Quarterly Report
January 31, 2024
MFS® Municipal Limited
Maturity Fund
Maturity Fund
MTL-Q3
Portfolio of Investments
1/31/24 (unaudited)
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - 97.3% | ||||
| Alabama - 4.7% | ||||
| Alabama Community College System, Board of Trustees Rev. (Wallace State Community College - Hanceville Rev.), BAM, 3.5%, 11/01/2026 | $ | 1,245,000 | $1,252,687 | |
| Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | 4,645,000 | 4,657,836 | ||
| Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2024 | 325,000 | 327,462 | ||
| Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 12/01/2049 (Put Date 12/01/2025) | 10,000,000 | 10,021,459 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 6,130,000 | 6,164,496 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 7,000,000 | 7,464,092 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 3,795,000 | 4,039,086 | ||
| Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027) | 4,270,000 | 4,287,681 | ||
| Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2025 | 850,000 | 869,430 | ||
| Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2028 | 610,000 | 655,567 | ||
| Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2029 | 400,000 | 436,106 | ||
| Houston County, AL, Health Care Authority (Southeast Alabama Medical Center), “A”, 5%, 10/01/2025 | 1,165,000 | 1,188,213 | ||
| Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2025 | 1,500,000 | 1,545,308 | ||
| Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2026 | 1,500,000 | 1,573,689 | ||
| Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2027 | 1,250,000 | 1,336,807 | ||
| Mobile County, AL, Board of School Commissioners Special Tax School Warrants, 4%, 3/01/2024 | 540,000 | 540,306 | ||
| Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “A”, 1%, 6/01/2034 (Put Date 6/26/2025) | 3,000,000 | 2,895,282 | ||
| Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | 11,000,000 | 11,057,877 | ||
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2024 | 750,000 | 757,308 | ||
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2025 | 785,000 | 804,403 | ||
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2026 | 1,030,000 | 1,072,941 | ||
| Phenix City, AL, Water & Sewer Rev., “A”, BAM, 5%, 8/15/2025 | 2,225,000 | 2,264,296 | ||
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 7,130,000 | 7,061,041 | ||
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 3,865,000 | 4,190,067 | ||
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028) | 6,380,000 | 6,648,865 | ||
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 12,000,000 | 12,799,337 | ||
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030) | 6,875,000 | 7,297,410 | ||
| Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | 10,000,000 | 10,906,841 | ||
| Southeast Alabama Gas Supply District Rev. (Project No. 2), “A”, 4%, 6/01/2049 (Put Date 6/01/2024) | 10,000,000 | 10,003,223 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2025 | 150,000 | 150,590 | ||
| University of West Alabama, General Fee Rev., AGM, 5%, 1/01/2027 | 100,000 | 104,576 | ||
| $124,374,282 | ||||
| Alaska - 0.2% | ||||
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 3%, 6/01/2024 | $ | 400,000 | $399,402 | |
| Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 12/01/2024 | 650,000 | 654,255 | ||
| Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | 4,930,000 | 5,234,085 | ||
| $6,287,742 | ||||
| Arizona - 3.7% | ||||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2024 | $ | 125,000 | $125,761 | |
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2025 | 145,000 | 148,362 | ||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2027 | 160,000 | 167,762 | ||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2028 | 125,000 | 132,876 | ||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2029 | 125,000 | 134,676 | ||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2030 | 135,000 | 147,162 | ||
| Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2031 | 125,000 | 137,470 | ||
| Arizona Industrial Development Authority Education Rev., Taxable (KIPP NYC Public Charter Schools - Gerard Facility Project), “C”, 1.8%, 7/01/2024 | 225,000 | 220,905 | ||
| Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2024 | 500,000 | 500,000 | ||
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 4.1%, 12/01/2037 (Put Date 6/15/2028) | 2,000,000 | 2,022,581 | ||
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 6/01/2049 (Put Date 6/03/2024) | 7,500,000 | 7,518,657 | ||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arizona - continued | ||||
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | $ | 18,845,000 | $19,500,949 | |
| Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026) | 2,085,000 | 2,094,175 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2024 | 1,300,000 | 1,307,433 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 1,400,000 | 1,428,761 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 1,200,000 | 1,242,696 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 540,000 | 559,213 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 1,120,000 | 1,177,649 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 720,000 | 757,060 | ||
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 555,000 | 514,001 | ||
| La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2028 | 675,000 | 689,174 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2024 | 135,000 | 135,112 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2025 | 175,000 | 175,100 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2026 | 200,000 | 201,876 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2027 | 200,000 | 203,124 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2028 | 325,000 | 331,877 | ||
| Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2029 | 250,000 | 256,719 | ||
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “A”, 3%, 1/01/2038 (Put Date 6/01/2024) | 10,560,000 | 10,514,291 | ||
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 455,000 | 412,808 | ||
| Peoria, AZ, Vistancia Community Facilities District, BAM, 4%, 7/15/2024 | 575,000 | 576,841 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 4%, 7/01/2025 (n) | 515,000 | 510,107 | ||
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 2.95%, 7/01/2026 | 1,265,000 | 1,220,037 | ||
| Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6.5%, 3/01/2055 | 5,315,000 | 5,990,318 | ||
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.125%, 12/01/2035 (Put Date 11/01/2023) | 25,000,000 | 25,000,000 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2024 | 400,000 | 401,137 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2026 | 1,115,000 | 1,139,608 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2027 | 600,000 | 619,535 | ||
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2028 | 150,000 | 156,391 | ||
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 2,690,000 | 2,696,587 | ||
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “B”, GNMA, 6.5%, 1/01/2055 | 6,310,000 | 7,044,789 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2024 | 225,000 | 223,937 | ||
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2025 | 275,000 | 271,978 | ||
| Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024) | 1,200,000 | 1,189,611 | ||
| $99,799,106 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Arkansas - 0.3% | ||||
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027) | $ | 6,545,000 | $6,930,108 | |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2024 | 200,000 | 199,506 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2025 | 150,000 | 149,088 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2026 | 185,000 | 183,777 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | 95,000 | 94,430 | ||
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2028 | 230,000 | 227,536 | ||
| Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), 5%, 8/01/2024 | 400,000 | 402,657 | ||
| Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), 5%, 8/01/2026 | 665,000 | 689,818 | ||
| Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), “A”, 5%, 8/01/2024 | 530,000 | 533,521 | ||
| $9,410,441 | ||||
| California - 5.1% | ||||
| California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028) | $ | 1,875,000 | $1,886,521 | |
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 17,250,000 | 18,236,322 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030) | 7,480,000 | 8,235,956 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2024 | 350,000 | 351,791 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2025 | 350,000 | 357,483 | ||
| California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “A”, 1.2%, 12/01/2050 (Put Date 6/01/2028) | 4,560,000 | 4,029,548 | ||
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | 11,375,000 | 10,736,828 | ||
| California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2024 | 835,000 | 836,174 | ||
| California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | 700,000 | 701,110 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5%, 11/01/2025 | 1,130,000 | 1,145,476 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5%, 11/01/2026 | 1,000,000 | 1,008,554 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2027 | 200,000 | 214,814 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2028 | 125,000 | 136,916 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2029 | 125,000 | 139,621 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2030 | 400,000 | 454,370 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2031 | 200,000 | 230,667 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2032 | 225,000 | 263,365 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2033 | 1,150,000 | 1,344,954 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “A”, 4.375%, 9/01/2053 (Put Date 9/01/2033) | 10,000,000 | 10,431,724 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 450,000 | 449,443 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.25%, 12/01/2044 (Put Date 12/02/2024) | 3,795,000 | 3,784,058 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “B”, 4.8%, 11/01/2041 (Put Date 6/02/2025) | 1,000,000 | 1,004,843 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024) | 1,455,000 | 1,447,428 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A-1”, 3.375%, 7/01/2025 | 5,000,000 | 5,004,355 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2024 | 380,000 | 380,058 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2025 | 400,000 | 401,007 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2024 (n) | 325,000 | 326,632 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2025 (n) | 335,000 | 339,186 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2026 (Prerefunded 8/01/2025) (n) | 25,000 | 25,790 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), ETM, 5%, 8/01/2024 (n) | 25,000 | 25,243 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), ETM, 5%, 8/01/2025 (n) | 30,000 | 30,947 | ||
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n) | 3,160,000 | 3,062,581 | ||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2026 | 1,300,000 | 1,328,969 | ||
| California Statewide Communities Development Authority Rev., Taxable (Front Porch Communities and Services), “B”, 1.028%, 4/01/2024 | 1,125,000 | 1,116,516 | ||
| California Statewide Communities Development Authority Rev., Taxable (Front Porch Communities and Services), “B”, 1.31%, 4/01/2025 | 1,195,000 | 1,138,067 | ||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| California - continued | ||||
| Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), “E”, 5%, 7/01/2043 (Put Date 7/01/2026) | $ | 2,209,000 | $2,281,329 | |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “B”, 5%, 5/15/2026 | 1,350,000 | 1,398,624 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “G”, 5%, 5/15/2029 | 10,000,000 | 10,889,909 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024 | 1,205,000 | 1,208,670 | ||
| Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024 | 95,000 | 95,455 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2026 | 2,225,000 | 2,298,949 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2027 | 2,905,000 | 3,049,743 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2028 | 3,250,000 | 3,464,374 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev. (SFO Fuel Company LLC), “A”, 5%, 1/01/2027 | 2,205,000 | 2,305,899 | ||
| San Francisco, CA, City & County Airports Commission, Second Series Rev., “C”, 5.25%, 5/01/2035 | 7,500,000 | 8,692,702 | ||
| San Francisco, CA, City & County Airports Commission, Second Series Rev., “C”, 5.25%, 5/01/2036 | 4,500,000 | 5,179,896 | ||
| San Ramon CA, Public Financing Authority, Capital Appreciation, “A”, AAC, 0%, 2/01/2026 | 1,690,000 | 1,571,629 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2026 | 1,150,000 | 1,194,235 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2028 | 1,000,000 | 1,070,055 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2029 | 1,100,000 | 1,190,678 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 4/01/2026 | 1,000,000 | 1,024,950 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 4/01/2027 | 3,380,000 | 3,513,421 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 10/01/2027 | 4,500,000 | 4,708,903 | ||
| $135,746,738 | ||||
| Colorado - 2.6% | ||||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2024 | $ | 400,000 | $405,506 | |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2024 | 135,000 | 136,981 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2025 | 175,000 | 180,802 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2025 | 125,000 | 129,510 | ||
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2026 | 135,000 | 141,245 | ||
| Colorado Education Loan Program, Tax & Rev. Anticipation Notes, “B” , 4.5%, 6/28/2024 | 5,000,000 | 5,025,212 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2029 | 1,040,000 | 1,053,908 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Colorado Springs Charter Academy Project), 5.25%, 7/01/2028 | 1,135,000 | 1,137,522 | ||
| Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029 | 630,000 | 630,830 | ||
| Colorado Health Facilities Authority Rev. (AdventHealth), “B”, 5%, 11/15/2049 (Put Date 11/19/2026) | 17,720,000 | 18,617,435 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2025 | 390,000 | 388,536 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | 320,000 | 316,972 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2027 | 495,000 | 487,897 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2028 | 460,000 | 451,169 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2029 | 430,000 | 418,938 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2030 | 500,000 | 483,598 | ||
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2031 | 960,000 | 921,238 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2034 | 1,000,000 | 1,136,721 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2035 | 1,200,000 | 1,357,164 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-1”, 5%, 8/01/2026 | 1,500,000 | 1,556,346 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-1”, 5%, 8/01/2027 | 2,000,000 | 2,107,754 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2026 | 2,160,000 | 2,241,138 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2024 | 300,000 | 301,757 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 1/15/2025 | 325,000 | 329,281 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2025 | 400,000 | 408,485 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 3%, 1/15/2026 | 1,500,000 | 1,480,445 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2026 | 300,000 | 312,392 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 1/15/2027 | 500,000 | 524,695 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2027 | 600,000 | 635,087 | ||
| Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2028 | 850,000 | 914,266 | ||
| Denver, CO, City & County Airport System Rev., “A”, 5%, 11/15/2027 | 5,000,000 | 5,319,036 | ||
| Denver, CO, City & County Airport System Rev., “A”, 5%, 11/15/2028 | 14,000,000 | 15,111,977 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2024 | 1,500,000 | 1,509,722 | ||
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2025 | 2,000,000 | 2,033,441 | ||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2025 | 500,000 | 515,676 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Colorado - continued | ||||
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2027 | $ | 1,270,000 | $1,331,183 | |
| $70,053,865 | ||||
| Connecticut - 1.3% | ||||
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut State University), “N”, 5%, 11/01/2024 | $ | 1,930,000 | $1,932,850 | |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2024 | 1,840,000 | 1,839,390 | ||
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030 | 3,000,000 | 2,892,823 | ||
| Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2026 | 1,000,000 | 1,035,244 | ||
| Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2027 | 1,440,000 | 1,506,222 | ||
| Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2028 | 890,000 | 943,240 | ||
| Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2029 | 2,000,000 | 2,145,998 | ||
| Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2030 | 2,030,000 | 2,202,625 | ||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-2”, 4.4%, 5/15/2066 (Put Date 11/15/2026) | 5,500,000 | 5,558,522 | ||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052 | 5,815,000 | 6,120,120 | ||
| Danbury, CT, General Obligation Anticipation Notes, 5%, 9/24/2024 (n) | 2,500,000 | 2,520,332 | ||
| East Hartford, CT, Housing Authority Multi-Family Rev. (Summerfield Townhouses Project), “A”, 4.25%, 2/01/2027 (Put Date 2/01/2025) | 3,000,000 | 3,006,254 | ||
| Hamden, CT, General Obligation, BAM, 4%, 8/15/2025 | 400,000 | 404,136 | ||
| New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2024 | 1,280,000 | 1,290,347 | ||
| West Haven, CT, General Obligation, BAM, 4%, 3/15/2025 | 420,000 | 423,657 | ||
| $33,821,760 | ||||
| Delaware - 0.2% | ||||
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4%, 9/01/2024 | $ | 75,000 | $75,296 | |
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 2.8%, 9/01/2026 | 165,000 | 160,126 | ||
| Delaware Economic Development Authority, Gas Facilities Rev. (Delmarva Power and Light Co. Project), “A”, 1.05%, 1/01/2031 (Put Date 7/01/2025) | 5,985,000 | 5,750,454 | ||
| $5,985,876 | ||||
| District of Columbia - 1.6% | ||||
| District of Columbia University Rev. (Georgetown University), 5%, 4/01/2026 | $ | 1,045,000 | $1,084,740 | |
| District of Columbia, Housing Finance Agency, Collateralized Multi-Family Rev. (Parcel 42 Project), 1.7%, 9/01/2041 (Put Date 3/01/2025) | 9,000,000 | 8,782,483 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 2,415,000 | 2,347,264 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 3%, 9/01/2028 (Put Date 9/01/2026) | 5,350,000 | 5,244,883 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, Taxable, “B-3”, 0.9%, 10/01/2024 | 1,400,000 | 1,358,365 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (Cascade Park Apartments II Project), 0.7%, 8/01/2042 (Put Date 8/01/2024) | 3,970,000 | 3,891,211 | ||
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (Paxton Project), 4%, 9/01/2040 (Put Date 9/01/2025) | 3,750,000 | 3,762,909 | ||
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 10,000,000 | 10,011,542 | ||
| Metropolitan Washington, D.C., Airport Authority System Rev., “A”, 5%, 10/01/2027 | 7,000,000 | 7,431,103 | ||
| $43,914,500 | ||||
| Florida - 2.4% | ||||
| Broward County, FL, Multi-Family Housing Rev. (Pinnacle 441 Phase 2 LLC), 4.05%, 9/01/2056 (Put Date 3/01/2026) | $ | 3,000,000 | $3,028,092 | |
| Broward County, FL, Multi-Family Housing Rev. (Solaris Apartments), “B”, FNMA, 0.7%, 1/01/2025 (Put Date 7/01/2024) | 4,375,000 | 4,302,009 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2025 | 430,000 | 433,863 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2027 | 565,000 | 583,117 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2029 | 940,000 | 971,612 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2031 | 1,040,000 | 1,074,025 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2025 | 400,000 | 406,347 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2026 | 285,000 | 294,629 | ||
| Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2029 | 500,000 | 543,382 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2027 (n) | 1,270,000 | 1,204,154 | ||
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n) | 825,000 | 769,391 | ||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Florida - continued | ||||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2027 | $ | 480,000 | $499,940 | |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2028 | 1,500,000 | 1,579,249 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2029 | 1,295,000 | 1,377,710 | ||
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2030 | 1,990,000 | 2,113,115 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2025 | 920,000 | 933,639 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2026 | 500,000 | 516,520 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2028 | 135,000 | 144,701 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2029 | 485,000 | 526,030 | ||
| Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2030 | 765,000 | 841,942 | ||
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Culmer Apartments), “C”, 5%, 12/01/2026 (Put Date 12/01/2025) | 2,000,000 | 2,047,292 | ||
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025) | 5,600,000 | 5,693,358 | ||
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), “B”, GNMA, 5%, 2/01/2027 (Put Date 2/01/2026) | 4,050,000 | 4,160,708 | ||
| Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2027 | 1,375,000 | 1,459,681 | ||
| Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2028 | 1,795,000 | 1,933,605 | ||
| Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2030 | 1,375,000 | 1,520,201 | ||
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 5.4%, 5/01/2028 | 700,000 | 711,065 | ||
| Lee County, FL, Airport Rev., “B”, 5%, 10/01/2026 | 1,660,000 | 1,721,709 | ||
| Lee Memorial Health System, FL, Hospital Rev., “A-2”, 5%, 4/01/2033 (Put Date 4/01/2026) | 5,135,000 | 5,245,647 | ||
| Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), 5%, 11/15/2024 | 400,000 | 403,416 | ||
| Miami-Dade County, FL, Aviation Rev., “A”, 5%, 10/01/2038 | 1,145,000 | 1,155,457 | ||
| Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Cutler Vista Housing LP), 5%, 3/01/2027 (Put Date 9/01/2025) | 3,000,000 | 3,063,624 | ||
| Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Emerald Dunes), “B”, 4.05%, 9/01/2026 (Put Date 9/01/2025) | 1,750,000 | 1,759,929 | ||
| Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), HUD Section 8, 5%, 9/01/2026 (Put Date 9/01/2025) | 4,250,000 | 4,330,952 | ||
| Miami-Dade County, FL, Industrial Development Authority Rev. (Doral Academy Project), 5%, 1/15/2032 | 1,000,000 | 1,029,312 | ||
| Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2035 | 1,650,000 | 1,837,570 | ||
| Orange County, FL, Health Facilities Authority Rev. (AdventHealth Obligated Group), “C”, ETM, 5%, 11/15/2052 (Prerefunded 11/15/2026) | 1,140,000 | 1,205,722 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2028 | 150,000 | 157,953 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2029 | 200,000 | 212,671 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2030 | 200,000 | 214,323 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2031 | 200,000 | 216,031 | ||
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2032 | 250,000 | 272,150 | ||
| Pasco County, FL, School Board Refunding Certificates of Participation, “A”, 5%, 8/01/2025 | 100,000 | 102,639 | ||
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027 | 430,000 | 393,448 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2024 | 140,000 | 138,969 | ||
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2025 | 180,000 | 177,068 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2024 | 100,000 | 100,572 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2025 | 100,000 | 102,193 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2026 | 100,000 | 103,958 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2027 | 180,000 | 190,337 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2028 | 230,000 | 247,419 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2029 | 225,000 | 246,256 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2030 | 250,000 | 277,996 | ||
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2031 | 300,000 | 332,458 | ||
| $64,909,156 | ||||
| Georgia - 3.3% | ||||
| Appling County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Hatch Project), “A”, 1.5%, 1/01/2038 (Put Date 2/03/2025) | $ | 2,500,000 | $2,406,051 | |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 2.375%, 1/01/2031 | 1,000,000 | 888,237 | ||
| Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | 6,245,000 | 6,271,464 | ||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Georgia - continued | ||||
| Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 2.875%, 8/01/2043 (Put Date 8/19/2025) | $ | 2,000,000 | $1,961,804 | |
| Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, 10/01/2032 (Put Date 5/21/2026) | 750,000 | 750,532 | ||
| Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 2.925%, 11/01/2053 (Put Date 3/12/2024) | 5,000,000 | 4,992,661 | ||
| Burke County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), “A”, 1.5%, 1/01/2040 (Put Date 2/03/2025) | 2,030,000 | 1,953,713 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2024 | 535,000 | 536,457 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2025 | 800,000 | 817,289 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2027 | 500,000 | 528,005 | ||
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2028 | 500,000 | 539,401 | ||
| DeKalb, GA, Housing Authority, Multi-Family Housing Rev. (Tranquility at Decatur Project), “B”, 2.77%, 9/01/2025 (Put Date 3/01/2025) | 1,325,000 | 1,306,441 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 9,500,000 | 10,039,725 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 14,540,000 | 14,563,536 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029) | 8,845,000 | 9,287,606 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026) | 1,765,000 | 1,775,580 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 5/01/2052 (Put Date 12/01/2028) | 15,095,000 | 15,130,585 | ||
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 8,325,000 | 8,854,701 | ||
| Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2027 | 850,000 | 895,666 | ||
| Monroe County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Scherer Project), 2.25%, 7/01/2025 | 5,500,000 | 5,325,937 | ||
| $88,825,391 | ||||
| Guam - 0.2% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 400,000 | $420,889 | |
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.499%, 10/01/2025 | 620,000 | 588,723 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.899%, 10/01/2027 | 840,000 | 766,904 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.099%, 10/01/2028 | 1,880,000 | 1,684,401 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.339%, 10/01/2030 | 615,000 | 529,370 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 450,000 | 381,282 | ||
| $4,371,569 | ||||
| Hawaii - 0.0% | ||||
| Hawaii Harbor System Rev., “A”, 5%, 7/01/2024 | $ | 250,000 | $251,605 | |
| Hawaii Harbor System Rev., “A”, 5%, 7/01/2025 | 350,000 | 358,163 | ||
| Hawaii Harbor System Rev., “A”, 5%, 7/01/2027 | 250,000 | 264,274 | ||
| Hawaii Harbor System Rev., “A”, 5%, 7/01/2029 | 500,000 | 543,079 | ||
| $1,417,121 | ||||
| Idaho - 0.2% | ||||
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 5%, 3/01/2026 | $ | 2,000,000 | $2,064,605 | |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 5%, 3/01/2027 | 2,100,000 | 2,204,278 | ||
| Idaho Housing and Finance Association, Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024 | 1,840,000 | 1,806,490 | ||
| $6,075,373 | ||||
| Illinois - 8.8% | ||||
| Bolingbrook, IL, Special Service Areas Taxes, AGM, 4%, 3/01/2025 | $ | 1,500,000 | $1,512,667 | |
| Bolingbrook, IL, Special Service Areas Taxes, AGM, 4%, 3/01/2027 | 1,500,000 | 1,545,542 | ||
| Chicago, IL, “A”, 5%, 1/01/2029 | 3,000,000 | 3,209,685 | ||
| Chicago, IL, “A”, 5%, 1/01/2031 | 2,000,000 | 2,129,024 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 4,435,000 | 3,683,003 | ||
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026 | 1,925,000 | 1,729,482 | ||
| Chicago, IL, Board of Education, “A”, AAC, 5.5%, 12/01/2024 | 5,430,000 | 5,506,659 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2033 | 1,500,000 | 1,721,947 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2034 | 1,345,000 | 1,528,101 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2034 | 5,000,000 | 5,312,206 | ||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 | $ | 825,000 | $875,183 | |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6.1%, 4/01/2036 | 7,740,000 | 8,276,028 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5%, 12/01/2034 | 5,000,000 | 5,373,494 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.25%, 12/01/2035 | 7,145,000 | 7,780,348 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 7%, 12/01/2044 | 6,070,000 | 6,337,634 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 1,685,000 | 1,777,239 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 1,120,000 | 1,195,837 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 845,000 | 911,306 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 2,315,000 | 2,516,181 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2029 | 1,260,000 | 1,328,620 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2025 | 2,500,000 | 2,553,772 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2026 | 3,000,000 | 3,110,296 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2027 | 2,750,000 | 2,892,187 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2028 | 2,250,000 | 2,397,297 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “C”, AGM, 5%, 12/01/2027 | 10,000,000 | 10,517,042 | ||
| Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026 | 6,640,000 | 6,232,726 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 4,550,000 | 4,601,704 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 4,265,000 | 4,494,647 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 1,000,000 | 1,069,895 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2033 | 1,000,000 | 1,103,591 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2034 | 7,000,000 | 7,713,467 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029 | 3,110,000 | 3,248,914 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | 2,385,000 | 2,199,028 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev., Capital Appreciation, “A”, NPFG, 0%, 6/15/2024 | 7,075,000 | 6,974,269 | ||
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev., Capital Appreciation, “A”, NPFG, 0%, 12/15/2026 | 1,275,000 | 1,154,041 | ||
| Chicago, IL, Midway Airport Rev., Second Lien, “A”, 5.5%, 1/01/2030 | 3,060,000 | 3,060,476 | ||
| Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031 | 10,000,000 | 11,057,426 | ||
| Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2032 | 1,000,000 | 1,114,822 | ||
| Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2033 | 1,000,000 | 1,127,073 | ||
| Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | 1,637,250 | 1,639,117 | ||
| Chicago, IL, O’Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2025 | 2,000,000 | 2,023,877 | ||
| Chicago, IL, O’Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2026 | 3,500,000 | 3,597,915 | ||
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 2,000,000 | 2,087,038 | ||
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2025 | 5,000,000 | 5,059,693 | ||
| Chicago, IL, O'Hare International Airport, Passenger Facility Charge Rev., “B”, 5%, 1/01/2030 | 580,000 | 580,110 | ||
| Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State Of Good Repair Formula Funds), 5%, 6/01/2025 | 150,000 | 152,871 | ||
| Chicago, IL,Wastewater Transmission Rev., Second Lien, “B”, AGM, 5%, 1/01/2027 | 1,500,000 | 1,589,188 | ||
| Cook County, IL, School District No. 111, General Obligation, AGM, 4%, 12/01/2029 | 550,000 | 565,428 | ||
| Country Club Hills, Cook County, IL, Refunding, BAM, 4%, 12/01/2024 | 1,180,000 | 1,187,725 | ||
| DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2024 | 215,000 | 216,145 | ||
| DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2025 | 450,000 | 457,548 | ||
| Franklin Park, IL, General Obligation Refunding Debt Certificates, “A”, BAM, 3%, 10/01/2024 | 270,000 | 269,224 | ||
| Illinois Finance Authority Rev. (Advocate Health Care Network), “A-1”, 4%, 11/01/2030 | 1,935,000 | 1,972,424 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2024 | 345,000 | 345,044 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2025 | 460,000 | 462,109 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2026 | 485,000 | 489,769 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2028 | 530,000 | 541,983 | ||
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2030 | 590,000 | 609,956 | ||
| Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2025 | 825,000 | 839,472 | ||
| Illinois Finance Authority Rev. (OSF Healthcare System), “B-1”, 5%, 5/15/2050 (Put Date 11/15/2024) | 4,000,000 | 4,009,074 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.5%, 5/15/2029 | 805,000 | 808,220 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.75%, 5/15/2031 | 905,000 | 915,100 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.75%, 5/15/2032 | 955,000 | 963,671 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6%, 5/15/2033 | 1,015,000 | 1,038,529 | ||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6%, 5/15/2034 | $ | 1,075,000 | $1,092,483 | |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-2”, 5.25%, 11/15/2027 | 1,940,000 | 1,939,180 | ||
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-3”, 4.75%, 11/15/2027 | 845,000 | 844,653 | ||
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2025 | 750,000 | 762,152 | ||
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2026 | 750,000 | 770,121 | ||
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 1,035,000 | 468,338 | ||
| Illinois Finance Authority Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, 5/01/2040 (Put Date 9/01/2028) | 2,190,000 | 2,211,861 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2027 | 250,000 | 266,109 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2028 | 195,000 | 211,288 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2030 | 250,000 | 274,188 | ||
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2031 | 235,000 | 257,834 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2024 | 1,350,000 | 1,357,719 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 750,000 | 765,407 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 225,000 | 229,622 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 1,300,000 | 1,346,255 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 240,000 | 248,427 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 1,250,000 | 1,314,341 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 850,000 | 893,752 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2029 | 600,000 | 648,908 | ||
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 245,000 | 226,901 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2024 | 500,000 | 504,068 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2026 | 500,000 | 518,458 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2027 | 500,000 | 523,037 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2028 | 500,000 | 529,048 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2030 | 500,000 | 540,646 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2031 | 500,000 | 539,141 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2032 | 425,000 | 458,153 | ||
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2033 | 500,000 | 538,678 | ||
| Illinois Housing Development Authority Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025) | 6,175,000 | 6,196,901 | ||
| Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | 500,000 | 500,399 | ||
| Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029 | 2,405,000 | 2,567,566 | ||
| Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 965,000 | 967,750 | ||
| Kane County, IL, School District No. 131 Rev., “A”, AGM, 5%, 12/01/2025 | 340,000 | 351,519 | ||
| Kane County, IL, School District No. 131 Rev., “B”, AGM, 5%, 12/01/2025 | 700,000 | 723,715 | ||
| Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2025 | 545,000 | 548,168 | ||
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 3.375%, 12/01/2027 | 100,000 | 99,521 | ||
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028 | 450,000 | 462,174 | ||
9
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Illinois - continued | ||||
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029 | $ | 465,000 | $477,164 | |
| Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2025 | 80,000 | 80,315 | ||
| Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2027 | 165,000 | 168,052 | ||
| Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2028 | 170,000 | 174,219 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2024 | 525,000 | 526,255 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2025 | 425,000 | 433,206 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2026 | 690,000 | 711,564 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2027 | 525,000 | 549,401 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2028 | 640,000 | 678,833 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2030 | 1,000,000 | 1,081,272 | ||
| Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2032 | 1,325,000 | 1,420,515 | ||
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 5%, 10/01/2025 | 325,000 | 334,390 | ||
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 5%, 10/01/2026 | 250,000 | 260,004 | ||
| Peoria, IL, Public Building Commission, School District Facilities Rev., “A”, AGM, 4%, 12/01/2025 | 700,000 | 708,983 | ||
| Sangamon County, IL, Springfield School District No. 186, “C”, AGM, 4%, 6/01/2024 | 785,000 | 786,309 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2025 | 1,200,000 | 1,206,174 | ||
| Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2027 | 1,700,000 | 1,731,541 | ||
| Southwestern, IL, Development Authority Health Facility Rev. (Hospital Sisters Services, Inc.), “A”, 5%, 2/15/2025 | 1,000,000 | 1,012,941 | ||
| Southwestern, IL, Development Authority Health Facility Rev. (Hospital Sisters Services, Inc.), “A”, 5%, 2/15/2026 | 3,000,000 | 3,086,862 | ||
| State of Illinois, General Obligation, 5%, 2/01/2025 | 6,190,000 | 6,288,623 | ||
| State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 910,000 | 911,384 | ||
| State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 5,365,000 | 5,719,124 | ||
| State of Illinois, General Obligation, “C”, 4%, 3/01/2024 | 365,000 | 365,125 | ||
| State of Illinois, Sales Tax Rev., BAM, 5%, 6/15/2025 | 240,000 | 240,365 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2025 | 380,000 | 386,825 | ||
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2026 | 915,000 | 942,920 | ||
| $236,274,936 | ||||
| Indiana - 1.9% | ||||
| Ball State University Board of Trustees (Student Fee), “R”, 5%, 7/01/2024 | $ | 1,000,000 | $1,007,533 | |
| Dekalb & Steuben Counties, GA, Central School Buildings Corp. Property Tax, 4%, 7/15/2024 | 640,000 | 641,046 | ||
| Dekalb & Steuben Counties, GA, Central School Buildings Corp. Property Tax, 4%, 7/15/2025 | 570,000 | 574,489 | ||
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 1.99%, 11/15/2024 | 350,000 | 339,876 | ||
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 3.21%, 11/15/2028 | 115,000 | 104,356 | ||
| Indiana Finance Authority Rev., Taxable (BHI Senior Living), “B”, 2.52%, 11/15/2026 | 515,000 | 477,245 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 4.5%, 6/01/2033 | 3,425,000 | 3,578,681 | ||
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 270,000 | 276,718 | ||
| Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026) | 1,655,000 | 1,534,510 | ||
| Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2027 | 740,000 | 777,337 | ||
| Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2028 | 775,000 | 822,317 | ||
| Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2029 | 1,140,000 | 1,196,410 | ||
| Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2030 | 985,000 | 1,029,421 | ||
| Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 2.1%, 11/01/2049 (Put Date 11/01/2026) | 2,700,000 | 2,575,028 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2024 | 1,000,000 | 1,003,131 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2025 | 1,250,000 | 1,267,089 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2026 | 2,000,000 | 2,051,514 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2027 | 2,000,000 | 2,079,716 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2028 | 1,750,000 | 1,834,958 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2029 | 1,500,000 | 1,589,344 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2030 | 1,450,000 | 1,548,496 | ||
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031 | 520,000 | 558,830 | ||
| Indianapolis, IN, Local Public Improvement Bond Bank (Indianapolis Airport Authority Project), “I”, 5%, 1/01/2028 | 1,000,000 | 1,008,512 | ||
| Indianapolis, IN, Local Public Improvement Bond Bank, Convention Center Hotel Rev, “E”, 5%, 3/01/2033 | 1,000,000 | 1,084,170 | ||
| Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 7/15/2024 | 690,000 | 692,426 | ||
| Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 1/15/2025 | 355,000 | 357,742 | ||
| Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 7/15/2025 | 360,000 | 364,315 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2025 | 1,500,000 | 1,540,188 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2026 | 1,210,000 | 1,263,179 | ||
10
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Indiana - continued | ||||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 1/15/2027 | $ | 1,515,000 | $1,593,318 | |
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2027 | 1,000,000 | 1,059,486 | ||
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 1/15/2028 | 1,000,000 | 1,067,262 | ||
| Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 5,000,000 | 5,109,567 | ||
| Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 5%, 11/01/2047 | 7,500,000 | 7,541,551 | ||
| $49,549,761 | ||||
| Iowa - 0.4% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “A”, 5%, 12/01/2024 | $ | 1,000,000 | $1,013,189 | |
| Iowa Student Loan Liquidity Corp. Rev., “A”, 5%, 12/01/2025 | 1,425,000 | 1,455,650 | ||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2030 | 2,000,000 | 2,158,441 | ||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2031 | 2,100,000 | 2,286,111 | ||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2032 | 3,750,000 | 4,087,829 | ||
| $11,001,220 | ||||
| Kansas - 0.7% | ||||
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2024 (n) | $ | 1,300,000 | $1,298,942 | |
| Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028) | 1,545,000 | 1,697,035 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | 85,000 | 84,550 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2026 | 320,000 | 316,760 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2027 | 330,000 | 324,833 | ||
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2028 | 300,000 | 293,450 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2026 | 1,770,000 | 1,783,907 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2027 | 1,865,000 | 1,888,221 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2028 | 1,960,000 | 1,990,411 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2029 | 2,060,000 | 2,101,628 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2030 | 2,165,000 | 2,214,577 | ||
| Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2031 | 2,270,000 | 2,318,954 | ||
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033 | 2,010,000 | 2,023,355 | ||
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “B”, 5.125%, 12/01/2026 | 1,000,000 | 996,158 | ||
| $19,332,781 | ||||
| Kentucky - 2.5% | ||||
| Boone County, KY, Pollution Control Rev. (Duke Energy Kentucky, Inc. Project), “A”, 3.7%, 8/01/2027 | $ | 4,500,000 | $4,457,152 | |
| Carroll County, KY, Environmental Facilities Rev. (Utilities Company Project), “A”, 3.375%, 2/01/2026 | 10,000,000 | 9,800,647 | ||
| Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2024 | 225,000 | 226,286 | ||
| Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2025 | 270,000 | 275,922 | ||
| Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2026 | 225,000 | 233,641 | ||
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n) | 2,595,000 | 2,504,938 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2025 | 1,750,000 | 1,761,270 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2026 | 2,000,000 | 2,037,201 | ||
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2027 | 2,625,000 | 2,698,943 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2024 | 700,000 | 703,024 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2024 | 500,000 | 502,160 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2025 | 1,350,000 | 1,373,198 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2025 | 750,000 | 762,888 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2026 | 2,000,000 | 2,062,331 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2026 | 950,000 | 979,607 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2027 | 3,000,000 | 3,119,575 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2027 | 1,000,000 | 1,039,858 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2028 | 1,150,000 | 1,206,298 | ||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2029 | 700,000 | 742,388 | ||
11
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Kentucky - continued | ||||
| Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2029 | $ | 1,250,000 | $1,327,556 | |
| Kentucky Housing Corp., Single Family Mortgage Rev., “A”, GNMA, 6.25%, 7/01/2054 | 10,000,000 | 11,205,408 | ||
| Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2025 | 160,000 | 165,137 | ||
| Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024 | 95,000 | 96,194 | ||
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 4%, 5/01/2026 | 1,190,000 | 1,147,806 | ||
| Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 4%, 5/01/2027 | 1,105,000 | 1,053,089 | ||
| Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028) | 2,385,000 | 2,418,872 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., “B”, 4%, 1/01/2049 | 1,785,000 | 1,786,936 | ||
| Public Energy Authority of Kentucky, Gas Supply Rev., “C-1”, 4%, 12/01/2049 | 5,000,000 | 5,007,816 | ||
| Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027) | 945,000 | 957,790 | ||
| Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027) | 6,075,000 | 6,157,220 | ||
| $67,811,151 | ||||
| Louisiana - 0.5% | ||||
| Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054 | $ | 4,430,000 | $4,951,888 | |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 0.682%, 10/01/2024 | 500,000 | 485,970 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 0.965%, 10/01/2025 | 750,000 | 704,729 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.165%, 10/01/2026 | 330,000 | 302,116 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.406%, 10/01/2027 | 460,000 | 412,854 | ||
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.656%, 10/01/2028 | 1,285,000 | 1,134,821 | ||
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | 300,000 | 306,903 | ||
| New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 4%, 1/01/2026 | 4,105,000 | 4,119,719 | ||
| New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2024 | 350,000 | 351,744 | ||
| Shreveport, LA, Water & Sewer Rev., “B”, AGM, 5%, 12/01/2027 | 670,000 | 714,787 | ||
| $13,485,531 | ||||
| Maine - 0.3% | ||||
| Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2024 | $ | 310,000 | $313,630 | |
| Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2025 | 330,000 | 337,686 | ||
| Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2026 | 360,000 | 371,277 | ||
| State Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024) | 6,020,000 | 6,004,422 | ||
| $7,027,015 | ||||
| Maryland - 0.5% | ||||
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2024 | $ | 850,000 | $849,170 | |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2030 | 1,000,000 | 1,001,103 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 3%, 7/01/2024 | 245,000 | 244,129 | ||
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4%, 2/15/2028 (n) | 350,000 | 346,854 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “D”, 4%, 9/01/2036 | 295,000 | 294,052 | ||
| Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2024 | 1,350,000 | 1,352,207 | ||
| Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2025 | 1,600,000 | 1,617,298 | ||
| Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2026 | 650,000 | 663,154 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2025 | 475,000 | 479,051 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2026 | 495,000 | 505,989 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2027 | 430,000 | 444,118 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2028 | 300,000 | 313,435 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2029 | 290,000 | 306,406 | ||
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2030 | 285,000 | 304,452 | ||
12
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Maryland - continued | ||||
| Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025 | $ | 3,490,000 | $3,547,280 | |
| $12,268,698 | ||||
| Massachusetts - 1.7% | ||||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2026 | $ | 475,000 | $487,684 | |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2027 | 600,000 | 623,811 | ||
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2028 | 520,000 | 547,104 | ||
| Massachusetts Development Finance Agency Rev. (Caregroup, Inc.), “I”, 5%, 7/01/2027 | 2,435,000 | 2,534,413 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2024 | 225,000 | 224,099 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2025 | 230,000 | 227,475 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | 145,000 | 142,867 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2027 | 255,000 | 250,524 | ||
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2028 | 330,000 | 323,192 | ||
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | 110,000 | 110,211 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2025 | 1,500,000 | 1,524,586 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2026 | 1,750,000 | 1,796,732 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2027 | 2,000,000 | 2,079,369 | ||
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2024 | 1,000,000 | 1,005,429 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2025 | 1,150,000 | 1,166,155 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2026 | 1,500,000 | 1,525,848 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2027 | 1,000,000 | 1,021,661 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2028 | 780,000 | 803,350 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2029 | 850,000 | 880,223 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2024 | 365,000 | 368,473 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2025 | 350,000 | 358,910 | ||
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2026 | 350,000 | 365,459 | ||
| Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 3,455,000 | 3,268,707 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2024 | 600,000 | 603,752 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2025 | 850,000 | 870,181 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2026 | 1,000,000 | 1,031,598 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2027 | 1,500,000 | 1,561,479 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 45,000 | 44,262 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “I”, 5%, 1/01/2025 | 3,450,000 | 3,500,522 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 5,005,000 | 4,821,837 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 4,000,000 | 3,988,763 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038 | 3,725,000 | 3,514,432 | ||
| Massachusetts Housing Finance Agency Rev., “D-3”, FHA, 3.3%, 12/01/2026 | 1,000,000 | 1,000,514 | ||
| Massachusetts Housing Finance Agency, “A-3”, 3.05%, 12/01/2027 | 2,000,000 | 1,987,165 | ||
| $44,560,787 | ||||
| Michigan - 3.3% | ||||
| Detroit, MI, Downtown Development Authority Subordinate Tax Rev. (General Development Area No. 1 Project), “B”, AGM, 5%, 7/01/2025 | $ | 1,000,000 | $1,007,479 | |
| Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2033 | 1,900,000 | 1,909,455 | ||
| Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2029 | 1,000,000 | 1,005,882 | ||
| Flint, MI, Public Library Building & Site Rev., AGM, 3%, 5/01/2024 | 1,075,000 | 1,074,070 | ||
| Flint, MI, Public Library Building & Site Rev., AGM, 3%, 5/01/2025 | 675,000 | 670,995 | ||
| Lake Superior State University Board of Trustees General Refunding Rev., AGM, 4%, 11/15/2024 | 550,000 | 552,691 | ||
| Lincoln, MI, Consolidated School District, Counties of Washtenaw & Wayne Refunding (General Obligation - Unlimited Tax), Taxable, 0.55%, 5/01/2024 | 2,340,000 | 2,314,695 | ||
| Lincoln, MI, Consolidated School District, Counties of Washtenaw & Wayne Refunding (General Obligation - Unlimited Tax), Taxable, 0.83%, 5/01/2025 | 1,000,000 | 951,359 | ||
| Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) | 8,405,000 | 8,744,633 | ||
| Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028) | 1,470,000 | 1,313,404 | ||
| Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028) | 1,850,000 | 1,652,923 | ||
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2044 (Put Date 2/01/2025) | 10,000,000 | 10,156,374 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2026 | 1,000,000 | 1,020,578 | ||
13
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Michigan - continued | ||||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), “A”, 5%, 6/01/2030 | $ | 2,000,000 | $2,193,923 | |
| Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, 12/01/2042 (Put Date 4/01/2026) | 7,735,000 | 7,819,511 | ||
| Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 2,640,000 | 2,525,797 | ||
| Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053 | 3,490,000 | 3,679,643 | ||
| Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 6/01/2053 (Put Date 6/03/2030) | 10,750,000 | 10,648,978 | ||
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035 | 2,515,000 | 2,558,200 | ||
| Michigan Strategic Fund Ltd. Obligation Rev. (Consumers Energy Company Project), 0.875%, 4/01/2035 (Put Date 10/08/2026) | 6,680,000 | 5,983,812 | ||
| Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2027 | 2,000,000 | 2,088,085 | ||
| Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2028 | 3,000,000 | 3,148,803 | ||
| Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2028 | 3,000,000 | 3,166,958 | ||
| Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2027 | 1,000,000 | 1,049,168 | ||
| Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2028 | 1,125,000 | 1,195,410 | ||
| Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2030 | 500,000 | 546,247 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2024 | 250,000 | 253,853 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2025 | 350,000 | 362,871 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2026 | 1,745,000 | 1,819,666 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2027 | 2,775,000 | 2,939,913 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2028 | 2,595,000 | 2,791,154 | ||
| $87,146,530 | ||||
| Minnesota - 0.7% | ||||
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2025 | $ | 400,000 | $388,088 | |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | 235,000 | 223,304 | ||
| Duluth, MN, Independent School District No. 709, “A”, COP, 3.25%, 3/01/2024 | 650,000 | 649,554 | ||
| Duluth, MN, Independent School District No. 709, “A”, COP, 3.25%, 3/01/2025 | 675,000 | 668,981 | ||
| Duluth, MN, Independent School District No. 709, “A”, COP, 4%, 3/01/2027 | 730,000 | 726,427 | ||
| Duluth, MN, Independent School District No. 709, “A”, COP, 4%, 3/01/2028 | 765,000 | 759,862 | ||
| Duluth, MN, Independent School District No. 709, “B”, COP, STAPRP, 5%, 2/01/2025 | 135,000 | 137,590 | ||
| Duluth, MN, Independent School District No. 709, “A”, COP, 5%, 2/01/2025 | 500,000 | 509,594 | ||
| Minnesota Housing Finance Agency, Rental Housing, “A”, GNMA, 2.3%, 8/01/2024 | 1,000,000 | 990,893 | ||
| Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025 | 1,885,000 | 1,886,539 | ||
| Minnesota Housing Finance Agency, Rental Housing, “C”, HUD Section 8, 0.3%, 2/01/2024 | 3,170,000 | 3,170,000 | ||
| Minnesota Housing Finance Agency, Residential Housing, “C”, GNMA, 0.7%, 7/01/2024 | 375,000 | 368,629 | ||
| Minnesota Housing Finance Agency, Residential Housing, “O”, GNMA, 6%, 7/01/2053 | 5,000,000 | 5,419,025 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2024 | 615,000 | 620,272 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2025 | 850,000 | 865,808 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2026 | 700,000 | 724,231 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2027 | 700,000 | 731,816 | ||
| $18,840,613 | ||||
| Mississippi - 1.2% | ||||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2024 | $ | 2,780,000 | $2,793,035 | |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2025 | 3,680,000 | 3,733,216 | ||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 1,960,000 | 1,981,224 | ||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2028 | 380,000 | 384,648 | ||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2029 | 355,000 | 358,187 | ||
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2031 | 380,000 | 380,991 | ||
| Jackson, MS, General Obligation Refunding, 5%, 3/01/2024 | 500,000 | 500,310 | ||
| Jackson, MS, General Obligation Refunding, 5%, 3/01/2026 | 825,000 | 839,014 | ||
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2024 | 740,000 | 743,524 | ||
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2028 | 925,000 | 960,656 | ||
| Mississippi Gaming Tax Rev., “A”, 5%, 10/15/2024 | 750,000 | 757,762 | ||
| Mississippi Gaming Tax Rev., “A”, 5%, 10/15/2028 | 1,400,000 | 1,512,897 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 7,000,000 | 7,120,403 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2025 | 530,000 | 543,838 | ||
14
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Mississippi - continued | ||||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2027 | $ | 800,000 | $847,564 | |
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2028 | 975,000 | 1,048,099 | ||
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2029 | 400,000 | 435,987 | ||
| Warren County, MS, Gulf Opportunity Zone Rev. (International Paper Co. Project), “A”, 1.375%, 5/01/2034 (Put Date 6/16/2025) | 3,500,000 | 3,373,943 | ||
| Warren County, MS, Gulf Opportunity Zone Rev. (International Paper Co. Project), “C”, 1.375%, 8/01/2027 (Put Date 6/16/2025) | 3,000,000 | 2,891,951 | ||
| West Rankin, MS, Utility Authority Rev., Taxable, AGM, 1.001%, 1/01/2026 | 465,000 | 435,088 | ||
| West Rankin, MS, Utility Authority Rev., Taxable, AGM, 1.399%, 1/01/2028 | 500,000 | 448,117 | ||
| $32,090,454 | ||||
| Missouri - 1.0% | ||||
| Kansas City, MO, General Obligation Refunding & Improvement, “A”, 5%, 2/01/2024 | $ | 5,500,000 | $5,500,000 | |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2024 | 300,000 | 300,223 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2025 | 425,000 | 428,511 | ||
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | 150,000 | 152,578 | ||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2024 | 155,000 | 154,255 | ||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2026 | 205,000 | 199,821 | ||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2028 | 420,000 | 400,180 | ||
| Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2030 | 300,000 | 278,953 | ||
| Missouri Health & Educational Facilities Authority Rev. (Lutheran Senior Services Projects), “A”, 5%, 2/01/2025 | 215,000 | 215,206 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2027 | 2,500,000 | 2,665,847 | ||
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2028 | 7,820,000 | 8,495,769 | ||
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Home Ownership Loan Program), “E”, GNMA, 6.5%, 5/01/2054 | 3,440,000 | 3,900,640 | ||
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2024 | 400,000 | 398,431 | ||
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 150,000 | 144,375 | ||
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031 | 1,900,000 | 1,881,743 | ||
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., Taxable, “A”, 3%, 12/01/2027 | 940,000 | 944,610 | ||
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2024 | 150,000 | 150,115 | ||
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2025 | 280,000 | 282,237 | ||
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2026 | 300,000 | 304,618 | ||
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2027 | 350,000 | 358,609 | ||
| $27,156,721 | ||||
| Nevada - 0.4% | ||||
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2024 | $ | 1,500,000 | $1,507,897 | |
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2025 | 2,545,000 | 2,596,929 | ||
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026 | 1,545,000 | 1,604,333 | ||
| Director of the State of Nevada, Department of Business & Industry Rev. (Brightline West Passenger Rail Project), “A”, 4%, 1/01/2050 (Put Date 1/30/2025) | 1,820,000 | 1,820,022 | ||
| Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | 2,635,000 | 2,659,814 | ||
| $10,188,995 | ||||
| New Hampshire - 1.3% | ||||
| National Finance Authority Pollution Control Refunding Rev. (New York State Electric & Gas Corp. Project), “A”, 4%, 12/01/2028 | $ | 4,300,000 | $4,342,453 | |
| National Finance Authority, New Hampshire Rev., Taxable (Centurion Foundation), “C”, 11%, 12/15/2038 | 495,000 | 495,052 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2025 | 290,000 | 288,169 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2026 | 265,000 | 261,348 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2028 | 580,000 | 562,395 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2029 | 300,000 | 288,198 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2030 | 280,000 | 266,358 | ||
| National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2031 | 295,000 | 277,759 | ||
15
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Hampshire - continued | ||||
| National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038 | $ | 15,025,000 | $15,263,025 | |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038 | 905,000 | 905,103 | ||
| New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.25%, 6/01/2026 | 1,910,000 | 1,961,983 | ||
| New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Rev., “C”, GNMA, 6.25%, 1/01/2055 | 8,000,000 | 8,761,204 | ||
| $33,673,047 | ||||
| New Jersey - 5.0% | ||||
| Atlantic City, NJ, Board of Education, 4%, 4/01/2024 | $ | 160,000 | $160,191 | |
| Atlantic City, NJ, Board of Education, 4%, 4/01/2025 | 175,000 | 176,778 | ||
| Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 5%, 7/01/2024 | 150,000 | 151,074 | ||
| Atlantic City, NJ, Tax Appeal Refunding Rev., “A”, BAM, 5%, 3/01/2024 | 345,000 | 345,421 | ||
| Atlantic City, NJ, Tax Appeal Refunding Rev., “A”, BAM, 5%, 3/01/2027 | 200,000 | 212,222 | ||
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2025 | 305,000 | 307,613 | ||
| Camden County, NJ, Improvement Authority, Multi-Family Housing Rev. (Northgate I Apartments Project), 5%, 3/01/2027 (Put Date 3/01/2026) | 3,625,000 | 3,736,202 | ||
| Gloucester County, NJ, Improvement Authority Rev. (Rowan University Student Center Project), 0.6%, 3/01/2024 | 2,155,000 | 2,147,447 | ||
| Hudson County, NJ, Municipal Utilities Authority Rev., Sewer Project Notes, “A”, 4%, 5/03/2024 | 10,000,000 | 10,011,863 | ||
| Monmouth County, NJ, Improvement Authority Rev., Governmental Pooled Loan Project Notes, 4%, 3/15/2024 | 14,000,000 | 14,011,045 | ||
| New Jersey Building Authority, State Building Rev. Unrefunded Balance, “A”, BAM, 5%, 6/15/2025 | 1,205,000 | 1,237,693 | ||
| New Jersey Building Authority, State Building Rev. Unrefunded Balance, “A”, BAM, 5%, 6/15/2026 | 900,000 | 945,232 | ||
| New Jersey Building Authority, State Building Rev., “A”, ETM, BAM, 5%, 6/15/2025 | 795,000 | 817,650 | ||
| New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2024 | 1,000,000 | 1,010,048 | ||
| New Jersey Economic Development Authority Refunding Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2025 | 1,000,000 | 1,022,418 | ||
| New Jersey Economic Development Authority Refunding Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2026 | 1,000,000 | 1,043,695 | ||
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2033 (w) | 5,000,000 | 5,804,669 | ||
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2034 (w) | 3,000,000 | 3,521,216 | ||
| New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2033 | 1,500,000 | 1,753,019 | ||
| New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2034 | 1,040,000 | 1,206,363 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2025 | 1,610,000 | 1,652,858 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2026 | 2,000,000 | 2,093,762 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2027 | 1,500,000 | 1,601,750 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2028 | 3,000,000 | 3,194,728 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), “QQQ”, 5%, 6/15/2024 | 300,000 | 301,982 | ||
| New Jersey Economic Development Authority Rev. (School Facilities Construction), Capital Appreciation, “DDD”, AGM, 0%, 12/15/2026 | 9,445,000 | 8,587,630 | ||
| New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “E”, 0.85%, 12/01/2025 | 1,135,000 | 1,055,023 | ||
| New Jersey Economic Development Authority, Water Facilities Rev. (AmericanWater Co., Inc. Project), “B”, 3.75%, 11/01/2034 (Put Date 6/01/2028) | 2,350,000 | 2,358,830 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2024 | 2,150,000 | 2,161,407 | ||
| New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2026 | 1,420,000 | 1,449,489 | ||
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2027 | 2,000,000 | 2,132,444 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2024 | 330,000 | 334,352 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2025 | 415,000 | 425,035 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2026 | 335,000 | 346,677 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 6,915,000 | 6,782,254 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2024 | 2,350,000 | 2,373,091 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2024 | 575,000 | 582,584 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2025 | 2,600,000 | 2,662,871 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2025 | 850,000 | 870,554 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2026 | 2,300,000 | 2,380,172 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2026 | 1,430,000 | 1,479,846 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2027 | 1,550,000 | 1,624,477 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028 | 1,000,000 | 1,061,356 | ||
| New Jersey Housing & Mortgage Finance Agency, Multi-Family Conduit Rev. (New Irvine Taylor Apartments Project), “C”, HUD Section 8, 3.67%, 2/01/2026 | 3,165,000 | 3,172,275 | ||
16
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New Jersey - continued | ||||
| New Jersey Transportation Trust Fund Authority, “B”, AAC, 5.5%, 9/01/2026 | $ | 1,985,000 | $2,111,574 | |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2024 | 4,000,000 | 4,024,661 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2025 | 550,000 | 515,527 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2026 | 2,500,000 | 2,266,658 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2028 | 6,635,000 | 5,654,451 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2032 | 1,890,000 | 1,408,929 | ||
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2027 | 3,780,000 | 3,321,391 | ||
| New Jersey Turnpike Authority, Turnpike Rev., Taxable, “B”, 0.897%, 1/01/2025 | 1,905,000 | 1,839,079 | ||
| New Jersey Turnpike Authority, Turnpike Rev., Taxable, “B”, 1.047%, 1/01/2026 | 2,380,000 | 2,230,190 | ||
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, BAM, 5%, 7/15/2024 | 420,000 | 423,083 | ||
| Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2025 | 700,000 | 720,224 | ||
| Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2024 | 1,440,000 | 1,459,228 | ||
| Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2025 | 1,850,000 | 1,909,670 | ||
| Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2026 | 1,725,000 | 1,816,931 | ||
| Salem County, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025) | 2,500,000 | 2,505,147 | ||
| $132,514,049 | ||||
| New Mexico - 1.2% | ||||
| Clayton, NM, Jail Project Improvement Rev., NPFG, 5%, 11/01/2029 | $ | 1,000,000 | $1,018,977 | |
| Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), “D”, 3.9%, 6/01/2040 (Put Date 6/01/2028) | 7,000,000 | 7,037,698 | ||
| Lea County, NM, Hobbs Municipal School District No. 16, 5%, 9/15/2024 | 120,000 | 121,319 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2024 | 175,000 | 175,439 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2025 | 150,000 | 151,496 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2026 | 300,000 | 312,843 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2028 | 225,000 | 242,637 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2030 | 450,000 | 501,249 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2031 | 300,000 | 334,419 | ||
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2032 | 350,000 | 390,265 | ||
| New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2027 | 2,000,000 | 2,096,020 | ||
| New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2028 | 4,000,000 | 4,260,804 | ||
| New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2029 | 1,750,000 | 1,887,325 | ||
| New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2024 | 960,000 | 963,989 | ||
| New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2025 | 1,055,000 | 1,073,404 | ||
| New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2026 | 1,000,000 | 1,034,337 | ||
| New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 1,500,000 | 1,523,587 | ||
| New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 2,375,000 | 2,393,671 | ||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, “E”, GNMA, 6.25%, 9/01/2053 | 5,370,000 | 5,851,650 | ||
| $31,371,129 | ||||
| New York - 5.3% | ||||
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2024 | $ | 120,000 | $119,798 | |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 3.4%, 7/01/2027 | 245,000 | 241,578 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2024 | 600,000 | 605,307 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2027 | 700,000 | 730,579 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2025 (n) | 2,400,000 | 2,401,496 | ||
| New York Dormitory Authority, Personal Income Tax Rev. (General Purpose), 5.25%, 3/15/2039 | 3,070,000 | 3,346,110 | ||
| New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 (Put Date 4/01/2034) | 6,800,000 | 6,992,804 | ||
| New York Energy Research & Development Authority, Pollution Control Rev. (Rochester Gas & Electric Corp.), “A”, 3%, 8/01/2032 | 11,125,000 | 11,072,087 | ||
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 800,000 | 773,846 | ||
17
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| New York - continued | ||||
| New York Housing Finance Agency Affordable Housing Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | $ | 19,050,000 | $18,192,249 | |
| New York Housing Finance Agency Affordable Housing Rev., “A-2”, HUD Section 8, 3.75%, 11/01/2062 (Put Date 11/01/2029) | 3,000,000 | 3,013,271 | ||
| New York Housing Finance Agency Affordable Housing Rev., “G-2”, HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | 2,080,000 | 2,080,425 | ||
| New York Housing Finance Agency Affordable Housing Rev., “L-2”, 0.75%, 11/01/2025 | 1,010,000 | 945,231 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “242”, 3.5%, 10/01/2052 | 6,100,000 | 5,981,998 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2024 | 1,920,000 | 1,924,111 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 10/01/2024 | 1,955,000 | 1,972,832 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2025 | 1,990,000 | 2,022,714 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 10/01/2025 | 2,030,000 | 2,080,351 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2026 | 2,065,000 | 2,132,586 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “4th-9th”, 3.25%, 10/01/2028 | 3,750,000 | 3,750,611 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025 | 13,780,000 | 13,891,318 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2028 | 3,965,000 | 4,108,652 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2026 | 8,635,000 | 8,952,468 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2024 | 1,250,000 | 1,258,814 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2025 | 1,100,000 | 1,124,638 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3”, 1.125%, 5/01/2060 (Put Date 11/01/2024) | 3,325,000 | 3,253,664 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 0.9%, 5/01/2025 | 500,000 | 485,888 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1%, 11/01/2025 | 1,450,000 | 1,397,744 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1.1%, 5/01/2026 | 3,305,000 | 3,154,669 | ||
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1.15%, 11/01/2026 | 1,290,000 | 1,222,860 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 11/01/2062 (Put Date 12/22/2026) | 6,940,000 | 6,918,251 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2026 | 1,625,000 | 1,626,251 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2027 | 1,425,000 | 1,426,081 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2028 | 1,000,000 | 1,000,801 | ||
| Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2029 | 175,000 | 175,153 | ||
| Port Authority of NY & NJ (207th Series), 5%, 9/15/2027 | 1,755,000 | 1,854,927 | ||
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2025 | 1,475,000 | 1,517,031 | ||
| Poughkeepsie, NY, Public Improvement, 5%, 6/01/2024 | 465,000 | 465,598 | ||
| Poughkeepsie, NY, Public Improvement, 5%, 6/01/2025 | 235,000 | 236,846 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.45%, 9/01/2024 | 100,000 | 97,797 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.7%, 9/01/2025 | 110,000 | 104,312 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.95%, 9/01/2026 | 140,000 | 129,926 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 2.2%, 9/01/2027 | 135,000 | 123,129 | ||
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 493,567 | ||
| Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2024 | 700,000 | 702,994 | ||
| Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2025 | 750,000 | 762,293 | ||
| Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2026 | 250,000 | 257,199 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2025 | 1,000,000 | 1,016,508 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2026 | 2,000,000 | 2,061,954 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2027 | 1,500,000 | 1,566,644 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-2”, 2%, 5/15/2045 (Put Date 5/15/2026) | 10,000,000 | 9,596,912 | ||
| Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2024 | 300,000 | 300,649 | ||
| $141,665,522 | ||||
18
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| North Carolina - 1.5% | ||||
| Columbus County, NC, Industrial Facilities & Pollution Control, Financing Authority Rev. (International Paper Co.), “A”, 1.375%, 5/01/2034 (Put Date 6/16/2025) | $ | 1,000,000 | $963,984 | |
| Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2034 | 1,500,000 | 1,702,114 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2035 | 1,000,000 | 1,129,795 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2036 | 700,000 | 784,922 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2027 | 750,000 | 789,099 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2028 | 725,000 | 774,970 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2029 | 900,000 | 977,542 | ||
| Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2031 | 1,370,000 | 1,523,713 | ||
| New Hanover County, NC, General Obligation School, 5%, 9/01/2024 | 2,615,000 | 2,644,282 | ||
| North Carolina Capital Facilities Finance Agency Student Housing Rev. (NCA&T University Foundation LLC Project), “A”, AGM, 5%, 6/01/2024 | 700,000 | 702,839 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2025 | 250,000 | 254,753 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2027 | 1,250,000 | 1,299,823 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5.5%, 6/01/2031 | 3,250,000 | 3,593,522 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5.5%, 6/01/2032 | 3,250,000 | 3,619,533 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5.5%, 6/01/2033 | 3,250,000 | 3,638,501 | ||
| North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2043 | 1,020,000 | 1,047,901 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 5%, 1/01/2028 | 2,175,000 | 2,327,152 | ||
| North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 5%, 7/01/2030 | 1,500,000 | 1,657,857 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2024 | 395,000 | 395,099 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2025 | 420,000 | 421,560 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2026 | 440,000 | 442,657 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2027 | 460,000 | 463,373 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2028 | 365,000 | 367,796 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2029 | 760,000 | 731,524 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2030 | 790,000 | 753,375 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2031 | 820,000 | 774,387 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2024 | 220,000 | 219,882 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2025 | 265,000 | 263,224 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2026 | 245,000 | 246,479 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2027 | 290,000 | 292,126 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 185,000 | 186,417 | ||
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 4%, 10/01/2027 | 600,000 | 603,023 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Turnpike Rev., AGM, 5%, 1/01/2026 | 1,500,000 | 1,553,237 | ||
| Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2025 | 645,000 | 657,256 | ||
| Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2026 | 1,000,000 | 1,035,298 | ||
| $38,839,015 | ||||
| North Dakota - 0.2% | ||||
| Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | $ | 5,320,000 | $5,320,352 | |
| Ohio - 2.6% | ||||
| Akron, Bath, & Copley, OH, Joint Township Hospital District Facilities Rev. (Summa Health Obligated Group), 5%, 11/15/2026 | $ | 530,000 | $550,818 | |
| Akron, Bath, & Copley, OH, Joint Township Hospital District Facilities Rev. (Summa Health Obligated Group), 5%, 11/15/2028 | 240,000 | 255,007 | ||
| Cleveland, OH, Airport System Rev., “A”, 5%, 1/01/2025 | 1,970,000 | 1,991,924 | ||
19
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Cleveland, OH, Airport System Rev., “A”, 5%, 1/01/2026 | $ | 3,000,000 | $3,074,968 | |
| Cleveland, OH, Airport System Rev., “A”, AGM, 5%, 1/01/2025 | 1,250,000 | 1,270,454 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2026 | 2,000,000 | 2,051,570 | ||
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2027 | 2,150,000 | 2,236,859 | ||
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | 3,412,000 | 3,424,101 | ||
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025) | 2,800,000 | 2,843,000 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2027 | 680,000 | 692,694 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2028 | 820,000 | 840,445 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2029 | 860,000 | 884,844 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2030 | 905,000 | 933,446 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2031 | 950,000 | 979,627 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2032 | 995,000 | 1,023,773 | ||
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2033 | 1,045,000 | 1,074,473 | ||
| Lorain, OH, General Obligation, BAM, 4%, 12/01/2025 | 815,000 | 829,093 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2026 | 500,000 | 519,390 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2027 | 580,000 | 610,661 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2028 | 1,455,000 | 1,549,876 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2030 | 1,000,000 | 1,089,291 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2031 | 1,000,000 | 1,100,725 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2032 | 900,000 | 993,736 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2033 | 800,000 | 881,177 | ||
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2034 | 1,000,000 | 1,097,158 | ||
| Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 5%, 8/01/2024 | 205,000 | 206,483 | ||
| Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2024 | 100,000 | 100,958 | ||
| Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2026 | 200,000 | 206,917 | ||
| Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2028 | 120,000 | 127,144 | ||
| Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2030 | 135,000 | 145,779 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 2,895,000 | 2,923,076 | ||
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 3,430,000 | 3,451,665 | ||
| Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 12/01/2027 (Put Date 10/01/2024) | 2,000,000 | 1,955,439 | ||
| Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 3,245,000 | 3,172,700 | ||
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 405,000 | 401,764 | ||
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2027 | 720,000 | 725,554 | ||
| Ohio Higher Educational Facility Rev. (Case Western Reserve University Project), “C”, 1.625%, 12/01/2034 (Put Date 12/01/2026) | 5,000,000 | 4,750,671 | ||
| Ohio Housing Finance Agency Multi-Family Housing Rev. (Springboro Sherman Apartments Project), HUD Section 8, 3.53%, 2/01/2029 | 1,600,000 | 1,601,981 | ||
| Ohio Housing Finance Agency Multi-Family Housing Rev. (Thornwood Commons), HUD Section 8, 5%, 12/01/2026 (Put Date 12/01/2025) | 2,460,000 | 2,515,539 | ||
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054 | 5,925,000 | 6,280,163 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2026 | 140,000 | 144,709 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2027 | 420,000 | 439,315 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2028 | 370,000 | 390,303 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2029 | 825,000 | 876,802 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2031 | 475,000 | 506,283 | ||
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2032 | 290,000 | 309,034 | ||
20
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Ohio - continued | ||||
| Ohio State Hospital Rev. (University Hospitals Health System, Inc.), 5%, 1/15/2050 (Put Date 1/15/2025) | $ | 5,595,000 | $5,674,488 | |
| Triway, OH, Local School District Board of Education, BAM, 3%, 12/01/2024 | 400,000 | 399,357 | ||
| Youngstown State University, OH, General Receipts, AGM, 4%, 12/15/2024 | 650,000 | 654,774 | ||
| $70,760,008 | ||||
| Oklahoma - 0.5% | ||||
| Cushing, OK, Educational Facilities Lease Authority Rev. (Cushing Public Schools Project), 5%, 9/01/2024 | $ | 5,000,000 | $5,046,468 | |
| Oklahoma City, OK, Economic Development Trust Tax Apportionment Refunding Rev., Taxable (Increment District No. 8), “A”, 0.648%, 3/01/2024 | 1,070,000 | 1,066,002 | ||
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “D”, GNMA, 6.5%, 9/01/2054 | 2,250,000 | 2,547,892 | ||
| Rogers County, OK, Educational Facilities Authority Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2024 | 950,000 | 959,322 | ||
| Tulsa County, OK, Industrial Authority, Senior Living Community Rev. (Montereau, Inc.), 5%, 11/15/2025 | 800,000 | 808,791 | ||
| Tulsa County, OK, Industrial Authority, Senior Living Community Rev. (Montereau, Inc.), 5%, 11/15/2026 | 500,000 | 507,753 | ||
| Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2024 | 425,000 | 425,247 | ||
| Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2025 | 440,000 | 442,186 | ||
| Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2026 | 300,000 | 302,703 | ||
| $12,106,364 | ||||
| Oregon - 0.7% | ||||
| Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2025 (Put Date 5/01/2024) | $ | 1,350,000 | $1,346,063 | |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 455,000 | 397,985 | ||
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 365,000 | 328,376 | ||
| Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035 | 7,850,000 | 8,519,765 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2024 | 200,000 | 201,798 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2025 | 225,000 | 229,337 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2026 | 150,000 | 154,766 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2027 | 125,000 | 130,323 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2028 | 150,000 | 158,385 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2029 | 300,000 | 320,899 | ||
| Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2030 | 300,000 | 324,387 | ||
| Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, “T-2”, 3%, 2/01/2026 (Put Date 2/01/2025) | 2,375,000 | 2,356,076 | ||
| Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2024 | 1,500,000 | 1,508,329 | ||
| Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2025 | 1,000,000 | 1,021,377 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2024 | 125,000 | 125,509 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2025 | 125,000 | 126,928 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2027 | 425,000 | 441,728 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2029 | 400,000 | 424,060 | ||
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2030 | 300,000 | 321,137 | ||
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 30,000 | 28,817 | ||
| $18,466,045 | ||||
| Pennsylvania - 5.8% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2026 | $ | 2,750,000 | $2,852,825 | |
| Allentown, PA, City School District, BAM, 5%, 2/01/2026 | 4,155,000 | 4,291,278 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2024 | 150,000 | 150,371 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2025 | 500,000 | 506,138 | ||
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | 490,000 | 503,228 | ||
| Altoona, PA, Area School District, Taxable, AGM, 0.733%, 12/01/2024 | 1,105,000 | 1,066,565 | ||
| Altoona, PA, Area School District, Taxable, AGM, 1.005%, 12/01/2025 | 900,000 | 841,570 | ||
| Beaver County, PA, Big Beaver Falls School District Rev., BAM, 5%, 3/15/2025 | 1,325,000 | 1,351,572 | ||
| Beaver County, PA, Rochester Area School District, BAM, 1%, 5/01/2024 | 200,000 | 198,264 | ||
| Beaver County, PA, Rochester Area School District, BAM, 3%, 5/01/2025 | 500,000 | 498,273 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2024 | 400,000 | 304,686 | ||
21
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2025 | $ | 1,950,000 | $1,318,592 | |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2026 | 200,000 | 127,029 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2027 | 465,000 | 276,450 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 855,000 | 471,599 | ||
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029 | 1,620,000 | 860,982 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2024 | 435,000 | 435,000 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2025 | 565,000 | 400,510 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2026 | 1,000,000 | 650,124 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2027 | 1,100,000 | 679,142 | ||
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-2”, 5%, 2/01/2040 (Put Date 2/01/2027) | 5,545,000 | 3,423,491 | ||
| Berks County, PA, Reading School District, “A”, BAM, 4%, 4/01/2024 | 615,000 | 615,307 | ||
| Berks County, PA, Reading School District, “A”, BAM, 4%, 4/01/2025 | 1,000,000 | 1,006,054 | ||
| Berks County, PA, Reading School District, “B”, BAM, 4%, 4/01/2024 | 1,200,000 | 1,200,599 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2025 | 360,000 | 341,714 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2026 | 755,000 | 696,774 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2027 | 795,000 | 713,533 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2028 | 830,000 | 724,708 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2029 | 865,000 | 735,007 | ||
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 450,000 | 372,261 | ||
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2027 | 3,000,000 | 3,167,728 | ||
| Connellsville, PA, Area School District General Obligation, AGM, 4%, 11/15/2024 | 530,000 | 533,209 | ||
| Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | 1,000,000 | 1,006,237 | ||
| Delaware Valley, PA, Regional Finance Authority, “A”, 2%, 10/01/2029 | 4,550,000 | 4,127,259 | ||
| Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2027 | 1,075,000 | 1,137,539 | ||
| Erie, PA, City School District General Obligation, “B”, AGM, 5%, 4/01/2024 | 230,000 | 230,569 | ||
| Erie, PA, City School District General Obligation, “B”, AGM, 5%, 4/01/2025 | 475,000 | 484,992 | ||
| Erie, PA, City School District General Obligation, “C”, AGM, 5%, 4/01/2024 | 275,000 | 275,680 | ||
| Fayette County, PA, Laurel Highlands School District, General Obligation , BAM, 4%, 2/01/2024 | 320,000 | 320,000 | ||
| Fayette County, PA, Laurel Highlands School District, General Obligation , BAM, 4%, 2/01/2025 | 350,000 | 352,035 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2024 | 700,000 | 704,920 | ||
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2025 | 265,000 | 268,709 | ||
| Lancaster County, PA, Pequea Valley School District, 3%, 5/15/2024 | 225,000 | 224,687 | ||
| Lancaster County, PA, Pequea Valley School District, 1.5%, 5/15/2025 | 125,000 | 120,738 | ||
| Lancaster County, PA, Pequea Valley School District, 4%, 5/15/2025 | 100,000 | 101,048 | ||
| Lancaster County, PA, Pequea Valley School District, 1.5%, 5/15/2026 | 150,000 | 142,228 | ||
| Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 5%, 10/01/2024 | 465,000 | 470,159 | ||
| Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 5%, 10/01/2025 | 630,000 | 648,719 | ||
| Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 4%, 10/01/2031 | 500,000 | 516,500 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2024 | 1,015,000 | 1,019,000 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2025 | 525,000 | 531,286 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 3%, 12/01/2025 | 500,000 | 497,850 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2029 | 410,000 | 422,109 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 3%, 12/01/2029 | 525,000 | 519,070 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2030 | 425,000 | 437,681 | ||
| Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2031 | 440,000 | 452,603 | ||
| Lawrence County, PA, New Castle Area School District, General Obligation, BAM, 4%, 3/01/2024 | 500,000 | 500,243 | ||
| Lawrence County, PA, New Castle Area School District, General Obligation, BAM, 4%, 3/01/2025 | 805,000 | 810,774 | ||
| Lehigh County, PA, Industrial Development Authority, Pollution Control Rev. (PPL Electric Utilities Corporation Project), “A”, 3%, 9/01/2029 | 8,000,000 | 7,806,674 | ||
| Luzerne County, PA, “A”, AGM, 5%, 12/15/2024 | 410,000 | 416,993 | ||
| Luzerne County, PA, Industrial Development Authority, Tax Exempt Guaranteed Lease Rev., AGM, 5%, 12/15/2025 | 1,000,000 | 1,031,223 | ||
| Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, “A”, AGM, 2%, 3/01/2029 | 1,135,000 | 1,036,546 | ||
| Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.039%, 3/01/2025 | 515,000 | 494,008 | ||
| Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.229%, 3/01/2026 | 1,250,000 | 1,167,130 | ||
| Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.47%, 3/01/2027 | 1,000,000 | 914,316 | ||
| Lycoming County, PA, College Rev. (Pennsylvania College of Technology), “A”, BAM, 5%, 7/01/2024 | 1,000,000 | 1,006,501 | ||
22
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Lycoming County, PA, College Rev. (Pennsylvania College of Technology), “A”, BAM, 5%, 7/01/2025 | $ | 500,000 | $510,480 | |
| Monroeville, PA, Finance Authority University of Pittsburgh Medical Centry Rev., “B”, 5%, 2/15/2024 | 1,115,000 | 1,115,636 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2029 | 1,000,000 | 1,086,406 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2030 | 1,350,000 | 1,471,350 | ||
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2031 | 2,355,000 | 2,561,057 | ||
| Pennsylvania Economic Development Financing Authority Rev., Private Activity Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2029 | 1,805,000 | 1,850,891 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2031 | 10,825,000 | 12,106,717 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 5,000,000 | 5,114,693 | ||
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026 | 110,000 | 109,827 | ||
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A-2”, 4.6%, 10/01/2046 (Put Date 10/01/2026) | 5,000,000 | 5,045,397 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2026 | 2,050,000 | 2,102,341 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2026 | 475,000 | 487,128 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 2,700,000 | 2,807,617 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 350,000 | 363,950 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2028 | 550,000 | 578,048 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | 230,000 | 244,843 | ||
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | 3,590,000 | 3,821,676 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2024 | 340,000 | 341,357 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2025 | 350,000 | 357,383 | ||
| Pennsylvania Higher Educational Facilities Authority Rev. (Trustees of the University of Pennsylvania), “A”, 5%, 2/15/2024 | 750,000 | 750,497 | ||
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Cambridge Square), “B”, FNMA, 5%, 11/01/2026 (Put Date 11/01/2025) | 500,000 | 510,998 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 2.8%, 4/01/2024 | 1,110,000 | 1,107,991 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 4.75%, 4/01/2033 | 4,650,000 | 4,659,205 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “133”, 5%, 10/01/2025 | 750,000 | 771,054 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “133”, 5%, 10/01/2026 | 740,000 | 775,773 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2024 | 485,000 | 485,757 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2024 | 805,000 | 810,759 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2025 | 575,000 | 582,482 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2025 | 1,090,000 | 1,111,718 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2026 | 1,105,000 | 1,134,189 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2026 | 2,250,000 | 2,320,913 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2027 | 2,285,000 | 2,370,352 | ||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.2%, 10/01/2028 | 3,550,000 | 3,448,245 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2024 | 320,000 | 321,973 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2025 | 375,000 | 383,891 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Community College), BAM, 5%, 3/01/2024 | 560,000 | 560,775 | ||
| Pennsylvania Public School Building Authority, College Rev. (Northampton County Community College), BAM, 5%, 3/01/2025 | 675,000 | 687,305 | ||
| Pennsylvania Public School Building Authority, College Rev. (Westmoreland County Community College), AGM, 4%, 10/15/2024 | 300,000 | 301,604 | ||
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032 | 240,000 | 242,070 | ||
| Philadelphia, PA, Authority for Industrial Development City Agreement Rev. (Cultural and Commercial Corridors Program), “A”, 5%, 12/01/2024 | 5,675,000 | 5,753,113 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2025 | 1,000,000 | 1,026,481 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2026 | 635,000 | 662,665 | ||
| Philadelphia, PA, School District, “A”, 5%, 9/01/2027 | 1,850,000 | 1,959,891 | ||
| Philadelphia, PA, School District, “A”, 5.25%, 9/01/2036 | 2,250,000 | 2,607,877 | ||
| Philadelphia, PA, School District, “A”, 5.25%, 9/01/2037 | 4,030,000 | 4,632,173 | ||
| Philadelphia, PA, School District, “A”, 5.25%, 9/01/2038 | 1,295,000 | 1,478,115 | ||
| Philadelphia, PA, School District, “F”, 5%, 9/01/2026 | 5,000,000 | 5,244,410 | ||
23
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Pennsylvania - continued | ||||
| Wayne County, PA, County Guaranteed Hospital Rev. (Wayne Memorial Hospital Project), “A”, 5%, 7/01/2030 | $ | 500,000 | $526,200 | |
| West Mifflin, PA, Area School District, AGM, 5%, 4/01/2024 | 1,250,000 | 1,254,152 | ||
| West Mifflin, PA, Area School District, AGM, 5%, 4/01/2025 | 1,000,000 | 1,020,459 | ||
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2025 | 1,095,000 | 1,092,591 | ||
| Westmoreland County, PA, Burrell School District, BAM, 4%, 7/15/2024 | 745,000 | 747,853 | ||
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2024 | 440,000 | 439,131 | ||
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2025 | 625,000 | 619,259 | ||
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 150,000 | 147,232 | ||
| $156,136,559 | ||||
| Puerto Rico - 2.3% | ||||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | $ | 14,750,000 | $15,972,992 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 1,521,000 | 1,694,384 | ||
| Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2024 | 3,430,000 | 3,440,489 | ||
| Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 | 315,000 | 318,154 | ||
| Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n) | 4,100,000 | 4,141,053 | ||
| Puerto Rico Aqueduct and Sewer Authority Rev., “B”, 5%, 7/01/2025 | 265,000 | 267,653 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 110,000 | 110,023 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025 | 115,000 | 115,024 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “RR”, NPFG, 5%, 7/01/2024 | 1,920,000 | 1,920,436 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 195,000 | 193,856 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 625,000 | 619,482 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 3,930,000 | 3,907,482 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 530,000 | 530,324 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026 | 25,000 | 25,015 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 1,310,000 | 1,310,054 | ||
| Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026) | 1,575,000 | 1,632,301 | ||
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 90,000 | 90,622 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034 | 207,000 | 207,885 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 718,000 | 631,150 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 15,340,000 | 12,465,990 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 16,249,000 | 11,140,664 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 245,000 | 245,279 | ||
| $60,980,312 | ||||
| Rhode Island - 1.2% | ||||
| Rhode Island Health and Educational Building Corp. Rev. (Lifespan Obligated Group), 5%, 5/15/2026 | $ | 5,000,000 | $5,111,419 | |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev. (Providence College), “B”, 5%, 11/01/2024 | 430,000 | 435,913 | ||
| Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052 | 6,970,000 | 7,325,579 | ||
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2025 | 600,000 | 615,366 | ||
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2026 | 875,000 | 910,759 | ||
| Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, “1”, 4.125%, 12/01/2041 | 5,145,000 | 5,120,131 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 4%, 12/01/2025 | 2,005,000 | 2,008,642 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2026 | 950,000 | 988,824 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2027 | 800,000 | 837,274 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2028 | 1,000,000 | 1,069,134 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 700,000 | 659,965 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2024 | 765,000 | 775,089 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2025 | 1,000,000 | 1,025,611 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2026 | 1,125,000 | 1,170,976 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2027 | 2,130,000 | 2,229,241 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2028 | 1,185,000 | 1,269,649 | ||
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2029 | 1,250,000 | 1,359,866 | ||
| $32,913,438 | ||||
24
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| South Carolina - 1.0% | ||||
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) | $ | 8,700,000 | $9,416,012 | |
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2025 | 900,000 | 913,342 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2025 | 1,005,000 | 1,028,441 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (AnMed Health), 5%, 2/01/2038 | 1,680,000 | 1,716,321 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.368%, 12/01/2024 | 5,000,000 | 4,868,042 | ||
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.468%, 12/01/2025 | 6,850,000 | 6,509,904 | ||
| Sumter, SC, Two School Facilities, Inc. (Sumter School District), BAM, 5%, 12/01/2024 | 1,000,000 | 1,012,120 | ||
| Sumter, SC, Two School Facilities, Inc. (Sumter School District), BAM, 5%, 12/01/2025 | 1,500,000 | 1,548,381 | ||
| $27,012,563 | ||||
| South Dakota - 0.1% | ||||
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 3,425,000 | $3,376,597 | |
| Tennessee - 3.1% | ||||
| Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2025 | $ | 545,000 | $545,653 | |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (East Tennessee Children's Hospital), 5%, 11/15/2029 | 1,175,000 | 1,267,291 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2024 | 750,000 | 751,556 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2025 | 2,350,000 | 2,380,311 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2027 | 265,000 | 275,782 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2028 | 500,000 | 518,868 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2028 | 490,000 | 507,012 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2029 | 1,450,000 | 1,505,080 | ||
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 6,970,000 | 7,424,799 | ||
| Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | 930,000 | 930,774 | ||
| Memphis-Shelby County, TN, Airport Authority Refunding Rev., “C”, 5%, 7/01/2024 | 850,000 | 854,020 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2026 | 175,000 | 180,775 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., “B”, 5%, 7/01/2024 | 4,000,000 | 4,018,919 | ||
| Memphis-Shelby County, TN, Airport Authority Rev., “B”, 5%, 7/01/2025 | 2,500,000 | 2,546,506 | ||
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 7/01/2032 | 1,250,000 | 1,423,989 | ||
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2031 | 1,170,000 | 1,080,314 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2024 | 575,000 | 579,278 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2025 | 575,000 | 585,091 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2026 | 725,000 | 745,271 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 12/01/2027 | 750,000 | 783,763 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 15,915,000 | 16,980,871 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 16,000,000 | 16,629,408 | ||
| Tennessee Energy Acquisition Corp., Gas Rev., “A”, 4%, 11/01/2049 | 18,380,000 | 18,405,252 | ||
| Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2025 | 1,350,000 | 1,381,488 | ||
| $82,302,071 | ||||
| Texas - 7.9% | ||||
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Riverwalk Education Foundation, Inc.), Texas PSF, 5%, 8/15/2024 | $ | 325,000 | $327,973 | |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Riverwalk Education Foundation, Inc.), Texas PSF, 5%, 8/15/2025 | 400,000 | 411,290 | ||
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n) | 575,000 | 573,401 | ||
| Arlington, TX, Housing Finance Corp. Multi-Family Housing Rev. (6900 Matlock Road Project), 4.5%, 4/01/2041 (Put Date 4/01/2027) | 5,000,000 | 5,105,387 | ||
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2025 | 2,790,000 | 2,801,842 | ||
| Bexar County, TX, Venue Project Rev., Taxable, AGM, 0.76%, 8/15/2024 | 455,000 | 444,473 | ||
| Bexar County, TX, Venue Project Rev., Taxable, AGM, 1.082%, 8/15/2025 | 720,000 | 678,896 | ||
| Bexar County, TX, Venue Project Rev., Taxable, AGM, 1.272%, 8/15/2026 | 315,000 | 289,138 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2024 | 1,025,000 | 1,026,940 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2025 | 985,000 | 997,592 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2026 | 940,000 | 963,453 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2026 | 1,005,000 | 1,032,391 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2027 | 805,000 | 835,313 | ||
25
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2028 | $ | 710,000 | $743,247 | |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2028 | 1,340,000 | 1,402,747 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2029 | 495,000 | 523,192 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2029 | 1,440,000 | 1,522,707 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2030 | 2,195,000 | 2,415,839 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2031 | 3,875,000 | 4,297,341 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2032 | 5,000,000 | 5,584,922 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2033 | 2,500,000 | 2,809,225 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 3%, 4/01/2039 | 15,000 | 14,955 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.305%, 4/01/2024 | 375,000 | 372,569 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.674%, 4/01/2025 | 250,000 | 240,977 | ||
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.974%, 4/01/2026 | 375,000 | 354,387 | ||
| Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2025 | 950,000 | 963,977 | ||
| Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2026 | 1,000,000 | 1,027,030 | ||
| Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2027 | 1,000,000 | 1,026,877 | ||
| Bryan, TX, Electric System Rev., “A”, AGM, 5%, 7/01/2024 | 265,000 | 266,843 | ||
| Capital Area, TX, Housing Finance Corp., Multi-Family Housing Rev. (Grand Ave. Flats), 0.29%, 8/01/2039 (Put Date 8/01/2024) | 2,370,000 | 2,315,733 | ||
| Cinco Southwest, TX, Municipal Utility District No. 1 Contract Refunding Rev., BAM, 3%, 12/01/2024 | 190,000 | 189,414 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), Texas PSF, 5%, 8/15/2024 | 600,000 | 604,054 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), Texas PSF, 5%, 8/15/2027 | 1,350,000 | 1,437,043 | ||
| Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 3.375%, 12/01/2024 | 375,000 | 371,130 | ||
| Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4.5%, 9/01/2025 | 490,000 | 497,945 | ||
| Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4.5%, 9/01/2027 | 525,000 | 544,341 | ||
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | 2,755,000 | 2,730,311 | ||
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) | 3,540,000 | 3,588,780 | ||
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2024 | 205,000 | 205,272 | ||
| El Paso, TX, General Obligation, 4%, 8/15/2029 | 1,440,000 | 1,461,621 | ||
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2024 | 110,000 | 110,402 | ||
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2024 | 155,000 | 155,566 | ||
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2025 | 120,000 | 121,302 | ||
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2025 | 150,000 | 151,627 | ||
| EP Tuscany Zaragosa PFC, TX, Residential Development Rev. (Home Essential Function Housing Program) , 4%, 12/01/2033 | 15,000,000 | 14,781,022 | ||
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037 | 1,905,000 | 2,184,233 | ||
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038 | 1,430,000 | 1,612,700 | ||
| Fort Bend County, TX, Municipal Utility District No. 134B, AGM, 3%, 3/01/2024 | 585,000 | 584,508 | ||
| Galveston, TX, Public Facility Corp., Multi-Family Housing Rev. (Oleanders At Broadway), HUD Section 8, 0.47%, 8/01/2025 (Put Date 8/01/2024) | 4,935,000 | 4,828,612 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2026 | 500,000 | 519,562 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2027 | 500,000 | 527,313 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2029 | 965,000 | 1,042,452 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2030 | 1,015,000 | 1,108,556 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2031 | 1,070,000 | 1,178,236 | ||
| Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2032 | 380,000 | 421,190 | ||
| Garland, TX, Electric Utility System Rev., Taxable (Dallas, Collin and Rockwall Counties), “B”, 0.723%, 3/01/2024 | 600,000 | 597,943 | ||
| Garland, TX, Electric Utility System Rev., Taxable (Dallas, Collin and Rockwall Counties), “B”, 1.068%, 3/01/2025 | 800,000 | 766,652 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “B”, 5%, 6/01/2050 (Put Date 12/01/2028) | 4,000,000 | 4,305,264 | ||
| Harris County, TX, Morton Road Municipal Utility District, BAM, 3%, 9/01/2025 | 265,000 | 263,404 | ||
| Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2024 | 530,000 | 529,076 | ||
| Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2025 | 530,000 | 519,852 | ||
| Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2026 | 530,000 | 504,988 | ||
| Harris County, TX, Spring Branch Independent School District, Texas PSF, 5%, 2/01/2024 | 4,000,000 | 4,000,000 | ||
| Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2024 | 590,000 | 590,000 | ||
| Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 410,000 | 407,781 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 905,000 | 906,147 | ||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), “A”, 5%, 7/01/2027 | 355,000 | 358,863 | ||
26
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027 | $ | 490,000 | $495,439 | |
| Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2024 | 4,475,000 | 4,496,166 | ||
| Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2025 | 1,000,000 | 1,018,603 | ||
| Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2026 | 3,000,000 | 3,115,210 | ||
| Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Rev., 4%, 9/01/2024 | 255,000 | 255,874 | ||
| Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Rev., 4%, 9/01/2025 | 230,000 | 232,789 | ||
| Houston, TX, Housing Finance Corp., Multi-Family Housing Rev. (Sweet Gardens Apartments Project), 4%, 10/01/2025 (Put Date 10/01/2024) | 6,175,000 | 6,179,153 | ||
| Houston, TX, Memorial City Redevelopment Authority Rev., AGM, 5%, 9/01/2024 | 575,000 | 580,344 | ||
| Houston, TX, Memorial City Redevelopment Authority Rev., AGM, 5%, 9/01/2026 | 1,100,000 | 1,146,536 | ||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2024 | 250,000 | 252,796 | ||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2025 | 500,000 | 511,160 | ||
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2028 | 350,000 | 362,994 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2025 | 130,000 | 131,349 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2026 | 150,000 | 152,993 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2028 | 225,000 | 234,238 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2029 | 275,000 | 289,030 | ||
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2030 | 185,000 | 194,531 | ||
| Lower Colorado River Authority Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2024 | 1,120,000 | 1,125,435 | ||
| Matagorda County, TX, Navigation District Number One Pollution Control Refunding Rev. (Central Power & Light Co. Project), 4.25%, 5/01/2030 | 6,875,000 | 6,840,466 | ||
| Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 2.6%, 11/01/2029 | 3,000,000 | 2,736,486 | ||
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 6,340,000 | 6,332,725 | ||
| North Central, TX, Housing Finance Corp., Multi-Family Housing Rev. (Bluebonnet Ridge Apartments), 0.375%, 8/01/2040 (Put Date 8/01/2024) | 3,150,000 | 3,079,866 | ||
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5%, 6/01/2024 | 1,915,000 | 1,926,129 | ||
| Port Arthur, TX, Combination Tax & Certificates of Obligation Rev., BAM, 5%, 2/15/2024 | 250,000 | 250,138 | ||
| Port Arthur, TX, Combination Tax & Certificates of Obligation Rev., BAM, 5%, 2/15/2025 | 500,000 | 509,024 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 1.875%, 1/01/2026 (n) | 850,000 | 797,949 | ||
| Public Facility Corp., Texas Multi-Family Housing Rev. (Lakeside Manor Apartments), 3.25%, 3/01/2040 (Put Date 9/01/2025) | 5,000,000 | 4,942,759 | ||
| San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2024 | 1,595,000 | 1,602,806 | ||
| San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2025 | 1,015,000 | 1,034,444 | ||
| San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2026 | 1,690,000 | 1,754,902 | ||
| San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2027 | 1,870,000 | 1,971,811 | ||
| San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2028 | 565,000 | 604,182 | ||
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family Housing Rev. (Country Club Village), 4%, 8/01/2026 (Put Date 8/01/2025) | 4,375,000 | 4,394,529 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2024 | 860,000 | 864,209 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2025 | 1,600,000 | 1,630,650 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2026 | 1,250,000 | 1,293,302 | ||
| San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2027 | 2,750,000 | 2,892,456 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032) | 3,895,000 | 4,374,281 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “F”, 5%, 11/15/2052 (Put Date 11/15/2030) | 4,750,000 | 5,290,340 | ||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2025 | 1,675,000 | 1,668,942 | ||
| Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2024 | 135,000 | 136,243 | ||
| Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2025 | 140,000 | 144,213 | ||
| Texas Affordable Housing Corp., Multi-Family Rev. (Eden Court Apartments Project), Texas PSF, 5%, 4/01/2043 (Put Date 4/01/2026) | 2,100,000 | 2,160,640 | ||
| Texas Department of Housing & Community Affairs, Multi-Family Housing Rev. (Aspen Park), 5%, 3/01/2041 (Put Date 3/01/2026) | 4,000,000 | 4,055,748 | ||
| Texas Municipal Gas Acquisition and Supply Corp IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034) | 11,345,000 | 12,690,919 | ||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031 | 9,885,000 | 10,521,334 | ||
| Texas Public Finance Authority Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 395,000 | 405,405 | ||
| Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), BAM, 5%, 5/01/2024 | 370,000 | 370,943 | ||
27
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Texas - continued | ||||
| Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), BAM, 5%, 5/01/2025 | $ | 500,000 | $505,955 | |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2028 | 135,000 | 113,258 | ||
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2029 | 500,000 | 404,428 | ||
| Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027) | 4,665,000 | 4,693,891 | ||
| Viridian, TX, Municipal Management District, Road Improvement Rev., AGM, 3%, 12/01/2024 | 400,000 | 398,029 | ||
| Viridian, TX, Municipal Management District, Road Improvement Rev., AGM, 3%, 12/01/2025 | 590,000 | 585,070 | ||
| $210,830,931 | ||||
| U.S. Virgin Islands - 0.2% | ||||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 2,670,000 | $2,718,849 | |
| Virgin Islands Public Finance Authority Rev. (Federal Highway Grant Anticipation Loan Note), 5%, 9/01/2024 (n) | 1,500,000 | 1,508,687 | ||
| $4,227,536 | ||||
| Utah - 0.6% | ||||
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2025 | $ | 1,990,000 | $2,031,710 | |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2026 | 1,200,000 | 1,243,824 | ||
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2028 | 5,000,000 | 5,342,500 | ||
| Utah Housing Corp., Multi-Family Housing Rev. (Moda Shoreline Apartments), 4%, 9/01/2025 (Put Date 9/01/2024) | 5,000,000 | 5,001,144 | ||
| Utah Housing Corp., Single Family Mortgage Rev, “A”, GNMA, 6.5%, 1/01/2054 | 1,890,000 | 2,090,195 | ||
| $15,709,373 | ||||
| Vermont - 0.9% | ||||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | $ | 1,010,000 | $1,014,550 | |
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | 775,000 | 778,491 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2025 | 360,000 | 365,679 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 1,470,000 | 1,517,436 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 775,000 | 800,009 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 140,000 | 144,518 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 775,000 | 797,696 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 1,000,000 | 1,040,388 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 1,000,000 | 1,040,388 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 425,000 | 442,165 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 1,600,000 | 1,679,807 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 1,735,000 | 1,821,541 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 525,000 | 551,187 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,640,000 | 1,723,054 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,450,000 | 1,523,432 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2030 | 1,000,000 | 1,058,414 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | 850,000 | 853,516 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2025 | 875,000 | 888,802 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 2,100,000 | 2,167,765 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,300,000 | 1,374,860 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2030 | 1,500,000 | 1,602,424 | ||
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2031 | 1,600,000 | 1,716,811 | ||
| $24,902,933 | ||||
| Virginia - 1.3% | ||||
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2024 | $ | 775,000 | $779,878 | |
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2025 | 475,000 | 486,344 | ||
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2027 | 1,025,000 | 1,087,612 | ||
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | 235,000 | 212,461 | ||
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2027 (Put Date 5/01/2024) | 450,000 | 449,268 | ||
| Chesapeake, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 2/01/2032 (Put Date 10/01/2027) | 3,215,000 | 3,230,915 | ||
| Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), “A”, 3.95%, 9/01/2038 (Put Date 5/01/2024) | 375,000 | 374,177 | ||
28
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Virginia - continued | ||||
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027) | $ | 915,000 | $919,530 | |
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “B”, 0.75%, 11/01/2035 (Put Date 9/02/2025) | 2,340,000 | 2,180,823 | ||
| Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), “A”, 3.95%, 6/01/2028 (Put Date 5/01/2024) | 600,000 | 599,024 | ||
| Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake Bay), 5%, 9/01/2029 | 95,000 | 97,298 | ||
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “B-3”, 5.375%, 9/01/2029 | 10,250,000 | 10,553,910 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2024 | 300,000 | 300,504 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2025 | 350,000 | 352,749 | ||
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2026 | 400,000 | 410,303 | ||
| Wise County, VA, Industrial Development Authority, Solid Waste & Sewage Disposal Rev. (Virginia Electric and Power Co. Project), “A”, 0.75%, 10/01/2040 (Put Date 9/02/2025) | 2,700,000 | 2,516,334 | ||
| Wise County, VA, Industrial Development Authority, Solid Waste & Sewage Disposal Rev. (Virginia Electric and Power Co. Project), “A”, 1.2%, 11/01/2040 (Put Date 5/31/2024) | 4,555,000 | 4,495,397 | ||
| York, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 5/01/2033 (Put Date 10/01/2027) | 6,390,000 | 6,421,633 | ||
| $35,468,160 | ||||
| Washington - 2.2% | ||||
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation, 4%, 12/15/2028 | $ | 4,015,000 | $4,005,847 | |
| King County, WA, Affordable Housing Rev., “A-1”, HUD Section 8, 5%, 1/01/2028 | 5,850,000 | 6,035,586 | ||
| King County, WA, Affordable Housing Rev., “A-2”, HUD Section 8, 5%, 1/01/2028 | 2,860,000 | 2,998,418 | ||
| Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2024 | 4,000,000 | 4,026,375 | ||
| Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2025 | 3,800,000 | 3,884,629 | ||
| Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2026 | 2,230,000 | 2,313,768 | ||
| Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 1.25%, 6/01/2024 | 1,500,000 | 1,488,222 | ||
| Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026 | 3,070,000 | 2,870,735 | ||
| Seattle, WA, Port Intermediate Lien Rev., “C”, 5%, 8/01/2026 | 2,315,000 | 2,401,960 | ||
| Seattle, WA, Port Rev., 5%, 4/01/2025 | 1,750,000 | 1,779,170 | ||
| Seattle, WA, Port Rev., 5%, 4/01/2026 | 3,000,000 | 3,095,021 | ||
| Seattle, WA, Port Rev., 5%, 4/01/2030 | 9,685,000 | 10,444,898 | ||
| Seattle, WA, Port Rev., 5%, 4/01/2031 | 3,500,000 | 3,767,281 | ||
| Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 5,000,000 | 5,052,332 | ||
| Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), “B-2”, 4%, 7/01/2026 | 4,500,000 | 4,500,359 | ||
| $58,664,601 | ||||
| West Virginia - 0.7% | ||||
| West Virginia Economic Development Authority, Lease Refunding Rev. (State Office Building), “B”, 3.625%, 10/01/2025 | $ | 415,000 | $415,123 | |
| West Virginia Economic Development Authority, Lease Rev. (Department of Environmental Protection Office Building), “B”, 3.375%, 11/01/2025 | 830,000 | 830,128 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | 7,535,000 | 7,385,723 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 1,915,000 | 1,754,352 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 2.55%, 3/01/2040 (Put Date 4/01/2024) | 4,000,000 | 3,987,159 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025) | 4,520,000 | 4,222,776 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 3.75%, 12/01/2042 (Put Date 6/01/2025) | 985,000 | 983,175 | ||
| $19,578,436 | ||||
| Wisconsin - 1.9% | ||||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2028 | $ | 265,000 | $225,945 | |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2029 | 365,000 | 301,273 | ||
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2030 | 550,000 | 437,848 | ||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2028 | 1,055,000 | 895,220 | ||
29
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds - continued | ||||
| Wisconsin - continued | ||||
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2029 | $ | 1,050,000 | $861,687 | |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2030 | 1,095,000 | 865,848 | ||
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | 5,000,000 | 5,017,105 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marquette University), 5%, 10/01/2024 | 440,000 | 444,737 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “B-2”, 5%, 2/15/2051 (Put Date 2/15/2027) | 4,000,000 | 4,123,546 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033 | 555,000 | 568,857 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2025 | 210,000 | 206,128 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2026 | 345,000 | 331,783 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2027 | 360,000 | 339,164 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2028 | 375,000 | 346,086 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2029 | 390,000 | 352,575 | ||
| Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 3%, 8/15/2026 | 4,340,000 | 4,283,383 | ||
| Wisconsin Housing & Economic Development Authority Housing Rev., “E”, HUD Section 8, 3.875%, 11/01/2054 (Put Date 5/01/2027) | 2,040,000 | 2,044,393 | ||
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 1,000,000 | 1,000,857 | ||
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 4.25%, 6/15/2027 | 500,000 | 495,150 | ||
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 1,230,000 | 1,159,065 | ||
| Wisconsin Public Finance Authority Health Care System Rev. (Cone Health), “E”, VRDN, 3.7%, 10/01/2044 | 15,810,000 | 15,810,000 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2024 | 400,000 | 401,530 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2025 | 425,000 | 432,580 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2026 | 325,000 | 334,762 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2027 | 450,000 | 469,945 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2028 | 725,000 | 766,431 | ||
| Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2029 | 900,000 | 962,579 | ||
| Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 1,315,000 | 1,315,000 | ||
| Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.755%, 2/01/2026 | 1,710,000 | 1,469,912 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(n) | 3,735,000 | 2,913,300 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2027 | 200,000 | 195,722 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2028 | 255,000 | 248,526 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2029 | 325,000 | 315,515 | ||
| $49,936,452 | ||||
| Wyoming - 0.1% | ||||
| Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2024 | $ | 250,000 | $250,372 | |
| Wyoming Community Development Authority, Housing Rev., “3”, 5%, 6/01/2024 | 680,000 | 683,388 | ||
| Wyoming Community Development Authority, Housing Rev., “3”, 5%, 12/01/2024 | 690,000 | 698,930 | ||
| Wyoming Community Development Authority, Housing Rev., “3”, 5%, 6/01/2025 | 695,000 | 709,486 | ||
| Wyoming Community Development Authority, Housing Rev., “3”, 5%, 12/01/2025 | 380,000 | 391,162 | ||
| $2,733,338 | ||||
| Total Municipal Bonds | $2,601,216,944 | |||
| Bonds – 0.5% | ||||
| Consumer Services – 0.5% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 4,589,000 | $4,267,954 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 7,427,000 | 6,441,564 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 1,573,000 | 1,180,117 | ||
| $11,889,635 | ||||
30
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Tobacco – 0.0% | ||||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030 | $ | 837,800 | $823,669 | |
| Total Bonds | $12,713,304 | |||
| Investment Companies (h) - 1.8% | ||||
| Money Market Funds – 1.8% | ||||
| MFS Institutional Money Market Portfolio, 5.4% (v) | 47,191,806 | $47,196,525 | ||
| Other Assets, Less Liabilities - 0.4% | 11,021,590 | |||
| Net Assets - 100.0% | $2,672,148,363 | |||
| (a) | Non-income producing security. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $47,196,525 and $2,613,930,248, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $42,221,880, representing 1.6% of net assets. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHA | Federal Housing Administration |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
31
Supplemental Information
1/31/24 (unaudited)
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(1) Investment Valuations
Subject to its oversight, the fund's
Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy
and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the
“valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as
determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term
instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation
policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based
on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the
basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information
such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the
investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the
determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally
traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment
characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The
value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used
to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it
were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a
particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or
liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of January 31, 2024 in valuing the fund's assets and
liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $2,602,040,613 | $— | $2,602,040,613 |
| U.S. Corporate Bonds | — | 11,889,635 | — | 11,889,635 |
| Mutual Funds | 47,196,525 | — | — | 47,196,525 |
| Total | $47,196,525 | $2,613,930,248 | $— | $2,661,126,773 |
For further information regarding
security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $16,549,380 | $651,551,203 | $620,881,050 | $(24,561) | $1,553 | $47,196,525 |
32
Supplemental Information (unaudited) –
continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $1,886,654 | $— |
33