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Eaton Vance

High Yield Municipal Income Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 98.2%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.0%(1)

 

Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(2)

    $ 567      $ 141,797  
     

 

 

  
   $ 141,797  
     

 

 

  

Education — 3.6%

 

Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(3)

    $ 1,270      $ 1,396,606  

California Educational Facilities Authority, (Art Center College of Design), 5.00%, 12/1/44

      3,000        3,624,270  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/34

      1,225        1,499,474  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/36

      1,250        1,521,625  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/38

      1,500        1,814,295  

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.),
5.375%, 6/15/38(3)

      545        610,084  

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.),
5.375%, 6/15/48(3)

      1,020        1,122,867  

District of Columbia, (District of Columbia International School), 5.00%, 7/1/39

      710        856,026  

District of Columbia, (District of Columbia International School), 5.00%, 7/1/49

      700        829,668  

District of Columbia, (KIPP DC), 4.00%, 7/1/39

      280        306,510  

District of Columbia, (KIPP DC), 4.00%, 7/1/44

      270        292,629  

District of Columbia, (KIPP DC), 4.00%, 7/1/49

      385        415,130  

District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/49(3)

      2,100        2,247,336  

Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/33

      200        233,908  

Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/34

      240        280,493  

Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/41

      400        459,264  

Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(3)

      750        836,820  

Forest Grove, OR, (Pacific University), 5.00%, 5/1/40

      1,070        1,132,980  

Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46

      4,000        4,558,440  

Michigan State University, 5.00%, 2/15/44

      3,750        4,613,512  

Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36

      1,325        1,426,455  

Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35

      1,000        1,160,920  

Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(3)

      165        172,207  

Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/39(3)

      205        218,579  

Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/49(3)

      260        275,122  

Romeoville, IL, (Lewis University), 5.00%, 10/1/27

      1,000        1,127,400  

Romeoville, IL, (Lewis University), 5.00%, 10/1/29

      1,000        1,120,850  

Romeoville, IL, (Lewis University), 5.00%, 10/1/30

      1,000        1,116,350  

Romeoville, IL, (Lewis University), 5.00%, 10/1/35

      2,000        2,203,180  

University of California, 5.00%, 5/15/38(4)

      10,000        11,209,700  
     

 

 

  
   $ 48,682,700  
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Electric Utilities — 3.7%

 

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30

    $ 3,845      $ 4,045,055  

Arkansas River Power Authority, CO, 5.00%, 10/1/31

      1,500        1,806,285  

Arkansas River Power Authority, CO, 5.00%, 10/1/32

      1,500        1,799,010  

Arkansas River Power Authority, CO, 5.00%, 10/1/38

      2,825        3,315,307  

Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45

      15,250        16,279,070  

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39

      4,340        4,423,111  

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37

      7,500        8,004,750  

Indiana Municipal Power Agency, (LOC: U.S. Bank, N.A.), 1.20%, 1/1/32(5)

      8,800        8,800,000  

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.00%, 9/1/29

      1,520        1,609,011  

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40

      210        216,399  

Vernon, CA, Electric System Revenue, 5.125%, 8/1/21

      210        210,737  
     

 

 

  
   $ 50,508,735  
     

 

 

  

Escrowed/Prerefunded — 2.7%

 

Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30

    $ 1,150      $ 1,161,017  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40

      1,290        1,302,990  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.375%, 7/15/43

      700        707,224  

Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22

      3,500        3,362,765  

Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), Prerefunded to 7/1/20, 5.50%, 7/1/40

      6,555        6,739,589  

Johnson City Health and Educational Facilities Board, TN, (Mountain States Health Alliance), Prerefunded to 7/1/20, 6.00%, 7/1/38

      3,335        3,439,819  

Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41

      3,940        4,502,120  

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36

      1,205        1,281,963  

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36

      800        850,616  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      150        156,710  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      195        203,722  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35

      1,125        1,176,525  

Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33

      1,455        1,791,964  

Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(4)

      10,000        10,502,600  
     

 

 

  
   $ 37,179,624  
     

 

 

  

General Obligations — 6.7%

 

California, 3.00%, 10/1/33

    $ 4,325      $ 4,595,269  

California, 3.00%, 10/1/37

      2,870        3,002,450  

California, 5.00%, 4/1/33

      3,000        3,852,330  

Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31

      1,225        878,448  

Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/33

      1,500        973,875  

Chicago Board of Education, IL, 5.00%, 12/1/21

      790        835,038  

Chicago Board of Education, IL, 5.00%, 12/1/26

      1,595        1,834,441  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Chicago Board of Education, IL, 5.00%, 12/1/46

    $ 9,935      $ 11,166,642  

Chicago Board of Education, IL, 5.00%, 12/1/46

      1,875        2,000,062  

Chicago, IL, 5.00%, 1/1/40

      2,000        2,267,400  

Detroit, MI, 5.00%, 4/1/30

      1,400        1,588,048  

Detroit, MI, 5.00%, 4/1/31

      865        975,115  

Illinois, 4.00%, 6/1/33

      8,000        8,284,560  

Illinois, 5.00%, 11/1/30

      7,200        8,101,872  

Illinois, 5.00%, 5/1/33

      9,480        10,801,133  

Illinois, 5.00%, 5/1/35

      3,500        3,789,520  

Illinois, 5.00%, 5/1/39

      8,165        9,208,324  

Illinois, 5.25%, 7/1/30

      2,800        3,037,272  

New York, NY, (SPA: State Street Bank and Trust Co.), 1.27%, 4/1/36(5)

      5,550        5,550,000  

Will and Cook Counties Community High School District No. 210, IL, 0.00%, 1/1/27

      60        48,326  

Will and Cook Counties Community High School District No. 210, IL, 3.375%, 1/1/33

      450        448,358  

Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/28

      3,500        3,754,975  

Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/32

      3,855        4,174,926  
     

 

 

  
   $ 91,168,384  
     

 

 

  

Hospital — 12.1%

 

Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33

    $ 2,200      $ 2,501,928  

Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 4.00%, 7/1/44

      4,500        5,017,005  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35

      250        278,458  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40

      550        607,541  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/44

      500        549,950  

California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37

      1,000        1,144,520  

California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48

      2,400        2,806,536  

Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/29

      1,000        1,125,280  

Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/32

      2,000        2,235,100  

Colorado Health Facilities Authority, (CommonSpirit Health), 4.00%, 8/1/44

      1,475        1,596,761  

Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46

      3,175        3,647,789  

Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/31

      1,500        1,734,960  

Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/32

      1,500        1,730,595  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/34

      1,625        1,801,361  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/29

      1,675        1,897,390  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/44

      8,880        9,755,568  

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34

      2,965        3,211,510  

Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.50%, 6/1/29

      710        769,569  

Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 6.00%, 6/1/39

      3,805        4,155,707  

Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37

      4,385        5,113,743  

Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49

      14,110        15,026,727  

Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39

      925        1,114,042  

Massachusetts Development Finance Agency, (Wellforce), 4.00%, 7/1/44

      1,500        1,620,045  

Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44

      4,000        4,744,080  

Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40

      1,120        1,244,746  

Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33

      2,775        2,991,811  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/39

      710        814,832  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center),
3.00%, 7/1/34(6)

    $ 5,000      $ 5,281,000  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(3)

      1,000        1,182,360  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(3)

      2,000        2,360,220  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(3)

      3,900        4,592,367  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(3)

      1,000        1,173,830  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/40(3)

      2,300        2,596,723  

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), (SPA: U.S. Bank, N.A.), 1.20%, 1/1/39(5)

      8,600        8,600,000  

Ohio, (Cleveland Clinic Health System), (SPA: PNC Bank, N.A.), 1.23%, 1/1/52(5)

      7,500        7,500,000  

Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38

      1,025        1,215,025  

Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43

      8,045        9,626,245  

Oroville, CA, (Oroville Hospital), 5.25%, 4/1/39

      2,500        3,002,975  

Palm Beach County Health Facilities Authority, FL, (Baptist Health South Florida Obligated Group), 3.00%, 8/15/44

      3,250        3,212,917  

Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), 5.00%, 12/1/31

      6,250        7,358,562  

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35

      3,100        3,382,255  

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.75%, 12/1/32

      4,050        4,417,456  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(4)

      7,000        7,956,340  

Utah County, UT, (IHC Health Services, Inc.), (SPA: TD Bank, N.A.), 1.25%, 5/15/58(5)

      2,700        2,700,000  

Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38

      2,500        2,872,425  

West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38

      2,580        2,868,392  

Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33

      2,500        2,827,500  
     

 

 

  
   $ 163,964,146  
     

 

 

  

Housing — 1.4%

 

East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/34

    $ 750      $ 823,072  

East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/39

      1,250        1,359,012  

Michigan Housing Development Authority, 3.00%, 10/1/39

      980        998,591  

Michigan Housing Development Authority, 3.25%, 10/1/44

      1,045        1,070,383  

Michigan Housing Development Authority, 3.35%, 10/1/49

      1,515        1,548,845  

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University), 5.00%, 4/1/34

      3,885        4,082,475  

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University), 5.00%, 4/1/39

      3,500        3,648,365  

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/30

      800        887,000  

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/35

      1,000        1,097,380  

Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(7)

      860        860,000  

Texas Student Housing Corp., (University of North Texas), 11.00%, 7/1/31(7)

      2,000        2,000,000  
     

 

 

  
   $ 18,375,123  
     

 

 

  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Industrial Development Revenue — 9.2%

 

Arkansas Development Finance Authority, (Big River Steel LLC), (AMT), 4.50%, 9/1/49(3)

    $ 4,000      $ 4,258,000  

Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29

      1,180        1,228,592  

Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32

      1,890        2,067,755  

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(3)

      7,175        7,341,819  

Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(3)

      795        876,162  

Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(3)

      2,250        2,386,395  

Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38

      8,750        9,097,812  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)

      1,880        2,140,192  

Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42

      6,500        6,778,395  

Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(3)

      1,575        1,624,487  

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30

      1,000        1,067,700  

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-2, 4.00%, 6/1/30

      6,155        6,571,693  

Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(3)

      1,500        1,590,930  

National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(3)

      6,335        6,670,945  

National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(3)

      6,965        7,394,114  

New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(3)

      480        478,819  

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29

      8,285        9,056,333  

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33

      4,375        4,884,862  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30

      760        872,883  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30

      1,285        1,475,861  

New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 4.00%, 8/1/59

      1,520        1,647,513  

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39

      6,245        6,264,797  

New York Liberty Development Corp., (Bank of America Tower at One Bryant Park), 2.80%, 9/15/69

      1,380        1,408,345  

New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(3)

      5,500        5,643,220  

Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3)

      1,000        1,079,640  

Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35

      13,570        13,926,348  

Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30

      5,000        5,461,000  

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)

      1,340        1,422,330  

Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34

      4,230        4,317,476  

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(3)

      1,440        1,588,478  

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(3)

      1,280        1,475,213  

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(3)

    $ 475      $ 539,572  

Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(3)

      1,440        1,530,288  
     

 

 

  
   $ 124,167,969  
     

 

 

  

Insured-General Obligations — 2.0%

 

Atlantic City, NJ, (AGM), 4.00%, 3/1/42

    $ 480      $ 525,442  

Atlantic City, NJ, (BAM), 5.00%, 3/1/42

      1,250        1,456,738  

Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26

      500        591,225  

Irvington Township, NJ, (AGM), 5.00%, 7/15/32

      1,000        1,142,460  

McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/31

      3,175        3,529,393  

McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/32

      1,215        1,350,120  

McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/33

      1,405        1,559,915  

McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 7/1/34

      2,810        3,117,864  

North Las Vegas, NV, (AGM), 4.00%, 6/1/36

      5,055        5,625,558  

Oyster Bay, NY, (AGM), 4.00%, 8/1/31

      2,240        2,370,614  

Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38

      5,000        5,443,700  
     

 

 

  
   $ 26,713,029  
     

 

 

  

Insured-Other Revenue — 2.0%

 

Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34

    $ 12,700      $ 7,792,593  

Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/26

      9,395        7,912,093  

Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/28

      9,600        7,563,936  

Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/26

      1,115        984,389  

Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/28

      400        336,000  

New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34

      3,500        2,378,460  
     

 

 

  
   $ 26,967,471  
     

 

 

  

Insured-Special Tax Revenue — 2.2%

 

Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/25

    $ 750      $ 654,743  

Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/26

      2,380        2,011,552  

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39

      14,500        20,700,345  

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39

      2,520        2,691,007  

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40

      3,005        3,203,751  
     

 

 

  
   $ 29,261,398  
     

 

 

  

Insured-Transportation — 3.9%

 

Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32

    $ 1,500      $ 1,672,590  

Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33

      650        724,152  

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43

      1,355        1,515,080  

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/33

      15,000        7,086,150  

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/34

      20,000        8,926,400  

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37

      6,665        3,263,517  

Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32

      1,955        2,141,018  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 7/1/42

      1,805        2,008,658  

 

6

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37

    $ 3,000      $ 3,202,320  

North Texas Tollway Authority, (AGC), 6.20%, 1/1/42

      10,000        12,208,000  

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/27

      1,150        1,338,140  

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/28

      1,600        1,856,704  

Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30

      9,440        7,341,960  
     

 

 

  
   $ 53,284,689  
     

 

 

  

Insured-Water and Sewer — 0.6%

 

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27

    $ 2,155      $ 1,635,602  

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/28

      3,965        2,808,568  

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29

      3,035        2,001,522  

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30

      2,580        1,583,346  
     

 

 

  
   $ 8,029,038  
     

 

 

  

Lease Revenue/Certificates of Participation — 2.3%

 

Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), 5.00%, 12/1/29(4)

    $ 10,875      $ 12,414,465  

Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44

      4,460        4,928,300  

Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47

      945        996,899  

Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47

      1,535        1,625,289  

New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43

      10,000        11,409,400  
     

 

 

  
   $ 31,374,353  
     

 

 

  

Nursing Home — 0.0%(1)

 

Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25

    $ 570      $ 573,386  
     

 

 

  
   $ 573,386  
     

 

 

  

Other Revenue — 3.2%

 

Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/31

    $ 500      $ 585,485  

Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/32

      500        584,775  

Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/33

      600        699,474  

Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/34

      500        581,470  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/32

      250        169,560  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/33

      3,300        2,155,065  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/46

      7,700        2,907,597  

Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/31

      650        707,284  

Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/36

      875        941,202  

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)

      6,250        1,125,000  

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38

      430        496,014  

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43

      285        330,908  

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/53

      1,490        1,717,434  

Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(3)

      1,260        1,398,260  

Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(3)

      2,040        2,302,364  

New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(4)

      10,000        11,553,500  

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37

      5,105        6,872,657  

Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30

      1,860        2,022,006  

White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26

      5,785        5,788,587  

Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30

      700        755,076  
     

 

 

  
   $ 43,693,718  
     

 

 

  

 

7

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Senior Living/Life Care — 11.1%

 

Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42

    $ 1,350      $ 1,406,295  

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37

      7,945        8,677,211  

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/38

      1,000        1,152,100  

Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37

      3,250        3,607,630  

Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/47

      3,190        3,492,412  

Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/38

      225        250,369  

Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/43

      310        342,110  

Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48

      425        467,887  

Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38

      675        770,938  

Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/33

      5,000        5,414,500  

Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37

      750        861,353  

Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(3)

      1,000        1,089,680  

Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48

      1,250        1,438,750  

District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24

      1,240        1,240,000  

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32

      600        655,302  

Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38

      1,000        1,102,810  

Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38

      125        136,635  

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28

      415        462,389  

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33

      655        736,901  

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32

      525        582,236  

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37

      480        531,058  

Howard County, MD, (Vantage House), 5.00%, 4/1/36

      1,725        1,887,805  

Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/37

      1,000        1,068,080  

Indiana Finance Authority, (Marquette), 5.00%, 3/1/39

      1,000        1,046,860  

Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38

      1,500        1,585,620  

Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/43

      3,250        3,633,630  

Lancaster County Hospital Authority, PA, (Brethren Village), 5.25%, 7/1/41

      1,000        1,096,910  

Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37

      2,500        2,833,550  

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(3)

      1,550        1,771,712  

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(3)

      1,010        1,142,371  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(3)

      1,000        1,108,330  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(3)

      1,280        1,409,446  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(3)

      2,410        2,646,541  

Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39

      370        419,654  

Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.00%, 2/15/36

      500        496,115  

 

8

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30

    $ 25      $ 25,319  

Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/42

      1,500        1,467,705  

Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40

      1,300        1,407,783  

Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48

      9,045        9,478,255  

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34

      2,500        2,722,850  

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44

      1,770        1,929,565  

National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(3)

      585        637,884  

National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(3)

      555        611,149  

National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(3)

      1,000        1,103,130  

New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/40

      565        627,195  

New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/46

      1,000        1,105,810  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37

      6,320        6,891,707  

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29

      1,285        1,397,656  

Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25

      1,600        1,600,400  

Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.375%, 1/1/39

      1,250        1,334,313  

Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 5.00%, 1/1/49

      2,500        2,714,025  

North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37

      1,675        1,955,395  

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34

      75        83,810  

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39

      1,190        1,329,789  

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49

      6,855        7,695,012  

Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(3)

      770        838,669  

Saint Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38

      1,250        1,407,700  

Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), 7.00%, 1/1/34

      3,000        3,369,510  

South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30

      1,945        2,166,808  

Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 10.00%, 3/15/23(3)

      1,325        1,547,520  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/34

      2,130        2,332,755  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44

      5,370        5,829,081  

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32

      450        481,077  

 

9

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42

    $ 1,380      $ 1,474,144  

Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(3)

      2,850        3,244,582  

Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.25%, 7/1/32

      1,270        1,311,567  

Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.50%, 7/1/42

      1,270        1,312,990  

Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/39

      1,975        2,204,574  

Warren County, OH, (Otterbein Homes Obligated Group), 5.50%, 7/1/39

      500        560,295  

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/36(3)

      1,500        1,637,700  

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/46(3)

      1,250        1,347,787  

Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/43(3)

      4,000        4,502,880  

Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48(3)

      4,815        5,402,478  

Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/44(3)

      1,385        1,516,824  

Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(3)

      695        758,982  

Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38

      175        182,452  

Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/39

      125        130,015  

Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/44

      815        845,204  

Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34

      2,380        2,540,150  
     

 

 

  
   $ 149,629,686  
     

 

 

  

Special Tax Revenue — 5.3%

 

Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38

    $ 7,000      $ 7,889,630  

Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35

      4,573        4,574,692  

Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39

      2,000        2,229,160  

Jurupa Public Financing Authority, CA, 5.00%, 9/1/33

      600        693,384  

Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36

      4,515        4,805,089  

Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(3)

      900        995,562  

Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29

      4,460        4,841,508  

New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(7)

      1,005        10  

New River Community Development District, FL, (Capital Improvements), Series 2010A-1, 5.75%, 5/1/38

      470        470,197  

New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38

      1,230        1,223,075  

New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 1.35%, 8/1/42(5)

      6,750        6,750,000  

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(4)

      10,000        11,567,500  

New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47

      8,685        9,789,124  

Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43

      1,250        1,378,612  

River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36

      2,510        2,523,504  

South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/31

      1,500        1,618,545  

South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/33

      1,000        1,077,060  

South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/34

      450        484,407  

South Village Community Development District, FL, 3.50%, 5/1/32

      805        855,345  

South Village Community Development District, FL, 3.625%, 5/1/35

      500        531,450  

 

10

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

South Village Community Development District, FL, 3.75%, 5/1/38

    $ 1,020      $ 1,083,220  

South Village Community Development District, FL, 4.875%, 5/1/35

      500        521,890  

South Village Community Development District, FL, 5.00%, 5/1/38

      100        104,620  

Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35

      1,138        1,127,183  

Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35

      830        752,727  

Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37

      3,405        3,495,743  
     

 

 

  
   $ 71,383,237  
     

 

 

  

Student Loan — 0.9%

 

Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/32

    $ 3,995      $ 4,168,583  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/30

      4,650        5,039,577  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43

      2,765        2,945,914  
     

 

 

  
   $ 12,154,074  
     

 

 

  

Transportation — 22.9%

 

Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41

    $ 2,000      $ 2,340,700  

California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36

      1,740        2,071,940  

California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37

      760        901,071  

Central Texas Regional Mobility Authority, 5.00%, 1/1/35

      1,100        1,264,010  

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31

      565        594,408  

Central Texas Regional Mobility Authority, Series 2016, 5.00%, 1/1/40

      2,375        2,728,495  

Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46

      4,000        4,585,800  

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/35

      2,500        2,935,025  

Chicago, IL, (O’Hare International Airport), (AMT), 4.375%, 1/1/40

      2,500        2,722,150  

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25

      2,555        2,820,183  

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26

      2,170        2,394,530  

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/33

      500        597,445  

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/38

      1,500        1,768,800  

Chicago, IL, (O’Hare International Airport), Series 2016C, 5.00%, 1/1/38

      5,000        5,829,750  

Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44

      2,500        2,715,025  

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29

      7,000        7,973,000  

Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/37

      1,000        1,167,650  

Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/41

      4,940        5,717,161  

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43

      3,025        3,341,264  

Illinois Toll Highway Authority, 4.00%, 1/1/44(4)

      13,050        14,594,206  

Illinois Toll Highway Authority, 5.00%, 1/1/40(4)

      15,000        17,325,600  

Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28

      2,690        1,763,080  

Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/29

      1,135        804,908  

Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/30

      500        328,855  

Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/31

      1,150        700,476  

Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35

      450        543,276  

Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43

      7,500        8,915,925  

Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32

      575        414,069  

Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/33

      4,525        3,151,391  

Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/39

      7,815        9,638,552  

 

11

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Mid-Bay Bridge Authority, FL, 5.00%, 10/1/30

    $ 2,050      $ 2,360,882  

Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35

      5,000        5,699,250  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34

      5,000        5,622,400  

New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/38

      13,000        15,018,380  

New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/44

      3,200        3,656,672  

New Jersey Turnpike Authority, 4.00%, 1/1/48

      10,325        11,527,553  

New Jersey Turnpike Authority, 5.00%, 1/1/48(4)

      5,000        6,070,000  

New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/35

      2,000        2,263,900  

New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/43

      1,500        1,730,235  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41

      7,500        8,335,275  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46

      6,345        7,017,507  

Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28

      470        531,321  

North East Texas Regional Mobility Authority, 5.00%, 1/1/41

      5,250        5,943,945  

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(4)

      10,000        10,771,800  

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41

      5,495        5,925,643  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      215        224,617  

Port Authority of New York and New Jersey, 4.00%, 9/1/43

      3,300        3,729,000  

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(4)

      12,080        13,303,342  

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/15/43

      3,690        4,102,321  

Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(4)

      10,000        10,581,200  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35

      4,050        4,866,642  

Port of Seattle, WA, (AMT), 4.00%, 4/1/44

      3,250        3,579,030  

Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/26

      510        526,891  

Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/27

      740        764,265  

Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/37

      2,500        2,571,925  

San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45

      4,000        4,829,760  

San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/44

      10,000        11,353,700  

San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/24

      2,135        2,242,305  

South Jersey Transportation Authority, 5.00%, 11/1/32

      2,250        2,554,875  

Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34

      3,685        3,829,305  

Texas Private Activity Bond Surface Transportation Corp., (LBJ IH-635 Managed Lanes Project), 7.00%, 6/30/40

      4,460        4,627,027  

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39

      3,415        3,445,872  

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58

      5,050        5,891,027  

 

12

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37

    $ 5,000      $ 5,628,200  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42

      11,430        12,773,139  

Texas Transportation Commission, (State Highway System), 0.00%, 8/1/36

      550        297,269  

Texas Transportation Commission, (State Highway System), 0.00%, 8/1/46

      2,500        771,400  

Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52

      2,500        2,865,400  
     

 

 

  
   $ 310,482,020  
     

 

 

  

Water and Sewer — 2.4%

 

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32

    $ 3,185      $ 3,444,928  

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39

      3,355        3,641,282  

Detroit, MI, Water Supply System, 5.25%, 7/1/41

      13,100        13,842,639  

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33

      1,905        2,164,842  

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44

      1,905        2,045,322  

New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/40

      5,000        5,691,900  

New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: State Street Bank and Trust Co.), 1.31%, 6/15/49(5)

      2,100        2,100,000  
     

 

 

  
      $ 32,930,913  
     

 

 

  

Total Tax-Exempt Municipal Securities — 98.2%
(identified cost $1,237,000,471)

       $ 1,330,665,490  
     

 

 

  

Taxable Municipal Securities — 4.9%

 

Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.0%(1)

 

Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)

    $ 137      $ 34,285  
     

 

 

  
      $ 34,285  
     

 

 

  

Escrowed/Prerefunded — 1.0%

 

Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42

    $ 10,316      $ 13,247,601  
     

 

 

  
      $ 13,247,601  
     

 

 

  

General Obligations — 1.0%

 

Atlantic City, NJ, 7.50%, 3/1/40

    $ 5,440      $ 8,013,229  

Chicago Board of Education, IL, 5.182%, 12/1/21(8)

      325        331,981  

Chicago, IL, 7.75%, 1/1/42

      4,339        4,971,886  
     

 

 

  
      $ 13,317,096  
     

 

 

  

Hospital — 1.0%

 

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24

    $ 12,750      $ 13,902,983  
     

 

 

  
      $ 13,902,983  
     

 

 

  

 

13

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 0.6%

 

Detroit, MI, (AMBAC), 4.96%, 4/1/20

    $ 297      $ 297,322  

Detroit, MI, (AMBAC), 5.15%, 4/1/25

      7,679        7,680,508  
     

 

 

  
      $ 7,977,830  
     

 

 

  

Senior Living/Life Care — 0.4%

 

St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44

    $ 4,440      $ 4,495,100  

Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 12.50%, 3/15/23(3)

      235        283,206  
     

 

 

  
   $ 4,778,306  
     

 

 

  

Special Tax Revenue — 0.3%

 

Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.80%, 3/1/36

    $ 1,150      $ 1,180,072  

Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31

      2,570        2,704,103  
     

 

 

  
   $ 3,884,175  
     

 

 

  

Transportation — 0.6%

 

New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8)

    $ 7,375      $ 8,596,300  
     

 

 

  
   $ 8,596,300  
     

 

 

  

Total Taxable Municipal Securities — 4.9%
(identified cost $57,666,430)

       $ 65,738,576  
     

 

 

  

Corporate Bonds & Notes — 1.9%

 

Security    Principal
Amount
(000’s omitted)		      Value  

Health Care — 0.6%

 

CommonSpirit Health, 3.347%, 10/1/29

    $ 2,955      $ 2,992,072  

Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29

      5,000        4,981,237  
     

 

 

  
   $ 7,973,309  
     

 

 

  

Hospital — 0.6%

 

Boston Medical Center Corp., 4.581%, 7/1/47

    $ 4,165      $ 4,559,854  

Harnett Health System, Inc., 6.50% to 4/1/20 (Put Date), 4/1/32

      4,240        4,282,669  
     

 

 

  
   $ 8,842,523  
     

 

 

  

 

14

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Other — 0.7%

 

Morongo Band of Mission Indians, 7.00%, 10/1/39(3)

    $ 7,980      $ 9,216,022  
     

 

 

  
   $ 9,216,022  
     

 

 

  

Total Corporate Bonds & Notes — 1.9%
(identified cost $24,340,000)

       $ 26,031,854  
     

 

 

  

Total Investments — 105.0%
(identified cost $1,319,006,901)

       $ 1,422,435,920  
     

 

 

  

Other Assets, Less Liabilities — (5.0)%

 

    $ (67,742,184 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 1,354,693,736  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At October 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

 

                        

Texas

      13.5 % 

New York

      13.3 % 

Illinois

      12.8 % 

Others, representing less than 10% individually

      65.4 % 

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At October 31, 2019, 10.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 4.3% of total investments.

 

(1)

Amount is less than 0.05%.

 

(2)

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(3)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2019, the aggregate value of these securities is $113,338,804 or 8.4% of the Fund’s net assets.

 

(4)

Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(5)

Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at October 31, 2019.

 

(6)

When-issued security.

 

(7)

Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

 

(8)

Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

 

15

 

 

Futures Contracts

 

Description

    Number of
Contracts		     

Position

    Expiration
Date		      Notional
Amount		      Value/
Unrealized
Appreciation		  

Interest Rate Futures

 

U.S. 10-Year Treasury Note      175      Short      12/19/19      $     (22,801,953 )     $ 278,577  
U.S. Long Treasury Bond      112      Short      12/19/19        (18,074,000 )       500,290  
              

 

 

  
   $     778,867  
              

 

 

  

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

 

BAM

 

  

 

-

  

 

Build America Mutual Assurance Co.

 

LOC

   -   Letter of Credit

NPFG

   -   National Public Finance Guarantee Corp.

SPA

   -   Standby Bond Purchase Agreement
 

 

At October 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At October 31, 2019, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $778,867.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•  

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

16

 

 

At October 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

    $ —      $ 1,330,665,490      $ —      $ 1,330,665,490  

Taxable Municipal Securities

      —        65,738,576        —        65,738,576  

Corporate Bonds & Notes

      —        26,031,854        —        26,031,854  

Total Investments

    $ —      $ 1,422,435,920      $ —      $ 1,422,435,920  

Futures Contracts

    $ 778,867      $ —      $ —      $ 778,867  

Total

    $     778,867      $     1,422,435,920      $     —      $     1,423,214,787  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

17