
5
.000
12/01/43
560,163
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
50,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2018A
3
.800
%
10/01/38
$
46,479
270,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2021A
2
.250
10/01/41
186,561
320,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019B
2
.700
12/01/34
279,191
360,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020C
2
.600
12/01/40
269,771
125,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021A
2
.150
12/01/41
84,691
200,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/30
201,013
25,000
Michigan
Strategic
Fund,
Limited
Obligation
Revenue
Bonds,
Graphic
Packaging
International,
LLC
Coated
Recycled
Board
Machine
Project,
Green
Series
2021,
(AMT),
(Mandatory
Put
10/01/26)
4
.000
10/01/61
24,863
705,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Refunding
Series
2015F,
(AMT)
5
.000
12/01/33
706,390
TOTAL
MICHIGAN
2,638,349
MINNESOTA
-
0.5%
60,517
Minnesota
Housing
Finance
Agency,
Homeownership
Finance
Bonds,
Mortgage-Backed
Securities
Program,
Series
2017E
2
.850
06/01/47
50,268
145,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2013C
3
.900
07/01/43
126,445
105,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020E
2
.500
07/01/40
78,254
70,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020I
2
.000
07/01/40
47,162
100,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021D
2
.200
07/01/41
70,047
115,000
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021H
2
.350
07/01/41
82,946
175,000
White
Bear
Lake
Independent
School
District
624,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2021A
2
.000
02/01/28
167,817
TOTAL
MINNESOTA
622,939
MISSISSIPPI
-
0.6%
130,000
Mississippi
Business
Finance
Corporation,
Pollution
Control
Revenue,
Mississippi
Power,
Series
2002
3
.200
09/01/28
130,000
100,000
Mississippi
Business
Finance
Corporation,
Revenue
Bonds,
System
Energy
Resources,
Inc.
Project,
Refunding
Series
2021
2
.375
06/01/44
60,194
30,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2
.000
12/01/40
20,429
440,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.650
12/01/44
431,782
100,000
Warren
County,
Mississippi,
Gulf
Opportunity
Zone
Revenue
Bonds,
International
Paper
Company
Project,
Refunding
Series
20218
4
.000
09/01/32
100,824
TOTAL
MISSISSIPPI
743,229
MISSOURI
-
0.7%
100,000
Branson
Industrial
Development
Authority,
Missouri,
Tax
Increment
Revenue
Bonds,
Branson
Shoppes
Redevelopment
Project,
Refunding
Series
2017A
4
.000
11/01/26
99,247
190,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2025C,
(Mandatory
Put
4/01/35)
5
.000
04/01/59
208,244
60,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2021B
2
.000
11/01/41
39,456
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
490,000
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2023B
4
.100
%
11/01/38
$
467,561
TOTAL
MISSOURI
814,508
MONTANA
-
0.3%
325,000
Forsyth,
Montana
Pollution
Control
Revenue
Bonds,
Portland
General
Electric
Company
Project,
Refunding
Series
1998A
2
.125
05/01/33
275,131
25,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2021B
2
.000
12/01/41
16,417
100,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024A
4
.450
12/01/44
96,833
10,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024B
3
.900
12/01/39
9,244
15,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2024B
4
.300
12/01/44
13,977
TOTAL
MONTANA
411,602
NATIONAL
-
0.5%
686,213
Federal
Home
Loan
Mortgage
Corporation,
Notes
4
.140
01/25/40
660,307
TOTAL
NATIONAL
660,307
NEBRASKA
-
0.9%
190,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
4
Revenue
Bonds,
Refunding
Series
2023A-1,
(Mandatory
Put
11/01/29)
5
.000
05/01/54
199,784
75,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2019D
2
.600
09/01/34
64,737
515,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2020A
2
.300
09/01/32
462,165
230,000
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2021C
2
.300
09/01/41
162,668
100,000
Sarpy
County
School
District
037
Gretna
Public
Schools,
Nebraska,
General
Obligation
Bonds,
Series
2022B
5
.000
12/15/27
100,730
100,000
Sarpy
County,
Nebraska,
Limited
Tax
Highway
Allocation
Fund
Pledge
Bonds,
Series
2021
2
.000
06/01/27
97,216
140,000
Saunders
County
School
District
1,
Ashland-Greenwood,
Nebraska,
General
Obligation
Bonds,
Series
2021
2
.000
12/15/50
70,978
TOTAL
NEBRASKA
1,158,278
NEVADA
-
0.1%
25,000
(a),(c)
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Solid
Waste
Disposal
Revenue
Bonds,
Republic
Services
Inc.,
Variable
Rate
Demand
Series
2001,
(AMT),
(Mandatory
Put
12/01/25)
3
.950
12/01/26
25,006
65,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Refunding
Series
2017B
4
.000
07/01/34
65,193
100,000
Nevada
Housing
Division,
Single
Family
Housing
Mortgage
Revenue
Bonds,
Refunding
Series
2021A
2
.200
10/01/41
69,789
25,000
(a)
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A
2
.750
06/15/28
24,418
TOTAL
NEVADA
184,406
NEW
HAMPSHIRE
-
1.6%
237,924
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2020-1
Class
A
4
.125
01/20/34
235,450
389,042
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2022-1
Class
A
4
.375
09/20/36
377,098
163,752
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2022-2
Class
A
4
.000
10/20/36
154,337
207,034
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-1
Class
A
4
.250
07/01/51
197,672
148,966
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-2
Class
A
3
.625
08/20/39
136,474
198,968
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Social
Series
2024-4
Class
A
4
.180
11/20/39
192,047
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
HAMPSHIRE
(continued)
$
295,000
National
Finance
Authority,
New
Hampshire,
Pollution
Control
Revenue
Bonds,
New
York
State
Electric
&
Gas
Corporation
Project,
Refunding
Series
2022A,
(AMT)
4
.000
%
12/01/28
$
297,038
125,000
(b)
New
Hampshire
Business
Finance
Authority,
Water
Facility
Revenue
Bonds,
Pennichuck
Water
Works
Inc.
Project
,
Series
2015A.,
(Pre-refunded
1/01/26),
(AMT)
4
.250
01/01/36
125,503
100,000
New
Hampshire
Housing
Finance
Authority,
Single
Family
Mortgage
Acquisition
Bonds,
Social
Series
2024A
4
.500
07/01/44
96,167
100,000
New
Hampshire
Housing
Finance
Authority,
Single
Family
Mortgage
Acquisition
Bonds,
Social
Series
2025A
4
.500
07/01/45
96,814
TOTAL
NEW
HAMPSHIRE
1,908,600
NEW
JERSEY
-
3.5%
200,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,  Series
2013
5
.000
01/01/37
200,064
100,000
(a)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Dock
and
Wharf
Facility
Revenue
Bonds,
Repauno
Port
&
Rail
Terminal
Project,
Series
2025,
(AMT)
6
.375
01/01/35
101,950
220,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
(AMT)
5
.000
01/01/28
220,249
1,000,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2015XX
5
.000
06/15/27
1,000,865
170,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
(AMT)
5
.250
09/15/29
170,059
250,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
(AMT),
(Mandatory
Put
12/03/29)
2
.200
10/01/39
226,590
50,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
3
.750
12/01/31
49,932
30,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4
.000
06/01/31
31,742
1,280,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/33
936,981
170,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019AA
3
.750
06/15/33
169,668
210,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/28
216,830
685,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/29
706,515
240,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/34
244,683
TOTAL
NEW
JERSEY
4,276,128
NEW
MEXICO
-
0.3%
90,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2019D
2
.800
07/01/34
80,232
100,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021C
2
.100
07/01/41
67,511
110,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2024C
4
.100
09/01/39
107,650
110,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2024G
4
.375
09/01/44
104,357
40,000
New
Mexico
Municipal
Energy
Acquisition
Authority,
Gas
Supply
Revenue
Bonds,
Refunding
&
Acquisition
Series
2025,
(Mandatory
Put
11/01/30)
5
.000
06/01/54
42,413
TOTAL
NEW
MEXICO
402,163
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
-
4.7%
$
110,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020B-1
5
.000
%
06/01/40
$
100,010
200,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/28
201,274
200,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2016A
Group
A
5
.000
02/15/37
202,851
750,000
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A
5
.000
12/01/36
785,386
60,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019
5
.000
01/01/40
55,700
20,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
4
.000
01/01/32
20,503
135,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
3
.000
01/01/33
128,367
150,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024B
5
.000
05/01/38
161,769
275,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024D-1
5
.000
11/01/27
290,212
350,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
A-1
5
.000
08/01/29
380,803
100,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Climate
Bond
Certified/Green
Bond
Series
2018I
3
.625
11/01/33
99,346
255,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Climate
Bond
Certified/Sustainability
Series
2019P
2
.600
11/01/34
217,989
220,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Refunding
Series
2019C
3
.500
11/01/34
212,560
330,000
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Sustainability
Series
2023C-2,
(Mandatory
Put
5/01/29)
3
.800
11/01/62
330,119
100,000
New
York
State
Housing
Finance
Agency,
Housing
Revenue
Bonds,
160
West
2nd
Street
Series
2011A-2,
(Mandatory
Put
4/01/32)
3
.600
11/01/44
100,009
120,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
223
2
.650
10/01/34
104,074
100,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
225
2
.300
10/01/40
72,132
75,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
233
2
.200
04/01/36
59,557
245,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
239
2
.450
10/01/41
179,274
245,000
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
242
2
.950
10/01/37
209,180
100,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4
.000
07/01/32
99,654
230,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4
.000
07/01/33
227,476
160,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/34
160,165
620,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/41
620,021
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
(continued)
$
70,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
-
AGM
Insured,
(AMT)
4
.000
%
07/01/46
$
60,214
80,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
80,002
500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/29
529,992
100,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2
5
.000
06/01/33
105,197
TOTAL
NEW
YORK
5,793,836
NORTH
CAROLINA
-
2.4%
100,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
54-A
4
.550
07/01/44
96,786
400,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Series
55A
4
.000
07/01/39
386,901
100,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Social
Series
53-A
4
.000
07/01/39
96,725
85,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement,
Series
2020-43
2
.800
01/01/40
66,624
730,000
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
Social
Series
2023-50
3
.950
07/01/38
692,070
1,365,000
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Series
2015C
5
.000
01/01/29
1,377,487
250,000
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll  Revenue
Bonds,
Capital
Appreciation
Series
2017C
0
.000
07/01/27
231,410
TOTAL
NORTH
CAROLINA
2,948,003
NORTH
DAKOTA
-
1.2%
120,000
Cass
County
Joint
Water
Reserve
District,
North
Dakota,
Temporary
Improvement  Special
Assessment
Bonds,
Refunding
Series
2024A
3
.450
04/01/27
120,051
270,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2021
3
.000
05/01/46
169,647
55,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2019C
3
.200
07/01/39
46,710
55,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2020A
2
.700
07/01/35
47,232
95,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2020B
2
.350
07/01/40
69,409
100,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2021A
2
.250
07/01/41
70,740
710,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2022F
3
.950
07/01/37
690,577
200,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/28
202,270
100,000
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
5
.000
06/01/43
93,789
TOTAL
NORTH
DAKOTA
1,510,425
OHIO
-
5.5%
155,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
06/01/27
158,748
75,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
06/01/29
78,217
130,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
06/01/31
136,338
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
100,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
%
06/01/32
$
104,465
260,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
06/01/34
269,261
100,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
5
.000
06/01/35
103,114
100,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
4
.000
06/01/48
82,981
290,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
247,585
480,000
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013
5
.000
06/15/43
402,495
20,000
Montgomery
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
&
Improvement
Series
2021
3
.000
08/01/40
16,098
150,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2005A,
(AMT)
3
.750
01/01/29
148,729
225,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2007A,
(AMT),
(Mandatory
Put
10/01/29)
2
.500
08/01/40
211,673
350,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2007B,
(AMT),
(Mandatory
Put
10/01/29)
2
.500
11/01/42
329,270
100,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
American
Electric
Power
Company
Project,
Refunding
Series
2014B,
(AMT),
(Mandatory
Put
10/01/29)
2
.600
06/01/41
94,464
400,000
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
404,550
210,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Dueke
Energy
Corporation
Project,
Refunding
Series
2022A,
(AMT),
(Mandatory
Put
6/01/27)
4
.250
11/01/39
212,272
45,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Pratt
Paper
Ohio,
LLC
Project,
Series
2017,
(AMT)
3
.750
01/15/28
45,024
50,000
Ohio
Higher
Educational
Facility
Commission,
Senior
Hospital
Parking
Revenue
Bonds,
University
Circle
Incorporated
2020
Project,
Series
2020
5
.000
01/15/36
51,560
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2019B
3
.000
09/01/39
83,840
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2020A
2
.750
09/01/40
77,158
25,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2020B
2
.250
09/01/40
18,398
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A
4
.350
09/01/44
95,952
100,000
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Social
Series
2025A
4
.150
09/01/40
96,649
2,520,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3
5
.700
02/15/34
2,864,596
75,000
Toledo-Lucas
County
Port
Authority,
Ohio,
Development
Revenue
Bonds,
Northwest
Ohio
Bond
Fund,
HB
Magruder
Memorial
Hospital
Project,
Series
2021F
2
.250
11/15/36
58,164
70,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015
5
.375
03/01/27
70,000
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
200,000
Washington
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Memorial
Health
System
Obligated
Group,
Series
2022
6
.375
%
12/01/37
$
210,708
TOTAL
OHIO
6,672,309
OKLAHOMA
-
2.9%
80,000
Bryan
County
School
Finance
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Durant
Public
Schools
Project,
Refunding
Series
2020
4
.000
12/01/28
82,561
115,000
Bryan
County
School
Finance
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Durant
Public
Schools
Project,
Series
2020
2
.750
09/01/31
107,996
800,000
Caddo
County
Governmental
Building
Authority,
Oklahoma,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2018
3
.625
09/01/33
759,333
330,000
Canadian
County
Educational
Facilities
Authority,
Oklahoma,
Lease
Revenue
Bonds,
Piedmont
Public
Schools
Project,
Series
2024
4
.000
08/15/34
335,309
100,000
Cleveland
County
Public
Facilities
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Moore
Norman
Technology
Center
Project,
Series
2021
4
.000
05/01/35
101,714
250,000
Comanche
County
Educational
Facilities
Authority,
Oklahoma,
Educational
Facilities
Lease
Revenue
Bonds,
Elgin
Public
Schools
Project,
Series
2017A
5
.000
12/01/31
262,708
225,000
Oklahoma
County
Independent
School
District
89
Oklahoma
City,
Oklahoma,
General
Obligation
Bonds,
Combined
Purpose
Series
2024A
1
.250
07/01/26
221,943
230,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.000
08/15/28
238,810
105,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/52
103,775
100,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/57
98,069
100,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022
5
.500
08/15/37
102,768
60,000
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2020A
2
.650
09/01/35
52,449
495,000
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2022A
3
.800
09/01/37
467,847
275,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.000
01/01/40
295,329
200,000
Tulsa,
Oklahoma,
General
Obligation
Bonds,
Series
2024C
0
.050
10/01/37
121,429
235,000
Weatherford
Industrial
Trust
Educational,
Oklahoma,
Facilities
Lease
Revenue
Bonds,
Weatherford
Public
Schools
Project,
Series
2019
5
.000
03/01/31
247,877
TOTAL
OKLAHOMA
3,599,917
OREGON
-
1.3%
1,325,000
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017B
0
.000
06/15/31
1,057,486
340,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021B-2,
(Mandatory
Put
2/01/32)
5
.000
07/01/46
370,434
95,000
Oregon
Housing
and
Community
Services
Department,
Single
Family
Mortgage
Program
Revenue
Bonds,
Series
2021A
2
.250
07/01/41
67,203
50,000
Oregon
Housing
and
Community
Services
Department,
Single
Family
Mortgage
Program
Revenue
Bonds,
Series
2025A
4
.750
07/01/40
50,049
TOTAL
OREGON
1,545,172
PENNSYLVANIA
-
4.0%
100,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2018
5
.000
05/01/28
103,041
38,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6
.000
06/30/34
40,243
502,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
463,861
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
250,000
(d)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0
.000
%
06/30/44
$
181,143
79,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8
.000
06/30/34
80,713
280,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
-
AGM
Insured
4
.000
06/01/39
261,894
375,000
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
Pennsylvania
Power
and
Light
Company,
Series
2016A
3
.000
09/01/29
374,789
225,000
Luzerne
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania-American
Water
Company
Project,
Refunding
Series
2019,
(AMT),
(Mandatory
Put
12/03/29)
2
.450
12/01/39
200,114
230,000
Pennsylvania
Economic
Development
Financing
Authority,
Private
Activity
Revenue
Bonds,
Pennsylvania
Rapid
Bridge
Replacement
Project,
Series
2015,
(AMT)
5
.000
12/31/25
231,478
250,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Project,
Series
2017A,
(AMT),
(Mandatory
Put
8/01/25)
4
.250
08/01/37
250,053
150,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012
5
.000
05/01/42
105,702
245,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125A,
(AMT)
3
.400
10/01/32
230,995
25,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-128A,
(AMT)
3
.650
10/01/32
23,881
170,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129
2
.950
10/01/34
152,457
150,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A
2
.300
10/01/35
121,489
200,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133
2
.350
10/01/40
145,613
200,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-1394A
4
.000
10/01/37
193,338
440,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2
5
.000
06/01/29
447,880
860,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2
5
.000
06/01/35
871,674
410,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Third
Series
2017
5
.000
12/01/32
426,734
10,000
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016
3
.375
06/01/26
9,802
TOTAL
PENNSYLVANIA
4,916,894
PUERTO
RICO
-
2.6%
250,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/30
259,956
260,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/35
267,248
398,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
368,034
165,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
140,977
597,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
466,609
351,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
250,082
208,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
207,992
100,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
94,159
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
(continued)
$
206,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
%
07/01/40
$
193,503
258,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/27
265,569
115,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
121,355
119,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.750
07/01/31
128,435
222,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
153,746
177,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
172,821
50,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/35
48,187
TOTAL
PUERTO
RICO
3,138,673
RHODE
ISLAND
-
0.4%
100,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Care
New
England
Issue,
Refunding
Series
2016B
5
.000
09/01/36
98,148
180,000
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2021
Series
75A
2
.250
10/01/41
126,878
205,000
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2022
Series
76A
2
.350
10/01/36
163,576
50,000
Rhode
Island
Housing
and
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
Series
2020-72A
2
.550
10/01/40
37,507
60,000
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2015B
4
.500
06/01/45
59,627
TOTAL
RHODE
ISLAND
485,736
SOUTH
CAROLINA
-
1.1%
170,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2021A
2
.050
07/01/41
113,603
965,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2023A
4
.750
07/01/43
952,201
25,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2025A
4
.150
07/01/40
24,359
155,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2025A
4
.500
07/01/45
149,093
110,000
South
Carolina
Jobs
Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Foothill
Affordable
Housing
Foundation
-
Paddock
Club
&
Fairway
Projects,
Senior
Credit
Enhanced
Series
2025,
(Mandatory
Put
3/01/35)
4
.000
03/01/62
106,659
TOTAL
SOUTH
CAROLINA
1,345,915
SOUTH
DAKOTA
-
0.8%
75,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2021A
2
.100
11/01/41
50,359
110,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2021B
2
.050
11/01/41
73,098
110,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2022B
2
.300
11/01/37
85,599
225,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2024C
4
.000
11/01/37
220,554
400,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2024C
4
.500
11/01/44
383,045
130,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2025A
4
.200
11/01/40
128,255
TOTAL
SOUTH
DAKOTA
940,910
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
-
0.8%
$
125,000
Tennergy
Corporation,
Tennessee,
Gas
Revenue
Bonds,
Series
2021A,
(Mandatory
Put
9/01/28)
4
.000
%
12/01/51
$
125,741
165,000
Tennergy
Corporation,
Tennessee,
Gas
Revenue
Bonds,
Series
2022A,
(Mandatory
Put
12/01/30)
5
.500
10/01/53
173,256
65,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Series
2021-3
2
.300
07/01/41
46,431
100,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Series
2022-2
4
.050
07/01/37
98,013
375,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2023-3A
5
.200
07/01/43
382,904
100,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Tender
Option
Bond
Trust
Series
2023-XL0448
4
.150
07/01/38
97,228
TOTAL
TENNESSEE
923,573
TEXAS
-
6.5%
40,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
First
Tier
Series
2017A
5
.000
01/01/28
40,373
55,000
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
First
Tier
Series
2017A
5
.000
01/01/30
55,421
465,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2025A
5
.000
08/15/28
497,979
25,000
City
of
Houston,
Texas,
Convention
&
Entertainment
Facilities
Department
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Refunding
Series
2019
5
.000
09/01/34
25,947
1,000,000
Dallas,
Texas,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024B
5
.000
02/15/27
1,036,188
50,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B
4
.750
11/01/42
47,875
200,000
Grand
Prairie
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015
4
.000
02/15/31
200,084
110,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022B,
(Mandatory
Put
12/01/28)
5
.000
06/01/50
116,525
705,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Senior
Lien
Series
2022A
0
.000
12/01/42
281,923
465,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2023A
-
AGM
Insured,
(AMT)
5
.000
07/01/32
502,955
50,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
(AMT)
5
.000
07/01/29
50,003
150,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.250
07/15/34
154,678
500,000
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Refunding
First
Lien
Series
2014D
5
.000
11/15/39
500,523
200,000
Klein
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Schoolhouse
Series
2015A
4
.000
08/01/32
200,144
430,000
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds
Series
2015,
(AMT)
5
.000
11/01/28
430,865
25,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5
.000
12/01/25
24,995
100,000
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
5
.250
12/01/28
100,195
100,000
(a)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4
.625
10/01/31
100,160
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
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
245,000
(b)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
7
.000
%
09/01/43
$
293,592
500,000
(b)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
(Pre-
refunded
9/01/31)
6
.750
09/01/45
601,516
110,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Series
2023A
5
.000
01/01/27
113,952
100,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
2
.750
01/01/36
82,071
300,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
2
.875
01/01/41
219,267
100,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
(AMT)
3
.000
01/01/50
63,654
100,000
Round
Rock,
Texas,
Combined
Tax
and
Revenue
Certificates
of
Obligation,
Series
2021C
2
.000
08/15/46
57,423
100,000
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
2
.050
09/01/41
66,636
340,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
IV,
Gas
Supply
Revenue
Bonds,
Series
2023A,
(Mandatory
Put
1/01/30)
5
.500
01/01/54
361,273
150,000
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
IV,
Gas
Supply
Revenue
Bonds,
Series
2023B,
(Mandatory
Put
1/01/34)
5
.500
01/01/54
164,638
515,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A
4
.000
12/31/38
490,742
150,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-
635
Managed
Lanes
Project,
Refunding  Series
2020A
4
.000
06/30/35
147,296
500,000
Texas
State,
General
Obligation
Bonds,
College
Student
Loan
Series
2023A,
(AMT)
5
.000
08/01/36
531,747
210,000
Texas
Transportation
Commission,
General
Obligation
Bonds,
Highway
Improvement
Refunding
Series
2024
5
.000
04/01/28
223,263
TOTAL
TEXAS
7,886,170
UTAH
-
0.3%
250,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.250
07/01/36
269,449
160,000
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024E
4
.600
07/01/44
158,401
TOTAL
UTAH
427,850
VIRGINIA
-
1.4%
149,663
Federal
Home
Loan
Mortgage
Corporation,
Multifamily
Variable
Rate
Certificates
Relating
to
Municipal
Securities
Class
A
Green
Series
2024ML-028
4
.095
11/25/42
148,553
100,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-3
4
.000
10/01/39
97,116
100,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-5
4
.150
07/01/40
97,330
50,000
(e)
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2024F-2
4
.700
07/01/40
50,094
100,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024H
3
.625
06/01/29
100,115
50,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2025A
4
.100
09/01/40
47,305
250,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
07/01/36
257,552
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
150,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
%
01/01/38
$
153,185
115,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/38
117,317
445,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/39
452,527
150,000
Wise
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
and
Sewage
Disposal
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Series
2009A,
(Mandatory
Put
9/02/25)
0
.750
10/01/40
148,936
TOTAL
VIRGINIA
1,670,030
WASHINGTON
-
2.6%
150,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2017C,
(AMT)
5
.000
05/01/31
153,278
400,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
(AMT)
5
.000
05/01/31
408,741
100,000
Washington
State
Housing
Finance
Commission,
Single
Family
Program
Bonds,
Series
2021-1N
2
.200
06/01/41
70,130
417,125
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2021-
1
Class
A
3
.500
12/20/35
392,604
129,416
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2024A-1
4
.221
03/20/40
121,638
600,000
Washington
State,
General
Obligation
Bonds,
Motor
Vehicle
Fuel
Tax
&
Vehicle
Related
Fees,
Refunding
Series
R-2024C
5
.000
08/01/27
629,322
315,000
Washington
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
R-2018D
5
.000
08/01/27
330,459
500,000
Washington
State,
General
Obligation
Bonds,
Various
Purpose
Group
1
Series
2024C
5
.000
02/01/26
506,675
595,000
Whidbey
Island
Public
Hospital
District,
Island
County,
Washington,
General
Obligation
Bonds,
Whidbey
General
Hospital,
Series
2013
5
.500
12/01/33
571,096
TOTAL
WASHINGTON
3,183,943
WEST
VIRGINIA
-
0.8%
100,000
(a)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2017A
4
.500
06/01/27
100,559
190,000
West
Virginia
Economic
Development
Authority,
Solid
Waste
Disposal
Facilities
Revenue
Bonds,
Appalachian
Power
Company
-
Amos
Project,
Series
2010,
(Mandatory
Put
12/15/25)
0
.625
12/01/38
187,277
50,000
(a)
West
Virginia
Economic
Development
Authority,
Solid
Waste
Disposal
Facilities
Revenue
Bonds,
Core
Natural
Resources,
INC
Project,
AMT
Series
2025,
(AMT),
(Mandatory
Put
3/27/35)
5
.450
01/01/55
51,033
120,000
(a)
West
Virginia
Economic
Development
Authority,
Solid
Waste
Disposal
Facilities
Revenue
Bonds,
Core
Natural
Resources,
INC
Project,
AMT
Series
2025,
(AMT),
(Mandatory
Put
5/15/32)
4
.625
04/15/55
119,555
80,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Series
2014A
5
.000
09/01/25
80,071
265,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A
3
.375
06/01/29
263,074
145,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2024A
4
.400
11/01/44
137,457
TOTAL
WEST
VIRGINIA
939,026
Portfolio
of
Investments
June
30,
2025
(continued)
NIM
22
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
-
4.4%
$
500,000
Milwaukee,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2024-N1
-
AGM
Insured
5
.000
%
04/01/30
$
542,244
600,000
(a)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
6
.500
12/01/37
570,000
345,000
Public
Finance
Authority
of
Wisconsin,
Pollution
Control
Revenue
Bonds,
Duke
Energy
Progress
Project,
Refunding
Series
2022A-2,
(Mandatory
Put
10/01/30)
3
.700
10/01/46
346,822
350,000
Public
Finance
Authority
of
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Refunding
Series
2016A-2
2
.875
05/01/27
344,201
65,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C
4
.050
11/01/30
64,432
175,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C
4
.300
11/01/30
174,302
100,000
Sheboygan
Area
School
District,
Manitowoc
and
Sheboygan
Counties,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2024
3
.000
03/01/40
83,894
115,000
West
Allis-West
Milwaukee,
et
al
School
District,
Wisconsin,
General
Obligation
Bonds,
Promissory
Notes
Series
2025
3
.000
04/01/39
99,327
40,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
4
.000
10/01/41
32,300
80,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Gundersen
Health
System,
Refunding
Series
2021A
4
.000
10/15/34
80,685
200,000
(b)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2020B-2,
(Pre-refunded
8/15/26),
(Mandatory
Put
2/15/27)
5
.000
02/15/51
204,758
1,555,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2015
5
.000
12/15/26
1,556,537
585,000
Wisconsin
Housing
and
Ecconomic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Series
2020A
2
.700
09/01/35
500,219
285,000
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024C
4
.125
09/01/39
276,714
100,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2021C
2
.500
11/01/41
71,282
110,000
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2023E,
(Mandatory
Put
5/01/27)
3
.875
11/01/54
110,257
240,000
Wisconsin
State,
General
Obligation
Bonds,
Refunding
Series
2024-1
5
.000
05/01/32
271,809
TOTAL
WISCONSIN
5,329,783
WYOMING
-
0.2%
210,000
Campbell
County,
Wyoming
Solid
Waste
Facilities
Revenue
Bonds,
Basin
Electric
Power
Cooperative,
Dry
Fork
Station
Facilities,
Series
2019A
3
.625
07/15/39
183,517
75,000
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2020
Series
1
2
.625
12/01/35
64,952
60,000
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2023
Series
1
4
.200
12/01/38
58,382
TOTAL
WYOMING
306,851
TOTAL
MUNICIPAL
BONDS
(Cost
$119,866,715)
117,183,819
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$120,493,949)
117,744,070
OTHER
ASSETS
&
LIABILITIES,
NET
-  3.6%
4,410,309
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
122,154,379
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
23
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)
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
$7,121,791
or
6.0%
of
Total
Investments.
(b)
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.
(c)
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.
(d)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
When-issued
or
delayed
delivery
security.
NIM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Mortgage-Backed
Securities
$
–
$
560,251
$
–
$
560,251
Municipal
Bonds
–
117,183,819
–
117,183,819
Total
$
–
$
117,744,070
$
–
$
117,744,070