Investment Portfolio | as of February 28, 2022 (Unaudited) |
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.7% | |||
Alabama 0.6% | |||
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 | 5,136,971 | |
Alaska 0.4% | |||
Alaska, Northern Tobacco Securitization Corp., “2”, Series B-2, Zero Coupon, 6/1/2066 | 21,500,000 | 3,407,163 | |
Arizona 3.5% | |||
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 2,760,000 | 2,979,103 | |
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects: | |||
Series G, 144A, 5.0%, 7/1/2047 | 1,000,000 | 1,109,246 | |
Series D, 144A, 5.0%, 7/1/2051 | 1,035,000 | 1,145,366 | |
Series G, 144A, 5.0%, 7/1/2051 | 550,000 | 608,649 | |
Series A, 144A, 5.25%, 7/1/2047 | 1,000,000 | 1,104,382 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 | 1,000,000 | 1,161,742 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 1,490,000 | 1,678,466 | |
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 6,500,000 | 7,070,255 | |
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 | 1,399,950 | |
Series A, 144A, 5.25%, 7/1/2048 | 1,750,000 | 1,775,023 | |
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC: | |||
Series A, 5.0%, 7/1/2037 | 2,000,000 | 2,280,949 | |
Series A, 5.0%, 7/1/2042 | 2,000,000 | 2,263,473 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
Series 2022, 144A, 4.0%, 6/15/2051 (a) | 915,000 | 916,727 | |
Series 2022, 144A, 4.0%, 6/15/2057 (a) | 1,145,000 | 1,121,602 | |
144A, 5.0%, 6/15/2047 | 655,000 | 663,070 | |
144A, 5.0%, 6/15/2049 | 1,030,000 | 1,080,125 | |
144A, 5.0%, 6/15/2052 | 2,285,000 | 2,338,281 | |
Tempe, AZ, Industrial Devevelopment Authority, Friendship Village Project, Series A, 4.0%, 12/1/2046 | 2,000,000 | 2,068,517 | |
32,764,926 | |||
Arkansas 0.5% | |||
Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, 144A, AMT, 4.75%, 9/1/2049 | 4,000,000 | 4,363,083 |
California 5.8% | |||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||
Series B-2, Zero Coupon, 6/1/2066 | 20,000,000 | 2,991,870 | |
Series B-1, 3.85%, 6/1/2050 | 3,000,000 | 2,971,104 | |
Series A-1, Prerefunded, 5.0%, 6/1/2047 | 1,125,000 | 1,137,402 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 1,145,000 | 1,306,484 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 8,750,000 | 12,490,823 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series B, 0.06% (b), 3/1/2022, LOC: Barclays Bank PLC | 2,900,000 | 2,900,000 | |
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 | 2,718,726 | |
4.0%, 9/1/2046 | 4,895,000 | 5,204,188 | |
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 | 2,361,422 | |
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047 | 2,135,000 | 2,402,090 | |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 | 270,000 | 296,822 | |
Series A, 144A, 5.0%, 11/15/2051 | 135,000 | 148,124 | |
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056 | 5,515,000 | 6,200,070 | |
California, Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue, Series B-2, Zero Coupon, 6/1/2060 | 10,440,000 | 2,090,008 | |
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co. | 620,000 | 660,128 | |
Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, GTY: Carnival Corp. | 1,580,000 | 1,580,063 | |
Riverside County, CA, General Obligation, Series 2021 B-2, 3.0%, 6/1/2048 | 3,105,000 | 2,994,184 | |
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 4.0%, 1/15/2050 | 3,544,000 | 3,888,615 | |
54,342,123 | |||
Colorado 3.5% | |||
Colorado, Aurora Highlands Community Authority Board, Special Tax Revenue, Series A, 5.75%, 12/1/2051 | 5,000,000 | 4,882,170 | |
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050 | 1,000,000 | 1,038,786 | |
Colorado, Broadway Park North Metropolitan District No. 2: | |||
144A, 5.0%, 12/1/2040 | 1,100,000 | 1,174,294 | |
144A, 5.0%, 12/1/2049 | 1,275,000 | 1,351,215 | |
Colorado, Broadway Station Metropolitan District No. 3, Zero Coupon, 12/1/2049 | 2,000,000 | 1,322,754 | |
Colorado, General Obligation, Series A, 144A, 5.0%, 12/1/2051 | 1,150,000 | 1,193,975 | |
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050 | 2,167,000 | 2,291,513 | |
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | 6,365,000 | 7,623,801 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2043 | 1,630,000 | 1,844,061 | |
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 1,040,899 | |
Denver, CO, Convention Center Hotel Authority Revenue: | |||
5.0%, 12/1/2033 | 500,000 | 558,707 | |
5.0%, 12/1/2034 | 1,000,000 | 1,116,216 | |
5.0%, 12/1/2040 | 2,060,000 | 2,284,048 | |
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | 1,170,000 | 1,341,776 | |
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 1,800,000 | 1,916,091 |
Douglas County, CO, Rampart Range Metropolitan District No. 5: | |||
4.0%, 12/1/2041 | 500,000 | 495,417 | |
Series 2021, 4.0%, 12/1/2051 | 1,650,000 | 1,575,268 | |
33,050,991 | |||
Connecticut 0.3% | |||
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 870,000 | 990,144 | |
Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University, Series K, 4.0%, 7/1/2045 | 1,030,000 | 1,133,002 | |
Connecticut, Steel Point Infrastructure Improvement District Special Obligation Revenue, Steelpointe Harbor Project: | |||
144A, 4.0%, 4/1/2041 | 190,000 | 192,486 | |
144A, 4.0%, 4/1/2051 | 505,000 | 506,372 | |
2,822,004 | |||
District of Columbia 0.8% | |||
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 3,370,000 | 3,772,759 | |
District of Columbia, Two Rivers Public Charter School, Inc.: | |||
5.0%, 6/1/2050 | 1,825,000 | 2,049,876 | |
5.0%, 6/1/2055 | 1,530,000 | 1,704,505 | |
7,527,140 | |||
Florida 11.8% | |||
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town & Country Utilities Project, Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC | 750,000 | 763,042 | |
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (c) | 2,310,000 | 1,570,800 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
Series A-1, 5.0%, 10/1/2032 | 230,000 | 270,078 | |
Series A-1, 5.0%, 10/1/2033 | 230,000 | 269,502 | |
Series A-1, 5.0%, 10/1/2034 | 230,000 | 269,105 | |
Series A-1, 5.0%, 10/1/2035 | 115,000 | 134,368 | |
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects Loan Program, Series A-2, 4.0%, 10/1/2024 | 2,975,000 | 2,915,255 | |
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | 1,840,000 | 1,960,329 | |
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 1,190,000 | 1,294,412 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
Series A, 5.0%, 6/15/2050 | 1,105,000 | 1,220,100 | |
Series A, 5.0%, 6/15/2055 | 960,000 | 1,056,046 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 4,250,000 | 4,582,456 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375% (d), 1/1/2049 | 1,740,000 | 1,758,374 | |
Series A, 144A, AMT, 6.5% (d), 1/1/2049 | 1,905,000 | 1,922,855 | |
Florida, Higher Educational Facilities Financing Authority Revenue, Ringling College Project: | |||
5.0%, 3/1/2029 | 980,000 | 1,113,692 | |
5.0%, 3/1/2032 | 1,110,000 | 1,255,452 | |
5.0%, 3/1/2034 | 1,195,000 | 1,350,544 | |
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 8,555,000 | 9,454,325 |
Florida, State Development Finance Corp., Learning Gate Community School Project: | |||
Series A, 5.0%, 2/15/2038 | 500,000 | 536,843 | |
Series A, 5.0%, 2/15/2048 | 1,150,000 | 1,230,399 | |
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056 | 9,000,000 | 8,816,229 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology: | |||
Series A, 4.0%, 10/1/2044 | 1,395,000 | 1,457,547 | |
4.0%, 10/1/2049 | 1,905,000 | 1,981,788 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 1,750,000 | 1,888,010 | |
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035 | 1,030,000 | 1,132,272 | |
Florida, State of Florida Department of Transportation, Series B, 3.0%, 7/1/2047 | 10,420,000 | 10,540,131 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
144A, 4.25%, 5/1/2043 | 2,350,000 | 2,508,651 | |
144A, 4.375%, 5/1/2050 | 1,970,000 | 2,101,894 | |
Florida, Village Community Development District No. 13, Special Assessment Revenue, Series 2021, 3.25%, 5/1/2052 | 1,705,000 | 1,632,063 | |
Florida, Village Community Development District No. 9, Special Assessment Revenue, 5.5%, 5/1/2042 | 1,185,000 | 1,190,159 | |
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2052 | 6,500,000 | 7,121,805 | |
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project, AMT, 5.0%, 11/15/2026 | 3,500,000 | 3,616,617 | |
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 4.0%, 10/1/2052 (a) | 1,955,000 | 2,124,630 | |
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 3,513,683 | |
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project: | |||
Series A, 144A, 5.0%, 1/15/2049 | 825,000 | 885,335 | |
Series A, 144A, 5.0%, 1/15/2054 | 850,000 | 909,349 | |
Miami-Dade County, FL, Seaport Revenue, Series A-1, AMT, 4.0%, 10/1/2045, INS: AGMC | 2,620,000 | 2,886,323 | |
Orange County, FL, Health Facilities Authority Revenue, Orlando Health Obligated Group, 4.0%, 10/1/2052 | 10,000,000 | 10,999,785 | |
Osceola County, FL, Transportation Revenue: | |||
Series A-2, Zero Coupon, 10/1/2049 | 3,400,000 | 1,279,336 | |
Series A-2, Zero Coupon, 10/1/2051 | 4,775,000 | 1,654,128 | |
Series A-2, Zero Coupon, 10/1/2054 | 4,570,000 | 1,406,660 | |
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: | |||
Series A, 5.25%, 11/15/2039 | 445,000 | 472,742 | |
Series A, 5.5%, 11/15/2049 | 3,635,000 | 3,883,791 | |
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 1,210,000 | 1,311,437 | |
110,242,342 | |||
Georgia 2.9% | |||
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, Prerefunded, 6.375%, 5/15/2043 | 4,000,000 | 4,254,684 | |
Atlanta, GA, Development Authority Revenue Bonds: | |||
Series A-1, 5.0%, 7/1/2032 | 1,650,000 | 1,831,764 | |
Series A-1, 5.0%, 7/1/2033 | 2,595,000 | 2,882,302 | |
Series A-1, 5.0%, 7/1/2034 | 2,320,000 | 2,578,142 | |
Atlanta, GA, Tax Allocation, Beltline Project: | |||
Series B, 5.0%, 1/1/2029 | 3,450,000 | 3,964,110 | |
Series B, 5.0%, 1/1/2030 | 1,715,000 | 1,963,481 | |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052 (a) | 3,735,000 | 4,121,659 |
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, Prerefunded, 5.5%, 8/15/2054 | 1,820,000 | 2,037,702 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 3,115,000 | 3,176,827 | |
26,810,671 | |||
Illinois 6.1% | |||
Chicago, IL, Board of Education: | |||
Series B, 4.0%, 12/1/2035 | 2,500,000 | 2,536,690 | |
Series A, 4.0%, 12/1/2047 | 5,715,000 | 5,963,440 | |
Series A, 5.0%, 12/1/2033 | 740,000 | 840,143 | |
Series H, 5.0%, 12/1/2046 | 1,690,000 | 1,871,675 | |
Series E, 6.038%, 12/1/2029 | 1,500,000 | 1,657,744 | |
Chicago, IL, General Obligation: | |||
Series B, 4.0%, 1/1/2036 | 950,000 | 1,016,621 | |
Series A, 5.5%, 1/1/2049 | 2,425,000 | 2,792,820 | |
Series A, 6.0%, 1/1/2038 | 2,180,000 | 2,528,585 | |
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 1,185,000 | 1,366,276 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
Series A, 4.0%, 12/1/2050 | 1,400,000 | 1,552,052 | |
Series A, 4.0%, 12/1/2055 | 1,390,000 | 1,517,382 | |
Illinois, Housing Development Authority Revenue, Series B, 3.0%, 4/1/2051 | 3,880,000 | 4,031,134 | |
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project: | |||
Series A, Zero Coupon, 12/15/2052, INS: AGMC | 7,000,000 | 2,229,181 | |
Series B, 5.0%, 6/15/2052 | 4,435,000 | 4,488,992 | |
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | 7,935,000 | 5,703,055 | |
Illinois, State General Obligation: | |||
Series A, 5.0%, 10/1/2033 | 4,970,000 | 5,681,198 | |
5.0%, 11/1/2034 | 1,500,000 | 1,675,277 | |
5.0%, 1/1/2035 | 300,000 | 330,455 | |
Series A, 5.0%, 5/1/2035 | 2,295,000 | 2,594,320 | |
Series A, 5.0%, 12/1/2042 | 3,610,000 | 4,021,273 | |
Series A, 5.0%, 3/1/2046 | 535,000 | 618,921 | |
5.75%, 5/1/2045 | 1,470,000 | 1,764,196 | |
56,781,430 | |||
Indiana 1.6% | |||
Indiana, State Finance Authority Environmental Revenue, United Steel Corporation Project, Series A, 4.125%, 12/1/2026 | 1,250,000 | 1,342,089 | |
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project: | |||
Series A, 144A, 5.875%, 7/1/2038 | 1,340,000 | 1,484,735 | |
Series A, 144A, 6.125%, 7/1/2048 | 3,660,000 | 4,048,913 | |
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043 | 2,290,000 | 2,506,712 | |
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 5,000,000 | 5,720,172 | |
15,102,621 | |||
Iowa 1.0% | |||
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: | |||
4.0%, 10/1/2045 | 2,135,000 | 2,294,803 | |
4.0%, 10/1/2050 | 3,075,000 | 3,293,600 |
Iowa, State Higher Education Loan Authority, Loras College, 0.08% (b), 3/1/2022, LOC: Bank of America NA | 600,000 | 600,000 | |
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,520,654 | |
Iowa, Tobacco Settlement Authority Revenue, “1”, Series A-2, 4.0%, 6/1/2049 | 1,000,000 | 1,070,178 | |
9,779,235 | |||
Kansas 0.2% | |||
Manhattan, KS, Health Care Facilities Revenue, Meadowlark Hill Retirement Community, Series A, 4.0%, 6/1/2046 | 835,000 | 857,725 | |
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | 1,440,000 | 1,456,480 | |
2,314,205 | |||
Kentucky 0.9% | |||
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033 | 2,560,000 | 2,980,781 | |
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,444,627 | |
Series A, 5.25%, 6/1/2041 | 1,915,000 | 2,193,468 | |
Louisville and Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.06% (b), 3/1/2022, LOC: PNC Bank NA | 1,350,000 | 1,350,000 | |
7,968,876 | |||
Louisiana 0.2% | |||
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 710,000 | 789,182 | |
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047 | 10,000 | 11,381 | |
Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC | 1,000,000 | 1,095,459 | |
1,896,022 | |||
Maryland 1.6% | |||
Maryland, Stadium Authority Built To Learn Revenue: | |||
Series A, 4.0%, 6/1/2047 (a) | 1,550,000 | 1,707,370 | |
Series A, 4.0%, 6/1/2052 (a) | 4,710,000 | 5,147,281 | |
Maryland, State Department of Transportation Revenue, Baltimore Washington International Airport, Series B, AMT, 4.0%, 8/1/2051 | 2,290,000 | 2,484,065 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project: | |||
5.0%, 7/1/2050 | 310,000 | 355,882 | |
5.0%, 7/1/2056 | 540,000 | 617,353 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Greater Baltimore Medical Center, Series A, 3.0%, 7/1/2046 | 5,040,000 | 5,038,942 | |
15,350,893 | |||
Massachusetts 0.9% | |||
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047 | 1,250,000 | 1,381,357 | |
Massachusetts, State Development Finance Agency Revenue, Boston University, Series U-6C, 0.05% (b), 3/1/2022, LOC: TD Bank NA | 1,000,000 | 1,000,000 | |
Massachusetts, State Development Finance Agency Revenue, Springfield College: | |||
Series B, 4.0%, 6/1/2050 | 1,405,000 | 1,474,230 | |
Series A, 4.0%, 6/1/2056 | 630,000 | 656,425 | |
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 895,000 | 907,597 | |
Massachusetts, State Educational Financing Authority, Educational Loan Revenue Bonds, Issue M, Series B, AMT, 2.0%, 7/1/2037 | 1,150,000 | 1,094,843 |
Massachusetts, State General Obligation, Series B, 3.0%, 2/1/2048 | 1,000,000 | 992,513 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series K, 0.07% (b), 3/1/2022, LOC: TD Bank NA | 700,000 | 700,000 | |
8,206,965 | |||
Michigan 1.8% | |||
Kentwood, MI, Economic Development Corp., Holland Home Obligated Group, Series 2022, 4.0%, 11/15/2043 | 1,830,000 | 1,954,321 | |
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041 | 3,750,000 | 3,787,766 | |
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project: | |||
4.0%, 9/1/2045 | 1,775,000 | 1,926,181 | |
4.0%, 9/1/2050 | 1,660,000 | 1,791,743 | |
Michigan, Finance Authority Revenue, Tobacco Settlement Asset Backed Senior Capital Appreciation Bonds, Series B-2, Zero Coupon, 6/1/2065 | 28,410,000 | 3,618,164 | |
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department: | |||
Series C-3, 5.0%, 7/1/2033, INS: AGMC | 1,820,000 | 1,968,578 | |
Series C, 5.0%, 7/1/2035 | 910,000 | 1,003,571 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Graphic International LLC, Coated Recycled Board Machine Project, AMT, 4.0% (d), 10/1/2061 | 890,000 | 957,014 | |
17,007,338 | |||
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 | 1,150,483 | |
Series A, 5.0%, 2/15/2053 | 2,815,000 | 3,226,844 | |
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050 | 1,500,000 | 1,579,206 | |
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,600,000 | 2,526,767 | |
8,483,300 | |||
Mississippi 0.6% | |||
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022 | 5,500,000 | 5,526,650 | |
Missouri 1.5% | |||
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project, Series A, 144A, 6.25%, 4/15/2049 | 3,750,000 | 3,783,121 | |
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 | 2,636,321 | |
Series A, 5.0%, 8/15/2051 | 1,000,000 | 1,053,314 | |
Series A, 5.25%, 8/15/2039 | 1,710,000 | 1,791,622 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services: | |||
4.0%, 2/1/2042 | 1,450,000 | 1,574,817 | |
Series A, 5.0%, 2/1/2046 | 665,000 | 716,047 | |
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | 2,275,000 | 2,160,307 | |
13,715,549 |
Nevada 0.4% | |||
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue: | |||
5.0%, 7/1/2040 | 1,000,000 | 1,115,036 | |
5.0%, 7/1/2045 | 1,000,000 | 1,103,451 | |
5.0%, 7/1/2051 | 1,000,000 | 1,098,313 | |
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 4,000,000 | 642,514 | |
3,959,314 | |||
New Hampshire 0.1% | |||
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |||
Series A, 144A, 6.125%, 7/1/2037* | 900,000 | 450,000 | |
Series A, 144A, 6.25%, 7/1/2042* | 1,090,000 | 545,000 | |
995,000 | |||
New Jersey 2.8% | |||
Atlantic County, NJ, Improvement Authority Lease Revenue, Atlantic City Campus Phase II Project, Series A, 4.0%, 7/1/2053, INS: AGMC | 625,000 | 694,238 | |
Atlantic County, NJ, Improvement Authority Lease Revenue, General Obligation Bonds, Atlantic City Campus Phase II Project, Series A, 4.0%, 7/1/2047, INS: AGMC | 465,000 | 518,694 | |
Essex County, NJ, Improvement Authority Network LLC, Student Housing Project, Series A, 4.0%, 8/1/2060, INS: BAM | 1,685,000 | 1,862,798 | |
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2032 | 415,000 | 483,226 | |
New Jersey, State Economic Development Authority Revenue, Prerefunded, 5.0%, 6/15/2028 | 450,000 | 455,675 | |
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | 3,795,000 | 3,691,027 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,625,000 | 1,561,845 | |
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | 2,500,000 | 2,684,710 | |
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038 | 4,000,000 | 4,536,318 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC | 1,820,000 | 1,998,129 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 1,035,000 | 1,010,328 | |
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,535,171 | |
Series B, AMT, 3.5%, 12/1/2039 | 1,800,000 | 1,847,220 | |
New Jersey, State Transportation Trust Fund Authority: | |||
Series A, 4.0%, 6/15/2039 (a) | 665,000 | 726,711 | |
Series A, 4.0%, 6/15/2040 (a) | 830,000 | 905,336 | |
Series A, 4.0%, 6/15/2041 (a) | 805,000 | 875,218 | |
Series A, 4.0%, 6/15/2042 (a) | 510,000 | 553,059 | |
25,939,703 | |||
New Mexico 0.8% | |||
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044 | 2,805,000 | 2,860,889 | |
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Program, “I”, Series C, 3.0%, 1/1/2052 | 4,310,000 | 4,480,704 | |
7,341,593 |
New York 7.2% | |||
Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College Project: | |||
Series A, 4.0%, 11/1/2040 | 1,200,000 | 1,305,062 | |
Series A, 4.0%, 11/1/2050 | 2,500,000 | 2,675,267 | |
Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A, 5.0%, 7/1/2051 | 380,000 | 430,547 | |
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050 | 3,750,000 | 3,879,042 | |
New York, Series B, Zero Coupon, 6/1/2066 | 16,900,000 | 2,452,758 | |
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | 455,000 | 488,929 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series E-1, 0.1% (b), 3/1/2022, LOC: Barclays Bank PLC | 1,720,000 | 1,720,000 | |
Series G-1, 0.1% (b), 3/1/2022, LOC: Barclays Bank PLC | 4,035,000 | 4,035,000 | |
Series D, 5.0%, 11/15/2033 | 1,500,000 | 1,723,517 | |
Series C-1, 5.0%, 11/15/2050 | 1,320,000 | 1,523,055 | |
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D-2, 4.0%, 11/15/2048 | 3,500,000 | 3,755,671 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 250,000 | 250,000 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045 | 1,000,000 | 1,104,344 | |
New York, State Thruway Authority: | |||
Series N, 3.0%, 1/1/2049 | 2,500,000 | 2,471,644 | |
Series A-1, 4.0%, 3/15/2052 | 4,000,000 | 4,437,608 | |
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project: | |||
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc. | 500,000 | 509,465 | |
AMT, 5.375%, 8/1/2036 | 900,000 | 1,060,811 | |
New York, State Transportation Development Corp., Special Facilities Revenue, LaGuardia Airport C & D Redevelopment, AMT, 4.375%, 10/1/2045 | 4,500,000 | 4,823,852 | |
New York, Triborough Bridge & Tunnel Authority, Series 4-C, 0.11% (b), 3/1/2022, LOC: U.S. Bank NA | 200,000 | 200,000 | |
New York, TSASC, Inc.: | |||
Series A, 5.0%, 6/1/2041 | 595,000 | 662,744 | |
Series B, 5.0%, 6/1/2048 | 2,800,000 | 2,941,051 | |
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: | |||
Series E-1, 2.8%, 11/1/2034 | 5,000,000 | 5,038,773 | |
Series E-1, 3.0%, 11/1/2039 | 3,000,000 | 3,018,154 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series EE-2, 0.11% (b), 3/1/2022, LIQ: State Street B&T Co. | 2,150,000 | 2,150,000 | |
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060 | 35,000,000 | 2,273,890 | |
New York, NY, General Obligation: | |||
Series G-6, 0.07% (b), 3/1/2022, LOC: Mizuho Bank Ltd | 4,950,000 | 4,950,000 | |
Series A-3, 0.08% (b), 3/1/2022, LOC: Mizuho Bank Ltd | 4,350,000 | 4,350,000 | |
Series D-4, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 400,000 | 400,000 | |
Series E-5, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 400,000 | 400,000 | |
Series B-3, 0.37% (b), 3/1/2022 | 320,000 | 320,000 | |
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 (c) | 2,125,000 | 1,653,675 | |
67,004,859 | |||
North Carolina 0.2% | |||
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 1,630,000 | 1,730,849 |
Ohio 4.1% | |||
Buckeye, OH, Tobacco Settlement Financing Authority: | |||
Series A, 4.0%, 6/1/2048 | 2,990,000 | 3,142,129 | |
“2", Series B-2, 5.0%, 6/1/2055 | 5,200,000 | 5,664,849 | |
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047 | 2,480,000 | 2,627,850 | |
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
5.0%, 1/1/2051 | 1,270,000 | 1,342,347 | |
Series A, 5.0%, 1/1/2052 | 1,000,000 | 1,067,919 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 10,345,000 | 11,766,966 | |
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |||
144A, AMT, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | 725,000 | 794,260 | |
144A, AMT, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | 3,115,000 | 3,454,857 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 6,000,000 | 6,171,838 | |
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A, 5.0%, 2/15/2039 (a) | 2,025,000 | 2,496,629 | |
38,529,644 | |||
Oklahoma 0.9% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
Series B, 5.5%, 8/15/2052 | 1,635,000 | 1,943,657 | |
Series B, 5.5%, 8/15/2057 | 4,235,000 | 5,020,549 | |
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | 1,175,000 | 1,285,816 | |
8,250,022 | |||
Oregon 0.4% | |||
Clackamas County, OR, Hospital Facilities Authority Revenue, Mary's Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038 | 195,000 | 205,987 | |
Oregon, State Facilities Authority Revenue, PeaceHealth Obligated Group: | |||
Series B, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 150,000 | 150,000 | |
Series A, 0.1% (b), 3/1/2022, LOC: U.S. Bank NA | 300,000 | 300,000 | |
Port of Portland, OR, Airport Revenue, Series 28, AMT, 4.0%, 7/1/2047 | 3,000,000 | 3,318,629 | |
3,974,616 | |||
Pennsylvania 2.1% | |||
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048 | 470,000 | 514,203 | |
Lancaster County, PA, Hospital Authority, Brethren Village Project: | |||
5.125%, 7/1/2037 | 900,000 | 971,423 | |
5.25%, 7/1/2041 | 900,000 | 973,666 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | 4,705,000 | 4,554,026 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | 1,620,000 | 1,685,080 |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series A, 4.0%, 12/1/2043 | 3,800,000 | 4,216,352 | |
Series A, 4.0%, 12/1/2044 | 660,000 | 731,004 | |
Series A, 4.0%, 12/1/2046 | 440,000 | 484,968 | |
Series A, 4.0%, 12/1/2050 | 3,500,000 | 3,843,180 | |
Series A-1, 5.0%, 12/1/2041 | 20,000 | 22,222 | |
Philadelphia, PA, Authority For Industrial Development, Charter School Reveune, Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%, 6/1/2056 | 1,240,000 | 1,262,035 | |
19,258,159 | |||
South Carolina 1.2% | |||
South Carolina, State Public Service Authority Revenue, Series A, 4.0%, 12/1/2055 | 10,000,000 | 10,911,633 | |
South Dakota 0.3% | |||
Lincon County, SD, Economic Development Revenue, Augustana College Association Project: | |||
Series A, 4.0%, 8/1/2051 | 900,000 | 949,736 | |
Series A, 4.0%, 8/1/2056 | 625,000 | 652,845 | |
Series A, 4.0%, 8/1/2061 | 810,000 | 839,484 | |
2,442,065 | |||
Tennessee 0.8% | |||
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054 | 1,500,000 | 1,601,622 | |
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | 900,000 | 989,329 | |
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 4,000,000 | 4,101,799 | |
Tennessee, New Memphis Arena Public Building Authority, City of Memphis Project, Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2031 | 750,000 | 750,732 | |
7,443,482 | |||
Texas 8.9% | |||
Bowie County, TX, Industrial Development Corp., Revenue, Texarkana Newspapers Inc., Project, 0.09% (b), 3/1/2022, LOC: JPMorgan Chase NA | 100,000 | 100,000 | |
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation: | |||
Zero Coupon, 1/1/2030 | 5,000,000 | 4,081,106 | |
Zero Coupon, 1/1/2032 | 3,500,000 | 2,673,162 | |
Clifton, TX, Higher Education Finance Corp., Education Revenue: | |||
Series A, 5.75%, 8/15/2038 | 2,810,000 | 3,110,263 | |
Series D, 6.125%, 8/15/2048 | 4,485,000 | 4,983,406 | |
Clifton, TX, Higher Education Finance Corp., Idea Public Schools, Series T, 4.0%, 8/15/2047 | 1,090,000 | 1,247,329 | |
Greater Texas, Cultural Education Facilities Finance Corp. Lease Revenue, Epicenter Multipurpose Facilities Project: | |||
Series A, 4.0%, 3/1/2046 | 2,505,000 | 2,782,379 | |
Series A, 4.0%, 3/1/2050 | 2,445,000 | 2,705,260 | |
Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series B, AMT, 4.0%, 7/15/2041 | 2,000,000 | 2,068,416 | |
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 | 7,982,397 | |
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048 | 1,440,000 | 1,451,654 | |
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 | 8,014,169 |
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark University Project: | |||
Series A, 5.0%, 10/1/2041 | 350,000 | 362,934 | |
Series A, 5.0%, 10/1/2051 | 520,000 | 531,500 | |
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 | 1,674,403 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 5,530,000 | 5,530,000 | |
Temple, TX, Tax Increment, Reinvestment Zone No. 1: | |||
Series A, 4.0%, 8/1/2039, INS: BAM | 170,000 | 189,523 | |
Series A, 4.0%, 8/1/2041, INS: BAM | 235,000 | 261,742 | |
Series A, 5.0%, 8/1/2038 | 2,830,000 | 3,026,190 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 3,550,000 | 3,739,432 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project: | |||
5.0%, 10/1/2039 | 1,820,000 | 1,923,251 | |
Series A, 5.25%, 10/1/2055 | 8,000,000 | 8,498,952 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | 6,605,000 | 4,797,792 | |
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 | 420,662 | |
Series A, 4.0%, 12/31/2038 | 380,000 | 420,662 | |
Series A, 4.0%, 6/30/2039 | 290,000 | 320,176 | |
Series A, 4.0%, 12/31/2039 | 335,000 | 369,858 | |
Series A, 4.0%, 6/30/2040 | 275,000 | 303,097 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 6,620,000 | 7,449,757 | |
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 | 2,403,323 | |
83,422,795 | |||
Utah 1.2% | |||
Utah, Infrastructure Agency Telecommunication Revenue: | |||
4.0%, 10/15/2041 | 600,000 | 656,458 | |
Series 2019, 4.0%, 10/15/2042 | 2,350,000 | 2,550,675 | |
Utah, State Charter School Finance Authority, St. George Campus Project, Series A, 144A, 5.0%, 6/15/2052 | 1,130,000 | 1,222,333 | |
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | 6,490,000 | 7,003,989 | |
11,433,455 | |||
Vermont 0.2% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 0.11% (b), 3/1/2022, LOC: TD Bank NA | 1,900,000 | 1,900,000 | |
Virginia 2.9% | |||
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge: | |||
5.0%, 1/1/2037 | 1,000,000 | 1,046,535 | |
5.0%, 1/1/2046 | 1,530,000 | 1,583,601 | |
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |||
Series 2020, 5.0%, 9/1/2050 | 1,740,000 | 1,454,250 | |
Series A, 5.375%, 9/1/2054 | 1,500,000 | 1,310,954 |
Virginia, Marquis Community Development Authority Revenue: | |||
Series C, Zero Coupon, 9/1/2041 | 7,906,000 | 453,316 | |
Series B, 2.823%, 9/1/2041 (e) | 5,332,000 | 2,445,938 | |
144A, 3.75%, 9/1/2045 (e) | 1,640,000 | 774,883 | |
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |||
144A, 5.0%, 9/1/2037 | 1,400,000 | 1,478,444 | |
144A, 5.0%, 9/1/2045 | 4,100,000 | 4,319,060 | |
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048 | 1,205,000 | 1,305,623 | |
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project: | |||
AMT, 4.0%, 1/1/2038 (a) | 500,000 | 540,912 | |
AMT, 4.0%, 1/1/2040 (a) | 1,000,000 | 1,078,533 | |
Virginia, Small Business Financing Authority, I-495 Hot Lanes Project: | |||
AMT, 5.0%, 12/31/2052 (a) | 1,000,000 | 1,198,934 | |
AMT, 5.0%, 12/31/2057 (a) | 500,000 | 594,333 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052 | 5,250,000 | 6,002,097 | |
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037 | 1,640,000 | 1,666,268 | |
27,253,681 | |||
Washington 3.4% | |||
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital: | |||
5.0%, 12/1/2032 | 1,000,000 | 1,036,467 | |
5.0%, 12/1/2037 | 1,025,000 | 1,059,151 | |
5.0%, 12/1/2046 | 2,000,000 | 2,022,632 | |
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030 | 2,000,000 | 2,067,280 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2043 | 4,710,000 | 4,507,548 | |
Series B, 3.0%, 7/1/2048 | 6,200,000 | 5,758,482 | |
Washington, State Higher Educational Facilities Authority, Seattle University Project: | |||
4.0%, 5/1/2045 | 3,950,000 | 4,319,713 | |
4.0%, 5/1/2050 | 1,020,000 | 1,109,385 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044 | 6,000,000 | 6,452,679 | |
Washington, State Housing Finance Commission, The Hearthstone Project: | |||
Series A, 144A, 5.0%, 7/1/2038 | 775,000 | 806,049 | |
Series A, 144A, 5.0%, 7/1/2048 | 1,735,000 | 1,777,429 | |
Series A, 144A, 5.0%, 7/1/2053 | 1,125,000 | 1,149,401 | |
32,066,216 | |||
West Virginia 0.1% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, Series A, AMT, 4.125% (d), 7/1/2045 | 1,215,000 | 1,252,788 | |
Wisconsin 5.2% | |||
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |||
Series A-1, 5.0%, 7/1/2043 | 4,150,000 | 4,357,871 | |
Series B, 5.0%, 7/1/2048 | 910,000 | 805,563 | |
Series B, 5.0%, 7/1/2053 | 2,125,000 | 1,836,903 | |
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 | 6,000,000 | 5,755,471 | |
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042 | 3,500,000 | 3,540,972 |
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |||
5.0%, 7/1/2047 | 2,000,000 | 2,107,419 | |
5.0%, 7/1/2052 | 910,000 | 957,745 | |
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049 | 520,000 | 554,394 | |
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, AMT, 4.0%, 3/31/2056 | 3,245,000 | 3,362,533 | |
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049 | 5,000,000 | 5,472,922 | |
Wisconsin, Public Finance Authority, Hospital Revenue, Carson Valley Medical Center, Series A, 4.0%, 12/1/2051 | 1,290,000 | 1,418,707 | |
Wisconsin, Public Finance Authority, Retirement Facilities Revenue, The United Methodist Retirement Homes: | |||
Series 2021 A, 4.0%, 10/1/2041 | 120,000 | 129,822 | |
Series A, 4.0%, 10/1/2046 | 165,000 | 176,377 | |
Series A, 4.0%, 10/1/2051 | 520,000 | 553,639 | |
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: | |||
144A, 4.0%, 4/1/2042 | 255,000 | 262,617 | |
144A, 4.0%, 4/1/2052 | 455,000 | 462,054 | |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 635,000 | 633,550 | |
144A, 5.75%, 5/1/2054 | 4,595,000 | 4,548,047 | |
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047 | 4,545,000 | 4,816,608 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project: | |||
5.0%, 6/1/2037 | 1,970,000 | 2,110,127 | |
5.0%, 6/1/2041 | 1,910,000 | 2,036,079 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.1% (b), 3/1/2022, LOC: Barclays Bank PLC | 300,000 | 300,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Oakwood Lutheran Senior Ministries LLC , 4.0%, 1/1/2057 | 2,110,000 | 2,111,314 | |
48,310,734 | |||
Guam 0.7% | |||
Guam, Antonio B. Won Pat International Airport Authority: | |||
Series C, AMT, 6.25%, 10/1/2034 | 300,000 | 318,997 | |
Series C, AMT, Prerefunded, 6.25%, 10/1/2034 | 200,000 | 215,753 | |
Guam, Government Waterworks Authority, Water & Wastewater System Revenue: | |||
5.0%, 7/1/2040 | 1,040,000 | 1,174,958 | |
Series A, 5.0%, 1/1/2050 | 655,000 | 765,533 | |
Guam, International Airport Authority Revenue: | |||
Series C, AMT, 6.375%, 10/1/2043 | 775,000 | 824,704 | |
Series C, AMT, Prerefunded, 6.375%, 10/1/2043 | 835,000 | 902,398 | |
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | 800,000 | 904,799 | |
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034 | 1,200,000 | 1,223,172 | |
6,330,314 | |||
Puerto Rico 7.1% | |||
Puerto Rico, Aqueduct & Sewer Authority Revenue, Series A, 5.25%, 7/1/2029 | 1,000,000 | 1,014,405 | |
Puerto Rico, Commonwealth Aqueduct and Sewer Authority: | |||
Series A, 144A, 5.0%, 7/1/2035 | 5,000,000 | 5,864,823 | |
Series A, 144A, 5.0%, 7/1/2047 | 10,000,000 | 11,338,007 |
Puerto Rico, Electric Power Authority Revenue: | |||
Series TT, 5.0%, 7/1/2025* (c) | 920,000 | 948,750 | |
Series CCC-1, 5.0%, 7/1/2028* (c) | 1,785,000 | 1,840,781 | |
Series TT-1, 5.0%, 7/1/2032* (c) | 5,000,000 | 5,156,250 | |
Series CCC-1, 5.25%, 7/1/2027* (c) | 2,000,000 | 2,072,500 | |
Series XX, 5.25%, 7/1/2040* (c) | 4,000,000 | 4,145,000 | |
Series WW, 5.5%, 7/1/2038* (c) | 2,900,000 | 3,016,000 | |
Puerto Rico, GDB Debt Recovery Authority, PIK, 7.5%, 8/20/2040 | 8,041,080 | 7,558,615 | |
Puerto Rico, General Obligation: | |||
Series A, 5.0%, 7/1/2041* (c) | 4,635,000 | 4,229,438 | |
Series B, 5.75%, 7/1/2038* (c) | 2,000,000 | 1,972,500 | |
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||
Series A-1, Zero Coupon, 7/1/2046 | 20,000,000 | 6,497,222 | |
Series A-1, 4.75%, 7/1/2053 | 6,800,000 | 7,520,425 | |
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Revenue, Series A, Zero Coupon, 5/15/2057 | 50,000,000 | 3,407,260 | |
66,581,976 | |||
Other 0.3% | |||
Freddie Mac Multi-Family ML Certificates, “A-CA”, Series 2021-ML10, 2.046%, 6/25/2038 | 3,416,942 | 3,267,044 | |
Total Municipal Investments (Cost $890,218,011) | 922,200,440 | ||
Underlying Municipal Bonds of Inverse Floaters (f) 6.5% | |||
Florida 2.3% | |||
Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (g) | 10,000,000 | 10,824,504 | |
Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.69%, 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 (g) | 10,000,000 | 11,159,596 | |
Trust: Transit Sales Surtax Revenue, Series 2020-XM0901, 144A, 13.78%, 7/1/2028, Leverage Factor at purchase date: 4 to 1 | |||
21,984,100 | |||
Michigan 1.2% | |||
Michigan, State Building Authority Revenue, Series I, 5.0%, 4/15/2034 (g) | 10,000,000 | 11,178,511 | |
Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 13.287%, 10/15/2023, Leverage Factor at purchase date: 3 to 1 | |||
New York 1.2% | |||
New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (g) | 10,000,000 | 10,815,123 | |
Trust: State Thruway Authority General Revenue, Series 2020-XM0880, 144A, 13.51%, 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 (g) | 15,000,000 | 16,672,894 | |
Trust: State General Obligation, Series XM0127, 144A, 17.42%, 8/1/2023, Leverage Factor at purchase date: 4 to 1 | |||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $60,013,943) | 60,650,628 | ||
Corporate Bonds 0.7% | |||
Consumer Discretionary 0.2% | |||
Grand Canyon University, 5.125%, 10/1/2028 | 2,165,000 | 2,165,000 | |
Industrials 0.5% | |||
United Airlines, Inc., 4.625%144A, 4/15/2029 | 5,000,000 | 4,877,475 | |
Total Corporate Bonds (Cost $7,356,769) | 7,042,475 |
Shares | Value ($) | ||
Closed-End Investment Companies 0.3% | |||
Nuveen Quality Municipal Income Fund (Cost $2,515,604) | 172,000 | 2,485,400 | |
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (h) (Cost $52,185) | 51,508 | 51,509 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $960,156,512) | 106.2 | 992,430,452 | |
Floating Rate Notes (f) | (4.3) | (40,420,000) | |
Other Assets and Liabilities, Net | (1.9) | (17,417,947) | |
Net Assets | 100.0 | 934,592,505 |
* | Non-income producing security. |
(a) | When-issued security. |
(b) | 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 through a put or tender feature, and are shown at their current rates as of February 28, 2022. Date shown reflects the earlier of demand date or stated maturity date. |
(c) | Defaulted security or security for which income has been deemed uncollectible. |
(d) | Variable or floating rate security. These securities are shown at their current rate as of February 28, 2022. 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(e) | Partial interest paying security. The rate shown represents 50% of the original coupon rate. |
(f) | 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. |
(g) | 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. |
(h) | 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. |
BAM: Build America Mutual |
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) | $— | $982,851,068 | $— | $982,851,068 |
Corporate Bonds (a) | — | 7,042,475 | — | 7,042,475 |
Closed-End Investment Companies | 2,485,400 | — | — | 2,485,400 |
Open-End Investment Companies | 51,509 | — | — | 51,509 |
Total | $2,536,909 | $989,893,543 | $— | $992,430,452 |
(a) | See Investment Portfolio for additional detailed categorizations. |