| Investment Portfolio | as of February 28, 2021 (Unaudited) |
| Principal Amount ($) | Value ($) | ||
| Municipal Bonds and Notes 96.6% | |||
| Alabama 0.5% | |||
| Jefferson County, AL, Sewer Revenue, Series C, Step-up Coupon, 0% to 10/1/2023, 6.9% to 10/1/2050, INS: AGMC | 5,000,000 | 5,049,400 | |
| Arizona 3.5% | |||
| Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project: | |||
| Series C, 144A, 5.0%, 1/1/2049 | 1,300,000 | 937,599 | |
| Series C, 144A, 5.5%, 1/1/2054 | 2,700,000 | 2,064,933 | |
| Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 2,760,000 | 2,989,880 | |
| Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects: | |||
| Series G, 144A, 5.0%, 7/1/2047 | 1,000,000 | 1,112,060 | |
| Series D, 144A, 5.0%, 7/1/2051 | 1,035,000 | 1,148,467 | |
| Series G, 144A, 5.0%, 7/1/2051 | 550,000 | 610,297 | |
| Series A, 144A, 5.25%, 7/1/2047 | 1,000,000 | 1,107,960 | |
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 | 1,000,000 | 1,167,390 | |
| Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 1,490,000 | 1,673,121 | |
| Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 6,500,000 | 6,939,920 | |
| Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project: | |||
| Series A, 144A, 5.0%, 7/1/2038 | 1,380,000 | 1,422,352 | |
| Series A, 144A, 5.25%, 7/1/2048 | 1,750,000 | 1,802,867 | |
| Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC: | |||
| Series A, 5.0%, 7/1/2037 | 2,000,000 | 2,265,600 | |
| Series A, 5.0%, 7/1/2042 | 2,000,000 | 2,237,600 | |
| Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
| 144A, 5.0%, 6/15/2047 | 655,000 | 666,142 | |
| 144A, 5.0%, 6/15/2049 | 1,030,000 | 1,080,686 | |
| Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project, 5.0% , 6/15/2052 | 2,285,000 | 2,344,737 | |
| Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.: | |||
| Series A, 6.25%, 12/1/2042 | 1,535,000 | 1,562,001 | |
| Series A, 6.25%, 12/1/2046 | 1,400,000 | 1,423,576 | |
| 34,557,188 | |||
| Arkansas 0.4% | |||
| Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, 144A, 4.75%, 9/1/2049 | 4,000,000 | 4,384,120 | |
| California 7.1% | |||
| California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049 | 4,800,000 | 5,436,528 | |
| California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055 | 15,000,000 | 2,868,150 | |
| California, CSCDA Community Improvement Authority, Jefferson Anaheim Social Bonds, Series A-2, 144A, 3.125%, 8/1/2056 | 3,335,000 | 3,068,200 | |
| California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||
| Series A-1, 5.0%, 6/1/2047 | 1,125,000 | 1,163,790 | |
| Series A-2, 5.0%, 6/1/2047 | 5,075,000 | 5,249,986 | |
| California, Irvine Ranch Water District Revenue, Series A, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA | 100,000 | 100,000 | |
| California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 1,145,000 | 1,306,720 | |
| California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 8,750,000 | 13,467,300 | |
| California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements: | |||
| 3.875%, 9/1/2049 | 2,630,000 | 2,689,228 | |
| 4.0%, 9/1/2046 | 4,895,000 | 5,113,317 | |
| California, State General Obligation: | |||
| Series A-2, 0.01% (a), 3/1/2021, LOC: Bank of Montreal | 230,000 | 230,000 | |
| Series B-2, 0.01% (a), 3/1/2021, LOC: Citibank NA | 200,000 | 200,000 | |
| California, State Health Facilities Financing Authority Revenue, Adventist Health System, Series B, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA | 300,000 | 300,000 | |
| California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047 | 2,075,000 | 2,436,527 | |
| California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047 | 2,135,000 | 2,411,611 | |
| California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046 | 2,000,000 | 2,267,760 | |
| California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056 | 5,515,000 | 6,173,491 | |
| California, Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue, Series B-2, Zero Coupon, 6/1/2060 | 16,675,000 | 3,920,793 | |
| Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co. | 620,000 | 700,166 | |
| Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, GTY: Carnival Corp. | 1,700,000 | 1,681,521 | |
| Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048 | 2,850,000 | 3,106,813 | |
| San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041 | 3,250,000 | 3,386,532 | |
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050 | 3,555,000 | 3,938,798 | |
| Southern California, Public Power Authority, Magnolia Power Project, Series A-20, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA | 300,000 | 300,000 | |
| 71,517,231 | |||
| Colorado 3.2% | |||
| Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050 | 1,000,000 | 1,050,350 | |
| Colorado, Broadway Park North Metropolitan District No. 2: | |||
| 144A, 5.0%, 12/1/2040 | 1,100,000 | 1,193,940 | |
| 144A, 5.0%, 12/1/2049 | 1,275,000 | 1,374,552 | |
| Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049 | 2,000,000 | 1,318,780 | |
| Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056 | 2,275,000 | 2,544,133 | |
| Colorado, North Range Metropolitan District No. 3, 5.25%, 12/1/2050 | 1,667,000 | 1,799,793 | |
| Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | 6,365,000 | 7,943,202 | |
| Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041 | 1,615,000 | 1,659,299 | |
| Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049 | 2,000,000 | 2,209,660 | |
| Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2043 | 1,630,000 | 1,865,991 | |
| Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 1,059,070 | |
| Denver, CO, Convention Center Hotel Authority Revenue: | |||
| 5.0%, 12/1/2033 | 500,000 | 573,630 | |
| 5.0%, 12/1/2034 | 1,000,000 | 1,143,760 | |
| 5.0%, 12/1/2040 | 2,060,000 | 2,324,422 | |
| Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | 1,170,000 | 1,381,630 | |
| Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 5.25% , 12/1/2039 | 2,365,000 | 2,532,282 | |
| 31,974,494 | |||
| Connecticut 0.3% | |||
| Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031 PIK* (b) | 19,814,420 | 1,287,937 | |
| Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 870,000 | 1,003,780 | |
| Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University, Series K, 4.0%, 7/1/2045 | 1,030,000 | 1,148,533 | |
| 3,440,250 | |||
| District of Columbia 1.8% | |||
| District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 4,870,000 | 5,549,949 | |
| District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049 | 3,090,000 | 3,401,565 | |
| District of Columbia, Rocketship Obligated Group, Series A, 144A, 5.0%, 6/1/2061 | 1,500,000 | 1,665,570 | |
| District of Columbia, Two Rivers Public Charter School, Inc.: | |||
| 5.0%, 6/1/2050 | 1,825,000 | 2,090,172 | |
| 5.0%, 6/1/2055 | 1,530,000 | 1,739,687 | |
| District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049 | 3,375,000 | 3,874,129 | |
| 18,321,072 | |||
| Florida 6.7% | |||
| Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (b) | 2,310,000 | 1,787,362 | |
| Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
| Series A-1, 5.0%, 10/1/2032 | 230,000 | 274,390 | |
| Series A-1, 5.0%, 10/1/2033 | 230,000 | 273,321 | |
| Series A-1, 5.0%, 10/1/2034 | 230,000 | 272,470 | |
| Series A-1, 5.0%, 10/1/2035 | 115,000 | 135,810 | |
| Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects Loan Program, Series A-2, 4.0%, 10/1/2024 | 3,700,000 | 3,691,897 | |
| Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | 1,840,000 | 2,011,801 | |
| Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054* (b) | 2,845,000 | 2,364,906 | |
| Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
| Series A, 5.0%, 6/15/2050 | 1,105,000 | 1,240,517 | |
| Series A, 5.0%, 6/15/2055 | 960,000 | 1,071,514 | |
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 1,750,000 | 1,698,725 | |
| Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
| Series A, 144A, AMT, 6.375% (c), 1/1/2049 | 1,740,000 | 1,692,028 | |
| Series A, 144A, AMT, 6.5% (c), 1/1/2049 | 1,905,000 | 1,827,847 | |
| Florida, Higher Educational Facilities Financing Authority Revenue, Ringling College Project: | |||
| 5.0%, 3/1/2029 | 980,000 | 1,131,998 | |
| 5.0%, 3/1/2032 | 1,110,000 | 1,265,012 | |
| 5.0%, 3/1/2034 | 1,195,000 | 1,354,222 | |
| Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 8,555,000 | 9,673,310 | |
| Florida, State Development Finance Corp., Learning Gate Community School Project: | |||
| Series A, 5.0%, 2/15/2038 | 500,000 | 552,495 | |
| Series A, 5.0%, 2/15/2048 | 1,150,000 | 1,262,424 | |
| Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044 | 1,395,000 | 1,492,190 | |
| Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, 4.0%, 10/1/2049 | 1,905,000 | 2,027,358 | |
| Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 1,750,000 | 1,985,252 | |
| Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035 | 1,030,000 | 1,176,157 | |
| Florida, Village Community Development District No. 09, Special Assessment Revenue, 5.5%, 5/1/2042 | 1,240,000 | 1,281,056 | |
| Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
| 144A, 4.25%, 5/1/2043 | 2,425,000 | 2,663,305 | |
| 144A, 4.375%, 5/1/2050 | 2,035,000 | 2,234,756 | |
| Florida, Village Community Development District No. 9, Special Assessment Revenue, 7.0%, 5/1/2041 | 1,375,000 | 1,390,194 | |
| Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project, 5.0%, 11/15/2026 | 3,500,000 | 3,721,305 | |
| Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 3,661,385 | |
| Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project: | |||
| Series A, 144A, 5.0%, 1/15/2049 | 825,000 | 894,143 | |
| Series A, 144A, 5.0%, 1/15/2054 | 850,000 | 918,077 | |
| Osceola County, FL, Transportation Revenue: | |||
| Series A-2, Zero Coupon, 10/1/2049 | 3,400,000 | 1,260,788 | |
| Series A-2, Zero Coupon, 10/1/2051 | 4,775,000 | 1,630,471 | |
| Series A-2, Zero Coupon, 10/1/2054 | 4,570,000 | 1,387,041 | |
| Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: | |||
| Series A, 5.25%, 11/15/2039 | 445,000 | 434,605 | |
| Series A, 5.5%, 11/15/2049 | 3,635,000 | 3,522,569 | |
| Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 1,210,000 | 1,317,266 | |
| 66,579,967 | |||
| Georgia 2.0% | |||
| Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, Prerefunded, 6.375%, 5/15/2043 | 4,000,000 | 4,526,440 | |
| Atlanta, GA, Development Authority Revenue Bonds: | |||
| Series A-1, 5.0%, 7/1/2032 | 1,650,000 | 1,860,919 | |
| Series A-1, 5.0%, 7/1/2033 | 2,595,000 | 2,919,868 | |
| Series A-1, 5.0%, 7/1/2034 | 2,320,000 | 2,605,360 | |
| Atlanta, GA, Tax Allocation, Beltline Project: | |||
| Series B, 5.0%, 1/1/2029 | 3,450,000 | 4,142,277 | |
| Series B, 5.0%, 1/1/2030 | 1,715,000 | 2,045,635 | |
| Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, 5.5%, 8/15/2054 | 1,820,000 | 2,084,646 | |
| 20,185,145 | |||
| Illinois 8.0% | |||
| Chicago, IL, Board of Education: | |||
| Series B, 4.0%, 12/1/2035 | 2,500,000 | 2,582,800 | |
| Series A, 5.0%, 12/1/2033 | 740,000 | 879,016 | |
| Series A, 5.0%, 12/1/2041 | 3,930,000 | 4,012,962 | |
| Series H, 5.0%, 12/1/2046 | 1,690,000 | 1,924,893 | |
| Series A, 5.5%, 12/1/2039 | 2,900,000 | 2,973,805 | |
| Series E, 6.038%, 12/1/2029 | 1,500,000 | 1,762,395 | |
| Chicago, IL, General Obligation: | |||
| Series A, 5.0%, 1/1/2036 | 1,000,000 | 1,069,110 | |
| Series A, 5.0%, 1/1/2044 | 4,000,000 | 4,540,560 | |
| Series B, 5.432%, 1/1/2042 | 3,885,000 | 4,267,867 | |
| Series A, 5.5%, 1/1/2049 | 2,425,000 | 2,818,650 | |
| Series A, 6.0%, 1/1/2038 | 2,180,000 | 2,584,543 | |
| Series B, 6.314%, 1/1/2044 | 2,500,000 | 3,017,575 | |
| Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 1,185,000 | 1,373,782 | |
| Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
| Series A, 4.0%, 12/1/2050 | 1,400,000 | 1,545,936 | |
| Series A, 4.0%, 12/1/2055 | 1,390,000 | 1,532,753 | |
| Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project: | |||
| Series A, Zero Coupon, 12/15/2052, INS: AGMC | 7,000,000 | 2,563,540 | |
| Series B, 5.0%, 6/15/2042 | 1,500,000 | 1,815,330 | |
| Series A, 5.0%, 6/15/2050 | 1,365,000 | 1,622,002 | |
| Series B, 5.0%, 6/15/2052 | 4,435,000 | 4,594,350 | |
| Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | 7,935,000 | 5,554,500 | |
| Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, Prerefunded, 5.0%, 5/15/2041 | 4,265,000 | 4,511,858 | |
| Illinois, State General Obligation: | |||
| Series A, 5.0%, 10/1/2033 | 4,970,000 | 5,766,442 | |
| Series B, 5.0%, 10/1/2033 | 3,150,000 | 3,654,788 | |
| 5.0%, 11/1/2034 | 1,500,000 | 1,680,405 | |
| 5.0%, 1/1/2035 | 300,000 | 330,888 | |
| Series A, 5.0%, 5/1/2035 | 2,295,000 | 2,633,421 | |
| 5.0%, 5/1/2039 | 2,600,000 | 2,782,468 | |
| Series A, 5.0%, 12/1/2042 | 3,610,000 | 4,042,695 | |
| 5.75%, 5/1/2045 | 1,470,000 | 1,797,531 | |
| 80,236,865 | |||
| Indiana 1.4% | |||
| Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project: | |||
| Series A, 144A, 5.875%, 7/1/2038 | 1,340,000 | 1,478,489 | |
| Series A, 144A, 6.125%, 7/1/2048 | 3,660,000 | 4,033,613 | |
| Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043 | 2,290,000 | 2,460,513 | |
| Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 5,000,000 | 5,830,650 | |
| 13,803,265 | |||
| Iowa 0.9% | |||
| Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.02% (a), 3/1/2021, LOC: U.S. Bank NA | 600,000 | 600,000 | |
| Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: | |||
| 4.0%, 10/1/2045 | 2,135,000 | 2,347,753 | |
| 4.0%, 10/1/2050 | 3,075,000 | 3,354,640 | |
| Iowa, State Higher Education Loan Authority, Loras College, 0.02% (a), 3/1/2021, LOC: Bank of America NA | 300,000 | 300,000 | |
| Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,452,500 | |
| 9,054,893 | |||
| Kansas 0.2% | |||
| Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | 1,520,000 | 1,562,530 | |
| Kentucky 1.4% | |||
| Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033 | 2,560,000 | 2,875,136 | |
| Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053 | 7,195,000 | 7,924,933 | |
| Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
| Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,367,272 | |
| Series A, 5.25%, 6/1/2041 | 1,915,000 | 2,122,547 | |
| 14,289,888 | |||
| Louisiana 0.2% | |||
| Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 710,000 | 810,976 | |
| Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047 | 10,000 | 12,102 | |
| Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC | 1,000,000 | 1,120,210 | |
| 1,943,288 | |||
| Maine 0.9% | |||
| Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, Prerefunded, 6.75%, 7/1/2036 | 9,000,000 | 9,194,670 | |
| Maryland 1.7% | |||
| Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project: | |||
| 5.0%, 7/1/2050 | 310,000 | 364,814 | |
| 5.0%, 7/1/2056 | 540,000 | 632,583 | |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 6.125%, 1/1/2036 | 3,250,000 | 3,406,910 | |
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 | 11,080,000 | 12,970,913 | |
| 17,375,220 | |||
| Massachusetts 0.4% | |||
| Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047 | 1,250,000 | 1,416,350 | |
| Massachusetts, State Development Finance Agency Revenue, Boston University Issue, Series U-6E, 0.02% (a), 3/1/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
| Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 0.01% (a), 3/1/2021, LOC: Bank of America NA | 200,000 | 200,000 | |
| Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 2,000,000 | 2,037,020 | |
| 3,753,370 | |||
| Michigan 1.6% | |||
| Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041 | 3,750,000 | 3,879,225 | |
| Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project: | |||
| 4.0%, 9/1/2045 | 1,775,000 | 1,935,247 | |
| 4.0%, 9/1/2050 | 1,660,000 | 1,801,631 | |
| Michigan, Finance Authority Revenue, Tobacco Settlement Asset Backed Senior Capital Appreciation Bonds, Series B-2, Zero Coupon, 6/1/2065 | 40,000,000 | 4,941,600 | |
| Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department: | |||
| Series C-3, 5.0%, 7/1/2033, INS: AGMC | 1,820,000 | 2,073,381 | |
| Series C, 5.0%, 7/1/2035 | 910,000 | 1,063,535 | |
| 15,694,619 | |||
| Minnesota 0.9% | |||
| Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||
| Series A, 5.0%, 2/15/2048 | 1,000,000 | 1,173,000 | |
| Series A, 5.0%, 2/15/2053 | 2,815,000 | 3,283,613 | |
| Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050 | 1,610,000 | 1,777,843 | |
| Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,940,000 | 2,891,137 | |
| 9,125,593 | |||
| Mississippi 0.7% | |||
| Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022 | 5,500,000 | 5,857,995 | |
| Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035 | 1,000,000 | 1,032,090 | |
| 6,890,085 | |||
| Missouri 1.7% | |||
| Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project: | |||
| Series B, 144A, 5.0%, 2/1/2040 | 1,300,000 | 1,380,223 | |
| Series B, 144A, 5.0%, 2/1/2050 | 3,605,000 | 3,805,150 | |
| Series A, 144A, 6.25%, 4/15/2049 | 3,750,000 | 3,396,412 | |
| Lee's Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project: | |||
| Series A, 5.0%, 8/15/2046 | 2,500,000 | 2,648,450 | |
| Series A, 5.0%, 8/15/2051 | 1,000,000 | 1,056,030 | |
| Series A, 5.25%, 8/15/2039 | 1,710,000 | 1,807,641 | |
| Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 665,000 | 735,251 | |
| St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | 2,275,000 | 2,167,142 | |
| 16,996,299 | |||
| Nevada 0.4% | |||
| Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue: | |||
| 5.0%, 7/1/2040 | 1,000,000 | 1,138,520 | |
| 5.0%, 7/1/2045 | 1,000,000 | 1,121,650 | |
| 5.0%, 7/1/2051 | 1,000,000 | 1,120,950 | |
| Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 4,500,000 | 697,005 | |
| 4,078,125 | |||
| New Hampshire 0.2% | |||
| New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |||
| Series A, 144A, 6.125%, 7/1/2037* (b) | 900,000 | 675,000 | |
| Series A, 144A, 6.25%, 7/1/2042* (b) | 1,090,000 | 817,500 | |
| 1,492,500 | |||
| New Jersey 4.3% | |||
| New Jersey, Economic Development Authority, Self Designated Social Bonds: | |||
| Series QQQ, 4.0%, 6/15/2046 | 190,000 | 206,720 | |
| Series QQQ, 4.0%, 6/15/2050 | 190,000 | 205,939 | |
| New Jersey, Healthcare Facilities Financing Authority Revenue, Virtua Health, Series C, 0.02% (a), 3/1/2021, LOC: JPMorgan Chase Bank NA | 225,000 | 225,000 | |
| New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
| Series A, 4.0%, 6/1/2030 | 860,000 | 1,023,856 | |
| Series A, 4.0%, 6/1/2031 | 860,000 | 1,032,163 | |
| Series A, 4.0%, 6/1/2032 | 415,000 | 502,648 | |
| New Jersey, State Economic Development Authority Revenue: | |||
| 5.0%, 6/15/2028 | 450,000 | 468,333 | |
| Series BBB, 5.5%, 6/15/2030 | 8,975,000 | 10,761,294 | |
| New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | 3,645,000 | 3,631,732 | |
| New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,625,000 | 1,608,490 | |
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033 | 880,000 | 1,021,143 | |
| New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | 2,500,000 | 2,794,475 | |
| New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038 | 4,000,000 | 4,601,640 | |
| New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC | 1,820,000 | 2,040,420 | |
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
| Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,522,500 | |
| Series B, AMT, 3.5%, 12/1/2039 | 1,800,000 | 1,851,462 | |
| New Jersey, State Transportation Trust Fund Authority: | |||
| Series AA, 4.0%, 6/15/2045 | 865,000 | 942,366 | |
| Series AA, 4.0%, 6/15/2050 | 960,000 | 1,040,535 | |
| New Jersey, State Turnpike Authority Revenue, Series A, 4.0%, 1/1/2051 | 7,000,000 | 8,023,820 | |
| 43,504,536 | |||
| New Mexico 0.4% | |||
| New Mexico, State Mortgage Finance Authority, “I” , Series D, 3.25%, 7/1/2044 | 3,485,000 | 3,632,206 | |
| New York 6.7% | |||
| Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College Project, Series A, 4.0%, 11/1/2050 | 2,500,000 | 2,678,825 | |
| Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A, 5.0%, 7/1/2051 | 380,000 | 441,438 | |
| Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050 | 3,750,000 | 4,077,150 | |
| New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | 455,000 | 496,419 | |
| New York, Metropolitan Transportation Authority Revenue: | |||
| Series D, 5.0%, 11/15/2033 | 1,500,000 | 1,795,980 | |
| Series C-1, 5.0%, 11/15/2050 | 1,320,000 | 1,554,181 | |
| Series A-1, 5.0%, 11/15/2051 | 8,150,000 | 9,268,506 | |
| Series C-1, 5.25%, 11/15/2055 | 3,960,000 | 4,756,356 | |
| New York, Metropolitan Transportation Authority Revenue, Green Bond: | |||
| Series D-2, 4.0%, 11/15/2048 | 3,500,000 | 3,828,195 | |
| Series D-3, 4.0%, 11/15/2049 | 1,000,000 | 1,093,300 | |
| New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045 | 1,000,000 | 1,102,700 | |
| New York, State Housing Finance Agency Revenue, 160 Madison Avenue LLC, Series B, 0.04% (a), 3/1/2021, LOC: Landesbank Hessen-Thuringen | 200,000 | 200,000 | |
| New York, State Liberty Development Corp. Revenue, World Trade Center, “1-3” , 144A, 5.0%, 11/15/2044 | 2,000,000 | 2,175,700 | |
| New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project: | |||
| AMT, 5.25%, 8/1/2031 | 2,800,000 | 3,364,032 | |
| AMT, 5.375%, 8/1/2036 | 900,000 | 1,069,272 | |
| New York, Transportation Development Corp., Special Facilities Revenue, Laguardia Airport Terminal C & D Redevelopment Project, AMT, 4.375%, 10/1/2045 | 1,500,000 | 1,719,000 | |
| New York, TSASC, Inc.: | |||
| Series A, 5.0%, 6/1/2041 | 595,000 | 686,844 | |
| Series B, 5.0%, 6/1/2048 | 8,800,000 | 9,473,112 | |
| New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: | |||
| Series E-1, 2.8%, 11/1/2034 | 5,000,000 | 5,236,400 | |
| Series E-1, 3.0%, 11/1/2039 | 3,000,000 | 3,130,350 | |
| New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060 | 150,000,000 | 6,783,000 | |
| New York, NY, General Obligation, Series I-4, 0.03% (a), 3/1/2021, LOC: TD Bank NA | 300,000 | 300,000 | |
| Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028* (b) | 2,125,000 | 1,593,750 | |
| 66,824,510 | |||
| North Carolina 0.2% | |||
| North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 2,035,000 | 2,260,661 | |
| North Dakota 0.2% | |||
| Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032 | 2,000,000 | 2,031,700 | |
| Ohio 4.3% | |||
| Buckeye, OH, Tobacco Settlement Financing Authority: | |||
| Class 2, Series B-3, Zero Coupon, 6/1/2057 | 20,000,000 | 2,998,800 | |
| “2”, Series B-2, 5.0%, 6/1/2055 | 4,625,000 | 5,207,704 | |
| Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047 | 2,480,000 | 2,591,724 | |
| Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053 | 7,140,000 | 7,592,176 | |
| Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
| 5.0%, 1/1/2051 | 1,270,000 | 1,365,618 | |
| Series A, 5.0%, 1/1/2052 | 1,000,000 | 1,086,690 | |
| Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 10,345,000 | 11,951,993 | |
| Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |||
| AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | 725,000 | 802,198 | |
| AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | 3,115,000 | 3,464,316 | |
| Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 6,000,000 | 6,252,000 | |
| Ohio, State Hospital Revenue, University Hospital Health System, Series A, 0.02% (a), 3/1/2021, LOC: PNC Bank NA | 150,000 | 150,000 | |
| 43,463,219 | |||
| Oklahoma 0.8% | |||
| Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
| Series B, 5.5%, 8/15/2052 | 1,635,000 | 1,932,227 | |
| Series B, 5.5%, 8/15/2057 | 4,235,000 | 4,993,869 | |
| Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | 1,175,000 | 1,284,428 | |
| 8,210,524 | |||
| Oregon 0.0% | |||
| Clackamas County, OR, Hospital Facilities Authority Revenue, Mary's Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038 | 195,000 | 207,408 | |
| Pennsylvania 3.8% | |||
| Bucks County, PA, Industrial Development Authority, Hospital Revenue, Grant View Hospital Project: | |||
| 4.0%, 7/1/2046 (d) | 800,000 | 842,416 | |
| 4.0%, 7/1/2051 (d) | 1,000,000 | 1,053,160 | |
| Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048 | 499,000 | 512,119 | |
| Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049 | 2,235,000 | 2,488,494 | |
| Lancaster County, PA, Hospital Authority, Brethren Village Project: | |||
| 5.125%, 7/1/2037 | 900,000 | 973,332 | |
| 5.25%, 7/1/2041 | 900,000 | 970,668 | |
| Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc. | 985,000 | 990,221 | |
| Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply LLC, Series A-RE, 6.4%, 12/1/2038 | 5,000,000 | 4,409,800 | |
| Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | 5,150,000 | 4,778,737 | |
| Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, 5.0%, 12/31/2034 | 8,005,000 | 9,359,846 | |
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | 1,705,000 | 1,848,714 | |
| Pennsylvania, State Turnpike Commission Revenue: | |||
| Series A, 4.0%, 12/1/2043 | 3,800,000 | 4,373,230 | |
| Series A, 4.0%, 12/1/2044 | 660,000 | 756,406 | |
| Series A, 4.0%, 12/1/2045 | 220,000 | 251,475 | |
| Series A, 4.0%, 12/1/2046 | 440,000 | 495,317 | |
| Series A, 4.0%, 12/1/2050 | 3,500,000 | 3,927,000 | |
| Series A-1, 5.0%, 12/1/2041 | 20,000 | 23,236 | |
| 38,054,171 | |||
| South Carolina 2.9% | |||
| Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039 | 3,703,000 | 3,707,036 | |
| South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | 2,290,000 | 2,609,592 | |
| South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 | 10,360,000 | 12,130,939 | |
| South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 8,890,000 | 10,214,521 | |
| 28,662,088 | |||
| Tennessee 1.1% | |||
| Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054 | 1,500,000 | 1,661,040 | |
| Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | 900,000 | 1,015,569 | |
| Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 8,000,000 | 8,102,480 | |
| 10,779,089 | |||
| Texas 8.5% | |||
| Central Texas, Regional Mobility Authority Revenue, Capital Appreciation: | |||
| Zero Coupon, 1/1/2030 | 5,000,000 | 4,132,100 | |
| Zero Coupon, 1/1/2032 | 3,500,000 | 2,709,420 | |
| Clifton, TX, Higher Education Finance Corp., Education Revenue: | |||
| Series A, 5.75%, 8/15/2038 | 2,810,000 | 3,221,890 | |
| Series D, 6.125%, 8/15/2048 | 4,485,000 | 5,159,903 | |
| Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, AMT, 5.0%, 7/15/2027 | 3,000,000 | 3,495,720 | |
| Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038 | 2,000,000 | 2,055,300 | |
| Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC | 7,000,000 | 8,542,520 | |
| Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048 | 1,440,000 | 1,482,638 | |
| San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC | 8,000,000 | 8,003,440 | |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044 | 1,575,000 | 1,710,718 | |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.03% (a), 3/1/2021, LOC: TD Bank NA | 630,000 | 630,000 | |
| Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038 | 2,830,000 | 3,097,888 | |
| Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040 | 7,445,000 | 7,558,015 | |
| Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 3,550,000 | 3,743,759 | |
| Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project: | |||
| 5.0%, 10/1/2039 | 1,820,000 | 1,895,639 | |
| Series A, 5.25%, 10/1/2055 | 8,000,000 | 8,329,680 | |
| Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | 6,605,000 | 5,829,771 | |
| Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue, Infrastructure Group LLC, I-635 Managed Lanes Project: | |||
| Series A, 4.0%, 6/30/2038 | 380,000 | 434,515 | |
| Series A, 4.0%, 12/31/2038 | 380,000 | 433,804 | |
| Series A, 4.0%, 6/30/2039 | 290,000 | 331,163 | |
| Series A, 4.0%, 12/31/2039 | 335,000 | 381,143 | |
| Series A, 4.0%, 6/30/2040 | 275,000 | 312,411 | |
| Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 7,615,000 | 8,942,294 | |
| Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043 | 2,220,000 | 2,522,808 | |
| 84,956,539 | |||
| Utah 1.2% | |||
| Utah, Infrastructure Agency Telecommunication Revenue: | |||
| 4.0%, 10/15/2041 | 600,000 | 674,148 | |
| Series 2019, 4.0%, 10/15/2042 | 2,350,000 | 2,615,879 | |
| Utah, State Charter School Finance Authority, St. George Campus Project, Series A, 144A, 5.0%, 6/15/2052 | 1,130,000 | 1,209,687 | |
| Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | 6,490,000 | 7,007,448 | |
| 11,507,162 | |||
| Virginia 2.3% | |||
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge: | |||
| 5.0%, 1/1/2037 | 1,000,000 | 1,037,270 | |
| 5.0%, 1/1/2046 | 1,530,000 | 1,563,247 | |
| Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |||
| Series 2020, 5.0%, 9/1/2050 | 1,740,000 | 1,690,358 | |
| Series A, 5.375%, 9/1/2054 | 1,500,000 | 1,509,660 | |
| Virginia, Marquis Community Development Authority Revenue: | |||
| Series C, Zero Coupon, 9/1/2041 | 7,906,000 | 421,073 | |
| 144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045 | 1,640,000 | 836,400 | |
| Series B, 5.625%, 9/1/2041 | 5,332,000 | 2,741,448 | |
| Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |||
| 144A, 5.0%, 9/1/2037 | 1,400,000 | 1,507,688 | |
| 144A, 5.0%, 9/1/2045 | 4,100,000 | 4,405,245 | |
| Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052 | 5,250,000 | 6,060,075 | |
| Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, 6.0%, 1/1/2037 | 1,640,000 | 1,738,613 | |
| 23,511,077 | |||
| Washington 3.9% | |||
| Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital: | |||
| 5.0%, 12/1/2037 | 1,025,000 | 1,063,960 | |
| 5.0%, 12/1/2046 | 2,000,000 | 2,042,820 | |
| Washington, Port of Seattle Revenue, AMT, 5.0%, 4/1/2044 | 2,000,000 | 2,378,580 | |
| Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030 | 2,000,000 | 2,140,500 | |
| Washington, State Convention Center Public Facilities District: | |||
| 5.0%, 7/1/2043 | 3,835,000 | 4,450,364 | |
| 5.0%, 7/1/2048 | 5,000,000 | 5,764,100 | |
| 5.0%, 7/1/2058 | 2,500,000 | 2,866,150 | |
| Washington, State Higher Education Facilities Authority, Seattle University Project: | |||
| 4.0%, 5/1/2045 | 3,950,000 | 4,415,350 | |
| 4.0%, 5/1/2050 | 1,020,000 | 1,135,433 | |
| Washington, State Housing Finance Commission, Rockwood Retirement Communities Project: | |||
| Series A, 144A, 5.0%, 1/1/2051 | 2,500,000 | 2,584,900 | |
| Series A, 144A, 7.375%, 1/1/2044 | 6,000,000 | 6,430,080 | |
| Washington, State Housing Finance Commission, The Hearthstone Project: | |||
| Series A, 144A, 5.0%, 7/1/2038 | 775,000 | 806,775 | |
| Series A, 144A, 5.0%, 7/1/2048 | 1,735,000 | 1,776,571 | |
| Series A, 144A, 5.0%, 7/1/2053 | 1,125,000 | 1,148,445 | |
| 39,004,028 | |||
| West Virginia 0.1% | |||
| West Virginia, State Economic Development Authority, Arch Resources Project, Series A, AMT, 4.125% (c), 7/1/2045 (d) | 1,215,000 | 1,218,997 | |
| Wisconsin 3.3% | |||
| Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |||
| Series A-1, 5.0%, 7/1/2043 | 4,000,000 | 4,357,360 | |
| Series B, 5.0%, 7/1/2048 | 910,000 | 934,333 | |
| Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042 | 3,500,000 | 3,632,790 | |
| Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |||
| 5.0%, 7/1/2047 | 2,000,000 | 2,125,080 | |
| 5.0%, 7/1/2052 | 910,000 | 965,437 | |
| Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049 | 520,000 | 555,766 | |
| Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049 | 5,000,000 | 5,424,800 | |
| Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
| 144A, 5.5%, 5/1/2039 | 635,000 | 639,515 | |
| 144A, 5.75%, 5/1/2054 | 5,620,000 | 5,641,300 | |
| Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047 | 4,545,000 | 4,846,743 | |
| Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project: | |||
| 5.0%, 6/1/2037 | 1,970,000 | 2,117,021 | |
| 5.0%, 6/1/2041 | 1,910,000 | 2,035,200 | |
| 33,275,345 | |||
| Guam 0.6% | |||
| Guam, Government Waterworks Authority, Water & Wastewater System Revenue: | |||
| 5.0%, 7/1/2040 | 1,040,000 | 1,197,550 | |
| Series A, 5.0%, 1/1/2050 | 655,000 | 789,268 | |
| Guam, International Airport Authority Revenue: | |||
| Series C, AMT, 6.25%, 10/1/2034 | 500,000 | 535,830 | |
| Series C, AMT, 6.375%, 10/1/2043 | 1,610,000 | 1,719,480 | |
| Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | 800,000 | 930,928 | |
| Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034 | 1,200,000 | 1,249,836 | |
| 6,422,892 | |||
| Puerto Rico 5.9% | |||
| Puerto Rico, Aqueduct & Sewer Authority Revenue, Series A, 5.25%, 7/1/2029 | 1,000,000 | 1,052,710 | |
| Puerto Rico, Commonwealth Aqueduct and Sewer Authority: | |||
| Series A, 144A, 5.0%, 7/1/2035 | 5,000,000 | 5,879,850 | |
| Series A, 144A, 5.0%, 7/1/2047 | 10,000,000 | 11,597,700 | |
| Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041* (b) | 1,955,000 | 1,527,344 | |
| Puerto Rico, Electric Power Authority Revenue: | |||
| Series TT, 5.0%, 7/1/2025* (b) | 920,000 | 830,300 | |
| Series XX, 5.25%, 7/1/2040* (b) | 4,000,000 | 3,620,000 | |
| Series WW, 5.5%, 7/1/2038* (b) | 2,900,000 | 2,631,750 | |
| Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040 | 9,080,717 | 7,764,013 | |
| Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035* (b) | 2,500,000 | 1,946,875 | |
| Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||
| Series A-1, Zero Coupon, 7/1/2046 | 20,000,000 | 6,148,800 | |
| Series A-1, Zero Coupon, 7/1/2051 | 17,906,000 | 3,942,364 | |
| Series A-1, 4.75%, 7/1/2053 | 6,800,000 | 7,421,724 | |
| Series A-1, 5.0%, 7/1/2058 | 4,000,000 | 4,430,160 | |
| 58,793,590 | |||
| Total Municipal Bonds and Notes (Cost $909,422,542) | 967,819,819 | ||
| Underlying Municipal Bonds of Inverse Floaters (e) 6.3% | |||
| Florida 2.2% | |||
| Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (f) | 10,000,000 | 11,052,500 | |
| Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.99%, 9/1/2027, Leverage Factor at purchase date: 4 to 1 | |||
| Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (f) | 10,000,000 | 11,462,475 | |
| Trust: Transit Sales Surtax Revenue, Series XM0901, 144A, 14.26%, 7/1/2028, Leverage Factor at purchase date: 4 to 1 | |||
| 22,514,975 | |||
| Michigan 1.2% | |||
| Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (f) | 10,000,000 | 11,832,200 | |
| Trust: State Building Authority Revenue, Series XM0123, 144A, 13.528%, 10/15/2023, Leverage Factor at purchase date: 3 to 1 | |||
| New York 1.1% | |||
| New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (f) | 10,000,000 | 11,192,625 | |
| Trust: State Thruway Authority General Revenue, Series XM0880, 144A, 13.48%, 1/1/2028, Leverage Factor at purchase date: 4 to 1 | |||
| Washington 1.8% | |||
| Washington, State General Obligation, Series A-1, 5.0%, 8/1/2037 (f) | 15,000,000 | 17,586,600 | |
| Trust: State General Obligation, Series XM0127, 144A, 17.9%, 8/1/2023, Leverage Factor at purchase date: 4 to 1 | |||
| Total Underlying Municipal Bonds of Inverse Floaters (Cost $60,989,341) | 63,126,400 | ||
| Other Municipal Related 0.0% | |||
| Illinois | |||
| Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055 * (Cost $7,707) | 900,000 | 27,000 | |
| Government & Agency Obligations 0.5% | |||
| U.S. Treasury Obligations | |||
| U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $4,894,899) | 5,000,000 | 4,740,625 | |
| Shares | Value ($) | ||
| Open-End Investment Companies 0.1% | |||
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (g) (Cost $942,676) | 941,885 | 941,979 | |
| % of Net Assets | Value ($) | ||
| Total Investment Portfolio (Cost $976,257,165) | 103.5 | 1,036,655,823 | |
| Floating Rate Notes (e) | (4.0) | (40,420,000) | |
| Other Assets and Liabilities, Net | 0.5 | 5,050,677 | |
| Net Assets | 100.0 | 1,001,286,500 | |
| * | Non-income producing security. |
| (a) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of February 28, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
| (b) | Defaulted security or security for which income has been deemed uncollectible. |
| (c) | Variable or floating rate security. These securities are shown at their current rate as of February 28, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. |
| (d) | When-issued security. |
| (e) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
| (f) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
| (g) | Current yield; not a coupon rate. |
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| AGMC: Assured Guaranty Municipal Corp. |
| AMBAC: Ambac Financial Group, Inc. |
| AMT: Subject to alternative minimum tax. |
| GTY: Guaranty Agreement |
| INS: Insured |
| LOC: Letter of Credit |
| PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
| Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Municipal Investments (a) | $— | $1,030,973,219 | $— | $1,030,973,219 |
| Government & Agency Obligations | — | 4,740,625 | — | 4,740,625 |
| Open-End Investment Companies | 941,979 | — | — | 941,979 |
| Total | $941,979 | $1,035,713,844 | $— | $1,036,655,823 |
| (a) | See Investment Portfolio for additional detailed categorizations. |