| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Municipal Obligations–160.68%(a) | |||||
| Pennsylvania–149.82% | |||||
| Allegheny (County of), PA; Series 2016 C-76, GO Bonds (b) | 5.00% | 11/01/2041 | $10,410 | $ 12,614,109 | |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); Series 2008 A, Ref. VRD RB(c) | 0.02% | 12/01/2037 | 675 | 675,000 | |
| Allegheny (County of), PA Higher Education Building Authority (Chatham University); Series 2012 A, RB | 5.00% | 09/01/2035 | 3,000 | 3,030,930 | |
| Allegheny (County of), PA Higher Education Building Authority (Duquesne University); | |||||
| Series 2011 A, RB(d)(e) | 5.50% | 03/01/2021 | 1,600 | 1,663,280 | |
| Series 2013 A, RB | 5.00% | 03/01/2033 | 1,600 | 1,701,632 | |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); | |||||
| Series 2018 A, Ref. RB | 5.00% | 04/01/2047 | 1,000 | 1,120,470 | |
| Series 2018 A, Ref. RB(b)(f) | 5.00% | 04/01/2047 | 7,885 | 8,834,906 | |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center); | |||||
| Series 2007 A-1, RB (67% of 3 mo. USD LIBOR + 0.82%)(g) | 1.28% | 02/01/2037 | 2,000 | 1,927,980 | |
| Series 2019 A, Ref. RB | 4.00% | 07/15/2038 | 1,415 | 1,540,001 | |
| Series 2019 A, Ref. RB | 4.00% | 07/15/2039 | 2,250 | 2,441,812 | |
| Allegheny (County of), PA Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, RB | 6.37% | 08/15/2035 | 1,215 | 1,221,026 | |
| Allegheny (County of), PA Sanitary Authority; Series 2015, Ref. RB(b) | 5.00% | 12/01/2045 | 7,880 | 9,277,597 | |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(h) | 5.00% | 05/01/2042 | 500 | 500,625 | |
| Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); | |||||
| Series 2017 A, Ref. RB | 5.00% | 05/15/2042 | 500 | 498,665 | |
| Series 2017 A, Ref. RB | 5.00% | 05/15/2047 | 600 | 589,524 | |
| Series 2017 C, RB | 5.00% | 05/15/2047 | 1,175 | 1,154,485 | |
| Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB | 5.00% | 11/01/2047 | 1,500 | 1,562,820 | |
| Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB | 5.00% | 11/01/2044 | 3,500 | 3,560,935 | |
| Bethlehem (City of), PA; | |||||
| Series 2014, Ref. RB (INS - BAM)(i) | 5.00% | 11/15/2030 | 1,575 | 1,745,888 | |
| Series 2014, Ref. RB (INS - BAM)(i) | 5.00% | 11/15/2031 | 1,575 | 1,745,888 | |
| Bucks (County of), PA Industrial Development Authority (Pennswood Village); Series 2018, Ref. RB | 5.00% | 10/01/2037 | 980 | 1,014,584 | |
| Butler (County of), PA General Authority (Hampton Township School District); Series 2007, VRD RB (INS - AGM)(c)(i) | 0.12% | 09/01/2027 | 1,000 | 1,000,000 | |
| Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB(d)(e) | 5.38% | 12/01/2021 | 3,600 | 3,872,736 | |
| Centre (County of), PA Hospital Authority (Mt. Nittany Medical Center); | |||||
| Series 2011, RB(d)(e) | 6.25% | 11/15/2021 | 1,670 | 1,814,705 | |
| Series 2012 B, RB(d)(e) | 5.00% | 11/15/2022 | 1,000 | 1,115,550 | |
| Series 2016 A, Ref. RB | 5.00% | 11/15/2046 | 900 | 1,005,642 | |
| Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); Series 2019, Ref. RB | 5.00% | 12/01/2051 | 2,625 | 2,275,324 | |
| Chester (County of), PA Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB | 5.00% | 12/15/2047 | 1,160 | 1,211,400 | |
| Chester (County of), PA Industrial Development Authority (Collegium Charter School); Series 2017 A, RB | 5.25% | 10/15/2047 | 2,555 | 2,440,664 | |
| Chester (County of), PA Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, RB | 5.00% | 08/01/2045 | 2,425 | 2,438,483 | |
| Clairton (City of), PA Municipal Authority; Series 2012 B, RB | 5.00% | 12/01/2037 | 2,000 | 2,156,900 | |
| Coatesville School District; Series 2010, GO Bonds (INS - AGM)(i) | 5.00% | 08/15/2030 | 2,650 | 2,669,769 | |
| Commonwealth Financing Authority; | |||||
| Series 2010 B, RB | 5.00% | 06/01/2023 | 1,775 | 1,775,000 | |
| Series 2018, RB(b)(f) | 5.00% | 06/01/2031 | 3,500 | 4,264,470 | |
| Series 2018, RB(b)(f) | 5.00% | 06/01/2032 | 2,000 | 2,416,360 | |
| Series 2018, RB(b)(f) | 5.00% | 06/01/2033 | 2,000 | 2,400,480 | |
| Series 2018, RB(b)(f) | 5.00% | 06/01/2035 | 3,045 | 3,628,727 | |
| Cumberland (County of), PA Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB | 5.00% | 01/01/2038 | 4,730 | 4,819,539 | |
| Cumberland (County of), PA Municipal Authority (Penn State Health); Series 2019, RB | 4.00% | 11/01/2044 | 2,000 | 2,172,580 | |
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Pennsylvania–(continued) | |||||
| Dauphin (County of), PA General Authority (Pinnacle Health System); Series 2016 A, Ref. RB | 5.00% | 06/01/2035 | $ 1,145 | $ 1,307,899 | |
| Delaware (County of), PA Authority (Villanova University); Series 2015, RB | 5.00% | 08/01/2045 | 785 | 876,303 | |
| Delaware (County of), PA Industrial Development Authority (Covanta); Series 2015, Ref. RB | 5.00% | 07/01/2043 | 1,575 | 1,576,890 | |
| Delaware River Port Authority; Series 2013, RB | 5.00% | 01/01/2031 | 1,000 | 1,120,530 | |
| Delaware River Port Authority (Port District); | |||||
| Series 2012, Ref. RB | 5.00% | 01/01/2025 | 2,175 | 2,269,939 | |
| Series 2012, Ref. RB | 5.00% | 01/01/2027 | 1,290 | 1,335,189 | |
| Delaware Valley Regional Financial Authority; Series 2002, RB | 5.75% | 07/01/2032 | 3,500 | 4,985,715 | |
| Doylestown (City of), PA Hospital Authority; Series 2019 A, RB | 4.00% | 07/01/2045 | 500 | 514,655 | |
| DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB | 5.00% | 07/15/2048 | 2,350 | 2,686,050 | |
| East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); | |||||
| Series 2013, RB | 5.00% | 07/01/2035 | 750 | 758,963 | |
| Series 2014, RB | 5.00% | 07/01/2039 | 750 | 757,335 | |
| East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing); Series 2013, RB | 5.00% | 07/01/2045 | 2,020 | 2,024,202 | |
| East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities); | |||||
| Series 2016, Ref. RB | 5.00% | 12/01/2030 | 790 | 876,284 | |
| Series 2016, Ref. RB | 5.00% | 12/01/2039 | 2,780 | 2,988,333 | |
| Franklin (County of), PA Industrial Development Authority (Chambersburg Hospital); Series 2010, RB(d)(e) | 5.38% | 07/01/2020 | 2,980 | 2,992,218 | |
| Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); | |||||
| Series 2018, Ref. RB | 5.00% | 12/01/2053 | 3,380 | 2,877,293 | |
| Series 2019, RB | 5.00% | 12/01/2049 | 510 | 439,860 | |
| Fulton (County of), PA Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. RB | 5.00% | 07/01/2040 | 4,375 | 4,468,275 | |
| Geisinger Authority (Geisinger Health System); | |||||
| Series 2011 A-1, RB | 5.13% | 06/01/2041 | 1,500 | 1,545,120 | |
| Series 2017 A-1, Ref. RB | 5.00% | 02/15/2045 | 7,810 | 9,086,076 | |
| General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group); Series 2019 A, Ref. RB | 5.00% | 06/01/2049 | 2,750 | 3,335,612 | |
| Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities); Series 2019, RB | 5.00% | 12/01/2049 | 1,545 | 1,681,161 | |
| Lancaster (County of), PA Hospital Authority (Brethren Village); | |||||
| Series 2017, Ref. RB | 5.13% | 07/01/2037 | 700 | 658,574 | |
| Series 2017, Ref. RB | 5.25% | 07/01/2041 | 1,500 | 1,395,135 | |
| Lancaster (County of), PA Hospital Authority (Lancaster General Hospital); Series 2012, RB(d)(e) | 5.00% | 01/01/2022 | 2,000 | 2,149,100 | |
| Lancaster (County of), PA Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. RB | 5.00% | 07/01/2045 | 3,800 | 3,508,996 | |
| Lancaster (County of), PA Hospital Authority (Masonic Villages); | |||||
| Series 2008 D, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(c)(j) | 0.08% | 07/01/2034 | 910 | 910,000 | |
| Series 2015, Ref. RB | 5.00% | 11/01/2035 | 790 | 854,472 | |
| Lancaster (County of), PA Hospital Authority (St. Annes Retirement Community, Inc.); | |||||
| Series 2020, Ref. RB | 5.00% | 03/01/2040 | 375 | 355,148 | |
| Series 2020, Ref. RB | 5.00% | 03/01/2045 | 275 | 256,506 | |
| Series 2020, Ref. RB | 5.00% | 03/01/2050 | 375 | 345,098 | |
| Lancaster (County of), PA Solid Waste Management Authority; Series 2013 A, RB | 5.25% | 12/15/2030 | 1,000 | 1,162,670 | |
| Lehigh (County of), PA (Lehigh Valley Health Network); | |||||
| Series 2019 A, RB | 5.00% | 07/01/2044 | 3,000 | 3,428,700 | |
| Series 2019, Ref. RB | 4.00% | 07/01/2049 | 3,500 | 3,645,950 | |
| Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB | 5.25% | 07/01/2042 | 2,675 | 2,296,889 | |
| Lycoming (County of), PA Authority (Pennsylvania College of Technology); Series 2011, RB | 5.00% | 07/01/2030 | 4,250 | 4,451,407 | |
| Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB | 5.00% | 10/01/2027 | 1,460 | 1,624,863 | |
| Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.); Series 2017, Ref. RB | 5.00% | 12/01/2047 | 4,915 | 4,849,925 | |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2018 A, Ref. RB | 5.00% | 09/01/2048 | 980 | 1,096,620 | |
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Pennsylvania–(continued) | |||||
| Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.); | |||||
| Series 2012, Ref. RB | 5.00% | 11/15/2027 | $ 2,400 | $ 2,465,976 | |
| Series 2012, Ref. RB | 5.00% | 11/15/2028 | 500 | 512,790 | |
| Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. RB | 5.25% | 01/15/2045 | 3,150 | 3,325,518 | |
| Montgomery (County of), PA Industrial Development Authority (Meadwood Senior Living); Series 2018 A, Ref. RB | 5.00% | 12/01/2048 | 1,270 | 1,189,533 | |
| Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(d)(e) | 6.62% | 12/01/2021 | 3,905 | 4,275,545 | |
| Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); Series 2019, Ref. RB | 5.00% | 12/01/2044 | 1,000 | 1,042,450 | |
| Northampton (County of), PA General Purpose Authority (LaFayette College); Series 2017, Ref. RB | 5.00% | 11/01/2047 | 3,865 | 4,542,882 | |
| Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network); | |||||
| Series 2016, Ref. RB | 5.00% | 08/15/2036 | 1,170 | 1,336,608 | |
| Series 2018 A, Ref. RB | 4.00% | 08/15/2048 | 2,355 | 2,525,737 | |
| Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); | |||||
| Series 2012, RB | 5.00% | 07/01/2032 | 740 | 712,043 | |
| Series 2012, RB | 5.00% | 07/01/2036 | 1,000 | 928,880 | |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 | 500 | 450,505 | |
| Series 2019, Ref. RB | 5.00% | 11/01/2044 | 950 | 827,916 | |
| Series 2019, Ref. RB | 5.00% | 11/01/2049 | 1,050 | 895,461 | |
| Northeastern Pennsylvania (State of) Hospital & Education Authority (Kings College); Series 2019, RB | 5.00% | 05/01/2049 | 3,200 | 3,331,424 | |
| Pennsylvania (Commonwealth of); | |||||
| First Series 2013, GO Bonds(b) | 5.00% | 04/01/2028 | 15,000 | 17,022,000 | |
| Series 2018 A, Ref. COP | 4.00% | 07/01/2046 | 1,960 | 2,194,298 | |
| Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC); Series 2018 A, Ref. COP | 5.00% | 07/01/2043 | 2,160 | 2,607,595 | |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, RB | 6.25% | 01/01/2032 | 1,895 | 1,927,689 | |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2017, RB(b) | 5.00% | 08/15/2046 | 7,800 | 9,287,538 | |
| Pennsylvania (Commonwealth of) Turnpike Commission; | |||||
| Series 2011 B, RB(b) | 5.00% | 12/01/2041 | 11,000 | 11,763,180 | |
| Series 2017 A, RB(b)(f) | 5.50% | 12/01/2042 | 10,000 | 11,594,300 | |
| Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, RB(d)(e) | 5.00% | 03/01/2022 | 1,750 | 1,892,572 | |
| Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. RB(k) | 5.00% | 11/01/2041 | 3,830 | 4,153,367 | |
| Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. RB(k) | 5.00% | 12/01/2034 | 2,000 | 2,026,340 | |
| Pennsylvania (State of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, RB | 6.00% | 07/01/2053 | 3,280 | 3,843,045 | |
| Pennsylvania (State of) Economic Development Financing Authority (Covanta Holding Corp.); Series 2019 A, RB(h)(k) | 3.25% | 08/01/2039 | 2,600 | 2,170,688 | |
| Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(k) | 5.50% | 11/01/2044 | 2,365 | 2,377,747 | |
| Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(k) | 5.00% | 12/31/2034 | 2,760 | 2,983,257 | |
| Pennsylvania (State of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement); Series 2015, RB(k) | 5.00% | 12/31/2038 | 1,640 | 1,754,128 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB | 5.00% | 11/01/2027 | 1,650 | 1,659,603 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (Drexel University); Series 2016, Ref. RB | 5.00% | 05/01/2035 | 3,590 | 3,984,433 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB(d)(e) | 6.00% | 07/01/2020 | 1,000 | 1,004,460 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB | 5.00% | 05/01/2042 | 3,320 | 3,322,855 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB(d) | 5.00% | 11/01/2040 | 5,000 | 5,097,550 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB | 5.00% | 06/15/2021 | 1,230 | 1,233,875 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB | 5.00% | 04/01/2042 | 2,430 | 2,583,090 | |
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Pennsylvania–(continued) | |||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB | 5.25% | 09/01/2050 | $ 3,155 | $ 3,413,331 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); | |||||
| Series 2017 A, RB | 5.00% | 08/15/2042 | 3,925 | 4,616,860 | |
| Series 2019, RB | 4.00% | 08/15/2049 | 2,000 | 2,196,420 | |
| Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, RB | 5.00% | 07/01/2042 | 3,320 | 3,324,349 | |
| Pennsylvania (State of) Housing Finance Agency; Series 2019-131 A, Ref. RB | 3.10% | 10/01/2044 | 2,500 | 2,636,100 | |
| Pennsylvania (State of) Turnpike Commission; | |||||
| Second Series 2017, Ref. RB | 5.00% | 12/01/2038 | 2,710 | 3,185,686 | |
| Second Series 2017, Ref. RB | 5.00% | 12/01/2041 | 700 | 817,565 | |
| Series 2009 C, RB (INS - AGM)(i)(l) | 6.25% | 06/01/2033 | 5,840 | 7,530,388 | |
| Series 2009 E, RB(l) | 6.37% | 12/01/2038 | 720 | 900,425 | |
| Series 2014, Ref. RB | 5.00% | 12/01/2034 | 1,500 | 1,748,490 | |
| Series 2018 A-2, RB | 5.00% | 12/01/2043 | 1,965 | 2,342,909 | |
| Series 2018 B, RB | 5.25% | 12/01/2048 | 2,370 | 2,831,913 | |
| Series 2019 A, RB | 5.00% | 12/01/2044 | 1,000 | 1,180,020 | |
| Series 2019 A, RB (INS - AGM)(i) | 4.00% | 12/01/2049 | 1,305 | 1,437,392 | |
| Subseries 2010 A-2, RB(d)(e)(l) | 5.50% | 12/01/2020 | 370 | 379,683 | |
| Subseries 2010 A-2, Ref. RB(d)(e)(l) | 5.50% | 12/01/2020 | 1,695 | 1,739,358 | |
| Subseries 2010 B-2, RB(d)(e)(l) | 5.00% | 12/01/2020 | 695 | 711,638 | |
| Subseries 2010 B-2, RB(d)(e)(l) | 5.00% | 12/01/2020 | 375 | 383,978 | |
| Subseries 2010 B-2, RB(d)(e)(l) | 5.13% | 12/01/2020 | 1,500 | 1,536,855 | |
| Subseries 2010 B-2, Ref. RB(d)(e)(l) | 5.00% | 12/01/2020 | 805 | 824,272 | |
| Subseries 2017 B-1, RB | 5.25% | 06/01/2047 | 3,000 | 3,446,460 | |
| Pennsylvania State University; Series 2016 A, RB | 5.00% | 09/01/2041 | 3,245 | 3,864,470 | |
| Pennsylvania Turnpike Commission; Series 2014 A-3, RB(m) | 0.00% | 12/01/2041 | 3,000 | 1,507,530 | |
| Philadelphia (City of), PA; | |||||
| Ninth Series 2010, RB(d)(e) | 5.00% | 08/01/2020 | 1,500 | 1,511,970 | |
| Ninth Series 2010, RB(d)(e) | 5.25% | 08/01/2020 | 1,400 | 1,411,746 | |
| Ninth Series 2010, RB | 5.25% | 08/01/2040 | 2,210 | 2,227,636 | |
| Series 2010 C, RB(d)(e) | 5.00% | 08/01/2020 | 2,135 | 2,152,037 | |
| Series 2010 C, RB(d)(e) | 5.00% | 08/01/2020 | 615 | 619,852 | |
| Series 2011, GO Bonds(d)(e) | 6.00% | 08/01/2020 | 2,000 | 2,019,160 | |
| Series 2014 A, Ref. GO Bonds | 5.25% | 07/15/2034 | 1,000 | 1,156,090 | |
| Series 2017 A, RB(b)(f) | 5.25% | 10/01/2052 | 7,405 | 8,943,463 | |
| Series 2017 A, Ref. GO Bonds | 5.00% | 08/01/2036 | 2,550 | 3,133,746 | |
| Series 2017 B, Ref. RB(k) | 5.00% | 07/01/2047 | 3,000 | 3,360,330 | |
| Series 2017, Ref. GO Bonds | 5.00% | 08/01/2041 | 3,120 | 3,788,866 | |
| Series 2019 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 100 | 136,281 | |
| Series 2019 B, GO Bonds | 5.00% | 02/01/2039 | 1,000 | 1,250,810 | |
| Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West); Series 2019, RB | 5.00% | 06/15/2050 | 1,025 | 960,046 | |
| Philadelphia (City of), PA Authority for Industrial Development (The Childrens Hospital of Philadelphia); Series 2014 A, RB(b) | 5.00% | 07/01/2042 | 6,000 | 6,671,040 | |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); | |||||
| Series 2017, Ref. RB | 5.00% | 07/01/2042 | 1,525 | 1,341,344 | |
| Series 2017, Ref. RB | 5.00% | 07/01/2049 | 3,500 | 2,974,440 | |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB | 5.00% | 07/01/2041 | 2,000 | 2,062,820 | |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); | |||||
| Series 2017, Ref. RB | 5.00% | 07/01/2032 | 1,980 | 2,184,395 | |
| Series 2017, Ref. RB | 5.00% | 07/01/2034 | 1,000 | 1,090,850 | |
| Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(n) | 6.12% | 03/15/2043 | 1,915 | 1,915,000 | |
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Pennsylvania–(continued) | ||||||
| Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); | ||||||
| Series 2012, RB | 5.88% | 04/01/2032 | $ 1,140 | $ 1,155,162 | ||
| Series 2012, RB | 6.25% | 04/01/2037 | 500 | 506,745 | ||
| Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB | 7.00% | 06/15/2033 | 3,125 | 3,450,344 | ||
| Philadelphia (City of), PA Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB | 6.37% | 11/15/2040 | 1,000 | 1,006,600 | ||
| Philadelphia (City of), PA Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB | 5.00% | 04/01/2046 | 2,360 | 2,201,172 | ||
| Philadelphia (City of), PA Industrial Development Authority (MaST Charter School); Series 2010, RB(d)(e) | 6.00% | 08/01/2020 | 1,660 | 1,675,621 | ||
| Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School); Series 2016 A, Ref. RB | 5.25% | 08/01/2046 | 1,500 | 1,575,510 | ||
| Philadelphia (City of), PA Industrial Development Authority (New Foundations Charter School); Series 2012, RB(d)(e) | 6.62% | 12/15/2022 | 1,250 | 1,444,425 | ||
| Philadelphia (City of), PA Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(h) | 6.50% | 06/15/2033 | 3,055 | 3,059,980 | ||
| Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(h) | 5.00% | 03/15/2045 | 1,960 | 1,882,894 | ||
| Philadelphia (City of), PA Parking Authority; Series 1999 A, RB (INS - AMBAC)(i) | 5.25% | 02/15/2029 | 1,645 | 1,651,267 | ||
| Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. RB | 5.00% | 12/01/2031 | 3,160 | 3,809,032 | ||
| Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB | 5.00% | 04/01/2045 | 1,970 | 2,230,749 | ||
| Philadelphia School District; Series 2007 A, Ref. GO Bonds (INS - NATL)(i) | 5.00% | 06/01/2025 | 1,965 | 2,352,341 | ||
| Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority; Series 2010, Ref. RB (INS - AGM)(i) | 5.00% | 02/01/2035 | 1,000 | 1,003,700 | ||
| Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. RB (INS - AGM)(i) | 5.00% | 02/01/2031 | 3,235 | 3,248,652 | ||
| Pittsburgh (City of), PA Water & Sewer Authority; | ||||||
| Series 2013 A, Ref. RB | 5.00% | 09/01/2031 | 1,250 | 1,422,550 | ||
| Series 2019 A, RB (INS - AGM)(i) | 5.00% | 09/01/2044 | 2,255 | 2,823,553 | ||
| School District of Philadelphia (The); Series 2019 A, GO Bonds | 5.00% | 09/01/2044 | 1,000 | 1,213,540 | ||
| Southeastern Pennsylvania Transportation Authority; Series 2011, RB(d)(e) | 5.00% | 06/01/2021 | 2,480 | 2,595,965 | ||
| State Public School Building Authority (Harrisburg School District); Series 2016 A, Ref. RB (INS - AGM)(i) | 5.00% | 12/01/2030 | 3,745 | 4,492,202 | ||
| Susquehanna Area Regional Airport Authority; Series 2012 A, RB(k) | 5.00% | 01/01/2027 | 4,415 | 4,423,742 | ||
| Union (County of), PA Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. RB(d)(e) | 7.00% | 08/01/2021 | 3,000 | 3,231,120 | ||
| Washington (County of), PA Redevelopment Authority; Series 2018, Ref. RB | 5.00% | 07/01/2035 | 1,000 | 965,040 | ||
| Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 750 | 752,940 | ||
| West Cornwall Township Municipal Authority (Pleasant View Retirement Community); Series 2018 C, Ref. RB | 5.00% | 12/15/2048 | 3,670 | 3,216,608 | ||
| West Shore Area Authority (Massiah Village); Series 2015 A, Ref. RB | 5.00% | 07/01/2035 | 1,500 | 1,470,375 | ||
| Westmoreland (County of), PA Municipal Authority; | ||||||
| Series 2013, RB(d)(e) | 5.00% | 08/15/2023 | 2,000 | 2,301,460 | ||
| Series 2013, RB(d)(e) | 5.00% | 08/15/2023 | 2,250 | 2,589,142 | ||
| Wilkes-Barre (City of), PA Finance Authority (University of Scranton); Series 2010, RB(d)(e) | 5.00% | 11/01/2020 | 2,650 | 2,694,970 | ||
| 480,156,734 | ||||||
| Puerto Rico–4.78% | ||||||
| Children’s Trust Fund; | ||||||
| Series 2002, RB | 5.63% | 05/15/2043 | 1,115 | 1,119,683 | ||
| Series 2005 A, RB(m) | 0.00% | 05/15/2050 | 17,475 | 2,572,320 | ||
| Series 2005 B, RB(m) | 0.00% | 05/15/2055 | 7,700 | 616,616 | ||
| Series 2008 A, RB(m) | 0.00% | 05/15/2057 | 7,170 | 392,558 | ||
| Series 2008 B, RB(m) | 0.00% | 05/15/2057 | 30,000 | 881,700 | ||
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | ||||||
| Series 2012 A, RB | 5.00% | 07/01/2033 | 3,000 | 2,985,000 | ||
| Series 2012 A, RB | 5.75% | 07/01/2037 | 2,500 | 2,537,500 | ||
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS - NATL)(i) | 5.25% | 07/01/2030 | 2,660 | 2,658,165 | ||
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Puerto Rico–(continued) | ||||||
| Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 N, Ref. RB (INS - AGC)(i) | 5.25% | 07/01/2034 | $ 450 | $ 479,821 | ||
| Puerto Rico Sales Tax Financing Corp.; | ||||||
| Series 2018 A-1, RB(m) | 0.00% | 07/01/2029 | 715 | 518,082 | ||
| Series 2018 A-1, RB(m) | 0.00% | 07/01/2031 | 850 | 559,495 | ||
| 15,320,940 | ||||||
| Guam–4.21% | ||||||
| Guam (Territory of); Series 2011 A, RB | 5.25% | 01/01/2036 | 1,700 | 1,733,456 | ||
| Guam (Territory of) (Section 30); Series 2016 A, Ref. RB | 5.00% | 12/01/2046 | 1,250 | 1,304,000 | ||
| Guam (Territory of) International Airport Authority; | ||||||
| Series 2013 C, RB (INS - AGM)(i)(k) | 6.00% | 10/01/2034 | 1,550 | 1,713,184 | ||
| Series 2013 C, RB(k) | 6.25% | 10/01/2034 | 1,500 | 1,542,690 | ||
| Guam (Territory of) Power Authority; | ||||||
| Series 2010 A, RB(d)(e) | 5.50% | 10/01/2020 | 1,285 | 1,307,359 | ||
| Series 2012 A, Ref. RB | 5.00% | 10/01/2034 | 1,700 | 1,749,453 | ||
| Guam (Territory of) Waterworks Authority; | ||||||
| Series 2010, RB(d)(e) | 5.62% | 07/01/2020 | 3,000 | 3,013,020 | ||
| Series 2014 A, Ref. RB | 5.00% | 07/01/2029 | 1,055 | 1,131,361 | ||
| 13,494,523 | ||||||
| Virgin Islands–1.87% | ||||||
| Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB | 5.00% | 09/01/2044 | 970 | 917,174 | ||
| Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(h) | 5.00% | 09/01/2030 | 2,230 | 2,521,126 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, RB | 6.63% | 10/01/2029 | 2,040 | 1,785,510 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB | 5.00% | 10/01/2025 | 810 | 765,183 | ||
| 5,988,993 | ||||||
| TOTAL INVESTMENTS IN SECURITIES(o)–160.68% (Cost $497,950,771) | 514,961,190 | |||||
| FLOATING RATE NOTE OBLIGATIONS–(19.61)% | ||||||
| Notes with interest and fee rates ranging from 0.66% to 0.76% at 05/31/2020 and contractual maturities of collateral ranging from 04/01/2028 to 10/01/2052(p) | (62,855,000) | |||||
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(42.91)% | (137,516,537) | |||||
| OTHER ASSETS LESS LIABILITIES–1.84% | 5,906,549 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $320,496,202 | |||||
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| COP | – Certificates of Participation |
| GO | – General Obligation |
| INS | – Insurer |
| LIBOR | – London Interbank Offered Rate |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| USD | – U.S. Dollar |
| VRD | – Variable Rate Demand |
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | Underlying security related to TOB Trusts entered into by the Trust. |
| (c) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2020. |
| (d) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (f) | Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $23,895,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
| (g) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2020. |
| (h) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2020 was $10,135,313, which represented 3.16% of the Trust’s Net Assets. |
| (i) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (j) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (k) | Security subject to the alternative minimum tax. |
| (l) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
| (m) | Zero coupon bond issued at a discount. |
| (n) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| (o) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entity | Percent |
| Assured Guaranty Municipal Corp. | 5.03% |
| (p) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2020. At May 31, 2020, the Trust’s investments with a value of $108,718,170 are held by TOB Trusts and serve as collateral for the $62,855,000 in the floating rate note obligations outstanding at that date. |
| Level 1 | Level 2 | Level 3 | Total | |
| Investments in Securities | ||||
| Municipal Obligations | $— | $513,046,190 | $1,915,000 | $514,961,190 |