| Principal Amount USD ($) | Value | |||||
| UNAFFILIATED ISSUERS — 97.1% | ||||||
| Municipal Bonds — 96.5% of Net Assets(a) | ||||||
| Alabama — 0.3% | ||||||
| 4,525,000 | Hoover Industrial Development Board, 5.75%, 10/1/49 | $ 4,555,227 | ||||
| Total Alabama | $4,555,227 | |||||
| Arizona — 1.6% | ||||||
| 1,725,000 | Arizona Industrial Development Authority, Doral Academy Nevada Fire Mesa, Series A, 5.00%, 7/15/39 | $ 1,638,163 | ||||
| 1,675,000 | Arizona Industrial Development Authority, Doral Academy Nevada Fire Mesa, Series A, 5.00%, 7/15/49 | 1,509,678 | ||||
| 265,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/41 (144A) | 215,951 | ||||
| 1,115,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/51 (144A) | 824,052 | ||||
| 1,040,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/56 (144A) | 743,756 | ||||
| 12,595,000 | Industrial Development Authority of the City of Phoenix, 3rd & Indian School Assisted Living Project, 5.40%, 10/1/36 | 11,096,195 | ||||
| 1,000,000 | Industrial Development Authority of the County of Pima, Facility Desert Heights Charter, 7.00%, 5/1/34 | 1,027,050 | ||||
| 3,000,000 | Industrial Development Authority of the County of Pima, Facility Desert Heights Charter, 7.25%, 5/1/44 | 3,077,040 | ||||
| 1,810,000 | Tempe Industrial Development Authority, Series A, 6.125%, 10/1/47 (144A) | 1,139,467 | ||||
| 2,400,000 | Tempe Industrial Development Authority, Series A, 6.125%, 10/1/52 (144A) | 1,461,168 | ||||
| Total Arizona | $22,732,520 | |||||
| Arkansas — 3.2% | ||||||
| 35,000,000 | Arkansas Development Finance Authority, Big River Steel Project, 4.50%, 9/1/49 (144A) | $ 31,130,400 | ||||
| 14,500,000 | Arkansas Development Finance Authority, Green Bond, 5.45%, 9/1/52 | 14,086,170 | ||||
| Total Arkansas | $45,216,570 | |||||
| California — 15.8% | ||||||
| 2,000,000 | California County Tobacco Securitization Agency, 5.00%, 6/1/50 | $ 1,987,140 | ||||
| Principal Amount USD ($) | Value | |||||
| California — (continued) | ||||||
| 80,000 | California County Tobacco Securitization Agency, Asset-Backed, Series A, 5.875%, 6/1/43 | $ 80,278 | ||||
| 1,370,000 | California County Tobacco Securitization Agency, Golden Gate Tobacco Settlement, Series A, 5.00%, 6/1/47 | 1,262,208 | ||||
| 185,000 | California Municipal Finance Authority, Series A, 5.00%, 12/1/36 (144A) | 187,279 | ||||
| 2,000,000 | California Municipal Finance Authority, Series A, 5.00%, 12/1/46 (144A) | 1,930,240 | ||||
| 2,000,000 | California Municipal Finance Authority, Series A, 5.00%, 11/1/49 (144A) | 1,907,080 | ||||
| 2,000,000 | California Municipal Finance Authority, Series A, 5.00%, 12/1/54 (144A) | 1,895,700 | ||||
| 2,910,000 | California Municipal Finance Authority, Series B, 4.75%, 12/1/31 (144A) | 2,687,210 | ||||
| 6,115,000 | California Municipal Finance Authority, Series B, 5.25%, 12/1/36 (144A) | 5,647,753 | ||||
| 4,530,000 | California Municipal Finance Authority, Series B, 5.50%, 12/1/39 (144A) | 4,202,617 | ||||
| 2,000,000 | California Municipal Finance Authority, Baptist University, Series A, 5.00%, 11/1/46 (144A) | 1,889,940 | ||||
| 8,350,000 | California Municipal Finance Authority, Baptist University, Series A, 5.50%, 11/1/45 (144A) | 8,431,245 | ||||
| 250,000 | California Municipal Finance Authority, John Adams Academics Project, Series A, 5.00%, 10/1/35 | 254,343 | ||||
| 1,550,000 | California Municipal Finance Authority, John Adams Academics Project, Series A, 5.25%, 10/1/45 | 1,576,784 | ||||
| 500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, 5.125%, 7/1/35 (144A) | 503,405 | ||||
| 1,575,000 | California Municipal Finance Authority, Santa Rosa Academy Project, 5.375%, 7/1/45 (144A) | 1,627,337 | ||||
| 280,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.00%, 6/1/43 (144A) | 274,140 | ||||
| 500,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.125%, 6/1/53 (144A) | 483,365 | ||||
| 1,000,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.375%, 5/1/63 (144A) | 976,330 | ||||
| 100,000 | California School Finance Authority, View Park Elementary & Middle School, Series A, 4.75%, 10/1/24 | 98,939 | ||||
| Principal Amount USD ($) | Value | |||||
| California — (continued) | ||||||
| 830,000 | California School Finance Authority, View Park Elementary & Middle School, Series A, 5.625%, 10/1/34 | $ 830,963 | ||||
| 3,175,000 | California School Finance Authority, View Park Elementary & Middle School, Series A, 5.875%, 10/1/44 | 3,160,744 | ||||
| 1,000,000 | California School Finance Authority, View Park Elementary & Middle School, Series A, 6.00%, 10/1/49 | 981,750 | ||||
| 3,230,000 | California School Finance Authority, View Park High School, Series A, 7.125%, 10/1/48 (144A) | 3,273,153 | ||||
| 1,875,000 | California Statewide Communities Development Authority, Baptist University, Series A, 5.00%, 11/1/41 (144A) | 1,849,387 | ||||
| 1,560,000 | California Statewide Communities Development Authority, Baptist University, Series A, 6.125%, 11/1/33 (144A) | 1,571,903 | ||||
| 4,030,000 | California Statewide Communities Development Authority, Baptist University, Series A, 6.375%, 11/1/43 (144A) | 4,055,349 | ||||
| 5,475,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.25%, 12/1/43 (144A) | 5,320,879 | ||||
| 6,165,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.50%, 12/1/54 | 6,103,350 | ||||
| 20,760,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.50%, 12/1/58 (144A) | 20,132,633 | ||||
| 3,500,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.00%, 12/1/46 (144A) | 3,249,260 | ||||
| 25,320,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.25%, 12/1/56 (144A) | 23,588,872 | ||||
| 700,000 | City of Oroville, Oroville Hospital, 5.25%, 4/1/34 | 654,556 | ||||
| 6,980,000 | City of Oroville, Oroville Hospital, 5.25%, 4/1/39 | 6,110,781 | ||||
| 34,720,000 | City of Oroville, Oroville Hospital, 5.25%, 4/1/49 | 28,539,840 | ||||
| 31,800,000 | City of Oroville, Oroville Hospital, 5.25%, 4/1/54 | 25,130,904 | ||||
| 64,000,000 | Golden State Tobacco Securitization Corp., Series A1, 4.214%, 6/1/50 | 48,633,600 | ||||
| Principal Amount USD ($) | Value | |||||
| California — (continued) | ||||||
| 2,500,000(b) | Pittsburg Unified School District Financing Authority, Capital Appreciation General Obligation Pittsburg, 9/1/41 (AGM Insured) | $ 1,158,100 | ||||
| 1,925,000(b) | Pittsburg Unified School District Financing Authority, Capital Appreciation General Obligation Pittsburg, 9/1/42 (AGM Insured) | 852,313 | ||||
| Total California | $223,101,670 | |||||
| Colorado — 6.9% | ||||||
| 4,535,000(c) | 2000 Holly Metropolitan District, Series A, 5.00%, 12/1/50 | $ 4,047,488 | ||||
| 577,000(c) | 2000 Holly Metropolitan District, Series B, 7.50%, 12/15/50 | 545,554 | ||||
| 1,735,000(c) | Belleview Village Metropolitan District, 4.95%, 12/1/50 | 1,481,707 | ||||
| 1,250,000(c) | Cottonwood Highlands Metropolitan District No. 1, Series A, 5.00%, 12/1/49 | 1,149,938 | ||||
| 2,090,000(c) | Cottonwood Highlands Metropolitan District No. 1, Series B, 8.75%, 12/15/49 | 2,127,516 | ||||
| 4,090,000(c) | Crystal Crossing Metropolitan District, 5.25%, 12/1/40 | 4,091,063 | ||||
| 26,000,000 | Dominion Water & Sanitation District, 5.875%, 12/1/52 | 25,659,660 | ||||
| 8,425,000(c) | Green Valley Ranch East Metropolitan District No. 6, Series A, 5.875%, 12/1/50 | 7,907,873 | ||||
| 15,270,000(c) | Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 | 14,413,964 | ||||
| 5,261,000(c) | Littleton Village Metropolitan District No. 2, 5.375%, 12/1/45 | 5,178,192 | ||||
| 1,125,000 | Nine Mile Metropolitan District, 4.625%, 12/1/30 | 1,061,426 | ||||
| 9,760,000 | Nine Mile Metropolitan District, 5.125%, 12/1/40 | 9,309,966 | ||||
| 1,000,000 | Rampart Range Metropolitan District No 5, 4.00%, 12/1/51 | 692,160 | ||||
| 1,000,000(c) | Ridgeline Vista Metropolitan District, Series A, 5.25%, 12/1/60 | 948,000 | ||||
| 2,000,000(c) | Settler's Crossing Metropolitan District No. 1, Series A, 5.00%, 12/1/40 (144A) | 1,854,960 | ||||
| 3,760,000(c) | Settler's Crossing Metropolitan District No. 1, Series A, 5.125%, 12/1/50 (144A) | 3,337,150 | ||||
| 597,000(c) | Settler's Crossing Metropolitan District No. 1, Series B, 7.625%, 12/15/50 | 590,039 | ||||
| 1,722,000(c) | Village at Dry Creek Metropolitan District No. 2, 4.375%, 12/1/44 | 1,497,623 | ||||
| Principal Amount USD ($) | Value | |||||
| Colorado — (continued) | ||||||
| 1,246,000(c) | Villas Metropolitan District, Series A, 5.125%, 12/1/48 | $ 1,234,275 | ||||
| 4,280,000(c) | Willow Bend Metropolitan District, Series A, 5.00%, 12/1/39 | 4,091,209 | ||||
| 5,375,000(c) | Willow Bend Metropolitan District, Series A, 5.00%, 12/1/49 | 4,887,703 | ||||
| 755,000(c) | Willow Bend Metropolitan District, Series B, 7.625%, 12/15/49 | 696,601 | ||||
| Total Colorado | $96,804,067 | |||||
| Delaware — 0.2% | ||||||
| 2,250,000 | Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/52 | $ 1,699,133 | ||||
| 1,380,000 | Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/57 | 1,008,849 | ||||
| Total Delaware | $2,707,982 | |||||
| District of Columbia — 0.4% | ||||||
| 915,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/32 | $ 955,882 | ||||
| 1,500,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/42 | 1,513,350 | ||||
| 1,165,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/47 | 1,166,748 | ||||
| 1,835,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/52 | 1,813,274 | ||||
| 710,000 | District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 | 727,480 | ||||
| Total District of Columbia | $6,176,734 | |||||
| Florida — 1.3% | ||||||
| 500,000(d) | Capital Trust Agency, Inc., Series B, 5.00%, 7/1/43 | $ 40,000 | ||||
| 750,000(d) | Capital Trust Agency, Inc., Series B, 5.00%, 7/1/53 | 60,000 | ||||
| 500,000(d) | Capital Trust Agency, Inc., Series B, 5.25%, 7/1/48 | 40,000 | ||||
| 1,000,000 | Charlotte County Industrial Development Authority, Town & Country Utilities Project, 4.00%, 10/1/51 (144A) | 748,360 | ||||
| 850,000 | County of Lake, 5.00%, 1/15/54 (144A) | 749,207 | ||||
| 270,000 | County of Lake, Imagine South Lake Charter School Project, 5.00%, 1/15/29 (144A) | 270,381 | ||||
| 1,250,000 | County of Lake, Imagine South Lake, Charter School Project, 5.00%, 1/15/39 (144A) | 1,188,375 | ||||
| 2,350,000 | County of Lake, Imagine South Lake, Charter School Project, 5.00%, 1/15/49 (144A) | 2,119,183 | ||||
| Principal Amount USD ($) | Value | |||||
| Florida — (continued) | ||||||
| 300,000 | Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/31 (144A) | $ 290,076 | ||||
| 13,475,000 | Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/51 (144A) | 10,642,285 | ||||
| 225,000 | Florida Development Finance Corp., The Glenridge On Palmer Ranch Project, 5.00%, 6/1/35 (144A) | 208,132 | ||||
| 2,500,000 | Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai, 4.25%, 6/1/56 | 1,762,250 | ||||
| Total Florida | $18,118,249 | |||||
| Guam — 0.1% | ||||||
| 1,100,000 | Guam Economic Development & Commerce Authority, Asset-Backed, 5.625%, 6/1/47 | $ 1,000,846 | ||||
| Total Guam | $1,000,846 | |||||
| Illinois — 9.0% | ||||||
| 1,650,000 | Chicago Board of Education, 5.75%, 4/1/35 | $ 1,756,112 | ||||
| 8,010,000 | Chicago Board of Education, 6.00%, 4/1/46 | 8,295,076 | ||||
| 16,170,000(c) | Chicago Board of Education, Series A, 5.00%, 12/1/42 | 15,414,214 | ||||
| 1,000,000(c) | Chicago Board of Education, Series A, 7.00%, 12/1/46 (144A) | 1,072,510 | ||||
| 8,000,000(c) | Chicago Board of Education, Series B, 6.50%, 12/1/46 | 8,452,080 | ||||
| 2,035,000(c) | Chicago Board of Education, Series C, 5.00%, 12/1/34 | 2,067,865 | ||||
| 1,415,000(c) | Chicago Board of Education, Series C, 5.25%, 12/1/39 | 1,417,165 | ||||
| 11,655,000(c) | Chicago Board of Education, Series D, 5.00%, 12/1/46 | 11,264,208 | ||||
| 20,000,000(c) | Chicago Board of Education, Series D, 5.00%, 12/1/46 | 19,175,200 | ||||
| 2,305,000(c) | Chicago Board of Education, Series G, 5.00%, 12/1/44 | 2,225,501 | ||||
| 2,900,000(c) | City of Chicago, 5.50%, 1/1/34 | 2,947,096 | ||||
| 9,200,000(c) | City of Chicago, Series A, 5.50%, 1/1/35 | 9,741,052 | ||||
| 13,795,000(c) | City of Chicago, Series A, 5.50%, 1/1/49 | 14,231,336 | ||||
| 4,050,000 | City of Plano Special Service Area No. 3 & No. 4, 4.00%, 3/1/35 | 4,057,857 | ||||
| 4,050,000 | Illinois Finance Authority, Series 2, 6.00%, 11/15/36 | 3,445,659 | ||||
| 1,591,212(b) | Illinois Finance Authority, Cabs Clare Oaks Project, Series B1, 11/15/52 | 111,385 | ||||
| 2,520,597(e) | Illinois Finance Authority, Clare Oaks Project, Series 3, 5.25%, 11/15/52 | 1,799,555 | ||||
| Principal Amount USD ($) | Value | |||||
| Illinois — (continued) | ||||||
| 12,160,000 | Southwestern Illinois Development Authority, 5.00%, 6/1/53 | $ 11,576,806 | ||||
| 1,415,000(d) | Southwestern Illinois Development Authority, Village of Sauget Project, 5.625%, 11/1/26 | 1,061,250 | ||||
| 3,040,000 | Village of Lincolnwood, Series A, 4.82%, 1/1/41 (144A) | 2,790,598 | ||||
| 2,165,000 | Village of Matteson, 6.50%, 12/1/35 | 2,200,961 | ||||
| 1,639,000 | Village of Volo IL Special Service Area No. 17, 5.50%, 3/1/47 | 1,590,436 | ||||
| Total Illinois | $126,693,922 | |||||
| Indiana — 7.1% | ||||||
| 8,230,000 | City of Anderson, 5.375%, 1/1/40 (144A) | $ 6,820,859 | ||||
| 580,000 | City of Evansville, Silver Birch Evansville Project, 4.80%, 1/1/28 | 553,506 | ||||
| 6,475,000 | City of Evansville, Silver Birch Evansville Project, 5.45%, 1/1/38 | 5,444,439 | ||||
| 600,000 | City of Fort Wayne, 5.125%, 1/1/32 | 536,610 | ||||
| 4,665,000 | City of Fort Wayne, 5.35%, 1/1/38 | 3,856,649 | ||||
| 24,990,000 | City of Hammond, Custodial Receipts Cabelas Project, 7.50%, 2/1/29 (144A) | 24,554,175 | ||||
| 1,275,000 | City of Kokomo, Silver Birch of Kokomo, 5.75%, 1/1/34 | 1,224,344 | ||||
| 7,575,000 | City of Kokomo, Silver Birch of Kokomo, 5.875%, 1/1/37 | 7,124,060 | ||||
| 1,075,000 | City of Lafayette, Glasswater Creek Lafayette Project, 5.60%, 1/1/33 | 1,060,595 | ||||
| 6,000,000 | City of Lafayette, Glasswater Creek Lafayette Project, 5.80%, 1/1/37 | 6,007,320 | ||||
| 800,000 | City of Mishawaka, Silver Birch Mishawaka Project, 5.10%, 1/1/32 (144A) | 747,872 | ||||
| 5,890,000 | City of Mishawaka, Silver Birch Mishawaka Project, 5.375%, 1/1/38 (144A) | 4,882,457 | ||||
| 4,560,000 | City of Terre Haute, 5.35%, 1/1/38 | 3,710,882 | ||||
| 5,190,000 | Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.125%, 7/1/37 | 5,303,298 | ||||
| 330,000 | Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.375%, 7/1/47 | 331,703 | ||||
| 1,975,000 | Indiana Finance Authority, Sanders Glen Project, Series A, 4.25%, 7/1/43 | 1,721,015 | ||||
| 2,020,000 | Indiana Finance Authority, Sanders Glen Project, Series A, 4.50%, 7/1/53 | 1,727,605 | ||||
| Principal Amount USD ($) | Value | |||||
| Indiana — (continued) | ||||||
| 11,985,000 | Indiana Housing & Community Development Authority, Series A, 5.00%, 1/1/39 (144A) | $ 9,419,131 | ||||
| 8,340,000 | Indiana Housing & Community Development Authority, Evergreen Village Bloomington Project, 5.50%, 1/1/37 | 7,333,195 | ||||
| 7,950,000 | Town of Plainfield Multifamily Housing Revenue, 5.375%, 9/1/38 | 7,601,472 | ||||
| Total Indiana | $99,961,187 | |||||
| Iowa — 1.6% | ||||||
| 24,485,000 | Iowa Finance Authority, Alcoa Inc. Projects, 4.75%, 8/1/42 | $ 22,926,775 | ||||
| Total Iowa | $22,926,775 | |||||
| Kansas — 1.0% | ||||||
| 400,000 | Kansas Development Finance Authority, Series A, 5.25%, 11/15/33 | $ 359,068 | ||||
| 15,405,000 | Kansas Development Finance Authority, Series A, 5.25%, 11/15/53 | 10,990,851 | ||||
| 2,500,000 | Kansas Development Finance Authority, Series A, 5.50%, 11/15/38 | 2,119,375 | ||||
| Total Kansas | $13,469,294 | |||||
| Maryland — 0.1% | ||||||
| 900,000 | Maryland Health & Higher Educational Facilities Authority, City Neighbors, Series A, 6.75%, 7/1/44 | $ 902,340 | ||||
| Total Maryland | $902,340 | |||||
| Massachusetts — 0.8% | ||||||
| 4,710,000 | Massachusetts Development Finance Agency, Series A, 5.00%, 7/1/44 | $ 4,536,389 | ||||
| 689,436(d) | Massachusetts Development Finance Agency, Adventcare Project, 7.625%, 10/15/37 | 241,302 | ||||
| 1,802,446(d) | Massachusetts Development Finance Agency, Adventcare Project, Series A, 6.75%, 10/15/37 (144A) | 630,856 | ||||
| 1,250,000 | Massachusetts Development Finance Agency, International Charter School, 5.00%, 4/15/40 | 1,263,738 | ||||
| 4,500,000 | Massachusetts Development Finance Agency, Linden Ponds, 5.125%, 11/15/46 (144A) | 4,524,930 | ||||
| Total Massachusetts | $11,197,215 | |||||
| Michigan — 2.2% | ||||||
| 8,565,000 | David Ellis Academy-West, 5.25%, 6/1/45 | $ 7,750,725 | ||||
| Principal Amount USD ($) | Value | |||||
| Michigan — (continued) | ||||||
| 1,250,000 | Flint Hospital Building Authority, Hurley Medical Center, Series A, 5.25%, 7/1/39 | $ 1,248,163 | ||||
| 5,485,000 | Flint International Academy, 5.75%, 10/1/37 | 5,485,000 | ||||
| 5,720,000 | Michigan Finance Authority, 5.75%, 4/1/40 | 5,901,953 | ||||
| 4,000,000(e) | Michigan Strategic Fund, Series B, 7.50%, 11/1/41 | 4,188,880 | ||||
| 7,100,000(e) | Michigan Strategic Fund, Michigan Department Offices Lease, Series B, 7.75%, 3/1/40 | 6,173,805 | ||||
| Total Michigan | $30,748,526 | |||||
| Minnesota — 2.0% | ||||||
| 1,310,000 | City of Bethel, 6.00%, 7/1/57 | $ 1,192,820 | ||||
| 4,210,000 | City of Bethel, Series A, 5.00%, 7/1/48 | 3,974,577 | ||||
| 1,000,000 | City of Bethel, Series A, 5.00%, 7/1/53 | 916,030 | ||||
| 2,440,000 | City of Brooklyn Park, Prairie Seeds Academy Project, Series A, 5.00%, 3/1/34 | 2,466,547 | ||||
| 2,000,000 | City of Brooklyn Park, Prairie Seeds Academy Project, Series A, 5.00%, 3/1/39 | 2,016,520 | ||||
| 3,515,000 | City of Deephaven, Eagle Ridge Academy Project, Series A, 5.00%, 7/1/55 | 3,634,686 | ||||
| 400,000 | City of Deephaven, Eagle Ridge Academy Project, Series A, 5.25%, 7/1/37 | 398,348 | ||||
| 1,500,000 | City of Deephaven, Eagle Ridge Academy Project, Series A, 5.50%, 7/1/50 | 1,500,945 | ||||
| 3,145,000 | City of Rochester, Series A, 5.25%, 9/1/43 | 2,721,809 | ||||
| 6,080,000 | City of Rochester, Series A, 5.375%, 9/1/50 | 5,113,462 | ||||
| 1,500,000 | City of Rochester, Rochester Math & Science Academy, Series A, 5.125%, 9/1/38 | 1,428,810 | ||||
| 2,000,000 | Housing & Redevelopment Authority of The City of St. Paul Minnesota, Great River School Project, Series A, 5.50%, 7/1/52 (144A) | 2,076,360 | ||||
| 1,300,000 | Housing & Redevelopment Authority of The City of St. Paul Minnesota, St. Paul City School Project, Series A, 5.00%, 7/1/36 | 1,379,898 | ||||
| Total Minnesota | $28,820,812 | |||||
| Missouri — 0.2% | ||||||
| 200,000 | Kansas City Industrial Development Authority, Series A, 4.25%, 4/1/26 (144A) | $ 192,164 | ||||
| 1,000,000 | Kansas City Industrial Development Authority, Series A, 5.00%, 4/1/36 (144A) | 912,770 | ||||
| 2,300,000 | Kansas City Industrial Development Authority, Series A, 5.00%, 4/1/46 (144A) | 1,990,328 | ||||
| Total Missouri | $3,095,262 | |||||
| Principal Amount USD ($) | Value | |||||
| New Jersey — 0.8% | ||||||
| 1,255,000 | New Jersey Economic Development Authority, Series A, 5.25%, 10/1/38 (144A) | $ 1,214,476 | ||||
| 1,215,000 | New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.25%, 7/1/37 (144A) | 1,139,658 | ||||
| 2,500,000 | New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.375%, 7/1/47 (144A) | 2,283,475 | ||||
| 7,205,000 | New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project, Series A, 5.375%, 10/1/50 (144A) | 6,813,840 | ||||
| Total New Jersey | $11,451,449 | |||||
| New Mexico — 1.2% | ||||||
| 16,135,000(e) | County of Otero, Otero County Jail Project, Certificate Participation, 9.00%, 4/1/28 | $ 15,650,950 | ||||
| 1,750,000 | Lower Petroglyphs Public Improvement District, 5.00%, 10/1/48 | 1,583,768 | ||||
| Total New Mexico | $17,234,718 | |||||
| New York — 14.8% | ||||||
| 375,000(d) | Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/28 (144A) | $ 383,955 | ||||
| 4,150,000(d) | Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/38 (144A) | 4,165,313 | ||||
| 6,175,000 | Chautauqua Tobacco Asset Securitization Corp., 5.00%, 6/1/48 | 5,542,309 | ||||
| 9,250,000 | Dutchess County Local Development Corp., Health Quest Systems Inc., Series B, 5.00%, 7/1/46 | 8,924,955 | ||||
| 10,000,000(d) | Erie County Industrial Development Agency, Galvstar LLC Project, Series A, 9.25%, 10/1/30 | 1,250,000 | ||||
| 8,000,000(d) | Erie County Industrial Development Agency, Galvstar LLC Project, Series B, 9.25%, 10/1/30 | 1,890,000 | ||||
| 1,795,000(d) | Erie County Industrial Development Agency, Galvstar LLC Project, Series C, 9.25%, 10/1/30 | 424,069 | ||||
| 8,755,000 | Erie Tobacco Asset Securitization Corp., Asset-Backed, Series A, 5.00%, 6/1/45 | 8,035,339 | ||||
| 22,015,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, Series A3, 5.00%, 6/1/35 | 20,027,486 | ||||
| 15,020,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, Series A3, 5.125%, 6/1/46 | 13,363,144 | ||||
| 6,735,000 | New York Counties Tobacco Trust IV, Series A, 5.00%, 6/1/42 | 6,127,436 | ||||
| Principal Amount USD ($) | Value | |||||
| New York — (continued) | ||||||
| 21,100,000 | New York Counties Tobacco Trust IV, Series A, 6.25%, 6/1/41 (144A) | $ 21,092,615 | ||||
| 32,420,000 | New York Counties Tobacco Trust IV, Settlement pass through, Series A, 5.00%, 6/1/45 | 29,399,753 | ||||
| 51,600,000(b) | New York Counties Tobacco Trust V, Capital Appreciation Pass Through, Series S-4A, 6/1/60 (144A) | 2,355,540 | ||||
| 440,000 | New York Counties Tobacco Trust VI, Series A-2B, 5.00%, 6/1/45 | 414,326 | ||||
| 18,745,000 | New York Counties Tobacco Trust VI, Settlement pass through, Series A-2B, 5.00%, 6/1/51 | 17,473,152 | ||||
| 2,820,000 | Riverhead Industrial Development Agency, 7.65%, 8/1/34 | 2,825,189 | ||||
| 2,250,000 | TSASC, Inc., Series B, 5.00%, 6/1/25 | 2,205,765 | ||||
| 26,890,000 | TSASC, Inc., Series B, 5.00%, 6/1/45 | 25,158,015 | ||||
| 27,980,000 | TSASC, Inc., Series B, 5.00%, 6/1/48 | 25,919,832 | ||||
| 12,000,000 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 4.50%, 7/1/56 (144A) | 7,902,960 | ||||
| 5,000,000 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 5.00%, 7/1/36 (144A) | 4,408,100 | ||||
| Total New York | $209,289,253 | |||||
| Ohio — 5.1% | ||||||
| 67,000,000 | Buckeye Tobacco Settlement Financing Authority, Senior Class 2, Series B2, 5.00%, 6/1/55 | $ 61,981,700 | ||||
| 3,000,000 | County of Muskingum, Genesis Healthcare System Project , 5.00%, 2/15/44 | 2,714,070 | ||||
| 2,250,000 | County of Muskingum, Genesis Healthcare System Project , 5.00%, 2/15/48 | 1,964,205 | ||||
| 980,000 | Ohio Housing Finance Agency, Sanctuary Springboro Project, 5.125%, 1/1/32 (144A) | 824,846 | ||||
| 5,275,000 | Ohio Housing Finance Agency, Sanctuary Springboro Project, 5.45%, 1/1/38 (144A) | 4,219,684 | ||||
| Total Ohio | $71,704,505 | |||||
| Pennsylvania — 4.1% | ||||||
| 1,000,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.125%, 10/15/37 | $ 998,470 | ||||
| 2,535,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47 | 2,270,295 | ||||
| Principal Amount USD ($) | Value | |||||
| Pennsylvania — (continued) | ||||||
| 8,465,000 | Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) | $ 8,791,664 | ||||
| 1,205,000 | Philadelphia Authority for Industrial Development, 5.00%, 4/15/32 (144A) | 1,218,508 | ||||
| 2,290,000 | Philadelphia Authority for Industrial Development, 5.00%, 4/15/42 (144A) | 2,183,790 | ||||
| 3,335,000 | Philadelphia Authority for Industrial Development, 5.00%, 4/15/52 (144A) | 3,035,751 | ||||
| 1,660,000 | Philadelphia Authority for Industrial Development, 5.125%, 6/1/38 (144A) | 1,700,388 | ||||
| 3,500,000 | Philadelphia Authority for Industrial Development, 5.25%, 6/1/48 (144A) | 3,529,400 | ||||
| 4,370,000 | Philadelphia Authority for Industrial Development, 5.375%, 6/1/53 (144A) | 4,397,138 | ||||
| 9,435,000 | Philadelphia Authority for Industrial Development, 5.50%, 6/1/49 (144A) | 9,641,815 | ||||
| 925,000 | Philadelphia Authority for Industrial Development, Series A, 5.00%, 11/15/31 | 911,597 | ||||
| 4,055,000 | Philadelphia Authority for Industrial Development, 2800 American Street Co. Project, Series A, 5.625%, 7/1/48 (144A) | 4,078,884 | ||||
| 8,295,000 | Philadelphia Authority for Industrial Development, Global Leadership Academy Charter School Project, Series A, 5.00%, 11/15/50 | 7,384,126 | ||||
| 2,200,000 | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A, 6.50%, 6/1/45 | 2,142,052 | ||||
| 2,940,000 | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50 | 2,888,874 | ||||
| 340,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.00%, 6/15/32 | 336,246 | ||||
| 1,045,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.125%, 6/15/42 | 986,814 | ||||
| Principal Amount USD ($) | Value | |||||
| Pennsylvania — (continued) | ||||||
| 970,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.25%, 6/15/52 | $ 876,793 | ||||
| 1,020,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.375%, 6/15/57 | 922,865 | ||||
| Total Pennsylvania | $58,295,470 | |||||
| Puerto Rico — 4.0% | ||||||
| 15,689,000(c) | Commonwealth of Puerto Rico, Series A1, 4.00%, 7/1/46 | $ 12,632,626 | ||||
| 10,745,000 | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A, 5.00%, 7/1/47 (144A) | 10,169,175 | ||||
| 6,685,000 | Puerto Rico Electric Power Authority, Series AAA, 5.25%, 7/1/21 | 4,679,500 | ||||
| 3,535,000 | Puerto Rico Electric Power Authority, Series CCC, 4.80%, 7/1/28 | 2,518,688 | ||||
| 1,285,000 | Puerto Rico Electric Power Authority, Series CCC, 5.00%, 7/1/24 | 918,775 | ||||
| 3,735,000 | Puerto Rico Electric Power Authority, Series DDD, 5.00%, 7/1/23 | 2,661,187 | ||||
| 3,315,000 | Puerto Rico Electric Power Authority, Series TT, 5.00%, 7/1/21 | 2,361,938 | ||||
| 1,000,000 | Puerto Rico Electric Power Authority, Series WW, 5.00%, 7/1/28 | 717,500 | ||||
| 1,130,000 | Puerto Rico Electric Power Authority, Series ZZ, 4.75%, 7/1/27 | 799,475 | ||||
| 14,060,000 | Puerto Rico Highway & Transportation Authority, Series A, 5.00%, 7/1/62 | 13,448,390 | ||||
| 4,000,000 | Puerto Rico Highway & Transportation Authority, Series A, 5.85%, 3/1/27 | 3,996,600 | ||||
| 1,295,000 | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series A, 5.20%, 7/1/24 | 1,304,751 | ||||
| Total Puerto Rico | $56,208,605 | |||||
| Rhode Island — 0.2% | ||||||
| 2,065,000(d) | Central Falls Detention Facility Corp., 7.25%, 7/15/35 | $ 371,700 | ||||
| 2,000,000(e) | Tender Option Bond Trust Receipts/Certificates, RIB, Series 2019, 2.629%, 9/1/47 (144A) | 1,962,400 | ||||
| Total Rhode Island | $2,334,100 | |||||
| Principal Amount USD ($) | Value | |||||
| Tennessee — 0.1% | ||||||
| 1,095,000 | Metropolitan Government Nashville & Davidson County Industrial Development Board, 4.00%, 6/1/51 (144A) | $ 857,889 | ||||
| Total Tennessee | $857,889 | |||||
| Texas — 4.4% | ||||||
| 325,000 | Arlington Higher Education Finance Corp., 3.50%, 3/1/24 (144A) | $ 321,584 | ||||
| 16,875,000 | Arlington Higher Education Finance Corp., 5.45%, 3/1/49 (144A) | 17,612,606 | ||||
| 100,000 | Arlington Higher Education Finance Corp., Series A, 5.875%, 3/1/24 | 100,524 | ||||
| 525,000 | Arlington Higher Education Finance Corp., Series A, 6.625%, 3/1/29 | 534,602 | ||||
| 375,000 | Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.00%, 3/1/34 | 380,273 | ||||
| 7,030,000 | Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44 | 6,912,247 | ||||
| 280,000 | City of Celina, 5.50%, 9/1/24 | 280,882 | ||||
| 1,025,000 | City of Celina, 6.00%, 9/1/30 | 1,026,025 | ||||
| 2,590,000 | City of Celina, 6.25%, 9/1/40 | 2,622,220 | ||||
| 16,755,000(e) | Greater Texas Cultural Education Facilities Finance Corp., 9.00%, 2/1/50 (144A) | 15,398,515 | ||||
| 3,335,000(e) | Greater Texas Cultural Education Facilities Finance Corp., Series B, 9.00%, 2/1/33 (144A) | 3,376,154 | ||||
| 100,000(f) | La Vernia Higher Education Finance Corp., Meridian World School, Series A, 5.25%, 8/15/35 (144A) | 102,020 | ||||
| 2,000,000(f) | La Vernia Higher Education Finance Corp., Meridian World School, Series A, 5.50%, 8/15/45 (144A) | 2,046,240 | ||||
| 1,250,000 | New Hope Cultural Education Facilities Finance Corp., Village On The Park, Series C, 5.50%, 7/1/46 | 562,500 | ||||
| 1,000,000 | New Hope Cultural Education Facilities Finance Corp., Village On The Park, Series C, 5.75%, 7/1/51 | 450,000 | ||||
| 75,000 | New Hope Cultural Education Facilities Finance Corp., Village On The Park, Series D, 6.00%, 7/1/26 | 30,000 | ||||
| 1,350,000 | New Hope Cultural Education Facilities Finance Corp., Village On The Park, Series D, 7.00%, 7/1/51 | 540,000 | ||||
| 17,350,000(d) | Sanger Industrial Development Corp., Texas Pellets Project, Series B, 8.00%, 7/1/38 | 4,272,437 | ||||
| Principal Amount USD ($) | Value | |||||
| Texas — (continued) | ||||||
| 8,142,447(d) | Tarrant County Cultural Education Facilities Finance Corp., Series A, 5.75%, 12/1/54 | $ 5,292,591 | ||||
| 1,000,000(e) | Texas Midwest Public Facility Corp., Secure Treatment Facility Project, Restructured, 0.000%, 12/1/30 | 688,670 | ||||
| Total Texas | $62,550,090 | |||||
| Virginia — 5.2% | ||||||
| 2,900,000 | Ballston Quarter Community Development Authority, Series A, 5.50%, 3/1/46 | $ 2,086,550 | ||||
| 4,290,000 | Cherry Hill Community Development Authority, Potomac Shores Project, 5.40%, 3/1/45 (144A) | 4,222,733 | ||||
| 21,385,000 | Tobacco Settlement Financing Corp., Series 1, 6.706%, 6/1/46 | 19,397,050 | ||||
| 41,495,000 | Tobacco Settlement Financing Corp., Series B1, 5.00%, 6/1/47 | 38,842,640 | ||||
| 5,905,000(e) | Tobacco Settlement Financing Corp., Series B2, 5.20%, 6/1/46 | 5,729,680 | ||||
| 14,000,000(b) | Tobacco Settlement Financing Corp., Series D, 6/1/47 | 3,346,700 | ||||
| Total Virginia | $73,625,353 | |||||
| Wisconsin — 2.8% | ||||||
| 2,500,000 | Public Finance Authority, American Preparatory Academy - Las Vegas Project, Series A, 5.125%, 7/15/37 (144A) | $ 2,461,325 | ||||
| 1,550,000 | Public Finance Authority, Community School of Davidson Project, 5.00%, 10/1/33 | 1,550,977 | ||||
| 5,905,000 | Public Finance Authority, Community School of Davidson Project, 5.00%, 10/1/48 | 5,559,853 | ||||
| 1,590,000 | Public Finance Authority, Coral Academy Science Las Vegas, Series A, 5.625%, 7/1/44 | 1,621,005 | ||||
| 370,000 | Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/29 (144A) | 365,186 | ||||
| 710,000 | Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/39 (144A) | 647,676 | ||||
| 2,660,000 | Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/50 (144A) | 2,258,846 | ||||
| 400,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/36 (144A) | 355,224 | ||||
| 700,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/51 (144A) | 502,558 | ||||
| 2,280,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/61 (144A) | 1,508,995 | ||||
| Principal Amount USD ($) | Value | |||||
| Wisconsin — (continued) | ||||||
| 335,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 5.375%, 6/1/37 (144A) | $ 320,943 | ||||
| 900,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 5.875%, 6/1/52 (144A) | 859,851 | ||||
| 1,565,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 6.00%, 6/1/62 (144A) | 1,488,425 | ||||
| 9,310,000 | Public Finance Authority, Gardner Webb University, 5.00%, 7/1/31 (144A) | 9,749,711 | ||||
| 275,000 | Public Finance Authority, Lead Academy Project, Series A, 4.25%, 8/1/26 (144A) | 271,147 | ||||
| 2,000,000 | Public Finance Authority, Lead Academy Project, Series A, 5.00%, 8/1/36 (144A) | 2,068,660 | ||||
| 2,500,000 | Public Finance Authority, Lead Academy Project, Series A, 5.125%, 8/1/46 (144A) | 2,542,150 | ||||
| 2,000,000 | Public Finance Authority, Searstone CCRC Project, 4.00%, 6/1/41 (144A) | 1,491,000 | ||||
| 1,500,000 | Public Finance Authority, SearStone CCRC Project, Series A, 5.00%, 6/1/37 (144A) | 1,320,825 | ||||
| 2,500,000 | Public Finance Authority, SearStone CCRC Project, Series A, 5.00%, 6/1/52 (144A) | 1,939,550 | ||||
| 10,640,000(b)(d) | Public Finance Authority, Springshire Pre Development Project, 12/1/20 (144A) | 1,064,000 | ||||
| Total Wisconsin | $39,947,907 | |||||
| Total Municipal Bonds (Cost $1,489,794,351) | $1,361,728,537 | |||||
| Debtors in Possession Financing — 0.6% of Net Assets# | ||||||
| Retirement Housing — 0.6% | ||||||
| 9,000,000+ | Springshire Retirement LLC - Promissory Note, 9.00%, 7/1/23 | $ 9,000,000 | ||||
| Total Retirement Housing | $9,000,000 | |||||
| TOTAL DEBTORS IN POSSESSION FINANCING (Cost $9,000,000) | $9,000,000 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.1% (Cost $1,498,794,351) | $1,370,728,537 | |||||
| OTHER ASSETS AND LIABILITIES — 2.9% | $41,235,782 | |||||
| net assets — 100.0% | $1,411,964,319 | |||||
| AGM | Assured Guaranty Municipal Corp. |
| RIB | Residual Interest Bond is purchased in a secondary market. The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at May 31, 2023. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At May 31, 2023, the value of these securities amounted to $395,890,178, or 28.0% of net assets. |
| (a) | Consists of Revenue Bonds unless otherwise indicated. |
| (b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (c) | Represents a General Obligation Bond. |
| (d) | Security is in default. |
| (e) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2023. |
| (f) | Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| Springshire Retirement LLC - Promissory Note | 12/1/2021 | $9,000,000 | $9,000,000 |
| % of Net assets | 0.6% |
| Revenue Bonds: | |
| Tobacco Revenue | 26.3% |
| Health Revenue | 21.9 |
| Education Revenue | 20.1 |
| Development Revenue | 11.6 |
| Water Revenue | 2.7 |
| Facilities Revenue | 1.7 |
| Transportation Revenue | 1.4 |
| Power Revenue | 1.1 |
| Other Revenue | 1.0 |
| Industrial Revenue | 0.3 |
| Utilities Revenue | 0.1 |
| Pollution Control Revenue | 0.1 |
| 88.3% | |
| General Obligation Bonds: | 11.7% |
| 100.0% |
| Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Municipal Bonds | $— | $1,361,728,537 | $— | $1,361,728,537 |
| Debtors in Possession Financing | — | — | 9,000,000 | 9,000,000 |
| Total Investments in Securities | $— | $1,361,728,537 | $9,000,000 | $1,370,728,537 |