| Principal Amount | Value | |
| Long-Term Bonds 28.4% | ||
| Asset-Backed Securities 1.3% | ||
| Other Asset-Backed Securities 1.3% | ||
| AIG CLO LLC | ||
| Series 2020-1A, Class AR | ||
| 3.672% (3 Month LIBOR + 1.16%), due 4/15/34 (a)(b) | $ 500,000 | $ 486,142 |
| Apidos CLO XXX | ||
| Series XXXA, Class A2 | ||
| 4.34% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | 600,000 | 572,606 |
| ARES L CLO Ltd. | ||
| Series 2018-50A, Class AR | ||
| 3.562% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) | 500,000 | 488,653 |
| ARES XXXVIII CLO Ltd. | ||
| Series 2015-38A, Class BR | ||
| 4.11% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 600,000 | 569,032 |
| Carlyle Global Market Strategies CLO Ltd. | ||
| Series 2013-3A, Class A2R | ||
| 3.912% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) | 1,100,000 | 1,046,856 |
| Palmer Square CLO Ltd. | ||
| Series 2015-2A, Class A2R2 | ||
| 4.26% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(b) | 250,000 | 240,931 |
| Regatta XIV Funding Ltd. | ||
| Series 2018-3A, Class A | ||
| 3.973% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(b) | 400,000 | 392,039 |
| STORE Master Funding I-VII XIV XIX XX | ||
| Series 2021-1A, Class A1 | ||
| 2.12%, due 6/20/51 (a) | 307,206 | 272,322 |
| THL Credit Wind River CLO Ltd. | ||
| Series 2017-4A, Class A | ||
| 2.628% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) | 507,000 | 500,190 |
| TICP CLO X Ltd. | ||
| Series 2018-10A, Class A | ||
| 3.71% (3 Month LIBOR + 1.00%), due 4/20/31 (a)(b) | 400,000 | 392,772 |
| Vantage Data Centers Issuer LLC | ||
| Series 2020-1A, Class A2 | ||
| 1.645%, due 9/15/45 (a) | 850,000 | 776,502 |
| Wellfleet CLO Ltd. | ||
| Series 2021-2A, Class A1 | ||
| 3.712% (3 Month LIBOR + 1.20%), due 7/15/34 (a)(b) | 466,667 | 454,080 |
| Total Asset-Backed Securities (Cost $6,463,594) | 6,192,125 | |
| Corporate Bonds 8.9% | ||
| Aerospace & Defense 0.1% | ||
| Boeing Co. (The) | ||
| 3.10%, due 5/1/26 | 285,000 | 273,229 |
| 3.25%, due 2/1/28 | 400,000 | 371,852 |
| 645,081 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers 0.4% | ||
| General Motors Co. | ||
| 5.40%, due 10/15/29 | $ 250,000 | $ 249,893 |
| General Motors Financial Co., Inc. | ||
| 1.05%, due 3/8/24 | 250,000 | 238,324 |
| 1.50%, due 6/10/26 | 1,115,000 | 998,432 |
| Mercedes-Benz Finance North America LLC | ||
| 2.625%, due 3/10/30 (a) | 350,000 | 315,888 |
| 1,802,537 | ||
| Banks 2.5% | ||
| Bank of America Corp. (c) | ||
| 1.922%, due 10/24/31 | 453,000 | 373,257 |
| 2.087%, due 6/14/29 | 1,250,000 | 1,104,072 |
| 5.015%, due 7/22/33 | 185,000 | 192,921 |
| Citigroup, Inc. (c) | ||
| 2.014%, due 1/25/26 | 875,000 | 830,302 |
| 2.666%, due 1/29/31 | 505,000 | 445,508 |
| 4.658%, due 5/24/28 | 750,000 | 760,000 |
| Fifth Third Bancorp | ||
| 4.055%, due 4/25/28 (c) | 1,050,000 | 1,043,264 |
| Goldman Sachs Group, Inc. (The) | ||
| 2.64%, due 2/24/28 (c) | 600,000 | 559,137 |
| JPMorgan Chase & Co. (c) | ||
| 1.578%, due 4/22/27 | 1,280,000 | 1,162,686 |
| 2.963%, due 1/25/33 | 985,000 | 876,221 |
| Lloyds Banking Group plc | ||
| 0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) | 650,000 | 631,307 |
| Morgan Stanley (c) | ||
| 1.512%, due 7/20/27 | 195,000 | 176,091 |
| 4.679%, due 7/17/26 | 1,374,000 | 1,396,697 |
| 5.297%, due 4/20/37 | 375,000 | 377,763 |
| Societe Generale SA | ||
| 1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (a)(b) | 525,000 | 463,826 |
| Standard Chartered plc (a)(b) | ||
| 0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 | 300,000 | 284,020 |
| 2.608% (1 Year Treasury Constant Maturity Rate + 1.18%), due 1/12/28 | 275,000 | 249,366 |
| State Street Corp. | ||
| 2.203%, due 2/7/28 (c) | 350,000 | 325,869 |
| Sumitomo Mitsui Trust Bank Ltd. | ||
| 1.35%, due 9/16/26 (a) | 425,000 | 383,885 |
| UBS Group AG | ||
| 1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b) | 675,000 | 607,217 |
| 12,243,409 | ||
| Biotechnology 0.1% | ||
| Amgen, Inc. | ||
| 3.35%, due 2/22/32 | 350,000 | 335,271 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Commercial Services 0.1% | ||
| Global Payments, Inc. | ||
| 2.15%, due 1/15/27 | $ 400,000 | $ 362,684 |
| PayPal Holdings, Inc. | ||
| 3.90%, due 6/1/27 | 340,000 | 346,595 |
| 709,279 | ||
| Computers 0.3% | ||
| Apple, Inc. | ||
| 1.65%, due 5/11/30 | 391,000 | 346,938 |
| 1.70%, due 8/5/31 | 1,150,000 | 1,010,508 |
| 1,357,446 | ||
| Cosmetics & Personal Care 0.0% ‡ | ||
| Unilever Capital Corp. | ||
| 1.75%, due 8/12/31 | 265,000 | 227,536 |
| Diversified Financial Services 1.1% | ||
| AerCap Ireland Capital DAC | ||
| 3.00%, due 10/29/28 | 550,000 | 482,640 |
| Air Lease Corp. | ||
| 0.70%, due 2/15/24 | 1,425,000 | 1,350,718 |
| Aircastle Ltd. | ||
| 2.85%, due 1/26/28 (a) | 341,000 | 285,722 |
| Antares Holdings LP | ||
| 3.95%, due 7/15/26 (a) | 750,000 | 661,704 |
| Aviation Capital Group LLC (a) | ||
| 1.95%, due 1/30/26 | 275,000 | 240,502 |
| 1.95%, due 9/20/26 | 365,000 | 312,049 |
| Blackstone Holdings Finance Co. LLC | ||
| 1.625%, due 8/5/28 (a) | 425,000 | 369,141 |
| Capital One Financial Corp. | ||
| 4.985%, due 7/24/26 (c) | 610,000 | 615,580 |
| Intercontinental Exchange, Inc. | ||
| 4.35%, due 6/15/29 | 720,000 | 733,933 |
| Thirax 1 LLC | ||
| 0.968%, due 1/14/33 | 308,932 | 270,819 |
| 5,322,808 | ||
| Electric 1.2% | ||
| AEP Texas, Inc. | ||
| 4.70%, due 5/15/32 | 220,000 | 225,778 |
| Appalachian Power Co. | ||
| Series BB | ||
| 4.50%, due 8/1/32 | 220,000 | 221,412 |
| Commonwealth Edison Co. | ||
| 3.10%, due 11/1/24 | 290,000 | 289,078 |
| Duke Energy Carolinas LLC | ||
| 2.85%, due 3/15/32 | 490,000 | 452,449 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| Entergy Arkansas LLC | ||
| 3.70%, due 6/1/24 | $ 665,000 | $ 667,843 |
| FirstEnergy Transmission LLC | ||
| 4.35%, due 1/15/25 (a) | 1,210,000 | 1,202,208 |
| Pacific Gas and Electric Co. | ||
| 4.20%, due 3/1/29 | 273,000 | 248,845 |
| 5.45%, due 6/15/27 | 400,000 | 396,961 |
| Pinnacle West Capital Corp. | ||
| 1.30%, due 6/15/25 | 675,000 | 623,571 |
| Public Service Co. of Colorado | ||
| Series 38 | ||
| 4.10%, due 6/1/32 | 375,000 | 386,299 |
| Southern California Edison Co. | ||
| Series D | ||
| 4.70%, due 6/1/27 | 396,000 | 406,652 |
| Virginia Electric and Power Co. | ||
| Series B | ||
| 3.75%, due 5/15/27 | 750,000 | 760,095 |
| 5,881,191 | ||
| Electrical Components & Equipment 0.2% | ||
| Emerson Electric Co. | ||
| 1.80%, due 10/15/27 | 450,000 | 416,386 |
| 2.00%, due 12/21/28 | 350,000 | 319,441 |
| 735,827 | ||
| Entertainment 0.1% | ||
| Magallanes, Inc. | ||
| 4.054%, due 3/15/29 (a) | 590,000 | 561,535 |
| Environmental Control 0.1% | ||
| Waste Management, Inc. | ||
| 4.15%, due 4/15/32 | 410,000 | 419,314 |
| Gas 0.1% | ||
| CenterPoint Energy Resources Corp. | ||
| 4.40%, due 7/1/32 | 545,000 | 561,729 |
| Healthcare-Services 0.0% ‡ | ||
| HCA, Inc. | ||
| 3.625%, due 3/15/32 (a) | 230,000 | 208,800 |
| Insurance 0.4% | ||
| Brighthouse Financial Global Funding | ||
| 1.00%, due 4/12/24 (a) | 1,275,000 | 1,208,470 |
| Corebridge Financial, Inc. | ||
| 3.85%, due 4/5/29 (a) | 325,000 | 308,754 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Insurance | ||
| Principal Life Global Funding II | ||
| 1.25%, due 8/16/26 (a) | $ 425,000 | $ 381,552 |
| 1,898,776 | ||
| Internet 0.1% | ||
| Amazon.com, Inc. | ||
| 3.60%, due 4/13/32 | 370,000 | 374,585 |
| Investment Companies 0.0% ‡ | ||
| Prospect Capital Corp. | ||
| 3.437%, due 10/15/28 | 292,000 | 229,859 |
| Media 0.1% | ||
| Charter Communications Operating LLC | ||
| 2.25%, due 1/15/29 | 400,000 | 341,243 |
| Mining 0.1% | ||
| Anglo American Capital plc | ||
| 2.25%, due 3/17/28 (a) | 285,000 | 249,586 |
| Oil & Gas 0.0% ‡ | ||
| Valero Energy Corp. | ||
| 2.85%, due 4/15/25 | 202,000 | 196,402 |
| Oil & Gas Services 0.2% | ||
| Schlumberger Holdings Corp. | ||
| 3.75%, due 5/1/24 (a) | 1,195,000 | 1,196,588 |
| Pharmaceuticals 0.2% | ||
| AbbVie, Inc. | ||
| 4.25%, due 11/14/28 | 800,000 | 815,934 |
| Merck & Co., Inc. | ||
| 2.15%, due 12/10/31 | 150,000 | 133,899 |
| 949,833 | ||
| Real Estate Investment Trusts 0.5% | ||
| American Campus Communities Operating Partnership LP | ||
| 3.30%, due 7/15/26 | 1,030,000 | 1,021,913 |
| CubeSmart LP | ||
| 2.25%, due 12/15/28 | 340,000 | 294,911 |
| Realty Income Corp. | ||
| 3.95%, due 8/15/27 | 504,000 | 502,103 |
| Simon Property Group LP | ||
| 1.75%, due 2/1/28 | 425,000 | 373,580 |
| 2,192,507 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Retail 0.1% | ||
| Home Depot, Inc. (The) | ||
| 3.25%, due 4/15/32 | $ 340,000 | $ 331,308 |
| O'Reilly Automotive, Inc. | ||
| 4.70%, due 6/15/32 | 150,000 | 154,389 |
| 485,697 | ||
| Semiconductors 0.2% | ||
| NVIDIA Corp. | ||
| 1.55%, due 6/15/28 | 147,000 | 133,351 |
| NXP BV | ||
| 4.30%, due 6/18/29 | 255,000 | 249,100 |
| QUALCOMM, Inc. | ||
| 2.15%, due 5/20/30 | 490,000 | 448,408 |
| 830,859 | ||
| Software 0.0% ‡ | ||
| Microsoft Corp. | ||
| 2.525%, due 6/1/50 | 220,000 | 171,383 |
| Telecommunications 0.6% | ||
| AT&T, Inc. | ||
| 4.35%, due 3/1/29 | 955,000 | 963,328 |
| T-Mobile US, Inc. | ||
| 2.55%, due 2/15/31 | 405,000 | 354,128 |
| Verizon Communications, Inc. | ||
| 2.10%, due 3/22/28 | 400,000 | 365,900 |
| 3.376%, due 2/15/25 | 8,000 | 8,025 |
| 4.016%, due 12/3/29 | 1,031,000 | 1,034,658 |
| 2,726,039 | ||
| Transportation 0.1% | ||
| United Parcel Service, Inc. | ||
| 4.45%, due 4/1/30 | 390,000 | 414,723 |
| Total Corporate Bonds (Cost $44,869,336) | 43,269,843 | |
| Mortgage-Backed Securities 0.4% | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.4% | ||
| BFLD Trust | ||
| Series 2021-FPM, Class A | ||
| 3.60% (1 Month LIBOR + 1.60%), due 6/15/38 (a)(b) | 600,000 | 579,104 |
| Citigroup Commercial Mortgage Trust | ||
| Series 2020-GC46, Class A5 | ||
| 2.717%, due 2/15/53 | 1,000,000 | 913,547 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| CSMC WEST Trust | ||
| Series 2020-WEST, Class A | ||
| 3.04%, due 2/15/35 (a) | $ 550,000 | $ 486,709 |
| Total Mortgage-Backed Securities (Cost $2,192,758) | 1,979,360 | |
| U.S. Government & Federal Agencies 17.8% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.1% | ||
| FFCB | ||
| 2.03%, due 1/21/28 | 1,200,000 | 1,152,480 |
| 2.13%, due 4/19/34 | 550,000 | 476,896 |
| 4.37%, due 5/17/32 | 450,000 | 447,197 |
| FHLB | ||
| 3.125%, due 9/12/25 | 800,000 | 806,407 |
| 4.00%, due 5/26/27 | 1,325,000 | 1,321,658 |
| 4.00%, due 4/20/29 | 1,175,000 | 1,161,506 |
| 5,366,144 | ||
| United States Treasury Notes 16.7% | ||
| U.S. Treasury Notes | ||
| 2.50%, due 3/31/23 | 2,000,000 | 1,993,984 |
| 2.625%, due 6/30/23 | 1,000,000 | 997,266 |
| 2.875%, due 5/15/32 | 9,395,000 | 9,563,816 |
| 3.00%, due 6/30/24 | 19,520,000 | 19,548,213 |
| 3.00%, due 7/15/25 | 20,500,000 | 20,602,500 |
| 3.25%, due 6/30/27 | 16,815,000 | 17,235,375 |
| 3.25%, due 6/30/29 | 10,670,000 | 11,033,447 |
| 80,974,601 | ||
| Total U.S. Government & Federal Agencies (Cost $85,680,206) | 86,340,745 | |
| Total Long-Term Bonds (Cost $139,205,894) | 137,782,073 | |
| Shares | ||
| Common Stocks 61.3% | ||
| Aerospace & Defense 3.7% | ||
| General Dynamics Corp. | 18,153 | 4,114,741 |
| L3Harris Technologies, Inc. | 20,834 | 4,999,535 |
| Northrop Grumman Corp. | 8,005 | 3,833,594 |
| Raytheon Technologies Corp. | 53,080 | 4,947,587 |
| 17,895,457 | ||
| Auto Components 0.8% | ||
| Gentex Corp. | 133,341 | 3,762,883 |
| Shares | Value | |
| Common Stocks | ||
| Banks 4.4% | ||
| JPMorgan Chase & Co. | 70,592 | $ 8,143,493 |
| M&T Bank Corp. | 33,911 | 6,017,507 |
| PNC Financial Services Group, Inc. (The) | 22,184 | 3,681,213 |
| Truist Financial Corp. | 72,565 | 3,662,355 |
| 21,504,568 | ||
| Beverages 0.8% | ||
| Keurig Dr Pepper, Inc. | 95,171 | 3,686,924 |
| Building Products 1.4% | ||
| Fortune Brands Home & Security, Inc. | 33,363 | 2,324,734 |
| Johnson Controls International plc | 84,643 | 4,563,104 |
| 6,887,838 | ||
| Capital Markets 3.9% | ||
| Ares Management Corp. | 67,760 | 4,855,004 |
| Blackstone, Inc. | 30,685 | 3,132,018 |
| LPL Financial Holdings, Inc. | 22,019 | 4,622,228 |
| Morgan Stanley | 73,486 | 6,194,870 |
| 18,804,120 | ||
| Chemicals 0.6% | ||
| Axalta Coating Systems Ltd.(d) | 125,950 | 3,176,459 |
| Communications Equipment 2.1% | ||
| Cisco Systems, Inc. | 149,394 | 6,778,006 |
| F5, Inc.(d) | 21,219 | 3,551,212 |
| 10,329,218 | ||
| Containers & Packaging 0.6% | ||
| Sealed Air Corp. | 48,574 | 2,968,843 |
| Electric Utilities 1.8% | ||
| Duke Energy Corp. | 40,937 | 4,500,204 |
| Exelon Corp. | 88,991 | 4,137,192 |
| 8,637,396 | ||
| Electrical Equipment 0.9% | ||
| Hubbell, Inc. | 19,013 | 4,164,227 |
| Electronic Equipment, Instruments & Components 1.1% | ||
| Corning, Inc. | 142,964 | 5,255,357 |
| Entertainment 1.0% | ||
| Electronic Arts, Inc. | 36,951 | 4,849,080 |
| Shares | Value | |
| Common Stocks | ||
| Equity Real Estate Investment Trusts 2.5% | ||
| Gaming and Leisure Properties, Inc. | 95,432 | $ 4,961,509 |
| Host Hotels & Resorts, Inc. | 182,147 | 3,244,038 |
| Welltower, Inc. | 44,011 | 3,799,910 |
| 12,005,457 | ||
| Food Products 0.9% | ||
| Mondelez International, Inc., Class A | 70,841 | 4,536,658 |
| Health Care Equipment & Supplies 2.6% | ||
| Becton Dickinson and Co. | 17,149 | 4,189,672 |
| Boston Scientific Corp.(d) | 99,528 | 4,085,625 |
| Medtronic plc | 47,110 | 4,358,617 |
| 12,633,914 | ||
| Health Care Providers & Services 3.2% | ||
| Centene Corp.(d) | 54,353 | 5,053,198 |
| Elevance Health, Inc. | 11,955 | 5,703,731 |
| UnitedHealth Group, Inc. | 8,589 | 4,658,158 |
| 15,415,087 | ||
| Household Durables 0.7% | ||
| Lennar Corp., Class A | 37,495 | 3,187,075 |
| Insurance 2.8% | ||
| Chubb Ltd. | 24,336 | 4,590,743 |
| MetLife, Inc. | 95,191 | 6,020,831 |
| Progressive Corp. (The) | 25,197 | 2,899,167 |
| 13,510,741 | ||
| Interactive Media & Services 3.0% | ||
| Alphabet, Inc., Class C (d) | 60,580 | 7,066,051 |
| Meta Platforms, Inc., Class A (d) | 45,747 | 7,278,348 |
| 14,344,399 | ||
| IT Services 1.5% | ||
| Amdocs Ltd. | 41,194 | 3,586,350 |
| Global Payments, Inc. | 30,094 | 3,681,098 |
| 7,267,448 | ||
| Machinery 0.8% | ||
| Middleby Corp. (The)(d) | 26,225 | 3,794,495 |
| Media 1.8% | ||
| Comcast Corp., Class A | 156,290 | 5,864,001 |
| Omnicom Group, Inc. | 40,535 | 2,830,964 |
| 8,694,965 | ||
| Shares | Value | |
| Common Stocks | ||
| Multi-Utilities 1.8% | ||
| Dominion Energy, Inc. | 52,476 | $ 4,301,982 |
| Sempra Energy | 27,786 | 4,606,919 |
| 8,908,901 | ||
| Oil, Gas & Consumable Fuels 3.5% | ||
| ConocoPhillips | 56,822 | 5,536,167 |
| Coterra Energy, Inc. | 140,213 | 4,289,116 |
| Phillips 66 | 43,346 | 3,857,794 |
| Pioneer Natural Resources Co. | 14,859 | 3,520,840 |
| 17,203,917 | ||
| Personal Products 0.8% | ||
| Unilever plc, Sponsored ADR | 78,929 | 3,840,685 |
| Pharmaceuticals 5.6% | ||
| AstraZeneca plc, Sponsored ADR | 59,970 | 3,971,813 |
| Eli Lilly and Co. | 17,691 | 5,832,546 |
| Merck & Co., Inc. | 58,163 | 5,196,283 |
| Pfizer, Inc. | 180,949 | 9,139,734 |
| Roche Holding AG | 9,171 | 3,045,512 |
| 27,185,888 | ||
| Real Estate Management & Development 0.7% | ||
| CBRE Group, Inc., Class A (d) | 42,103 | 3,604,859 |
| Road & Rail 0.7% | ||
| Knight-Swift Transportation Holdings, Inc. | 63,895 | 3,511,030 |
| Semiconductors & Semiconductor Equipment 2.8% | ||
| Analog Devices, Inc. | 35,730 | 6,144,131 |
| Micron Technology, Inc. | 59,189 | 3,661,432 |
| QUALCOMM, Inc. | 26,121 | 3,789,112 |
| 13,594,675 | ||
| Specialty Retail 2.5% | ||
| Home Depot, Inc. (The) | 18,136 | 5,457,848 |
| TJX Cos., Inc. (The) | 53,158 | 3,251,143 |
| Victoria's Secret & Co.(d) | 90,085 | 3,329,542 |
| 12,038,533 | ||
| Total Common Stocks (Cost $262,946,223) | 297,201,097 | |
| Exchange-Traded Funds 5.2% | ||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 13,884 | 1,591,245 |
| iShares Intermediate Government/Credit Bond ETF (e) | 141,894 | 15,196,847 |
| Shares | Value | ||
| Exchange-Traded Funds | |||
| iShares Russell 1000 Value ETF | 54,551 | $ 8,429,766 | |
| Total Exchange-Traded Funds (Cost $24,619,760) | 25,217,858 | ||
| Short-Term Investments 1.8% | |||
| Affiliated Investment Company 1.0% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (f) | 4,646,202 | 4,646,202 | |
| Unaffiliated Investment Company 0.0% ‡ | |||
| Invesco Government & Agency Portfolio, 2.17% (f)(g) | 123,695 | 123,695 | |
| Principal Amount | |||
| U.S. Government & Federal Agency 0.8% | |||
| FHLB | |||
| 0.00%, due 1/3/23 | $ 4,000,000 | 3,951,564 | |
| Total Short-Term Investments (Cost $8,729,253) | 8,721,461 | ||
| Total Investments (Cost $435,501,130) | 96.7% | 468,922,489 | |
| Other Assets, Less Liabilities | 3.3 | 15,827,468 | |
| Net Assets | 100.0% | $ 484,749,957 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Non-income producing security. |
| (e) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $117,810. The Fund received cash collateral with a value of $123,695. |
| (f) | Current yield as of July 31, 2022. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 3,803 | $ 84,435 | $ (83,592) | $ — | $ — | $ 4,646 | $ 13 | $ — | 4,646 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 31 | September 2022 | $ 6,527,095 | $ 6,524,289 | $ (2,806) |
| U.S. Treasury 5 Year Notes | 59 | September 2022 | 6,671,069 | 6,709,867 | 38,798 |
| U.S. Treasury 10 Year Notes | 42 | September 2022 | 5,027,540 | 5,087,907 | 60,367 |
| Total Long Contracts | 96,359 | ||||
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (27) | September 2022 | (3,442,257) | (3,543,750) | (101,493) |
| U.S. Treasury Long Bonds | (3) | September 2022 | (422,713) | (432,000) | (9,287) |
| Total Short Contracts | (110,780) | ||||
| Net Unrealized Depreciation | $ (14,421) |
| 1. | As of July 31, 2022, cash in the amount of $135,078 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| FFCB—Federal Farm Credit Bank |
| FHLB—Federal Home Loan Bank |
| LIBOR—London Interbank Offered Rate |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 6,192,125 | $ — | $ 6,192,125 | |||
| Corporate Bonds | — | 43,269,843 | — | 43,269,843 | |||
| Mortgage-Backed Securities | — | 1,979,360 | — | 1,979,360 | |||
| U.S. Government & Federal Agencies | — | 86,340,745 | — | 86,340,745 | |||
| Total Long-Term Bonds | — | 137,782,073 | — | 137,782,073 | |||
| Common Stocks | |||||||
| Pharmaceuticals | 24,140,376 | 3,045,512 | — | 27,185,888 | |||
| All Other Industries | 270,015,209 | — | — | 270,015,209 | |||
| Total Common Stocks | 294,155,585 | 3,045,512 | — | 297,201,097 | |||
| Exchange-Traded Funds | 25,217,858 | — | — | 25,217,858 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 4,646,202 | — | — | 4,646,202 | |||
| U.S. Government & Federal Agency | — | 3,951,564 | — | 3,951,564 | |||
| Unaffiliated Investment Company | 123,695 | — | — | 123,695 | |||
| Total Short-Term Investments | 4,769,897 | 3,951,564 | — | 8,721,461 | |||
| Total Investments in Securities | 324,143,340 | 144,779,149 | — | 468,922,489 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 99,165 | — | — | 99,165 | |||
| Total Investments in Securities and Other Financial Instruments | $ 324,242,505 | $ 144,779,149 | $ — | $ 469,021,654 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (113,586) | $ — | $ — | $ (113,586) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 97.0% | ||
| Brazil 5.2% | ||
| BB Seguridade Participacoes SA (Insurance) | 230,000 | $ 1,288,668 |
| Cosan SA (Oil, Gas & Consumable Fuels) | 156,000 | 562,904 |
| Hypera SA (Pharmaceuticals) (a) | 102,000 | 839,601 |
| Localiza Rent a Car SA (Road & Rail) | 76,000 | 846,207 |
| Petro Rio SA (Oil, Gas & Consumable Fuels) (a) | 130,000 | 608,531 |
| SLC Agricola SA (Food Products) | 76,000 | 647,765 |
| WEG SA (Electrical Equipment) | 132,000 | 715,348 |
| 5,509,024 | ||
| Chile 1.1% | ||
| Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) | 11,400 | 1,121,418 |
| China 36.4% | ||
| Agricultural Bank of China Ltd., Class H (Banks) | 2,200,000 | 726,843 |
| Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 77,584 | 351,013 |
| Airtac International Group (Machinery) (a) | 31,096 | 853,524 |
| Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) (a) | 294,000 | 3,321,647 |
| Baidu, Inc., Class A (Interactive Media & Services) (a) | 84,000 | 1,438,438 |
| Bank of Jiangsu Co. Ltd., Class A (Banks) | 889,965 | 952,644 |
| Beijing United Information Technology Co. Ltd., Class A (Trading Companies & Distributors) | 67,252 | 917,496 |
| BYD Co. Ltd., Class H (Automobiles) | 47,000 | 1,722,530 |
| China Mengniu Dairy Co. Ltd. (Food Products) (a) | 220,000 | 1,024,777 |
| China State Construction Engineering Corp. Ltd., Class A (Construction & Engineering) | 899,997 | 674,179 |
| China Yangtze Power Co. Ltd., Class A (Independent Power and Renewable Electricity Producers) | 269,998 | 957,894 |
| CMOC Group Ltd., Class H (Metals & Mining) | 299,951 | 147,737 |
| Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) (a) | 6,000 | 454,785 |
| Country Garden Services Holdings Co. Ltd. (Real Estate Management & Development) | 10,000 | 22,467 |
| East Money Information Co. Ltd., Class A (Capital Markets) | 350,800 | 1,162,299 |
| Flat Glass Group Co. Ltd., Class H (Semiconductors & Semiconductor Equipment) (a)(b) | 150,000 | 546,031 |
| Ganfeng Lithium Co. Ltd., Class H (Metals & Mining) (b)(c) | 48,000 | 436,418 |
| Ginlong Technologies Co. Ltd., Class A (Electrical Equipment) | 33,994 | 1,158,058 |
| Jafron Biomedical Co. Ltd., Class A (Health Care Equipment & Supplies) | 117,934 | 775,689 |
| JD.com, Inc., Class A (Internet & Direct Marketing Retail) | 48,000 | 1,429,306 |
| Jiumaojiu International Holdings Ltd. (Hotels, Restaurants & Leisure) (c) | 340,000 | 743,009 |
| Kweichow Moutai Co. Ltd., Class A (Beverages) | 800 | 225,829 |
| Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 800,000 | 776,868 |
| Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 63,985 | 522,466 |
| Longfor Group Holdings Ltd. (Real Estate Management & Development) (c) | 180,000 | 602,446 |
| LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 83,997 | 768,840 |
| Meituan (Internet & Direct Marketing Retail) (a)(c) | 92,000 | 2,083,797 |
| Ming Yang Smart Energy Group Ltd., Class A (Electrical Equipment) | 129,996 | 578,471 |
| NARI Technology Co. Ltd., Class A (Electrical Equipment) | 188,995 | 820,653 |
| NetEase, Inc. (Entertainment) | 64,000 | 1,189,162 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A (Electrical Equipment) | 26,000 | 309,459 |
| NIO, Inc., Class A (Automobiles) (a) | 32,000 | 627,422 |
| Postal Savings Bank of China Co. Ltd., Class H (Banks) (c) | 1,400,000 | 928,103 |
| Shanghai Baosight Software Co. Ltd., Class A (Software) | 74,657 | 446,249 |
| Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 88,926 | 874,064 |
| Shares | Value | |
| Common Stocks | ||
| China | ||
| Sinopharm Group Co. Ltd., Class H (Health Care Providers & Services) | 320,000 | $ 734,262 |
| Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) | 6,000 | 81,575 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 92,000 | 3,619,075 |
| Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(c) | 44,000 | 420,997 |
| Yadea Group Holdings Ltd. (Automobiles) (c) | 280,000 | 605,013 |
| Yealink Network Technology Corp. Ltd., Class A (Communications Equipment) | 31,928 | 360,095 |
| Yunnan Energy New Material Co. Ltd. (Chemicals) | 24,000 | 764,266 |
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Pharmaceuticals) | 103,975 | 724,194 |
| Zijin Mining Group Co. Ltd., Class H (Metals & Mining) | 360,000 | 424,357 |
| 38,304,447 | ||
| Colombia 0.3% | ||
| Ecopetrol SA, Sponsored ADR (Oil, Gas & Consumable Fuels) (b) | 28,000 | 300,720 |
| Hungary 0.5% | ||
| MOL Hungarian Oil & Gas plc (Oil, Gas & Consumable Fuels) | 67,000 | 492,369 |
| India 12.9% | ||
| Asian Paints Ltd. (Chemicals) | 25,000 | 1,053,230 |
| Axis Bank Ltd. (Banks) | 122,000 | 1,119,386 |
| Bajaj Finance Ltd. (Consumer Finance) | 4,000 | 365,289 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) (a) | 174,000 | 1,491,751 |
| Divi's Laboratories Ltd. (Life Sciences Tools & Services) | 3,000 | 145,423 |
| Eicher Motors Ltd. (Automobiles) | 37,000 | 1,447,503 |
| GAIL India Ltd. (Gas Utilities) | 440,000 | 815,955 |
| HDFC Bank Ltd. (Banks) | 86,000 | 1,570,669 |
| Infosys Ltd. (IT Services) | 76,000 | 1,488,713 |
| Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) (a) | 77,000 | 2,446,761 |
| State Bank of India (Banks) | 156,000 | 1,047,814 |
| Varun Beverages Ltd. (Beverages) | 50,000 | 558,093 |
| 13,550,587 | ||
| Indonesia 2.2% | ||
| Aneka Tambang Tbk. (Metals & Mining) | 4,200,000 | 555,046 |
| Bank Central Asia Tbk. PT (Banks) | 3,500,000 | 1,743,174 |
| 2,298,220 | ||
| Malaysia 0.8% | ||
| Petronas Chemicals Group Bhd. (Chemicals) | 160,000 | 319,879 |
| Press Metal Aluminium Holdings Bhd. (Metals & Mining) | 440,000 | 481,685 |
| 801,564 | ||
| Mexico 3.5% | ||
| America Movil SAB de CV (Wireless Telecommunication Services) | 1,240,000 | 1,180,055 |
| Gruma SAB de CV, Class B (Food Products) | 64,000 | 795,828 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 58,000 | 786,402 |
| Grupo Financiero Banorte SAB de CV, Class O (Banks) | 170,000 | 967,271 |
| 3,729,556 | ||
| Shares | Value | |
| Common Stocks | ||
| Peru 0.8% | ||
| Credicorp Ltd. (Banks) | 4,000 | $ 517,600 |
| Southern Copper Corp. (Metals & Mining) | 6,000 | 298,800 |
| 816,400 | ||
| Poland 0.8% | ||
| Dino Polska SA (Food & Staples Retailing) (a)(c) | 11,400 | 893,093 |
| Republic of Korea 11.0% | ||
| Hyundai Glovis Co. Ltd. (Air Freight & Logistics) | 3,800 | 534,187 |
| KB Financial Group, Inc. (Banks) | 29,000 | 1,079,885 |
| Kia Corp. (Automobiles) | 16,000 | 1,003,695 |
| L&F Co. Ltd. (Electronic Equipment, Instruments & Components) (a) | 5,000 | 891,396 |
| Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(c) | 1,360 | 903,603 |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 82,000 | 3,888,768 |
| Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 64,000 | 969,576 |
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 11,600 | 876,054 |
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 24,000 | 992,494 |
| S-Oil Corp. (Oil, Gas & Consumable Fuels) | 6,200 | 440,686 |
| 11,580,344 | ||
| Russia 0.0% ‡ | ||
| Magnit PJSC (Food & Staples Retailing) (d)(e)(f) | 6,769 | — |
| South Africa 3.6% | ||
| Capitec Bank Holdings Ltd. (Banks) | 10,000 | 1,199,642 |
| FirstRand Ltd. (Diversified Financial Services) | 292,000 | 1,153,573 |
| Gold Fields Ltd. (Metals & Mining) | 82,000 | 764,018 |
| Shoprite Holdings Ltd. (Food & Staples Retailing) | 50,000 | 675,133 |
| 3,792,366 | ||
| Taiwan 12.2% | ||
| Accton Technology Corp. (Communications Equipment) | 58,000 | 483,241 |
| Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 16,000 | 380,451 |
| Chailease Holding Co. Ltd. (Diversified Financial Services) | 220,000 | 1,561,241 |
| Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 30,000 | 259,366 |
| E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 76,000 | 499,571 |
| E.Sun Financial Holding Co. Ltd. (Banks) | 1,494,360 | 1,375,291 |
| Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components) | 250,000 | 911,724 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 428,000 | 7,329,704 |
| 12,800,589 | ||
| Thailand 4.9% | ||
| Advanced Info Service PCL, NVDR (Wireless Telecommunication Services) | 92,000 | 503,023 |
| Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 1,730,000 | 1,259,041 |
| CP ALL PCL, NVDR (Food & Staples Retailing) | 620,000 | 1,040,674 |
| Energy Absolute PCL, NVDR (Independent Power and Renewable Electricity Producers) | 370,000 | 819,873 |
| Kasikornbank PCL, NVDR (Banks) | 255,000 | 1,026,534 |
| Shares | Value | ||
| Common Stocks | |||
| Thailand | |||
| Minor International PCL, NVDR (Hotels, Restaurants & Leisure) (a) | 620,000 | $ 570,163 | |
| 5,219,308 | |||
| United States 0.4% | |||
| Globant SA (IT Services) (a) | 2,300 | 458,252 | |
| Uruguay 0.4% | |||
| Dlocal Ltd. (IT Services) (a)(b) | 14,000 | 388,920 | |
| Total Common Stocks (Cost $106,712,329) | 102,057,177 | ||
| Preferred Stocks 1.3% | |||
| Brazil 1.1% | |||
| Itau Unibanco Holding SA (Banks) (a) | 246,000 | 1,123,001 | |
| Colombia 0.2% | |||
| Bancolombia SA, Sponsored ADR (Banks) | 8,000 | 231,760 | |
| Total Preferred Stocks (Cost $1,483,430) | 1,354,761 | ||
| Short-Term Investment 0.1% | |||
| Unaffiliated Investment Company 0.1% | |||
| United States 0.1% | |||
| Invesco Government & Agency Portfolio, 2.17% (g)(h) | 56,505 | 56,505 | |
| Total Short-Term Investment (Cost $56,505) | 56,505 | ||
| Total Investments (Cost $108,252,264) | 98.4% | 103,468,443 | |
| Other Assets, Less Liabilities | 1.6 | 1,730,102 | |
| Net Assets | 100.0% | $ 105,198,545 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $483,218; the total market value of collateral held by the Fund was $503,752. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $447,247. The Fund received cash collateral with a value of $56,505. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2022, the total market value was $0, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (e) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (g) | Current yield as of July 31, 2022. |
| (h) | Represents a security purchased with cash collateral received for securities on loan. |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| NVDR—Non-Voting Depositary Receipt |
| PCL—Provision for Credit Losses |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| China | $ — | $ 38,304,447 | $ — | $ 38,304,447 | |||
| Hungary | — | 492,369 | — | 492,369 | |||
| India | — | 13,550,587 | — | 13,550,587 | |||
| Indonesia | — | 2,298,220 | — | 2,298,220 | |||
| Malaysia | — | 801,564 | — | 801,564 | |||
| Poland | — | 893,093 | — | 893,093 | |||
| Republic of Korea | — | 11,580,344 | — | 11,580,344 | |||
| South Africa | — | 3,792,366 | — | 3,792,366 | |||
| Taiwan | — | 12,800,589 | — | 12,800,589 | |||
| Thailand | — | 5,219,308 | — | 5,219,308 | |||
| All Other Countries | 12,324,290 | — | — | 12,324,290 | |||
| Total Common Stocks | 12,324,290 | 89,732,887 | — | 102,057,177 | |||
| Preferred Stocks | 1,354,761 | — | — | 1,354,761 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 56,505 | — | — | 56,505 | |||
| Total Investments in Securities | $ 13,735,556 | $ 89,732,887 | $ — | $ 103,468,443 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 90.0% | |||
| Equity Funds 37.2% | |||
| IQ 50 Percent Hedged FTSE International ETF | 413,283 | $ 9,096,359 | |
| IQ 500 International ETF | 266,604 | 7,494,612 | |
| IQ Candriam ESG International Equity ETF | 305,569 | 7,611,663 | |
| IQ Candriam ESG U.S. Equity ETF | 438,225 | 15,662,161 | |
| IQ Chaikin U.S. Large Cap ETF | 378,615 | 12,072,366 | |
| IQ Chaikin U.S. Small Cap ETF | 233,508 | 7,703,429 | |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 672,127 | 6,360,536 | |
| MainStay Epoch Capital Growth Fund Class I | 144,450 | 1,636,836 | |
| MainStay Epoch International Choice Fund Class I | 135,513 | 4,627,427 | |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 629,867 | 12,305,016 | |
| MainStay MacKay International Equity Fund Class R6 | 287,045 | 4,689,164 | |
| MainStay S&P 500 Index Fund Class I | 130,878 | 6,896,582 | |
| MainStay Winslow Large Cap Growth Fund Class R6 | 1,541,383 | 15,845,414 | |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 375,402 | 12,122,129 | |
| MainStay WMC Growth Fund Class R6 (a) | 458,253 | 15,734,841 | |
| MainStay WMC International Research Equity Fund Class I | 697,954 | 4,525,743 | |
| MainStay WMC Small Companies Fund Class I (a) | 356,336 | 8,184,264 | |
| MainStay WMC Value Fund Class R6 | 395,471 | 12,116,993 | |
| Total Equity Funds (Cost $147,273,122) | 164,685,535 | ||
| Fixed Income Funds 52.8% | |||
| IQ MacKay ESG Core Plus Bond ETF (a) | 2,431,471 | 54,557,590 | |
| MainStay Floating Rate Fund Class R6 (a) | 3,795,345 | 32,874,520 | |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 5,357,352 | 27,237,312 | |
| MainStay MacKay Short Duration High Yield Fund Class I | 2,325,443 | 21,549,651 | |
| MainStay MacKay Total Return Bond Fund Class R6 (a) | 10,280,998 | 97,897,718 | |
| Total Fixed Income Funds (Cost $250,819,173) | 234,116,791 | ||
| Total Affiliated Investment Companies (Cost $398,092,295) | 398,802,326 | ||
| Short-Term Investment 8.3% | |||
| Affiliated Investment Company 8.3% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 36,666,642 | 36,666,642 | |
| Total Short-Term Investment (Cost $36,666,642) | 8.3% | 36,666,642 | |
| Total Investments (Cost $434,758,937) | 98.3% | 435,468,968 | |
| Other Assets, Less Liabilities | 1.7 | 7,467,097 | |
| Net Assets | 100.0% | $ 442,936,065 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | As of July 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| IQ 50 Percent Hedged FTSE International ETF | $ 10,170 | $ 780 | $ (686) | $ 11 | $ (1,179) | $ 9,096 | $ 247 | $ — | 413 |
| IQ 500 International ETF | 8,948 | 936 | (1,176) | 57 | (1,270) | 7,495 | 308 | — | 267 |
| IQ Candriam ESG International Equity ETF | 8,695 | 984 | (582) | 49 | (1,534) | 7,612 | 219 | — | 306 |
| IQ Candriam ESG U.S. Equity ETF | 18,855 | 833 | (2,147) | 268 | (2,147) | 15,662 | 155 | — | 438 |
| IQ Chaikin U.S. Large Cap ETF | 12,726 | 964 | (484) | (22) | (1,112) | 12,072 | 121 | — | 379 |
| IQ Chaikin U.S. Small Cap ETF | 8,996 | 742 | (1,350) | 358 | (1,043) | 7,703 | 73 | — | 234 |
| IQ MacKay ESG Core Plus Bond ETF | — | 58,948 | (2,668) | (286) | (1,436) | 54,558 | 406 | — | 2,431 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 7,538 | 1,042 | (151) | (25) | (2,044) | 6,360 | 68 | — | 672 |
| MainStay Epoch Capital Growth Fund Class I | 1,886 | 540 | (108) | (11) | (670) | 1,637 | 2 | 420 | 144 |
| MainStay Epoch International Choice Fund Class I | 5,144 | 696 | (315) | (21) | (877) | 4,627 | 131 | — | 136 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 14,602 | 255 | (2,351) | 68 | (269) | 12,305 | 210 | — | 630 |
| MainStay Floating Rate Fund Class R6 | 38,149 | 1,638 | (5,014) | (168) | (1,730) | 32,875 | 941 | — | 3,795 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 20,305 | 9,667 | (866) | (42) | (1,827) | 27,237 | 847 | — | 5,357 |
| MainStay MacKay International Equity Fund Class R6 | 4,948 | 1,677 | (200) | (78) | (1,658) | 4,689 | 19 | 612 | 287 |
| MainStay MacKay Short Duration High Yield Fund Class I | 25,436 | 11,451 | (13,379) | (736) | (1,222) | 21,550 | 897 | — | 2,325 |
| MainStay MacKay Total Return Bond Fund Class R6 | 193,306 | 9,171 | (78,530) | (7,781) | (18,268) | 97,898 | 3,386 | 5,785 | 10,281 |
| MainStay S&P 500 Index Fund Class I (a) | 8,546 | 672 | (1,264) | 383 | (1,440) | 6,897 | 92 | 294 | 131 |
| MainStay Short Term Bond Fund Class I | 2,536 | 1 | (2,516) | (49) | 28 | — | 5 | 6 | — |
| MainStay U.S. Government Liquidity Fund | 45,132 | 102,329 | (110,794) | — | — | 36,667 | 85 | — | 36,667 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 19,359 | 6,851 | (2,061) | (230) | (8,074) | 15,845 | — | 3,580 | 1,541 |
| MainStay WMC Enduring Capital Fund Class R6 | 12,610 | 1,884 | (700) | (118) | (1,554) | 12,122 | 42 | 1,033 | 375 |
| MainStay WMC Growth Fund Class R6 | 17,634 | 6,787 | (398) | (190) | (8,098) | 15,735 | — | 3,520 | 458 |
| MainStay WMC International Research Equity Fund Class I | 5,054 | 865 | (313) | (31) | (1,049) | 4,526 | 133 | — | 698 |
| MainStay WMC Small Companies Fund Class I | 8,471 | 3,362 | (768) | (286) | (2,595) | 8,184 | — | 1,946 | 356 |
| MainStay WMC Value Fund Class R6 | 13,224 | 6,324 | (1,380) | (143) | (5,908) | 12,117 | 124 | 5,850 | 395 |
| $512,270 | $229,399 | $(230,201) | $(9,023) | $(66,976) | $435,469 | $8,511 | $23,046 |
| (a) | Prior to February 28, 2022, known as MainStay MacKay S&P 500 Index Fund Class I. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 10,094 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 4,454 | — |
| Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 4,429 | — |
| Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 2,306 | — |
| Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/2/22 | Daily | (11,726) | — |
| Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF | 12/2/22 | Daily | (4,395) | — |
| Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 7,411 | — |
| Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 3,416 | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.01% | 12/2/22 | Daily | (24,286) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 26,308 | — |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 3,803 | $ — |
| Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 6,068 | — |
| Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 3,576 | — |
| $ — |
| 1. | As of July 31, 2022, cash in the amount $649,438 was pledged from brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2022. |
| Abbreviation(s): |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor’s Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 164,685,535 | $ — | $ — | $ 164,685,535 | |||
| Fixed Income Funds | 234,116,791 | — | — | 234,116,791 | |||
| Total Affiliated Investment Companies | 398,802,326 | — | — | 398,802,326 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 36,666,642 | — | — | 36,666,642 | |||
| Total Investments in Securities | $ 435,468,968 | $ — | $ — | $ 435,468,968 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 98.6% | ||
| Australia 2.7% | ||
| Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure) | 24,482 | $ 607,276 |
| CSL Ltd. (Biotechnology) | 4,736 | 961,814 |
| Silver Lake Resources Ltd. (Metals & Mining) (a) | 250,882 | 255,984 |
| 1,825,074 | ||
| Canada 2.4% | ||
| Alimentation Couche-Tard, Inc. (Food & Staples Retailing) | 15,605 | 697,171 |
| Constellation Software, Inc. (Software) | 564 | 959,427 |
| 1,656,598 | ||
| China 2.4% | ||
| A-Living Smart City Services Co. Ltd. (Real Estate Management & Development) (b) | 110,750 | 135,905 |
| Chongqing Brewery Co. Ltd., Class A (Beverages) | 18,074 | 330,720 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment) | 24,000 | 449,555 |
| SITC International Holdings Co. Ltd. (Marine) | 217,000 | 739,508 |
| 1,655,688 | ||
| Denmark 3.0% | ||
| Coloplast A/S, Class B (Health Care Equipment & Supplies) | 3,504 | 409,266 |
| Genmab A/S (Biotechnology) (a) | 2,071 | 737,417 |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 7,625 | 896,760 |
| 2,043,443 | ||
| France 2.4% | ||
| Edenred (IT Services) | 21,685 | 1,114,583 |
| Sartorius Stedim Biotech (Life Sciences Tools & Services) | 1,352 | 542,475 |
| 1,657,058 | ||
| Hong Kong 0.4% | ||
| Hong Kong Exchanges & Clearing Ltd. (Capital Markets) | 5,800 | 266,392 |
| Indonesia 0.5% | ||
| Bank Central Asia Tbk. PT (Banks) | 727,500 | 362,331 |
| Italy 1.9% | ||
| DiaSorin SpA (Health Care Equipment & Supplies) | 2,572 | 358,529 |
| FinecoBank Banca Fineco SpA (Banks) | 45,522 | 568,491 |
| Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | 8,995 | 399,395 |
| 1,326,415 | ||
| Japan 3.6% | ||
| Digital Arts, Inc. (Software) | 2,900 | 143,820 |
| Goldwin, Inc. (Textiles, Apparel & Luxury Goods) | 3,800 | 237,320 |
| Hoya Corp. (Health Care Equipment & Supplies) | 4,200 | 421,874 |
| MedPeer, Inc. (Health Care Technology) (a)(c) | 9,700 | 160,539 |
| Nexon Co. Ltd. (Entertainment) | 22,100 | 502,260 |
| Unicharm Corp. (Household Products) | 18,700 | 679,927 |
| Shares | Value | |
| Common Stocks | ||
| Japan | ||
| Zenkoku Hosho Co. Ltd. (Diversified Financial Services) | 8,600 | $ 292,137 |
| 2,437,877 | ||
| Jordan 0.7% | ||
| Hikma Pharmaceuticals plc (Pharmaceuticals) | 23,193 | 489,008 |
| Malta 1.0% | ||
| Kindred Group plc SDR (Hotels, Restaurants & Leisure) | 75,224 | 661,294 |
| Mexico 0.7% | ||
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 140,000 | 507,106 |
| Netherlands 1.4% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 978 | 561,529 |
| BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 7,055 | 378,096 |
| 939,625 | ||
| Singapore 0.7% | ||
| Singapore Exchange Ltd. (Capital Markets) | 66,900 | 480,121 |
| South Africa 0.5% | ||
| FirstRand Ltd. (Diversified Financial Services) | 90,142 | 356,114 |
| Spain 1.2% | ||
| Amadeus IT Group SA (IT Services) (a) | 6,555 | 382,480 |
| Industria de Diseno Textil SA (Specialty Retail) | 18,531 | 450,109 |
| 832,589 | ||
| Sweden 2.8% | ||
| Atlas Copco AB, Class B (Machinery) | 36,548 | 379,270 |
| Epiroc AB, Class B (Machinery) | 25,696 | 407,951 |
| Evolution AB (Hotels, Restaurants & Leisure) (b) | 4,632 | 450,893 |
| Swedish Match AB (Tobacco) | 62,880 | 658,720 |
| 1,896,834 | ||
| Switzerland 2.8% | ||
| Kuehne + Nagel International AG (Registered) (Marine) | 2,480 | 667,851 |
| Logitech International SA (Registered) (Technology Hardware, Storage & Peripherals) | 8,074 | 454,824 |
| Partners Group Holding AG (Capital Markets) | 420 | 457,443 |
| Tecan Group AG (Registered) (Life Sciences Tools & Services) | 955 | 339,646 |
| 1,919,764 | ||
| Taiwan 0.4% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 17,000 | 291,133 |
| United Kingdom 2.1% | ||
| Diageo plc (Beverages) | 7,216 | 342,980 |
| Shares | Value | |
| Common Stocks | ||
| United Kingdom | ||
| Fevertree Drinks plc (Beverages) | 13,311 | $ 174,985 |
| Games Workshop Group plc (Leisure Products) | 4,535 | 428,664 |
| Howden Joinery Group plc (Trading Companies & Distributors) | 61,913 | 512,766 |
| 1,459,395 | ||
| United States 65.0% | ||
| Accenture plc, Class A (IT Services) | 2,532 | 775,450 |
| Adobe, Inc. (Software) (a) | 978 | 401,097 |
| Align Technology, Inc. (Health Care Equipment & Supplies) (a) | 1,001 | 281,251 |
| Alphabet, Inc., Class A (Interactive Media & Services) (a) | 9,660 | 1,123,651 |
| Ameriprise Financial, Inc. (Capital Markets) | 1,761 | 475,329 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 5,179 | 841,639 |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 5,265 | 557,985 |
| Arista Networks, Inc. (Communications Equipment) (a) | 9,778 | 1,140,408 |
| Artisan Partners Asset Management, Inc., Class A (Capital Markets) | 15,861 | 630,633 |
| Automatic Data Processing, Inc. (IT Services) | 3,562 | 858,869 |
| Booking Holdings, Inc. (Hotels, Restaurants & Leisure) (a) | 224 | 433,595 |
| Bruker Corp. (Life Sciences Tools & Services) | 5,513 | 377,916 |
| Cadence Design Systems, Inc. (Software) (a) | 3,458 | 643,465 |
| Chemed Corp. (Health Care Providers & Services) | 1,375 | 661,499 |
| Corcept Therapeutics, Inc. (Pharmaceuticals) (a) | 21,967 | 629,574 |
| Costco Wholesale Corp. (Food & Staples Retailing) | 2,279 | 1,233,623 |
| Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (a) | 2,037 | 638,009 |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 1,571 | 616,005 |
| Donaldson Co., Inc. (Machinery) | 9,329 | 507,591 |
| Electronic Arts, Inc. (Entertainment) | 4,091 | 536,862 |
| Eli Lilly and Co. (Pharmaceuticals) | 4,391 | 1,447,669 |
| Encompass Health Corp. (Health Care Providers & Services) | 5,469 | 276,841 |
| eXp World Holdings, Inc. (Real Estate Management & Development) (c) | 7,619 | 113,218 |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | 3,792 | 402,900 |
| Exponent, Inc. (Professional Services) | 3,182 | 319,759 |
| Fastenal Co. (Trading Companies & Distributors) | 19,434 | 998,130 |
| Ferguson plc (Trading Companies & Distributors) | 7,585 | 955,160 |
| Fortinet, Inc. (Software) (a) | 17,955 | 1,071,016 |
| Gentex Corp. (Auto Components) | 38,898 | 1,097,702 |
| Graco, Inc. (Machinery) | 6,123 | 411,221 |
| Home Depot, Inc. (The) (Specialty Retail) | 2,146 | 645,817 |
| Intuitive Surgical, Inc. (Health Care Equipment & Supplies) (a) | 1,104 | 254,108 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 2,785 | 1,068,159 |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,565 | 783,298 |
| Liberty Media Corp-Liberty SiriusXM (a) | ||
| Class A (Media) | 11,982 | 477,483 |
| Class C (Media) | 667 | 26,560 |
| LPL Financial Holdings, Inc. (Capital Markets) | 7,026 | 1,474,898 |
| Manhattan Associates, Inc. (Software) (a) | 2,232 | 313,975 |
| Mastercard, Inc., Class A (IT Services) | 2,877 | 1,017,854 |
| Medpace Holdings, Inc. (Life Sciences Tools & Services) (a) | 5,910 | 1,001,922 |
| Meta Platforms, Inc., Class A (Interactive Media & Services) (a) | 2,670 | 424,797 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 425 | $ 573,635 | |
| Microsoft Corp. (Software) | 4,350 | 1,221,219 | |
| Monster Beverage Corp. (Beverages) (a) | 12,960 | 1,291,075 | |
| Paychex, Inc. (IT Services) | 8,298 | 1,064,467 | |
| Rollins, Inc. (Commercial Services & Supplies) | 14,514 | 559,805 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 7,136 | 604,990 | |
| SVB Financial Group (Banks) (a) | 1,001 | 403,954 | |
| Take-Two Interactive Software, Inc. (Entertainment) (a) | 3,263 | 433,098 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 4,310 | 771,016 | |
| TJX Cos., Inc. (The) (Specialty Retail) | 6,353 | 388,550 | |
| TTEC Holdings, Inc. (IT Services) | 4,022 | 294,290 | |
| Union Pacific Corp. (Road & Rail) | 3,896 | 885,561 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 1,881 | 1,020,142 | |
| Veeva Systems, Inc., Class A (Health Care Technology) (a) | 2,681 | 599,418 | |
| Vertex Pharmaceuticals, Inc. (Biotechnology) (a) | 2,825 | 792,158 | |
| Visa, Inc., Class A (IT Services) | 2,274 | 482,338 | |
| VMware, Inc., Class A (Software) | 5,737 | 666,639 | |
| Waters Corp. (Life Sciences Tools & Services) (a) | 1,076 | 391,696 | |
| West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 1,289 | 442,849 | |
| Western Alliance Bancorp (Banks) | 5,628 | 429,867 | |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 6,808 | 859,033 | |
| World Wrestling Entertainment, Inc., Class A (Entertainment) | 12,891 | 893,475 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4,022 | 492,856 | |
| Zoetis, Inc. (Pharmaceuticals) | 6,491 | 1,184,932 | |
| 44,694,001 | |||
| Total Common Stocks (Cost $57,800,173) | 67,757,860 | ||
| Short-Term Investments 1.5% | |||
| Affiliated Investment Company 1.4% | |||
| United States 1.4% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (d) | 930,499 | 930,499 | |
| Unaffiliated Investment Company 0.1% | |||
| United States 0.1% | |||
| Invesco Government & Agency Portfolio, 2.17% (d)(e) | 93,703 | 93,703 | |
| Total Short-Term Investments (Cost $1,024,202) | 1,024,202 | ||
| Total Investments (Cost $58,824,375) | 100.1% | 68,782,062 | |
| Other Assets, Less Liabilities | (0.1) | (49,809) | |
| Net Assets | 100.0% | $ 68,732,253 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $197,707; the total market value of collateral held by the Fund was $208,027. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $114,324. The Fund received cash collateral with a value of $93,703. |
| (d) | Current yield as of July 31, 2022. |
| (e) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 989 | $ 12,381 | $ (12,440) | $ — | $ — | $ 930 | $ 1 | $ — | 930 |
| Abbreviation(s): |
| SDR—Special Drawing Right |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Australia | $ — | $ 1,825,074 | $ — | $ 1,825,074 | |||
| China | — | 1,655,688 | — | 1,655,688 | |||
| Denmark | — | 2,043,443 | — | 2,043,443 | |||
| France | — | 1,657,058 | — | 1,657,058 | |||
| Hong Kong | — | 266,392 | — | 266,392 | |||
| Indonesia | — | 362,331 | — | 362,331 | |||
| Italy | — | 1,326,415 | — | 1,326,415 | |||
| Japan | — | 2,437,877 | — | 2,437,877 | |||
| Jordan | — | 489,008 | — | 489,008 | |||
| Malta | — | 661,294 | — | 661,294 | |||
| Netherlands | — | 939,625 | — | 939,625 | |||
| Singapore | — | 480,121 | — | 480,121 | |||
| South Africa | — | 356,114 | — | 356,114 | |||
| Spain | — | 832,589 | — | 832,589 | |||
| Sweden | — | 1,896,834 | — | 1,896,834 | |||
| Switzerland | — | 1,919,764 | — | 1,919,764 | |||
| Taiwan | — | 291,133 | — | 291,133 | |||
| United Kingdom | — | 1,459,395 | — | 1,459,395 | |||
| United States | 43,738,841 | 955,160 | — | 44,694,001 | |||
| All Other Countries | 2,163,704 | — | — | 2,163,704 | |||
| Total Common Stocks | 45,902,545 | 21,855,315 | — | 67,757,860 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 930,499 | — | — | 930,499 | |||
| Unaffiliated Investment Company | 93,703 | — | — | 93,703 | |||
| Total Short-Term Investments | 1,024,202 | — | — | 1,024,202 | |||
| Total Investments in Securities | $ 46,926,747 | $ 21,855,315 | $ — | $ 68,782,062 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 98.7% | ||
| Canada 6.2% | ||
| Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 150,010 | $ 6,737,008 |
| Fortis, Inc. (Electric Utilities) | 127,505 | 6,023,019 |
| Great-West Lifeco, Inc. (Insurance) | 207,655 | 5,046,444 |
| Manulife Financial Corp. (Insurance) | 619,159 | 11,333,479 |
| Nutrien Ltd. (Chemicals) | 134,356 | 11,508,935 |
| Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure) | 299,578 | 16,060,377 |
| Royal Bank of Canada (Banks) | 58,777 | 5,731,050 |
| TELUS Corp. (Diversified Telecommunication Services) | 267,349 | 6,154,737 |
| 68,595,049 | ||
| China 0.6% | ||
| China Resources Gas Group Ltd. (Gas Utilities) | 1,630,000 | 6,860,934 |
| France 4.5% | ||
| AXA SA (Insurance) | 333,020 | 7,687,946 |
| Cie Generale des Etablissements Michelin SCA (Auto Components) | 185,659 | 5,190,706 |
| Danone SA (Food Products) | 102,859 | 5,671,351 |
| Orange SA (Diversified Telecommunication Services) | 528,987 | 5,410,440 |
| Sanofi (Pharmaceuticals) | 102,214 | 10,170,580 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 314,216 | 16,028,345 |
| 50,159,368 | ||
| Germany 5.3% | ||
| Allianz SE (Registered) (Insurance) | 29,739 | 5,393,180 |
| BASF SE (Chemicals) | 117,445 | 5,211,602 |
| Bayer AG (Registered) (Pharmaceuticals) | 116,411 | 6,784,064 |
| Deutsche Post AG (Registered) (Air Freight & Logistics) | 294,179 | 11,707,648 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 920,030 | 17,404,458 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | 23,750 | 5,370,707 |
| Siemens AG (Registered) (Industrial Conglomerates) | 58,687 | 6,516,092 |
| 58,387,751 | ||
| Italy 0.9% | ||
| Assicurazioni Generali SpA (Insurance) | 323,841 | 4,855,135 |
| Snam SpA (Gas Utilities) | 1,037,029 | 5,208,790 |
| 10,063,925 | ||
| Japan 2.4% | ||
| Bridgestone Corp. (Auto Components) | 180,000 | 7,050,200 |
| Koei Tecmo Holdings Co. Ltd. (Entertainment) | 202,700 | 7,075,699 |
| Tokio Marine Holdings, Inc. (Insurance) | 103,000 | 6,009,690 |
| Toyota Motor Corp. (Automobiles) | 372,500 | 6,029,688 |
| 26,165,277 | ||
| Norway 0.6% | ||
| Orkla ASA (Food Products) | 771,960 | 6,653,913 |
| Shares | Value | |
| Common Stocks | ||
| Republic of Korea 1.3% | ||
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 7,177 | $ 8,405,429 |
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 139,486 | 5,768,290 |
| 14,173,719 | ||
| Switzerland 1.5% | ||
| Novartis AG (Registered) (Pharmaceuticals) | 199,311 | 17,129,886 |
| Taiwan 1.1% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 136,153 | 12,046,818 |
| United Kingdom 8.7% | ||
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 301,276 | 19,953,510 |
| B&M European Value Retail SA (Multiline Retail) | 1,123,564 | 5,826,630 |
| BAE Systems plc (Aerospace & Defense) | 662,134 | 6,226,379 |
| British American Tobacco plc (Tobacco) | 370,707 | 14,569,643 |
| Coca-Cola Europacific Partners plc (Beverages) | 352,526 | 19,078,707 |
| Linde plc (Chemicals) | 41,116 | 12,417,032 |
| National Grid plc (Multi-Utilities) | 421,718 | 5,821,588 |
| RELX plc (Professional Services) | 203,885 | 6,059,258 |
| Unilever plc (Personal Products) | 128,636 | 6,265,761 |
| 96,218,508 | ||
| United States 65.6% | ||
| AbbVie, Inc. (Biotechnology) | 71,479 | 10,257,951 |
| Air Products and Chemicals, Inc. (Chemicals) | 30,520 | 7,575,980 |
| Altria Group, Inc. (Tobacco) | 157,233 | 6,896,239 |
| Ameren Corp. (Multi-Utilities) | 67,663 | 6,300,779 |
| American Electric Power Co., Inc. (Electric Utilities) | 143,858 | 14,178,644 |
| American Tower Corp. (Equity Real Estate Investment Trusts) | 24,679 | 6,683,814 |
| Amgen, Inc. (Biotechnology) | 25,528 | 6,317,414 |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 141,056 | 24,255,990 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 143,966 | 23,395,915 |
| Arthur J. Gallagher & Co. (Insurance) | 44,196 | 7,910,642 |
| AT&T, Inc. (Diversified Telecommunication Services) | 382,642 | 7,186,017 |
| Bank of America Corp. (Banks) | 403,560 | 13,644,364 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 46,461 | 24,878,936 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 40,644 | 6,656,674 |
| Cisco Systems, Inc. (Communications Equipment) | 412,819 | 18,729,598 |
| Coca-Cola Co. (The) (Beverages) | 154,245 | 9,897,902 |
| Columbia Banking System, Inc. (Banks) | 206,071 | 6,217,162 |
| Comcast Corp., Class A (Media) | 252,609 | 9,477,890 |
| Cummins, Inc. (Machinery) | 53,434 | 11,825,479 |
| Dow, Inc. (Chemicals) | 106,459 | 5,664,683 |
| Duke Energy Corp. (Electric Utilities) | 56,705 | 6,233,581 |
| Eaton Corp. plc (Electrical Equipment) | 69,090 | 10,252,265 |
| Eli Lilly and Co. (Pharmaceuticals) | 30,004 | 9,892,019 |
| Emerson Electric Co. (Electrical Equipment) | 124,981 | 11,257,039 |
| Entergy Corp. (Electric Utilities) | 55,166 | 6,351,262 |
| Shares | Value | |
| Common Stocks | ||
| United States | ||
| Enterprise Products Partners LP (Oil, Gas & Consumable Fuels) | 445,310 | $ 11,903,136 |
| Evergy, Inc. (Electric Utilities) | 88,064 | 6,011,249 |
| GSK plc (Pharmaceuticals) | 230,089 | 4,847,307 |
| Hasbro, Inc. (Leisure Products) | 131,694 | 10,366,952 |
| Home Depot, Inc. (The) (Specialty Retail) | 22,086 | 6,646,561 |
| Honeywell International, Inc. (Industrial Conglomerates) | 52,483 | 10,100,878 |
| Hubbell, Inc. (Electrical Equipment) | 45,418 | 9,947,450 |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | 190,993 | 6,934,956 |
| International Business Machines Corp. (IT Services) | 157,991 | 20,663,643 |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 135,180 | 6,554,878 |
| Johnson & Johnson (Pharmaceuticals) | 30,803 | 5,375,740 |
| JPMorgan Chase & Co. (Banks) | 94,630 | 10,916,517 |
| KeyCorp (Banks) | 601,007 | 10,998,428 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 40,810 | 15,652,267 |
| Lazard Ltd., Class A (Capital Markets) (a) | 205,447 | 7,739,188 |
| Leggett & Platt, Inc. (Household Durables) | 174,033 | 6,898,668 |
| Lockheed Martin Corp. (Aerospace & Defense) | 14,388 | 5,953,898 |
| LyondellBasell Industries NV, Class A (Chemicals) | 63,679 | 5,675,072 |
| Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels) | 122,199 | 6,293,248 |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | 29,547 | 7,781,793 |
| Medtronic plc (Health Care Equipment & Supplies) | 191,698 | 17,735,899 |
| Merck & Co., Inc. (Pharmaceuticals) | 112,799 | 10,077,463 |
| MetLife, Inc. (Insurance) | 166,402 | 10,524,926 |
| Microsoft Corp. (Software) | 90,343 | 25,362,894 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 188,930 | 6,142,114 |
| MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors) | 109,437 | 9,046,062 |
| Nestle SA (Registered) (Food Products) | 65,445 | 8,038,036 |
| NextEra Energy, Inc. (Electric Utilities) | 145,269 | 12,273,778 |
| NiSource, Inc. (Multi-Utilities) | 205,629 | 6,251,122 |
| Omnicom Group, Inc. (Media) | 85,799 | 5,992,202 |
| Pfizer, Inc. (Pharmaceuticals) | 110,750 | 5,593,982 |
| Philip Morris International, Inc. (Tobacco) | 94,924 | 9,221,867 |
| PNC Financial Services Group, Inc. (The) (Banks) | 41,298 | 6,852,990 |
| Procter & Gamble Co. (The) (Household Products) | 38,773 | 5,385,957 |
| Raytheon Technologies Corp. (Aerospace & Defense) | 113,569 | 10,585,766 |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | 89,694 | 6,636,459 |
| Roche Holding AG (Pharmaceuticals) | 16,833 | 5,589,915 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 65,174 | 11,658,977 |
| Travelers Cos., Inc. (The) (Insurance) | 62,981 | 9,995,085 |
| Truist Financial Corp. (Banks) | 224,578 | 11,334,452 |
| U.S. Bancorp (Banks) | 203,947 | 9,626,298 |
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | 53,230 | 10,373,995 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 25,606 | 13,887,158 |
| Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 46,754 | 11,086,776 |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | 121,584 | 5,615,965 |
| Walmart, Inc. (Food & Staples Retailing) | 113,730 | 15,018,046 |
| WEC Energy Group, Inc. (Multi-Utilities) | 62,580 | 6,496,430 |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | 73,268 | 6,325,959 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| WP Carey, Inc. (Equity Real Estate Investment Trusts) | 69,564 | $ 6,212,065 | |
| 728,142,706 | |||
| Total Common Stocks (Cost $948,099,018) | 1,094,597,854 | ||
| Short-Term Investments 1.1% | |||
| Affiliated Investment Company 0.9% | |||
| United States 0.9% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 9,888,110 | 9,888,110 | |
| Unaffiliated Investment Company 0.2% | |||
| United States 0.2% | |||
| Invesco Government & Agency Portfolio, 2.17% (b)(c) | 2,346,113 | 2,346,113 | |
| Total Short-Term Investments (Cost $12,234,223) | 12,234,223 | ||
| Total Investments (Cost $960,333,241) | 99.8% | 1,106,832,077 | |
| Other Assets, Less Liabilities | 0.2 | 2,624,881 | |
| Net Assets | 100.0% | $ 1,109,456,958 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $2,289,180. The Fund received cash collateral with a value of $2,346,113. |
| (b) | Current yield as of July 31, 2022. |
| (c) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 19,800 | $ 120,388 | $ (130,300) | $ — | $ — | $ 9,888 | $ 19 | $ — | 9,888 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| China | $ — | $ 6,860,934 | $ — | $ 6,860,934 | |||
| France | — | 50,159,368 | — | 50,159,368 | |||
| Germany | — | 58,387,751 | — | 58,387,751 | |||
| Italy | — | 10,063,925 | — | 10,063,925 | |||
| Japan | — | 26,165,277 | — | 26,165,277 | |||
| Norway | — | 6,653,913 | — | 6,653,913 | |||
| Republic of Korea | — | 14,173,719 | — | 14,173,719 | |||
| Switzerland | — | 17,129,886 | — | 17,129,886 | |||
| United Kingdom | 51,449,249 | 44,769,259 | — | 96,218,508 | |||
| United States | 709,667,448 | 18,475,258 | — | 728,142,706 | |||
| All Other Countries | 80,641,867 | — | — | 80,641,867 | |||
| Total Common Stocks | 841,758,564 | 252,839,290 | — | 1,094,597,854 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 9,888,110 | — | — | 9,888,110 | |||
| Unaffiliated Investment Company | 2,346,113 | — | — | 2,346,113 | |||
| Total Short-Term Investments | 12,234,223 | — | — | 12,234,223 | |||
| Total Investments in Securities | $ 853,992,787 | $ 252,839,290 | $ — | $ 1,106,832,077 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 96.3% | ||
| Finland 3.6% | ||
| Nordea Bank Abp (Banks) | 827,772 | $ 8,157,718 |
| France 23.6% | ||
| Airbus SE (Aerospace & Defense) | 30,544 | 3,302,962 |
| AXA SA (Insurance) | 294,563 | 6,800,145 |
| Edenred (IT Services) | 126,299 | 6,491,620 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 7,929 | 5,515,468 |
| Pernod Ricard SA (Beverages) | 25,119 | 4,943,680 |
| Sanofi (Pharmaceuticals) | 55,042 | 5,476,834 |
| Sartorius Stedim Biotech (Life Sciences Tools & Services) | 19,297 | 7,742,706 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 188,907 | 9,636,258 |
| Ubisoft Entertainment SA (Entertainment) (a) | 87,585 | 3,724,592 |
| 53,634,265 | ||
| Germany 4.4% | ||
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 523,957 | 9,911,837 |
| Japan 18.0% | ||
| Asahi Group Holdings Ltd. (Beverages) | 130,300 | 4,519,685 |
| Hoya Corp. (Health Care Equipment & Supplies) | 60,500 | 6,076,988 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 17,600 | 6,984,478 |
| SoftBank Group Corp. (Wireless Telecommunication Services) | 180,000 | 7,656,776 |
| Sony Group Corp. (Household Durables) | 115,200 | 9,861,104 |
| Toyota Industries Corp. (Machinery) | 98,400 | 5,963,312 |
| 41,062,343 | ||
| Netherlands 3.6% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 14,086 | 8,087,630 |
| Republic of Korea 2.2% | ||
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 4,267 | 4,996,893 |
| Spain 4.7% | ||
| Amadeus IT Group SA (IT Services) (a) | 101,756 | 5,937,400 |
| Industria de Diseno Textil SA (Specialty Retail) | 196,513 | 4,773,208 |
| 10,710,608 | ||
| Taiwan 1.4% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 37,220 | 3,293,226 |
| United Kingdom 24.3% | ||
| Coca-Cola Europacific Partners plc (Beverages) | 187,066 | 10,124,012 |
| Compass Group plc (Hotels, Restaurants & Leisure) | 389,582 | 9,143,848 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 85,150 | 5,060,045 |
| Linde plc (Chemicals) | 28,683 | 8,662,266 |
| Lloyds Banking Group plc (Banks) | 11,111,236 | 6,162,388 |
| Rentokil Initial plc (Commercial Services & Supplies) | 1,342,589 | 8,879,280 |
| Shares | Value | ||
| Common Stocks | |||
| United Kingdom | |||
| Unilever plc (Personal Products) | 150,334 | $ 7,322,654 | |
| 55,354,493 | |||
| United States 10.5% | |||
| Ferguson plc (Trading Companies & Distributors) | 40,607 | 5,113,539 | |
| Roche Holding AG (Pharmaceuticals) | 20,735 | 6,885,694 | |
| Schneider Electric SE (Electrical Equipment) | 39,203 | 5,437,587 | |
| Swiss Re AG (Insurance) | 87,429 | 6,577,734 | |
| 24,014,554 | |||
| Total Common Stocks (Cost $230,353,118) | 219,223,567 | ||
| Short-Term Investment 2.3% | |||
| Affiliated Investment Company 2.3% | |||
| United States 2.3% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 5,203,408 | 5,203,408 | |
| Total Short-Term Investment (Cost $5,203,408) | 5,203,408 | ||
| Total Investments (Cost $235,556,526) | 98.6% | 224,426,975 | |
| Other Assets, Less Liabilities | 1.4 | 3,125,008 | |
| Net Assets | 100.0% | $ 227,551,983 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing security. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 6,568 | $ 40,007 | $ (41,372) | $ — | $ — | $ 5,203 | $ 8 | $ — | 5,203 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Finland | $ — | $ 8,157,718 | $ — | $ 8,157,718 | |||
| France | — | 53,634,265 | — | 53,634,265 | |||
| Germany | — | 9,911,837 | — | 9,911,837 | |||
| Japan | — | 41,062,343 | — | 41,062,343 | |||
| Netherlands | — | 8,087,630 | — | 8,087,630 | |||
| Republic of Korea | — | 4,996,893 | — | 4,996,893 | |||
| Spain | — | 10,710,608 | — | 10,710,608 | |||
| United Kingdom | 18,786,278 | 36,568,215 | — | 55,354,493 | |||
| United States | — | 24,014,554 | — | 24,014,554 | |||
| All Other Countries | 3,293,226 | — | — | 3,293,226 | |||
| Total Common Stocks | 22,079,504 | 197,144,063 | — | 219,223,567 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 5,203,408 | — | — | 5,203,408 | |||
| Total Investments in Securities | $ 27,282,912 | $ 197,144,063 | $ — | $ 224,426,975 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 97.9% | ||
| Aerospace & Defense 2.6% | ||
| General Dynamics Corp. | 36,983 | $ 8,382,937 |
| Lockheed Martin Corp. | 21,554 | 8,919,261 |
| Raytheon Technologies Corp. | 120,682 | 11,248,769 |
| 28,550,967 | ||
| Air Freight & Logistics 1.0% | ||
| United Parcel Service, Inc., Class B | 57,221 | 11,151,801 |
| Banks 8.6% | ||
| Bank of America Corp. | 551,185 | 18,635,565 |
| Columbia Banking System, Inc. | 233,363 | 7,040,562 |
| JPMorgan Chase & Co. | 154,519 | 17,825,312 |
| KeyCorp | 463,745 | 8,486,533 |
| PNC Financial Services Group, Inc. (The) | 67,796 | 11,250,068 |
| Truist Financial Corp. | 216,989 | 10,951,435 |
| U.S. Bancorp | 419,997 | 19,823,858 |
| 94,013,333 | ||
| Beverages 2.5% | ||
| Coca-Cola Co. (The) | 137,898 | 8,848,915 |
| Coca-Cola Europacific Partners plc | 206,891 | 11,196,941 |
| PepsiCo, Inc. | 42,015 | 7,350,944 |
| 27,396,800 | ||
| Biotechnology 3.4% | ||
| AbbVie, Inc. | 168,690 | 24,208,702 |
| Amgen, Inc. | 52,698 | 13,041,174 |
| 37,249,876 | ||
| Capital Markets 2.8% | ||
| BlackRock, Inc. | 13,332 | 8,921,508 |
| CME Group, Inc. | 29,511 | 5,886,854 |
| Lazard Ltd., Class A (a) | 246,021 | 9,267,611 |
| T. Rowe Price Group, Inc. | 50,646 | 6,253,262 |
| 30,329,235 | ||
| Chemicals 4.6% | ||
| Air Products and Chemicals, Inc. | 32,844 | 8,152,866 |
| Dow, Inc. | 164,201 | 8,737,135 |
| Linde plc | 36,221 | 10,938,742 |
| LyondellBasell Industries NV, Class A | 88,944 | 7,926,690 |
| Nutrien Ltd. | 78,606 | 6,733,390 |
| PPG Industries, Inc. | 63,304 | 8,184,574 |
| 50,673,397 | ||
| Commercial Services & Supplies 1.4% | ||
| Republic Services, Inc. | 60,567 | 8,398,220 |
| Waste Management, Inc. | 42,037 | 6,917,609 |
| 15,315,829 | ||
| Shares | Value | |
| Common Stocks | ||
| Communications Equipment 1.2% | ||
| Cisco Systems, Inc. | 286,734 | $ 13,009,122 |
| Containers & Packaging 0.7% | ||
| Amcor plc | 632,229 | 8,187,366 |
| Diversified Telecommunication Services 1.6% | ||
| AT&T, Inc. | 373,148 | 7,007,719 |
| Verizon Communications, Inc. | 231,821 | 10,707,812 |
| 17,715,531 | ||
| Electric Utilities 6.5% | ||
| Alliant Energy Corp. | 108,465 | 6,608,772 |
| American Electric Power Co., Inc. | 161,505 | 15,917,933 |
| Duke Energy Corp. | 56,733 | 6,236,659 |
| Entergy Corp. | 92,330 | 10,629,953 |
| Evergy, Inc. | 159,452 | 10,884,193 |
| Eversource Energy | 86,911 | 7,667,288 |
| NextEra Energy, Inc. | 160,136 | 13,529,891 |
| 71,474,689 | ||
| Electrical Equipment 4.2% | ||
| Eaton Corp. plc | 106,070 | 15,739,727 |
| Emerson Electric Co. | 192,793 | 17,364,866 |
| Hubbell, Inc. | 62,046 | 13,589,315 |
| 46,693,908 | ||
| Equity Real Estate Investment Trusts 4.3% | ||
| American Tower Corp. | 29,765 | 8,061,255 |
| Iron Mountain, Inc. | 292,892 | 14,202,333 |
| Realty Income Corp. | 103,675 | 7,670,913 |
| Welltower, Inc. | 66,383 | 5,731,508 |
| WP Carey, Inc. | 129,963 | 11,605,696 |
| 47,271,705 | ||
| Food & Staples Retailing 1.2% | ||
| Walmart, Inc. | 98,267 | 12,976,157 |
| Health Care Equipment & Supplies 1.8% | ||
| Medtronic plc | 210,087 | 19,437,249 |
| Health Care Providers & Services 3.3% | ||
| CVS Health Corp. | 135,846 | 12,997,745 |
| UnitedHealth Group, Inc. | 43,792 | 23,750,154 |
| 36,747,899 | ||
| Hotels, Restaurants & Leisure 1.7% | ||
| McDonald's Corp. | 45,856 | 12,077,095 |
| Shares | Value | |
| Common Stocks | ||
| Hotels, Restaurants & Leisure | ||
| Vail Resorts, Inc. | 25,770 | $ 6,110,840 |
| 18,187,935 | ||
| Household Durables 0.6% | ||
| Leggett & Platt, Inc. | 174,848 | 6,930,975 |
| Household Products 2.6% | ||
| Colgate-Palmolive Co. | 70,831 | 5,577,233 |
| Kimberly-Clark Corp. | 62,620 | 8,252,690 |
| Procter & Gamble Co. (The) | 109,149 | 15,161,887 |
| 28,991,810 | ||
| Industrial Conglomerates 1.0% | ||
| Honeywell International, Inc. | 55,435 | 10,669,020 |
| Insurance 5.5% | ||
| Arthur J. Gallagher & Co. | 114,623 | 20,516,371 |
| Marsh & McLennan Cos., Inc. | 51,672 | 8,472,141 |
| MetLife, Inc. | 322,447 | 20,394,772 |
| Travelers Cos., Inc. (The) | 70,014 | 11,111,222 |
| 60,494,506 | ||
| IT Services 2.4% | ||
| Automatic Data Processing, Inc. | 29,081 | 7,012,011 |
| International Business Machines Corp. | 93,424 | 12,218,925 |
| Paychex, Inc. | 55,777 | 7,155,073 |
| 26,386,009 | ||
| Leisure Products 1.1% | ||
| Hasbro, Inc. | 151,583 | 11,932,614 |
| Machinery 1.5% | ||
| Cummins, Inc. | 74,484 | 16,484,054 |
| Media 2.0% | ||
| Comcast Corp., Class A | 343,195 | 12,876,676 |
| Omnicom Group, Inc. | 135,846 | 9,487,485 |
| 22,364,161 | ||
| Multi-Utilities 2.7% | ||
| Ameren Corp. | 105,385 | 9,813,451 |
| CMS Energy Corp. | 88,279 | 6,067,416 |
| NiSource, Inc. | 227,204 | 6,907,002 |
| WEC Energy Group, Inc. | 61,251 | 6,358,466 |
| 29,146,335 | ||
| Oil, Gas & Consumable Fuels 5.9% | ||
| Chevron Corp. | 155,005 | 25,386,719 |
| Shares | Value | |
| Common Stocks | ||
| Oil, Gas & Consumable Fuels | ||
| Enterprise Products Partners LP | 678,864 | $ 18,146,034 |
| Magellan Midstream Partners LP | 163,216 | 8,405,624 |
| MPLX LP | 187,849 | 6,106,971 |
| TotalEnergies SE, Sponsored ADR | 131,881 | 6,733,844 |
| 64,779,192 | ||
| Pharmaceuticals 6.3% | ||
| Eli Lilly and Co. | 45,306 | 14,936,935 |
| Johnson & Johnson | 119,755 | 20,899,643 |
| Merck & Co., Inc. | 245,480 | 21,931,183 |
| Pfizer, Inc. | 230,283 | 11,631,594 |
| 69,399,355 | ||
| Semiconductors & Semiconductor Equipment 6.3% | ||
| Analog Devices, Inc. | 106,412 | 18,298,608 |
| Broadcom, Inc. | 40,029 | 21,434,729 |
| Intel Corp. | 136,717 | 4,964,194 |
| KLA Corp. | 39,073 | 14,986,058 |
| Texas Instruments, Inc. | 54,751 | 9,794,406 |
| 69,477,995 | ||
| Software 1.6% | ||
| Microsoft Corp. | 64,318 | 18,056,635 |
| Specialty Retail 1.3% | ||
| Home Depot, Inc. (The) | 45,856 | 13,799,905 |
| Technology Hardware, Storage & Peripherals 0.8% | ||
| Apple, Inc. | 52,356 | 8,508,374 |
| Tobacco 2.1% | ||
| Altria Group, Inc. | 163,343 | 7,164,224 |
| British American Tobacco plc, Sponsored ADR | 143,678 | 5,627,867 |
| Philip Morris International, Inc. | 109,982 | 10,684,752 |
| 23,476,843 | ||
| Trading Companies & Distributors 0.8% | ||
| MSC Industrial Direct Co., Inc., Class A | 112,914 | 9,333,471 |
| Total Common Stocks (Cost $823,467,344) | 1,076,614,053 | |
| Short-Term Investments 2.1% | ||
| Affiliated Investment Company 2.0% | ||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 21,597,307 | 21,597,307 |
| Shares | Value | ||
| Short-Term Investments | |||
| Unaffiliated Investment Company 0.1% | |||
| Invesco Government & Agency Portfolio, 2.17% (b)(c) | 1,508,351 | $ 1,508,351 | |
| Total Short-Term Investments (Cost $23,105,658) | 23,105,658 | ||
| Total Investments (Cost $846,573,002) | 100.0% | 1,099,719,711 | |
| Other Assets, Less Liabilities | (0.0)‡ | (276,701) | |
| Net Assets | 100.0% | $ 1,099,443,010 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $1,475,455. The Fund received cash collateral with a value of $1,508,351. |
| (b) | Current yield as of July 31, 2022. |
| (c) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 35,199 | $ 140,015 | $ (153,617) | $ — | $ — | $ 21,597 | $ 32 | $ — | 21,597 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 1,076,614,053 | $ — | $ — | $ 1,076,614,053 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 21,597,307 | — | — | 21,597,307 | |||
| Unaffiliated Investment Company | 1,508,351 | — | — | 1,508,351 | |||
| Total Short-Term Investments | 23,105,658 | — | — | 23,105,658 | |||
| Total Investments in Securities | $ 1,099,719,711 | $ — | $ — | $ 1,099,719,711 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 95.7% | |||
| Equity Funds 95.7% | |||
| IQ 50 Percent Hedged FTSE International ETF | 375,368 | $ 8,261,850 | |
| IQ 500 International ETF (a) | 576,387 | 16,203,045 | |
| IQ Candriam ESG International Equity ETF (a) | 660,626 | 16,456,062 | |
| IQ Candriam ESG U.S. Equity ETF (a) | 984,820 | 35,197,467 | |
| IQ Chaikin U.S. Large Cap ETF (a) | 986,811 | 31,465,061 | |
| IQ Chaikin U.S. Small Cap ETF (a) | 854,959 | 28,205,097 | |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,027,853 | 19,190,185 | |
| MainStay Epoch Capital Growth Fund Class I | 130,823 | 1,482,426 | |
| MainStay Epoch International Choice Fund Class I (a) | 406,789 | 13,890,853 | |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,605,781 | 31,370,386 | |
| MainStay MacKay International Equity Fund Class R6 (a) | 854,139 | 13,953,219 | |
| MainStay S&P 500 Index Fund Class I | 118,828 | 6,261,618 | |
| MainStay Winslow Large Cap Growth Fund Class R6 | 3,438,206 | 35,344,753 | |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 991,972 | 32,031,879 | |
| MainStay WMC Growth Fund Class R6 (a) | 1,023,524 | 35,144,326 | |
| MainStay WMC International Research Equity Fund Class I (a) | 2,093,922 | 13,577,617 | |
| MainStay WMC Small Companies Fund Class I (a) | 1,250,090 | 28,711,823 | |
| MainStay WMC Value Fund Class R6 (a) | 1,027,386 | 31,478,484 | |
| Total Affiliated Investment Companies (Cost $364,452,490) | 398,226,151 | ||
| Short-Term Investment 3.3% | |||
| Affiliated Investment Company 3.3% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 13,690,153 | 13,690,153 | |
| Total Short-Term Investment (Cost $13,690,153) | 3.3% | 13,690,153 | |
| Total Investments (Cost $378,142,643) | 99.0% | 411,916,304 | |
| Other Assets, Less Liabilities | 1.0 | 4,160,319 | |
| Net Assets | 100.0% | $ 416,076,623 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | As of July 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| IQ 50 Percent Hedged FTSE International ETF | $ 9,607 | $ 411 | $ (623) | $ (62) | $ (1,071) | $ 8,262 | $ 231 | $ — | 375 |
| IQ 500 International ETF | 20,659 | 1,496 | (3,192) | 165 | (2,925) | 16,203 | 702 | — | 576 |
| IQ Candriam ESG International Equity ETF | 20,184 | 1,163 | (1,465) | (132) | (3,294) | 16,456 | 494 | — | 661 |
| IQ Candriam ESG U.S. Equity ETF | 45,944 | 519 | (6,816) | 733 | (5,183) | 35,197 | 356 | — | 985 |
| IQ Chaikin U.S. Large Cap ETF | 31,234 | 4,145 | (787) | (134) | (2,993) | 31,465 | 314 | — | 987 |
| IQ Chaikin U.S. Small Cap ETF | 26,204 | 4,659 | (87) | (6) | (2,565) | 28,205 | 262 | — | 855 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 23,328 | 3,282 | (881) | (177) | (6,362) | 19,190 | 209 | — | 2,028 |
| MainStay Epoch Capital Growth Fund Class I | 1,805 | 441 | (104) | (17) | (642) | 1,483 | 2 | 402 | 131 |
| MainStay Epoch International Choice Fund Class I | 16,037 | 1,578 | (858) | (115) | (2,751) | 13,891 | 410 | — | 407 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 35,655 | 560 | (4,188) | 13 | (670) | 31,370 | 540 | — | 1,606 |
| MainStay MacKay International Equity Fund Class R6 | 14,977 | 4,971 | (572) | (281) | (5,142) | 13,953 | 57 | 1,852 | 854 |
| MainStay S&P 500 Index Fund Class I (a) | 35,121 | 1,740 | (27,274) | 6,421 | (9,746) | 6,262 | 380 | 1,209 | 119 |
| MainStay U.S. Government Liquidity Fund | 17,193 | 28,482 | (31,985) | — | — | 13,690 | 30 | — | 13,690 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 46,321 | 14,240 | (5,932) | (529) | (18,755) | 35,345 | — | 8,567 | 3,438 |
| MainStay WMC Enduring Capital Fund Class R6 | 28,553 | 9,287 | (1,659) | (338) | (3,811) | 32,032 | 95 | 2,339 | 992 |
| MainStay WMC Growth Fund Class R6 | 38,251 | 15,811 | (593) | (480) | (17,845) | 35,144 | — | 7,636 | 1,024 |
| MainStay WMC International Research Equity Fund Class I | 15,897 | 1,689 | (578) | (70) | (3,360) | 13,578 | 419 | — | 2,094 |
| MainStay WMC Small Companies Fund Class I | 26,834 | 11,476 | — | — | (9,598) | 28,712 | — | 6,163 | 1,250 |
| MainStay WMC Value Fund Class R6 | 36,016 | 16,280 | (4,229) | (9) | (16,580) | 31,478 | 337 | 15,933 | 1,027 |
| $489,820 | $122,230 | $(91,823) | $4,982 | $(113,293) | $411,916 | $4,838 | $44,101 |
| (a) | Prior to February 28, 2022, known as MainStay MacKay S&P 500 Index Fund Class I. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 9,374 | $ — |
| Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 3,856 | — |
| Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 2,133 | — |
| Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/2/22 | Daily | (10,914) | — |
| Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF | 12/2/22 | Daily | (4,111) | — |
| Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 7,611 | — |
| Citibank NA | S&P 500 Financials Sector | 1 day FEDF plus 0.10% | 12/2/22 | Daily | (1,295) | — |
| Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 3,241 | — |
| Citibank NA | S&P 500 Industrials Sector | 1 day FEDF plus 0.20% | 12/2/22 | Daily | (3,546) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.18% | 12/2/22 | Daily | (11,357) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 13,411 | — |
| Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 3,451 | — |
| Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 1,961 | — |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 3,245 | $ — |
| $ — |
| 1. | As of July 31, 2022, cash in the amount $454,506 was pledged from brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2022. |
| Abbreviation(s): |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor’s Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 398,226,151 | $ — | $ — | $ 398,226,151 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 13,690,153 | — | — | 13,690,153 | |||
| Total Investments in Securities | $ 411,916,304 | $ — | $ — | $ 411,916,304 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 97.4% | ||
| Asset-Backed Securities 3.0% | ||
| Other Asset-Backed Securities 3.0% | ||
| AGL CLO 20 Ltd. (a)(b)(c) | ||
| Series 2022-20A, Class E | ||
| (zero coupon) (3 Month SOFR + 8.36%), due 7/20/35 | $ 2,500,000 | $ 2,469,597 |
| Series 2022-20A, Class B | ||
| (zero coupon) (3 Month SOFR + 2.95%), due 7/20/35 | 2,500,000 | 2,500,000 |
| AIMCO CLO 16 Ltd. (a)(c) | ||
| Series 2021-16A, Class B | ||
| 4.39% (3 Month LIBOR + 1.65%), due 1/17/35 | 2,500,000 | 2,354,827 |
| Series 2021-16A, Class E | ||
| 8.94% (3 Month LIBOR + 6.20%), due 1/17/35 | 2,500,000 | 2,170,863 |
| Bain Capital Credit CLO Ltd. (a)(c) | ||
| Series 2021-6A, Class B | ||
| 4.382% (3 Month LIBOR + 1.65%), due 10/21/34 | 2,500,000 | 2,354,310 |
| Series 2021-6A, Class E | ||
| 9.232% (3 Month LIBOR + 6.50%), due 10/21/34 | 2,500,000 | 2,199,278 |
| Carlyle U.S. CLO Ltd. (a)(c) | ||
| Series 2022-2A, Class A2 | ||
| 3.342% (3 Month SOFR + 2.00%), due 4/20/35 | 2,500,000 | 2,369,028 |
| Series 2021-5A, Class B | ||
| 4.31% (3 Month LIBOR + 1.60%), due 7/20/34 | 2,500,000 | 2,375,162 |
| Series 2022-2A, Class D | ||
| 8.742% (3 Month SOFR + 7.40%), due 4/20/35 | 2,500,000 | 2,230,118 |
| Series 2021-5A, Class E | ||
| 8.96% (3 Month LIBOR + 6.25%), due 7/20/34 | 2,500,000 | 2,220,563 |
| Dryden 87 CLO Ltd. (a)(c) | ||
| Series 2021-87A, Class B | ||
| 3.028% (3 Month LIBOR + 1.55%), due 5/20/34 | 2,500,000 | 2,366,297 |
| Series 2021-87A, Class E | ||
| 7.628% (3 Month LIBOR + 6.15%), due 5/20/34 | 2,500,000 | 2,210,458 |
| Elmwood CLO 16 Ltd. (a)(c) | ||
| Series 2022-3A, Class B | ||
| 3.446% (3 Month SOFR + 1.95%), due 4/20/34 | 2,500,000 | 2,386,603 |
| Series 2022-3A, Class E | ||
| 8.716% (3 Month SOFR + 7.22%), due 4/20/34 | 2,500,000 | 2,303,268 |
| Elmwood CLO XII Ltd. (a)(c) | ||
| Series 2021-5A, Class B | ||
| 4.41% (3 Month LIBOR + 1.70%), due 1/20/35 | 2,500,000 | 2,385,257 |
| Series 2021-5A, Class E | ||
| 9.06% (3 Month LIBOR + 6.35%), due 1/20/35 | 2,500,000 | 2,259,665 |
| Magnetite XXXI Ltd. (a)(c) | ||
| Series 2021-31A, Class B | ||
| 4.162% (3 Month LIBOR + 1.65%), due 7/15/34 | 2,500,000 | 2,380,765 |
| Series 2021-31A, Class E | ||
| 8.512% (3 Month LIBOR + 6.00%), due 7/15/34 | 2,500,000 | 2,205,395 |
| Neuberger Berman Loan Advisers CLO 43 Ltd. (a)(c) | ||
| Series 2021-43A, Class C | ||
| 4.69% (3 Month LIBOR + 1.95%), due 7/17/35 | 2,500,000 | 2,321,260 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Neuberger Berman Loan Advisers CLO 43 Ltd. (a)(c) | ||
| Series 2021-43A, Class E | ||
| 8.74% (3 Month LIBOR + 6.00%), due 7/17/35 | $ 2,500,000 | $ 2,203,213 |
| Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
| Series 2022-51A, Class B | ||
| (zero coupon) (3 Month SOFR + 3.05%), due 10/23/35 (c) | 1,250,000 | 1,250,000 |
| Series 2022-51A, Class D | ||
| (zero coupon), due 10/23/35 | 1,250,000 | 1,237,500 |
| Octagon 59 Ltd. (a)(c) | ||
| Series 2022-1A, Class B | ||
| 3.051% (3 Month SOFR + 1.95%), due 5/15/35 | 2,500,000 | 2,349,898 |
| Series 2022-1A, Class E | ||
| 8.701% (3 Month SOFR + 7.60%), due 5/15/35 | 2,500,000 | 2,298,447 |
| Octagon Investment Partners 51 Ltd. (a)(c) | ||
| Series 2021-1A, Class B | ||
| 4.41% (3 Month LIBOR + 1.70%), due 7/20/34 | 2,500,000 | 2,384,347 |
| Series 2021-1A, Class E | ||
| 9.46% (3 Month LIBOR + 6.75%), due 7/20/34 | 2,500,000 | 2,211,838 |
| Palmer Square CLO Ltd. (a)(c) | ||
| Series 2021-4A, Class B | ||
| 4.162% (3 Month LIBOR + 1.65%), due 10/15/34 | 2,500,000 | 2,378,987 |
| Series 2022-2A, Class B | ||
| 4.313% (3 Month SOFR + 2.20%), due 7/20/34 | 2,500,000 | 2,428,497 |
| Series 2021-4A, Class E | ||
| 8.562% (3 Month LIBOR + 6.05%), due 10/15/34 | 2,500,000 | 2,237,590 |
| Series 2022-2A, Class E | ||
| 9.943% (3 Month SOFR + 7.83%), due 7/20/34 | 2,500,000 | 2,347,694 |
| Rockland Park CLO Ltd. (a)(c) | ||
| Series 2021-1A, Class B | ||
| 4.36% (3 Month LIBOR + 1.65%), due 4/20/34 | 2,500,000 | 2,385,512 |
| Series 2021-1A, Class E | ||
| 8.96% (3 Month LIBOR + 6.25%), due 4/20/34 | 2,500,000 | 2,224,770 |
| Total Asset-Backed Securities (Cost $77,319,040) | 72,001,007 | |
| Corporate Bonds 2.3% | ||
| Aerospace & Defense 0.1% | ||
| Howmet Aerospace, Inc. | ||
| 6.875%, due 5/1/25 | 500,000 | 526,250 |
| Spirit AeroSystems, Inc. | ||
| 7.50%, due 4/15/25 (a) | 2,100,000 | 2,091,789 |
| 2,618,039 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Airlines 0.1% | ||
| United Airlines, Inc. (a) | ||
| 4.375%, due 4/15/26 | $ 800,000 | $ 768,000 |
| 4.625%, due 4/15/29 | 2,400,000 | 2,211,000 |
| 2,979,000 | ||
| Auto Manufacturers 0.1% | ||
| Ford Motor Co. | ||
| 9.00%, due 4/22/25 | 1,400,000 | 1,550,934 |
| Building Materials 0.1% | ||
| JELD-WEN, Inc. (a) | ||
| 4.625%, due 12/15/25 | 590,000 | 544,275 |
| 4.875%, due 12/15/27 | 780,000 | 645,450 |
| Koppers, Inc. | ||
| 6.00%, due 2/15/25 (a) | 2,000,000 | 1,905,460 |
| 3,095,185 | ||
| Chemicals 0.1% | ||
| ASP Unifrax Holdings, Inc. | ||
| 5.25%, due 9/30/28 (a) | 730,000 | 612,879 |
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (a) | 660,000 | 552,133 |
| WR Grace Holdings LLC | ||
| 5.625%, due 8/15/29 (a) | 700,000 | 590,800 |
| 1,755,812 | ||
| Commercial Services 0.2% | ||
| Herc Holdings, Inc. | ||
| 5.50%, due 7/15/27 (a) | 850,000 | 850,000 |
| PECF USS Intermediate Holding III Corp. | ||
| 8.00%, due 11/15/29 (a) | 420,000 | 337,050 |
| Prime Security Services Borrower LLC | ||
| 6.25%, due 1/15/28 (a) | 1,000,000 | 916,680 |
| Sotheby's | ||
| 5.875%, due 6/1/29 (a) | 2,100,000 | 1,821,430 |
| Team Health Holdings, Inc. | ||
| 6.375%, due 2/1/25 (a) | 1,000,000 | 681,619 |
| 4,606,779 | ||
| Distribution & Wholesale 0.0% ‡ | ||
| IAA, Inc. | ||
| 5.50%, due 6/15/27 (a) | 500,000 | 499,703 |
| KAR Auction Services, Inc. | ||
| 5.125%, due 6/1/25 (a) | 400,000 | 394,500 |
| 894,203 | ||
| Electric 0.1% | ||
| Vistra Operations Co. LLC | ||
| 5.00%, due 7/31/27 (a) | 1,500,000 | 1,476,825 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Entertainment 0.1% | ||
| Caesars Resort Collection LLC | ||
| 5.75%, due 7/1/25 (a) | $ 500,000 | $ 500,075 |
| Scientific Games International, Inc. | ||
| 7.00%, due 5/15/28 (a) | 1,350,000 | 1,373,233 |
| 1,873,308 | ||
| Environmental Control 0.3% | ||
| GFL Environmental, Inc. (a) | ||
| 3.75%, due 8/1/25 | 2,000,000 | 1,941,230 |
| 4.25%, due 6/1/25 | 1,200,000 | 1,176,000 |
| 4.75%, due 6/15/29 | 4,000,000 | 3,679,720 |
| 6,796,950 | ||
| Food 0.1% | ||
| Post Holdings, Inc. | ||
| 5.50%, due 12/15/29 (a) | 240,000 | 226,862 |
| U.S. Foods, Inc. | ||
| 6.25%, due 4/15/25 (a) | 1,200,000 | 1,222,500 |
| 1,449,362 | ||
| Healthcare-Products 0.0% ‡ | ||
| Medline Borrower LP | ||
| 5.25%, due 10/1/29 (a) | 470,000 | 424,763 |
| Healthcare-Services 0.0% ‡ | ||
| Acadia Healthcare Co., Inc. | ||
| 5.00%, due 4/15/29 (a) | 240,000 | 232,572 |
| Insurance 0.0% ‡ | ||
| GTCR AP Finance, Inc. | ||
| 8.00%, due 5/15/27 (a) | 900,000 | 884,761 |
| Iron & Steel 0.0% ‡ | ||
| Carpenter Technology Corp. | ||
| 6.375%, due 7/15/28 | 630,000 | 585,515 |
| Lodging 0.1% | ||
| Boyd Gaming Corp. | ||
| 4.75%, due 12/1/27 | 600,000 | 576,534 |
| Hilton Domestic Operating Co., Inc. | ||
| 5.375%, due 5/1/25 (a) | 1,000,000 | 1,000,000 |
| 1,576,534 | ||
| Machinery-Diversified 0.0% ‡ | ||
| GrafTech Finance, Inc. | ||
| 4.625%, due 12/15/28 (a) | 430,000 | 373,422 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Media 0.1% | ||
| Radiate Holdco LLC | ||
| 4.50%, due 9/15/26 (a) | $ 730,000 | $ 674,812 |
| Univision Communications, Inc. | ||
| 6.625%, due 6/1/27 (a) | 1,400,000 | 1,403,500 |
| 2,078,312 | ||
| Oil & Gas Services 0.0% ‡ | ||
| USA Compression Partners LP | ||
| 6.875%, due 4/1/26 | 640,000 | 599,859 |
| Packaging & Containers 0.1% | ||
| Ardagh Metal Packaging Finance USA LLC | ||
| 4.00%, due 9/1/29 (a) | 1,600,000 | 1,376,000 |
| Ardagh Packaging Finance plc | ||
| 5.25%, due 4/30/25 (a) | 1,000,000 | 955,000 |
| Clydesdale Acquisition Holdings, Inc. | ||
| 8.75%, due 4/15/30 (a) | 900,000 | 858,393 |
| 3,189,393 | ||
| Pharmaceuticals 0.1% | ||
| Bausch Health Cos., Inc. | ||
| 5.50%, due 11/1/25 (a) | 700,000 | 623,000 |
| Organon & Co. | ||
| 5.125%, due 4/30/31 (a) | 1,400,000 | 1,310,750 |
| 1,933,750 | ||
| Real Estate 0.1% | ||
| Realogy Group LLC | ||
| 5.75%, due 1/15/29 (a) | 1,670,000 | 1,363,789 |
| Real Estate Investment Trusts 0.0% ‡ | ||
| Iron Mountain, Inc. | ||
| 5.00%, due 7/15/28 (a) | 650,000 | 618,189 |
| RHP Hotel Properties LP | ||
| 4.75%, due 10/15/27 | 300,000 | 289,500 |
| 907,689 | ||
| Retail 0.3% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| 4.00%, due 10/15/30 (a) | 3,120,000 | 2,714,400 |
| IRB Holding Corp. | ||
| 7.00%, due 6/15/25 (a) | 580,000 | 593,334 |
| LBM Acquisition LLC | ||
| 6.25%, due 1/15/29 (a) | 2,000,000 | 1,510,000 |
| Michaels Cos., Inc. (The) (a) | ||
| 5.25%, due 5/1/28 | 1,050,000 | 874,125 |
| 7.875%, due 5/1/29 | 1,400,000 | 959,000 |
| 6,650,859 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Software 0.0% ‡ | ||
| Clarivate Science Holdings Corp. (a) | ||
| 3.875%, due 7/1/28 | $ 700,000 | $ 637,000 |
| 4.875%, due 7/1/29 | 700,000 | 619,500 |
| 1,256,500 | ||
| Telecommunications 0.2% | ||
| Frontier Communications Holdings LLC | ||
| 5.875%, due 10/15/27 (a) | 560,000 | 551,678 |
| GoTo Group, Inc. | ||
| 5.50%, due 9/1/27 (a) | 2,200,000 | 1,605,516 |
| Lumen Technologies, Inc. | ||
| 4.50%, due 1/15/29 (a) | 1,330,000 | 1,054,025 |
| Telesat Canada | ||
| 4.875%, due 6/1/27 (a) | 900,000 | 529,875 |
| 3,741,094 | ||
| Total Corporate Bonds (Cost $60,643,052) | 54,895,209 | |
| Loan Assignments 92.1% | ||
| Aerospace & Defense 2.6% | ||
| AI Convoy (Luxembourg) SARL | ||
| USD Facility Term Loan B | ||
| 5.052% (6 Month LIBOR + 3.50%), due 1/18/27 (c) | 1,583,912 | 1,526,165 |
| Amentum Government Services Holdings LLC (c) | ||
| First Lien Tranche Term Loan 3 4.777% - 5.597% | ||
| (3 Month LIBOR + 4.00%; 6 Month LIBOR + 4.00%), due 2/15/29 | 4,083,333 | 3,921,703 |
| First Lien Tranche Term Loan 1 | ||
| 6.122% (1 Month LIBOR + 3.75%), due 1/29/27 | 7,040,188 | 6,811,382 |
| Arcline FM Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 7.627% (3 Month LIBOR + 4.75%), due 6/23/28 (c) | 7,188,536 | 6,883,023 |
| Asplundh Tree Expert LLC | ||
| Amendment No. 1 Term Loan | ||
| 4.122% (1 Month LIBOR + 1.75%), due 9/7/27 (c) | 3,816,606 | 3,718,012 |
| Cobham Ultra U.S. Co-borrower LLC | ||
| Term Loan | ||
| 7.063% (6 Month LIBOR + 3.75%), due 11/17/28 | 5,400,000 | 5,204,250 |
| Dynasty Acquisition Co., Inc. (c) | ||
| 2020 Term Loan B1 | ||
| 5.872% (1 Month LIBOR + 3.50%), due 4/6/26 | 1,794,362 | 1,692,308 |
| 2020 Term Loan B2 | ||
| 5.872% (1 Month LIBOR + 3.50%), due 4/6/26 | 964,711 | 909,843 |
| Kestrel Bidco, Inc. | ||
| Term Loan | ||
| 5.03% (3 Month LIBOR + 3.00%), due 12/11/26 (c) | 6,165,508 | 5,408,032 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Aerospace & Defense | ||
| Russell Investments U.S. Institutional Holdco, Inc. | ||
| 2025 Term Loan | ||
| 5.00% (3 Month LIBOR + 3.50%), due 5/30/25 (c) | $ 5,484,799 | $ 5,151,597 |
| SkyMiles IP Ltd. | ||
| Initial Term Loan | ||
| 6.46% (3 Month LIBOR + 3.75%), due 10/20/27 (c) | 5,314,286 | 5,365,770 |
| Spirit Aerosystems, Inc. | ||
| 2021 Refinancing Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 1/15/25 (c) | 496,250 | 486,325 |
| TransDigm, Inc. (c) | ||
| Tranche Refinancing Term Loan G | ||
| 4.622% (1 Month LIBOR + 2.25%), due 8/22/24 | 1,979,695 | 1,937,352 |
| Tranche Refinancing Term Loan E | ||
| 4.622% (1 Month LIBOR + 2.25%), due 5/30/25 | 957,937 | 929,028 |
| Tranche Refinancing Term Loan F | ||
| 4.622% (1 Month LIBOR + 2.25%), due 12/9/25 | 8,279,950 | 8,029,250 |
| United AirLines, Inc. | ||
| Term Loan B | ||
| 6.533% (3 Month LIBOR + 3.75%), due 4/21/28 (c) | 4,147,500 | 4,001,043 |
| 61,975,083 | ||
| Animal Food 0.2% | ||
| Alltech, Inc. | ||
| Term Loan B | ||
| 6.372% (1 Month LIBOR + 4.00%), due 10/13/28 (c) | 4,112,667 | 3,883,044 |
| Automobile 1.9% | ||
| American Auto Auction Group LLC | ||
| First Lien Tranche Term Loan B | ||
| 7.204% (3 Month LIBOR + 5.00%), due 12/30/27 (c) | 5,970,000 | 5,402,850 |
| American Axle & Manufacturing, Inc. | ||
| Tranche Term Loan B 4.51% - 5.04% | ||
| (1 Month LIBOR + 2.25%; 3 Month LIBOR + 2.25%), due 4/6/24 (c) | 1,358,745 | 1,316,624 |
| Autokiniton U.S. Holdings, Inc. | ||
| Closing Date Term Loan B | ||
| 6.298% (1 Month LIBOR + 4.50%), due 4/6/28 (c) | 7,108,200 | 6,859,413 |
| Belron Finance 2019 LLC | ||
| Dollar Second Incremental Term Loan | ||
| 5.063% (3 Month LIBOR + 2.25%), due 10/30/26 (c) | 4,211,077 | 4,116,328 |
| Belron Group SA | ||
| Dollar Third Incremental Term Loan | ||
| 3.875% (3 Month LIBOR + 2.50%), due 4/13/28 (c) | 6,363,377 | 6,201,639 |
| Chassix, Inc. | ||
| Initial Term Loan 7.063% - 7.563% | ||
| (3 Month LIBOR + 5.50%), due 11/15/23 (c) | 3,509,210 | 2,971,133 |
| Clarios Global LP | ||
| First Lien Amendment No. 1 Dollar Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 4/30/26 (c) | 8,145,827 | 7,819,994 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Automobile | ||
| First Brands Group LLC | ||
| First Lien 2021 Term Loan | ||
| 8.368% (3 Month LIBOR + 5.00%), due 3/30/27 (c) | $ 2,987,374 | $ 2,834,271 |
| Wand Newco 3, Inc. | ||
| First Lien Tranche Term Loan B1 | ||
| 5.372% (1 Month LIBOR + 3.00%), due 2/5/26 (c) | 9,137,804 | 8,760,869 |
| 46,283,121 | ||
| Banking 1.0% | ||
| Apollo Commercial Real Estate Finance, Inc. (c) | ||
| Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 5/15/26 | 3,444,743 | 3,203,612 |
| Term Loan B1 | ||
| 5.759% (1 Month LIBOR + 3.50%), due 3/11/28 | 2,962,500 | 2,740,312 |
| Brookfield Property REIT, Inc. | ||
| Initial Term Loan B | ||
| 4.927% (1 Month LIBOR + 2.50%), due 8/27/25 (c) | 1,081,341 | 1,044,845 |
| Edelman Financial Engines Center LLC (The) | ||
| First Lien 2021 Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 4/7/28 (c) | 7,659,630 | 7,259,889 |
| Greenhill & Co., Inc. | ||
| New Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 4/12/24 (c)(d) | 1,299,454 | 1,270,216 |
| Jane Street Group LLC | ||
| Dollar Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 1/26/28 (c) | 8,785,414 | 8,596,528 |
| 24,115,402 | ||
| Beverage, Food & Tobacco 2.3% | ||
| 8th Avenue Food & Provisions, Inc. | ||
| First Lien Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 10/1/25 (c) | 4,762,331 | 4,071,793 |
| American Seafoods Group LLC | ||
| First Lien Tranche Term Loan B 4.16% - 4.44% | ||
| (3 Month LIBOR + 2.75%), due 8/21/23 (c) | 1,020,051 | 994,550 |
| Arctic Glacier Group Holdings, Inc. | ||
| Specified Refinancing Term Loan | ||
| 5.75% (3 Month LIBOR + 3.50%), due 3/20/24 (c)(d) | 961,552 | 845,264 |
| B&G Foods, Inc. | ||
| Tranche Term Loan B4 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 10/10/26 (c) | 825,833 | 780,707 |
| CHG PPC Parent LLC | ||
| First Lien 2021-1 U.S. Term Loan | ||
| 5.375% (1 Month LIBOR + 3.00%), due 12/8/28 (c) | 7,820,400 | 7,527,135 |
| Froneri International Ltd. | ||
| First Lien Facility Term Loan B2 | ||
| 4.622% (1 Month LIBOR + 2.25%), due 1/29/27 (c) | 2,954,700 | 2,830,603 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Beverage, Food & Tobacco | ||
| H-Food Holdings LLC | ||
| Initial Term Loan | ||
| 6.06% (1 Month LIBOR + 3.688%), due 5/23/25 (c) | $ 9,530,543 | $ 8,565,576 |
| JBS USA Lux SA | ||
| New Term Loan | ||
| 2.804% (3 Month LIBOR + 2.00%), due 5/1/26 (c) | 5,487,835 | 5,379,790 |
| Naked Juice LLC (c) | ||
| First Lien Initial Term Loan 5.404% - 5.677% | ||
| (1 Month LIBOR + 3.25%; 3 Month LIBOR + 3.25%), due 1/24/29 | 4,666,667 | 4,442,083 |
| Second Lien Initial Term Loan | ||
| 8.154% (3 Month LIBOR + 6.00%), due 1/24/30 | 1,400,000 | 1,268,166 |
| Pegasus BidCo BV | ||
| Initial Dollar Term Loan | ||
| 6.118% (1 Month LIBOR + 4.25%), due 7/12/29 (c) | 6,400,000 | 6,104,000 |
| Sotheby's | ||
| 2021 Second Refinancing Term Loan | ||
| 7.012% (3 Month LIBOR + 4.50%), due 1/15/27 (c) | 2,268,247 | 2,177,517 |
| U.S. Foods, Inc. | ||
| Incremental Term Loan B | ||
| 4.325% (3 Month LIBOR + 2.75%), due 11/22/28 (c) | 4,942,681 | 4,816,796 |
| United Natural Foods, Inc. | ||
| Initial Term Loan | ||
| 5.691% (1 Month LIBOR + 3.25%), due 10/22/25 (c) | 5,535,736 | 5,456,542 |
| 55,260,522 | ||
| Broadcasting & Entertainment 2.5% | ||
| Altice France SA | ||
| USD Incremental Term Loan B13 | ||
| 5.411% (3 Month LIBOR + 4.00%), due 8/14/26 (c) | 6,928,481 | 6,573,396 |
| Charter Communications Operating LLC | ||
| Term Loan B1 | ||
| 4.13% (1 Month LIBOR + 1.75%), due 4/30/25 (c) | 9,550,000 | 9,364,119 |
| Clear Channel Outdoor Holdings, Inc. | ||
| Term Loan B 5.872% - 6.306% | ||
| (1 Month LIBOR + 3.50%; 3 Month LIBOR + 3.50%), due 8/21/26 (c) | 7,184,934 | 6,542,781 |
| CMG Media Corp. | ||
| First Lien 2021 Term Loan B | ||
| 5.872% (1 Month LIBOR + 3.50%), due 12/17/26 (c) | 11,780,306 | 11,049,928 |
| Gray Television, Inc. (c) | ||
| Term Loan C | ||
| 4.213% (1 Month LIBOR + 2.50%), due 1/2/26 | 3,011,963 | 2,929,760 |
| Term Loan D | ||
| 4.713% (1 Month LIBOR + 3.00%), due 12/1/28 | 4,380,494 | 4,279,742 |
| Nexstar Media, Inc. | ||
| Term Loan B4 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 9/18/26 (c) | 4,863,658 | 4,802,862 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Broadcasting & Entertainment | ||
| Numericable U.S. LLC (c) | ||
| USD Term Loan B11 | ||
| 5.556% (3 Month LIBOR + 2.75%), due 7/31/25 | $ 430,184 | $ 401,254 |
| USD Term Loan B12 | ||
| 6.20% (3 Month LIBOR + 3.688%), due 1/31/26 | 3,809,976 | 3,587,729 |
| Univision Communications, Inc. (c) | ||
| First Lien 2017 Replacement Repriced Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 3/15/24 | 2,008,498 | 1,985,902 |
| First Lien Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 1/31/29 | 6,503,700 | 6,209,681 |
| First Lien 2022 Incremental Term Loan | ||
| 6.254% (3 Month LIBOR + 4.25%), due 6/24/29 | 937,500 | 903,907 |
| 58,631,061 | ||
| Buildings & Real Estate 2.2% | ||
| Allspring Buyer LLC | ||
| Initial Term Loan | ||
| 5.563% (3 Month LIBOR + 3.25%), due 11/1/28 (c) | 5,711,492 | 5,554,426 |
| Beacon Roofing Supply, Inc. | ||
| 2028 Term Loan | ||
| 4.622% (1 Month LIBOR + 2.25%), due 5/19/28 (c) | 3,465,000 | 3,339,394 |
| Core & Main LP | ||
| Tranche Term Loan B 4.319% - 4.80% | ||
| (1 Month LIBOR + 2.50%; 3 Month LIBOR + 2.50%), due 7/27/28 (c) | 7,420,422 | 7,149,116 |
| Cornerstone Building Brands, Inc. | ||
| Tranche Term Loan B | ||
| 5.249% (1 Month LIBOR + 3.25%), due 4/12/28 (c) | 8,523,746 | 7,249,446 |
| Cushman & Wakefield U.S. Borrower LLC | ||
| Replacement Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 8/21/25 (c) | 9,807,979 | 9,479,000 |
| SRS Distribution, Inc. (c) | ||
| Term Loan | ||
| 6.177% (3 Month LIBOR + 3.50%), due 6/2/28 | 1,393,000 | 1,324,220 |
| 2021 Refinancing Term Loan | ||
| 6.306% (3 Month LIBOR + 3.50%), due 6/2/28 | 6,029,000 | 5,731,318 |
| VC GB Holdings I Corp. | ||
| First Lien Initial Term Loan | ||
| 6.377% (3 Month LIBOR + 3.50%), due 7/21/28 (c) | 4,228,750 | 3,714,251 |
| Wilsonart LLC | ||
| Tranche Term Loan E | ||
| 5.51% (3 Month LIBOR + 3.25%), due 12/31/26 (c) | 8,768,111 | 8,081,279 |
| 51,622,450 | ||
| Capital Equipment 0.2% | ||
| AZZ, Inc. | ||
| Initial Term Loan 6.677% - 6.977% | ||
| (1 Month LIBOR + 4.25%; 3 Month LIBOR + 4.25%), due 5/13/29 (c) | 4,000,000 | 3,910,000 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Cargo Transport 0.3% | ||
| Genesee & Wyoming, Inc. | ||
| Initial Term Loan | ||
| 4.25% (3 Month LIBOR + 2.00%), due 12/30/26 (c) | $ 6,897,069 | $ 6,764,873 |
| Chemicals 0.2% | ||
| ASP Unifrax Holdings, Inc. | ||
| First Lien USD Term Loan | ||
| 6.00% (3 Month LIBOR + 3.75%), due 12/12/25 (c) | 2,984,536 | 2,671,160 |
| LSF11 A5 Holdco LLC | ||
| Term Loan | ||
| 5.941% (1 Month LIBOR + 3.50%), due 10/15/28 (c) | 3,325,000 | 3,205,855 |
| 5,877,015 | ||
| Chemicals, Plastics & Rubber 5.2% | ||
| Alpha 3 BV | ||
| Initial Dollar Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 3/18/28 (c) | 4,055,040 | 4,009,421 |
| Aruba Investments Holdings LLC | ||
| First Lien Initial Dollar Term Loan | ||
| 6.259% (1 Month LIBOR + 4.00%), due 11/24/27 (c) | 1,301,486 | 1,210,382 |
| Bakelite UK Intermediate Ltd. | ||
| Term Loan | ||
| 6.163% (3 Month LIBOR + 4.00%), due 5/29/29 (c) | 6,200,000 | 5,735,000 |
| Clydesdale Acquisition Holdings, Inc. | ||
| First Lien Term Loan B | ||
| 6.602% (1 Month LIBOR + 4.175%), due 4/13/29 (c) | 15,000,000 | 14,368,275 |
| Diamond (BC) BV | ||
| Amendment No. 3 Refinancing Term Loan 5.122% - 5.556% | ||
| (1 Month LIBOR + 2.75%; 3 Month LIBOR + 2.75%), due 9/29/28 (c) | 4,975,000 | 4,742,419 |
| Entegris, Inc. | ||
| 2022 Tranche Term Loan B 5.327% - 5.597% | ||
| (1 Month LIBOR + 3.00%; 6 Month LIBOR + 3.00%), due 7/6/29 (c) | 10,600,000 | 10,451,600 |
| Herens Holdco SARL | ||
| USD Facility Term Loan B | ||
| 6.25% (3 Month LIBOR + 4.00%), due 7/3/28 (c) | 4,609,366 | 3,990,942 |
| INEOS Styrolution Group GmbH | ||
| 2026 Tranche Dollar Term Loan B | ||
| 5.096% (1 Month LIBOR + 2.75%), due 1/29/26 (c) | 3,524,400 | 3,339,369 |
| Ineos U.S. Finance LLC (c) | ||
| 2024 New Dollar Term Loan | ||
| 4.593% (2 Month LIBOR + 2.00%), due 4/1/24 | 2,369,367 | 2,282,885 |
| 2028 Dollar Term Loan | ||
| 5.093% (2 Month LIBOR + 2.50%), due 11/8/28 | 1,862,000 | 1,784,029 |
| Innophos Holdings, Inc. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 2/5/27 (c) | 5,405,861 | 5,230,171 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals, Plastics & Rubber | ||
| Jazz Pharmaceuticals plc | ||
| Initial Dollar Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 5/5/28 (c) | $ 11,399,925 | $ 11,122,052 |
| Minerals Technologies, Inc. | ||
| New Term Loan B1 4.22% - 4.51% | ||
| (1 Month LIBOR + 2.25%), due 2/14/24 (c)(d) | 1,183,342 | 1,178,904 |
| Nouryon Finance BV | ||
| Initial Dollar Term Loan | ||
| 5.25% (3 Month LIBOR + 3.00%), due 10/1/25 (c) | 5,501,736 | 5,322,930 |
| Olympus Water U.S. Holding Corp. | ||
| Initial Dollar Term Loan | ||
| 6.063% (3 Month LIBOR + 3.75%), due 11/9/28 (c) | 4,721,263 | 4,460,120 |
| Oxea Holding Vier GmbH | ||
| Tranche Term Loan B2 | ||
| 5.063% (1 Month LIBOR + 3.25%), due 10/14/24 (c) | 4,976,194 | 4,731,529 |
| PMHC II, Inc. | ||
| Initial Term Loan | ||
| 6.977% (3 Month LIBOR + 4.25%), due 4/23/29 (c) | 10,000,000 | 8,639,580 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 | ||
| 6.806% (3 Month LIBOR + 4.00%), due 3/16/27 (c) | 9,860,392 | 9,160,915 |
| Sparta U.S. Holdco LLC | ||
| First Lien Initial Term Loan | ||
| 5.037% (1 Month LIBOR + 3.25%), due 8/2/28 (c) | 2,089,500 | 1,995,473 |
| Tricorbraun Holdings, Inc. | ||
| First Lien Closing Date Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 3/3/28 (c) | 7,905,711 | 7,490,661 |
| Tronox Finance LLC (c) | ||
| First Lien Refinancing Term Loan 4.50% - 4.622% | ||
| (1 Month LIBOR + 2.25%; 3 Month LIBOR + 2.25%), due 3/10/28 | 2,635,347 | 2,523,344 |
| First Lien 2022 Incremental Term Loan | ||
| 5.304% (3 Month LIBOR + 3.25%), due 4/4/29 | 4,987,500 | 4,893,984 |
| Venator Finance SARL | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 8/8/24 (c) | 1,388,348 | 1,291,164 |
| W. R. Grace Holdings LLC | ||
| Initial Term Loan | ||
| 6.063% (3 Month LIBOR + 3.75%), due 9/22/28 (c) | 3,482,500 | 3,354,807 |
| 123,309,956 | ||
| Commercial Services 0.5% | ||
| MHI Holdings LLC | ||
| Initial Term Loan | ||
| 7.372% (1 Month LIBOR + 5.00%), due 9/21/26 (c) | 2,359,062 | 2,301,560 |
| Prime Security Services Borrower LLC | ||
| First Lien 2021 Refinancing Term Loan B1 | ||
| 4.463% (3 Month LIBOR + 2.75%), due 9/23/26 (c) | 8,776,844 | 8,516,672 |
| 10,818,232 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Consumer Durables 0.2% | ||
| SWF Holdings I Corp. | ||
| First Lien Initial Term Loan | ||
| 6.162% (1 Month LIBOR + 4.00%), due 10/6/28 (c) | $ 6,882,750 | $ 5,738,493 |
| Containers, Packaging & Glass 2.5% | ||
| Alliance Laundry Systems LLC | ||
| Initial Term Loan B | ||
| 5.955% (3 Month LIBOR + 3.50%), due 10/8/27 (c) | 6,680,609 | 6,470,450 |
| Altium Packaging LLC | ||
| First Lien 2021 Term Loan | ||
| 5.13% (1 Month LIBOR + 2.75%), due 2/3/28 (c) | 3,046,543 | 2,880,887 |
| Anchor Glass Container Corp. | ||
| First Lien July 2017 Additional Term Loan 5.098% - 5.122% | ||
| (1 Month LIBOR + 2.75%; 3 Month LIBOR + 2.75%), due 12/7/23 (c) | 2,632,414 | 2,089,479 |
| Berlin Packaging LLC (c) | ||
| Tranche Initial Term Loan B4 4.97% - 5.51% | ||
| (1 Month LIBOR + 3.25%; 3 Month LIBOR + 3.25%), due 3/11/28 | 3,950,100 | 3,696,306 |
| Tranche Term Loan B5 5.47% - 6.01% | ||
| (1 Month LIBOR + 3.75%; 3 Month LIBOR + 3.75%), due 3/11/28 | 1,071,900 | 1,020,315 |
| Berry Global, Inc. | ||
| Term Loan Z | ||
| 4.178% (3 Month LIBOR + 1.75%), due 7/1/26 (c) | 3,300,749 | 3,243,735 |
| Charter Next Generation, Inc. | ||
| First Lien 2021 Initial Term Loan | ||
| 6.556% (3 Month LIBOR + 3.75%), due 12/1/27 (c) | 3,563,443 | 3,416,451 |
| Graham Packaging Co., Inc. | ||
| 2021 Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 8/4/27 (c) | 7,476,965 | 7,197,431 |
| Mauser Packaging Solutions Holding Co. | ||
| Initial Term Loan | ||
| 5.037% (1 Month LIBOR + 3.25%), due 4/3/24 (c) | 7,714,906 | 7,387,022 |
| Pactiv Evergreen, Inc. (c) | ||
| Tranche U.S. Term Loan B2 | ||
| 5.622% (1 Month LIBOR + 3.25%), due 2/5/26 | 3,083,062 | 2,984,404 |
| Tranche B3 U.S. Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 9/24/28 | 992,500 | 958,383 |
| Pretium PKG Holdings, Inc. (c) | ||
| First Lien Initial Term Loan 5.798% - 6.293% | ||
| (1 Month LIBOR + 4.00%; 3 Month LIBOR + 4.00%), due 10/2/28 | 3,661,600 | 3,423,596 |
| Second Lien Initial Term Loan 8.548% - 9.027% | ||
| (1 Month LIBOR + 6.75%; 3 Month LIBOR + 6.75%), due 10/1/29 | 1,750,000 | 1,505,000 |
| Reynolds Consumer Products LLC | ||
| Initial Term Loan | ||
| 4.122% (1 Month LIBOR + 1.75%), due 2/4/27 (c) | 2,140,720 | 2,087,202 |
| RLG Holdings LLC | ||
| First Lien Closing Date Initial Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 7/7/28 (c) | 4,975,000 | 4,730,394 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Containers, Packaging & Glass | ||
| Tekni-Plex, Inc. | ||
| Incremental Term Loan | ||
| TBD, due 9/15/28 | $ 400,000 | $ 380,750 |
| Trident TPI Holdings, Inc. (c) | ||
| Tranche Delayed Draw Term Loan B3 4.00% - 6.25% | ||
| (3 Month LIBOR + 4.00%), due 9/15/28 (d) | 292,279 | 276,935 |
| Tranche Term Loan B1 | ||
| 5.50% (3 Month LIBOR + 3.25%), due 10/17/24 | 1,985,953 | 1,921,765 |
| Tranche Initial Term Loan B3 | ||
| 6.25% (3 Month LIBOR + 4.00%), due 9/15/28 | 3,278,156 | 3,106,053 |
| 58,776,558 | ||
| Diversified/Conglomerate Manufacturing 2.2% | ||
| Allied Universal Holdco LLC | ||
| Initial U.S. Dollar Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 5/12/28 (c) | 11,065,466 | 10,307,792 |
| EWT Holdings III Corp. | ||
| Initial Term Loan | ||
| 4.875% (1 Month LIBOR + 2.50%), due 4/1/28 (c) | 4,677,750 | 4,560,806 |
| Filtration Group Corp. (c) | ||
| Initial Dollar Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 3/31/25 | 5,812,721 | 5,677,093 |
| 2021 Incremental Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 10/21/28 | 2,992,462 | 2,875,571 |
| Gardner Denver, Inc. | ||
| 2020 GDI Tranche Dollar Term Loan B2 | ||
| 4.177% (1 Month LIBOR + 1.75%), due 3/1/27 (c) | 3,351,657 | 3,280,957 |
| GYP Holdings III Corp. | ||
| First Lien 2021 Incremental Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 6/1/25 (c) | 2,580,256 | 2,480,271 |
| Ingersoll-Rand Services Co. | ||
| 2020 Spinco Tranche Dollar Term Loan B1 | ||
| 4.177% (1 Month LIBOR + 1.75%), due 3/1/27 (c) | 853,426 | 835,423 |
| Iron Mountain Information Management LLC | ||
| Incremental Term Loan B | ||
| 4.122% (1 Month LIBOR + 1.75%), due 1/2/26 (c) | 3,219,442 | 3,096,031 |
| LTI Holdings, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 9/6/25 | 3,299,340 | 3,061,315 |
| First Lien Third Amendment Additional Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 7/24/26 (d) | 248,750 | 232,892 |
| First Lien Third Amendment Delayed Draw Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 7/24/26 (d)(e) | 250,000 | 233,750 |
| First Lien First Amendment Additional Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 7/24/26 | 1,242,187 | 1,166,103 |
| QUIKRETE Holdings, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 4.997% (1 Month LIBOR + 2.625%), due 2/1/27 | 2,317,412 | 2,185,609 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Diversified/Conglomerate Manufacturing | ||
| QUIKRETE Holdings, Inc. (c) | ||
| First Lien Fourth Amendment Term Loan B1 | ||
| 5.372% (1 Month LIBOR + 3.00%), due 6/11/28 | $ 5,486,250 | $ 5,206,062 |
| Red Ventures LLC | ||
| First Lien Term Loan B2 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 11/8/24 (c) | 4,197,218 | 4,075,239 |
| WP CPP Holdings LLC | ||
| First Lien Initial Term Loan 6.13% - 6.56% | ||
| (1 Month LIBOR + 3.75%; 3 Month LIBOR + 3.75%), due 4/30/25 (c) | 2,975,458 | 2,547,736 |
| 51,822,650 | ||
| Diversified/Conglomerate Service 2.8% | ||
| Applied Systems, Inc. (c) | ||
| First Lien Closing Date Term Loan | ||
| 5.25% (3 Month LIBOR + 3.00%), due 9/19/24 | 3,463,798 | 3,398,232 |
| Second Lien 2021 Term Loan | ||
| 7.75% (3 Month LIBOR + 5.50%), due 9/19/25 | 1,982,109 | 1,927,601 |
| Blackhawk Network Holdings, Inc. | ||
| First Lien Term Loan | ||
| 5.054% (3 Month LIBOR + 3.00%), due 6/15/25 (c) | 5,849,529 | 5,606,774 |
| Brightview Landscapes LLC | ||
| 2022 Initial Term Loan | ||
| 5.577% (1 Month LIBOR + 3.25%), due 4/20/29 (c) | 1,431,861 | 1,392,485 |
| Change Healthcare Holdings, Inc. | ||
| Closing Date Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 3/1/24 (c) | 7,465,216 | 7,368,788 |
| Element Materials Technology Group U.S. Holdings, Inc. | ||
| Initial USD Term Loan B | ||
| 6.36% (3 Month LIBOR + 4.25%), due 6/22/29 (c) | 1,915,790 | 1,836,763 |
| Genesys Cloud Services Holdings I LLC | ||
| 2020 Initial Dollar Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 12/1/27 (c) | 8,360,004 | 8,147,518 |
| IRI Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.00% (3 Month LIBOR + 3.25%), due 12/1/25 (c) | 8,050,425 | 7,969,921 |
| MKS Instruments, Inc. | ||
| Tranche Term Loan B6 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 2/2/26 (c) | 1,260,377 | 1,247,773 |
| Term Loan B | ||
| 5.146% (1 Month LIBOR + 2.75%), due 4/11/29 | 13,390,000 | 13,080,356 |
| TruGreen LP | ||
| First Lien Second Refinancing Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 11/2/27 (c) | 7,910,401 | 7,579,153 |
| Verint Systems, Inc. | ||
| Refinancing Term Loan | ||
| 3.798% (1 Month LIBOR + 2.00%), due 6/28/24 (c) | 705,882 | 691,765 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Diversified/Conglomerate Service | ||
| Verscend Holding Corp. | ||
| Term Loan B1 | ||
| 6.372% (1 Month LIBOR + 4.00%), due 8/27/25 (c) | $ 6,098,045 | $ 5,932,891 |
| 66,180,020 | ||
| Ecological 0.4% | ||
| GFL Environmental, Inc. | ||
| 2020 Refinancing Term Loan | ||
| 5.806% (3 Month LIBOR + 3.00%), due 5/30/25 (c) | 10,380,015 | 10,276,215 |
| Electronics 7.6% | ||
| Avast Software BV | ||
| Initial Dollar Term Loan | ||
| 4.00% (3 Month LIBOR + 1.75%), due 3/22/28 (c) | 750,000 | 732,375 |
| Barracuda Networks, Inc. | ||
| First Lien 2020 Term Loan | ||
| 5.982% (3 Month LIBOR + 3.75%), due 2/12/25 (c) | 3,894,341 | 3,871,625 |
| Camelot U.S. Acquisition 1 Co. (c) | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/30/26 | 3,209,803 | 3,125,545 |
| Amendment No. 2 Incremental Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/30/26 | 7,141,250 | 6,953,792 |
| Castle U.S. Holding Corp. (c) | ||
| Initial Dollar Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 1/29/27 | 2,267,148 | 1,965,051 |
| Dollar Term Loan B2 | ||
| 6.372% (1 Month LIBOR + 4.00%), due 1/29/27 | 4,947,917 | 4,288,607 |
| Commscope, Inc. | ||
| Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 4/6/26 (c) | 10,218,424 | 9,496,747 |
| CoreLogic, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.875% (1 Month LIBOR + 3.50%), due 6/2/28 (c) | 10,503,958 | 8,923,113 |
| DCert Buyer, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 10/16/26 (c) | 5,417,102 | 5,237,660 |
| Diebold Nixdorf, Inc. | ||
| New Dollar Term Loan B | ||
| 4.625% (1 Month LIBOR + 2.75%), due 11/6/23 (c) | 932,911 | 764,987 |
| ECi Macola/MAX Holding LLC | ||
| First Lien Initial Term Loan | ||
| 6.00% (3 Month LIBOR + 3.75%), due 11/9/27 (c) | 3,447,500 | 3,349,822 |
| Epicor Software Corp. | ||
| Term Loan C | ||
| 5.622% (1 Month LIBOR + 3.25%), due 7/30/27 (c) | 9,697,620 | 9,220,817 |
| Flexera Software LLC | ||
| First Lien Term Loan B1 | ||
| 5.37% (3 Month LIBOR + 3.75%), due 3/3/28 (c) | 5,227,064 | 5,047,384 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| Gainwell Acquisition Corp. | ||
| First Lien Term Loan B | ||
| 6.25% (3 Month LIBOR + 4.00%), due 10/1/27 (c) | $ 5,603,909 | $ 5,393,762 |
| Generation Bridge LLC (c) | ||
| Term Loan B | ||
| 7.25% (3 Month LIBOR + 5.00%), due 12/1/28 | 3,411,429 | 3,313,350 |
| Term Loan C | ||
| 7.25% (3 Month LIBOR + 5.00%), due 12/1/28 (d) | 71,429 | 69,375 |
| Go Daddy Operating Co. LLC | ||
| Tranche Term Loan B2 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 2/15/24 (c) | 2,155,330 | 2,128,389 |
| Helios Software Holdings, Inc. | ||
| 2021 Initial Dollar Term Loan | ||
| 5.954% (3 Month LIBOR + 3.75%), due 3/11/28 (c) | 1,988,571 | 1,875,885 |
| Hyland Software, Inc. (c) | ||
| First Lien 2018 Refinancing Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 7/1/24 | 7,359,197 | 7,205,111 |
| Second Lien 2021 Refinancing Term Loan | ||
| 8.622% (1 Month LIBOR + 6.25%), due 7/7/25 | 1,996,667 | 1,925,535 |
| ION Trading Finance Ltd. | ||
| 2021 Initial Dollar Term Loan | ||
| 7.00% (3 Month LIBOR + 4.75%), due 4/1/28 (c) | 3,960,000 | 3,754,080 |
| MA FinanceCo. LLC | ||
| Tranche Term Loan B4 | ||
| 5.915% (3 Month LIBOR + 4.25%), due 6/5/25 (c)(d)(e) | 2,429,667 | 2,132,033 |
| MH Sub I LLC (c) | ||
| First Lien Amendment No. 2 Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 9/13/24 | 4,047,110 | 3,921,649 |
| First Lien 2020 June New Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 9/13/24 | 5,293,541 | 5,134,735 |
| Misys Ltd. (c) | ||
| First Lien Dollar Term Loan | ||
| 6.871% (3 Month LIBOR + 3.50%), due 6/13/24 | 7,991,636 | 7,442,211 |
| Second Lien Dollar Term Loan | ||
| 10.621% (3 Month LIBOR + 7.25%), due 6/13/25 | 1,450,000 | 1,272,893 |
| Project Alpha Intermediate Holding, Inc. | ||
| 2021 Refinancing Term Loan | ||
| 6.38% (1 Month LIBOR + 4.00%), due 4/26/24 (c) | 7,219,881 | 7,025,847 |
| Proofpoint, Inc. | ||
| First Lien Initial Term Loan | ||
| 4.825% (3 Month LIBOR + 3.25%), due 8/31/28 (c) | 9,552,000 | 9,163,100 |
| Rocket Software, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 11/28/25 | 4,016,365 | 3,819,314 |
| First Lien 2021 Dollar Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 11/28/25 | 2,227,500 | 2,114,733 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| Seattle SpinCo, Inc. | ||
| Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 6/21/24 (c) | $ 1,494,808 | $ 1,386,435 |
| Sharp Midco LLC | ||
| First Lien Initial Term Loan | ||
| 6.25% (3 Month LIBOR + 4.00%), due 12/31/28 (c) | 6,184,500 | 5,906,197 |
| SS&C Technologies Holdings, Inc. (c) | ||
| Term Loan B3 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 4/16/25 | 3,366,249 | 3,280,891 |
| Term Loan B4 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 4/16/25 | 2,732,678 | 2,663,386 |
| Term Loan B6 | ||
| 4.677% (1 Month LIBOR + 2.25%), due 3/22/29 | 2,750,000 | 2,683,541 |
| Term Loan B7 | ||
| 4.677% (1 Month LIBOR + 2.25%), due 3/22/29 | 3,937,990 | 3,842,821 |
| Surf Holdings SARL | ||
| First Lien Dollar Tranche Term Loan | ||
| 5.165% (3 Month LIBOR + 3.50%), due 3/5/27 (c) | 2,995,430 | 2,900,574 |
| ThoughtWorks, Inc. | ||
| Incremental Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 3/24/28 (c) | 1,363,007 | 1,331,204 |
| TIBCO Software, Inc. (c) | ||
| Term Loan B3 | ||
| 6.13% (1 Month LIBOR + 3.75%), due 6/30/26 | 5,883,175 | 5,824,343 |
| Second Lien Term Loan | ||
| 9.63% (1 Month LIBOR + 7.25%), due 3/3/28 | 600,000 | 594,300 |
| Trader Corp. | ||
| First Lien 2017 Refinancing Term Loan | ||
| 5.346% (1 Month LIBOR + 3.00%), due 9/28/23 (c) | 7,034,981 | 6,920,662 |
| Vertiv Group Corp. | ||
| Term Loan B | ||
| 4.548% (1 Month LIBOR + 2.75%), due 3/2/27 (c) | 7,877,736 | 7,493,697 |
| VS Buyer LLC | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 2/28/27 (c) | 1,466,250 | 1,422,262 |
| WEX, Inc. | ||
| Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 3/31/28 (c) | 3,950,000 | 3,862,357 |
| 180,782,197 | ||
| Energy (Electricity) 0.2% | ||
| Covanta Holding Corp. (c) | ||
| Initial Term Loan B | ||
| 4.872% (1 Month LIBOR + 2.50%), due 11/30/28 | 4,083,147 | 3,983,109 |
| Initial Term Loan C | ||
| 4.872% (1 Month LIBOR + 2.50%), due 11/30/28 | 306,620 | 299,108 |
| 4,282,217 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Entertainment 1.2% | ||
| Alterra Mountain Co. | ||
| Term Loan B2 | ||
| 5.872% (1 Month LIBOR + 3.50%), due 8/17/28 (c) | $ 4,803,324 | $ 4,643,215 |
| Fertitta Entertainment LLC | ||
| Initial Term Loan B | ||
| 6.327% (1 Month LIBOR + 4.00%), due 1/27/29 (c) | 13,216,875 | 12,589,073 |
| Formula One Management Ltd. | ||
| USD Facility Term Loan B3 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 2/1/24 (c) | 3,650,036 | 3,606,367 |
| J&J Ventures Gaming LLC | ||
| Initial Term Loan | ||
| 6.25% (3 Month LIBOR + 4.00%), due 4/26/28 (c) | 7,443,750 | 7,080,867 |
| 27,919,522 | ||
| Finance 6.6% | ||
| AAdvantage Loyality IP Ltd. | ||
| Initial Term Loan | ||
| 7.46% (3 Month LIBOR + 4.75%), due 4/20/28 (c) | 11,200,000 | 10,972,506 |
| Acuity Specialty Products, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.00% (3 Month LIBOR + 4.00%), due 8/12/24 (c)(d) | 2,178,257 | 1,851,519 |
| Acuris Finance U.S., Inc. | ||
| Initial Dollar Term Loan | ||
| 6.204% (3 Month LIBOR + 4.00%), due 2/16/28 (c) | 7,147,135 | 6,941,655 |
| ADMI Corp. (c) | ||
| Amendment No.4 Refinancing Term Loan | ||
| 5.747% (1 Month LIBOR + 3.375%), due 12/23/27 | 2,468,750 | 2,276,908 |
| Amendment No. 5 Incremental Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 12/23/27 | 3,721,875 | 3,463,670 |
| AlixPartners LLP | ||
| Initial Dollar Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 2/4/28 (c) | 6,912,500 | 6,760,425 |
| Blackstone Mortgage Trust, Inc. | ||
| Term Loan B4 | ||
| 5.827% (1 Month LIBOR + 3.50%), due 5/9/29 (c) | 4,800,000 | 4,704,000 |
| Blue Tree Holdings, Inc. | ||
| Term Loan | ||
| 4.76% (3 Month LIBOR + 2.50%), due 3/4/28 (c) | 1,481,250 | 1,416,445 |
| Boxer Parent Co., Inc. | ||
| 2021 Replacement Dollar Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 10/2/25 (c) | 3,909,340 | 3,757,853 |
| Brand Industrial Services, Inc. | ||
| Initial Term Loan 6.50% - 7.033% | ||
| (3 Month LIBOR + 4.25%), due 6/21/24 (c) | 6,470,928 | 5,890,162 |
| Colouroz Investment 1 GmbH | ||
| First Lien Initial Term Loan C | ||
| 5.25% (0.75% PIK) (3 Month LIBOR + 4.25%), due 9/21/23 (c)(d)(f) | 235,645 | 193,818 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| Colouroz Investment 2 LLC | ||
| First Lien Initial Term Loan B2 | ||
| 5.25% (0.75% PIK) (2 Month LIBOR + 4.25%; 3 Month LIBOR + 4.25%), due 9/21/23 (c)(d)(f) | $ 1,425,461 | $ 1,172,442 |
| Covia Holdings LLC | ||
| Initial Term Loan | ||
| 6.285% (3 Month LIBOR + 4.00%), due 7/31/26 (c) | 837,917 | 783,871 |
| CPC Acquisition Corp. | ||
| First Lien Initial Term Loan | ||
| 6.00% (3 Month LIBOR + 3.75%), due 12/29/27 (c) | 5,418,750 | 4,687,219 |
| Deerfield Dakota Holding LLC | ||
| First Lien Initial Dollar Term Loan | ||
| 6.077% (1 Month LIBOR + 3.75%), due 4/9/27 (c) | 8,895,729 | 8,578,819 |
| Endurance International Group Holdings, Inc. | ||
| Initial Term Loan | ||
| 5.291% (1 Month LIBOR + 3.50%), due 2/10/28 (c) | 7,694,512 | 7,053,305 |
| LBM Acquisition LLC | ||
| First Lien Initial Term Loan | ||
| 7.121% (1 Month LIBOR + 3.75%), due 12/17/27 (c) | 6,538,147 | 5,609,188 |
| LSF11 Skyscraper Holdco SARL | ||
| USD Facility Term Loan B3 | ||
| 5.75% (3 Month LIBOR + 3.50%), due 9/29/27 (c) | 6,122,887 | 5,969,814 |
| Minimax Viking GmbH | ||
| Facility Term Loan B1C | ||
| 4.872% (1 Month LIBOR + 2.50%), due 7/31/25 (c) | 4,085,635 | 3,896,675 |
| ON Semiconductor Corp. | ||
| 2019 New Replacement Term Loan B4 | ||
| 4.372% (1 Month LIBOR + 2.00%), due 9/19/26 (c) | 330,412 | 329,105 |
| Onex TSG Intermediate Corp. | ||
| Initial Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 2/28/28 (c) | 3,960,000 | 3,603,600 |
| Park River Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.527% (3 Month LIBOR + 3.25%), due 12/28/27 (c) | 7,595,643 | 6,716,721 |
| Peraton Corp. | ||
| First Lien Term Loan B | ||
| 6.122% (1 Month LIBOR + 3.75%), due 2/1/28 (c) | 5,048,348 | 4,892,692 |
| Pluto Acquisition I, Inc. | ||
| First Lien 2021 Term Loan | ||
| 6.076% (3 Month LIBOR + 4.00%), due 6/22/26 (c) | 7,326,000 | 6,007,320 |
| PODS LLC | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 3/31/28 (c) | 6,401,512 | 6,126,247 |
| Potters Industries LLC | ||
| Initial Term Loan | ||
| 6.25% (3 Month LIBOR + 4.00%), due 12/14/27 (c) | 1,185,000 | 1,130,194 |
| RealPage, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 4/24/28 (c) | 6,358,108 | 6,107,757 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| Spa Holdings 3 Oy | ||
| USD Facility Term Loan B | ||
| 6.00% (3 Month LIBOR + 3.75%), due 2/4/28 (c) | $ 3,160,200 | $ 2,960,055 |
| Triton Water Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.75% (3 Month LIBOR + 3.50%), due 3/31/28 (c) | 7,865,445 | 6,960,919 |
| Truck Hero, Inc. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 1/31/28 (c) | 5,959,674 | 5,376,479 |
| WCG Purchaser Corp. | ||
| First Lien Initial Term Loan 5.666% - 6.25% | ||
| (1 Month LIBOR + 4.00%; 3 Month LIBOR + 4.00%), due 1/8/27 (c) | 7,505,841 | 7,305,682 |
| WildBrain Ltd. | ||
| Initial Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 3/24/28 (c) | 7,544,500 | 7,082,399 |
| WIN Waste Innovations Holdings, Inc. | ||
| Initial Term Loan | ||
| 5.00% (3 Month LIBOR + 2.75%), due 3/24/28 (c) | 7,880,400 | 7,630,851 |
| 158,210,315 | ||
| Healthcare 2.4% | ||
| AHP Health Partners, Inc. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 8/24/28 (c) | 1,985,000 | 1,868,381 |
| Chariot Buyer LLC | ||
| First Lien Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 11/3/28 (c) | 11,144,000 | 10,343,025 |
| CHG Healthcare Services, Inc. | ||
| First Lien Initial Term Loan | ||
| 4.75% (3 Month LIBOR + 3.25%), due 9/29/28 (c) | 6,160,963 | 5,969,714 |
| ICU Medical, Inc. | ||
| Tranche Term Loan B | ||
| 4.454% (3 Month LIBOR + 2.25%), due 1/8/29 (c) | 7,381,500 | 7,141,601 |
| LSCS Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.734% (3 Month LIBOR + 4.50%), due 12/16/28 (c) | 4,776,000 | 4,513,320 |
| Medical Solutions Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.377% (3 Month LIBOR + 3.50%), due 11/1/28 (c) | 1,768,937 | 1,701,864 |
| Medline Borrower LP | ||
| Initial Dollar Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 10/23/28 (c) | 11,371,500 | 10,843,987 |
| U.S. Anesthesia Partners, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.963% (1 Month LIBOR + 4.25%), due 10/1/28 (c) | 6,451,250 | 6,031,919 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare | ||
| WP CityMD Bidco LLC | ||
| Second Amendment Refinancing Term Loan | ||
| 5.50% (3 Month LIBOR + 3.25%), due 12/22/28 (c) | $ 9,310,000 | $ 8,935,664 |
| 57,349,475 | ||
| Healthcare & Pharmaceuticals 1.7% | ||
| Bausch & Lomb Corp. | ||
| Initial Term Loan | ||
| 5.174% (1 Month LIBOR + 3.25%), due 5/10/27 (c) | 8,000,000 | 7,562,496 |
| Bausch Health Cos., Inc. | ||
| Second Amendment Term Loan | ||
| 7.174% (1 Month LIBOR + 5.25%), due 2/1/27 (c) | 9,000,000 | 7,546,248 |
| Embecta Corp. | ||
| First Lien Initial Term Loan | ||
| 5.054% (3 Month LIBOR + 3.00%), due 3/30/29 (c) | 6,407,853 | 6,231,637 |
| Owens & Minor, Inc. | ||
| Term Loan B1 | ||
| 6.177% (1 Month LIBOR + 3.75%), due 3/29/29 (c) | 3,990,000 | 3,965,062 |
| Pediatric Associates Holding Co. LLC (c) | ||
| Amendment No. 1 Incremental Delayed Draw Term Loan 3.25% - 6.056% | ||
| (3 Month LIBOR + 3.25%), due 12/29/28 (d)(e) | 551,250 | 527,822 |
| Amendment No. 1 Incremental Term Loan | ||
| 5.076% (3 Month LIBOR + 3.25%), due 12/29/28 | 7,276,500 | 6,967,249 |
| Physician Partners LLC | ||
| Initial Term Loan | ||
| 6.427% (1 Month LIBOR + 4.00%), due 12/23/28 (c) | 5,610,938 | 5,246,227 |
| Team Health Holdings, Inc. | ||
| Extended Term Loan | ||
| 7.577% (1 Month LIBOR + 5.25%), due 3/2/27 (c) | 2,440,981 | 1,977,195 |
| 40,023,936 | ||
| Healthcare, Education & Childcare 5.5% | ||
| Agiliti Health, Inc. | ||
| Initial Term Loan | ||
| 4.50% (1 Month LIBOR + 2.75%), due 1/4/26 (c) | 5,024,018 | 4,873,297 |
| Akorn Operating Co. LLC | ||
| Term Loan | ||
| 9.777% (3 Month LIBOR + 7.50%), due 10/1/25 (c) | 53,924 | 51,767 |
| Alvogen Pharma U.S., Inc. | ||
| January 2020 Term Loan | ||
| 7.50% (3 Month LIBOR + 5.25%), due 12/31/23 (c) | 896,261 | 777,955 |
| Amneal Pharmaceuticals LLC | ||
| Initial Term Loan 5.813% - 5.875% | ||
| (1 Month LIBOR + 3.50%; 3 Month LIBOR + 3.50%), due 5/4/25 (c) | 10,990,195 | 10,223,629 |
| athenahealth Group, Inc. | ||
| Initial Term Loan | ||
| 5.653% (1 Month LIBOR + 3.50%), due 2/15/29 (c) | 12,398,551 | 11,791,022 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare, Education & Childcare | ||
| Auris Luxembourg III SARL | ||
| Facility Term Loan B2 | ||
| 5.576% (6 Month LIBOR + 3.75%), due 2/27/26 (c) | $ 1,366,359 | $ 1,291,209 |
| Carestream Dental Technology Parent Ltd. (c) | ||
| First Lien Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 9/1/24 | 1,382,762 | 1,289,425 |
| First Lien Tranche Term Loan B | ||
| 6.872% (1 Month LIBOR + 4.50%), due 9/1/24 | 1,834,678 | 1,770,465 |
| Carestream Health, Inc. (c) | ||
| Second Lien 2023 Extended Term Loan | ||
| 6.75% (8.00% PIK) (3 Month LIBOR + 4.50%), due 8/8/23 (f) | 2,414,421 | 2,052,258 |
| First Lien 2023 Extended Term Loan | ||
| 9.50% (3 Month LIBOR + 7.25%), due 5/8/23 | 2,539,073 | 2,513,683 |
| DaVita, Inc. | ||
| Tranche Term Loan B1 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 8/12/26 (c) | 1,603,139 | 1,515,167 |
| Ecovyst Catalyst Technologies LLC | ||
| Initial Term Loan | ||
| 5.306% (3 Month LIBOR + 2.50%), due 6/9/28 (c) | 5,520,125 | 5,343,481 |
| Elanco Animal Health, Inc. | ||
| Term Loan | ||
| 3.463% (1 Month LIBOR + 1.75%), due 8/1/27 (c) | 2,731,872 | 2,639,292 |
| Endo Luxembourg Finance Co. I SARL | ||
| 2021 Term Loan | ||
| 7.375% (1 Month LIBOR + 5.00%), due 3/27/28 (c) | 3,452,538 | 2,762,990 |
| Envision Healthcare Corp. | ||
| Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 10/10/25 (c) | 5,161,050 | 1,316,068 |
| eResearchTechnology, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.872% (1 Month LIBOR + 4.50%), due 2/4/27 (c) | 7,906,178 | 7,472,753 |
| FC Compassus LLC | ||
| Term Loan B1 | ||
| 7.127% (3 Month LIBOR + 4.25%), due 12/31/26 (c)(d)(e) | 6,360,022 | 5,469,619 |
| Grifols Worldwide Operations Ltd. | ||
| Dollar Tranche Term Loan B | ||
| 4.372% (1 Month LIBOR + 2.00%), due 11/15/27 (c) | 3,730,270 | 3,558,327 |
| Horizon Therapeutics USA, Inc. | ||
| Incremental Term Loan B2 | ||
| 4.063% (1 Month LIBOR + 1.75%), due 3/15/28 (c) | 2,633,333 | 2,582,312 |
| Insulet Corp. | ||
| Term Loan B | ||
| 5.622% (1 Month LIBOR + 3.25%), due 5/4/28 (c) | 7,538,962 | 7,356,768 |
| Journey Personal Care Corp. | ||
| Initial Term Loan | ||
| 6.50% (3 Month LIBOR + 4.25%), due 3/1/28 (c) | 4,950,000 | 3,564,000 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare, Education & Childcare | ||
| LifePoint Health, Inc. | ||
| First Lien Term Loan B | ||
| 6.122% (1 Month LIBOR + 3.75%), due 11/16/25 (c) | $ 4,642,116 | $ 4,374,229 |
| Mallinckrodt International Finance SA | ||
| 2017 Replacement Term Loan | ||
| 7.253% (3 Month LIBOR + 5.25%), due 9/30/27 (c) | 1,984,907 | 1,648,465 |
| National Mentor Holdings, Inc. (c) | ||
| First Lien Initial Term Loan 6.01% - 6.13% | ||
| (1 Month LIBOR + 3.75%; 3 Month LIBOR + 3.75%), due 3/2/28 | 8,043,715 | 6,887,431 |
| First Lien Initial Term Loan C | ||
| 6.01% (3 Month LIBOR + 3.75%), due 3/2/28 | 245,454 | 210,170 |
| Organon & Co. | ||
| Dollar Term Loan | ||
| 4.625% (3 Month LIBOR + 3.00%), due 6/2/28 (c) | 8,144,792 | 7,995,473 |
| Petco Health and Wellness Co., Inc. | ||
| First Lien Initial Term Loan | ||
| 5.50% (3 Month LIBOR + 3.25%), due 3/3/28 (c) | 8,416,137 | 8,127,581 |
| Raptor Acquisition Corp. | ||
| First Lien Term Loan B | ||
| 6.096% (3 Month LIBOR + 4.00%), due 11/1/26 (c) | 4,250,000 | 4,111,875 |
| Select Medical Corp. | ||
| Tranche Term Loan B | ||
| 4.88% (1 Month LIBOR + 2.50%), due 3/6/25 (c) | 7,354,845 | 7,164,847 |
| Sound Inpatient Physicians, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 6/27/25 (c)(d)(e) | 1,920,000 | 1,795,200 |
| Sunshine Luxembourg VII SARL | ||
| Facility Term Loan B3 | ||
| 6.00% (3 Month LIBOR + 3.75%), due 10/1/26 (c) | 10,706,081 | 10,195,872 |
| 132,726,630 | ||
| High Tech Industries 1.6% | ||
| Altar Bidco, Inc. | ||
| First Lien Initial Term Loan 5.202% - 5.75% | ||
| (1 Year LIBOR + 3.35%; 6 Month LIBOR + 3.35%), due 2/1/29 (c) | 5,625,000 | 5,336,719 |
| AP Gaming I LLC | ||
| Term Loan B | ||
| 6.204% (3 Month LIBOR + 4.00%), due 2/15/29 (c) | 5,818,750 | 5,479,325 |
| Central Parent, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.61% (3 Month LIBOR + 4.50%), due 7/6/29 (c) | 4,000,000 | 3,879,444 |
| NAB Holdings LLC | ||
| Initial Term Loan | ||
| 5.204% (3 Month LIBOR + 3.00%), due 11/23/28 (c) | 6,462,512 | 6,149,081 |
| Scientific Games Holdings LP | ||
| First Lien Initial Dollar Term Loan | ||
| 5.617% (3 Month LIBOR + 3.50%), due 4/4/29 (c) | 7,346,154 | 7,009,457 |
| Principal Amount | Value | |
| Loan Assignments | ||
| High Tech Industries | ||
| Trans Union LLC | ||
| 2021 Incremental Term Loan B6 | ||
| 4.622% (1 Month LIBOR + 2.25%), due 12/1/28 (c) | $ 11,599,725 | $ 11,301,681 |
| 39,155,707 | ||
| Home and Office Furnishings, Housewares & Durable Consumer Products 0.0% ‡ | ||
| Serta Simmons Bedding LLC | ||
| First Lien Initial Term Loan 6.21% - 6.266% | ||
| (3 Month LIBOR + 3.50%), due 11/8/23 (c) | 4,297,513 | 891,734 |
| Hotels, Motels, Inns & Gaming 3.5% | ||
| Aimbridge Acquisition Co., Inc. | ||
| First Lien 2019 Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 2/2/26 (c) | 8,132,209 | 7,034,361 |
| Caesars Resort Collection LLC (c) | ||
| Term Loan B | ||
| 5.122% (1 Month LIBOR + 2.75%), due 12/23/24 | 6,488,517 | 6,332,792 |
| Term Loan B1 | ||
| 5.872% (1 Month LIBOR + 3.50%), due 7/21/25 | 4,444,035 | 4,340,342 |
| Churchill Downs, Inc. | ||
| Facility Term Loan B | ||
| 4.38% (1 Month LIBOR + 2.00%), due 12/27/24 (c) | 2,387,500 | 2,329,801 |
| Entain plc | ||
| USD Facility Term Loan B | ||
| 3.743% (6 Month LIBOR + 2.25%), due 3/29/27 (c) | 6,788,571 | 6,561,575 |
| Everi Holdings, Inc. | ||
| Term Loan B | ||
| 4.75% (3 Month LIBOR + 2.50%), due 8/3/28 (c) | 4,100,705 | 4,002,289 |
| Four Seasons Holdings, Inc. | ||
| First Lien 2013 Term Loan | ||
| 4.372% (1 Month LIBOR + 2.00%), due 11/30/23 (c) | 1,410,728 | 1,400,148 |
| Golden Entertainment, Inc. | ||
| First Lien Facility Term Loan B | ||
| 5.30% (1 Month LIBOR + 3.00%), due 10/21/24 (c) | 1,295,337 | 1,272,669 |
| Hilton Worldwide Finance LLC | ||
| Refinanced Term Loan B2 | ||
| 4.009% (1 Month LIBOR + 1.75%), due 6/22/26 (c) | 1,720,157 | 1,690,976 |
| Oceankey U.S. II Corp. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 12/15/28 (c) | 6,118,000 | 5,939,556 |
| PCI Gaming Authority | ||
| Facility Term Loan B | ||
| 4.872% (1 Month LIBOR + 2.50%), due 5/29/26 (c) | 3,370,300 | 3,266,384 |
| Penn National Gaming, Inc. | ||
| Facility Term Loan B | ||
| 5.177% (1 Month LIBOR + 2.75%), due 5/3/29 (c) | 2,000,000 | 1,951,562 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Hotels, Motels, Inns & Gaming | ||
| Scientific Games International, Inc. | ||
| Initial Term Loan B | ||
| 5.044% (1 Month LIBOR + 3.00%), due 4/14/29 (c) | $ 12,000,000 | $ 11,730,000 |
| Station Casinos LLC | ||
| Facility Term Loan B1 | ||
| 4.63% (1 Month LIBOR + 2.25%), due 2/8/27 (c) | 4,907,579 | 4,772,621 |
| Travel + Leisure Co. | ||
| Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 5/30/25 (c) | 3,850,000 | 3,686,375 |
| UFC Holdings LLC | ||
| First Lien Term Loan B3 | ||
| 5.52% (3 Month LIBOR + 2.75%), due 4/29/26 (c) | 9,686,500 | 9,355,541 |
| Whatabrands LLC | ||
| Initial Term Loan B | ||
| 5.622% (1 Month LIBOR + 3.25%), due 8/3/28 (c) | 5,960,025 | 5,673,199 |
| Wyndham Hotels & Resorts, Inc. | ||
| Term Loan B | ||
| 4.122% (1 Month LIBOR + 1.75%), due 5/30/25 (c) | 2,502,500 | 2,465,743 |
| 83,805,934 | ||
| Insurance 3.7% | ||
| Acrisure LLC (c) | ||
| First Lien 2020 Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 2/15/27 | 3,857,589 | 3,667,603 |
| First Lien 2021-2 Additional Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 2/15/27 | 4,925,250 | 4,740,553 |
| Alliant Holdings Intermediate LLC | ||
| New Term Loan B4 | ||
| 5.656% (1 Month LIBOR + 3.50%), due 11/5/27 (c) | 3,970,000 | 3,827,505 |
| AmWINS Group, Inc. | ||
| Term Loan | ||
| 4.622% (1 Month LIBOR + 2.25%), due 2/19/28 (c) | 8,909,694 | 8,620,129 |
| AssuredPartners Capital, Inc. | ||
| 2022 Term Loan | ||
| 5.827% (1 Month LIBOR + 3.50%), due 2/12/27 (c) | 2,992,500 | 2,843,809 |
| AssuredPartners, Inc. | ||
| 2020 February Refinancing Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 2/12/27 (c) | 4,947,240 | 4,705,033 |
| Asurion LLC (c) | ||
| New Term Loan B7 | ||
| 5.372% (1 Month LIBOR + 3.00%), due 11/3/24 | 791,848 | 762,649 |
| Replacement Term Loan B6 | ||
| 5.497% (1 Month LIBOR + 3.125%), due 11/3/23 | 1,872,593 | 1,838,150 |
| New Term Loan B8 | ||
| 5.622% (1 Month LIBOR + 3.25%), due 12/23/26 | 1,970,000 | 1,846,875 |
| New Term Loan B9 | ||
| 5.622% (1 Month LIBOR + 3.25%), due 7/31/27 | 1,975,000 | 1,849,587 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Insurance | ||
| Asurion LLC (c) | ||
| Second Lien New Term Loan B3 | ||
| 7.622% (1 Month LIBOR + 5.25%), due 1/31/28 | $ 8,200,000 | $ 6,994,600 |
| Second Lien New Term Loan B4 | ||
| 7.622% (1 Month LIBOR + 5.25%), due 1/20/29 | 10,500,000 | 8,956,500 |
| Broadstreet Partners, Inc. (c) | ||
| 2020 Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 1/27/27 | 5,270,257 | 5,002,354 |
| Tranche Term Loan B2 | ||
| 5.622% (1 Month LIBOR + 3.25%), due 1/27/27 | 1,157,917 | 1,104,846 |
| Hub International Ltd. (c) | ||
| Initial Term Loan 5.547% - 5.766% | ||
| (2 Month LIBOR + 3.00%; 3 Month LIBOR + 3.00%), due 4/25/25 | 1,572,919 | 1,530,450 |
| Incremental Term Loan B3 5.782% - 5.982% | ||
| (2 Month LIBOR + 3.25%; 3 Month LIBOR + 3.25%), due 4/25/25 | 7,894,674 | 7,710,768 |
| NFP Corp. | ||
| Closing Date Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 2/15/27 (c) | 3,355,324 | 3,177,770 |
| Ryan Specialty Group LLC | ||
| Initial Term Loan | ||
| 5.427% (1 Month LIBOR + 3.00%), due 9/1/27 (c) | 3,967,310 | 3,851,596 |
| Sedgwick Claims Management Services, Inc. (c) | ||
| Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 12/31/25 | 6,807,399 | 6,588,997 |
| 2019 Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 9/3/26 | 2,954,315 | 2,867,162 |
| USI, Inc. (c) | ||
| 2017 New Term Loan | ||
| 5.25% (3 Month LIBOR + 3.00%), due 5/16/24 | 5,266,101 | 5,169,005 |
| 2021 New Term Loan | ||
| 5.50% (3 Month LIBOR + 3.25%), due 12/2/26 | 975,024 | 947,399 |
| 88,603,340 | ||
| Leisure, Amusement, Motion Pictures & Entertainment 0.8% | ||
| Bombardier Recreational Products, Inc. | ||
| 2020 Replacement Term Loan | ||
| 4.372% (1 Month LIBOR + 2.00%), due 5/24/27 (c) | 4,230,812 | 3,978,284 |
| Creative Artists Agency LLC (c) | ||
| Closing Date Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 11/27/26 | 2,437,500 | 2,382,149 |
| Incremental Term Loan B2 | ||
| 6.577% (1 Month LIBOR + 4.25%), due 11/27/26 | 1,200,000 | 1,176,000 |
| Fitness International LLC (c) | ||
| Term Loan A | ||
| 5.622% (1 Month LIBOR + 3.25%), due 1/8/25 | 1,509,375 | 1,358,438 |
| Term Loan B | ||
| 5.622% (1 Month LIBOR + 3.25%), due 4/18/25 | 291,959 | 265,683 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Leisure, Amusement, Motion Pictures & Entertainment | ||
| Lions Gate Capital Holdings LLC | ||
| Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 3/24/25 (c) | $ 1,347,457 | $ 1,301,418 |
| Marriott Ownership Resorts, Inc. | ||
| 2019 Refinancing Term Loan | ||
| 4.122% (1 Month LIBOR + 1.75%), due 8/29/25 (c) | 4,410,432 | 4,254,227 |
| William Morris Endeavor Entertainment LLC | ||
| First Lien Term Loan B1 | ||
| 5.13% (1 Month LIBOR + 2.75%), due 5/18/25 (c) | 4,485,229 | 4,298,343 |
| 19,014,542 | ||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7% | ||
| Advanced Drainage Systems, Inc. | ||
| Initial Term Loan | ||
| 3.949% (1 Month LIBOR + 2.25%), due 7/31/26 (c) | 461,518 | 461,172 |
| Columbus McKinnon Corp. | ||
| Initial Term Loan | ||
| 5.063% (3 Month LIBOR + 2.75%), due 5/14/28 (c) | 6,217,578 | 5,999,963 |
| CPM Holdings, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 5.213% (1 Month LIBOR + 3.50%), due 11/17/25 | 4,422,072 | 4,245,189 |
| Second Lien Initial Term Loan | ||
| 9.963% (1 Month LIBOR + 8.25%), due 11/16/26 (d)(e) | 797,980 | 762,071 |
| Husky Injection Molding Systems Ltd. | ||
| Initial Term Loan | ||
| 5.877% (3 Month LIBOR + 3.00%), due 3/28/25 (c) | 6,466,230 | 6,062,989 |
| 17,531,384 | ||
| Manufacturing 2.0% | ||
| ASP Blade Holdings, Inc. | ||
| Initial Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 10/13/28 (c) | 5,978,807 | 5,186,615 |
| Clark Equipment Co. | ||
| Tranche Term Loan B | ||
| 4.654% (3 Month LIBOR + 2.50%), due 4/20/29 (c) | 498,750 | 482,541 |
| CP Atlas Buyer, Inc. | ||
| Term Loan B | ||
| 6.122% (1 Month LIBOR + 3.75%), due 11/23/27 (c) | 5,412,674 | 4,736,089 |
| CPG International LLC | ||
| Closing Date Term Loan | ||
| 4.092% (6 Month LIBOR + 2.50%), due 4/28/29 (c) | 3,750,000 | 3,553,125 |
| Excelitas Technologies Corp. | ||
| First Lien Initial USD Term Loan | ||
| 5.75% (3 Month LIBOR + 3.50%), due 12/2/24 (c) | 1,979,274 | 1,939,689 |
| FCG Acquisitions, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.00% (3 Month LIBOR + 3.75%), due 3/31/28 (c) | 5,944,351 | 5,706,577 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Manufacturing | ||
| Idemia Group SAS | ||
| USD Facility Term Loan B3 | ||
| 6.75% (3 Month LIBOR + 4.50%), due 1/10/26 (c) | $ 2,155,050 | $ 2,014,972 |
| II-VI, Inc. | ||
| Initial Term Loan B | ||
| 4.463% (1 Month LIBOR + 2.75%), due 7/2/29 (c) | 9,416,667 | 9,142,011 |
| Madison IAQ LLC | ||
| Term Loan | ||
| 4.524% (3 Month LIBOR + 3.25%), due 6/21/28 (c) | 5,306,400 | 5,038,867 |
| Pro Mach Group, Inc. | ||
| First Lien Closing Date Initial Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 8/31/28 (c) | 6,071,801 | 5,879,525 |
| Standard Industries, Inc. | ||
| Initial Term Loan | ||
| 3.788% (3 Month LIBOR + 2.50%), due 9/22/28 (c) | 2,477,475 | 2,428,312 |
| Weber-Stephen Products LLC | ||
| Initial Term Loan B | ||
| 5.622% (1 Month LIBOR + 3.25%), due 10/30/27 (c) | 582,422 | 465,210 |
| Zurn LLC | ||
| First Lien Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 10/4/28 (c) | 2,139,250 | 2,098,247 |
| 48,671,780 | ||
| Media 1.9% | ||
| Cogeco Communications Finance (USA) LP | ||
| Amendment No. 5 Incremental Term Loan B | ||
| 4.872% (1 Month LIBOR + 2.50%), due 9/1/28 (c) | 11,221,875 | 10,748,952 |
| Diamond Sports Group LLC | ||
| Second Lien Term Loan | ||
| 5.036% (1 Month LIBOR + 3.25%), due 8/24/26 (c) | 2,912,950 | 585,710 |
| DIRECTV Financing LLC | ||
| Closing Date Term Loan | ||
| 7.372% (1 Month LIBOR + 5.00%), due 8/2/27 (c) | 10,071,000 | 9,489,631 |
| KKR Apple Bidco LLC | ||
| First Lien Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 9/22/28 (c) | 7,492,350 | 7,220,752 |
| First Lien Amendment No. 1 Term Loan | ||
| 6.379% (1 Month LIBOR + 4.00%), due 9/22/28 | 1,750,000 | 1,699,688 |
| Mission Broadcasting, Inc. | ||
| Term Loan B4 | ||
| 4.213% (1 Month LIBOR + 2.50%), due 6/2/28 (c) | 1,386,000 | 1,368,387 |
| Radiate Holdco LLC | ||
| Amendment No. 6 Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 9/25/26 (c) | 7,616,531 | 7,194,049 |
| Sinclair Television Group, Inc. (c) | ||
| Term Loan B3 | ||
| 5.38% (1 Month LIBOR + 3.00%), due 4/1/28 | 2,970,000 | 2,701,215 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Media | ||
| Sinclair Television Group, Inc. (c) | ||
| Term Loan B4 | ||
| 6.177% (1 Month LIBOR + 3.75%), due 4/21/29 | $ 6,000,000 | $ 5,595,000 |
| 46,603,384 | ||
| Mining, Steel, Iron & Non-Precious Metals 0.9% | ||
| American Rock Salt Co. LLC | ||
| First Lien Initial Term Loan | ||
| 6.37% (1 Month LIBOR + 4.00%), due 6/9/28 (c) | 5,468,699 | 4,944,617 |
| Gates Global LLC | ||
| Initial Dollar Term Loan B3 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 3/31/27 (c) | 10,865,429 | 10,449,826 |
| Graftech International Ltd. | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 2/12/25 (c) | 1,122,713 | 1,104,469 |
| MRC Global U.S., Inc. | ||
| 2018 Refinancing Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 9/20/24 (c) | 2,313,687 | 2,238,493 |
| U.S. Silica Co. | ||
| Term Loan | ||
| 6.375% (1 Month LIBOR + 4.00%), due 5/1/25 (c) | 3,406,213 | 3,286,995 |
| 22,024,400 | ||
| Oil & Gas 2.1% | ||
| AL GCX Holdings LLC | ||
| Initial Term Loan | ||
| 6.066% (3 Month LIBOR + 3.75%), due 5/17/29 (c) | 1,500,000 | 1,477,500 |
| Buckeye Partners LP | ||
| 2021 Tranche Term Loan B1 | ||
| 3.916% (1 Month LIBOR + 2.25%), due 11/1/26 (c) | 2,321,830 | 2,277,051 |
| ChampionX Corp. | ||
| Term Loan B1 | ||
| 5.08% (1 Month LIBOR + 3.25%), due 6/7/29 (c) | 6,000,000 | 5,955,000 |
| DT Midstream, Inc. | ||
| Initial Term Loan | ||
| 4.372% (1 Month LIBOR + 2.00%), due 6/26/28 (c) | 1,277,850 | 1,277,850 |
| Fleet Midco I Ltd. | ||
| Facility Term Loan B | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/7/26 (c) | 3,205,395 | 3,117,246 |
| GIP III Stetson I LP | ||
| Initial Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 7/18/25 (c)(d) | 2,050,221 | 1,931,052 |
| Keane Group Holdings LLC | ||
| Initial Term Loan | ||
| 6.625% (1 Month LIBOR + 4.25%), due 5/25/25 (c) | 5,413,729 | 5,088,905 |
| Medallion Midland Acquisition LLC | ||
| Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 10/18/28 (c) | 4,809,112 | 4,660,832 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Oil & Gas | ||
| Murphy Oil USA, Inc. | ||
| Tranche Term Loan B | ||
| 3.47% (1 Month LIBOR + 1.75%), due 1/31/28 (c) | $ 790,000 | $ 789,013 |
| NorthRiver Midstream Finance LP | ||
| Initial Term Loan B | ||
| 5.527% (3 Month LIBOR + 3.25%), due 10/1/25 (c) | 5,687,228 | 5,610,820 |
| Oryx Midstream Services Permian Basin LLC | ||
| Initial Term Loan | ||
| 4.705% (3 Month LIBOR + 3.25%), due 10/5/28 (c) | 3,980,000 | 3,869,722 |
| PES Holdings LLC | ||
| Tranche Term Loan C | ||
| 10.00% (3.00% PIK) (1 Month LIBOR + 4.50%), due 12/31/22 (c)(d)(f)(g)(h) | 1,930,304 | 48,258 |
| Prairie ECI Acquiror LP | ||
| Initial Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 3/11/26 (c) | 5,250,723 | 4,842,479 |
| TransMontaigne Operating Co. LP | ||
| Tranche Term Loan B 5.656% - 5.662% | ||
| (1 Month LIBOR + 3.50%), due 11/17/28 (c) | 4,975,000 | 4,784,293 |
| Traverse Midstream Partners LLC | ||
| Advance Term Loan | ||
| 5.95% (6 Month LIBOR + 4.25%), due 9/27/24 (c) | 3,107,419 | 3,055,628 |
| Veritas U.S., Inc. | ||
| 2021 Dollar Term Loan B | ||
| 7.25% (3 Month LIBOR + 5.00%), due 9/1/25 (c) | 2,762,685 | 2,325,261 |
| 51,110,910 | ||
| Packaging 0.2% | ||
| LABL, Inc. | ||
| Initial Dollar Term Loan | ||
| 7.372% (1 Month LIBOR + 5.00%), due 10/29/28 (c) | 2,686,500 | 2,548,817 |
| Plastipak Holdings, Inc. | ||
| 2021 Tranche Term Loan B | ||
| 4.875% (1 Month LIBOR + 2.50%), due 12/1/28 (c) | 1,931,176 | 1,859,562 |
| 4,408,379 | ||
| Personal & Nondurable Consumer Products 2.0% | ||
| ABG Intermediate Holdings 2 LLC | ||
| First Lien Tranche Term Loan B1 | ||
| 5.927% (1 Month LIBOR + 3.50%), due 12/21/28 (c) | 11,120,000 | 10,730,800 |
| Foundation Building Materials, Inc. | ||
| First Lien Initial Term Loan 5.622% - 6.056% | ||
| (1 Month LIBOR + 3.25%; 3 Month LIBOR + 3.25%), due 1/31/28 (c) | 6,197,450 | 5,680,347 |
| Hunter Douglas Holding BV | ||
| Tranche Term Loan B1 | ||
| 4.842% (3 Month LIBOR + 3.50%), due 2/26/29 (c) | 11,000,000 | 9,784,500 |
| Leslie's Poolmart, Inc. | ||
| Initial Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 3/9/28 (c) | 9,904,924 | 9,603,646 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal & Nondurable Consumer Products | ||
| Michaels Cos., Inc. (The) | ||
| Term Loan B | ||
| 6.50% (3 Month LIBOR + 4.25%), due 4/15/28 (c) | $ 4,742,050 | $ 3,959,612 |
| Perrigo Co. plc | ||
| Initial Term Loan B | ||
| 4.199% (1 Month LIBOR + 2.50%), due 4/20/29 (c) | 5,000,000 | 4,912,500 |
| Prestige Brands, Inc. | ||
| Term Loan B5 | ||
| 4.372% (1 Month LIBOR + 2.00%), due 7/3/28 (c) | 1,680,000 | 1,670,970 |
| Spectrum Brands, Inc. | ||
| 2021 Term Loan | ||
| 4.38% (1 Month LIBOR + 2.00%), due 3/3/28 (c) | 296,250 | 283,659 |
| 46,626,034 | ||
| Personal & Nondurable Consumer Products (Manufacturing Only) 0.5% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| Restatement Effective Date Term Loan | ||
| 4.372% (1 Month LIBOR + 2.00%), due 1/15/27 (c) | 2,674,375 | 2,598,920 |
| Hercules Achievement, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 12/16/24 (c) | 4,297,678 | 4,064,886 |
| SRAM LLC | ||
| Initial Term Loan | ||
| 5.17% (1 Month LIBOR + 2.75%), due 5/18/28 (c) | 5,822,727 | 5,589,818 |
| 12,253,624 | ||
| Personal Transportation 0.6% | ||
| First Student Bidco, Inc. (c) | ||
| Initial Term Loan B | ||
| 5.232% (3 Month LIBOR + 3.00%), due 7/21/28 | 7,649,295 | 7,091,532 |
| Initial Term Loan C | ||
| 5.232% (3 Month LIBOR + 3.00%), due 7/21/28 | 2,837,754 | 2,630,834 |
| Uber Technologies, Inc. (c) | ||
| 2021 Incremental Term Loan | ||
| 5.075% (3 Month LIBOR + 3.50%), due 4/4/25 | 3,640,504 | 3,577,446 |
| 2021 Refinancing Term Loan | ||
| 5.075% (3 Month LIBOR + 3.50%), due 2/25/27 | 1,973,822 | 1,928,177 |
| 15,227,989 | ||
| Personal, Food & Miscellaneous Services 1.5% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| Term Loan B4 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 11/19/26 (c) | 5,056,016 | 4,888,536 |
| Aramark Intermediate HoldCo Corp. (c) | ||
| U.S. Term Loan B4 | ||
| 4.122% (1 Month LIBOR + 1.75%), due 1/15/27 | 1,631,875 | 1,561,704 |
| U.S. Term Loan B5 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 4/6/28 | 7,611,889 | 7,407,319 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services | ||
| Hayward Industries, Inc. | ||
| First Lien Refinancing Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 5/30/28 (c) | $ 5,643,000 | $ 5,389,065 |
| Hillman Group, Inc. (The) (c) | ||
| Initial Delayed Draw Term Loan 2.75% - 5.009% | ||
| (1 Month LIBOR + 2.75%), due 7/14/28 | 31,269 | 29,871 |
| Initial Term Loan | ||
| 5.009% (1 Month LIBOR + 2.75%), due 7/14/28 | 1,631,832 | 1,558,909 |
| IRB Holding Corp. (c) | ||
| 2022 Replacement Term Loan B | ||
| 4.836% (1 Month LIBOR + 3.00%), due 12/15/27 | 9,034,104 | 8,627,569 |
| 2020 Replacement Term Loan B | ||
| 5.122% (1 Month LIBOR + 2.75%), due 2/5/25 | 4,361,188 | 4,247,488 |
| KFC Holding Co. | ||
| 2021 Term Loan B | ||
| 3.906% (1 Month LIBOR + 1.75%), due 3/15/28 (c) | 2,189,372 | 2,169,668 |
| 35,880,129 | ||
| Pharmaceuticals 0.2% | ||
| Padagis LLC | ||
| Term Loan B | ||
| 7.043% (3 Month LIBOR + 4.75%), due 7/6/28 (c) | 5,011,765 | 4,736,118 |
| Printing & Publishing 0.6% | ||
| Getty Images, Inc. | ||
| Initial Dollar Term Loan | ||
| 6.125% (3 Month LIBOR + 4.50%), due 2/19/26 (c) | 3,972,280 | 3,868,007 |
| Severin Acquisition LLC | ||
| First Lien Initial Term Loan | ||
| 5.308% (1 Month LIBOR + 3.00%), due 8/1/25 (c) | 4,374,709 | 4,245,656 |
| Springer Nature Deutschland GmbH | ||
| Initial Term Loan B18 | ||
| 3.804% (3 Month LIBOR + 3.00%), due 8/14/26 (c) | 6,992,564 | 6,806,093 |
| 14,919,756 | ||
| Radio and TV Broadcasting 0.0% ‡ | ||
| Nielsen Finance LLC | ||
| Term Loan B4 | ||
| 3.872% (1 Month LIBOR + 2.00%), due 10/4/23 (c) | 722,413 | 719,905 |
| Retail 0.6% | ||
| Great Outdoors Group LLC | ||
| Term Loan B2 | ||
| 6.122% (1 Month LIBOR + 3.75%), due 3/6/28 (c) | 16,685,092 | 15,225,146 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Retail Store 1.5% | ||
| BJ's Wholesale Club, Inc. | ||
| First Lien Tranche Term Loan B | ||
| 3.964% (1 Month LIBOR + 2.00%), due 2/3/24 (c) | $ 2,909,968 | $ 2,904,253 |
| EG Group Ltd. (c) | ||
| USD Facility Term Loan B | ||
| 6.25% (3 Month LIBOR + 4.00%), due 2/7/25 | 1,219,168 | 1,153,384 |
| USD Additional Facility Term Loan | ||
| 6.25% (3 Month LIBOR + 4.00%), due 2/7/25 | 1,426,660 | 1,349,680 |
| USD Additional Facility Term Loan | ||
| 6.50% (3 Month LIBOR + 4.25%), due 3/31/26 | 5,970,188 | 5,649,290 |
| Harbor Freight Tools USA, Inc. | ||
| 2021 Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 10/19/27 (c) | 6,928,223 | 6,412,936 |
| PetSmart LLC | ||
| Initial Term Loan | ||
| 6.12% (1 Month LIBOR + 3.75%), due 2/11/28 (c) | 9,009,000 | 8,667,406 |
| Rising Tide Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.122% (1 Month LIBOR + 4.75%), due 6/1/28 (c) | 4,316,400 | 3,755,268 |
| White Cap Supply Holdings LLC | ||
| Initial Closing Date Term Loan | ||
| 6.077% (1 Month LIBOR + 3.75%), due 10/19/27 (c) | 6,891,506 | 6,575,359 |
| 36,467,576 | ||
| Services: Business 5.3% | ||
| Avis Budget Car Rental LLC | ||
| Tranche Term Loan C | ||
| 5.927% (1 Month LIBOR + 3.50%), due 3/16/29 (c) | 4,987,500 | 4,850,344 |
| Brown Group Holdings LLC (c) | ||
| Initial Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 6/7/28 | 6,931,178 | 6,667,793 |
| Facility Incremental Term Loan B2 | ||
| 6.077% (1 Month LIBOR + 3.75%), due 7/2/29 | 333,333 | 326,354 |
| ConnectWise LLC | ||
| Initial Term Loan | ||
| 5.75% (3 Month LIBOR + 3.50%), due 9/29/28 (c) | 3,582,000 | 3,416,333 |
| Dun & Bradstreet Corp. (The) (c) | ||
| 2022 Incremental Term Loan B2 | ||
| 5.536% (1 Month LIBOR + 3.25%), due 1/18/29 | 698,250 | 674,902 |
| Initial Borrowing Term Loan | ||
| 5.55% (1 Month LIBOR + 3.25%), due 2/6/26 | 5,061,176 | 4,916,933 |
| Electron Bidco, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 11/1/28 (c) | 12,635,000 | 12,211,197 |
| GIP II Blue Holding LP | ||
| Initial Term Loan | ||
| 6.75% (3 Month LIBOR + 4.50%), due 9/29/28 (c) | 4,630,404 | 4,514,644 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Services: Business | ||
| Hunter Holdco 3 Ltd. | ||
| First Lien Initial Dollar Term Loan | ||
| 6.50% (3 Month LIBOR + 4.25%), due 8/19/28 (c) | $ 9,077,000 | $ 8,781,997 |
| Icon plc (c) | ||
| Lux Term Loan | ||
| 4.563% (3 Month LIBOR + 2.25%), due 7/3/28 | 6,345,057 | 6,218,156 |
| U.S. Term Loan | ||
| 4.563% (3 Month LIBOR + 2.25%), due 7/3/28 | 1,580,875 | 1,549,258 |
| Indy U.S. Bidco LLC | ||
| 2021 Refinancing Dollar Term Loan 5.965% - 6.122% | ||
| (1 Month LIBOR + 3.75%), due 3/6/28 (c) | 8,408,969 | 7,918,448 |
| Intrado Corp. | ||
| Initial Term Loan B | ||
| 6.372% (1 Month LIBOR + 4.00%), due 10/10/24 (c) | 3,352,732 | 2,772,709 |
| Mercury Borrower, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.813% (3 Month LIBOR + 3.50%), due 8/2/28 (c) | 11,148,060 | 10,618,527 |
| Mitchell International, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 5.912% (1 Month LIBOR + 3.75%), due 10/15/28 | 3,325,000 | 3,137,969 |
| Second Lien Initial Term Loan | ||
| 8.662% (1 Month LIBOR + 6.50%), due 10/15/29 | 1,800,000 | 1,628,249 |
| MPH Acquisition Holdings LLC | ||
| Initial Term Loan | ||
| 5.825% (3 Month LIBOR + 4.25%), due 9/1/28 (c) | 4,962,500 | 4,593,414 |
| Orbit Private Holdings I Ltd. | ||
| First Lien Initial Dollar Term Loan | ||
| 6.75% (3 Month LIBOR + 4.50%), due 12/11/28 (c) | 3,653,321 | 3,525,455 |
| PECF USS Intermediate Holding III Corp. | ||
| Initial Term Loan | ||
| 6.622% (1 Month LIBOR + 4.25%), due 12/15/28 (c) | 10,962,456 | 10,003,241 |
| Phoenix Newco, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.622% (1 Month LIBOR + 3.25%), due 11/15/28 (c) | 9,476,250 | 9,217,349 |
| Polaris Newco LLC | ||
| First Lien Dollar Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 6/2/28 (c) | 10,985,197 | 10,412,593 |
| Project Boost Purchaser LLC (c) | ||
| 2021 Tranche Term Loan 2 | ||
| 5.872% (1 Month LIBOR + 3.50%), due 5/30/26 | 4,702,500 | 4,464,436 |
| First Lien Tranche 1 Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 6/1/26 | 1,989,770 | 1,887,380 |
| Vizient, Inc. | ||
| Term Loan B7 | ||
| 4.451% (1 Month LIBOR + 2.25%), due 5/16/29 (c) | 2,250,000 | 2,246,063 |
| 126,553,744 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Software 4.0% | ||
| AppLovin Corp. | ||
| Amendment No. 6 New Term Loan | ||
| 5.25% (3 Month LIBOR + 3.00%), due 10/25/28 (c) | $ 4,793,000 | $ 4,639,624 |
| Cornerstone OnDemand, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 10/16/28 (c) | 3,615,937 | 3,371,862 |
| Informatica LLC | ||
| Initial Term Loan | ||
| 5.125% (1 Month LIBOR + 2.75%), due 10/27/28 (c) | 11,810,400 | 11,465,926 |
| Magenta Buyer LLC | ||
| First Lien Initial Term Loan | ||
| 7.05% (1 Month LIBOR + 4.75%), due 7/27/28 (c) | 6,252,750 | 5,929,689 |
| McAfee Corp. | ||
| Tranche Term Loan B1 | ||
| 5.699% (1 Month LIBOR + 4.00%), due 3/1/29 (c) | 10,000,000 | 9,520,830 |
| Mitnick Corp. Purchaser, Inc. | ||
| Initial Term Loan | ||
| 5.924% (3 Month LIBOR + 4.75%), due 5/2/29 (c) | 5,500,000 | 5,321,250 |
| Nortonlifelock, Inc. | ||
| Facility Term Loan B | ||
| TBD, due 1/28/29 | 16,800,000 | 16,317,000 |
| Ping Identity Corp. | ||
| Term Loan | ||
| 6.177% (1 Month LIBOR + 3.75%), due 11/23/28 (c) | 3,325,000 | 3,167,063 |
| Quest Software U.S. Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.977% (3 Month LIBOR + 4.25%), due 2/1/29 (c) | 6,562,500 | 5,819,533 |
| Sophia LP | ||
| First Lien Term Loan B | ||
| 5.50% (3 Month LIBOR + 3.25%), due 10/7/27 (c) | 2,859,528 | 2,748,721 |
| Sovos Compliance LLC (c) | ||
| First Lien Initial Term Loan | ||
| 6.872% (1 Month LIBOR + 4.50%), due 8/11/28 | 3,818,142 | 3,709,562 |
| First Lien Delayed Draw Term Loan | ||
| 6.872% (1 Month LIBOR + 4.50%), due 8/11/28 | 662,671 | 643,826 |
| UKG, Inc. (c) | ||
| First Lien 2021-2 Incremental Term Loan | ||
| 5.535% (3 Month LIBOR + 3.25%), due 5/4/26 | 10,139,630 | 9,812,201 |
| First Lien Initial Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 5/4/26 | 4,937,308 | 4,794,674 |
| Second Lien 2021 Incremental Term Loan | ||
| 7.535% (3 Month LIBOR + 5.25%), due 5/3/27 | 3,300,000 | 3,163,875 |
| Vision Solutions, Inc. | ||
| First Lien Third Incremental Term Loan | ||
| 6.783% (3 Month LIBOR + 4.00%), due 4/24/28 (c) | 4,790,840 | 4,413,561 |
| 94,839,197 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Telecommunications 3.5% | ||
| Avaya, Inc. | ||
| Tranche Term Loan B2 | ||
| 5.999% (1 Month LIBOR + 4.00%), due 12/15/27 (c) | $ 3,947,115 | $ 2,022,897 |
| Azalea TopCo, Inc. (c) | ||
| First Lien Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 7/24/26 | 2,431,250 | 2,274,434 |
| First Lien 2021 Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 7/24/26 | 1,980,000 | 1,853,775 |
| First Lien 2022 Incremental Term Loan | ||
| 6.227% (1 Month LIBOR + 3.75%), due 7/24/26 | 2,992,500 | 2,801,728 |
| Cablevision Lightpath LLC | ||
| Initial Term Loan | ||
| 5.249% (1 Month LIBOR + 3.25%), due 11/30/27 (c) | 5,071,273 | 4,874,761 |
| Connect Finco SARL | ||
| Amendement No.1 Refinancing Term Loan | ||
| 5.88% (1 Month LIBOR + 3.50%), due 12/11/26 (c) | 9,629,967 | 9,253,801 |
| CSC Holdings LLC | ||
| September 2019 Initial Term Loan | ||
| 4.499% (1 Month LIBOR + 2.50%), due 4/15/27 (c) | 9,519,818 | 9,064,657 |
| Cyxtera DC Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 5.79% (3 Month LIBOR + 3.00%), due 5/1/24 (c)(d) | 1,425,000 | 1,366,931 |
| Frontier Communications Holdings LLC | ||
| Term Loan B | ||
| 6.063% (3 Month LIBOR + 3.75%), due 5/1/28 (c) | 5,786,800 | 5,506,140 |
| Gogo Intermediate Holdings LLC | ||
| Initial Term Loan | ||
| 6.556% (3 Month LIBOR + 3.75%), due 4/30/28 (c) | 9,419,912 | 9,172,639 |
| Intelsat Jackson Holdings SA | ||
| Term Loan B | ||
| 4.92% (6 Month LIBOR + 4.25%), due 2/1/29 (c) | 6,651,406 | 6,285,579 |
| Level 3 Financing, Inc. | ||
| Tranche 2027 Term Loan B | ||
| 4.122% (1 Month LIBOR + 1.75%), due 3/1/27 (c) | 2,500,000 | 2,409,823 |
| Lumen Technologies, Inc. | ||
| Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 3/15/27 (c) | 10,570,288 | 10,053,095 |
| Redstone HoldCo 2 LP | ||
| First Lien Initial Term Loan | ||
| 7.533% (3 Month LIBOR + 4.75%), due 4/27/28 (c) | 2,476,275 | 2,055,308 |
| SBA Senior Finance II LLC | ||
| Initial Term Loan | ||
| 4.13% (1 Month LIBOR + 1.75%), due 4/11/25 (c) | 6,266,383 | 6,119,511 |
| Telesat Canada | ||
| Term Loan B5 | ||
| 5.34% (2 Month LIBOR + 2.75%), due 12/7/26 (c) | 2,034,078 | 1,388,984 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Telecommunications | ||
| Zayo Group Holdings, Inc. | ||
| Initial Dollar Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 3/9/27 (c) | $ 9,075,110 | $ 8,363,848 |
| 84,867,911 | ||
| Utilities 1.6% | ||
| Astoria Energy LLC | ||
| 2020 Advance Term Loan B | ||
| 5.872% (1 Month LIBOR + 3.50%), due 12/10/27 (c) | 906,096 | 866,228 |
| Brookfield WEC Holdings, Inc. (c) | ||
| First Lien 2021 Initial Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 8/1/25 | 7,293,250 | 7,026,842 |
| Initial Term Loan | ||
| 6.036% (1 Month LIBOR + 3.75%), due 8/1/25 | 1,750,000 | 1,696,406 |
| Calpine Corp. | ||
| 2019 Term Loan | ||
| 4.38% (1 Month LIBOR + 2.00%), due 4/5/26 (c) | 2,037,000 | 1,980,559 |
| Compass Power Generation LLC | ||
| Tranche Term Loan B2 | ||
| 6.691% (1 Month LIBOR + 4.25%), due 4/14/29 (c) | 2,074,919 | 1,991,057 |
| Constellation Renewables LLC | ||
| Term Loan | ||
| 4.08% (3 Month LIBOR + 2.50%), due 12/15/27 (c) | 2,490,680 | 2,431,973 |
| Edgewater Generation LLC | ||
| Term Loan | ||
| 6.122% (1 Month LIBOR + 3.75%), due 12/13/25 (c) | 6,773,540 | 5,675,664 |
| Granite Generation LLC | ||
| Term Loan 6.00% - 6.122% | ||
| (1 Month LIBOR + 3.75%; 3 Month LIBOR + 3.75%), due 11/9/26 (c) | 6,402,980 | 5,887,540 |
| Hamilton Projects Acquiror LLC | ||
| Term Loan | ||
| 6.75% (3 Month LIBOR + 4.50%), due 6/17/27 (c) | 2,415,000 | 2,329,468 |
| PG&E Corp. | ||
| Term Loan | ||
| 5.375% (1 Month LIBOR + 3.00%), due 6/23/25 (c) | 3,185,000 | 3,071,534 |
| Vistra Operations Co. LLC | ||
| 2018 Incremental Term Loan 3.906% - 4.122% | ||
| (1 Month LIBOR + 1.75%), due 12/31/25 (c) | 4,903,786 | 4,800,345 |
| 37,757,616 | ||
| Water 0.4% | ||
| Osmosis Buyer Ltd. | ||
| Term Loan | ||
| TBD, due 7/31/28 | 4,074,074 | 3,839,815 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Water | ||
| Osmosis Buyer Ltd. | ||
| 2022 Refinanciang Term Loan B | ||
| 5.436% (1 Month LIBOR + 3.75%), due 7/31/28 (c) | $ 5,600,000 | $ 5,264,000 |
| 9,103,815 | ||
| Total Loan Assignments (Cost $2,328,527,640) | 2,203,539,041 | |
| Total Long-Term Bonds (Cost $2,466,489,732) | 2,330,435,257 | |
| Shares | ||
| Affiliated Investment Company 0.5% | ||
| Fixed Income Fund 0.5% | ||
| MainStay MacKay High Yield Corporate Bond Fund Class I | 2,399,065 | 12,231,394 |
| Total Affiliated Investment Company (Cost $13,596,813) | 12,231,394 | |
| Common Stocks 0.0% ‡ | ||
| Auto Components 0.0% ‡ | ||
| Millennium Corporate Trust(d)(e)(i)(j) | 4,973 | — |
| Millennium Lender Trust(d)(e)(i)(j) | 5,298 | — |
| — | ||
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| Sempra Texas Holdings Corp.(d)(e)(i)(j) | 175,418 | — |
| Machinery 0.0% ‡ | ||
| Ameriforge Group, Inc.(d)(e)(i)(j) | 60,753 | 88,092 |
| Total Common Stocks (Cost $2,091,921) | 88,092 | |
| Number of Rights | ||
| Rights 0.0% ‡ | ||
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| Vistra Corp. | ||
| Expires 12/31/46 (d)(e)(i)(j) | 107,130 | 98,559 |
| Total Rights (Cost $87,847) | 98,559 | |
| Number of Warrants | Value | ||
| Warrants 0.0% ‡ | |||
| Capital Markets 0.0% ‡ | |||
| THAIHOT Investment Co. Ltd. | |||
| Expires 10/13/27 (d)(e)(i)(j)(k) | 26 | $ 0 | |
| Health Care Equipment & Supplies 0.0% ‡ | |||
| Carestream Health, Inc. | |||
| Expires 8/5/23 (d)(e)(i)(j) | 72 | 1 | |
| Total Warrants (Cost $0) | 1 | ||
| Principal Amount | |||
| Short-Term Investments 2.5% | |||
| U.S. Treasury Debt 2.5% | |||
| U.S. Treasury Bills (l) | |||
| 1.318%, due 8/9/22 | $ 54,827,000 | 54,802,374 | |
| 2.092%, due 8/23/22 | 3,501,000 | 3,496,579 | |
| Total Short-Term Investments (Cost $58,305,103) | 58,298,953 | ||
| Total Investments (Cost $2,540,571,416) | 100.4% | 2,401,152,256 | |
| Other Assets, Less Liabilities | (0.4) | (8,565,865) | |
| Net Assets | 100.0% | $ 2,392,586,391 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Delayed delivery security. |
| (c) | Floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $21,544,753, which represented 0.9% of the Fund’s net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (g) | Issue in default. |
| (h) | Issue in non-accrual status. |
| (i) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2022, the total market value was $186,652, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (j) | Non-income producing security. |
| (k) | Less than $1. |
| (l) | Interest rate shown represents yield to maturity. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay MacKay High Yield Corporate Bond Fund Class I | $ 13,501 | $ — | $ — | $ — | $ (1,270) | $ 12,231 | $ 497 | $ — | 2,399 |
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| LIBOR—London Interbank Offered Rate |
| REIT—Real Estate Investment Trust |
| SOFR—Secured Overnight Financing Rate |
| TBD—To Be Determined |
| USD—United States Dollar |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 72,001,007 | $ — | $ 72,001,007 | |||
| Corporate Bonds | — | 54,895,209 | — | 54,895,209 | |||
| Loan Assignments | — | 2,192,618,546 | 10,920,495 | 2,203,539,041 | |||
| Total Long-Term Bonds | — | 2,319,514,762 | 10,920,495 | 2,330,435,257 | |||
| Affiliated Investment Company | |||||||
| Fixed Income Fund | 12,231,394 | — | — | 12,231,394 | |||
| Common Stocks | — | — | 88,092 | 88,092 | |||
| Rights | — | — | 98,559 | 98,559 | |||
| Warrants | — | — | 1 | 1 | |||
| Short-Term Investments | |||||||
| U.S. Treasury Debt | — | 58,298,953 | — | 58,298,953 | |||
| Total Investments in Securities | $ 12,231,394 | $ 2,377,813,715 | $ 11,107,147 | $ 2,401,152,256 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 89.9% | |||
| Equity Funds 76.7% | |||
| IQ 50 Percent Hedged FTSE International ETF (a) | 725,346 | $ 15,964,865 | |
| IQ 500 International ETF (a) | 917,064 | 25,779,953 | |
| IQ Candriam ESG International Equity ETF (a) | 1,051,113 | 26,183,015 | |
| IQ Candriam ESG U.S. Equity ETF (a) | 1,515,994 | 54,181,626 | |
| IQ Chaikin U.S. Large Cap ETF (a) | 1,490,626 | 47,529,504 | |
| IQ Chaikin U.S. Small Cap ETF (a) | 1,267,011 | 41,798,693 | |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,748,482 | 26,009,709 | |
| MainStay Epoch Capital Growth Fund Class I (a) | 254,301 | 2,881,613 | |
| MainStay Epoch International Choice Fund Class I (a) | 620,382 | 21,184,559 | |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 2,428,520 | 47,443,322 | |
| MainStay MacKay International Equity Fund Class R6 (a) | 1,305,623 | 21,328,663 | |
| MainStay S&P 500 Index Fund Class I | 230,085 | 12,124,300 | |
| MainStay Winslow Large Cap Growth Fund Class R6 | 5,300,344 | 54,487,540 | |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 1,495,578 | 48,293,871 | |
| MainStay WMC Growth Fund Class R6 (a) | 1,579,050 | 54,219,212 | |
| MainStay WMC International Research Equity Fund Class I (a) | 3,186,886 | 20,664,726 | |
| MainStay WMC Small Companies Fund Class I (a) | 1,857,496 | 42,662,587 | |
| MainStay WMC Value Fund Class R6 (a) | 1,551,476 | 47,536,297 | |
| Total Equity Funds (Cost $541,280,236) | 610,274,055 | ||
| Fixed Income Funds 13.2% | |||
| IQ MacKay ESG Core Plus Bond ETF | 84,877 | 1,904,478 | |
| MainStay Floating Rate Fund Class R6 (a) | 4,438,042 | 38,441,435 | |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 8,014,881 | 40,748,457 | |
| MainStay MacKay Short Duration High Yield Fund Class I | 2,330,903 | 21,600,245 | |
| MainStay MacKay Total Return Bond Fund Class R6 | 200,848 | 1,912,512 | |
| Total Fixed Income Funds (Cost $110,519,784) | 104,607,127 | ||
| Total Affiliated Investment Companies (Cost $651,800,020) | 714,881,182 | ||
| Short-Term Investment 8.5% | |||
| Affiliated Investment Company 8.5% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (a)(b) | 68,004,546 | 68,004,546 | |
| Total Short-Term Investment (Cost $68,004,546) | 8.5% | 68,004,546 | |
| Total Investments (Cost $719,804,566) | 98.4% | 782,885,728 | |
| Other Assets, Less Liabilities | 1.6 | 12,591,250 | |
| Net Assets | 100.0% | $ 795,476,978 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | As of July 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| IQ 50 Percent Hedged FTSE International ETF | $ 18,364 | $ 779 | $ (1,052) | $ 81 | $ (2,207) | $ 15,965 | $ 442 | $ — | 725 |
| IQ 500 International ETF | 31,518 | 1,990 | (3,351) | 245 | (4,622) | 25,780 | 1,090 | — | 917 |
| IQ Candriam ESG International Equity ETF | 30,446 | 2,206 | (1,188) | (156) | (5,125) | 26,183 | 767 | — | 1,051 |
| IQ Candriam ESG U.S. Equity ETF | 69,277 | 852 | (9,160) | 656 | (7,443) | 54,182 | 552 | — | 1,516 |
| IQ Chaikin U.S. Large Cap ETF | 49,858 | 3,272 | (948) | (126) | (4,526) | 47,530 | 475 | — | 1,491 |
| IQ Chaikin U.S. Small Cap ETF | 43,922 | 2,534 | (692) | (45) | (3,920) | 41,799 | 404 | — | 1,267 |
| IQ MacKay ESG Core Plus Bond ETF | — | 1,987 | (16) | (2) | (65) | 1,904 | 14 | — | 85 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 31,337 | 3,826 | (510) | (63) | (8,580) | 26,010 | 281 | — | 2,748 |
| MainStay Epoch Capital Growth Fund Class I | 3,402 | 815 | (92) | (15) | (1,228) | 2,882 | 4 | 758 | 254 |
| MainStay Epoch International Choice Fund Class I | 24,126 | 2,337 | (1,004) | (35) | (4,239) | 21,185 | 617 | — | 620 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 49,334 | 2,554 | (3,445) | (103) | (897) | 47,443 | 782 | — | 2,429 |
| MainStay Floating Rate Fund Class R6 | 45,562 | 2,423 | (7,252) | (285) | (2,007) | 38,441 | 1,119 | — | 4,438 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 36,407 | 9,070 | (1,312) | (70) | (3,347) | 40,748 | 1,450 | — | 8,015 |
| MainStay MacKay International Equity Fund Class R6 | 23,131 | 6,963 | (715) | (312) | (7,738) | 21,329 | 89 | 2,860 | 1,306 |
| MainStay MacKay Short Duration High Yield Fund Class I | 22,784 | 28,281 | (27,272) | (1,148) | (1,045) | 21,600 | 920 | — | 2,331 |
| MainStay MacKay Total Return Bond Fund Class R6 | 27,310 | 999 | (24,656) | (982) | (758) | 1,913 | 182 | 817 | 201 |
| MainStay S&P 500 Index Fund Class I (a) | 40,628 | 2,040 | (27,117) | 8,488 | (11,915) | 12,124 | 439 | 1,399 | 230 |
| MainStay Short Term Bond Fund Class I | 4,542 | 3 | (4,507) | (88) | 50 | — | 8 | 12 | — |
| MainStay U.S. Government Liquidity Fund | 77,898 | 79,489 | (89,382) | — | — | 68,005 | 159 | — | 68,005 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 70,521 | 19,937 | (6,265) | (629) | (29,077) | 54,487 | — | 13,043 | 5,300 |
| MainStay WMC Enduring Capital Fund Class R6 | 51,881 | 6,067 | (2,724) | (288) | (6,642) | 48,294 | 173 | 4,250 | 1,496 |
| MainStay WMC Growth Fund Class R6 | 52,771 | 28,444 | (360) | (282) | (26,354) | 54,219 | — | 10,534 | 1,579 |
| MainStay WMC International Research Equity Fund Class I | 23,755 | 2,839 | (828) | (81) | (5,020) | 20,665 | 626 | — | 3,187 |
| MainStay WMC Small Companies Fund Class I | 44,757 | 14,534 | (1,199) | (209) | (15,221) | 42,662 | — | 10,279 | 1,857 |
| MainStay WMC Value Fund Class R6 | 50,079 | 23,341 | (2,763) | (134) | (22,987) | 47,536 | 469 | 22,154 | 1,551 |
| $923,610 | $247,582 | $(217,810) | $4,417 | $(174,913) | $782,886 | $11,062 | $66,106 |
| (a) | Prior to February 28, 2022, known as MainStay MacKay S&P 500 Index Fund Class I. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 17,980 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 8,007 | — |
| Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 7,677 | — |
| Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 4,103 | — |
| Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/2/22 | Daily | (20,946) | — |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF | 12/2/22 | Daily | (7,850) | $ — |
| Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 15,983 | — |
| Citibank NA | S&P 500 Financials Sector | 1 day FEDF plus 0.10% | 12/2/22 | Daily | (1,431) | — |
| Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 6,132 | — |
| Citibank NA | S&P 500 Industrials Sector | 1 day FEDF plus 0.01% | 12/22/22 | Daily | (3,897) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF | 12/2/22 | Daily | (35,800) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 44,699 | — |
| Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 6,673 | — |
| Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 10,753 | — |
| Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 6,275 | — |
| $ — |
| 1. | As of July 31, 2022, cash in the amount $1,862,458 was pledged from brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2022. |
| Abbreviation(s): |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor’s Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 610,274,055 | $ — | $ — | $ 610,274,055 | |||
| Fixed Income Funds | 104,607,127 | — | — | 104,607,127 | |||
| Total Affiliated Investment Companies | 714,881,182 | — | — | 714,881,182 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 68,004,546 | — | — | 68,004,546 | |||
| Total Investments in Securities | $ 782,885,728 | $ — | $ — | $ 782,885,728 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 97.7% | ||
| Long-Term Municipal Bonds 97.6% | ||
| Certificate of Participation/Lease 0.3% | ||
| City of Newark CA, 2019 Financing Project, Certificate of Participation | ||
| 3.00%, due 6/1/41 | $ 650,000 | $ 579,560 |
| Mesa Water District, Certificate of Participation | ||
| 4.00%, due 3/15/45 | 1,450,000 | 1,495,929 |
| Oxnard School District, Property Acquisition and Improvement Project, Certificate of Participation | ||
| Insured: BAM | ||
| 5.00%, due 8/1/45 (a) | 975,000 | 1,049,008 |
| 3,124,497 | ||
| Development 0.2% | ||
| City of Irvine CA, Reassessment District No. 19-1, Special Assessment | ||
| 5.00%, due 9/2/44 | 1,800,000 | 1,957,616 |
| Education 5.0% | ||
| California Educational Facilities Authority, Leland Stanford Junior University (The), Revenue Bonds | ||
| Series V-2 | ||
| 2.25%, due 4/1/51 | 1,405,000 | 1,010,740 |
| California Educational Facilities Authority, Loma Linda University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/23 | 570,000 | 582,660 |
| Series A | ||
| 5.00%, due 4/1/24 | 280,000 | 294,671 |
| California Educational Facilities Authority, Loyola Marymount University, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 10/1/31 | 525,000 | 592,854 |
| Series B | ||
| 5.00%, due 10/1/35 | 640,000 | 714,085 |
| California Educational Facilities Authority, Mount St. Mary's University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 620,000 | 687,745 |
| California Enterprise Development Authority, Thacher School Project (The), Revenue Bonds | ||
| 4.00%, due 9/1/44 | 3,450,000 | 3,511,859 |
| California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/1/39 | 300,000 | 322,841 |
| Series B | ||
| 5.00%, due 11/1/44 | 350,000 | 373,371 |
| Series B | ||
| 5.00%, due 11/1/49 | 500,000 | 530,517 |
| California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Green Bond, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/1/45 | 850,000 | 828,343 |
| Series B | ||
| 4.00%, due 11/1/55 | 915,000 | 873,157 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| California Infrastructure and Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/56 (b) | $ 840,000 | $ 808,320 |
| California Infrastructure and Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 (b) | 2,645,000 | 2,550,380 |
| California Municipal Finance Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/46 (b) | 1,000,000 | 1,038,249 |
| California Municipal Finance Authority, California Lutheran University, Revenue Bonds | ||
| 5.00%, due 10/1/31 | 235,000 | 255,760 |
| 5.00%, due 10/1/33 | 225,000 | 243,244 |
| 5.00%, due 10/1/35 | 225,000 | 241,842 |
| 5.00%, due 10/1/36 | 285,000 | 305,636 |
| 5.00%, due 10/1/37 | 310,000 | 331,681 |
| California Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 5/1/36 | 1,275,000 | 1,305,502 |
| Series A | ||
| 5.00%, due 5/1/46 | 1,325,000 | 1,342,049 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/36 | 1,300,000 | 1,319,775 |
| Series A | ||
| 5.00%, due 7/1/46 | 795,000 | 798,890 |
| California Municipal Finance Authority, Claremont Graduate University, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 10/1/54 (b) | 1,380,000 | 1,386,336 |
| California Municipal Finance Authority, Creative Center Los Altos Project (The), Revenue Bonds (b) | ||
| Series B | ||
| 4.00%, due 11/1/36 | 400,000 | 357,298 |
| Series B | ||
| 4.50%, due 11/1/46 | 1,600,000 | 1,402,553 |
| California Municipal Finance Authority, National University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/31 | 1,000,000 | 1,137,977 |
| California Municipal Finance Authority, Partnerships to Uplift Community Project, Revenue Bonds | ||
| Series A | ||
| 5.30%, due 8/1/47 | 500,000 | 499,971 |
| California Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds | ||
| 5.00%, due 12/1/38 | 845,000 | 893,395 |
| California Municipal Finance Authority, Southwestern Law School, Revenue Bonds | ||
| 4.00%, due 11/1/31 | 175,000 | 180,544 |
| 4.00%, due 11/1/32 | 240,000 | 245,402 |
| 4.00%, due 11/1/33 | 250,000 | 253,881 |
| 4.00%, due 11/1/34 | 260,000 | 262,600 |
| 4.00%, due 11/1/35 | 275,000 | 276,566 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| California Municipal Finance Authority, Southwestern Law School, Revenue Bonds | ||
| 4.00%, due 11/1/36 | $ 210,000 | $ 210,652 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (b) | 1,000,000 | 1,091,693 |
| California School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/49 | 7,905,000 | 2,041,367 |
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (b) | ||
| 5.00%, due 8/1/27 | 25,000 | 27,350 |
| 5.00%, due 8/1/27 | 475,000 | 504,301 |
| 5.00%, due 8/1/28 | 50,000 | 54,700 |
| 5.00%, due 8/1/28 | 650,000 | 686,588 |
| 5.00%, due 8/1/36 | 50,000 | 54,700 |
| 5.00%, due 8/1/36 | 550,000 | 569,021 |
| 5.00%, due 8/1/41 | 50,000 | 54,699 |
| 5.00%, due 8/1/41 | 700,000 | 721,699 |
| 5.00%, due 8/1/46 | 75,000 | 82,049 |
| 5.00%, due 8/1/46 | 900,000 | 923,880 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/37 (b) | 1,485,000 | 1,539,628 |
| California School Finance Authority, Grimmway Schools Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (b) | 750,000 | 760,336 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/37 | 500,000 | 509,347 |
| Series A | ||
| 5.00%, due 7/1/49 | 500,000 | 503,223 |
| California School Finance Authority, Kipp Social Public Schools Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 (b) | 600,000 | 615,429 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/51 (b) | 1,790,000 | 1,501,321 |
| California State University, Systemwide, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/37 | 2,375,000 | 2,436,915 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
| 5.875%, due 11/1/43 | 1,000,000 | 1,025,591 |
| Del Mar Union School District Community Facilities District No. 99-1, Special Tax | ||
| Insured: BAM | ||
| 4.00%, due 9/1/44 | 1,450,000 | 1,475,999 |
| Irvine Unified School District, Community Facilities District No. 9, Special Tax | ||
| Series A | ||
| 5.00%, due 9/1/33 | 410,000 | 453,421 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Irvine Unified School District, Community Facilities District No. 9, Special Tax | ||
| Series A | ||
| 5.00%, due 9/1/34 | $ 225,000 | $ 248,021 |
| Series A | ||
| 5.00%, due 9/1/36 | 550,000 | 605,231 |
| Poway Unified School District, Community Facilities District No. 15, Special Tax | ||
| Insured: BAM | ||
| 4.00%, due 9/1/42 | 500,000 | 511,650 |
| Insured: BAM | ||
| 5.25%, due 9/1/52 | 1,750,000 | 1,915,554 |
| Rio Elementary School District Community Facilities District, Special Tax | ||
| Insured: BAM | ||
| 5.00%, due 9/1/35 | 500,000 | 542,125 |
| University of California, Revenue Bonds | ||
| Series BE | ||
| 4.00%, due 5/15/47 | 3,500,000 | 3,585,441 |
| 53,012,625 | ||
| General 2.6% | ||
| Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/26 | 1,000,000 | 1,058,268 |
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/34 | 1,000,000 | 1,053,003 |
| City of Irvine CA, Community Facilities District No. 2013-3, Special Tax | ||
| 5.00%, due 9/1/49 | 1,385,000 | 1,418,210 |
| City of Palm Desert CA, University Park, Special Tax | ||
| 3.00%, due 9/1/31 | 420,000 | 387,397 |
| 4.00%, due 9/1/41 | 450,000 | 434,002 |
| City of Rocklin CA, Community Facilities District No. 10, Special Tax | ||
| 5.00%, due 9/1/39 | 1,150,000 | 1,199,039 |
| City of San Mateo CA, Community Facilities District No. 2008-1, Special Tax | ||
| Insured: BAM | ||
| 5.25%, due 9/1/40 | 4,000,000 | 4,531,564 |
| City of South San Francisco CA, Community Facilities District No. 2021-01, Special Tax | ||
| 4.00%, due 9/1/44 | 500,000 | 480,217 |
| Corona Community Facilities District, Community Facilities District No. 2018-2, Special Tax | ||
| Series A | ||
| 4.625%, due 9/1/37 | 600,000 | 623,318 |
| Series A | ||
| 5.00%, due 9/1/42 | 800,000 | 841,351 |
| Greenfield Redevelopment Agency, Tax Allocation | ||
| Insured: BAM | ||
| 4.00%, due 2/1/26 | 285,000 | 302,894 |
| Madera Redevelopment Agency Successor Agency, Tax Allocation | ||
| Series A | ||
| 5.00%, due 9/1/37 | 1,180,000 | 1,322,866 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General | ||
| Mountain View Shoreline Regional Park Community, Tax Allocation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/36 | $ 1,645,000 | $ 1,842,666 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax | ||
| Series A-1, Insured: AGM | ||
| 4.25%, due 9/1/47 | 3,000,000 | 3,093,410 |
| Series A-1, Insured: AGM | ||
| 5.00%, due 9/1/42 | 1,500,000 | 1,665,097 |
| Series A-1, Insured: AGM | ||
| 5.25%, due 9/1/52 | 1,000,000 | 1,111,690 |
| Riverside County Public Financing Authority, Desert Communities & Interstate 215 Corridor Projects, Tax Allocation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 10/1/40 | 1,000,000 | 1,018,223 |
| Riverside County Public Financing Authority, Project Area No. 1 Desert Communities & Interstate 215 Corridor Project, Tax Allocation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 10/1/32 | 1,050,000 | 1,084,895 |
| San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment Project, Tax Allocation | ||
| Series C | ||
| 5.00%, due 8/1/36 | 1,250,000 | 1,362,758 |
| South Orange County Public Financing Authority, Special Tax, Senior Lien | ||
| Series A | ||
| 5.00%, due 8/15/32 | 775,000 | 788,182 |
| Transbay Joint Powers Authority, Green Bond, Tax Allocation, Senior Lien | ||
| Series A | ||
| 5.00%, due 10/1/45 | 1,000,000 | 1,098,477 |
| Series A | ||
| 5.00%, due 10/1/49 | 1,200,000 | 1,309,993 |
| 28,027,520 | ||
| General Obligation 39.8% | ||
| Alta Loma School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/44 | 3,375,000 | 3,694,525 |
| Alvord Unified School District, Election 2012, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 5.25%, due 8/1/37 | 825,000 | 855,986 |
| Banning Unified School District, Election 2016, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 8/1/46 | 500,000 | 504,941 |
| Beverly Hills Unified School District, Election 2018, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/38 | 3,475,000 | 3,698,446 |
| Brawley Union High School District, Election 2018, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/44 | 1,280,000 | 1,383,348 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Cabrillo Unified School District, Election 2018, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/45 | $ 4,245,000 | $ 4,575,527 |
| Center Unified School District, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 3.00%, due 8/1/46 | 1,650,000 | 1,390,458 |
| Central Union High School District, Election 2016, Unlimited General Obligation | ||
| 5.25%, due 8/1/46 | 2,000,000 | 2,176,112 |
| Ceres Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| (zero coupon), due 8/1/37 | 500,000 | 279,764 |
| Chaffey Joint Union High School District, Unlimited General Obligation | ||
| Series D | ||
| 4.00%, due 8/1/49 | 5,000,000 | 5,101,869 |
| Chino Valley Unified School District, Election 2016, Limited General Obligation | ||
| Series B, Insured: AGM-CR | ||
| 3.375%, due 8/1/50 | 9,050,000 | 8,288,543 |
| Chowchilla Elementary School District, Madera County, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/43 | 960,000 | 1,036,773 |
| City & County of San Francisco CA, Unlimited General Obligation | ||
| Series R-1 | ||
| 4.00%, due 6/15/32 | 1,000,000 | 1,077,241 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/24 | 282,685 | 263,045 |
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 1,089,492 | 649,299 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 846,598 | 812,501 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 715,978 | 677,817 |
| Series A-1 | ||
| 4.00%, due 7/1/37 | 750,000 | 702,567 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 1,000,000 | 921,149 |
| Series A-1 | ||
| 4.00%, due 7/1/46 | 750,000 | 678,050 |
| Series A-1 | ||
| 5.375%, due 7/1/25 | 3,942,873 | 4,132,478 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 9,927,973 | 10,769,849 |
| Series A-1 | ||
| 5.625%, due 7/1/29 | 5,019,176 | 5,555,289 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 2,870,787 | 3,228,220 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Compton Unified School District, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 3.00%, due 6/1/49 | $ 3,125,000 | $ 2,551,396 |
| Corona-Norco Unified School District, Election 2014, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/49 | 935,000 | 944,723 |
| Cuyama Joint Unified School District, Election 2016, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.25%, due 8/1/48 | 500,000 | 543,531 |
| Davis Joint Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 3.00%, due 8/1/38 | 4,190,000 | 3,937,951 |
| Insured: BAM | ||
| 3.00%, due 8/1/41 | 4,695,000 | 4,255,057 |
| Denair Unified School District, Election 2007, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/41 | 4,260,000 | 1,896,321 |
| Desert Community College District, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 8/1/51 | 2,000,000 | 2,019,389 |
| Desert Sands Unified School District, Unlimited General Obligation | ||
| 2.00%, due 8/1/40 | 1,100,000 | 833,827 |
| Dublin Unified School District, Green Bond, Unlimited General Obligation | ||
| Series C | ||
| 3.00%, due 8/1/41 | 3,000,000 | 2,726,616 |
| El Monte Union High School District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 6/1/38 | 1,195,000 | 1,229,623 |
| El Rancho Unified School District, Election 2016, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.25%, due 8/1/46 | 2,745,000 | 2,969,901 |
| El Segundo Unified School District, Election 2018, Unlimited General Obligation | ||
| Series B | ||
| 2.00%, due 8/1/46 | 395,000 | 275,549 |
| Series B | ||
| 2.00%, due 8/1/47 | 880,000 | 600,886 |
| Series B | ||
| 2.00%, due 8/1/48 | 130,000 | 87,813 |
| Etiwanda School District, Election 2016, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/49 | 2,000,000 | 2,022,328 |
| Folsom Cordova Unified School District School Facilities Improvement Dist No. 5, Election 2014, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 10/1/35 | 4,710,000 | 5,104,082 |
| Fort Bragg Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B | ||
| 5.50%, due 8/1/52 | 1,000,000 | 1,134,129 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Fremont Union High School District, Election 2018, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/35 | $ 2,500,000 | $ 2,460,912 |
| Fresno Unified School District, Election 2010, Unlimited General Obligation | ||
| Series F | ||
| 4.00%, due 8/1/32 | 1,475,000 | 1,559,461 |
| Grossmont-Cuyamaca Community College District, Election of 2012, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/47 | 3,000,000 | 3,034,615 |
| Hartnell Community College District, Unlimited General Obligation | ||
| Series A | ||
| (zero coupon), due 8/1/37 | 2,500,000 | 1,396,577 |
| Series B | ||
| 3.00%, due 8/1/40 | 525,000 | 474,728 |
| Hayward Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 8/1/43 | 3,000,000 | 3,044,300 |
| Holtville Unified School District, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/44 | 1,240,000 | 1,363,155 |
| Huntington Beach City School District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/44 | 1,525,000 | 1,556,567 |
| Series B | ||
| 4.00%, due 8/1/48 | 1,500,000 | 1,524,321 |
| Inglewood Unified School District, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 8/1/51 | 4,000,000 | 4,053,281 |
| Inglewood Unified School District, Election 2012, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/25 | 250,000 | 271,892 |
| Series C, Insured: BAM | ||
| 5.00%, due 8/1/32 | 400,000 | 446,878 |
| Series C, Insured: BAM | ||
| 5.00%, due 8/1/34 | 585,000 | 649,804 |
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/35 | 800,000 | 874,435 |
| Jefferson Union High School District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/45 | 1,250,000 | 1,266,114 |
| Jurupa Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/33 | 1,555,000 | 1,733,863 |
| Series B | ||
| 5.00%, due 8/1/37 | 1,000,000 | 1,106,899 |
| Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/43 | 1,675,000 | 1,706,406 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Jurupa Unified School District, Election 2014, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 8/1/43 | $ 2,000,000 | $ 2,261,573 |
| Kerman Unified School District, Election 2016, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.25%, due 8/1/46 | 1,755,000 | 1,917,312 |
| Kern Community College District, Election 2016, Unlimited General Obligation | ||
| Series C, Insured: BAM | ||
| 3.00%, due 8/1/46 | 3,000,000 | 2,586,151 |
| Kern Community College District, Facilities Improvement District No. 1, Unlimited General Obligation | ||
| (zero coupon), due 8/1/23 | 2,000,000 | 1,952,572 |
| Kern Community College District, Safety Repair & Improvement, Unlimited General Obligation | ||
| Series C | ||
| 5.75%, due 11/1/34 | 650,000 | 684,199 |
| Lemoore Union High School District, Election 2016, Unlimited General Obligation | ||
| Series A | ||
| 5.50%, due 8/1/42 | 560,000 | 627,823 |
| Lennox School District, Election 2016, Unlimited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 8/1/47 | 3,000,000 | 3,025,436 |
| Livermore Valley Joint Unified School District, Unlimited General Obligation | ||
| 3.00%, due 8/1/40 | 2,890,000 | 2,621,944 |
| Lodi Unified School District, Election 2016, Unlimited General Obligation | ||
| Series 2020 | ||
| 3.00%, due 8/1/43 | 6,975,000 | 6,148,122 |
| Series 2020 | ||
| 4.00%, due 8/1/38 | 2,830,000 | 2,911,357 |
| Series 2020 | ||
| 4.00%, due 8/1/39 | 1,300,000 | 1,332,782 |
| Long Beach Community College District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/49 | 3,000,000 | 3,031,196 |
| Long Beach Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/43 | 6,500,000 | 6,590,432 |
| Long Beach Unified School District, Election 2008, Unlimited General Obligation | ||
| Series F | ||
| 3.00%, due 8/1/47 | 4,000,000 | 3,436,266 |
| Long Beach Unified School District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/48 | 7,500,000 | 6,403,971 |
| Series A | ||
| 5.00%, due 8/1/32 | 3,985,000 | 4,367,906 |
| Series A | ||
| 5.00%, due 8/1/33 | 2,825,000 | 3,088,151 |
| Los Angeles Community College District, Unlimited General Obligation | ||
| Series I | ||
| 4.00%, due 8/1/33 | 2,865,000 | 3,005,803 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Los Angeles Community College District, Unlimited General Obligation | ||
| Series I | ||
| 4.00%, due 8/1/34 | $ 4,000,000 | $ 4,174,092 |
| Los Angeles Unified School District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 7/1/38 | 1,000,000 | 1,034,551 |
| Series A | ||
| 5.00%, due 7/1/25 | 1,250,000 | 1,367,131 |
| Series A | ||
| 5.00%, due 7/1/32 | 1,500,000 | 1,778,851 |
| Series A | ||
| 5.00%, due 7/1/33 | 1,000,000 | 1,176,217 |
| Los Angeles Unified School District, Election 2005, Unlimited General Obligation | ||
| Series M-1 | ||
| 5.25%, due 7/1/42 | 2,990,000 | 3,336,395 |
| Los Rios Community College District, Unlimited General Obligation | ||
| Series D | ||
| 4.00%, due 8/1/35 | 250,000 | 261,856 |
| Series D | ||
| 4.00%, due 8/1/39 | 1,000,000 | 1,025,217 |
| Lucia Mar Unified School District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/49 | 1,500,000 | 1,516,034 |
| Lucia Mar Unified School District, Election 2016, Unlimited General Obligation | ||
| Series C, Insured: BAM | ||
| 3.00%, due 8/1/47 | 7,000,000 | 5,990,211 |
| Manteca Unified School District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/45 | 2,000,000 | 2,027,877 |
| Marysville Joint Unified School District, Election 2008, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/35 | 1,500,000 | 921,972 |
| Insured: AGM | ||
| (zero coupon), due 8/1/36 | 2,000,000 | 1,169,112 |
| Insured: AGM | ||
| (zero coupon), due 8/1/37 | 2,000,000 | 1,114,386 |
| Mendocino Unified School District, Election 2020, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/51 | 1,500,000 | 1,231,548 |
| Moraga Elementary School District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/44 | 1,335,000 | 1,191,334 |
| Moreno Valley Unified School District, Election 2014, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.00%, due 8/1/47 | 3,250,000 | 3,592,356 |
| Mount Diablo Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/29 | 1,000,000 | 1,109,699 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Mount San Jacinto Community College District, Election 2014, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/38 | $ 1,985,000 | $ 2,066,429 |
| Mountain View-Whisman School District, Election 2020, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 9/1/34 | 505,000 | 507,029 |
| Series A | ||
| 3.00%, due 9/1/36 | 750,000 | 736,248 |
| Series A | ||
| 3.00%, due 9/1/40 | 1,160,000 | 1,080,990 |
| Napa Valley Unified School District, Election 2016, Unlimited General Obligation | ||
| Series C, Insured: AGM | ||
| 4.00%, due 8/1/44 | 3,630,000 | 3,682,826 |
| Needles Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/45 | 1,250,000 | 1,118,969 |
| North Orange County Community College District, Election 2014, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/33 | 300,000 | 324,818 |
| Norwalk-La Mirada Unified School District, Election 2014, Unlimited General Obligation | ||
| Series E | ||
| 3.00%, due 8/1/46 | 2,250,000 | 1,899,650 |
| Oceanside Unified School District, Unlimited General Obligation | ||
| Series C | ||
| (zero coupon), due 8/1/51 | 25,000 | 4,010 |
| Oxnard Union High School District, Election 2018, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/38 | 1,000,000 | 1,023,373 |
| Palo Verde Community College District, Election 2014, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 8/1/45 | 500,000 | 504,075 |
| Palomar Community College District, Election 2006, Unlimited General Obligation | ||
| Series B | ||
| (zero coupon), due 8/1/39 | 2,000,000 | 2,239,582 |
| Peralta Community College District, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 2/1/50 | 2,255,000 | 1,837,641 |
| Series A | ||
| 4.00%, due 8/1/39 | 3,000,000 | 3,037,006 |
| Peralta Community College District, Election of 2006, Unlimited General Obligation | ||
| Series D | ||
| 4.00%, due 8/1/39 | 1,000,000 | 1,012,335 |
| Perris Union High School District, Election 2018, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 9/1/38 | 3,550,000 | 3,672,264 |
| Ravenswood City School District, Election 2018, Unlimited General Obligation | ||
| Insured: AGM | ||
| 5.25%, due 8/1/45 | 3,500,000 | 3,994,278 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Redwood City School District, Election 2015, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/44 | $ 1,800,000 | $ 1,832,379 |
| 5.25%, due 8/1/44 | 2,000,000 | 2,263,066 |
| Rio Hondo Community College District, Election 2004, Unlimited General Obligation | ||
| Series C | ||
| (zero coupon), due 8/1/42 | 2,000,000 | 2,442,942 |
| Riverside Unified School District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/42 | 1,700,000 | 1,734,735 |
| Robla School District, Election 2018, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 8/1/40 | 2,070,000 | 2,118,705 |
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/44 | 1,720,000 | 1,882,839 |
| Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.50%, due 8/1/52 | 3,500,000 | 4,056,530 |
| Salinas Union High School District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/47 (c) | 4,300,000 | 4,358,963 |
| San Bernardino City Unified School District, Election 2012, Unlimited General Obligation | ||
| Series C, Insured: AGM | ||
| 5.00%, due 8/1/34 | 655,000 | 700,819 |
| San Diego Unified School District, Election 2012, Unlimited General Obligation | ||
| Series I | ||
| 4.00%, due 7/1/34 | 1,000,000 | 1,054,412 |
| San Francisco Bay Area Rapid Transit District, Election 2016, Green Bond, Unlimited General Obligation | ||
| Series B-1 | ||
| 4.00%, due 8/1/37 | 4,695,000 | 4,944,180 |
| San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation | ||
| Series D-1 | ||
| 4.00%, due 8/1/47 | 10,250,000 | 10,599,191 |
| Series D-1 | ||
| 5.25%, due 8/1/47 | 6,750,000 | 7,861,261 |
| San Juan Unified School District, Election 2016, Unlimited General Obligation | ||
| 5.00%, due 8/1/36 | 1,500,000 | 1,739,775 |
| 5.00%, due 8/1/38 | 1,800,000 | 2,076,154 |
| San Leandro Unified School District, Election 2016, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/35 | 500,000 | 562,470 |
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/36 | 1,955,000 | 2,195,652 |
| Series A, Insured: BAM | ||
| 5.25%, due 8/1/42 | 1,000,000 | 1,098,805 |
| San Lorenzo Valley Unified School District, Election 2020, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/45 | 1,000,000 | 1,013,938 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| San Lorenzo Valley Unified School District, Election 2020, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/50 | $ 2,005,000 | $ 2,211,679 |
| San Mateo Union High School District, Election 2020, Unlimited General Obligation | ||
| Series A | ||
| 2.25%, due 9/1/42 | 2,000,000 | 1,549,139 |
| San Rafael City Elementary School District, Election 2005, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/47 | 1,720,000 | 1,738,401 |
| San Ysidro School District, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/47 | 3,000,000 | 836,040 |
| San Ysidro School District, Election 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/45 | 2,320,000 | 2,344,874 |
| Sanger Unified School District, Election 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/55 | 1,435,000 | 1,464,632 |
| Santa Barbara Unified School District, Election 2010, Unlimited General Obligation | ||
| Series A | ||
| (zero coupon), due 8/1/36 | 1,000,000 | 1,264,402 |
| Santa Monica Community College District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/45 | 3,750,000 | 3,899,977 |
| Series A | ||
| 4.00%, due 8/1/47 | 1,250,000 | 1,278,529 |
| Santa Monica-Malibu Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/39 | 1,015,000 | 1,048,619 |
| Santee School District, Unlimited General Obligation | ||
| 5.00%, due 8/1/48 | 2,205,000 | 2,405,443 |
| Shasta Union High School District, Election 2016, Unlimited General Obligation | ||
| 4.00%, due 8/1/44 | 1,135,000 | 1,152,696 |
| Simi Valley Unified School District, Election 2016, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/33 | 175,000 | 186,472 |
| Series B | ||
| 4.00%, due 8/1/39 | 350,000 | 358,826 |
| Series B | ||
| 4.00%, due 8/1/40 | 1,455,000 | 1,489,235 |
| Series B | ||
| 5.00%, due 8/1/42 | 1,375,000 | 1,509,744 |
| Series B | ||
| 5.00%, due 8/1/44 | 1,200,000 | 1,313,609 |
| Solano County Community College District, Election 2012, Unlimited General Obligation | ||
| Series E, Insured: AGM-CR | ||
| 3.50%, due 8/1/46 | 2,000,000 | 1,905,750 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Southwestern Community College District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/47 | $ 2,000,000 | $ 2,021,397 |
| State of California, Unlimited General Obligation | ||
| 4.00%, due 9/1/34 | 3,500,000 | 3,661,165 |
| State of California, Various Purpose, Unlimited General Obligation | ||
| 3.00%, due 11/1/34 | 3,750,000 | 3,699,079 |
| 4.00%, due 3/1/36 | 12,615,000 | 13,481,365 |
| 4.00%, due 11/1/36 | 2,500,000 | 2,680,211 |
| 4.00%, due 3/1/40 | 5,000,000 | 5,268,068 |
| 4.00%, due 10/1/41 | 3,500,000 | 3,692,037 |
| 4.00%, due 4/1/49 | 1,895,000 | 1,962,700 |
| 5.00%, due 11/1/27 | 2,380,000 | 2,761,347 |
| 5.00%, due 4/1/28 | 2,930,000 | 3,420,502 |
| 5.00%, due 4/1/29 | 1,000,000 | 1,188,249 |
| 5.00%, due 4/1/30 | 1,780,000 | 2,149,323 |
| 5.00%, due 10/1/31 | 1,475,000 | 1,813,481 |
| 5.00%, due 9/1/32 | 1,840,000 | 2,248,825 |
| 5.00%, due 3/1/35 | 5,335,000 | 6,237,850 |
| 5.00%, due 8/1/37 | 2,900,000 | 3,282,649 |
| State of California, Various Purposes, Unlimited General Obligation | ||
| 4.00%, due 10/1/37 | 4,000,000 | 4,283,381 |
| Sweetwater Union High School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 8/1/47 | 3,000,000 | 3,020,145 |
| Tahoe Forest Hospital District, California Hospital District, Unlimited General Obligation | ||
| 5.00%, due 8/1/29 | 1,815,000 | 2,013,510 |
| Temecula Valley Unified School District, Election 2012, Unlimited General Obligation | ||
| Series D | ||
| 3.00%, due 8/1/44 | 1,500,000 | 1,341,056 |
| Series C | ||
| 5.25%, due 8/1/44 | 1,000,000 | 1,079,399 |
| Turlock Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation | ||
| 4.00%, due 8/1/33 | 480,000 | 505,490 |
| 4.00%, due 8/1/34 | 515,000 | 537,714 |
| 4.00%, due 8/1/35 | 545,000 | 565,974 |
| Vacaville Unified School District, Election 2014, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/31 | 490,000 | 518,415 |
| Series C | ||
| 4.00%, due 8/1/32 | 555,000 | 586,780 |
| Series C | ||
| 4.00%, due 8/1/33 | 625,000 | 658,190 |
| Series D | ||
| 4.00%, due 8/1/36 | 300,000 | 312,783 |
| Series D | ||
| 4.00%, due 8/1/37 | 300,000 | 311,085 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Vacaville Unified School District, Election 2014, Unlimited General Obligation | ||
| Series D | ||
| 4.00%, due 8/1/38 | $ 500,000 | $ 514,781 |
| Series D | ||
| 4.00%, due 8/1/40 | 500,000 | 512,251 |
| Series D | ||
| 4.00%, due 8/1/45 | 2,050,000 | 2,080,777 |
| Series C | ||
| 5.00%, due 8/1/39 | 500,000 | 543,772 |
| Series C | ||
| 5.00%, due 8/1/40 | 1,225,000 | 1,330,536 |
| Series C | ||
| 5.00%, due 8/1/41 | 1,350,000 | 1,461,888 |
| Series C | ||
| 5.00%, due 8/1/42 | 1,000,000 | 1,081,454 |
| Val Verde Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 4.00%, due 8/1/51 | 1,000,000 | 1,014,721 |
| Washington Township Health Care District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/47 | 3,000,000 | 2,970,126 |
| Series A | ||
| 4.00%, due 8/1/51 | 2,500,000 | 2,472,442 |
| West Contra Costa Unified School District, Election 2010, Unlimited General Obligation | ||
| Series E | ||
| 4.00%, due 8/1/38 | 1,500,000 | 1,550,096 |
| West Contra Costa Unified School District, Election 2012, Unlimited General Obligation | ||
| Series E, Insured: AGM | ||
| 3.00%, due 8/1/36 | 1,000,000 | 977,246 |
| Series D | ||
| 4.00%, due 8/1/38 | 1,500,000 | 1,550,096 |
| West Contra Costa Unified School District, Election 2020, Unlimited General Obligation | ||
| Series E, Insured: AGM | ||
| 3.00%, due 8/1/35 | 855,000 | 843,975 |
| Series E, Insured: AGM | ||
| 3.00%, due 8/1/37 | 750,000 | 725,704 |
| Series E, Insured: AGM | ||
| 3.00%, due 8/1/38 | 675,000 | 637,391 |
| Series E, Insured: AGM | ||
| 3.00%, due 8/1/40 | 650,000 | 596,621 |
| Westminster School District, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 8/1/48 | 5,000,000 | 879,386 |
| 422,404,801 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital 3.8% | ||
| California Health Facilities Financing Authority, Cedars Sinai Health System, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 8/15/51 | $ 8,390,000 | $ 7,460,569 |
| Series A | ||
| 5.00%, due 8/15/51 | 750,000 | 838,650 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/42 | 500,000 | 521,659 |
| Series A | ||
| 5.00%, due 8/15/47 | 1,000,000 | 1,038,542 |
| California Health Facilities Financing Authority, Children's Hospital of Orange County, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/37 | 500,000 | 513,635 |
| California Health Facilities Financing Authority, City of Hope Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/49 | 2,500,000 | 2,580,617 |
| California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds | ||
| 4.125%, due 2/1/47 | 750,000 | 751,868 |
| California Health Facilities Financing Authority, Kaiser Foundation Hospitals, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/41 (d) | 750,000 | 883,738 |
| California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/46 | 1,700,000 | 1,727,363 |
| California Health Facilities Financing Authority, Stanford Health Care Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/36 | 3,000,000 | 3,300,296 |
| California Health Facilities Financing Authority, Sutter Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/38 | 1,600,000 | 1,738,818 |
| California Municipal Finance Authority, Community Medical Centers, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/27 | 1,100,000 | 1,218,588 |
| Series A | ||
| 5.00%, due 2/1/37 | 1,000,000 | 1,067,970 |
| California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/39 (b) | 1,000,000 | 1,023,353 |
| California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/15/38 | 4,520,000 | 4,684,689 |
| California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 1,000,000 | 1,046,915 |
| Regents of the University of California Medical Center Pooled, Revenue Bonds | ||
| Series P | ||
| 4.00%, due 5/15/43 | 8,625,000 | 8,808,320 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Washington Township Health Care District, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/36 | $ 1,380,000 | $ 1,373,227 |
| 40,578,817 | ||
| Housing 2.9% | ||
| California Community College Financing Authority, Orange Coast College Project, Revenue Bonds | ||
| 5.00%, due 5/1/29 | 800,000 | 815,539 |
| California Enterprise Development Authority, Provident Group-SDSU Properties LLC M@College Project, Revenue Bonds, First Tier | ||
| Series A | ||
| 5.00%, due 8/1/40 | 650,000 | 678,280 |
| Series A | ||
| 5.00%, due 8/1/45 | 700,000 | 723,764 |
| Series A | ||
| 5.00%, due 8/1/55 | 1,000,000 | 1,025,839 |
| California Municipal Finance Authority, CHF Davis I LLC, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/15/29 | 5,000,000 | 5,537,907 |
| California Municipal Finance Authority, Mobile Home Park Caritas Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 8/15/42 | 1,540,000 | 1,512,793 |
| Series A | ||
| 5.00%, due 8/15/29 | 805,000 | 868,608 |
| Series A | ||
| 5.00%, due 8/15/31 | 140,000 | 149,281 |
| California Municipal Finance Authority, P3 Claremont Holdings LLC, Claremont Colleges Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 (b) | 1,000,000 | 1,004,592 |
| California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/37 | 1,320,000 | 1,296,377 |
| California School Finance Authority, Sonoma County Junior College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/36 (b) | 2,000,000 | 1,828,212 |
| California Statewide Communities Development Authority, CHF-Irvine LLC, Student Housing, Revenue Bonds | ||
| 5.00%, due 5/15/40 | 1,000,000 | 1,034,752 |
| 5.00%, due 5/15/47 | 3,500,000 | 3,621,577 |
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (b) | ||
| Series A | ||
| 3.00%, due 6/1/29 | 740,000 | 679,421 |
| Series A | ||
| 5.00%, due 6/1/34 | 375,000 | 392,633 |
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 1/15/45 (b) | 400,000 | 401,732 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Housing | ||
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.00%, due 7/1/45 | $ 4,500,000 | $ 4,586,957 |
| Series A | ||
| 5.00%, due 7/1/61 | 4,000,000 | 4,025,808 |
| 30,184,072 | ||
| Other Revenue 22.7% | ||
| Alameda County Transportation Commission, Measure BB, Revenue Bonds, Senior Lien | ||
| 5.00%, due 3/1/45 | 2,500,000 | 2,931,350 |
| Anaheim Public Financing Authority, City of Anaheim, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 9/1/35 | 4,500,000 | 4,956,716 |
| Anaheim Public Financing Authority, Public Improvement Project, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 5.00%, due 9/1/28 | 2,250,000 | 2,564,221 |
| California Community Choice Financing Authority, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 2/1/30 | 1,400,000 | 1,463,233 |
| Series B-1 | ||
| 4.00%, due 2/1/31 | 1,000,000 | 1,041,847 |
| Series A-1 | ||
| 4.00%, due 5/1/53 (d) | 1,000,000 | 1,040,423 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/52 (d) | 4,500,000 | 4,657,539 |
| California Community Choice Financing Authority, Clean Energy Project, Green Bond, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 8/1/27 | 400,000 | 420,550 |
| Series B-1 | ||
| 4.00%, due 8/1/28 | 465,000 | 487,706 |
| Series B-1 | ||
| 4.00%, due 2/1/29 | 650,000 | 680,044 |
| Series B-1 | ||
| 4.00%, due 2/1/52 (d) | 5,250,000 | 5,410,951 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A1 | ||
| 4.00%, due 2/1/56 (b) | 6,285,000 | 5,877,919 |
| California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (b) | 2,700,000 | 2,048,228 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (b) | 500,000 | 378,531 |
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Asset-Backed, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 | 1,275,000 | 1,265,411 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/34 | $ 300,000 | $ 306,365 |
| Series A | ||
| 4.00%, due 6/1/35 | 500,000 | 510,988 |
| Series A | ||
| 4.00%, due 6/1/36 | 300,000 | 305,821 |
| Series A | ||
| 4.00%, due 6/1/37 | 275,000 | 279,459 |
| Series A | ||
| 4.00%, due 6/1/38 | 275,000 | 278,592 |
| Series A | ||
| 4.00%, due 6/1/39 | 350,000 | 353,654 |
| Series A | ||
| 4.00%, due 6/1/40 | 500,000 | 504,101 |
| Series A | ||
| 4.00%, due 6/1/49 | 1,500,000 | 1,421,830 |
| California Health Facilities Financing Authority, Lundquist Institute For Biomedical Innovation, Revenue Bonds | ||
| 5.00%, due 9/1/30 | 1,300,000 | 1,424,960 |
| 5.00%, due 9/1/31 | 1,365,000 | 1,486,119 |
| 5.00%, due 9/1/32 | 1,435,000 | 1,548,890 |
| 5.00%, due 9/1/34 | 1,590,000 | 1,704,844 |
| California Infrastructure and Economic Development Bank, California State Teachers' Retirement System, Green Bond, Revenue Bonds | ||
| 5.00%, due 8/1/37 | 1,050,000 | 1,179,619 |
| 5.00%, due 8/1/38 | 1,200,000 | 1,343,089 |
| California Infrastructure and Economic Development Bank, Salvation Army Western Territory (The), Revenue Bonds | ||
| 4.00%, due 9/1/33 | 1,225,000 | 1,278,928 |
| 4.00%, due 9/1/34 | 1,000,000 | 1,027,436 |
| California Municipal Finance Authority, Asian Community Center of Sacramento Valley, Inc., Revenue Bonds | ||
| Insured: California Mortgage Insurance | ||
| 5.00%, due 4/1/48 | 1,545,000 | 1,673,127 |
| California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/37 | 2,085,000 | 2,330,227 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (e) | 7,000,000 | 7,012,533 |
| California State Public Works Board, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/1/30 (c) | 1,080,000 | 1,283,928 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 5/1/39 | 1,500,000 | 1,585,617 |
| Series B | ||
| 4.00%, due 5/1/40 | 1,000,000 | 1,052,479 |
| Series B | ||
| 4.00%, due 5/1/41 | 1,500,000 | 1,573,195 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California Statewide Communities Development Authority, A Community of Seniors, Redwoods Project, Revenue Bonds | ||
| Series A, Insured: California Mortgage Insurance | ||
| 5.375%, due 11/15/44 | $ 535,000 | $ 561,121 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 6.375%, due 11/1/43 (b) | 500,000 | 517,174 |
| California Statewide Financing Authority, Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series C | ||
| (zero coupon), due 6/1/55 (b) | 20,000,000 | 1,360,056 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 1,500,000 | 254,528 |
| City of Sacramento CA, Transient Occupancy Tax, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/48 | 4,860,000 | 5,205,185 |
| City of Santa Ana CA, Gas Tax, Revenue Bonds | ||
| 4.00%, due 1/1/38 | 1,360,000 | 1,408,220 |
| City of Victorville CA, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/38 | 1,115,000 | 1,225,768 |
| CSCDA Community Improvement Authority, 1818 Platinum Triangle-Anaheim, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 4/1/57 (b) | 4,000,000 | 3,017,925 |
| CSCDA Community Improvement Authority, City of Orange Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 3/1/57 (b) | 4,800,000 | 3,632,574 |
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/56 (b) | 7,000,000 | 5,982,799 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien (b) | ||
| Series A-1 | ||
| 2.65%, due 12/1/46 | 1,245,000 | 1,008,654 |
| Series A-2 | ||
| 3.00%, due 12/1/56 | 2,250,000 | 1,704,456 |
| CSCDA Community Improvement Authority, Renaissance at City Center, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 (b) | 2,000,000 | 1,957,993 |
| CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 5/1/57 (b) | 4,500,000 | 3,362,992 |
| Del Mar Race Track Authority, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,000,000 | 1,003,641 |
| FHLMC Multifamily VRD Certificates, VRD Certificates, Revenue Bonds | ||
| Series M-057 | ||
| 2.40%, due 10/15/29 | 2,995,000 | 2,924,591 |
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 48,750,000 | 6,228,232 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series A | ||
| 5.625%, due 6/1/47 | $ 1,025,000 | $ 1,005,487 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.25%, due 7/1/33 | 1,100,000 | 1,135,327 |
| 5.50%, due 7/1/43 | 3,500,000 | 3,620,305 |
| Imperial Irrigation District Electric System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/1/37 | 1,000,000 | 1,087,030 |
| Series B-2 | ||
| 5.00%, due 11/1/41 | 5,475,000 | 5,955,277 |
| Indio Finance Authority, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.50%, due 11/1/52 | 2,000,000 | 2,095,639 |
| Series A, Insured: BAM | ||
| 5.25%, due 11/1/42 | 1,500,000 | 1,738,173 |
| Livermore Valley Water Financing Authority, Alameda County Flood Control & Water Conservation District Zone No. 7, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/47 | 3,945,000 | 4,300,293 |
| Lodi Public Financing Authority, Electric System, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 9/1/31 | 1,330,000 | 1,515,393 |
| Insured: AGM | ||
| 5.00%, due 9/1/32 | 1,650,000 | 1,869,638 |
| Los Angeles County Facilities, Inc., County of Los Angeles, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/38 | 1,910,000 | 2,153,115 |
| Los Angeles County Metropolitan Transportation Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,625,000 | 1,906,479 |
| Los Angeles County Metropolitan Transportation Authority, Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/36 | 3,000,000 | 3,235,082 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 3,140,000 | 3,361,215 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,380,925 |
| Series A | ||
| 5.00%, due 10/1/39 | 9,415,000 | 9,976,631 |
| Montclair Financing Authority, Public Facilities Project, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 10/1/32 | 1,000,000 | 1,062,247 |
| Mountain House Public Financing Authority, Green Bond, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/40 | 1,380,000 | 1,410,835 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Northern California Energy Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/49 (d) | $ 2,900,000 | $ 2,968,622 |
| Orange City Public Facilities Financing Authority, City of Orange, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/50 | 1,450,000 | 1,465,630 |
| Orange County Local Transportation Authority, Sales Tax, Revenue Bonds | ||
| 4.00%, due 2/15/38 | 10,000,000 | 10,443,259 |
| Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/51 | 2,250,000 | 2,573,259 |
| Pico Rivera Public Financing Authority, City of Pico Rivera, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 5.25%, due 9/1/34 | 1,560,000 | 1,729,018 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| 4.50%, due 7/1/34 | 1,500,000 | 1,521,098 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 1,000,000 | 999,961 |
| Series A-1 | ||
| 5.00%, due 7/1/58 | 17,000,000 | 17,189,910 |
| Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 6/1/36 | 5,000,000 | 5,230,993 |
| San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds | ||
| Series C, Insured: NATL-RE | ||
| 5.50%, due 6/1/37 | 1,050,000 | 1,101,594 |
| San Diego County Regional Transportation Commission, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/38 | 1,000,000 | 1,155,101 |
| Series A | ||
| 5.00%, due 4/1/39 | 1,000,000 | 1,152,546 |
| Series A | ||
| 5.00%, due 4/1/44 | 2,800,000 | 3,191,348 |
| San Francisco Bay Area Rapid Transit District, Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/36 | 1,850,000 | 1,934,228 |
| San Joaquin County Transportation Authority, Sales Tax Revenue, Revenue Bonds | ||
| Series K | ||
| 5.00%, due 3/1/37 | 1,705,000 | 1,872,944 |
| San Mateo Joint Powers Financing Authority, Capital Projects, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/15/43 | 3,000,000 | 3,330,330 |
| South Bayside Waste Management Authority, Green Bond, Revenue Bonds | ||
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/25 (e) | 50,000 | 54,582 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/25 (e) | 1,465,000 | 1,591,904 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| South Bayside Waste Management Authority, Green Bond, Revenue Bonds | ||
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/27 (e) | $ 55,000 | $ 62,815 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/27 (e) | 1,615,000 | 1,814,577 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/29 (e) | 15,000 | 17,655 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/29 (e) | 405,000 | 464,989 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/30 (e) | 25,000 | 29,426 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/30 (e) | 690,000 | 789,976 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/31 (e) | 15,000 | 17,655 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/1/31 (e) | 395,000 | 450,640 |
| Series 2019A, Insured: AGM | ||
| 5.00%, due 9/1/32 | 15,000 | 17,817 |
| Series 2019A, Insured: AGM | ||
| 5.00%, due 9/1/32 | 485,000 | 559,236 |
| Series 2019A, Insured: AGM | ||
| 5.00%, due 9/1/39 | 80,000 | 95,025 |
| Series 2019A, Insured: AGM | ||
| 5.00%, due 9/1/39 | 2,450,000 | 2,767,760 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,150,000 | 1,295,618 |
| Series A | ||
| 5.25%, due 6/1/46 | 1,000,000 | 1,137,178 |
| Stockton Public Financing Authority, Water Revenue, Green Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 10/1/37 | 2,500,000 | 2,590,957 |
| Series A, Insured: BAM | ||
| 5.00%, due 10/1/32 | 1,275,000 | 1,451,038 |
| Series A, Insured: BAM | ||
| 5.00%, due 10/1/34 | 1,500,000 | 1,688,595 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/27 | 1,000,000 | 1,074,653 |
| Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Revenue Bonds, Senior Lien | ||
| 4.00%, due 6/1/49 | 805,000 | 826,215 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/48 | 2,400,000 | 2,507,605 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (b) | $ 1,500,000 | $ 1,480,757 |
| Series A | ||
| 5.00%, due 10/1/32 | 1,250,000 | 1,216,680 |
| 240,718,664 | ||
| Transportation 11.1% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 5.00%, due 10/1/52 | 3,500,000 | 3,823,996 |
| Antonio B Won Pat International Airport Authority, Revenue Bonds (e) | ||
| Series C, Insured: AGM | ||
| 6.00%, due 10/1/34 | 720,000 | 754,960 |
| Series C, Insured: AGM | ||
| 6.00%, due 10/1/34 | 280,000 | 291,667 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (e) | ||
| Series A, Insured: AGM | ||
| 3.25%, due 12/31/32 | 1,000,000 | 970,492 |
| Series A | ||
| 5.00%, due 6/30/31 | 3,100,000 | 3,332,316 |
| City of Long Beach CA, Airport System, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/33 | 550,000 | 649,569 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/34 | 410,000 | 480,061 |
| Series B, Insured: AGM | ||
| 5.00%, due 6/1/35 | 310,000 | 360,388 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/36 | 800,000 | 927,658 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/37 | 750,000 | 866,561 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/38 | 750,000 | 863,624 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/39 | 500,000 | 574,192 |
| Series B, Insured: AGM | ||
| 5.00%, due 6/1/40 | 750,000 | 858,894 |
| City of Long Beach CA, Harbor, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/36 | 1,000,000 | 1,138,232 |
| Series A | ||
| 5.00%, due 5/15/37 | 1,000,000 | 1,135,139 |
| Series A | ||
| 5.00%, due 5/15/38 | 2,000,000 | 2,264,615 |
| City of Los Angeles CA, Department of Airports, Revenue Bonds | ||
| Series D | ||
| 3.00%, due 5/15/39 (e) | 2,500,000 | 2,217,262 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| City of Los Angeles CA, Department of Airports, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 5/15/51 (e) | $ 4,500,000 | $ 4,473,061 |
| Series B | ||
| 5.00%, due 5/15/25 (e) | 710,000 | 764,202 |
| Series D | ||
| 5.00%, due 5/15/26 (e) | 1,000,000 | 1,096,343 |
| Series A | ||
| 5.00%, due 5/15/29 (e) | 3,125,000 | 3,561,122 |
| Series A | ||
| 5.00%, due 5/15/31 (e) | 2,815,000 | 3,086,343 |
| Series C | ||
| 5.00%, due 5/15/31 (e) | 1,000,000 | 1,159,174 |
| 5.00%, due 5/15/35 | 3,500,000 | 3,994,331 |
| Series F | ||
| 5.00%, due 5/15/37 (e) | 875,000 | 962,004 |
| Series A | ||
| 5.00%, due 5/15/40 | 6,175,000 | 6,946,984 |
| Series A | ||
| 5.25%, due 5/15/48 (e) | 1,375,000 | 1,491,265 |
| City of Los Angeles CA, Department of Airports, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 5/15/40 (e) | 5,000,000 | 5,217,299 |
| City of Palm Springs CA, Airport Passenger Facility Charge, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/31 (e) | 1,130,000 | 1,188,499 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 4.00%, due 1/15/43 | 520,000 | 508,740 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | 1,500,000 | 1,499,747 |
| Series A | ||
| 4.00%, due 1/15/46 | 6,750,000 | 6,748,931 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (e) | ||
| Series A | ||
| 5.00%, due 3/1/41 | 2,500,000 | 2,664,545 |
| Series A | ||
| 5.00%, due 3/1/47 | 4,390,000 | 4,646,554 |
| Peninsula Corridor Joint Powers Board, Farebox, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/32 | 500,000 | 578,896 |
| Series A | ||
| 5.00%, due 10/1/33 | 500,000 | 576,400 |
| Series A | ||
| 5.00%, due 10/1/34 | 500,000 | 574,552 |
| Series A | ||
| 5.00%, due 10/1/35 | 350,000 | 401,301 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Peninsula Corridor Joint Powers Board, Farebox, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | $ 4,035,000 | $ 4,332,394 |
| Port of Oakland, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/1/28 (e) | 2,250,000 | 2,523,295 |
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
| Series D, Insured: AGM | ||
| 5.00%, due 7/1/32 | 1,205,000 | 1,213,292 |
| Series G, Insured: AGC-ICC | ||
| 5.00%, due 7/1/42 | 40,000 | 40,275 |
| Insured: AMBAC | ||
| 5.50%, due 7/1/26 | 460,000 | 471,216 |
| Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
| Series B-1, Insured: BAM | ||
| 3.00%, due 6/1/49 | 5,000,000 | 4,301,032 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
| Series H | ||
| 5.00%, due 5/1/27 (e) | 7,000,000 | 7,766,695 |
| Series D | ||
| 5.00%, due 5/1/30 | 2,595,000 | 2,996,026 |
| Series D | ||
| 5.00%, due 5/1/31 | 2,200,000 | 2,520,623 |
| Series D | ||
| 5.00%, due 5/1/48 (e) | 3,460,000 | 3,706,273 |
| Series D | ||
| 5.25%, due 5/1/48 (e) | 4,100,000 | 4,444,577 |
| San Francisco Municipal Transportation Agency, Green Bond, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 3/1/51 | 1,170,000 | 1,318,941 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | 4,000,000 | 4,148,920 |
| Series B | ||
| 5.25%, due 1/15/49 | 500,000 | 517,302 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/50 | 3,948,000 | 3,907,004 |
| 117,857,784 | ||
| Utilities 1.4% | ||
| City of Riverside CA, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/31 | 750,000 | 868,478 |
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/33 | 1,000,000 | 1,075,435 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utilities | ||
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/34 | $ 1,000,000 | $ 1,005,550 |
| Series A | ||
| 5.00%, due 10/1/40 | 1,000,000 | 1,062,423 |
| Los Angeles Department of Water & Power Water System, Revenue Bonds | ||
| 5.00%, due 7/1/39 | 2,860,000 | 3,293,704 |
| Northern California Power Agency, Hydroelectric Project No.1, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/31 | 3,000,000 | 3,640,942 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AGC | ||
| 4.25%, due 7/1/27 | 460,000 | 460,089 |
| Series UU, Insured: AGM | ||
| 5.00%, due 7/1/24 | 225,000 | 229,002 |
| Series XX | ||
| 5.25%, due 7/1/40 (f)(g) | 1,000,000 | 820,000 |
| San Francisco City & County Public Utilities Commission Power, Green Bonds, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/45 | 1,920,000 | 1,963,119 |
| 14,418,742 | ||
| Water & Sewer 7.8% | ||
| City of Clovis CA, Wastewater, Revenue Bonds | ||
| Insured: AGM | ||
| 5.25%, due 8/1/29 | 500,000 | 548,101 |
| City of Culver City CA, Wastewater Facilities, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/44 | 1,690,000 | 1,720,302 |
| City of Los Angeles CA, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/28 | 2,000,000 | 2,332,649 |
| City of Oxnard CA, Wastewater, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 6/1/32 | 1,920,000 | 2,065,805 |
| Insured: BAM | ||
| 4.00%, due 6/1/34 | 2,080,000 | 2,203,348 |
| Insured: BAM | ||
| 5.00%, due 6/1/30 | 1,340,000 | 1,533,669 |
| City of Oxnard CA, Water System, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/35 | 1,125,000 | 1,264,889 |
| City of Pasadena CA, Water, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/38 | 1,480,000 | 1,715,159 |
| City of San Francisco CA, Public Utilities Commission Water, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/45 | 4,240,000 | 4,844,684 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| City of Vernon CA, Water System, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.375%, due 8/1/40 | $ 650,000 | $ 615,604 |
| Series A, Insured: AGM | ||
| 3.50%, due 8/1/45 | 725,000 | 674,085 |
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/30 | 985,000 | 1,139,443 |
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/35 | 1,000,000 | 1,133,097 |
| Colton Utility Authority, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 3/1/47 | 2,500,000 | 2,514,947 |
| Contra Costa Water District, Revenue Bonds | ||
| Series V | ||
| 5.00%, due 10/1/49 | 3,500,000 | 3,943,528 |
| East Bay Municipal Utility District Water System, Green Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/37 | 3,000,000 | 3,595,328 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,800,000 | 2,141,287 |
| Eastern Municipal Water District, Water & Wastewater, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 | 2,850,000 | 3,070,752 |
| Eastern Municipal Water District Financing Authority, Water & Wastewater, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/37 | 1,700,000 | 1,800,614 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 1/1/46 | 6,290,000 | 6,589,663 |
| Series A | ||
| 5.00%, due 1/1/50 | 2,500,000 | 2,667,553 |
| Los Angeles Department of Water & Power System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 1,500,000 | 1,658,775 |
| Los Angeles Department of Water & Power Water System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/47 | 1,250,000 | 1,424,562 |
| Moulton-Niguel Water District, Revenue Bonds | ||
| 5.00%, due 9/1/39 | 3,685,000 | 4,198,499 |
| Oxnard Financing Authority, Waste Water, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 6/1/34 | 1,000,000 | 1,053,269 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/33 (b) | 8,000,000 | 8,359,487 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (b) | ||
| Series 2020A | ||
| 5.00%, due 7/1/30 | 1,330,000 | 1,400,171 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.00%, due 7/1/33 | $ 900,000 | $ 940,442 |
| Series A | ||
| 5.00%, due 7/1/37 | 450,000 | 466,689 |
| Series A | ||
| 5.00%, due 7/1/37 | 800,000 | 832,327 |
| Rancho Water District Financing Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/37 | 2,750,000 | 2,905,211 |
| San Joaquin Area Flood Control Agency, California Smith Canal Area Assessment, Special Assessment | ||
| Insured: AGM | ||
| 3.00%, due 10/1/32 | 660,000 | 662,028 |
| Insured: AGM | ||
| 3.00%, due 10/1/34 | 700,000 | 690,995 |
| Insured: AGM | ||
| 3.25%, due 10/1/40 | 2,000,000 | 1,900,940 |
| Insured: AGM | ||
| 3.375%, due 10/1/45 | 1,250,000 | 1,176,793 |
| Insured: AGM | ||
| 3.375%, due 10/1/50 | 1,000,000 | 894,016 |
| San Mateo Foster City Public Financing Authority, Clean Water Program, Revenue Bonds | ||
| 5.00%, due 8/1/49 | 3,150,000 | 3,538,840 |
| Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds | ||
| 4.00%, due 8/1/36 | 2,025,000 | 2,112,694 |
| Watereuse Finance Authority, Vallejo Sanitation And Flood Control District Refunding Program, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 5/1/36 | 500,000 | 529,184 |
| West Sacramento Financing Authority, Water Capital Projects, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/39 | 300,000 | 306,107 |
| 83,165,536 | ||
| Total Long-Term Municipal Bonds (Cost $1,051,073,062) | 1,035,450,674 | |
| Short-Term Municipal Notes 0.1% | ||
| General Obligation 0.1% | ||
| State of California, Unlimited General Obligation | ||
| Series A | ||
| 1.82%, due 5/1/48 (h) | 700,000 | 700,000 |
| Total Short-Term Municipal Notes (Cost $700,000) | 700,000 | |
| Total Municipal Bonds (Cost $1,051,773,062) | 1,036,150,674 | |
| Shares | Value | ||
| Short-Term Investment 1.9% | |||
| Unaffiliated Investment Company 1.9% | |||
| BlackRock Liquidity Funds MuniCash, 1.19% (i) | 20,208,546 | $ 20,214,391 | |
| Total Short-Term Investment (Cost $20,214,391) | 20,214,391 | ||
| Total Investments (Cost $1,071,987,453) | 99.6% | 1,056,365,065 | |
| Other Assets, Less Liabilities | 0.4 | 4,727,937 | |
| Net Assets | 100.0% | $ 1,061,093,002 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | Step coupon—Rate shown was the rate in effect as of July 31, 2022. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Delayed delivery security. |
| (d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2022. |
| (e) | Interest on these securities was subject to alternative minimum tax. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2022. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Notes | (325) | September 2022 | $ (39,032,260) | $ (39,370,703) | $ (338,443) |
| U.S. Treasury Long Bonds | (200) | September 2022 | (28,190,155) | (28,800,000) | (609,845) |
| Net Unrealized Depreciation | $ (948,288) |
| 1. | As of July 31, 2022, cash in the amount of $1,345,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| ICC—Insured Custody Certificates |
| NATL-RE—National Public Finance Guarantee Corp. |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,035,450,674 | $ — | $ 1,035,450,674 | |||
| Short-Term Municipal Notes | — | 700,000 | — | 700,000 | |||
| Total Municipal Bonds | — | 1,036,150,674 | — | 1,036,150,674 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 20,214,391 | — | — | 20,214,391 | |||
| Total Investments in Securities | $ 20,214,391 | $ 1,036,150,674 | $ — | $ 1,056,365,065 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (948,288) | $ — | $ — | $ (948,288) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 95.2% | ||
| Aerospace & Defense 2.2% | ||
| Airbus SE, ADR | 157,687 | $ 4,237,050 |
| General Dynamics Corp. | 25,002 | 5,667,203 |
| Northrop Grumman Corp. | 13,682 | 6,552,310 |
| 16,456,563 | ||
| Automobiles 2.0% | ||
| Tesla, Inc.(a) | 16,516 | 14,723,188 |
| Beverages 2.1% | ||
| Constellation Brands, Inc., Class A | 63,409 | 15,618,271 |
| Capital Markets 3.4% | ||
| Blackstone, Inc. | 78,673 | 8,030,153 |
| Charles Schwab Corp. (The) | 54,856 | 3,787,807 |
| S&P Global, Inc. | 35,891 | 13,528,394 |
| 25,346,354 | ||
| Consumer Finance 1.3% | ||
| American Express Co. | 64,943 | 10,002,521 |
| Energy Equipment & Services 1.1% | ||
| Schlumberger NV | 226,667 | 8,393,479 |
| Equity Real Estate Investment Trusts 1.5% | ||
| American Tower Corp. | 26,256 | 7,110,913 |
| Equinix, Inc. | 5,345 | 3,761,490 |
| 10,872,403 | ||
| Health Care Equipment & Supplies 4.4% | ||
| ABIOMED, Inc.(a) | 34,585 | 10,133,751 |
| Align Technology, Inc.(a) | 16,890 | 4,745,583 |
| Boston Scientific Corp.(a) | 295,661 | 12,136,884 |
| Stryker Corp. | 26,254 | 5,638,047 |
| 32,654,265 | ||
| Health Care Providers & Services 3.6% | ||
| Elevance Health, Inc. | 11,198 | 5,342,566 |
| UnitedHealth Group, Inc. | 40,074 | 21,733,733 |
| 27,076,299 | ||
| Hotels, Restaurants & Leisure 2.2% | ||
| Airbnb, Inc., Class A (a) | 77,461 | 8,596,622 |
| Hilton Worldwide Holdings, Inc. | 59,936 | 7,676,003 |
| 16,272,625 | ||
| Insurance 1.6% | ||
| Marsh & McLennan Cos., Inc. | 42,979 | 7,046,837 |
| Shares | Value | |
| Common Stocks | ||
| Insurance | ||
| Progressive Corp. (The) | 42,756 | $ 4,919,505 |
| 11,966,342 | ||
| Interactive Media & Services 7.2% | ||
| Alphabet, Inc., Class C (a) | 322,850 | 37,657,224 |
| Match Group, Inc.(a) | 49,231 | 3,609,125 |
| Meta Platforms, Inc., Class A (a) | 19,515 | 3,104,837 |
| ZoomInfo Technologies, Inc., Class A (a) | 243,850 | 9,239,476 |
| 53,610,662 | ||
| Internet & Direct Marketing Retail 5.6% | ||
| Amazon.com, Inc.(a) | 259,977 | 35,083,896 |
| Etsy, Inc.(a) | 62,995 | 6,533,841 |
| 41,617,737 | ||
| IT Services 14.8% | ||
| Block, Inc., Class A (a) | 98,147 | 7,465,061 |
| Fidelity National Information Services, Inc. | 147,747 | 15,093,834 |
| FleetCor Technologies, Inc.(a) | 61,814 | 13,604,643 |
| Global Payments, Inc. | 117,705 | 14,397,676 |
| Mastercard, Inc., Class A | 99,603 | 35,238,545 |
| MongoDB, Inc.(a) | 11,906 | 3,720,268 |
| Okta, Inc.(a) | 41,725 | 4,107,826 |
| Snowflake, Inc., Class A (a) | 21,979 | 3,294,872 |
| Visa, Inc., Class A | 64,683 | 13,719,911 |
| 110,642,636 | ||
| Life Sciences Tools & Services 2.4% | ||
| Agilent Technologies, Inc. | 58,610 | 7,859,601 |
| Illumina, Inc.(a) | 27,134 | 5,879,395 |
| Mettler-Toledo International, Inc.(a) | 3,235 | 4,366,377 |
| 18,105,373 | ||
| Machinery 0.3% | ||
| IDEX Corp. | 10,320 | 2,154,300 |
| Pharmaceuticals 0.9% | ||
| Zoetis, Inc. | 37,736 | 6,888,707 |
| Professional Services 2.6% | ||
| Equifax, Inc. | 33,566 | 7,012,273 |
| TransUnion | 160,521 | 12,718,079 |
| 19,730,352 | ||
| Road & Rail 0.6% | ||
| Uber Technologies, Inc.(a) | 185,467 | 4,349,201 |
| Shares | Value | ||
| Common Stocks | |||
| Semiconductors & Semiconductor Equipment 6.0% | |||
| Advanced Micro Devices, Inc.(a) | 85,264 | $ 8,054,890 | |
| ASML Holding NV (Registered) | 7,379 | 4,238,793 | |
| Marvell Technology, Inc. | 125,357 | 6,979,878 | |
| Microchip Technology, Inc. | 112,637 | 7,756,184 | |
| Monolithic Power Systems, Inc. | 7,648 | 3,554,178 | |
| NVIDIA Corp. | 78,249 | 14,212,366 | |
| 44,796,289 | |||
| Software 18.0% | |||
| Adobe, Inc.(a) | 16,617 | 6,814,964 | |
| Autodesk, Inc.(a) | 47,858 | 10,352,643 | |
| Avalara, Inc.(a) | 72,077 | 6,300,971 | |
| Ceridian HCM Holding, Inc.(a) | 99,170 | 5,431,541 | |
| Intuit, Inc. | 15,196 | 6,931,959 | |
| Microsoft Corp. | 266,430 | 74,797,558 | |
| nCino, Inc.(a) | 108,540 | 3,504,757 | |
| salesforce, Inc.(a) | 84,743 | 15,594,407 | |
| ServiceNow, Inc.(a) | 9,165 | 4,093,639 | |
| 133,822,439 | |||
| Technology Hardware, Storage & Peripherals 9.2% | |||
| Apple, Inc. | 421,077 | 68,429,223 | |
| Textiles, Apparel & Luxury Goods 2.2% | |||
| Lululemon Athletica, Inc.(a) | 27,349 | 8,492,138 | |
| NIKE, Inc., Class B | 69,268 | 7,960,278 | |
| 16,452,416 | |||
| Total Common Stocks (Cost $581,924,372) | 709,981,645 | ||
| Short-Term Investment 4.5% | |||
| Affiliated Investment Company 4.5% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (b) | 33,370,347 | 33,370,347 | |
| Total Short-Term Investment (Cost $33,370,347) | 33,370,347 | ||
| Total Investments (Cost $615,294,719) | 99.7% | 743,351,992 | |
| Other Assets, Less Liabilities | 0.3 | 2,058,579 | |
| Net Assets | 100.0% | $ 745,410,571 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing security. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 4,342 | $ 189,938 | $ (160,910) | $ — | $ — | $ 33,370 | $ 48 | $ — | 33,370 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 709,981,645 | $ — | $ — | $ 709,981,645 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 33,370,347 | — | — | 33,370,347 | |||
| Total Investments in Securities | $ 743,351,992 | $ — | $ — | $ 743,351,992 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 96.4% | ||
| Long-Term Municipal Bonds 94.5% | ||
| Alabama 0.8% | ||
| Alabama Special Care Facilities Financing Authority-Birmingham AL, Methodist Home for the Aging, Revenue Bonds | ||
| 5.75%, due 6/1/45 | $ 1,250,000 | $ 1,221,933 |
| County of Jefferson AL, Sewer, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 5.50%, due 10/1/53 | 11,710,000 | 12,337,872 |
| County of Jefferson AL, Sewer, Revenue Bonds, Sub. Lien | ||
| Series D | ||
| 6.00%, due 10/1/42 | 2,500,000 | 2,724,469 |
| Homewood Educational Building Authority, Samford University Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/33 | 400,000 | 414,301 |
| Series A | ||
| 4.00%, due 12/1/35 | 1,000,000 | 1,020,489 |
| Series A | ||
| 4.00%, due 12/1/36 | 615,000 | 624,264 |
| Series A | ||
| 4.00%, due 12/1/37 | 650,000 | 656,607 |
| Series A | ||
| 4.00%, due 12/1/39 | 1,760,000 | 1,763,694 |
| Series A | ||
| 4.00%, due 12/1/41 | 2,750,000 | 2,737,350 |
| Montgomery Educational Building Authority, Faulkner University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/43 | 4,830,000 | 4,921,318 |
| Prichard Water Works & Sewer Board, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 6,000,000 | 4,431,790 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.50%, due 5/1/32 | 6,925,723 | 6,482,566 |
| Series A | ||
| 5.25%, due 5/1/44 | 43,390,000 | 41,228,657 |
| 80,565,310 | ||
| Alaska 0.2% | ||
| Alaska Industrial Development & Export Authority, Tanana Chiefs Conference Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/44 | 15,640,000 | 15,413,001 |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,795,000 | 1,819,111 |
| Series A | ||
| 5.00%, due 6/1/50 | 3,485,000 | 3,483,195 |
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series A, Class 1 | ||
| 4.00%, due 6/1/50 | 2,255,000 | 2,142,203 |
| 22,857,510 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona 1.5% | ||
| Arizona Industrial Development Authority, GreatHearts Arizona Project, Revenue Bonds | ||
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/46 | $ 4,315,000 | $ 3,606,939 |
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/52 | 9,625,000 | 7,642,694 |
| Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 6/1/44 | 2,500,000 | 2,523,946 |
| Series A, Insured: BAM | ||
| 5.00%, due 6/1/58 | 5,500,000 | 5,966,469 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/45 | 5,545,000 | 5,300,230 |
| Series A | ||
| 4.00%, due 11/1/46 | 1,000,000 | 952,016 |
| Series A | ||
| 4.00%, due 11/1/51 | 5,955,000 | 5,588,145 |
| Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 1,000,000 | 943,120 |
| Series A | ||
| 5.00%, due 10/1/45 | 1,875,000 | 1,978,509 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/50 | 4,315,000 | 4,061,835 |
| Arizona Industrial Development Authority, Macombs Facility Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/61 | 6,250,000 | 5,221,631 |
| Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/61 | 1,000,000 | 835,461 |
| Arizona Industrial Development Authority, Idaho State Tax Commission, Linder Village Project, Revenue Bonds | ||
| 5.00%, due 6/1/31 (a) | 4,000,000 | 4,160,382 |
| Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc., Revenue Bonds (a) | ||
| Series B | ||
| 5.00%, due 3/1/37 | 3,280,000 | 3,334,259 |
| Series B | ||
| 5.00%, due 3/1/42 | 3,435,000 | 3,471,682 |
| Arizona Industrial Development Authority, Mater Academy of Nevada, Bonanza Campus Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/50 (a) | 1,500,000 | 1,526,919 |
| Arizona Industrial Development Authority, Provident Group, Eastern Michigan University Parking Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 | 1,000,000 | 834,397 |
| Arizona Industrial Development Authority, Basis Schools Project, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 7/1/50 (a) | 1,500,000 | 1,528,770 |
| Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (a) | ||
| 6.00%, due 7/1/37 | 3,035,000 | 3,252,895 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (a) | ||
| 6.00%, due 7/1/47 | $ 6,685,000 | $ 7,087,221 |
| City of Phoenix AZ, Basis Schools Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/35 | 1,700,000 | 1,721,052 |
| Series A | ||
| 5.00%, due 7/1/45 | 1,000,000 | 1,005,877 |
| Series A | ||
| 5.00%, due 7/1/46 | 3,870,000 | 3,891,697 |
| City of Phoenix AZ, Downtown Phoenix Student Housing LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 1,000,000 | 1,031,432 |
| Series A | ||
| 5.00%, due 7/1/59 | 2,200,000 | 2,230,706 |
| City of Phoenix AZ, Villa Montessori, Inc. Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 2,150,000 | 2,202,449 |
| City of Phoenix AZ, Espiritu Community Development Corp., Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/36 | 845,000 | 844,921 |
| Florence Town, Inc. Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds | ||
| 6.00%, due 7/1/43 (a) | 2,450,000 | 2,545,957 |
| Glendale Industrial Development Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.125%, due 7/1/33 (b) | 2,000,000 | 1,678,212 |
| Glendale Industrial Development Authority, People of Faith, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/56 | 8,250,000 | 8,250,270 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy, Inc., Revenue Bonds (a) | ||
| 4.00%, due 6/15/41 | 3,500,000 | 3,118,028 |
| 4.00%, due 6/15/51 | 6,000,000 | 5,057,126 |
| 4.00%, due 6/15/57 | 500,000 | 408,233 |
| Industrial Development Authority of the County of Pima (The), Charter Schools Project, Revenue Bonds | ||
| Series Q | ||
| 5.375%, due 7/1/31 | 1,155,000 | 1,159,075 |
| Industrial Development Authority of the County of Pima (The), American Leadership AC, Revenue Bonds | ||
| 5.625%, due 6/15/45 (a) | 3,735,000 | 3,834,571 |
| Maricopa County Industrial Development Authority, Commercial Metals Co., Revenue Bonds | ||
| 4.00%, due 10/15/47 (a)(b) | 3,000,000 | 2,792,222 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 (a) | 1,750,000 | 1,500,562 |
| Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds | ||
| 5.00%, due 7/1/35 | 3,000,000 | 3,041,536 |
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds | ||
| Series A | ||
| 3.60%, due 2/1/40 | 14,000,000 | 13,013,790 |
| Series B | ||
| 3.60%, due 4/1/40 | 8,750,000 | 8,129,279 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds (b) | ||
| Series A | ||
| 5.50%, due 10/1/33 (a) | $ 7,673,000 | $ 7,086,979 |
| Series B | ||
| 5.50%, due 10/1/33 | 2,000,000 | 1,847,251 |
| 146,208,745 | ||
| Arkansas 0.9% | ||
| Arkansas Development Finance Authority, Washington Regional Medical Center, Revenue Bonds | ||
| 4.00%, due 2/1/42 | 6,475,000 | 6,320,297 |
| Series C | ||
| 5.00%, due 2/1/33 | 1,425,000 | 1,473,339 |
| Series C | ||
| 5.00%, due 2/1/35 | 1,170,000 | 1,206,555 |
| Arkansas Development Finance Authority, Baptist Health, Revenue Bonds | ||
| 4.00%, due 12/1/44 | 650,000 | 648,206 |
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds | ||
| 4.50%, due 9/1/49 (a)(b) | 28,000,000 | 27,355,490 |
| Arkansas Development Finance Authority, Big River Steel Project, Green Bond, Revenue Bonds | ||
| Series A | ||
| 4.75%, due 9/1/49 (a)(b) | 45,400,000 | 45,688,867 |
| 82,692,754 | ||
| California 8.8% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 10/1/35 | 3,440,000 | 2,177,916 |
| Bassett Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation | ||
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/41 | 2,050,000 | 968,894 |
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/42 | 2,000,000 | 900,499 |
| California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (a) | 2,500,000 | 1,896,507 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (a) | 5,000,000 | 3,785,305 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A1 | ||
| 4.00%, due 2/1/56 (a) | 25,000,000 | 23,380,742 |
| California Community Housing Agency, Annadel Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/49 (a) | 12,150,000 | 11,598,516 |
| California Community Housing Agency, Verdant at Green Valley Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/49 (a) | 5,000,000 | 4,841,688 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Community Housing Agency, Essential Housing, Serenity at Larkspur Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/50 (a) | $ 5,045,000 | $ 4,885,206 |
| California Community Housing Agency, Essential Housing Arbors Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/50 (a) | 7,250,000 | 6,965,123 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/49 | 7,965,000 | 7,812,109 |
| California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/1/46 | 1,700,000 | 1,650,792 |
| Series B | ||
| 4.00%, due 11/1/51 | 1,750,000 | 1,675,626 |
| Series B | ||
| 4.00%, due 11/1/56 | 1,000,000 | 950,197 |
| California Infrastructure and Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 (a) | 3,325,000 | 3,206,055 |
| California Municipal Finance Authority, Orchard Park Student Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 3.00%, due 5/15/54 | 4,400,000 | 3,499,044 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 3.25%, due 12/31/32 (b) | 5,965,000 | 5,788,983 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (b) | 20,775,000 | 20,812,195 |
| California Municipal Finance Authority, HumanGood California, Revenue Bonds | ||
| 4.00%, due 10/1/46 | 2,000,000 | 1,966,129 |
| California Municipal Finance Authority, William Jessup University, Revenue Bonds (a) | ||
| 5.00%, due 8/1/28 | 1,000,000 | 1,041,601 |
| 5.00%, due 8/1/48 | 2,675,000 | 2,632,922 |
| California Municipal Finance Authority, LINX APM Project, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.00%, due 12/31/43 | 30,745,000 | 32,071,690 |
| Series B | ||
| 5.00%, due 6/1/48 | 3,000,000 | 3,110,840 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (a) | 2,665,000 | 2,678,040 |
| California Municipal Finance Authority, Northbay Healthcare Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/47 | 5,265,000 | 5,372,767 |
| California Municipal Finance Authority, LAX Integrated Express Solutions LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/47 (b) | 4,255,000 | 4,416,997 |
| California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
| 5.00%, due 5/15/48 | 19,500,000 | 20,211,032 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
| 5.00%, due 5/15/51 | $ 19,500,000 | $ 20,178,481 |
| California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/49 (a) | 2,000,000 | 2,024,215 |
| California Municipal Finance Authority, Partnerships to Uplift Community Project, Revenue Bonds | ||
| Series A | ||
| 5.30%, due 8/1/47 | 1,525,000 | 1,524,911 |
| California Municipal Finance Authority, Baptist University, Revenue Bonds (a) | ||
| Series A | ||
| 5.375%, due 11/1/40 | 3,000,000 | 3,156,939 |
| Series A | ||
| 5.50%, due 11/1/45 | 5,750,000 | 6,047,404 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds (a) | ||
| Series B-2 | ||
| 2.375%, due 11/15/28 | 1,500,000 | 1,410,346 |
| Series A | ||
| 5.00%, due 11/15/51 | 725,000 | 712,898 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (a) | 5,515,000 | 6,020,688 |
| California Public Finance Authority, California University of Science & Medicine, Revenue Bonds | ||
| 7.50%, due 7/1/36 (a) | 9,500,000 | 9,873,135 |
| California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds | ||
| Series A | ||
| 2.75%, due 11/1/60 (a) | 9,700,000 | 5,580,187 |
| California School Finance Authority, Granada Hills Charter High School Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/48 (a) | 675,000 | 593,914 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/61 (a) | 4,750,000 | 3,822,894 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/49 (a) | 3,000,000 | 3,019,339 |
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/50 (a) | 1,800,000 | 1,880,203 |
| California School Finance Authority, Teach Public Schools Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/58 (a) | 2,000,000 | 2,001,227 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
| Series 2021 A | ||
| 4.00%, due 9/2/41 | 2,000,000 | 1,877,662 |
| California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
| 4.375%, due 1/1/48 | 2,185,000 | 2,119,285 |
| 5.00%, due 1/1/43 | 7,250,000 | 7,661,659 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/36 | $ 2,250,000 | $ 2,325,823 |
| Series A | ||
| 5.00%, due 6/1/46 | 2,000,000 | 2,043,881 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/41 (a) | 1,700,000 | 1,716,146 |
| Series A | ||
| 5.00%, due 12/1/46 (a) | 4,245,000 | 4,262,179 |
| Series A | ||
| 5.25%, due 12/1/56 (a) | 19,500,000 | 19,715,311 |
| Series A | ||
| 5.50%, due 12/1/54 | 3,800,000 | 3,884,780 |
| Series A | ||
| 5.50%, due 12/1/58 (a) | 23,675,000 | 24,291,904 |
| California Statewide Communities Development Authority, Redlands Community Hospital, Revenue Bonds | ||
| 5.00%, due 10/1/46 | 1,560,000 | 1,639,307 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
| 5.00%, due 5/15/50 | 2,000,000 | 2,066,843 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
| 5.625%, due 11/1/33 | 680,000 | 697,395 |
| 5.875%, due 11/1/43 | 435,000 | 446,132 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 6.375%, due 11/1/43 (a) | 3,235,000 | 3,346,115 |
| California Statewide Financing Authority, Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series C | ||
| (zero coupon), due 6/1/55 (a) | 125,700,000 | 8,547,952 |
| Cathedral City Public Financing Authority, Capital Appreciation, Tax Allocation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/23 | 925,000 | 908,860 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/26 | 1,085,000 | 984,796 |
| City of Los Angeles CA, Department of Airports, Revenue Bonds, Senior Lien (b) | ||
| Series C | ||
| 4.00%, due 5/15/50 | 2,845,000 | 2,848,073 |
| Series C | ||
| 5.00%, due 5/15/45 | 14,500,000 | 15,823,846 |
| City of Los Angeles CA, Department of Airports, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 5/15/45 | 4,110,000 | 4,537,324 |
| Series C | ||
| 5.00%, due 5/15/45 | 3,800,000 | 4,195,093 |
| Series D | ||
| 5.00%, due 5/15/46 | 4,800,000 | 5,266,211 |
| City of South San Francisco CA, Community Facilities District No. 2021-01, Special Tax | ||
| 5.00%, due 9/1/52 | 1,500,000 | 1,596,719 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| CMFA Special Finance Agency, Latitude33, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 12/1/56 (a) | $ 4,500,000 | $ 3,155,152 |
| CMFA Special Finance Agency XII, Allure Apartments, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.25%, due 2/1/57 (a) | 1,500,000 | 1,151,454 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 12/1/56 (a) | 2,750,000 | 2,083,224 |
| CSCDA Community Improvement Authority, Jefferson Platinum Triangle Apartments, Revenue Bonds | ||
| Series A-2 | ||
| 3.125%, due 8/1/56 (a) | 11,350,000 | 8,640,972 |
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/56 (a) | 16,200,000 | 13,845,905 |
| CSCDA Community Improvement Authority, Altana Glendale, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/56 (a) | 9,200,000 | 7,714,699 |
| CSCDA Community Improvement Authority, Escondido Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 4.00%, due 6/1/58 (a) | 4,750,000 | 4,110,026 |
| CSCDA Community Improvement Authority, Renaissance at City Center, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 (a) | 10,700,000 | 10,475,261 |
| Fontana Unified School District, Unlimited General Obligation | ||
| Series C | ||
| (zero coupon), due 8/1/39 | 17,650,000 | 6,811,368 |
| Series C | ||
| (zero coupon), due 8/1/43 | 15,750,000 | 4,789,244 |
| Series C | ||
| (zero coupon), due 8/1/44 | 8,000,000 | 2,298,564 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
| Series B-2 | ||
| 3.50%, due 1/15/53 | 13,415,000 | 11,961,815 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 4.00%, due 1/15/43 | 20,698,000 | 20,249,791 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | 52,214,000 | 52,205,734 |
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 1,272,720,000 | 162,600,925 |
| Golden State Tobacco Securitization Corp., Revenue Bonds | ||
| Series B-1 | ||
| 3.85%, due 6/1/50 | 1,500,000 | 1,387,196 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/61 (a) | $ 52,100,000 | $ 52,436,154 |
| Independent Cities Finance Authority, Sales Tax, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 6/1/51 (a) | 1,250,000 | 1,262,687 |
| Inland Empire Tobacco Securitization Corp., Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 6/1/57 | 268,950,000 | 17,756,832 |
| Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.75%, due 6/1/48 | 1,480,000 | 1,532,707 |
| Rohnerville School District, Election 2010, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/42 | 1,000,000 | 446,705 |
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/47 | 1,000,000 | 352,328 |
| San Diego County Regional Airport Authority, Revenue Bonds (b) | ||
| Series B, Insured: AGM-CR | ||
| 4.00%, due 7/1/51 | 25,645,000 | 25,276,133 |
| Series B | ||
| 4.00%, due 7/1/56 | 1,605,000 | 1,550,546 |
| San Francisco City & County Redevelopment Agency, Community Facilities District No. 6 Bay Public, Special Tax | ||
| Series C | ||
| (zero coupon), due 8/1/37 | 5,015,000 | 2,126,785 |
| Series C | ||
| (zero coupon), due 8/1/38 | 2,000,000 | 793,461 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/50 | 7,300,000 | 7,224,197 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | 16,100,000 | 16,699,401 |
| Series B | ||
| 5.25%, due 1/15/49 | 4,220,000 | 4,366,033 |
| Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AGC | ||
| (zero coupon), due 8/1/47 | 24,500,000 | 7,710,716 |
| Sierra Kings Health Care District, Unlimited General Obligation | ||
| 5.00%, due 8/1/37 | 2,465,000 | 2,608,290 |
| Stockton Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series D, Insured: AGM | ||
| (zero coupon), due 8/1/42 | 8,780,000 | 3,960,949 |
| Sutter Union High School District, Election 2008, Unlimited General Obligation | ||
| Series B | ||
| (zero coupon), due 6/1/50 | 16,260,000 | 2,522,555 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/54 | $ 18,700,000 | $ 3,414,927 |
| West Contra Costa Healthcare District, Special Tax | ||
| 3.00%, due 7/1/42 | 5,670,000 | 4,851,608 |
| Westminster School District, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 8/1/53 | 20,000,000 | 2,387,592 |
| 843,709,428 | ||
| Colorado 2.6% | ||
| 3rd and Havana Metropolitan District, Tax Supported, Limited General Obligation | ||
| Series A | ||
| 5.25%, due 12/1/49 | 2,250,000 | 2,205,900 |
| Allison Valley Metropolitan District No. 2, Limited General Obligation | ||
| 4.70%, due 12/1/47 | 2,500,000 | 2,243,876 |
| Arista Metropolitan District, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/48 | 3,500,000 | 3,503,109 |
| Arkansas River Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/43 | 14,275,000 | 14,929,664 |
| Broadway Park North Metropolitan District No. 2, Limited General Obligation (a) | ||
| 5.00%, due 12/1/40 | 1,000,000 | 1,006,401 |
| 5.00%, due 12/1/49 | 1,000,000 | 994,030 |
| Broadway Station Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/48 | 3,000,000 | 2,994,273 |
| Central Platte Valley Metropolitan District, Unlimited General Obligation | ||
| Series A | ||
| 5.375%, due 12/1/33 | 1,500,000 | 1,571,256 |
| Citadel on Colfax Business Improvement District, Revenue Bonds | ||
| Series A | ||
| 5.35%, due 12/1/50 | 1,000,000 | 960,500 |
| City & County of Denver CO, United Airlines, Inc., Project, Revenue Bonds | ||
| 5.00%, due 10/1/32 (b) | 6,800,000 | 6,856,317 |
| City of Fruita CO, Canyons Hospital & Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/48 (a) | 9,750,000 | 9,876,015 |
| Colorado Educational & Cultural Facilities Authority, Northeast Campus Project, Revenue Bonds | ||
| Insured: Moral Obligation State Intercept | ||
| 3.00%, due 8/1/51 | 3,420,000 | 2,595,932 |
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/41 (a) | 1,850,000 | 1,637,781 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Colorado Educational & Cultural Facilities Authority, New Vision Charter School, Revenue Bonds | ||
| Series A, Insured: Moral Obligation | ||
| 4.00%, due 6/1/42 | $ 2,635,000 | $ 2,664,744 |
| Series A, Insured: Moral Obligation | ||
| 4.00%, due 6/1/52 | 4,750,000 | 4,694,196 |
| Series A, Insured: Moral Obligation | ||
| 4.00%, due 6/1/56 | 6,305,000 | 6,113,420 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 11/15/51 | 17,750,000 | 14,535,438 |
| Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds | ||
| Series A-2 | ||
| 3.25%, due 8/1/49 | 11,750,000 | 9,208,165 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 8/1/49 | 21,355,000 | 20,739,715 |
| Colorado Health Facilities Authority, Covenant Living Communities and Services Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/35 | 3,500,000 | 3,591,851 |
| Series A | ||
| 5.00%, due 12/1/48 | 7,250,000 | 7,562,447 |
| Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 2/1/44 | 4,175,000 | 4,280,245 |
| Copper Ridge Metropolitan District, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 4,250,000 | 4,174,422 |
| Denver Health & Hospital Authority, 550 Acoma, Inc., Certificate of Participation | ||
| 5.00%, due 12/1/48 | 1,755,000 | 1,837,585 |
| Denver Health & Hospital Authority, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/45 | 4,250,000 | 4,312,859 |
| Dominion Water & Sanitation District, Revenue Bonds | ||
| 5.75%, due 12/1/36 | 9,435,000 | 9,636,827 |
| 6.00%, due 12/1/46 | 965,000 | 985,861 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/22 | 4,750,000 | 4,742,740 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/25 | 245,000 | 226,660 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/26 | 4,540,000 | 4,068,875 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/29 | 4,510,000 | 3,615,086 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/30 | 500,000 | 384,264 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/35 | 2,245,000 | 1,227,823 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/37 | $ 1,170,000 | $ 575,638 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/39 | 515,000 | 227,575 |
| Series A | ||
| (zero coupon), due 9/1/40 | 5,250,000 | 2,466,868 |
| Series A | ||
| (zero coupon), due 9/1/41 | 3,925,000 | 1,748,148 |
| Eagle County Airport Terminal Corp., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/1/33 (b) | 2,435,000 | 2,549,215 |
| Evan's Place Metropolitan District, Limited General Obligation | ||
| Series A(3) | ||
| 5.00%, due 12/1/50 | 1,500,000 | 1,402,005 |
| Great Western Metropolitan District, Limited General Obligation | ||
| 4.75%, due 12/1/50 | 1,500,000 | 1,420,597 |
| Green Valley Ranch East Metropolitan District No. 6, Limited General Obligation | ||
| Series A | ||
| 5.875%, due 12/1/50 | 1,325,000 | 1,333,998 |
| Jefferson Center Metropolitan District No. 1, Revenue Bonds | ||
| Series B | ||
| 5.75%, due 12/15/50 | 4,615,000 | 4,650,201 |
| Johnstown Plaza Metropolitan District, Limited General Obligation | ||
| 4.25%, due 12/1/46 | 7,500,000 | 6,703,549 |
| Jones District Community Authority Board, Revenue Bonds | ||
| (zero coupon), due 12/1/50 (c) | 5,050,000 | 4,284,632 |
| Karl's Farm Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.625%, due 12/1/50 (a) | 1,485,000 | 1,474,536 |
| Mayfield Metropolitan District, Limited General Obligation | ||
| Series A | ||
| 5.75%, due 12/1/50 | 1,190,000 | 1,203,115 |
| Mirabelle Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/1/49 | 1,250,000 | 1,203,072 |
| Nine Mile Metropolitan District, Revenue Bonds | ||
| 5.125%, due 12/1/40 | 1,505,000 | 1,523,153 |
| North Range Metropolitan District No. 3, Limited General Obligation | ||
| Series 2020A-3 | ||
| 5.25%, due 12/1/50 | 2,000,000 | 1,982,367 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/39 | 3,805,000 | 3,942,875 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/46 | 20,950,000 | 21,160,265 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Park Creek Metropolitan District, Senior Ltd., Property, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/1/45 | $ 4,000,000 | $ 4,280,810 |
| Raindance Metropolitan District No. 1 Non-Potable Water System, Revenue Bonds | ||
| 5.25%, due 12/1/50 | 1,500,000 | 1,440,551 |
| Raindance Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 12/1/49 | 2,500,000 | 2,437,989 |
| Southglenn Metropolitan District, Special Revenue, Limited General Obligation | ||
| 5.00%, due 12/1/46 | 2,100,000 | 2,096,921 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 12/1/50 | 1,250,000 | 1,093,303 |
| Series A | ||
| 5.00%, due 12/1/47 | 3,500,000 | 3,505,108 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
| 5.00%, due 12/1/40 | 750,000 | 763,793 |
| Village Metropolitan District (The), Limited General Obligation | ||
| 5.00%, due 12/1/49 | 1,000,000 | 1,012,920 |
| Villages at Castle Rock Metropolitan District No. 6, Limited General Obligation | ||
| Series A | ||
| 4.125%, due 12/1/51 (a) | 18,149,000 | 14,434,083 |
| 250,895,564 | ||
| Connecticut 0.5% | ||
| City of Hartford CT, Unlimited General Obligation | ||
| Series B, Insured: State Guaranteed | ||
| 5.00%, due 4/1/26 | 60,000 | 61,253 |
| Series B, Insured: State Guaranteed | ||
| 5.00%, due 4/1/27 | 500,000 | 510,260 |
| Series B, Insured: State Guaranteed | ||
| 5.00%, due 4/1/30 | 640,000 | 651,560 |
| Series B, Insured: State Guaranteed | ||
| 5.00%, due 4/1/33 | 100,000 | 101,659 |
| City of New Haven CT, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/41 | 2,925,000 | 2,984,326 |
| City of West Haven CT, Unlimited General Obligation | ||
| 4.00%, due 9/15/41 | 1,130,000 | 1,154,946 |
| Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds (a) | ||
| Series B-1 | ||
| 3.25%, due 1/1/27 | 750,000 | 738,457 |
| Series A | ||
| 5.00%, due 1/1/30 | 500,000 | 524,302 |
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
| Series N | ||
| 4.00%, due 7/1/39 | 5,600,000 | 5,069,168 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Connecticut | ||
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
| Series N | ||
| 4.00%, due 7/1/49 | $ 7,500,000 | $ 6,309,811 |
| Series N | ||
| 5.00%, due 7/1/31 | 575,000 | 602,989 |
| Series N | ||
| 5.00%, due 7/1/32 | 575,000 | 599,674 |
| Series N | ||
| 5.00%, due 7/1/33 | 475,000 | 492,709 |
| Series N | ||
| 5.00%, due 7/1/34 | 700,000 | 722,843 |
| Connecticut State Health & Educational Facilities Authority, Jerome Home, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 7/1/51 | 1,250,000 | 1,127,916 |
| Connecticut State Health & Educational Facilities Authority, Mary Wade Home Obligated Group, Revenue Bonds (a) | ||
| Series A-1 | ||
| 4.50%, due 10/1/34 | 2,350,000 | 2,372,553 |
| Series A-1 | ||
| 5.00%, due 10/1/39 | 1,000,000 | 1,028,220 |
| Connecticut State Health & Educational Facilities Authority, University of New Haven, Inc., Revenue Bonds | ||
| Series K-3 | ||
| 5.00%, due 7/1/48 | 3,695,000 | 3,729,439 |
| Connecticut State Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds | ||
| Series G-1 | ||
| 5.00%, due 7/1/50 (a) | 1,750,000 | 1,795,885 |
| Connecticut State Health & Educational Facilities Authority, Church Home of Hartford Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/53 (a) | 2,235,000 | 2,240,627 |
| Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds | ||
| Series B | ||
| 3.25%, due 11/15/35 (b) | 7,190,000 | 6,556,916 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/36 | 1,475,000 | 1,497,987 |
| State of Connecticut, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 6/15/28 | 4,750,000 | 5,500,393 |
| Series E | ||
| 5.00%, due 9/15/37 | 2,250,000 | 2,517,285 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation (a) | ||
| 4.00%, due 4/1/31 | 300,000 | 290,997 |
| 4.00%, due 4/1/36 | 485,000 | 459,000 |
| 4.00%, due 4/1/41 | 575,000 | 526,657 |
| 4.00%, due 4/1/51 | 1,250,000 | 1,089,823 |
| 51,257,655 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Delaware 0.5% | ||
| County of Kent DE, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | $ 1,050,000 | $ 1,052,421 |
| Series A | ||
| 5.00%, due 7/1/48 | 2,735,000 | 2,669,284 |
| Series A | ||
| 5.00%, due 7/1/53 | 4,090,000 | 3,958,576 |
| Series A | ||
| 5.00%, due 7/1/58 | 6,700,000 | 6,419,828 |
| Delaware State Economic Development Authority, Newark Charter School, Inc. Project, Revenue Bonds | ||
| 4.00%, due 9/1/41 | 1,600,000 | 1,515,090 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds | ||
| 4.25%, due 6/1/38 | 2,235,000 | 2,255,679 |
| 4.375%, due 6/1/48 | 9,400,000 | 9,466,121 |
| 5.00%, due 6/1/37 | 1,000,000 | 1,064,074 |
| 5.00%, due 6/1/43 | 4,750,000 | 5,002,731 |
| Delaware State Health Facilities Authority, Nanticoke Memorial Hospital Project, Revenue Bonds | ||
| 5.00%, due 7/1/32 | 3,555,000 | 3,666,086 |
| Delaware State Health Facilities Authority, Christiana Health Care System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 6,750,000 | 7,430,710 |
| 44,500,600 | ||
| District of Columbia 1.6% | ||
| District of Columbia, Tobacco Settlement Financing Corp., Asset Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 6/15/46 | 83,000,000 | 19,103,014 |
| District of Columbia, KIPP DC Project, Revenue Bonds | ||
| 4.00%, due 7/1/49 | 1,375,000 | 1,280,689 |
| District of Columbia, Provident Group-Howard Properties LLC, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,500,000 | 1,504,545 |
| 5.00%, due 10/1/45 | 5,105,000 | 5,120,128 |
| District of Columbia, Friendship Public Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/46 | 1,400,000 | 1,431,661 |
| District of Columbia, District of Columbia International School Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/49 | 2,945,000 | 3,003,659 |
| District of Columbia, Revenue Bonds | ||
| 5.00%, due 6/1/50 | 4,750,000 | 4,869,368 |
| District of Columbia, Methodist Home, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/39 | 1,015,000 | 981,361 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: AGM | ||
| 4.00%, due 10/1/53 | 17,100,000 | 17,015,485 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| District of Columbia | ||
| Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 10/1/39 | $ 5,005,000 | $ 2,380,808 |
| Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 4.00%, due 10/1/49 | 100,045,000 | 95,427,663 |
| 152,118,381 | ||
| Florida 3.1% | ||
| Capital Trust Agency, Wonderful Foundations Charter School, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 1/1/60 | 16,000,000 | 1,232,755 |
| Series A-1 | ||
| 5.00%, due 1/1/55 (a) | 12,230,000 | 11,555,906 |
| Capital Trust Agency, Odyssey Charter School, Inc., Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/47 (a) | 2,000,000 | 2,067,618 |
| Celebration Community Development District, Assessment Area 1 Project, Special Assessment | ||
| 3.125%, due 5/1/41 | 590,000 | 475,267 |
| 4.00%, due 5/1/51 | 845,000 | 746,617 |
| CFM Community Development District, Capital Improvement, Special Assessment | ||
| 3.35%, due 5/1/41 | 200,000 | 166,145 |
| 4.00%, due 5/1/51 | 290,000 | 256,070 |
| Charlotte County Industrial Development Authority, Town & Country Utility Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/51 (a)(b) | 3,500,000 | 2,756,248 |
| City of Atlantic Beach FL, Fleet Landing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/48 | 3,000,000 | 3,137,949 |
| Series B | ||
| 5.625%, due 11/15/43 | 1,500,000 | 1,529,593 |
| City of Fort Myers FL, Utility System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/44 | 9,365,000 | 9,485,764 |
| City of Orlando FL, Tourist Development Tax, Revenue Bonds, Third Lien | ||
| Series C, Insured: AGC | ||
| 5.50%, due 11/1/38 | 325,000 | 325,740 |
| City of Pompano Beach FL, John Knox Village Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/51 | 650,000 | 602,528 |
| Series A | ||
| 4.00%, due 9/1/56 | 5,165,000 | 4,683,536 |
| City of Tallahassee FL, Memorial HealthCare, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/55 | 7,250,000 | 7,428,541 |
| Collier County Educational Facilities Authority, Ave Maria University, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/1/28 | 2,250,000 | 2,291,194 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Collier County Educational Facilities Authority, Ave Maria University, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 6.125%, due 6/1/43 | $ 2,500,000 | $ 2,555,637 |
| Collier County Health Facilities Authority, Moorings, Inc. Obligated Group (The), Revenue Bonds | ||
| 4.00%, due 5/1/52 | 8,000,000 | 7,627,177 |
| Cordova Palms Community Development District, Special Assessment | ||
| 3.00%, due 5/1/41 (a) | 1,215,000 | 965,286 |
| County of Osceola FL, Transportation, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 10/1/54 | 4,345,000 | 4,089,954 |
| Series A-1 | ||
| 5.00%, due 10/1/49 | 11,150,000 | 11,675,217 |
| Elevation Pointe Community Development District, Special Assessment | ||
| Series A-1 | ||
| 4.60%, due 5/1/52 | 1,090,000 | 1,060,637 |
| Epperson North Community Development District, Assessment Area 3, Special Assessment | ||
| Series A | ||
| 3.40%, due 11/1/41 | 2,250,000 | 1,880,420 |
| Epperson North Community Development District, Assessment Area 2, Special Assessment | ||
| 3.50%, due 5/1/41 | 850,000 | 725,466 |
| Escambia County Health Facilities Authority, Baptist Health Care Corp., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/45 | 4,865,000 | 4,651,582 |
| Series A, Insured: AGM-CR | ||
| 4.00%, due 8/15/50 | 4,510,000 | 4,425,599 |
| Florida Development Finance Corp., Mayflower Retirement Community Centre, Inc., Revenue Bonds | ||
| Series B-1 | ||
| 2.375%, due 6/1/27 (a) | 835,000 | 768,975 |
| Florida Development Finance Corp., River City Science Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/45 | 1,200,000 | 1,071,728 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 2/1/52 | 9,750,000 | 9,457,127 |
| Series A | ||
| 5.00%, due 2/1/40 | 2,600,000 | 2,685,109 |
| Series A | ||
| 5.00%, due 2/1/52 | 6,400,000 | 6,478,150 |
| Florida Development Finance Corp., Florida Charter Foundation, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.75%, due 7/15/36 (a) | 4,305,000 | 4,317,200 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/50 | 10,000,000 | 10,347,173 |
| Series A | ||
| 5.00%, due 6/15/55 | 1,100,000 | 1,132,083 |
| Series A | ||
| 5.00%, due 6/15/56 | 3,000,000 | 3,086,171 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Florida Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds | ||
| 4.00%, due 3/1/47 | $ 6,420,000 | $ 5,756,924 |
| Florida Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds | ||
| 5.00%, due 3/1/44 | 1,370,000 | 1,384,480 |
| 5.00%, due 3/1/49 | 1,630,000 | 1,639,008 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/50 | 97,600,000 | 92,206,536 |
| Lakewood Ranch Stewardship District, Star Farms at Lakewood Ranch Project Phase 1 and 2, Special Assessment | ||
| 3.00%, due 5/1/41 | 430,000 | 346,520 |
| 4.00%, due 5/1/52 | 675,000 | 593,341 |
| Lee County Industrial Development Authority, Preserve Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 12/1/52 (a) | 7,125,000 | 5,584,114 |
| Martin County Health Facilities Authority, Martin Memorial Medical Center, Revenue Bonds | ||
| Series FL | ||
| 5.00%, due 11/15/45 | 3,250,000 | 3,477,307 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/15/46 | 7,000,000 | 6,891,646 |
| Series B | ||
| 4.00%, due 11/15/51 | 3,190,000 | 3,080,261 |
| 5.00%, due 11/15/29 | 1,825,000 | 1,843,612 |
| 5.00%, due 11/15/39 | 2,230,000 | 2,291,090 |
| Mid-Bay Bridge Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/35 | 1,500,000 | 1,562,072 |
| Series C | ||
| 5.00%, due 10/1/40 | 1,000,000 | 1,029,952 |
| Mirada II Community Development District, Capital Improvement, Special Assessment | ||
| 3.125%, due 5/1/31 | 500,000 | 444,247 |
| 3.50%, due 5/1/41 | 1,000,000 | 845,146 |
| New Port Tampa Bay Community Development District, Special Assessment | ||
| 3.50%, due 5/1/31 | 310,000 | 278,711 |
| 3.875%, due 5/1/41 | 1,000,000 | 873,167 |
| 4.125%, due 5/1/52 | 365,000 | 327,691 |
| North Powerline Road Community Development District, Special Assessment | ||
| 3.625%, due 5/1/40 | 500,000 | 436,529 |
| 4.00%, due 5/1/51 | 1,075,000 | 946,466 |
| North Sumter County Utility Dependent District, Central Sumter Utility, Revenue Bonds, Senior Lien | ||
| 5.00%, due 10/1/49 | 2,750,000 | 3,061,009 |
| 5.00%, due 10/1/54 | 6,750,000 | 7,414,117 |
| Osceola County Expressway Authority, Poinciana Parkway Project, Revenue Bonds, Senior Lien | ||
| Series B-2 | ||
| (zero coupon), due 10/1/36 (c) | 3,750,000 | 4,272,525 |
| Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai residencies of Boca Raton, Revenue Bonds | ||
| 4.00%, due 6/1/36 | 4,000,000 | 3,637,458 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/48 (a) | $ 3,280,000 | $ 3,355,881 |
| Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/49 | 1,750,000 | 1,783,141 |
| Series A | ||
| 5.00%, due 1/1/55 | 800,000 | 812,851 |
| Preston Cove Community Development District, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,825,000 | 1,685,877 |
| Sawyers Landing Community Development District, Special Assessment | ||
| 3.75%, due 5/1/31 | 1,550,000 | 1,471,260 |
| 4.125%, due 5/1/41 | 3,055,000 | 2,891,902 |
| Shingle Creek at Bronson Community Development District, Special Assessment | ||
| 3.50%, due 6/15/41 | 1,000,000 | 859,172 |
| Stillwater Community Development District, 2021 Project, Special Assessment (a) | ||
| 3.00%, due 6/15/31 | 410,000 | 365,996 |
| 3.50%, due 6/15/41 | 1,000,000 | 853,305 |
| Tradition Community Development District No. 9, Special Assessment | ||
| 3.00%, due 5/1/41 | 1,800,000 | 1,425,431 |
| Two Rivers North Community Development District, Special Assessment | ||
| 5.25%, due 5/1/52 | 1,500,000 | 1,518,139 |
| V-Dana Community Development District, Special Assessment | ||
| 3.625%, due 5/1/41 | 1,040,000 | 907,101 |
| V-Dana Community Development District, Assessment Area 1-2020 Project, Special Assessment | ||
| 4.00%, due 5/1/51 (a) | 1,200,000 | 1,060,684 |
| Veranda Community Development District II, Special Assessment | ||
| 3.60%, due 5/1/41 (a) | 330,000 | 282,897 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,130,000 | 1,043,967 |
| 4.25%, due 5/1/52 | 1,360,000 | 1,250,202 |
| 299,533,897 | ||
| Georgia 1.7% | ||
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
| Insured: BAM | ||
| 3.625%, due 7/1/42 (a) | 5,605,000 | 5,222,861 |
| Cedartown Polk County Hospital Authority, Polk Medical Center Project, Revenue Bonds | ||
| 5.00%, due 7/1/39 | 7,850,000 | 8,752,952 |
| Development Authority of Cobb County (The), Kennesaw State University Real Estate Foundations Project, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 5.00%, due 7/15/38 | 2,390,000 | 2,433,886 |
| Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds | ||
| 5.00%, due 7/1/36 | 3,750,000 | 3,854,377 |
| Gainesville & Hall County Development Authority, Riverside Military Academy, Inc., Revenue Bonds | ||
| 5.125%, due 3/1/52 | 1,500,000 | 1,118,060 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, First Tier | ||
| 4.00%, due 1/1/54 | $ 4,750,000 | $ 4,302,080 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, Second Tier | ||
| 5.00%, due 1/1/54 (a) | 4,000,000 | 3,675,470 |
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/39 | 6,550,000 | 6,513,203 |
| Series A | ||
| 5.00%, due 5/15/38 | 3,500,000 | 3,836,784 |
| Series A | ||
| 5.00%, due 5/15/49 | 18,250,000 | 20,113,723 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 14,300,000 | 14,186,545 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/49 | 54,975,000 | 52,476,502 |
| Series A | ||
| 5.00%, due 1/1/56 | 17,400,000 | 18,356,389 |
| Series A | ||
| 5.00%, due 1/1/63 | 3,000,000 | 3,164,895 |
| Series A | ||
| 5.00%, due 1/1/63 | 7,315,000 | 7,576,666 |
| Private Colleges & Universities Authority, Mercer University Project, Revenue Bonds | ||
| 5.00%, due 10/1/45 | 5,750,000 | 5,970,636 |
| 161,555,029 | ||
| Guam 0.8% | ||
| Antonio B Won Pat International Airport Authority, Revenue Bonds (b) | ||
| Series C | ||
| 6.375%, due 10/1/43 | 1,550,000 | 1,631,926 |
| Series C | ||
| 6.375%, due 10/1/43 | 1,450,000 | 1,503,829 |
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
| Series A | ||
| 4.25%, due 2/1/30 | 1,190,000 | 1,201,065 |
| Series A | ||
| 5.00%, due 2/1/40 | 4,875,000 | 4,984,677 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 7/1/40 | 8,770,000 | 9,301,475 |
| 5.00%, due 1/1/46 | 3,950,000 | 4,138,182 |
| 5.50%, due 7/1/43 | 13,315,000 | 13,772,674 |
| Port Authority of Guam, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 4,950,000 | 5,314,353 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Guam | ||
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | $ 5,920,000 | $ 5,757,550 |
| Series F | ||
| 4.00%, due 1/1/42 | 4,310,000 | 4,037,930 |
| Series D | ||
| 5.00%, due 11/15/29 | 1,455,000 | 1,552,573 |
| Series D | ||
| 5.00%, due 11/15/39 | 25,650,000 | 26,950,401 |
| 80,146,635 | ||
| Hawaii 0.5% | ||
| Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
| 4.375%, due 5/15/42 | 2,300,000 | 2,192,841 |
| 5.00%, due 5/15/51 | 5,635,000 | 5,828,592 |
| Kauai County Community Facilities District, Community Facilities District No. 2008-1, Special Tax | ||
| 5.00%, due 5/15/44 | 1,775,000 | 1,852,357 |
| 5.00%, due 5/15/49 | 2,750,000 | 2,854,109 |
| State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds | ||
| 3.50%, due 10/1/49 | 25,275,000 | 21,267,515 |
| Series B | ||
| 4.00%, due 3/1/37 (b) | 3,950,000 | 3,968,143 |
| State of Hawaii Department of Budget & Finance, Chaminade University of Honolulu, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/45 (a) | 1,500,000 | 1,441,312 |
| State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds (a) | ||
| Series A | ||
| 6.625%, due 7/1/33 | 2,085,000 | 2,117,953 |
| Series A | ||
| 6.875%, due 7/1/43 | 4,340,000 | 4,408,568 |
| 45,931,390 | ||
| Idaho 0.1% | ||
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
| 5.00%, due 9/1/37 | 1,000,000 | 1,046,130 |
| Idaho Housing & Finance Association, Gem Prep: Meridian Project, Revenue Bonds | ||
| Series A, Insured: School Bond Guaranty | ||
| 4.00%, due 5/1/57 | 4,365,000 | 3,984,443 |
| 5,030,573 | ||
| Illinois 10.6% | ||
| Bridgeview Finance Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/37 | 1,260,000 | 1,083,343 |
| Series A | ||
| 5.00%, due 12/1/42 | 7,250,000 | 5,947,181 |
| Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/27 | 5,175,000 | 4,394,727 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/30 | $ 13,050,000 | $ 9,738,354 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 170,000 | 121,093 |
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 1,095,000 | 779,983 |
| Chicago Board of Education, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 12/1/40 | 3,335,000 | 3,232,188 |
| Series B | ||
| 4.00%, due 12/1/41 | 5,265,000 | 5,079,696 |
| Series A | ||
| 4.00%, due 12/1/43 | 4,000,000 | 3,815,212 |
| Series A | ||
| 4.00%, due 12/1/47 | 52,385,000 | 48,654,350 |
| Series A | ||
| 5.00%, due 12/1/30 | 3,500,000 | 3,790,885 |
| Series B | ||
| 5.00%, due 12/1/30 | 5,700,000 | 6,230,351 |
| Series B | ||
| 5.00%, due 12/1/32 | 1,250,000 | 1,347,612 |
| Series B | ||
| 5.00%, due 12/1/33 | 2,050,000 | 2,053,151 |
| Series B | ||
| 5.00%, due 12/1/33 | 1,400,000 | 1,504,285 |
| Series A | ||
| 5.00%, due 12/1/34 | 12,555,000 | 13,445,571 |
| Series G | ||
| 5.00%, due 12/1/34 | 4,700,000 | 4,973,357 |
| Series H | ||
| 5.00%, due 12/1/36 | 4,430,000 | 4,672,350 |
| Series A | ||
| 5.00%, due 12/1/37 | 1,000,000 | 1,061,437 |
| Series A | ||
| 5.00%, due 12/1/40 | 7,350,000 | 7,753,739 |
| Series A | ||
| 5.00%, due 12/1/43 | 1,515,000 | 1,599,293 |
| Series D | ||
| 5.00%, due 12/1/46 | 6,200,000 | 6,469,360 |
| Series H | ||
| 5.00%, due 12/1/46 | 6,700,000 | 6,960,887 |
| Series A | ||
| 5.00%, due 12/1/47 | 15,540,000 | 16,380,151 |
| Series C | ||
| 5.25%, due 12/1/39 | 1,405,000 | 1,443,470 |
| Series B | ||
| 6.50%, due 12/1/46 | 1,900,000 | 2,090,197 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series A | ||
| 7.00%, due 12/1/44 | $ 11,075,000 | $ 12,182,630 |
| Chicago Board of Education, Revenue Bonds | ||
| 5.00%, due 4/1/46 | 4,700,000 | 4,882,949 |
| 6.00%, due 4/1/46 | 34,200,000 | 37,053,043 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 12/1/34 | 2,270,000 | 2,402,025 |
| Series B | ||
| 7.00%, due 12/1/42 (a) | 9,700,000 | 11,130,603 |
| Series A | ||
| 7.00%, due 12/1/46 (a) | 3,700,000 | 4,222,972 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
| 5.00%, due 4/1/35 | 1,615,000 | 1,708,681 |
| 5.00%, due 4/1/36 | 1,270,000 | 1,341,541 |
| 5.00%, due 4/1/37 | 435,000 | 458,395 |
| 5.00%, due 4/1/42 | 3,500,000 | 3,657,204 |
| Chicago Board of Education, School Reform Board, Unlimited General Obligation | ||
| Series A, Insured: AGC-ICC FGIC | ||
| 5.50%, due 12/1/26 | 18,900,000 | 20,651,884 |
| Chicago O'Hare International Airport, TRIPS Obligated Group, Revenue Bonds (b) | ||
| 5.00%, due 7/1/38 | 1,500,000 | 1,578,914 |
| 5.00%, due 7/1/48 | 4,750,000 | 4,917,770 |
| Chicago Transit Authority, Sales Tax Receipts, Revenue Bonds, Second Lien | ||
| 5.00%, due 12/1/46 | 8,750,000 | 9,207,699 |
| City of Chicago IL, City Colleges Capital Improvement Project, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 1/1/34 | 300,000 | 187,761 |
| City of Chicago IL, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 1/1/35 | 2,325,000 | 2,332,279 |
| Series A | ||
| 5.00%, due 1/1/33 | 7,500,000 | 8,008,768 |
| Series C | ||
| 5.00%, due 1/1/38 | 2,410,000 | 2,496,750 |
| Series A | ||
| 5.00%, due 1/1/39 | 5,750,000 | 6,056,964 |
| Series A | ||
| 5.00%, due 1/1/40 | 3,950,000 | 4,153,202 |
| Series A | ||
| 5.00%, due 1/1/44 | 11,250,000 | 11,742,727 |
| Series A | ||
| 5.50%, due 1/1/49 | 18,150,000 | 19,442,861 |
| Series A | ||
| 6.00%, due 1/1/38 | 39,020,000 | 42,487,707 |
| City of Chicago IL, Waterworks, Revenue Bonds, Second Lien | ||
| 4.00%, due 11/1/37 | 14,800,000 | 14,824,953 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| City of Chicago IL, Taxable Project, Unlimited General Obligation | ||
| Series B | ||
| 5.50%, due 1/1/31 | $ 2,360,000 | $ 2,473,707 |
| Series D | ||
| 5.50%, due 1/1/37 | 3,500,000 | 3,649,843 |
| Series D | ||
| 5.50%, due 1/1/40 | 1,245,000 | 1,295,070 |
| Series A | ||
| 5.75%, due 1/1/34 | 3,600,000 | 3,909,663 |
| City of Galesburg IL, Knox College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/46 | 5,750,000 | 5,550,001 |
| Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.25%, due 7/1/33 (b) | 500,000 | 419,614 |
| Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds | ||
| 4.00%, due 10/1/40 | 3,105,000 | 3,033,745 |
| 4.00%, due 10/1/50 | 13,790,000 | 13,024,982 |
| 4.00%, due 10/1/55 | 2,785,000 | 2,521,513 |
| Illinois Finance Authority, Bradley University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/46 | 1,500,000 | 1,367,812 |
| Series A | ||
| 4.00%, due 8/1/51 | 2,500,000 | 2,233,527 |
| Illinois Finance Authority, Learn Charter School Project, Revenue Bonds | ||
| 4.00%, due 11/1/51 | 1,000,000 | 910,729 |
| 4.00%, due 11/1/56 | 750,000 | 667,061 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds | ||
| Series C | ||
| 4.25%, due 8/1/42 | 2,900,000 | 2,846,173 |
| Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds | ||
| 5.00%, due 9/1/32 | 1,830,000 | 1,890,618 |
| 6.25%, due 9/1/39 | 150,000 | 154,257 |
| Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds (d)(e) | ||
| 5.00%, due 2/15/37 | 7,375,000 | 5,128,892 |
| 5.125%, due 2/15/45 | 5,715,000 | 3,842,196 |
| Illinois Finance Authority, Columbia College Chicago, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/37 | 9,750,000 | 10,237,203 |
| Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds | ||
| 5.00%, due 5/15/40 | 1,265,000 | 1,277,060 |
| Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/47 | 6,250,000 | 6,206,190 |
| Series A | ||
| 5.00%, due 2/15/50 | 1,835,000 | 1,813,324 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/47 | $ 1,155,000 | $ 1,184,540 |
| Illinois Finance Authority, Chicago International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 | 3,000,000 | 3,094,042 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine and Science, Revenue Bonds | ||
| 5.00%, due 8/1/49 | 1,300,000 | 1,344,723 |
| Illinois Finance Authority, Roosevelt University Project, Revenue Bonds | ||
| 5.50%, due 4/1/32 | 2,000,000 | 2,000,297 |
| Series A | ||
| 6.125%, due 4/1/58 (a) | 1,635,000 | 1,688,464 |
| Illinois Finance Authority, Roosevelt University, Revenue Bonds (a) | ||
| Series A | ||
| 6.00%, due 4/1/38 | 3,130,000 | 3,276,655 |
| Series B | ||
| 6.00%, due 4/1/38 | 1,590,000 | 1,664,499 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/31 | 5,000,000 | 3,552,431 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/32 | 18,445,000 | 12,485,634 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/33 | 25,720,000 | 16,964,074 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/33 | 12,350,000 | 7,946,813 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/34 | 45,815,000 | 28,719,962 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/36 | 34,195,000 | 18,860,604 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/37 | 15,600,000 | 8,360,781 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/37 | 64,100,000 | 33,540,120 |
| Series B | ||
| (zero coupon), due 12/15/50 | 35,130,000 | 8,840,457 |
| Series B, Insured: AGM-CR | ||
| (zero coupon), due 12/15/50 | 10,000,000 | 2,819,339 |
| Series B | ||
| (zero coupon), due 12/15/51 | 55,300,000 | 13,209,898 |
| Series B | ||
| (zero coupon), due 12/15/54 | 57,160,000 | 11,710,884 |
| (zero coupon), due 12/15/56 | 29,650,000 | 5,471,027 |
| Series B, Insured: AGM | ||
| (zero coupon), due 12/15/56 | 35,995,000 | 7,596,248 |
| Series A, Insured: BAM | ||
| 4.00%, due 12/15/42 | 2,500,000 | 2,496,844 |
| 4.00%, due 12/15/47 | 8,910,000 | 8,503,679 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/50 | $ 32,095,000 | $ 30,354,799 |
| 4.00%, due 6/15/52 | 9,175,000 | 8,640,550 |
| 5.00%, due 6/15/42 | 1,000,000 | 1,053,599 |
| Series A | ||
| 5.00%, due 12/15/45 | 1,430,000 | 1,494,099 |
| 5.00%, due 6/15/50 | 17,600,000 | 18,294,135 |
| Series A | ||
| 5.00%, due 6/15/57 | 2,000,000 | 2,065,402 |
| Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 12/15/38 | 3,750,000 | 1,797,873 |
| Series A | ||
| (zero coupon), due 6/15/39 | 3,600,000 | 1,675,368 |
| Series A | ||
| (zero coupon), due 6/15/40 | 3,500,000 | 1,541,688 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
| Series B-1, Insured: AGM | ||
| (zero coupon), due 6/15/44 | 78,420,000 | 30,282,448 |
| Series B-1, Insured: AGM | ||
| (zero coupon), due 6/15/45 | 8,000,000 | 2,942,302 |
| Northern Illinois University, Auxiliary Facilities System, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 4/1/37 | 1,300,000 | 1,310,293 |
| Series B, Insured: BAM | ||
| 4.00%, due 4/1/39 | 1,300,000 | 1,305,400 |
| Series B, Insured: BAM | ||
| 4.00%, due 4/1/41 | 1,350,000 | 1,350,457 |
| Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/44 | 4,750,000 | 4,875,205 |
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 13,750,000 | 13,966,495 |
| State of Illinois, Unlimited General Obligation | ||
| Series D | ||
| 3.25%, due 11/1/26 | 5,290,000 | 5,405,950 |
| Series B | ||
| 4.00%, due 12/1/39 | 9,460,000 | 9,172,967 |
| Insured: BAM | ||
| 4.00%, due 6/1/41 | 25,355,000 | 25,042,109 |
| Series C | ||
| 4.00%, due 10/1/41 | 7,650,000 | 7,340,789 |
| Series C | ||
| 4.00%, due 10/1/42 | 8,750,000 | 8,344,738 |
| Series C | ||
| 4.25%, due 10/1/45 | 23,500,000 | 23,138,084 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| State of Illinois, Unlimited General Obligation | ||
| Series A | ||
| 4.50%, due 12/1/41 | $ 6,525,000 | $ 6,608,192 |
| Series A | ||
| 5.00%, due 12/1/25 | 3,270,000 | 3,528,178 |
| Series D | ||
| 5.00%, due 11/1/26 | 3,995,000 | 4,361,279 |
| Series D | ||
| 5.00%, due 11/1/27 | 10,700,000 | 11,793,183 |
| Series A | ||
| 5.00%, due 12/1/27 | 2,315,000 | 2,552,265 |
| Series B | ||
| 5.00%, due 12/1/27 | 9,115,000 | 10,049,198 |
| 5.00%, due 2/1/28 | 2,700,000 | 2,937,430 |
| Series C | ||
| 5.00%, due 11/1/29 | 14,335,000 | 15,587,267 |
| Series A | ||
| 5.00%, due 12/1/31 | 2,985,000 | 3,219,320 |
| Series A | ||
| 5.00%, due 12/1/39 | 2,400,000 | 2,531,752 |
| Series A | ||
| 5.00%, due 5/1/40 | 2,000,000 | 2,114,286 |
| 5.75%, due 5/1/45 | 17,020,000 | 19,106,761 |
| State of Illinois, Rebuild Illinois Program, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 11/1/41 | 19,500,000 | 18,709,484 |
| University of Illinois, Facilities System, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 4/1/37 | 3,710,000 | 3,347,355 |
| Series A, Insured: BAM | ||
| 3.00%, due 4/1/38 | 3,825,000 | 3,404,404 |
| Series A, Insured: BAM | ||
| 3.00%, due 4/1/39 | 2,435,000 | 2,140,803 |
| Series A, Insured: BAM | ||
| 3.00%, due 4/1/40 | 3,805,000 | 3,313,879 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/48 | 14,905,000 | 15,640,235 |
| Village of Bridgeview IL, Unlimited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/44 | 100,000 | 97,993 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,545,000 | 1,545,149 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,260,000 | 1,265,371 |
| Series A | ||
| 5.625%, due 12/1/41 | 3,940,000 | 3,993,393 |
| Series A | ||
| 5.75%, due 12/1/35 | 2,705,000 | 2,768,993 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Village of Oak Lawn IL, Corporate Purpose, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| 4.40%, due 12/1/26 | $ 400,000 | $ 400,509 |
| Insured: NATL-RE | ||
| 4.45%, due 12/1/28 | 430,000 | 430,527 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/30 | 475,000 | 475,495 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/32 | 520,000 | 520,522 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/34 | 575,000 | 575,489 |
| Village of Riverdale IL, Unlimited General Obligation | ||
| 8.00%, due 10/1/36 | 1,705,000 | 1,708,334 |
| Village of Romeoville IL, Lewis University, Revenue Bonds | ||
| Series B | ||
| 4.125%, due 10/1/41 | 1,000,000 | 1,000,475 |
| Series B | ||
| 4.125%, due 10/1/46 | 2,100,000 | 2,063,316 |
| Series B | ||
| 5.00%, due 10/1/36 | 1,000,000 | 1,034,039 |
| Series B | ||
| 5.00%, due 10/1/39 | 1,275,000 | 1,313,806 |
| 1,023,071,132 | ||
| Indiana 0.3% | ||
| City of Valparaiso IN, Pratt Paper LLC Project, Revenue Bonds | ||
| 7.00%, due 1/1/44 (b) | 5,200,000 | 5,436,976 |
| Gary Chicago International Airport Authority, Revenue Bonds | ||
| 5.00%, due 2/1/29 | 1,170,000 | 1,194,760 |
| 5.25%, due 2/1/34 | 750,000 | 765,324 |
| Indiana Finance Authority, Greencroft Goshen Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/43 | 1,500,000 | 1,329,989 |
| Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds | ||
| 5.00%, due 10/1/43 | 2,000,000 | 2,084,384 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/48 | 4,750,000 | 4,897,860 |
| Series A | ||
| 5.00%, due 11/15/53 | 4,150,000 | 4,267,277 |
| Indiana Finance Authority, United States Steel Corp., Revenue Bonds | ||
| Series A | ||
| 6.75%, due 5/1/39 (b) | 1,250,000 | 1,461,595 |
| Town of Upland IN, Taylor University Project, Revenue Bonds | ||
| 4.00%, due 9/1/33 | 1,595,000 | 1,678,183 |
| 4.00%, due 9/1/39 | 2,030,000 | 2,050,608 |
| 4.00%, due 9/1/46 | 3,000,000 | 2,958,381 |
| 28,125,337 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Iowa 0.9% | ||
| City of Coralville IA, Annual Appropriation, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 5/1/37 | $ 890,000 | $ 890,000 |
| City of Coralville IA, Annual Appropriation, Tax Allocation | ||
| Series C | ||
| 4.50%, due 5/1/47 | 2,930,000 | 2,828,404 |
| City of Coralville IA, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 5/1/42 | 7,000,000 | 7,066,442 |
| Iowa Finance Authority, Lifespace Communities, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 5/15/55 | 3,500,000 | 2,732,736 |
| Iowa Finance Authority, Northcrest, Inc. , Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/1/48 | 1,500,000 | 1,501,153 |
| Iowa Finance Authority, Iowa Fertilizer Co. LLC, Revenue Bonds | ||
| 5.00%, due 12/1/50 | 22,500,000 | 23,628,780 |
| 5.00%, due 12/1/50 (f) | 2,500,000 | 2,657,465 |
| Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds | ||
| 4.00%, due 10/1/45 | 3,000,000 | 2,884,910 |
| 4.00%, due 10/1/50 | 10,750,000 | 10,153,630 |
| Iowa Tobacco Settlement Authority, Capital Appreciation, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/65 | 73,330,000 | 9,777,837 |
| Iowa Tobacco Settlement Authority, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 6/1/49 | 4,490,000 | 4,519,987 |
| State of Iowa Board of Regents, University of Iowa Hospitals & Clinics, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 9/1/61 | 8,750,000 | 6,771,754 |
| Xenia Rural Water District, Capital Loan Notes, Revenue Bonds | ||
| 5.00%, due 12/1/36 | 3,000,000 | 3,397,439 |
| 5.00%, due 12/1/41 | 3,000,000 | 3,397,439 |
| 82,207,976 | ||
| Kansas 0.2% | ||
| City of Manhattan KS, Meadowlark Hills Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/46 | 1,000,000 | 869,139 |
| Wyandotte County-Kansas City Unified Government, Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project, Revenue Bonds | ||
| (zero coupon), due 9/1/34 (a) | 55,575,000 | 16,621,599 |
| 17,490,738 | ||
| Kentucky 1.0% | ||
| City of Campbellsville KY, Campbellsville University Project, Revenue Bonds | ||
| 5.00%, due 3/1/39 | 4,480,000 | 4,242,834 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| City of Columbia KY, Lindsey Wilson College Project, Revenue Bonds | ||
| 5.00%, due 12/1/33 | $ 3,605,000 | $ 3,955,858 |
| City of Henderson KY, Pratt Paper LLC Project, Revenue Bonds (a)(b) | ||
| Series A | ||
| 4.45%, due 1/1/42 | 5,750,000 | 5,807,123 |
| Series B | ||
| 4.45%, due 1/1/42 | 9,250,000 | 9,341,894 |
| Series A | ||
| 4.70%, due 1/1/52 | 8,150,000 | 8,242,461 |
| Series B | ||
| 4.70%, due 1/1/52 | 4,350,000 | 4,399,350 |
| Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/32 | 6,200,000 | 6,502,907 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/41 | 4,175,000 | 4,316,806 |
| Series A | ||
| 5.00%, due 6/1/45 | 9,475,000 | 9,743,529 |
| Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 8/1/44 | 4,750,000 | 5,052,757 |
| Series A-2 | ||
| 5.00%, due 8/1/49 | 11,800,000 | 12,485,213 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/45 | 20,945,000 | 21,237,292 |
| Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/34 | 5,325,000 | 5,372,259 |
| 100,700,283 | ||
| Louisiana 0.2% | ||
| Calcasieu Parish Memorial Hospital Service District, Lake Charles Memorial Hospital Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 2,225,000 | 2,341,057 |
| City of New Orleans LA, Water System, Revenue Bonds | ||
| 5.00%, due 12/1/44 | 5,250,000 | 5,648,365 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Peoples of Bastrop LLC Project, Revenue Bonds | ||
| 5.625%, due 6/15/51 (a) | 2,500,000 | 2,228,858 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds | ||
| 5.00%, due 5/15/47 | 4,750,000 | 4,875,819 |
| New Orleans Aviation Board, North Terminal Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/40 (b) | 6,750,000 | 6,952,025 |
| 22,046,124 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maine 0.1% | ||
| City of Portland ME, General Airport, Green Bond, Revenue Bonds | ||
| 4.00%, due 1/1/40 | $ 1,400,000 | $ 1,377,307 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/33 | 3,575,000 | 3,685,054 |
| 5.00%, due 7/1/43 | 2,590,000 | 2,669,732 |
| 7,732,093 | ||
| Maryland 1.0% | ||
| County of Baltimore MD, Oak Crest Village, Inc. Facility, Revenue Bonds | ||
| 4.00%, due 1/1/45 | 1,750,000 | 1,775,560 |
| 4.00%, due 1/1/50 | 2,500,000 | 2,521,829 |
| County of Frederick MD, Oakdale Lake Linganore Project, Tax Allocation | ||
| 3.75%, due 7/1/39 | 1,410,000 | 1,272,139 |
| County of Frederick MD, Urbana Community Development Authority, Special Tax | ||
| Series C | ||
| 4.00%, due 7/1/50 (a) | 1,000,000 | 936,036 |
| County of Frederick MD, Mount St Mary's University, Inc., Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 9/1/37 | 3,000,000 | 3,068,695 |
| Series A | ||
| 5.00%, due 9/1/45 | 500,000 | 504,666 |
| Maryland Economic Development Corp., Port Convington Project, Tax Allocation | ||
| 3.25%, due 9/1/30 | 1,250,000 | 1,170,946 |
| 4.00%, due 9/1/50 | 4,000,000 | 3,531,658 |
| Maryland Economic Development Corp., SSA Baltimore Project, Revenue Bonds | ||
| 3.997%, due 4/1/34 | 11,635,000 | 10,219,683 |
| Maryland Economic Development Corp., Purple Line Light Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/30/52 (b) | 35,000,000 | 38,225,779 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/51 | 20,310,000 | 19,459,982 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/51 | 1,000,000 | 911,353 |
| 4.00%, due 6/1/55 | 1,000,000 | 903,817 |
| Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/38 | 1,000,000 | 1,074,320 |
| Series A | ||
| 5.00%, due 7/1/48 | 3,000,000 | 3,196,679 |
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 4,000,000 | 4,071,174 |
| Maryland Health & Higher Educational Facilities Authority, Green Street Academy Inc., Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 7/1/37 | 1,260,000 | 1,271,645 |
| Series A | ||
| 5.375%, due 7/1/52 | 1,530,000 | 1,535,487 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maryland | ||
| Maryland Health & Higher Educational Facilities Authority, Edenwald Issue, Revenue Bonds | ||
| 5.25%, due 1/1/37 | $ 1,000,000 | $ 1,041,568 |
| 96,693,016 | ||
| Massachusetts 1.0% | ||
| Massachusetts Development Finance Agency, Seven Hills Foundation Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/34 | 1,000,000 | 1,001,485 |
| Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/44 | 17,350,000 | 16,859,118 |
| Massachusetts Development Finance Agency, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 11/1/51 | 1,355,000 | 1,288,703 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (a) | ||
| 5.00%, due 11/15/33 | 3,000,000 | 3,221,513 |
| 5.125%, due 11/15/46 | 5,700,000 | 6,023,451 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (a) | ||
| Series G | ||
| 5.00%, due 7/15/35 | 270,000 | 282,131 |
| Series G | ||
| 5.00%, due 7/15/36 | 235,000 | 245,051 |
| Series G | ||
| 5.00%, due 7/15/37 | 245,000 | 254,787 |
| Series G | ||
| 5.00%, due 7/15/46 | 1,100,000 | 1,116,487 |
| Massachusetts Development Finance Agency, Western New England University, Revenue Bonds | ||
| 5.00%, due 9/1/40 | 1,325,000 | 1,367,221 |
| 5.00%, due 9/1/45 | 1,175,000 | 1,206,919 |
| Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds | ||
| 5.00%, due 5/1/41 | 2,750,000 | 2,875,800 |
| Massachusetts Development Finance Agency, Ascentria Care Alliance Project, Revenue Bonds | ||
| 5.00%, due 7/1/41 (a) | 3,925,000 | 3,656,559 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/43 | 2,000,000 | 1,911,082 |
| 5.00%, due 10/1/48 | 7,750,000 | 7,254,689 |
| 5.00%, due 10/1/54 | 15,600,000 | 14,384,281 |
| Massachusetts Development Finance Agency, Boston Medical Center, Green Bond, Revenue Bonds | ||
| 5.00%, due 7/1/44 | 1,000,000 | 1,039,815 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds | ||
| Series L | ||
| 5.00%, due 7/1/44 | 8,205,000 | 8,695,676 |
| Series I | ||
| 5.00%, due 7/1/46 | 2,000,000 | 2,094,539 |
| Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/48 | 10,165,000 | 10,105,563 |
| Massachusetts Development Finance Agency, North Hill Communities Inc., Revenue Bonds | ||
| Series A | ||
| 6.50%, due 11/15/43 (a) | 2,000,000 | 2,121,683 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Massachusetts | ||
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds (b) | ||
| Series B | ||
| 2.00%, due 7/1/37 | $ 3,600,000 | $ 3,290,893 |
| Series C | ||
| 3.00%, due 7/1/51 | 4,000,000 | 3,016,200 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 3.00%, due 7/1/35 (b) | 1,580,000 | 1,587,162 |
| 94,900,808 | ||
| Michigan 2.2% | ||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
| 5.00%, due 2/15/41 | 3,260,000 | 3,364,720 |
| 5.00%, due 2/15/47 | 3,000,000 | 3,075,245 |
| Chandler Park Academy, Revenue Bonds | ||
| 5.125%, due 11/1/30 | 1,050,000 | 1,050,383 |
| 5.125%, due 11/1/35 | 605,000 | 605,102 |
| City of Detroit MI, Unlimited General Obligation | ||
| Insured: AMBAC | ||
| 4.60%, due 4/1/24 | 20,150 | 19,987 |
| 5.00%, due 4/1/27 | 850,000 | 924,538 |
| 5.00%, due 4/1/31 | 1,000,000 | 1,075,276 |
| 5.00%, due 4/1/33 | 1,200,000 | 1,278,344 |
| 5.00%, due 4/1/35 | 1,000,000 | 1,057,180 |
| 5.00%, due 4/1/37 | 1,100,000 | 1,158,108 |
| 5.00%, due 4/1/38 | 850,000 | 893,014 |
| Insured: AMBAC | ||
| 5.25%, due 4/1/24 | 45,725 | 45,726 |
| 5.50%, due 4/1/45 | 1,100,000 | 1,194,920 |
| 5.50%, due 4/1/50 | 2,070,000 | 2,237,190 |
| City of Detroit MI, Water Supply System, Revenue Bonds, Second Lien | ||
| Series B, Insured: NATL-RE | ||
| 5.00%, due 7/1/34 | 10,000 | 10,027 |
| Detroit Service Learning Academy, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,930,000 | 1,836,529 |
| 4.00%, due 7/1/41 | 3,850,000 | 3,260,723 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 6/1/45 | 48,800,000 | 10,684,687 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B-2, Class 2 | ||
| (zero coupon), due 6/1/65 | 118,650,000 | 13,054,087 |
| Series A, Class 1 | ||
| 4.00%, due 6/1/49 | 6,750,000 | 6,398,235 |
| Michigan Finance Authority, Calvin University Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/46 | 4,720,000 | 4,584,034 |
| Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
| 4.00%, due 11/1/48 | 6,750,000 | 6,775,458 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan Finance Authority, Henry Ford Health System, Revenue Bonds | ||
| 4.00%, due 11/15/50 | $ 4,995,000 | $ 4,860,145 |
| Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/34 | 1,000,000 | 1,065,741 |
| Series C | ||
| 5.00%, due 7/1/35 | 2,000,000 | 2,129,745 |
| Michigan Finance Authority, Local Government Loan Program, Revenue Bonds | ||
| Series D-4 | ||
| 5.00%, due 7/1/34 | 1,000,000 | 1,042,973 |
| Michigan Finance Authority, College for Creative Studies, Revenue Bonds | ||
| 5.00%, due 12/1/36 | 1,000,000 | 1,011,194 |
| 5.00%, due 12/1/40 | 1,700,000 | 1,715,980 |
| 5.00%, due 12/1/45 | 4,450,000 | 4,482,617 |
| Michigan Finance Authority, Lawrence Technological University, Revenue Bonds | ||
| 5.00%, due 2/1/37 | 1,550,000 | 1,597,201 |
| 5.25%, due 2/1/32 | 3,600,000 | 3,789,665 |
| Michigan Finance Authority, Local Government Loan Program, Public Lightning Local Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/44 | 4,000,000 | 4,083,328 |
| Michigan Finance Authority, Landmark Academy, Revenue Bonds | ||
| 5.00%, due 6/1/45 | 2,920,000 | 2,727,644 |
| Michigan Finance Authority, Presbyterian Villages of Michigan Obligated Group, Revenue Bonds | ||
| 5.50%, due 11/15/45 | 1,025,000 | 1,027,346 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
| 5.75%, due 11/1/40 | 2,630,000 | 2,734,493 |
| Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds | ||
| 5.90%, due 7/15/46 (a) | 1,955,000 | 1,639,594 |
| Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds | ||
| Series A, Insured: AMBAC | ||
| 4.50%, due 5/1/31 | 305,000 | 302,588 |
| Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/42 | 6,015,000 | 6,074,590 |
| Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds | ||
| 5.00%, due 12/31/43 (b) | 18,930,000 | 19,284,525 |
| Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/46 | 284,930,000 | 34,231,519 |
| Series B | ||
| (zero coupon), due 6/1/52 | 23,420,000 | 2,779,591 |
| Series C | ||
| (zero coupon), due 6/1/58 | 955,750,000 | 43,737,987 |
| Richfield Public School Academy, Revenue Bonds | ||
| 4.00%, due 9/1/30 | 750,000 | 713,810 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
| 4.00%, due 11/1/41 | 2,875,000 | 2,577,912 |
| 208,193,701 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Minnesota 1.0% | ||
| City of Crookston MN, Riverview Healthcare Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 | $ 4,000,000 | $ 3,906,428 |
| City of Forest Lake MN, Lakes International Language Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 8/1/50 | 1,250,000 | 1,289,294 |
| City of Ham Lake MN, Parnassus Preparatory School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/47 | 3,500,000 | 3,510,349 |
| City of Independence MN, Global Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 1,400,000 | 1,172,096 |
| Series A | ||
| 4.00%, due 7/1/56 | 1,080,000 | 884,757 |
| City of Minneapolis MN, Twin Cities International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 (a) | 3,835,000 | 3,854,327 |
| City of Rochester MN, Samaritan Bethany, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/48 | 2,000,000 | 1,896,944 |
| City of St Paul MN, Healtheast Care System Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/29 | 1,745,000 | 1,911,101 |
| Series A | ||
| 5.00%, due 11/15/40 | 1,775,000 | 1,943,957 |
| Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/53 | 15,550,000 | 16,293,038 |
| Series A | ||
| 5.25%, due 2/15/58 | 44,405,000 | 46,847,382 |
| Duluth Economic Development Authority, St. Luke's Hospital of Duluth, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/15/42 | 4,000,000 | 4,259,591 |
| Series B | ||
| 5.25%, due 6/15/47 | 3,000,000 | 3,174,171 |
| Series B | ||
| 5.25%, due 6/15/52 | 5,000,000 | 5,260,047 |
| Duluth Economic Development Authority, Cambia Hills of Bethel Project, Revenue Bonds | ||
| 5.625%, due 12/1/55 (d)(e)(g) | 6,000,000 | 1,440,000 |
| 97,643,482 | ||
| Mississippi 0.1% | ||
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Revenue Bonds | ||
| 2.375%, due 6/1/44 | 7,750,000 | 5,589,949 |
| Missouri 0.4% | ||
| Branson Industrial Development Authority, Tax Increment, Branson Landing-Retail Project, Tax Allocation | ||
| 5.50%, due 6/1/29 | 3,055,000 | 2,906,094 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri | ||
| Cape Girardeau County Industrial Development Authority, Southeast Health, Revenue Bonds | ||
| 4.00%, due 3/1/41 | $ 2,225,000 | $ 2,087,526 |
| City of Lees Summit MO, Department of Airports, Summit Fair Project, Tax Allocation | ||
| 4.875%, due 11/1/37 (a) | 3,045,000 | 2,871,628 |
| Health & Educational Facilities Authority of the State of Missouri, Maryville University of St. Louis, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 | 3,300,000 | 3,242,258 |
| Series A | ||
| 5.00%, due 6/15/45 | 3,520,000 | 3,705,538 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project, Revenue Bonds | ||
| 4.00%, due 2/1/42 | 3,750,000 | 3,540,769 |
| Health & Educational Facilities Authority of the State of Missouri, AT Still University of Health Sciences, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/43 | 1,125,000 | 1,140,001 |
| Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System, Revenue Bonds | ||
| 4.00%, due 2/15/51 | 2,125,000 | 1,934,889 |
| Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Revenue Bonds | ||
| 5.00%, due 11/1/40 | 2,000,000 | 1,968,985 |
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation | ||
| Series B | ||
| 5.00%, due 2/1/40 (a) | 4,700,000 | 4,096,818 |
| Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment | ||
| 5.00%, due 5/1/35 | 955,000 | 909,894 |
| 6.00%, due 5/1/42 | 2,800,000 | 2,693,293 |
| Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/15/49 | 7,500,000 | 6,988,467 |
| St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 8/15/45 | 1,900,000 | 1,859,453 |
| St. Louis Land Clearance for Redevelopment Authority, Scottrade Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/48 | 3,250,000 | 3,513,719 |
| 43,459,332 | ||
| Montana 0.2% | ||
| County of Gallatin MT, Bozeman Fiber Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 10/15/41 | 3,000,000 | 2,561,220 |
| Series A | ||
| 4.00%, due 10/15/51 | 4,000,000 | 3,149,509 |
| Montana Facility Finance Authority, Montana Children's Home and Hospital, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/50 | 9,750,000 | 8,967,860 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/48 | 5,515,000 | 5,759,529 |
| 20,438,118 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Nevada 0.3% | ||
| City of Reno NV, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds | ||
| Series C | ||
| (zero coupon), due 7/1/58 (a) | $ 15,500,000 | $ 2,117,977 |
| City of Reno NV, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds, First Lien | ||
| Series A | ||
| 4.00%, due 6/1/43 | 2,500,000 | 2,511,272 |
| City of Reno NV, Sales Tax, Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 7/1/58 (a) | 9,000,000 | 900,293 |
| Las Vegas Convention & Visitors Authority, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/39 | 4,460,000 | 4,529,657 |
| Series B | ||
| 4.00%, due 7/1/40 | 4,390,000 | 4,452,696 |
| Las Vegas Redevelopment Agency, Tax Allocation | ||
| 5.00%, due 6/15/45 | 2,750,000 | 2,861,368 |
| State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 12/15/38 | 1,000,000 | 1,015,477 |
| Series A | ||
| 5.00%, due 12/15/48 | 3,465,000 | 3,491,485 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 2,000,000 | 2,125,269 |
| 5.00%, due 7/1/40 | 2,500,000 | 2,610,922 |
| 26,616,416 | ||
| New Hampshire 0.2% | ||
| Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds | ||
| Series B, Insured: ACA | ||
| (zero coupon), due 1/1/26 | 1,995,000 | 1,745,036 |
| Manchester Housing and Redevelopment Authority, Inc., Meals & Rooms Tax, Revenue Bonds | ||
| Series B, Insured: ACA | ||
| (zero coupon), due 1/1/27 | 2,380,000 | 1,993,100 |
| New Hampshire Business Finance Authority, Springpoint Senior Living Project, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 4,175,000 | 3,968,621 |
| 4.00%, due 1/1/51 | 3,600,000 | 3,251,359 |
| New Hampshire Business Finance Authority, Ascentria Care Alliance Project, Revenue Bonds (a) | ||
| 5.00%, due 7/1/51 | 2,000,000 | 1,813,126 |
| 5.00%, due 7/1/56 | 910,000 | 807,385 |
| New Hampshire Business Finance Authority, The Vista Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 7/1/54 (a) | 1,500,000 | 1,500,657 |
| New Hampshire Health and Education Facilities Authority Act, Catholic Medical Center, Revenue Bonds | ||
| 5.00%, due 7/1/44 | 3,000,000 | 3,130,010 |
| New Hampshire Health and Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds | ||
| 5.00%, due 10/1/46 | 1,800,000 | 1,857,557 |
| 20,066,851 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey 4.0% | ||
| Camden County Improvement Authority (The), Camden School Prep Project, Revenue Bonds | ||
| 5.00%, due 7/15/52 (a) | $ 2,000,000 | $ 2,042,299 |
| City of Atlantic City NJ, Unlimited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 11/1/26 | 805,000 | 809,965 |
| Essex County Improvement Authority, New Jersey Institute of Technology, NIJIT Student Housing Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/51 | 1,500,000 | 1,508,431 |
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/60 | 2,250,000 | 2,262,222 |
| Essex County Improvement Authority, North Star Academy Charter School of New York Inc. Project, Revenue Bonds (a) | ||
| 4.00%, due 7/15/60 | 11,955,000 | 10,369,725 |
| Series A | ||
| 4.00%, due 8/1/60 | 3,755,000 | 3,256,935 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharge, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/34 | 1,000,000 | 1,016,634 |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/39 | 2,000,000 | 2,004,204 |
| Series A | ||
| 4.00%, due 11/1/44 | 11,250,000 | 11,129,746 |
| Series A | ||
| 5.00%, due 11/1/35 | 9,750,000 | 10,701,074 |
| Series A | ||
| 5.00%, due 11/1/36 | 3,500,000 | 3,824,253 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
| Series QQQ | ||
| 4.00%, due 6/15/50 | 7,715,000 | 7,502,073 |
| Series LLL | ||
| 5.00%, due 6/15/44 | 1,000,000 | 1,069,017 |
| Series LLL | ||
| 5.00%, due 6/15/49 | 6,840,000 | 7,274,067 |
| New Jersey Economic Development Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/33 | 1,765,000 | 1,888,394 |
| New Jersey Economic Development Authority, Provident Group-Kean Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 500,000 | 501,548 |
| Series A | ||
| 5.00%, due 1/1/50 | 3,100,000 | 3,001,020 |
| New Jersey Economic Development Authority, State Government Buildings Project, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/15/42 | 8,960,000 | 9,514,579 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
| 5.00%, due 10/1/47 (b) | 9,750,000 | 10,131,072 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Economic Development Authority, Provident Group-Rowan Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | $ 12,110,000 | $ 11,447,171 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (b) | ||
| 5.125%, due 1/1/34 | 3,000,000 | 3,067,774 |
| Insured: AGM | ||
| 5.125%, due 7/1/42 | 1,705,000 | 1,742,858 |
| 5.375%, due 1/1/43 | 2,000,000 | 2,042,682 |
| New Jersey Economic Development Authority, UMM Energy Partners LLC, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 6/15/43 (b) | 2,000,000 | 2,002,014 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 5.625%, due 11/15/30 (b) | 13,585,000 | 14,037,159 |
| New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds | ||
| 6.00%, due 10/1/43 | 2,055,000 | 2,112,786 |
| New Jersey Educational Facilities Authority, St Elizabeth University, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 7/1/46 | 2,190,000 | 2,191,445 |
| New Jersey Health Care Facilities Financing Authority, University Hospital, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 7/1/46 | 3,750,000 | 3,870,522 |
| New Jersey Health Care Facilities Financing Authority, St. Peter's University Hospital, Revenue Bonds | ||
| 5.75%, due 7/1/37 | 2,470,000 | 2,473,489 |
| 6.25%, due 7/1/35 | 2,725,000 | 2,730,596 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
| Series 2020AA | ||
| 4.00%, due 6/15/36 | 2,750,000 | 2,811,788 |
| Series 2020AA | ||
| 4.00%, due 6/15/39 | 11,500,000 | 11,653,578 |
| Series AA | ||
| 4.00%, due 6/15/45 | 34,455,000 | 34,249,204 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series BB | ||
| 4.00%, due 6/15/40 | 11,700,000 | 11,827,607 |
| Series BB | ||
| 4.00%, due 6/15/41 | 11,800,000 | 11,900,786 |
| Series BB | ||
| 4.00%, due 6/15/42 | 12,450,000 | 12,521,732 |
| Series BB | ||
| 4.00%, due 6/15/50 | 7,245,000 | 7,184,535 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 | 3,000,000 | 3,026,753 |
| Series BB | ||
| 4.00%, due 6/15/46 | 8,610,000 | 8,557,234 |
| Series BB | ||
| 4.00%, due 6/15/50 | 22,355,000 | 22,168,430 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||
| Series AA | ||
| 5.00%, due 6/15/50 | $ 9,270,000 | $ 9,916,117 |
| New Jersey Turnpike Authority, Revenue Bonds | ||
| Series E | ||
| 5.00%, due 1/1/45 | 8,580,000 | 8,992,445 |
| South Jersey Port Corp., Marine Terminal, Revenue Bonds (b) | ||
| Series B | ||
| 5.00%, due 1/1/42 | 16,150,000 | 16,713,511 |
| Series B | ||
| 5.00%, due 1/1/48 | 10,460,000 | 10,769,080 |
| South Jersey Port Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/49 | 12,155,000 | 12,824,839 |
| South Jersey Transportation Authority, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 11/1/50 | 24,400,000 | 24,426,598 |
| Series A | ||
| 5.00%, due 11/1/39 | 500,000 | 510,872 |
| Series A | ||
| 5.00%, due 11/1/45 | 10,250,000 | 10,917,511 |
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/46 | 5,175,000 | 5,405,891 |
| Series B | ||
| 5.00%, due 6/1/46 | 19,300,000 | 19,689,677 |
| 5.25%, due 6/1/46 | 4,790,000 | 5,070,280 |
| 388,664,222 | ||
| New Mexico 0.1% | ||
| New Mexico Hospital Equipment Loan Council, Improvement and Refunding, Gerald Champion, Revenue Bonds | ||
| Series 2012A | ||
| 5.50%, due 7/1/42 | 7,000,000 | 7,015,359 |
| New York 8.8% | ||
| Brooklyn Arena Local Development Corp., Barclays Center Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 7/15/43 | 2,135,000 | 1,718,152 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 1,500,000 | 1,545,637 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 (a) | 1,225,000 | 1,228,563 |
| Build NYC Resource Corp., Hellenic Classical Charter Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/51 (a) | 2,125,000 | 2,150,051 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| City of New Rochelle NY, Iona College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | $ 3,455,000 | $ 3,571,004 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 (a) | 6,700,000 | 6,849,064 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | 38,000,000 | 8,309,760 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/52 | 7,000,000 | 7,430,643 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/27 | 5,750,000 | 5,579,931 |
| Series A | ||
| 5.25%, due 7/1/56 | 3,160,000 | 2,890,233 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/42 | 2,075,000 | 1,877,653 |
| Series A | ||
| 4.00%, due 11/1/47 | 1,530,000 | 1,342,653 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/15/45 | 31,750,000 | 30,812,623 |
| Series E | ||
| 4.00%, due 11/15/45 | 26,925,000 | 26,167,568 |
| Series A-1 | ||
| 4.00%, due 11/15/46 | 21,445,000 | 20,748,507 |
| Series A-1 | ||
| 4.00%, due 11/15/46 | 10,000,000 | 9,675,219 |
| Series A-1 | ||
| 4.00%, due 11/15/49 | 35,565,000 | 34,291,403 |
| 4.00%, due 11/15/50 | 5,315,000 | 5,117,610 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/50 | 8,550,000 | 8,416,892 |
| Series A-1 | ||
| 4.00%, due 11/15/50 | 800,000 | 770,289 |
| Series A-1 | ||
| 4.00%, due 11/15/52 | 13,880,000 | 13,334,624 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/54 | 20,285,000 | 19,857,873 |
| Series A-2 | ||
| 5.00%, due 11/15/27 | 3,150,000 | 3,442,185 |
| Series B | ||
| 5.00%, due 11/15/28 | 1,190,000 | 1,315,239 |
| Series C | ||
| 5.00%, due 11/15/42 | 5,120,000 | 5,407,331 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/45 | $ 25,400,000 | $ 26,898,476 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series D-1 | ||
| 5.00%, due 9/1/22 | 4,750,000 | 4,763,608 |
| Series F | ||
| 5.00%, due 11/15/22 | 16,900,000 | 17,063,521 |
| Series A-1 | ||
| 5.00%, due 2/1/23 | 9,750,000 | 9,902,526 |
| Series D | ||
| 5.00%, due 11/15/27 | 2,055,000 | 2,245,958 |
| Series B | ||
| 5.00%, due 11/15/40 | 14,750,000 | 15,247,485 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | 3,000,000 | 2,679,901 |
| MTA Hudson Rail Yards Trust Obligations, Election 2016, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/56 | 7,150,000 | 7,358,937 |
| Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | 2,075,000 | 2,039,214 |
| Series A-3 | ||
| 5.125%, due 6/1/46 | 12,855,000 | 12,854,620 |
| New York City Educational Construction Fund, Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 5.00%, due 4/1/52 | 5,035,000 | 5,575,934 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/46 | 12,615,000 | 10,461,468 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 3/1/49 | 1,750,000 | 1,388,768 |
| Series A, Insured: AGM-CR | ||
| 3.00%, due 3/1/49 | 17,800,000 | 14,125,751 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series E-1 | ||
| 4.00%, due 2/1/49 | 59,635,000 | 60,109,999 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 10,000,000 | 2,944,768 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | 2,500,000 | 980,662 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 14,750,000 | 12,160,438 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 11/15/51 | $ 9,250,000 | $ 7,468,139 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds (a) | ||
| Class 1 | ||
| 5.00%, due 11/15/44 | 20,950,000 | 21,094,444 |
| Class 2 | ||
| 5.15%, due 11/15/34 | 4,150,000 | 4,232,096 |
| Class 2 | ||
| 5.375%, due 11/15/40 | 6,200,000 | 6,329,673 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/15/49 | 9,750,000 | 8,293,626 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/37 | 3,250,000 | 3,112,178 |
| Series A | ||
| 4.00%, due 8/1/38 | 1,750,000 | 1,667,922 |
| Series A | ||
| 5.00%, due 8/1/32 | 3,935,000 | 4,112,839 |
| Series A | ||
| 5.00%, due 8/1/35 | 2,350,000 | 2,435,205 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/50 | 8,550,000 | 8,460,312 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/29 | 1,000,000 | 1,076,675 |
| 5.00%, due 12/1/30 | 1,200,000 | 1,285,651 |
| New York State Dormitory Authority, Touro College and University System Obligated Group, Revenue Bonds | ||
| 5.00%, due 1/1/47 | 8,750,000 | 8,888,966 |
| New York State Thruway Authority, State of New York Personal Income Tax, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 3/15/48 | 8,600,000 | 7,312,348 |
| Series A-1 | ||
| 3.00%, due 3/15/51 | 43,645,000 | 36,501,440 |
| New York State Thruway Authority, Personal Income Tax, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 3/15/54 | 15,075,000 | 15,025,877 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 3/15/43 | 6,250,000 | 6,332,592 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.375%, due 10/1/45 | 47,160,000 | 46,381,436 |
| 5.00%, due 10/1/35 | 27,610,000 | 29,118,434 |
| 5.00%, due 10/1/40 | 24,880,000 | 25,925,634 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (b) | ||
| 5.00%, due 12/1/35 | 18,500,000 | 20,104,316 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (b) | ||
| 5.00%, due 12/1/36 | $ 10,000,000 | $ 10,836,877 |
| 5.00%, due 12/1/38 | 2,990,000 | 3,221,978 |
| 5.00%, due 12/1/40 | 17,510,000 | 18,732,075 |
| 5.00%, due 12/1/41 | 18,500,000 | 19,738,403 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| 5.25%, due 8/1/31 | 4,475,000 | 4,801,314 |
| 5.375%, due 8/1/36 | 6,220,000 | 6,803,820 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/50 (b) | 34,360,000 | 35,512,331 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 12/1/40 | 3,755,000 | 3,320,524 |
| Series A, Insured: AGM | ||
| 3.00%, due 12/1/44 | 6,500,000 | 5,529,710 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,430,000 | 1,431,087 |
| Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
| Series 223 | ||
| 4.00%, due 7/15/46 | 6,445,000 | 6,425,537 |
| Series 223 | ||
| 4.00%, due 7/15/51 | 5,920,000 | 5,825,451 |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
| Series A | ||
| 7.00%, due 8/1/43 | 1,500,000 | 1,547,309 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (a) | 13,000,000 | 2,091,723 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 4.00%, due 12/1/45 | 815,000 | 762,061 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 55,140,000 | 7,105,192 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series 2014A | ||
| 5.00%, due 7/1/44 | 915,000 | 941,022 |
| Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Revenue Bonds, Senior Lien | ||
| Series C-3 | ||
| 3.00%, due 5/15/51 | 9,000,000 | 7,451,686 |
| Westchester County Local Development Corp., Pace University, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 5/1/42 | 5,955,000 | 6,109,940 |
| 846,000,584 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina 0.7% | ||
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Revenue Bonds | ||
| 5.00%, due 6/30/54 (b) | $ 9,750,000 | $ 9,865,829 |
| North Carolina Medical Care Commission, The Forest at Duke Project, Revenue Bonds | ||
| 4.00%, due 9/1/41 | 1,320,000 | 1,302,610 |
| 4.00%, due 9/1/46 | 1,585,000 | 1,532,552 |
| 4.00%, due 9/1/51 | 500,000 | 476,822 |
| North Carolina Medical Care Commission, Plantation Village, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/52 | 3,500,000 | 3,194,746 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/47 | 3,850,000 | 4,110,166 |
| North Carolina Medical Care Commission, Pines at Davidson Project (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/49 | 4,250,000 | 4,425,499 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AGM | ||
| 3.00%, due 1/1/42 | 2,800,000 | 2,443,820 |
| 5.00%, due 1/1/49 | 24,400,000 | 25,585,684 |
| Insured: AGM | ||
| 5.00%, due 1/1/49 | 4,750,000 | 5,297,262 |
| North Carolina Turnpike Authority, Monroe Expressway Toll, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/54 | 9,750,000 | 10,029,144 |
| 68,264,134 | ||
| North Dakota 0.5% | ||
| City of Grand Forks ND, Altru Health System Obligated Group, Revenue Bonds | ||
| Insured: AGM | ||
| 3.00%, due 12/1/51 | 5,250,000 | 4,212,076 |
| 4.00%, due 12/1/51 | 3,955,000 | 3,692,449 |
| County of Cass ND, Essentia Health Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 2/15/53 | 9,250,000 | 9,824,582 |
| County of Ward ND, Trinity Health Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/53 | 27,940,000 | 28,693,751 |
| 46,422,858 | ||
| Ohio 4.9% | ||
| Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds | ||
| 5.25%, due 11/15/46 | 20,225,000 | 21,193,484 |
| American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds | ||
| 4.00%, due 2/15/39 | 17,795,000 | 18,203,607 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A-2, Class 1 | ||
| 4.00%, due 6/1/48 | 1,500,000 | 1,448,321 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series B-2, Class 2 | ||
| 5.00%, due 6/1/55 | $ 186,215,000 | $ 186,214,572 |
| Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds | ||
| 4.00%, due 8/1/44 | 12,420,000 | 12,243,706 |
| Cleveland-Cuyahoga County Port Authority, Centers for Dialysis Care Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/42 | 4,955,000 | 5,094,509 |
| Series A | ||
| 5.00%, due 12/1/47 | 1,435,000 | 1,462,872 |
| Cleveland-Cuyahoga County Port Authority, Starwood Wasserman University Heights Holding LLC, Revenue Bonds (d)(e)(g) | ||
| Series A | ||
| 7.00%, due 12/1/18 | 710,000 | 184,600 |
| Series A | ||
| 7.35%, due 12/1/31 | 6,000,000 | 1,560,000 |
| County of Cuyahoga OH, MetroHealth System (The), Revenue Bonds | ||
| 4.75%, due 2/15/47 | 1,440,000 | 1,442,080 |
| 5.00%, due 2/15/37 | 5,100,000 | 5,299,083 |
| 5.00%, due 2/15/52 | 7,885,000 | 8,058,598 |
| 5.00%, due 2/15/57 | 8,360,000 | 8,519,990 |
| 5.50%, due 2/15/57 | 32,930,000 | 34,434,430 |
| County of Cuyahoga OH, MetroHealth System, Revenue Bonds | ||
| 5.50%, due 2/15/52 | 550,000 | 576,740 |
| County of Hamilton OH, Life Enriching Communities Project, Revenue Bonds | ||
| 5.00%, due 1/1/42 | 1,080,000 | 1,080,654 |
| 5.00%, due 1/1/46 | 2,090,000 | 2,096,408 |
| County of Lucas OH, Promedica Healthcare Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 11/15/48 | 50,600,000 | 49,632,756 |
| County of Montgomery OH, Kettering Health Network Obligated Group, Revenue Bonds | ||
| 4.00%, due 8/1/51 | 3,265,000 | 3,229,009 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds | ||
| 5.00%, due 12/1/51 | 4,250,000 | 4,353,159 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Revenue Bonds | ||
| Series A | ||
| 3.25%, due 9/1/29 | 1,500,000 | 1,463,899 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
| 4.50%, due 1/15/48 (a)(b) | 10,310,000 | 10,379,168 |
| Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 4,750,000 | 3,789,897 |
| 5.00%, due 11/1/44 | 750,000 | 730,441 |
| Ohio Higher Educational Facility Commission, University of Findlay (The), Revenue Bonds | ||
| 5.00%, due 3/1/39 | 1,675,000 | 1,726,413 |
| 5.00%, due 3/1/44 | 9,360,000 | 9,570,934 |
| Ohio Higher Educational Facility Commission, Menorah Park Obligated Group, Revenue Bonds | ||
| 5.25%, due 1/1/48 | 4,045,000 | 3,341,853 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| Ohio Higher Educational Facility Commission, Cleveland Institute of Art (The), Revenue Bonds | ||
| 5.25%, due 12/1/48 | $ 1,000,000 | $ 1,016,606 |
| 5.50%, due 12/1/53 | 1,215,000 | 1,248,192 |
| State of Ohio, University Hospitals Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/15/50 | 52,375,000 | 51,575,302 |
| Toledo-Lucas County Port Authority, University of Toledo Parking Project, Revenue Bonds | ||
| 4.00%, due 1/1/57 | 6,250,000 | 5,289,376 |
| Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 1,400,000 | 1,418,265 |
| Series A | ||
| 5.00%, due 7/1/39 | 2,000,000 | 2,016,509 |
| Series A | ||
| 5.00%, due 7/1/46 | 9,540,000 | 9,582,889 |
| 469,478,322 | ||
| Oklahoma 0.1% | ||
| Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/37 | 2,215,000 | 2,149,196 |
| 5.00%, due 9/1/37 | 3,500,000 | 3,630,600 |
| Oklahoma Development Finance Authority, Provident Oklahoma Education Resources, Inc. Cross Village Student Housing Project, Revenue Bonds (d)(e) | ||
| Series A | ||
| 5.00%, due 8/1/47 | 6,525,171 | 6,525 |
| Series A | ||
| 5.25%, due 8/1/57 | 8,192,966 | 8,193 |
| Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds | ||
| 5.25%, due 11/15/45 | 1,250,000 | 1,301,336 |
| 7,095,850 | ||
| Oregon 0.1% | ||
| Astoria Hospital Facilities Authority, Columbia Memorial Hospital Obligated Group, Revenue Bonds | ||
| 3.50%, due 8/1/42 | 845,000 | 776,762 |
| County of Yamhill OR, George Fox University Project, Revenue Bonds | ||
| 4.00%, due 12/1/51 | 3,200,000 | 3,116,180 |
| Medford Hospital Facilities Authority, Rogue Valley Manor, Revenue Bonds | ||
| Series 2013A | ||
| 5.00%, due 10/1/42 | 4,355,000 | 4,427,147 |
| Oregon State Facilities Authority, Samaritan Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/46 | 190,000 | 212,682 |
| Series A | ||
| 5.00%, due 10/1/46 | 2,810,000 | 2,908,913 |
| Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/48 (a) | 1,560,000 | 1,517,725 |
| 12,959,409 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania 4.5% | ||
| Allegheny County Airport Authority, Revenue Bonds (b) | ||
| Series A, Insured: AGM | ||
| 4.00%, due 1/1/46 | $ 6,525,000 | $ 6,484,621 |
| Series A, Insured: AGM-CR | ||
| 4.00%, due 1/1/56 | 34,650,000 | 33,725,711 |
| Series A | ||
| 5.00%, due 1/1/51 | 10,250,000 | 10,949,365 |
| Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/44 | 16,100,000 | 16,010,267 |
| Allegheny County Industrial Development Authority, Urban Academy of Greater Pittsburgh Charter School, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 (a) | 1,895,000 | 1,658,843 |
| Allegheny County Industrial Development Authority, Propel Charter School - Sunrise, Revenue Bonds | ||
| 6.00%, due 7/15/38 | 3,100,000 | 3,171,056 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (a) | ||
| 5.00%, due 5/1/42 | 14,950,000 | 15,442,057 |
| 5.00%, due 5/1/42 | 6,565,000 | 6,748,597 |
| 5.125%, due 5/1/32 | 4,300,000 | 4,505,847 |
| 5.25%, due 5/1/42 | 1,110,000 | 1,171,824 |
| 5.375%, due 5/1/42 | 4,225,000 | 4,394,893 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
| 5.00%, due 5/1/42 | 3,500,000 | 3,771,101 |
| 6.00%, due 5/1/42 (a) | 4,500,000 | 4,869,311 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
| 4.00%, due 7/1/46 | 10,150,000 | 8,395,501 |
| 5.00%, due 7/1/40 | 3,155,000 | 3,215,962 |
| Cambria County General Financing Authority, St. Francis University, Revenue Bonds | ||
| Series TT5 | ||
| 4.00%, due 4/1/46 | 2,035,000 | 1,854,211 |
| Chambersburg Area Municipal Authority, Wilson College, Revenue Bonds | ||
| 5.50%, due 10/1/33 | 1,230,000 | 1,279,731 |
| 5.75%, due 10/1/38 | 3,450,000 | 3,594,122 |
| 5.75%, due 10/1/43 | 2,290,000 | 2,375,513 |
| Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment | ||
| 5.125%, due 3/1/48 (a) | 944,000 | 953,304 |
| City of Erie PA Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds (a) | ||
| 5.00%, due 9/15/27 | 115,000 | 128,608 |
| 5.00%, due 9/15/27 | 705,000 | 726,368 |
| 5.00%, due 9/15/28 | 120,000 | 134,200 |
| 5.00%, due 9/15/28 | 740,000 | 761,300 |
| 5.00%, due 9/15/29 | 25,000 | 27,958 |
| 5.00%, due 9/15/29 | 150,000 | 153,930 |
| 5.00%, due 9/15/37 | 640,000 | 715,734 |
| 5.00%, due 9/15/37 | 3,700,000 | 3,714,817 |
| City of Harrisburg PA, Capital Appreciation, Unlimited General Obligation | ||
| Series F, Insured: AMBAC | ||
| (zero coupon), due 9/15/22 | 545,000 | 541,563 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 6/1/39 | $ 13,700,000 | $ 13,865,828 |
| Cumberland County Municipal Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 195,000 | 227,126 |
| Series A | ||
| 5.00%, due 1/1/39 | 1,805,000 | 1,912,448 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (a) | ||
| 5.00%, due 10/15/34 | 5,850,000 | 5,967,633 |
| 5.125%, due 10/15/41 | 4,700,000 | 4,777,901 |
| 5.875%, due 10/15/40 | 3,700,000 | 3,986,929 |
| 6.25%, due 10/15/53 | 9,250,000 | 10,018,081 |
| Delaware County Authority, Cabrini University, Revenue Bonds | ||
| 5.00%, due 7/1/42 | 1,405,000 | 1,414,033 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 375,000 | 370,268 |
| 5.00%, due 12/1/49 | 1,020,000 | 974,595 |
| General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 6.00%, due 7/15/38 | 2,930,000 | 3,111,660 |
| Series A | ||
| 6.50%, due 7/15/48 | 4,200,000 | 4,507,395 |
| Huntingdon County General Authority, AICUP Financing Program, Revenue Bonds | ||
| Series OO2 | ||
| 5.00%, due 5/1/46 | 4,005,000 | 4,172,444 |
| Lancaster County Hospital Authority, St. Anne's Retirement Community, Inc. Project, Revenue Bonds | ||
| 5.00%, due 3/1/45 | 500,000 | 491,345 |
| 5.00%, due 3/1/50 | 750,000 | 727,055 |
| Lancaster Higher Education Authority, Elizabethtown College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/51 | 3,000,000 | 3,067,305 |
| Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds | ||
| 4.00%, due 12/1/44 | 1,550,000 | 1,572,594 |
| 4.00%, due 12/1/49 | 1,900,000 | 1,918,031 |
| 5.00%, due 12/1/44 | 1,675,000 | 1,795,903 |
| 5.00%, due 12/1/49 | 2,365,000 | 2,528,682 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
| 4.00%, due 7/1/56 | 2,780,000 | 2,392,728 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Revenue Bonds | ||
| 4.00%, due 9/1/44 | 3,000,000 | 3,011,218 |
| 4.00%, due 9/1/49 | 16,910,000 | 16,719,095 |
| Series A | ||
| 4.00%, due 9/1/49 | 1,660,000 | 1,641,259 |
| 4.00%, due 9/1/51 | 4,000,000 | 3,935,602 |
| Montgomery County Higher Education and Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds | ||
| 4.00%, due 12/1/48 | 3,995,000 | 3,753,018 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/1/57 | $ 9,750,000 | $ 10,547,957 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/36 | 4,750,000 | 5,009,761 |
| Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network, Revenue Bonds | ||
| Series 2015A | ||
| 5.25%, due 1/15/45 | 6,050,000 | 6,528,518 |
| Series 2015A | ||
| 5.25%, due 1/15/46 | 1,000,000 | 1,079,094 |
| New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds | ||
| Series PP1 | ||
| 5.25%, due 5/1/46 | 3,700,000 | 3,810,128 |
| Northeastern Pennsylvania Hospital and Education Authority, King's College Project, Revenue Bonds | ||
| 5.00%, due 5/1/44 | 1,000,000 | 1,024,741 |
| 5.00%, due 5/1/49 | 1,350,000 | 1,376,294 |
| Pennsylvania Economic Development Financing Authority, Rapid Bridge Replacement Project, Revenue Bonds | ||
| 4.125%, due 12/31/38 | 4,000,000 | 3,959,032 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds | ||
| 4.00%, due 8/15/49 | 10,085,000 | 10,116,192 |
| Pennsylvania Higher Educational Facilities Authority, Shippensburg University Student Services, Inc., Revenue Bonds | ||
| 5.00%, due 10/1/44 | 1,000,000 | 1,005,884 |
| Pennsylvania Higher Educational Facilities Authority, Widener University, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/15/38 | 2,500,000 | 2,591,999 |
| 5.50%, due 7/15/43 | 2,400,000 | 2,488,319 |
| Pennsylvania Higher Educational Facilities Authority, Holy Family University, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 9/1/33 | 1,560,000 | 1,635,934 |
| Series A | ||
| 6.50%, due 9/1/38 | 1,000,000 | 1,050,787 |
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 12/1/46 | 6,770,000 | 6,677,207 |
| Series A, Insured: BAM | ||
| 4.00%, due 12/1/50 | 46,765,000 | 47,142,805 |
| Series A | ||
| 4.00%, due 12/1/51 | 8,940,000 | 8,680,181 |
| Series B | ||
| 4.00%, due 12/1/51 | 335,000 | 325,264 |
| Series C | ||
| 4.00%, due 12/1/51 | 13,935,000 | 13,956,555 |
| Series C | ||
| 5.00%, due 12/1/44 | 16,135,000 | 16,748,940 |
| Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/40 | 1,105,000 | 1,138,243 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/50 | $ 3,130,000 | $ 3,192,927 |
| Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/40 | 600,000 | 625,642 |
| Series A | ||
| 5.00%, due 8/1/50 | 1,050,000 | 1,078,332 |
| Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds | ||
| 5.00%, due 3/15/45 (a) | 5,250,000 | 5,151,947 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/50 (a) | 1,700,000 | 1,700,044 |
| Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 6/1/38 | 2,000,000 | 2,022,445 |
| Series A | ||
| 5.25%, due 6/1/48 | 3,085,000 | 3,093,978 |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Revenue Bonds | ||
| Series A | ||
| 6.50%, due 6/1/45 | 2,200,000 | 2,243,463 |
| Philadelphia Authority for Industrial Development, New Foundation Charter School Project, Revenue Bonds | ||
| 6.625%, due 12/15/41 | 1,000,000 | 1,018,844 |
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School, Revenue Bonds | ||
| Series A | ||
| 7.25%, due 6/15/43 | 4,200,000 | 4,476,866 |
| Philadelphia Authority for Industrial Development, Tacony Academy Charter School, Revenue Bonds | ||
| 7.375%, due 6/15/43 | 1,500,000 | 1,550,307 |
| Philadelphia Authority for Industrial Development, Esperanza Academy Charter School Project, Revenue Bonds | ||
| 8.20%, due 12/1/43 | 1,800,000 | 1,847,605 |
| Scranton Redevelopment Authority, Revenue Bonds | ||
| Series A, Insured: MUN GOVT GTD | ||
| 5.00%, due 11/15/28 | 8,750,000 | 8,716,710 |
| Scranton-Lackawanna Health and Welfare Authority, Marywood University Project, Revenue Bonds | ||
| 5.00%, due 6/1/36 | 1,000,000 | 1,011,389 |
| 5.00%, due 6/1/46 | 2,625,000 | 2,626,630 |
| Susquehanna Area Regional Airport Authority, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/33 | 3,000,000 | 3,005,087 |
| Wilkes-Barre Finance Authority, Wilkes University Project, Revenue Bonds | ||
| 4.00%, due 3/1/42 | 2,500,000 | 2,221,476 |
| 432,814,018 | ||
| Puerto Rico 12.4% | ||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 44,000,000 | 7,466,166 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 5/15/57 | $ 98,000,000 | $ 5,076,263 |
| 5.375%, due 5/15/33 | 220,000 | 225,237 |
| 5.50%, due 5/15/39 | 1,475,000 | 1,496,712 |
| 5.625%, due 5/15/43 | 36,990,000 | 37,614,066 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/24 | 6,925,453 | 6,444,297 |
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 26,622,270 | 15,865,936 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 25,445,206 | 24,420,383 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 25,234,471 | 23,889,509 |
| Series A-1 | ||
| 4.00%, due 7/1/37 | 19,398,310 | 18,171,487 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 22,921,604 | 21,114,203 |
| Series A-1 | ||
| 4.00%, due 7/1/46 | 10,341,254 | 9,349,188 |
| Series A-1 | ||
| 5.375%, due 7/1/25 | 23,039,625 | 24,147,554 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 17,679,294 | 19,178,470 |
| Series A-1 | ||
| 5.625%, due 7/1/29 | 22,460,559 | 24,859,639 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 21,553,851 | 24,237,454 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 104,247,000 | 55,772,145 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 136,535,415 | 121,175,181 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series C | ||
| 3.75%, due 7/1/27 | 14,800,000 | 14,254,220 |
| Series A | ||
| 4.00%, due 7/1/42 | 11,415,000 | 10,279,040 |
| Series A | ||
| 4.00%, due 7/1/42 | 1,000,000 | 900,485 |
| Series A | ||
| 4.00%, due 7/1/47 | 5,965,000 | 5,228,349 |
| Series 2020A | ||
| 5.00%, due 7/1/24 | 3,430,000 | 3,511,614 |
| Series A | ||
| 5.00%, due 7/1/25 | 9,750,000 | 10,072,528 |
| Series A | ||
| 5.00%, due 7/1/25 | 4,350,000 | 4,493,897 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.00%, due 7/1/27 | $ 345,000 | $ 361,669 |
| Series 2020A | ||
| 5.00%, due 7/1/30 | 41,705,000 | 43,905,372 |
| Series 2020A | ||
| 5.00%, due 7/1/35 | 37,100,000 | 38,447,197 |
| Series A | ||
| 5.00%, due 7/1/37 | 6,000,000 | 6,242,450 |
| Series A | ||
| 5.00%, due 7/1/47 | 60,475,000 | 61,261,072 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) | ||
| Series B | ||
| 4.00%, due 7/1/42 | 7,980,000 | 7,185,873 |
| Series B | ||
| 4.00%, due 7/1/47 | 17,465,000 | 15,308,149 |
| Series B | ||
| 5.00%, due 7/1/25 | 265,000 | 273,766 |
| Series B | ||
| 5.00%, due 7/1/33 | 17,285,000 | 18,061,717 |
| Series B | ||
| 5.00%, due 7/1/37 | 23,660,000 | 24,537,493 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series DDD | ||
| 3.30%, due 7/1/19 (d)(e)(g) | 1,015,000 | 780,281 |
| Series ZZ | ||
| 4.25%, due 7/1/20 (d)(e)(g) | 1,355,000 | 1,092,469 |
| Series CCC | ||
| 4.25%, due 7/1/23 (d)(e) | 1,150,000 | 938,688 |
| Series CCC | ||
| 4.375%, due 7/1/22 (d)(e)(g) | 115,000 | 93,581 |
| Series CCC | ||
| 4.60%, due 7/1/24 (d)(e) | 200,000 | 163,250 |
| Series CCC | ||
| 4.625%, due 7/1/25 (d)(e) | 1,085,000 | 885,631 |
| Series XX | ||
| 4.75%, due 7/1/26 (d)(e) | 320,000 | 261,200 |
| Series ZZ | ||
| 4.75%, due 7/1/27 (d)(e) | 405,000 | 330,581 |
| Series A | ||
| 4.80%, due 7/1/29 (d)(e) | 690,000 | 563,213 |
| Series DDD | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 3,250,000 | 2,656,875 |
| Series TT | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 2,195,000 | 1,794,412 |
| Series CCC | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 470,000 | 384,225 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series DDD | ||
| 5.00%, due 7/1/21 (d)(e)(g) | $ 275,000 | $ 224,813 |
| Series TT | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 1,215,000 | 993,262 |
| Series RR, Insured: NATL-RE | ||
| 5.00%, due 7/1/23 | 4,330,000 | 4,340,360 |
| Series TT | ||
| 5.00%, due 7/1/23 (d)(e) | 365,000 | 299,300 |
| Series CCC | ||
| 5.00%, due 7/1/24 (d)(e) | 1,845,000 | 1,512,900 |
| Series RR, Insured: NATL-RE | ||
| 5.00%, due 7/1/24 | 115,000 | 115,275 |
| Series TT | ||
| 5.00%, due 7/1/24 (d)(e) | 295,000 | 241,900 |
| Series CCC | ||
| 5.00%, due 7/1/25 (d)(e) | 575,000 | 471,500 |
| Series SS, Insured: NATL-RE | ||
| 5.00%, due 7/1/25 | 770,000 | 771,842 |
| Series TT | ||
| 5.00%, due 7/1/25 (d)(e) | 1,030,000 | 844,600 |
| Series TT | ||
| 5.00%, due 7/1/26 (d)(e) | 1,050,000 | 861,000 |
| Series TT, Insured: AGM-CR | ||
| 5.00%, due 7/1/27 | 150,000 | 152,668 |
| Series TT | ||
| 5.00%, due 7/1/27 (d)(e) | 1,250,000 | 1,025,000 |
| Series WW | ||
| 5.00%, due 7/1/28 (d)(e) | 380,000 | 311,600 |
| Series TT | ||
| 5.00%, due 7/1/32 (d)(e) | 9,320,000 | 7,642,400 |
| Series A | ||
| 5.00%, due 7/1/42 (d)(e) | 8,755,000 | 7,179,100 |
| Series A | ||
| 5.05%, due 7/1/42 (d)(e) | 825,000 | 676,500 |
| Series ZZ | ||
| 5.25%, due 7/1/20 (d)(e)(g) | 225,000 | 183,938 |
| Series ZZ | ||
| 5.25%, due 7/1/23 (d)(e) | 620,000 | 508,400 |
| Series AAA | ||
| 5.25%, due 7/1/24 (d)(e) | 3,000,000 | 2,460,000 |
| Series WW | ||
| 5.25%, due 7/1/25 (d)(e) | 1,605,000 | 1,316,100 |
| Series AAA | ||
| 5.25%, due 7/1/26 (d)(e) | 110,000 | 90,200 |
| Series ZZ | ||
| 5.25%, due 7/1/26 (d)(e) | 3,520,000 | 2,886,400 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/29 | $ 630,000 | $ 644,811 |
| Series AAA | ||
| 5.25%, due 7/1/30 (d)(e) | 985,000 | 807,700 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/30 | 3,850,000 | 3,900,798 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/32 | 345,000 | 352,311 |
| Series WW | ||
| 5.25%, due 7/1/33 (d)(e) | 8,310,000 | 6,814,200 |
| Series XX | ||
| 5.25%, due 7/1/35 (d)(e) | 2,265,000 | 1,857,300 |
| Series XX | ||
| 5.25%, due 7/1/40 (d)(e) | 18,255,000 | 14,969,100 |
| Series BBB | ||
| 5.40%, due 7/1/28 (d)(e) | 9,615,000 | 7,307,399 |
| Series WW | ||
| 5.50%, due 7/1/38 (d)(e) | 11,595,000 | 9,551,381 |
| Series XX | ||
| 5.75%, due 7/1/36 (d)(e) | 4,055,000 | 3,355,512 |
| Series A | ||
| 6.75%, due 7/1/36 (d)(e) | 11,550,000 | 9,846,375 |
| Series A | ||
| 7.00%, due 7/1/33 (d)(e) | 1,500,000 | 1,282,500 |
| Series A | ||
| 7.00%, due 7/1/43 (d)(e) | 4,750,000 | 4,061,250 |
| Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (d)(e) | ||
| Series EEE | ||
| 5.95%, due 7/1/30 | 25,885,000 | 19,931,608 |
| Series EEE | ||
| 6.05%, due 7/1/32 | 12,265,000 | 9,490,065 |
| Series YY | ||
| 6.125%, due 7/1/40 | 45,450,000 | 35,166,937 |
| Series EEE | ||
| 6.25%, due 7/1/40 | 10,165,000 | 7,865,197 |
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
| Insured: AMBAC | ||
| (zero coupon), due 7/1/27 | 200,000 | 159,453 |
| Series A, Insured: NATL-RE | ||
| 4.75%, due 7/1/38 | 1,070,000 | 1,072,362 |
| Series A, Insured: AGM-CR | ||
| 4.75%, due 7/1/38 | 650,000 | 650,365 |
| Insured: AGC-ICC | ||
| 5.00%, due 7/1/23 | 2,870,000 | 2,889,750 |
| Insured: NATL-RE | ||
| 5.00%, due 7/1/28 | 460,000 | 466,523 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
| Series N, Insured: AMBAC | ||
| 5.25%, due 7/1/30 | $ 3,680,000 | $ 3,733,350 |
| Series N, Insured: AMBAC | ||
| 5.25%, due 7/1/31 | 9,045,000 | 9,182,874 |
| Series N, Insured: NATL-RE | ||
| 5.25%, due 7/1/33 | 7,240,000 | 7,380,435 |
| Series CC, Insured: NATL-RE | ||
| 5.50%, due 7/1/28 | 6,750,000 | 7,009,820 |
| Series CC, Insured: NATL-RE | ||
| 5.50%, due 7/1/29 | 4,760,000 | 4,941,108 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/27 | 2,530,000 | 2,564,530 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/31 | 879,000 | 616,084 |
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 990,000 | 620,978 |
| (zero coupon), due 8/1/54 | 516,302 | 126,931 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 14,750,000 | 14,639,551 |
| Series A-1 | ||
| 4.50%, due 7/1/34 | 725,000 | 735,197 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 57,092,000 | 57,089,796 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 24,965,000 | 24,958,242 |
| Series A-1 | ||
| 5.00%, due 7/1/58 | 166,015,000 | 167,869,587 |
| 1,193,793,625 | ||
| Rhode Island 0.3% | ||
| Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation | ||
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/24 | 1,735,000 | 1,645,665 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/26 | 685,000 | 611,696 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/29 | 1,835,000 | 1,471,909 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/30 | 1,835,000 | 1,411,371 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/32 | 1,500,000 | 1,060,704 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/34 | 1,000,000 | 646,489 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/35 | 360,000 | 222,000 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Rhode Island | ||
| Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation | ||
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/36 | $ 470,000 | $ 278,081 |
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Revenue Bonds | ||
| 5.00%, due 5/15/39 | 750,000 | 780,181 |
| Rhode Island Turnpike & Bridge Authority, Motor Fuel Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/44 | 1,500,000 | 1,532,949 |
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 6/1/52 | 95,620,000 | 16,393,590 |
| 26,054,635 | ||
| South Carolina 0.7% | ||
| South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/54 | 1,160,000 | 931,209 |
| Series A | ||
| 5.00%, due 4/1/54 | 3,000,000 | 3,001,479 |
| South Carolina Jobs-Economic Development Authority, Green Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/56 (a) | 3,530,000 | 2,751,914 |
| South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/54 | 1,000,000 | 962,741 |
| 5.25%, due 11/15/47 | 5,125,000 | 5,166,899 |
| 5.25%, due 11/15/52 | 1,625,000 | 1,634,544 |
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/46 | 5,960,000 | 5,940,484 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/48 | 21,089,000 | 20,931,193 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/50 | 4,805,000 | 4,762,108 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/54 | 5,182,000 | 5,091,146 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/55 | 14,796,000 | 14,527,749 |
| South Carolina Public Service Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 12/1/56 | 5,805,000 | 6,045,577 |
| 71,747,043 | ||
| South Dakota 0.0% ‡ | ||
| South Dakota Health & Educational Facilities Authority, Sanford Obligated Group, Revenue Bonds | ||
| Series E | ||
| 5.00%, due 11/1/42 | 3,150,000 | 3,178,149 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Tennessee 0.5% | ||
| Chattanooga-Hamilton County Hospital Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | $ 6,250,000 | $ 6,551,494 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/41 | 2,265,000 | 2,075,659 |
| Series B | ||
| 4.00%, due 10/1/51 | 2,830,000 | 2,442,605 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds | ||
| 4.00%, due 5/1/46 | 3,000,000 | 2,936,320 |
| 4.00%, due 5/1/51 | 13,600,000 | 13,136,580 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 11,610,000 | 12,099,533 |
| Series A | ||
| 5.25%, due 10/1/58 | 8,750,000 | 9,297,187 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds | ||
| 5.00%, due 10/1/48 | 2,800,000 | 2,859,609 |
| 51,398,987 | ||
| Texas 4.6% | ||
| Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project, Revenue Bonds | ||
| 5.00%, due 7/15/41 | 3,300,000 | 3,322,244 |
| Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 3.625%, due 7/1/26 (b) | 15,055,000 | 14,665,640 |
| Series B | ||
| 6.50%, due 7/1/26 | 13,950,000 | 13,551,310 |
| Central Texas Regional Mobility Authority, Manor Expressway Project, Revenue Bonds, Senior Lien | ||
| (zero coupon), due 1/1/23 | 1,000,000 | 991,500 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
| (zero coupon), due 1/1/33 | 315,000 | 210,854 |
| (zero coupon), due 1/1/34 | 3,275,000 | 2,089,083 |
| (zero coupon), due 1/1/35 | 3,700,000 | 2,247,626 |
| (zero coupon), due 1/1/36 | 2,000,000 | 1,157,240 |
| (zero coupon), due 1/1/39 | 3,500,000 | 1,733,710 |
| Central Texas Regional Mobility Authority, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 6,000,000 | 5,957,952 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
| 5.00%, due 1/1/33 | 1,225,000 | 1,242,340 |
| 5.00%, due 1/1/42 | 2,500,000 | 2,535,388 |
| Central Texas Turnpike System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/15/42 | 11,700,000 | 12,020,878 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| City of Arlington TX, Tax Increment Reinvestment Zone No. 5, Tax Allocation | ||
| 4.00%, due 8/15/50 | $ 2,355,000 | $ 2,210,203 |
| City of Houston TX, Airport System, United Airlines Inc. Project, Revenue Bonds (b) | ||
| 4.00%, due 7/15/41 | 1,100,000 | 1,001,490 |
| Series B-1 | ||
| 5.00%, due 7/15/30 | 2,000,000 | 2,044,004 |
| City of Lago Vista TX, Tessera on Lake Travis Public Improvement District Project, Special Assessment | ||
| Series B | ||
| 4.875%, due 9/1/50 (a) | 1,250,000 | 1,201,000 |
| Clifton Higher Education Finance Corp., IDEA Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/47 | 4,030,000 | 3,934,036 |
| 6.00%, due 8/15/43 | 3,500,000 | 3,594,774 |
| Clifton Higher Education Finance Corp., Uplift Education, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/45 | 2,500,000 | 2,558,615 |
| Danbury Higher Education Authority, Inc., Golden Rule School, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/49 | 3,750,000 | 3,278,244 |
| Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 9/1/44 | 3,250,000 | 3,309,500 |
| Grand Parkway Transportation Corp., Revenue Bonds, First Tier | ||
| Series C | ||
| 4.00%, due 10/1/49 | 30,000,000 | 29,633,700 |
| Series C, Insured: AGM-CR | ||
| 4.00%, due 10/1/49 | 43,390,000 | 43,715,290 |
| Series A | ||
| 5.50%, due 4/1/53 | 600,000 | 627,402 |
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/33 | 900,000 | 901,898 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,960,000 | 1,961,918 |
| Harris County Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Revenue Bonds | ||
| Series B | ||
| 7.00%, due 1/1/43 | 1,500,000 | 1,532,919 |
| Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien | ||
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/24 | 175,000 | 167,294 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/24 | 795,000 | 743,137 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | 65,000 | 59,229 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | 535,000 | 466,284 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | 10,000 | 8,330 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien | ||
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | $ 725,000 | $ 555,582 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/32 | 250,000 | 161,843 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/33 | 185,000 | 111,409 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/38 | 1,395,000 | 592,403 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/39 | 1,525,000 | 603,732 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,855,000 | 684,430 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/41 | 700,000 | 240,713 |
| Harris County-Houston Sports Authority, Revenue Bonds, Third Lien | ||
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/32 | 1,670,000 | 951,979 |
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/33 | 890,000 | 477,210 |
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/34 | 220,000 | 117,099 |
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/34 | 2,320,000 | 1,169,854 |
| Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/34 | 2,035,000 | 1,158,308 |
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/38 | 36,015,000 | 15,519,940 |
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,310,000 | 491,947 |
| Hemphill County Hospital District, Limited General Obligation | ||
| 4.625%, due 2/1/39 | 2,765,000 | 2,696,123 |
| Love Field Airport Modernization Corp., Revenue Bonds (b) | ||
| Insured: AGM | ||
| 4.00%, due 11/1/38 | 5,225,000 | 5,260,218 |
| Insured: AGM | ||
| 4.00%, due 11/1/39 | 6,545,000 | 6,571,828 |
| Montgomery County Toll Road Authority, Revenue Bonds, Senior Lien | ||
| 5.00%, due 9/15/48 | 2,500,000 | 2,577,248 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (a) | ||
| 4.00%, due 8/15/36 | 1,000,000 | 934,505 |
| 4.00%, due 8/15/41 | 6,390,000 | 5,756,623 |
| 4.00%, due 8/15/51 | 2,880,000 | 2,441,952 |
| 4.00%, due 8/15/56 | 5,000,000 | 4,115,741 |
| New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Denton LLC, Revenue Bonds | ||
| Series B-1, Insured: AGM | ||
| 4.00%, due 7/1/48 | 1,000,000 | 1,001,469 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | $ 1,600,000 | $ 1,454,212 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 12/1/54 | 555,000 | 406,659 |
| Series A-1 | ||
| 5.00%, due 12/1/54 | 2,770,000 | 2,621,456 |
| New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/40 (a) | 4,750,000 | 4,779,115 |
| New Hope Cultural Education Facilities Finance Corp., Southwest Preparatory School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/50 (a) | 3,930,000 | 3,883,191 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds | ||
| 5.00%, due 1/1/55 | 1,500,000 | 1,238,943 |
| New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/54 | 2,500,000 | 2,220,010 |
| New Hope Cultural Education Facilities Finance Corp., CHF-Stephenville LLC, Revenue Bonds | ||
| Series A | ||
| 6.00%, due 4/1/45 | 3,550,000 | 3,652,179 |
| North East Texas Regional Mobility Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 1/1/41 | 5,750,000 | 5,917,872 |
| Series B | ||
| 5.00%, due 1/1/46 | 3,535,000 | 3,618,192 |
| North Texas Tollway Authority, North Texas Tollway System, Revenue Bonds, Second Tier | ||
| Series B, Insured: BAM | ||
| 3.00%, due 1/1/46 | 18,000,000 | 15,385,437 |
| 5.00%, due 1/1/50 | 1,750,000 | 1,866,561 |
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Revenue Bonds (a)(b) | ||
| Series A | ||
| 2.875%, due 1/1/41 | 2,400,000 | 1,757,745 |
| Series A | ||
| 3.00%, due 1/1/50 | 4,525,000 | 3,119,826 |
| Port Freeport, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/38 (b) | 1,650,000 | 1,711,863 |
| Series A | ||
| 4.00%, due 6/1/39 (b) | 1,620,000 | 1,676,713 |
| 4.00%, due 6/1/51 | 2,535,000 | 2,550,934 |
| Port of Port Arthur Navigation District, Port Improvement, Unlimited General Obligation | ||
| 4.00%, due 3/1/47 | 4,200,000 | 4,231,414 |
| Red River Education Finance Corp., Houston Baptist University Project, Revenue Bonds | ||
| 5.50%, due 10/1/46 | 6,000,000 | 6,259,610 |
| San Antonio Education Facilities Corp., University of the Incarnate Word, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/51 | 4,000,000 | 3,768,548 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Project, Revenue Bonds | ||
| 5.00%, due 11/15/40 | $ 1,500,000 | $ 1,535,867 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/40 | 1,250,000 | 1,317,788 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds | ||
| 5.00%, due 11/15/46 | 3,025,000 | 3,189,644 |
| Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 12/31/39 | 9,250,000 | 9,094,645 |
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien (b) | ||
| 5.00%, due 12/31/50 | 4,985,000 | 5,046,664 |
| 5.00%, due 12/31/55 | 10,140,000 | 10,257,422 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (b) | ||
| 5.00%, due 6/30/58 | 92,655,000 | 95,321,463 |
| 6.75%, due 6/30/43 | 11,400,000 | 11,773,109 |
| Texas Transportation Commission, State Highway 249, Revenue Bonds, First Tier | ||
| (zero coupon), due 8/1/43 | 3,750,000 | 1,367,341 |
| (zero coupon), due 8/1/44 | 4,200,000 | 1,446,805 |
| (zero coupon), due 8/1/46 | 1,000,000 | 309,546 |
| (zero coupon), due 8/1/47 | 2,000,000 | 587,125 |
| (zero coupon), due 8/1/48 | 1,000,000 | 278,640 |
| (zero coupon), due 8/1/50 | 1,500,000 | 374,536 |
| Series A | ||
| 5.00%, due 8/1/57 | 9,750,000 | 10,139,980 |
| 443,028,243 | ||
| U.S. Virgin Islands 2.4% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 25,565,000 | 27,366,070 |
| Series A | ||
| 5.00%, due 10/1/32 | 38,430,000 | 41,378,642 |
| Series A | ||
| 5.00%, due 10/1/39 | 111,075,000 | 117,700,935 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 10/1/30 (a) | 16,870,000 | 16,562,070 |
| Series A | ||
| 5.00%, due 10/1/32 | 15,200,000 | 14,794,823 |
| Series A | ||
| 5.00%, due 10/1/34 (a) | 2,600,000 | 2,511,567 |
| Series C | ||
| 5.00%, due 10/1/39 (a) | 9,610,000 | 9,111,355 |
| 229,425,462 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah 1.0% | ||
| Black Desert Public Infrastructure District, Limited General Obligation | ||
| Series A | ||
| 4.00%, due 3/1/51 (a) | $ 3,125,000 | $ 2,555,975 |
| City of Salt Lake City UT, Airport, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 (b) | 6,250,000 | 6,780,382 |
| Medical School Campus Public Infrastructure District, Limited General Obligation (a) | ||
| Series A | ||
| 5.25%, due 2/1/40 | 1,430,000 | 1,304,743 |
| Series A | ||
| 5.50%, due 2/1/50 | 2,915,000 | 2,627,452 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation (a) | ||
| 4.50%, due 6/1/51 | 8,700,000 | 7,157,828 |
| 4.625%, due 6/1/57 | 2,000,000 | 1,629,691 |
| Mida Mountain Village Public Infrastructure District, Assessment Area No. 2, Special Assessment | ||
| 4.00%, due 8/1/50 (a) | 2,000,000 | 1,645,029 |
| Mida Mountain Village Public Infrastructure District, Special Assessment (a) | ||
| Series A | ||
| 4.50%, due 8/1/40 | 1,500,000 | 1,460,850 |
| Series A | ||
| 5.00%, due 8/1/50 | 5,000,000 | 4,905,778 |
| Military Installation Development Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 6/1/36 | 4,000,000 | 3,525,817 |
| Series A-1 | ||
| 4.00%, due 6/1/41 | 2,430,000 | 2,056,398 |
| Series A-1 | ||
| 4.00%, due 6/1/52 | 14,600,000 | 11,513,827 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
| 4.375%, due 6/1/52 (a) | 5,500,000 | 4,845,982 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 4.00%, due 4/15/45 | 2,975,000 | 2,936,912 |
| Insured: UT CSCE | ||
| 4.00%, due 4/15/50 | 3,395,000 | 3,321,294 |
| Utah Charter School Finance Authority, North Star Academy Project, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 4.00%, due 4/15/45 | 2,020,000 | 2,028,324 |
| Utah Charter School Finance Authority, Vista School, Revenue Bonds | ||
| Series 2020A, Insured: UT CSCE | ||
| 4.00%, due 10/15/45 | 1,870,000 | 1,845,967 |
| Series 2020A, Insured: UT CSCE | ||
| 4.00%, due 10/15/54 | 4,750,000 | 4,606,667 |
| Utah Charter School Finance Authority, Providence Hall Project, Revenue Bonds | ||
| Series A, Insured: UT CSCE | ||
| 4.00%, due 10/15/46 | 1,000,000 | 1,002,614 |
| Series A, Insured: UT CSCE | ||
| 4.00%, due 10/15/51 | 2,000,000 | 1,989,384 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| Utah Infrastructure Agency, Revenue Bonds | ||
| 3.00%, due 10/15/45 | $ 4,425,000 | $ 3,106,611 |
| 5.00%, due 10/15/46 | 3,450,000 | 3,523,537 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 4.00%, due 10/15/39 | 2,175,000 | 2,002,409 |
| 4.00%, due 10/15/42 | 1,970,000 | 1,758,000 |
| Series A | ||
| 5.00%, due 10/15/32 | 1,615,000 | 1,684,963 |
| Series A | ||
| 5.00%, due 10/15/34 | 3,135,000 | 3,249,723 |
| Series A | ||
| 5.00%, due 10/15/37 | 1,100,000 | 1,135,024 |
| Series A | ||
| 5.00%, due 10/15/40 | 3,880,000 | 3,979,477 |
| Series A | ||
| 5.375%, due 10/15/40 | 6,010,000 | 6,279,086 |
| 96,459,744 | ||
| Vermont 0.1% | ||
| Vermont Economic Development Authority, Wake Robin Corp. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/45 | 2,350,000 | 1,962,456 |
| Vermont Educational & Health Buildings Financing Agency, Developmental & Mental Health Services, Revenue Bonds | ||
| Series A, Insured: AGC | ||
| 4.75%, due 8/15/36 | 500,000 | 505,595 |
| Vermont Student Assistance Corp., Education Loan, Revenue Bonds | ||
| Series B | ||
| 4.50%, due 6/15/45 (b) | 3,500,000 | 3,253,066 |
| 5,721,117 | ||
| Virginia 1.8% | ||
| Farmville Industrial Development Authority, Longwood University Student Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | 6,750,000 | 6,868,219 |
| Series A | ||
| 5.00%, due 1/1/55 | 16,300,000 | 16,522,368 |
| Farmville Industrial Development Authority, Longwood University Student Housing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/59 | 7,355,000 | 7,450,603 |
| Henrico County Economic Development Authority, LifeSpire of Virginia, Residential Care Facility, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 12/1/47 | 2,200,000 | 2,299,182 |
| James City County Economic Development Authority, Williamsburg Landing, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/50 | 3,235,000 | 2,641,997 |
| Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds | ||
| 5.00%, due 9/1/48 | 3,455,000 | 3,608,225 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Newport News Economic Development Authority, LifeSpire of Virginia Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/38 | $ 2,575,000 | $ 2,671,498 |
| Norfolk Redevelopment & Housing Authority, Norfolk Retirement Community, Harbors Edge Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/25 | 1,200,000 | 1,196,416 |
| Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/48 | 4,640,000 | 4,446,641 |
| Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds | ||
| 4.00%, due 4/1/45 | 1,000,000 | 966,366 |
| 5.00%, due 4/1/49 | 1,000,000 | 1,063,424 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series 2007A-1 | ||
| 6.706%, due 6/1/46 | 31,920,000 | 30,857,367 |
| Virginia College Building Authority, Regent University Project, Revenue Bonds | ||
| 3.00%, due 6/1/41 | 2,250,000 | 1,798,654 |
| 4.00%, due 6/1/36 | 1,300,000 | 1,287,188 |
| Virginia College Building Authority, Marymount University Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/45 (a) | 1,945,000 | 1,968,822 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (b) | ||
| 4.00%, due 1/1/39 | 1,120,000 | 1,103,257 |
| 4.00%, due 7/1/39 | 3,380,000 | 3,328,404 |
| 4.00%, due 1/1/48 | 8,100,000 | 7,682,862 |
| 5.00%, due 7/1/36 | 3,000,000 | 3,300,986 |
| 5.00%, due 7/1/37 | 1,600,000 | 1,754,835 |
| Virginia Small Business Financing Authority, National Senior Campuses, Inc., Revenue Bonds | ||
| 4.00%, due 1/1/45 | 8,850,000 | 8,629,600 |
| Virginia Small Business Financing Authority, Bon Secours Mercy Health, Inc., Revenue Bonds | ||
| 4.00%, due 12/1/49 | 8,270,000 | 8,270,180 |
| Virginia Small Business Financing Authority, National Senior Campuses Inc. Obligated Group, Revenue Bonds | ||
| 4.00%, due 1/1/51 | 5,750,000 | 5,546,133 |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/47 (b) | 19,000,000 | 20,363,978 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien (b) | ||
| 5.00%, due 12/31/52 | 11,860,000 | 12,303,316 |
| 5.00%, due 12/31/56 | 12,040,000 | 12,473,806 |
| 170,404,327 | ||
| Washington 1.3% | ||
| Pend Oreille County Public Utility District No. 1 Box Canyon, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 3,000,000 | 2,929,466 |
| Pend Oreille County Public Utility District No. 1 Box Canyon, Green Bond, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 5,180,000 | 5,369,443 |
| Port of Seattle, Intermediate Lien, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/1/46 (b) | 18,250,000 | 19,788,528 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue Bonds | ||
| 5.00%, due 4/1/30 (b) | $ 1,825,000 | $ 1,841,055 |
| Washington Economic Development Finance Authority, North Pacific Paper Co. Recycling Project, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.625%, due 12/1/40 (a)(b) | 4,000,000 | 4,135,287 |
| Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| 5.00%, due 8/1/44 | 11,425,000 | 12,153,211 |
| Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds | ||
| 4.00%, due 10/1/38 | 1,665,000 | 1,658,682 |
| Series A | ||
| 5.00%, due 10/1/40 | 3,000,000 | 3,171,478 |
| Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 3,550,000 | 3,710,135 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 7/1/48 | 8,250,000 | 6,114,615 |
| Series B | ||
| 3.00%, due 7/1/58 | 22,990,000 | 16,915,001 |
| Series B | ||
| 3.00%, due 7/1/58 | 4,000,000 | 2,784,433 |
| Series B | ||
| 4.00%, due 7/1/58 | 5,155,000 | 4,699,538 |
| Series B | ||
| 4.00%, due 7/1/58 | 1,750,000 | 1,685,945 |
| Series A | ||
| 5.00%, due 7/1/58 | 5,715,000 | 6,149,506 |
| Washington State Convention Center Public Facilities District, Revenue Bonds | ||
| 4.00%, due 7/1/58 | 8,910,000 | 8,122,770 |
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 1/1/41 | 4,620,000 | 4,090,128 |
| Series A | ||
| 4.00%, due 1/1/57 | 9,785,000 | 8,006,391 |
| Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 3,000,000 | 3,001,205 |
| Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation | ||
| 3.75%, due 12/1/32 | 100,000 | 86,283 |
| 4.00%, due 12/1/37 | 290,000 | 242,598 |
| Whidbey Island Public Hospital District, Unlimited General Obligation | ||
| 5.375%, due 12/1/39 | 9,670,000 | 8,707,865 |
| 5.50%, due 12/1/33 | 2,070,000 | 1,968,602 |
| 127,332,165 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| West Virginia 0.3% | ||
| County of Ohio WV, Special District Excise Tax, The Highlands Project, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 3/1/35 | $ 4,000,000 | $ 3,930,211 |
| Glenville State College, Board of Governors, Revenue Bonds | ||
| 5.25%, due 6/1/47 | 4,000,000 | 3,762,101 |
| Monongalia County Commission Excise Tax District, University Town Centre, Revenue Bonds | ||
| Series A | ||
| 4.125%, due 6/1/43 (a) | 1,000,000 | 953,499 |
| Monongalia County Commission Excise Tax District, University Town Center, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 6/1/37 (a) | 4,000,000 | 4,150,568 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/37 | 4,875,000 | 4,796,683 |
| Series A | ||
| 4.00%, due 1/1/38 | 2,500,000 | 2,440,334 |
| Series A | ||
| 4.125%, due 1/1/47 | 13,350,000 | 12,548,716 |
| 32,582,112 | ||
| Wisconsin 2.1% | ||
| Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (a) | ||
| Series B | ||
| (zero coupon), due 1/1/60 | 71,700,000 | 5,524,284 |
| Series A-1 | ||
| 5.00%, due 1/1/55 | 3,795,000 | 3,558,187 |
| Public Finance Authority, Methodist University, Inc. (The), Revenue Bonds (a) | ||
| 4.00%, due 3/1/26 | 755,000 | 754,231 |
| 4.00%, due 3/1/30 | 950,000 | 917,378 |
| Public Finance Authority, North Carolina Leadership Charter Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/29 (a) | 270,000 | 264,429 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds | ||
| 4.00%, due 8/1/35 (b) | 4,000,000 | 3,617,477 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 4.00%, due 4/1/42 (a) | 1,000,000 | 896,155 |
| 4.00%, due 4/1/52 (a) | 3,000,000 | 2,541,356 |
| 5.00%, due 4/1/30 (a) | 700,000 | 740,457 |
| 5.00%, due 4/1/40 (a) | 300,000 | 310,401 |
| 5.00%, due 4/1/50 (a) | 1,000,000 | 1,022,933 |
| 5.875%, due 4/1/45 | 6,350,000 | 6,628,035 |
| Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/46 | 2,955,000 | 2,766,803 |
| Series A | ||
| 4.00%, due 1/1/52 | 11,785,000 | 10,739,345 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, WakeMed Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | $ 6,750,000 | $ 6,480,358 |
| Public Finance Authority, Appalachian State University Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/50 | 1,000,000 | 1,002,953 |
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/55 | 1,250,000 | 1,252,049 |
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/59 | 1,600,000 | 1,602,623 |
| Public Finance Authority, UNC Health Southeastern, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/1/51 | 5,505,000 | 4,923,729 |
| Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Revenue Bonds | ||
| 4.00%, due 9/30/51 (b) | 14,195,000 | 12,331,374 |
| Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/52 (a) | 1,565,000 | 1,279,669 |
| Public Finance Authority, Fargo Moorhead Met Area Flood, Green Bond, Revenue Bonds | ||
| 4.00%, due 3/31/56 (b) | 6,295,000 | 5,376,004 |
| Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds | ||
| 4.00%, due 7/1/56 | 2,250,000 | 2,016,346 |
| Public Finance Authority, Givens Estates, Revenue Bonds | ||
| 4.00%, due 12/1/56 | 4,750,000 | 4,432,307 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/22 | 2,245,000 | 2,251,541 |
| Series A | ||
| 5.00%, due 10/1/24 | 2,200,000 | 2,255,324 |
| Series A | ||
| 5.00%, due 10/1/29 | 3,000,000 | 3,133,771 |
| Series A | ||
| 5.00%, due 10/1/34 | 1,090,000 | 1,120,305 |
| Series A | ||
| 5.00%, due 10/1/39 | 16,500,000 | 16,787,050 |
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/36 (a) | 750,000 | 763,278 |
| Public Finance Authority, Carmelite System, Inc. Obligated Group (The), Revenue Bonds | ||
| 5.00%, due 1/1/40 | 4,085,000 | 4,360,584 |
| 5.00%, due 1/1/45 | 3,060,000 | 3,234,047 |
| Public Finance Authority, TRIPS Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/42 (b) | 2,750,000 | 2,764,822 |
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/44 | 1,350,000 | 1,386,001 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/49 | $ 6,875,000 | $ 7,009,966 |
| Series B | ||
| 5.00%, due 6/1/49 | 2,720,000 | 2,771,883 |
| Public Finance Authority, Guilford College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | 2,000,000 | 2,002,150 |
| 5.50%, due 1/1/47 | 5,910,000 | 6,050,719 |
| Public Finance Authority, Coral Academy of Science Las Vegas, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 2,000,000 | 2,023,771 |
| Public Finance Authority, Wilson Preparatory Academy, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/49 (a) | 1,100,000 | 1,122,015 |
| Public Finance Authority, College Achieve Central Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/51 (a) | 2,145,000 | 2,074,887 |
| Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 2/1/52 | 4,000,000 | 4,229,834 |
| Public Finance Authority, Nevada State College, Revenue Bonds | ||
| 5.00%, due 5/1/55 (a) | 8,350,000 | 7,932,500 |
| Public Finance Authority, The Franklin School Of Innovation, Inc., Revenue Bonds | ||
| 5.00%, due 1/1/57 (a) | 3,200,000 | 2,940,081 |
| Public Finance Authority, Wingate University, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/38 | 3,250,000 | 3,384,740 |
| Public Finance Authority, CHF-Cullowhee, LLC - Western Carolina University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/47 | 2,000,000 | 2,023,574 |
| Public Finance Authority, Wisconsin Airport Facilities, AFCO Investors II Portfolio, Revenue Bonds | ||
| 5.75%, due 10/1/31 (a) | 1,670,000 | 1,681,445 |
| Public Finance Authority, Rose Villa Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 11/15/44 (a) | 1,400,000 | 1,424,415 |
| Public Finance Authority, Lake Erie College Project, Revenue Bonds | ||
| Series A | ||
| 5.875%, due 10/1/54 (a) | 2,000,000 | 1,775,924 |
| Public Finance Authority, Affinity Living Group NC-12 Obligated Group, Revenue Bonds | ||
| 6.75%, due 11/1/24 (a) | 9,700,000 | 8,665,667 |
| Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds | ||
| Series A-2 | ||
| 7.00%, due 1/1/50 (a) | 12,690,000 | 14,050,774 |
| Wisconsin Health & Educational Facilities Authority, St. Camillus Health System, Inc., Revenue Bonds | ||
| Series B-3 | ||
| 2.25%, due 11/1/26 | 1,305,000 | 1,301,829 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Wisconsin Health & Educational Facilities Authority, St. Camillus Health System, Inc., Revenue Bonds | ||
| Series B-2 | ||
| 2.55%, due 11/1/27 | $ 3,000,000 | $ 2,976,605 |
| Wisconsin Health & Educational Facilities Authority, HOPE Christian Schools, Revenue Bonds | ||
| 3.00%, due 12/1/31 | 615,000 | 535,035 |
| Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/49 | 2,400,000 | 2,485,279 |
| Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 2/1/48 | 4,400,000 | 4,428,403 |
| 201,927,102 | ||
| Total Long-Term Municipal Bonds (Cost $9,385,325,333) | 9,093,746,294 | |
| Short-Term Municipal Notes 1.9% | ||
| Alabama 0.3% | ||
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
| Series C-2 | ||
| 1.68%, due 10/1/52 (h) | 28,020,000 | 26,689,016 |
| Hoover Industrial Development Board, United States Steel Corp., Green Bond, Revenue Bonds | ||
| 6.375%, due 11/1/50 (b)(h) | 3,140,000 | 3,621,116 |
| 30,310,132 | ||
| California 0.3% | ||
| Northern California Gas Authority No. 1, Gas Project, Revenue Bonds | ||
| Series B | ||
| 2.246%, due 7/1/27 (h) | 26,365,000 | 25,621,852 |
| Louisiana 0.1% | ||
| Parish of St. John the Baptist LA, Marathon Oil Corp. Project, Revenue Bonds | ||
| Series B-2 | ||
| 2.375%, due 6/1/37 (h) | 12,200,000 | 11,701,863 |
| New Jersey 0.7% | ||
| New Jersey Turnpike Authority, Revenue Bonds | ||
| Series D-1 | ||
| 1.899%, due 1/1/24 (h) | 64,900,000 | 65,703,910 |
| Puerto Rico 0.0% ‡ | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AGM | ||
| 2.046%, due 7/1/29 (h) | 4,690,000 | 4,381,560 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| Texas 0.5% | ||
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 1.897%, due 9/15/27 (h) | $ 48,800,000 | $ 47,239,352 |
| Virginia 0.0% ‡ | ||
| Virginia Small Business Financing Authority, University Real Estate Foundation, Revenue Bonds | ||
| 1.86%, due 7/1/30 (h) | 55,000 | 55,000 |
| West Virginia 0.0% ‡ | ||
| West Virginia Economic Development Authority, Arch Resources, Inc. Project, Revenue Bonds | ||
| 4.125%, due 7/1/45 (b)(h) | 2,400,000 | 2,407,865 |
| Total Short-Term Municipal Notes (Cost $190,234,407) | 187,421,534 | |
| Total Municipal Bonds (Cost $9,575,559,740) | 9,281,167,828 | |
| Long-Term Bonds 0.1% | ||
| Corporate Bonds 0.1% | ||
| Commercial Services 0.1% | ||
| Howard University | ||
| Series 21A | ||
| 4.756%, due 10/1/51 | 5,250,000 | 4,926,238 |
| Wildflower Improvement Association | ||
| 6.625%, due 3/1/31 (a) | 4,606,555 | 4,578,598 |
| 9,504,836 | ||
| Total Long-Term Bonds (Cost $9,782,228) | 9,504,836 | |
| Shares | Value | |
| Closed-End Funds 0.6% | ||
| California 0.1% | ||
| BlackRock MuniHoldings California Quality Fund, Inc. | 620,785 | 7,809,475 |
| Massachusetts 0.1% | ||
| BlackRock Municipal Income Fund, Inc. | 263,968 | 3,283,762 |
| DWS Municipal Income Trust | 131,002 | 1,253,689 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 268,191 | 2,437,856 |
| Pioneer Municipal High Income Fund Trust | 325,717 | 3,185,513 |
| 10,160,820 | ||
| Michigan 0.0% ‡ | ||
| BlackRock MuniYield Michigan Quality Fund, Inc. | 277,877 | 3,798,579 |
| Shares | Value | ||
| Closed-End Funds | |||
| Multi-State 0.2% | |||
| BlackRock Municipal 2030 Target Term Trust | 427,334 | $ 10,106,449 | |
| BlackRock Municipal Income Quality Trust | 21,958 | 292,920 | |
| BlackRock MuniHoldings Fund, Inc. | 146,484 | 1,951,167 | |
| BlackRock MuniYield Quality Fund II, Inc. | 588,091 | 7,021,806 | |
| BlackRock MuniYield Quality Fund, Inc. | 287,227 | 3,768,418 | |
| 23,140,760 | |||
| New Jersey 0.1% | |||
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 370,721 | 4,952,833 | |
| New York 0.1% | |||
| BlackRock MuniHoldings New York Quality Fund, Inc. | 525,108 | 5,896,963 | |
| BlackRock MuniYield New York Quality Fund, Inc. | 543,595 | 5,946,929 | |
| BlackRock New York Municipal Income Trust | 26,795 | 307,071 | |
| 12,150,963 | |||
| Pennsylvania 0.0% ‡ | |||
| Invesco Pennsylvania Value Municipal Income Trust | 68,544 | 754,669 | |
| Total Closed-End Funds (Cost $70,799,157) | 62,768,099 | ||
| Short-Term Investment 1.7% | |||
| Unaffiliated Investment Company 1.7% | |||
| BlackRock Liquidity Funds MuniCash, 1.19% (i) | 163,078,908 | 163,114,663 | |
| Total Short-Term Investment (Cost $163,114,663) | 163,114,663 | ||
| Total Investments (Cost $9,819,255,788) | 98.8% | 9,516,555,426 | |
| Other Assets, Less Liabilities | 1.2 | 110,961,219 | |
| Net Assets | 100.0% | $ 9,627,516,645 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Step coupon—Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Issue in default. |
| (e) | Issue in non-accrual status. |
| (f) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2022. |
| (g) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $11,388,456, which represented 0.1% of the Fund’s net assets. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2022. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Notes | (3,500) | September 2022 | $ (420,347,421) | $ (423,992,188) | $ (3,644,767) |
| U.S. Treasury Long Bonds | (2,050) | September 2022 | (288,949,089) | (295,200,000) | (6,250,911) |
| Net Unrealized Depreciation | $ (9,895,678) |
| 1. | As of July 31, 2022, cash in the amount of $14,090,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| ACA—ACA Financial Guaranty Corp. |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| FGIC—Financial Guaranty Insurance Company |
| ICC—Insured Custody Certificates |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 9,093,746,294 | $ — | $ 9,093,746,294 | |||
| Short-Term Municipal Notes | — | 187,421,534 | — | 187,421,534 | |||
| Total Municipal Bonds | — | 9,281,167,828 | — | 9,281,167,828 | |||
| Long-Term Bonds | |||||||
| Corporate Bonds | — | 9,504,836 | — | 9,504,836 | |||
| Total Corporate Bonds | — | 9,504,836 | — | 9,504,836 | |||
| Closed-End Funds | 62,768,099 | — | — | 62,768,099 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 163,114,663 | — | — | 163,114,663 | |||
| Total Investments in Securities | $ 225,882,762 | $ 9,290,672,664 | $ — | $ 9,516,555,426 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (9,895,678) | $ — | $ — | $ (9,895,678) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 94.1% | ||
| Australia 3.7% | ||
| Australia & New Zealand Banking Group Ltd. (Banks) (a) | 101,113 | $ 1,625,193 |
| BHP Group Ltd. (Metals & Mining) | 66,258 | 1,823,799 |
| Glencore plc (Metals & Mining) (a) | 187,070 | 1,057,210 |
| Goodman Group (Equity Real Estate Investment Trusts) | 46,715 | 678,788 |
| Newcrest Mining Ltd. (Metals & Mining) | 26,181 | 356,231 |
| Orora Ltd. (Containers & Packaging) | 79,591 | 198,287 |
| Rio Tinto plc (Metals & Mining) | 16,581 | 997,990 |
| 6,737,498 | ||
| Austria 0.4% | ||
| BAWAG Group AG (Banks) (a)(b) | 14,030 | 649,457 |
| Belgium 0.3% | ||
| UCB SA (Pharmaceuticals) | 7,773 | 608,027 |
| Brazil 1.3% | ||
| Cia de Saneamento Basico do Estado de Sao Paulo (Water Utilities) (a) | 66,900 | 577,573 |
| Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | 59,800 | 427,168 |
| Rumo SA (Road & Rail) | 135,300 | 458,662 |
| Vale SA (Metals & Mining) | 63,200 | 851,974 |
| 2,315,377 | ||
| Canada 5.6% | ||
| Agnico Eagle Mines Ltd. (Metals & Mining) | 7,207 | 309,880 |
| Barrick Gold Corp. (Metals & Mining) | 32,376 | 510,209 |
| Boat Rocker Media, Inc. (Entertainment) (a) | 61,639 | 133,333 |
| Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 20,607 | 1,137,887 |
| Canadian Pacific Railway Ltd. (Road & Rail) | 4,858 | 383,048 |
| Constellation Software, Inc. (Software) | 592 | 1,007,059 |
| Intact Financial Corp. (Insurance) | 7,324 | 1,090,121 |
| Lightspeed Commerce, Inc. (Software) (a) | 33,328 | 715,135 |
| Methanex Corp. (Chemicals) | 13,305 | 494,983 |
| Nuvei Corp. (IT Services) (a) | 11,405 | 397,806 |
| Royal Bank of Canada (Banks) | 35,188 | 3,431,005 |
| Shopify, Inc., Class A (IT Services) (a) | 12,990 | 452,521 |
| 10,062,987 | ||
| China 3.2% | ||
| Airtac International Group (Machinery) (a) | 25,157 | 690,510 |
| Anhui Conch Cement Co. Ltd., Class H (Construction Materials) | 72,500 | 287,477 |
| China Longyuan Power Group Corp. Ltd., Class H (Independent Power and Renewable Electricity Producers) | 949,420 | 1,525,643 |
| China Merchants Bank Co. Ltd., Class H (Banks) | 123,000 | 668,126 |
| China Pacific Insurance Group Co. Ltd., Class H (Insurance) | 160,559 | 344,069 |
| China Yangtze Power Co. Ltd., Class A (Independent Power and Renewable Electricity Producers) | 126,800 | 449,859 |
| ENN Energy Holdings Ltd. (Gas Utilities) | 38,700 | 633,492 |
| Minth Group Ltd. (Auto Components) | 164,000 | 439,815 |
| Niu Technologies, Sponsored ADR (Automobiles) (a) | 32,015 | 207,457 |
| Shares | Value | |
| Common Stocks | ||
| China | ||
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 93,390 | $ 551,759 |
| 5,798,207 | ||
| Denmark 0.7% | ||
| Ascendis Pharma A/S, ADR (Biotechnology) (a) | 4,448 | 380,438 |
| Genmab A/S (Biotechnology) (a) | 2,364 | 841,745 |
| 1,222,183 | ||
| Finland 0.8% | ||
| Cargotec Oyj, Class B (Machinery) | 9,743 | 344,418 |
| Nordea Bank Abp (Banks) | 110,328 | 1,086,569 |
| 1,430,987 | ||
| France 10.6% | ||
| Airbus SE (Aerospace & Defense) | 8,935 | 966,212 |
| ALD SA (Road & Rail) (b) | 31,205 | 369,951 |
| Arkema SA (Chemicals) | 4,985 | 474,077 |
| AXA SA (Insurance) | 69,297 | 1,599,759 |
| Bureau Veritas SA (Professional Services) | 31,195 | 860,481 |
| Capgemini SE (IT Services) | 3,608 | 688,518 |
| Dassault Aviation SA (Aerospace & Defense) | 1,972 | 281,999 |
| Edenred (IT Services) | 14,717 | 756,436 |
| Engie SA (Multi-Utilities) | 88,307 | 1,093,675 |
| JCDecaux SA (Media) (a) | 23,800 | 384,102 |
| Klepierre SA (Equity Real Estate Investment Trusts) (a) | 15,540 | 346,784 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 3,848 | 2,676,696 |
| Pernod Ricard SA (Beverages) | 18,007 | 3,543,965 |
| Renault SA (Automobiles) (a) | 6,829 | 201,488 |
| Rothschild & Co. (Capital Markets) | 9,471 | 348,138 |
| Safran SA (Aerospace & Defense) | 5,271 | 580,809 |
| SOITEC (Semiconductors & Semiconductor Equipment) (a) | 5,199 | 834,682 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 37,683 | 1,922,232 |
| Valeo (Auto Components) | 9,632 | 206,683 |
| Vinci SA (Construction & Engineering) | 7,048 | 676,394 |
| Worldline SA (IT Services) (a)(b) | 5,088 | 225,246 |
| 19,038,327 | ||
| Germany 2.3% | ||
| Brenntag SE (Trading Companies & Distributors) | 10,795 | 754,786 |
| Commerzbank AG (Banks) (a) | 51,450 | 351,174 |
| Daimler Truck Holding AG (Machinery) (a) | 2,356 | 64,047 |
| KION Group AG (Machinery) | 7,674 | 347,926 |
| RWE AG (Independent Power and Renewable Electricity Producers) | 21,438 | 884,082 |
| Siemens AG (Registered) (Industrial Conglomerates) | 9,828 | 1,091,215 |
| Siemens Healthineers AG (Health Care Equipment & Supplies) (b) | 6,324 | 323,581 |
| Talanx AG (Insurance) | 9,060 | 329,390 |
| 4,146,201 | ||
| Shares | Value | |
| Common Stocks | ||
| Greece 0.2% | ||
| Hellenic Telecommunications Organization SA (Diversified Telecommunication Services) | 16,355 | $ 281,539 |
| Hong Kong 3.3% | ||
| AIA Group Ltd. (Insurance) | 204,708 | 2,066,078 |
| CK Asset Holdings Ltd. (Real Estate Management & Development) | 264,000 | 1,869,065 |
| Hong Kong Exchanges & Clearing Ltd. (Capital Markets) | 15,407 | 707,637 |
| Prudential plc (Insurance) | 47,739 | 588,559 |
| Techtronic Industries Co. Ltd. (Machinery) | 56,000 | 624,911 |
| 5,856,250 | ||
| India 1.6% | ||
| Axis Bank Ltd. (Banks) | 113,633 | 1,042,616 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) (a) | 109,556 | 916,617 |
| Kotak Mahindra Bank Ltd. (Banks) | 37,748 | 864,444 |
| 2,823,677 | ||
| Indonesia 0.6% | ||
| Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 3,622,200 | 1,068,158 |
| Ireland 1.2% | ||
| AerCap Holdings NV (Trading Companies & Distributors) (a) | 13,581 | 609,244 |
| AIB Group plc (Banks) | 298,545 | 679,902 |
| Ryanair Holdings plc, Sponsored ADR (Airlines) (a) | 4,267 | 311,491 |
| Smurfit Kappa Group plc (Containers & Packaging) | 15,234 | 553,143 |
| 2,153,780 | ||
| Italy 2.1% | ||
| Amplifon SpA (Health Care Providers & Services) | 10,183 | 337,074 |
| DiaSorin SpA (Health Care Equipment & Supplies) | 3,153 | 439,519 |
| Ferrari NV (Automobiles) | 6,315 | 1,339,065 |
| FinecoBank Banca Fineco SpA (Banks) | 61,588 | 769,127 |
| Stevanato Group SpA (Life Sciences Tools & Services) | 26,561 | 454,458 |
| UniCredit SpA (Banks) | 37,634 | 372,656 |
| 3,711,899 | ||
| Japan 16.5% | ||
| Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies) | 17,900 | 330,920 |
| Astellas Pharma, Inc. (Pharmaceuticals) | 59,400 | 931,521 |
| Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 28,200 | 793,808 |
| Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 44,900 | 1,189,241 |
| Daikin Industries Ltd. (Building Products) | 5,900 | 1,037,737 |
| Eisai Co. Ltd. (Pharmaceuticals) | 8,900 | 407,722 |
| GMO Payment Gateway, Inc. (IT Services) | 9,750 | 809,122 |
| Hitachi Ltd. (Industrial Conglomerates) | 21,500 | 1,090,991 |
| Hoya Corp. (Health Care Equipment & Supplies) | 10,650 | 1,069,751 |
| Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components) | 17,900 | 526,693 |
| Isuzu Motors Ltd. (Automobiles) | 75,470 | 829,385 |
| ITOCHU Corp. (Trading Companies & Distributors) | 17,500 | 510,791 |
| Shares | Value | |
| Common Stocks | ||
| Japan | ||
| KDDI Corp. (Wireless Telecommunication Services) | 29,186 | $ 940,650 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 2,825 | 1,121,088 |
| Kyowa Kirin Co. Ltd. (Pharmaceuticals) | 22,300 | 526,046 |
| Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 9,370 | 1,369,310 |
| Makita Corp. (Machinery) | 18,100 | 441,750 |
| Mitsubishi Corp. (Trading Companies & Distributors) | 18,900 | 562,766 |
| Mitsubishi Electric Corp. (Electrical Equipment) | 33,800 | 358,615 |
| Mitsubishi UFJ Financial Group, Inc. (Banks) | 197,200 | 1,111,542 |
| Mitsui & Co. Ltd. (Trading Companies & Distributors) | 22,300 | 489,974 |
| Musashi Seimitsu Industry Co. Ltd. (Auto Components) | 21,800 | 234,458 |
| Nikon Corp. (Household Durables) | 96,000 | 1,102,407 |
| Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services) | 39,120 | 1,117,681 |
| Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | 40,420 | 981,324 |
| Ono Pharmaceutical Co. Ltd. (Pharmaceuticals) | 22,800 | 639,991 |
| Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure) | 4,000 | 604,739 |
| Orix JREIT, Inc. (Equity Real Estate Investment Trusts) | 504 | 723,093 |
| Resona Holdings, Inc. (Banks) | 168,120 | 651,084 |
| Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment) | 17,900 | 461,198 |
| Sony Group Corp. (Household Durables) | 16,727 | 1,431,829 |
| Subaru Corp. (Automobiles) | 54,020 | 945,451 |
| T&D Holdings, Inc. (Insurance) | 57,300 | 642,355 |
| Tokio Marine Holdings, Inc. (Insurance) | 14,950 | 872,280 |
| Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 4,660 | 1,615,669 |
| Yamaha Motor Co. Ltd. (Automobiles) | 39,700 | 766,150 |
| Yamato Holdings Co. Ltd. (Air Freight & Logistics) | 28,600 | 501,972 |
| 29,741,104 | ||
| Luxembourg 0.2% | ||
| ArcelorMittal SA (Metals & Mining) | 10,537 | 258,897 |
| Arrival SA (Automobiles) (a)(c) | 120,747 | 189,573 |
| 448,470 | ||
| Macao 0.2% | ||
| Sands China Ltd. (Hotels, Restaurants & Leisure) (a) | 125,600 | 296,331 |
| Netherlands 6.8% | ||
| Adyen NV (IT Services) (a)(b) | 312 | 562,791 |
| Akzo Nobel NV (Chemicals) | 5,316 | 358,520 |
| Argenx SE (Biotechnology) (a) | 1,320 | 481,946 |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 5,056 | 2,902,957 |
| IMCD NV (Trading Companies & Distributors) | 2,765 | 442,659 |
| Koninklijke DSM NV (Chemicals) | 1,346 | 215,700 |
| Koninklijke KPN NV (Diversified Telecommunication Services) | 288,561 | 950,170 |
| Koninklijke Philips NV (Health Care Equipment & Supplies) | 22,602 | 468,881 |
| Shell plc (Oil, Gas & Consumable Fuels) | 191,505 | 5,116,968 |
| Wolters Kluwer NV (Professional Services) | 6,272 | 681,494 |
| 12,182,086 | ||
| Shares | Value | |
| Common Stocks | ||
| Norway 0.1% | ||
| Norsk Hydro ASA (Metals & Mining) | 17,786 | $ 120,141 |
| Philippines 0.5% | ||
| BDO Unibank, Inc. (Banks) | 394,400 | 856,701 |
| Republic of Korea 0.5% | ||
| LG Chem Ltd. (Chemicals) | 1,006 | 469,226 |
| Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 1,173 | 516,355 |
| 985,581 | ||
| Russia 0.0% ‡ | ||
| LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) (d)(e)(f) | 11,171 | 27,760 |
| Mobile TeleSystems PJSC, ADR (Wireless Telecommunication Services) (d)(e)(f) | 40,264 | 11,073 |
| 38,833 | ||
| Singapore 1.3% | ||
| Best World International Ltd. (Personal Products) (a)(c)(d)(e)(f) | 151,379 | 149,034 |
| Capitaland Investment Ltd. (Real Estate Management & Development) | 292,500 | 831,971 |
| SATS Ltd. (Transportation Infrastructure) (a) | 39,100 | 112,563 |
| Singapore Telecommunications Ltd. (Diversified Telecommunication Services) | 288,700 | 546,566 |
| United Overseas Bank Ltd. (Banks) | 36,500 | 729,813 |
| 2,369,947 | ||
| South Africa 0.7% | ||
| Anglo American plc (Metals & Mining) | 25,472 | 920,069 |
| Old Mutual Ltd. (Insurance) | 582,175 | 397,358 |
| 1,317,427 | ||
| Spain 1.5% | ||
| CaixaBank SA (Banks) | 100,649 | 302,427 |
| Cellnex Telecom SA (Diversified Telecommunication Services) | 23,581 | 1,055,487 |
| Grifols SA (Biotechnology) (a) | 28,142 | 410,605 |
| Iberdrola SA (Electric Utilities) (a) | 88,982 | 948,022 |
| 2,716,541 | ||
| Sweden 1.4% | ||
| Alfa Laval AB (Machinery) | 14,161 | 425,607 |
| Assa Abloy AB, Class B (Building Products) | 29,587 | 698,794 |
| Volvo AB, Class B (Machinery) | 73,901 | 1,324,749 |
| 2,449,150 | ||
| Switzerland 3.9% | ||
| Alcon, Inc. (Health Care Equipment & Supplies) | 12,908 | 1,015,027 |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 13,462 | 1,628,731 |
| Lonza Group AG (Registered) (Life Sciences Tools & Services) | 1,234 | 752,051 |
| Novartis AG (Registered) (Pharmaceuticals) | 26,421 | 2,270,766 |
| PSP Swiss Property AG (Registered) (Real Estate Management & Development) | 2,956 | 353,730 |
| Tecan Group AG (Registered) (Life Sciences Tools & Services) | 1,719 | 611,364 |
| Shares | Value | |
| Common Stocks | ||
| Switzerland | ||
| Wizz Air Holdings plc (Airlines) (a)(b) | 10,838 | $ 294,263 |
| 6,925,932 | ||
| Taiwan 4.2% | ||
| ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 18,020 | 1,167,069 |
| Chroma ATE, Inc. (Electronic Equipment, Instruments & Components) | 4,000 | 23,093 |
| E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 207,700 | 1,365,276 |
| MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 38,000 | 873,821 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 41,868 | 3,704,481 |
| Unimicron Technology Corp. (Electronic Equipment, Instruments & Components) | 92,500 | 493,167 |
| 7,626,907 | ||
| Thailand 0.7% | ||
| Kasikornbank PCL | ||
| (Banks) | 37,900 | 148,867 |
| NVDR (Banks) | 261,620 | 1,053,183 |
| PTT Global Chemical PCL (Chemicals) | 45,700 | 55,928 |
| 1,257,978 | ||
| United Arab Emirates 0.2% | ||
| Network International Holdings plc (IT Services) (a)(b) | 166,010 | 406,792 |
| United Kingdom 15.8% | ||
| Abcam plc (Biotechnology) (a) | 31,633 | 470,975 |
| Allfunds Group plc (Capital Markets) | 59,787 | 504,340 |
| AstraZeneca plc (Pharmaceuticals) | 19,193 | 2,522,919 |
| BAE Systems plc (Aerospace & Defense) | 50,631 | 476,109 |
| Beazley plc (Insurance) | 127,265 | 843,002 |
| BP plc (Oil, Gas & Consumable Fuels) | 204,952 | 1,003,898 |
| British American Tobacco plc (Tobacco) | 80,905 | 3,179,754 |
| BT Group plc (Diversified Telecommunication Services) | 474,454 | 936,541 |
| CNH Industrial NV (Machinery) | 14,269 | 183,523 |
| Coca-Cola Europacific Partners plc (Beverages) | 38,787 | 2,099,152 |
| Compass Group plc (Hotels, Restaurants & Leisure) | 53,622 | 1,258,558 |
| ConvaTec Group plc (Health Care Equipment & Supplies) (b) | 180,216 | 502,583 |
| Croda International plc (Chemicals) | 6,607 | 603,426 |
| Diageo plc (Beverages) | 94,923 | 4,511,735 |
| Experian plc (Professional Services) | 12,324 | 431,804 |
| Genus plc (Biotechnology) | 5,529 | 191,618 |
| HSBC Holdings plc (Banks) | 185,136 | 1,161,050 |
| Hyve Group plc (Media) (a) | 102,687 | 87,605 |
| Intermediate Capital Group plc (Capital Markets) | 4,110 | 76,446 |
| London Stock Exchange Group plc (Capital Markets) | 15,140 | 1,477,546 |
| National Express Group plc (Road & Rail) (a) | 29,908 | 67,180 |
| Rotork plc (Machinery) | 87,474 | 277,756 |
| Smith & Nephew plc (Health Care Equipment & Supplies) | 32,669 | 418,283 |
| Standard Chartered plc (Banks) | 158,171 | 1,091,399 |
| Unilever plc (Personal Products) | 68,275 | 3,325,623 |
| Shares | Value | |
| Common Stocks | ||
| United Kingdom | ||
| WPP plc (Media) | 56,771 | $ 612,482 |
| 28,315,307 | ||
| United States 1.7% | ||
| Atlassian Corp. plc, Class A (Software) (a) | 2,486 | 520,370 |
| QIAGEN NV (Life Sciences Tools & Services) (a) | 8,622 | 430,737 |
| Roche Holding AG (Pharmaceuticals) | 2,347 | 779,394 |
| Schneider Electric SE (Electrical Equipment) | 10,054 | 1,394,523 |
| 3,125,024 | ||
| Total Common Stocks (Cost $187,254,816) | 169,084,806 | |
| Preferred Stocks 2.0% | ||
| Brazil 0.5% | ||
| Banco Bradesco SA (Banks) | 288,500 | 971,871 |
| Germany 0.3% | ||
| Volkswagen AG (Automobiles) 2.91% | 3,902 | 547,885 |
| Republic of Korea 1.2% | ||
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 1.88% | 48,696 | 2,145,972 |
| Total Preferred Stocks (Cost $5,027,358) | 3,665,728 | |
| Exchange-Traded Fund 2.4% | ||
| United States 2.4% | ||
| iShares MSCI ACWI ex US ETF (c) | 92,066 | 4,282,910 |
| Total Exchange-Traded Fund (Cost $4,236,239) | 4,282,910 | |
| Short-Term Investments 0.9% | ||
| Affiliated Investment Company 0.8% | ||
| United States 0.8% | ||
| MainStay U.S. Government Liquidity Fund, 1.544% (g) | 1,337,164 | 1,337,164 |
| Unaffiliated Investment Company 0.1% | ||
| United States 0.1% | ||
| Invesco Government & Agency Portfolio, 2.17% (g)(h) | 232,336 | 232,336 |
| Total Short-Term Investments (Cost $1,569,500) | 1,569,500 | |
| Total Investments, Before Investments Sold Short (Cost $198,087,913) | 99.4% | 178,602,944 |
| Investments Sold Short (0.0)% ‡ | ||
| Value | |||
| Common Stock Sold Short (0.0)% ‡ | |||
| Australia (0.0)% ‡ | |||
| Virgin Australia Airlines Holdings Pty. Ltd. (Airlines) (a)(d)(e)(f) | (444,108) | $ (31) | |
| Total Common Stock Sold Short (Proceeds $0) | (31) | ||
| Number of Rights | |||
| Right Sold Short (0.0)% ‡ | |||
| United States (0.0)% ‡ | |||
| Intercell (Biotechnology) Expires 12/31/49 (a)(d)(e)(f) | (19,159) | (2) | |
| Total Right Sold Short (Proceeds $0) | (2) | ||
| Number of Warrants | |||
| Warrants Sold Short (0.0)% ‡ | |||
| Singapore (0.0)% ‡ | |||
| Ezion Holdings Ltd. (Energy Equipment & Services) | |||
| Expires 4/16/23 (a)(d)(e)(f) | (2,005,620) | — | |
| Total Warrants Sold Short (Proceeds $0) | — | ||
| Total Investments Sold Short (Proceeds $0) | (33) | ||
| Total Investments, Net of Investments Sold Short (Cost $198,087,913) | 99.4% | 178,602,911 | |
| Other Assets, Less Liabilities | 0.6 | 1,073,983 | |
| Net Assets | 100.0% | $ 179,676,894 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $333,662; the total market value of collateral held by the Fund was $366,148. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $133,812. The Fund received cash collateral with a value of $232,336. |
| (d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2022, the total market value was $187,834, which represented 0.1% of the Fund’s net assets. |
| (e) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $187,834, which represented 0.1% of the Fund’s net assets. |
| (f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (g) | Current yield as of July 31, 2022. |
| (h) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 2,105 | $ 30,753 | $ (31,521) | $ — | $ — | $ 1,337 | $ 2 | $ — | 1,337 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| NVDR—Non-Voting Depositary Receipt |
| PCL—Provision for Credit Losses |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Australia | $ — | $ 6,737,498 | $ — | $ 6,737,498 | |||
| Austria | — | 649,457 | — | 649,457 | |||
| Belgium | — | 608,027 | — | 608,027 | |||
| China | 207,457 | 5,590,750 | — | 5,798,207 | |||
| Denmark | 380,438 | 841,745 | — | 1,222,183 | |||
| Finland | — | 1,430,987 | — | 1,430,987 | |||
| France | — | 19,038,327 | — | 19,038,327 | |||
| Germany | — | 4,146,201 | — | 4,146,201 | |||
| Greece | — | 281,539 | — | 281,539 | |||
| Hong Kong | — | 5,856,250 | — | 5,856,250 | |||
| India | — | 2,823,677 | — | 2,823,677 | |||
| Indonesia | — | 1,068,158 | — | 1,068,158 | |||
| Ireland | 920,735 | 1,233,045 | — | 2,153,780 | |||
| Italy | 454,458 | 3,257,441 | — | 3,711,899 | |||
| Japan | — | 29,741,104 | — | 29,741,104 | |||
| Luxembourg | 189,573 | 258,897 | — | 448,470 | |||
| Macao | — | 296,331 | — | 296,331 | |||
| Netherlands | — | 12,182,086 | — | 12,182,086 | |||
| Norway | — | 120,141 | — | 120,141 | |||
| Philippines | — | 856,701 | — | 856,701 | |||
| Republic of Korea | — | 985,581 | — | 985,581 | |||
| Singapore | — | 2,220,913 | 149,034 | 2,369,947 | |||
| South Africa | — | 1,317,427 | — | 1,317,427 | |||
| Spain | — | 2,716,541 | — | 2,716,541 | |||
| Sweden | — | 2,449,150 | — | 2,449,150 | |||
| Switzerland | — | 6,925,932 | — | 6,925,932 | |||
| Taiwan | 3,704,481 | 3,922,426 | — | 7,626,907 | |||
| Thailand | — | 1,257,978 | — | 1,257,978 | |||
| United Arab Emirates | — | 406,792 | — | 406,792 | |||
| United Kingdom | 2,099,152 | 26,216,155 | — | 28,315,307 | |||
| United States | 520,370 | 2,604,654 | — | 3,125,024 | |||
| All Other Countries | 12,378,364 | — | 38,833 | 12,417,197 | |||
| Total Common Stocks | 20,855,028 | 148,041,911 | 187,867 | 169,084,806 | |||
| Preferred Stocks | 971,871 | 2,693,857 | — | 3,665,728 | |||
| Exchange-Traded Fund | 4,282,910 | — | — | 4,282,910 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 1,337,164 | — | — | 1,337,164 | |||
| Unaffiliated Investment Company | 232,336 | — | — | 232,336 | |||
| Total Short-Term Investments | 1,569,500 | — | — | 1,569,500 | |||
| Total Investments in Securities | $ 27,679,309 | $ 150,735,768 | $ 187,867 | $ 178,602,944 | |||
| Liability Valuation Inputs | |||||||
| Common Stock Sold Short | $ — | $ — | $ (31) | $ (31) | |||
| Right Sold Short | — | — | (2) | (2) | |||
| Warrants Sold Short | — | — | — | — | |||
| Total Investments in Securities Sold Short | $ — | $ — | $ (33) | $ (33) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 94.2% | ||
| Long-Term Municipal Bonds 93.8% | ||
| Certificate of Participation/Lease 0.1% | ||
| Rensselaer City School District, Certificate of Participation | ||
| Insured: AGM State Aid Withholding | ||
| 4.00%, due 6/1/34 | $ 650,000 | $ 678,159 |
| Insured: AGM State Aid Withholding | ||
| 4.00%, due 6/1/35 | 850,000 | 885,565 |
| 1,563,724 | ||
| Education 16.4% | ||
| Albany Capital Resource Corp., Albany College of Pharmacy and Health Sciences, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/33 | 150,000 | 155,009 |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
| 5.00%, due 6/1/49 | 2,380,000 | 2,355,549 |
| Albany Capital Resource Corp., Brighter Choice Elementary Charter Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/37 | 2,065,000 | 1,848,105 |
| Albany Capital Resource Corp., Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 11/1/46 | 3,000,000 | 2,873,460 |
| Amherst Development Corp., Daemen College Project, Revenue Bonds | ||
| 4.00%, due 10/1/37 | 1,000,000 | 897,587 |
| 5.00%, due 10/1/43 | 2,000,000 | 2,006,375 |
| 5.00%, due 10/1/48 | 2,000,000 | 1,992,288 |
| Buffalo & Erie County Industrial Land Development Corp., D'Youville College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/40 | 1,000,000 | 1,009,674 |
| Series A | ||
| 4.00%, due 11/1/50 | 5,000,000 | 4,914,078 |
| Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/47 | 500,000 | 499,291 |
| Series A | ||
| 5.00%, due 8/1/52 | 3,995,000 | 3,958,203 |
| Build NYC Resource Corp., Brilla College Preparatory Charter Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/41 (a) | 2,000,000 | 1,732,142 |
| Build NYC Resource Corp., Children's Aid Society Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 1,120,000 | 1,172,074 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 600,000 | 626,247 |
| Series A | ||
| 5.00%, due 7/1/56 | 550,000 | 561,211 |
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 5/1/38 | 800,000 | 830,763 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.50%, due 5/1/48 | $ 1,500,000 | $ 1,565,846 |
| Build NYC Resource Corp., Manhattan College Project, Revenue Bonds | ||
| 4.00%, due 8/1/42 | 1,500,000 | 1,467,552 |
| 5.00%, due 8/1/47 | 240,000 | 250,842 |
| Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds | ||
| 5.50%, due 11/1/44 | 2,500,000 | 2,540,918 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/32 | 1,000,000 | 1,026,671 |
| Series A | ||
| 5.00%, due 6/1/37 | 1,500,000 | 1,526,281 |
| Series A | ||
| 5.00%, due 6/1/47 | 3,100,000 | 3,109,016 |
| Series A | ||
| 5.00%, due 6/1/52 | 1,500,000 | 1,501,171 |
| Build NYC Resource Corp., New World Preparatory Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/51 | 2,180,000 | 1,860,516 |
| Series A | ||
| 4.00%, due 6/15/56 | 660,000 | 551,813 |
| Build NYC Resource Corp., New York Law School Project, Revenue Bonds | ||
| 5.00%, due 7/1/30 | 3,865,000 | 4,024,509 |
| 5.00%, due 7/1/33 | 1,520,000 | 1,567,574 |
| 5.00%, due 7/1/41 | 1,050,000 | 1,072,260 |
| Build NYC Resource Corp., Shefa School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/51 (a) | 2,500,000 | 2,557,392 |
| County of Cattaraugus NY, St. Bonaventure University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/44 | 1,200,000 | 1,229,601 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,100,000 | 1,140,687 |
| Series A | ||
| 5.00%, due 7/1/51 | 1,000,000 | 1,022,248 |
| Dutchess County Local Development Corp., Culinary Institute of America Project (The), Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/31 | 375,000 | 398,764 |
| Series A-1 | ||
| 5.00%, due 7/1/33 | 700,000 | 740,470 |
| Dutchess County Local Development Corp., Marist College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/39 | 1,000,000 | 1,015,007 |
| 5.00%, due 7/1/43 | 2,000,000 | 2,149,205 |
| 5.00%, due 7/1/48 | 4,000,000 | 4,265,894 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds | ||
| 5.00%, due 7/1/38 | $ 870,000 | $ 928,040 |
| 5.00%, due 7/1/43 | 1,020,000 | 1,077,716 |
| 5.00%, due 7/1/48 | 1,100,000 | 1,155,837 |
| Monroe County Industrial Development Corp., Nazareth College of Rochester, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/47 | 1,695,000 | 1,623,797 |
| Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/24 | 330,000 | 330,716 |
| Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 7/1/43 | 3,000,000 | 3,022,535 |
| Series D | ||
| 4.00%, due 7/1/43 | 2,470,000 | 2,488,554 |
| Series A | ||
| 4.00%, due 7/1/50 | 9,000,000 | 9,012,295 |
| New York City Educational Construction Fund, Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 5.00%, due 4/1/38 | 3,380,000 | 3,842,023 |
| Series B, Insured: State Intercept | ||
| 5.00%, due 4/1/52 | 5,000,000 | 5,537,174 |
| New York State Dormitory Authority, Brooklyn Law School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/33 | 1,650,000 | 1,787,203 |
| New York State Dormitory Authority, Fordham University, Revenue Bonds | ||
| 4.00%, due 7/1/46 | 4,830,000 | 4,719,983 |
| 4.00%, due 7/1/50 | 8,500,000 | 8,217,765 |
| Series A | ||
| 5.00%, due 7/1/41 | 1,075,000 | 1,145,862 |
| New York State Dormitory Authority, Friends of The Bay Shore-Brightwaters Public Library, Inc., Revenue Bonds | ||
| Insured: AMBAC | ||
| 4.625%, due 7/1/36 | 200,000 | 200,122 |
| New York State Dormitory Authority, Iona College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 | 550,000 | 584,057 |
| Series A | ||
| 5.00%, due 7/1/51 | 1,300,000 | 1,373,147 |
| New York State Dormitory Authority, New School (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 195,000 | 203,116 |
| New York State Dormitory Authority, New York University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/43 | 2,950,000 | 2,977,583 |
| Series A | ||
| 4.00%, due 7/1/45 | 9,675,000 | 9,735,405 |
| Series A | ||
| 4.00%, due 7/1/46 | 4,000,000 | 4,027,267 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| New York State Dormitory Authority, Pace University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/33 | $ 400,000 | $ 400,166 |
| Series A | ||
| 4.25%, due 5/1/42 | 450,000 | 447,570 |
| New York State Dormitory Authority, Rockefeller University (The), Revenue Bonds | ||
| Series C | ||
| 4.00%, due 7/1/49 | 7,055,000 | 7,072,147 |
| New York State Dormitory Authority, St. John's University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/48 | 5,250,000 | 5,161,442 |
| New York State Dormitory Authority, St. Joseph's College, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 200,000 | 196,198 |
| 5.00%, due 7/1/51 | 1,475,000 | 1,559,291 |
| New York State Dormitory Authority, St. Lawrence-Lewis Board of Cooperative Educational Services, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/42 | 5,500,000 | 5,570,185 |
| Series B, Insured: BAM | ||
| 4.00%, due 8/15/45 | 4,320,000 | 4,352,303 |
| Series B, Insured: BAM | ||
| 4.00%, due 8/15/50 | 1,340,000 | 1,341,378 |
| New York State Dormitory Authority, Touro College and University System Obligated Group, Revenue Bonds | ||
| 5.00%, due 1/1/42 | 5,000,000 | 5,116,240 |
| Oneida County Local Development Corp., Utica College Project, Revenue Bonds | ||
| 5.00%, due 7/1/49 | 3,250,000 | 3,322,445 |
| Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
| 4.00%, due 12/1/47 | 2,100,000 | 2,100,552 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,010,000 | 1,010,768 |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
| Series A | ||
| 7.00%, due 8/1/43 | 925,000 | 954,174 |
| Series 2013A | ||
| 7.00%, due 8/1/48 | 730,000 | 752,530 |
| Schenectady County Capital Resource Corp., Union College Project, Revenue Bonds | ||
| 5.25%, due 7/1/52 | 1,000,000 | 1,113,735 |
| St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds | ||
| 5.00%, due 9/1/47 | 2,975,000 | 3,113,026 |
| St. Lawrence County Industrial Development Agency, St. Lawrence University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/43 | 3,000,000 | 3,004,432 |
| Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds | ||
| Series A, Insured: State Aid Withholding | ||
| 3.25%, due 5/1/34 | 1,000,000 | 1,005,510 |
| Series 2020A, Insured: State Aid Withholding | ||
| 4.00%, due 5/1/36 | 1,500,000 | 1,563,446 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds | ||
| 5.00%, due 8/1/32 | $ 1,000,000 | $ 1,063,496 |
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/15/29 | 200,000 | 194,735 |
| Series A | ||
| 5.00%, due 10/15/39 | 1,680,000 | 1,697,080 |
| Series A | ||
| 5.00%, due 10/15/49 | 640,000 | 635,247 |
| 5.00%, due 10/15/50 | 1,350,000 | 1,335,800 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
| Insured: State Aid Withholding | ||
| 4.00%, due 5/1/41 | 2,280,000 | 2,333,834 |
| Insured: State Aid Withholding | ||
| 4.00%, due 5/1/46 | 2,655,000 | 2,683,646 |
| Insured: State Aid Withholding | ||
| 4.00%, due 5/1/51 | 3,000,000 | 3,001,745 |
| 190,109,611 | ||
| General Obligation 7.2% | ||
| City of Buffalo NY, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 4/1/27 | 500,000 | 554,817 |
| Series A | ||
| 5.00%, due 4/1/28 | 400,000 | 443,104 |
| City of Glens Falls NY, Public Improvement, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 1/15/31 | 500,000 | 524,871 |
| Insured: AGM | ||
| 4.00%, due 1/15/32 | 315,000 | 329,473 |
| Insured: AGM | ||
| 4.00%, due 1/15/33 | 250,000 | 260,559 |
| City of New York NY, Unlimited General Obligation | ||
| Series A-1, Insured: BAM | ||
| 4.00%, due 8/1/44 | 4,930,000 | 4,970,242 |
| City of Newburgh NY, Limited General Obligation | ||
| Series A, Insured: AGM | ||
| 3.50%, due 7/15/36 | 725,000 | 694,048 |
| City of Ogdensburg NY, Public Improvement, Limited General Obligation | ||
| 5.50%, due 4/15/23 | 40,000 | 40,485 |
| 5.50%, due 4/15/24 | 45,000 | 46,110 |
| 5.50%, due 4/15/26 | 50,000 | 51,545 |
| 5.50%, due 4/15/28 | 55,000 | 56,234 |
| City of Plattsburgh NY, Public Improvement, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.00%, due 9/15/22 | 455,000 | 456,775 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/15/24 | 510,000 | 540,817 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| City of Plattsburgh NY, Public Improvement, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.00%, due 9/15/25 | $ 470,000 | $ 509,982 |
| Series B, Insured: AGM | ||
| 5.00%, due 9/15/26 | 395,000 | 437,908 |
| City of Poughkeepsie NY, Public Improvement, Limited General Obligation | ||
| 5.00%, due 6/1/31 | 600,000 | 638,067 |
| City of Yonkers NY, Limited General Obligation | ||
| Series B, Insured: AGM State Aid Withholding | ||
| 3.00%, due 2/15/39 | 600,000 | 556,762 |
| Series A, Insured: BAM | ||
| 4.00%, due 9/1/31 | 1,500,000 | 1,601,408 |
| Series A, Insured: BAM | ||
| 4.00%, due 5/1/35 | 1,550,000 | 1,643,466 |
| Series A, Insured: AGM | ||
| 4.00%, due 2/15/36 | 700,000 | 730,529 |
| Series B, Insured: AGM State Aid Withholding | ||
| 4.00%, due 2/15/36 | 740,000 | 772,273 |
| Series A, Insured: BAM | ||
| 4.00%, due 5/1/36 | 1,700,000 | 1,786,385 |
| Series A, Insured: BAM | ||
| 4.00%, due 5/1/37 | 2,000,000 | 2,084,304 |
| Series B, Insured: AGM State Aid Withholding | ||
| 4.00%, due 2/15/38 | 1,300,000 | 1,343,770 |
| Series A, Insured: AGM | ||
| 5.00%, due 2/15/32 | 850,000 | 990,239 |
| Series B, Insured: AGM State Aid Withholding | ||
| 5.00%, due 2/15/32 | 855,000 | 996,064 |
| Series A, Insured: AGM | ||
| 5.00%, due 2/15/34 | 600,000 | 691,472 |
| Series B, Insured: AGM State Aid Withholding | ||
| 5.00%, due 2/15/34 | 750,000 | 864,339 |
| City of Yonkers NY, Unlimited General Obligation | ||
| Series B, Insured: BAM State Aid Withholding | ||
| 4.00%, due 5/1/39 | 2,000,000 | 2,047,344 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/24 | 350,745 | 326,376 |
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 1,351,801 | 805,626 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 1,050,426 | 1,008,119 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 884,193 | 837,067 |
| Series A-1 | ||
| 4.00%, due 7/1/37 | 810,367 | 759,116 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 1,101,791 | 1,014,913 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/46 | $ 1,000,000 | $ 904,067 |
| Series A-1 | ||
| 5.375%, due 7/1/25 | 1,169,884 | 1,226,141 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 1,159,287 | 1,257,593 |
| Series A-1 | ||
| 5.625%, due 7/1/29 | 1,140,480 | 1,262,298 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 1,107,737 | 1,245,658 |
| County of Clinton NY, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 6/1/38 (b) | 1,500,000 | 1,514,023 |
| County of Nassau NY, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.00%, due 4/1/49 | 10,000,000 | 11,135,994 |
| County of Onondaga NY, Limited General Obligation | ||
| 3.00%, due 6/1/39 | 2,150,000 | 2,012,042 |
| 3.25%, due 4/15/34 | 1,250,000 | 1,255,593 |
| County of Rockland NY, Limited General Obligation | ||
| Insured: BAM | ||
| 5.00%, due 6/1/24 | 500,000 | 529,327 |
| Insured: BAM | ||
| 5.00%, due 6/1/25 | 560,000 | 608,512 |
| Insured: BAM | ||
| 5.00%, due 6/1/26 | 550,000 | 612,073 |
| County of Rockland NY, Various Purpose, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 5/1/44 | 915,000 | 921,053 |
| Insured: AGM | ||
| 4.00%, due 5/1/45 | 950,000 | 956,277 |
| Insured: AGM | ||
| 4.00%, due 5/1/46 | 985,000 | 989,965 |
| Insured: AGM | ||
| 4.00%, due 5/1/48 | 1,065,000 | 1,066,873 |
| County of Suffolk NY, Public Improvement, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 3.00%, due 10/15/32 | 5,480,000 | 5,432,383 |
| Series B, Insured: AGM | ||
| 3.00%, due 10/15/33 | 2,400,000 | 2,311,545 |
| Series A, Insured: AGM | ||
| 3.25%, due 6/1/36 | 715,000 | 681,926 |
| Series A, Insured: AGM | ||
| 3.25%, due 6/1/37 | 725,000 | 686,958 |
| Series A, Insured: BAM | ||
| 4.00%, due 4/1/33 | 2,190,000 | 2,300,138 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Harrison Central School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/44 | $ 1,015,000 | $ 1,016,050 |
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/45 | 1,055,000 | 1,053,021 |
| Insured: State Aid Withholding | ||
| 3.55%, due 3/15/47 | 1,130,000 | 1,130,585 |
| Lackawanna City School District, Unlimited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 4.00%, due 6/15/32 | 745,000 | 774,038 |
| Niagara Falls City School District, Unlimited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 5.00%, due 6/15/27 | 960,000 | 1,093,843 |
| Poughkeepsie School District, New York School District Refunding, Unlimited General Obligation | ||
| Insured: AGM State Aid Withholding | ||
| 3.00%, due 5/1/33 | 400,000 | 395,438 |
| Town of Oyster Bay NY, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 8/1/30 | 365,000 | 365,000 |
| Town of Oyster Bay NY, Public Improvement, Limited General Obligation | ||
| 4.00%, due 2/15/26 | 3,440,000 | 3,644,637 |
| Series A, Insured: BAM | ||
| 5.00%, due 1/15/28 | 500,000 | 522,753 |
| Village of Valley Stream NY, Various Purpose, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 4/1/33 | 490,000 | 508,417 |
| Insured: BAM | ||
| 4.00%, due 4/1/34 | 510,000 | 527,050 |
| Insured: BAM | ||
| 4.00%, due 4/1/35 | 530,000 | 546,513 |
| Insured: BAM | ||
| 4.00%, due 4/1/36 | 550,000 | 564,003 |
| Insured: BAM | ||
| 4.00%, due 4/1/37 | 570,000 | 582,829 |
| 83,049,225 | ||
| Hospital 10.6% | ||
| Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 3.375%, due 10/1/40 | 7,990,000 | 7,644,051 |
| Brookhaven Local Development Corp., Long Island Community Hospital Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/45 | 3,500,000 | 3,422,189 |
| Series A | ||
| 5.00%, due 10/1/33 | 1,000,000 | 1,101,634 |
| Series A | ||
| 5.00%, due 10/1/35 | 1,000,000 | 1,095,058 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Brookhaven Local Development Corp., Long Island Community Hospital Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/50 | $ 6,250,000 | $ 6,653,098 |
| Broome County Local Development Corp., United Health Services Hospitals Obligated Group, Revenue Bonds | ||
| Insured: AGM | ||
| 3.00%, due 4/1/50 | 6,835,000 | 5,204,512 |
| Insured: AGM | ||
| 4.00%, due 4/1/39 | 700,000 | 706,140 |
| Insured: AGM | ||
| 4.00%, due 4/1/50 | 4,265,000 | 4,199,491 |
| Build NYC Resource Corp., Children's Aid Society Project (The), Revenue Bonds | ||
| 4.00%, due 7/1/44 | 600,000 | 603,529 |
| 4.00%, due 7/1/49 | 1,300,000 | 1,303,780 |
| Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/46 | 6,000,000 | 6,188,642 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/24 | 200,000 | 210,334 |
| Series A | ||
| 5.00%, due 12/1/25 | 215,000 | 230,164 |
| Series A | ||
| 5.00%, due 12/1/26 | 340,000 | 369,927 |
| Series A | ||
| 5.00%, due 12/1/27 | 400,000 | 440,996 |
| Series A | ||
| 5.00%, due 12/1/28 | 600,000 | 666,821 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/31 | 2,705,000 | 2,691,681 |
| Monroe County Industrial Development Corp., Highland Hospital, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 3,100,000 | 3,145,931 |
| Monroe County Industrial Development Corp., Rochester General Hospital (The), Revenue Bonds | ||
| 4.00%, due 12/1/37 | 1,000,000 | 988,776 |
| Series A | ||
| 5.00%, due 12/1/32 | 540,000 | 543,068 |
| Series A | ||
| 5.00%, due 12/1/42 | 1,000,000 | 1,004,009 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/46 | 750,000 | 688,496 |
| Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 250,000 | 256,849 |
| New York State Dormitory Authority, Catholic Health System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/45 | 3,490,000 | 3,017,715 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/32 | 800,000 | 849,733 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/34 | $ 3,500,000 | $ 3,689,457 |
| New York State Dormitory Authority, Maimonides Medical Center, Revenue Bonds | ||
| Insured: FHA 241 | ||
| 3.00%, due 2/1/50 | 14,000,000 | 11,634,473 |
| New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds | ||
| Series 1 | ||
| 4.00%, due 7/1/37 | 470,000 | 482,015 |
| Series 1 | ||
| 4.00%, due 7/1/38 | 5,530,000 | 5,663,572 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/36 | 3,750,000 | 3,610,094 |
| Series A | ||
| 4.00%, due 8/1/37 | 1,750,000 | 1,675,788 |
| New York State Dormitory Authority, Northwell Health Obligated Group, Revenue Bonds | ||
| Series B-3 | ||
| 5.00%, due 5/1/48 (c) | 5,000,000 | 5,408,133 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/48 | 750,000 | 588,785 |
| Series A | ||
| 4.00%, due 7/1/40 | 1,000,000 | 1,006,777 |
| Series A | ||
| 4.00%, due 7/1/50 | 11,455,000 | 11,334,839 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/35 (a) | 100,000 | 103,437 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 12/1/44 | 4,150,000 | 3,530,507 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/32 | 1,000,000 | 1,040,861 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/33 | 1,255,000 | 1,303,994 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/34 | 1,585,000 | 1,644,851 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/36 | 1,650,000 | 1,709,109 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/37 | 1,155,000 | 1,195,116 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/37 | 1,270,000 | 1,311,034 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/38 | 1,000,000 | 1,033,889 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/46 | 4,000,000 | 3,956,266 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/49 | 4,000,000 | 4,035,541 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/33 | $ 250,000 | $ 257,350 |
| Westchester County Local Development Corp., Westchester Medical Center, Revenue Bonds | ||
| 5.00%, due 11/1/46 | 2,500,000 | 2,547,721 |
| 121,990,233 | ||
| Housing 1.7% | ||
| Albany Capital Resource Corp., Empire Commons Student Housing, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/29 | 600,000 | 634,561 |
| Series A | ||
| 5.00%, due 5/1/30 | 350,000 | 368,772 |
| Series A | ||
| 5.00%, due 5/1/31 | 200,000 | 210,296 |
| Amherst Development Corp., UBF Faculty-Student Housing Corp., Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/42 | 4,945,000 | 5,041,611 |
| Series A, Insured: AGM | ||
| 5.00%, due 10/1/45 | 2,000,000 | 2,177,776 |
| New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.25%, due 7/1/27 | 2,950,000 | 2,952,880 |
| New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
| Series 2019A | ||
| 4.00%, due 7/1/49 | 3,050,000 | 3,062,144 |
| Series A | ||
| 5.00%, due 7/1/43 | 1,500,000 | 1,675,369 |
| Onondaga Civic Development Corp., Onondaga Community College Housing Development Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/22 | 325,000 | 325,682 |
| Series A | ||
| 5.00%, due 10/1/24 | 400,000 | 408,441 |
| Series A | ||
| 5.00%, due 10/1/25 | 250,000 | 256,450 |
| Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds | ||
| 5.00%, due 6/1/29 | 185,000 | 195,373 |
| 5.00%, due 6/1/30 | 330,000 | 347,012 |
| 5.00%, due 6/1/31 | 320,000 | 335,345 |
| 5.00%, due 6/1/37 | 1,000,000 | 1,033,266 |
| 5.00%, due 6/1/42 | 1,000,000 | 1,024,047 |
| 20,049,025 | ||
| Other Revenue 35.9% | ||
| Battery Park City Authority, Green Bond, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 11/1/44 | 4,355,000 | 4,440,375 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Brookhaven Local Development Corp., Jefferson's Ferry Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/55 | $ 3,565,000 | $ 3,406,913 |
| 5.25%, due 11/1/36 | 1,130,000 | 1,203,678 |
| Broome County Local Development Corp., Good Shepherd Village at Endwell, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,565,000 | 1,528,226 |
| 4.00%, due 7/1/36 | 2,100,000 | 1,990,138 |
| 4.00%, due 1/1/47 | 1,160,000 | 1,022,857 |
| Build NYC Resource Corp., Bronx Charter School for Excellence Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 4/1/43 | 1,160,000 | 1,171,157 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 4,305,000 | 4,435,979 |
| Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds | ||
| Insured: AGM | ||
| 4.75%, due 12/15/32 | 2,000,000 | 2,012,711 |
| Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds | ||
| 5.00%, due 6/1/34 | 750,000 | 752,718 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 2,500,000 | 424,214 |
| 5.625%, due 5/15/43 | 2,300,000 | 2,338,804 |
| City of New York NY, Alvin Ailey Dance Foundation, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/46 | 1,515,000 | 1,525,592 |
| City of New York NY, Museum of Modern Art (The), Revenue Bonds | ||
| Series 2016-ONE-E | ||
| 4.00%, due 4/1/30 | 1,200,000 | 1,271,319 |
| Development Authority of the North Country, Solid Waste Management System, Revenue Bonds | ||
| Insured: AGM | ||
| 3.25%, due 9/1/39 | 550,000 | 530,224 |
| Insured: AGM | ||
| 3.25%, due 9/1/40 | 570,000 | 541,550 |
| Insured: AGM | ||
| 3.25%, due 9/1/42 | 610,000 | 567,082 |
| Insured: AGM | ||
| 3.25%, due 9/1/43 | 630,000 | 580,114 |
| Insured: AGM | ||
| 3.25%, due 9/1/44 | 650,000 | 594,855 |
| Insured: AGM | ||
| 3.375%, due 9/1/38 | 535,000 | 526,405 |
| Insured: AGM | ||
| 3.50%, due 9/1/37 | 515,000 | 517,083 |
| Dobbs Ferry Local Development Corp., Mercy College Project, Revenue Bonds | ||
| 5.00%, due 7/1/39 | 1,000,000 | 1,029,825 |
| Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (b) | ||
| 5.00%, due 1/1/25 | 1,000,000 | 1,070,769 |
| 5.00%, due 1/1/26 | 1,000,000 | 1,096,681 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | $ 18,000,000 | $ 3,936,202 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 2,476,245 | 2,197,667 |
| Hudson Yards Infrastructure Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/31 | 8,380,000 | 9,344,786 |
| Series A | ||
| 5.00%, due 2/15/42 | 7,500,000 | 8,085,295 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 2/15/47 | 4,000,000 | 4,037,299 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 900,000 | 866,759 |
| Series A | ||
| 5.25%, due 7/1/56 | 2,500,000 | 2,286,577 |
| Long Island Power Authority, Electric System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/38 | 2,000,000 | 2,051,383 |
| Series A | ||
| 4.00%, due 9/1/39 | 4,750,000 | 4,866,498 |
| Series A | ||
| 4.00%, due 9/1/40 | 550,000 | 562,265 |
| 5.00%, due 9/1/37 | 2,000,000 | 2,242,147 |
| 5.00%, due 9/1/38 | 1,000,000 | 1,117,940 |
| 5.00%, due 9/1/39 | 1,000,000 | 1,115,917 |
| 5.00%, due 9/1/42 | 2,000,000 | 2,200,968 |
| Series A | ||
| 5.00%, due 9/1/44 | 2,000,000 | 2,084,283 |
| Series B | ||
| 5.00%, due 9/1/45 | 1,000,000 | 1,070,842 |
| Series B | ||
| 5.00%, due 9/1/46 | 245,000 | 267,392 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 3,140,000 | 3,361,215 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,380,925 |
| Series A | ||
| 5.00%, due 10/1/39 | 9,415,000 | 9,976,631 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/49 | 4,000,000 | 4,528,234 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series B-2 | ||
| 5.25%, due 11/15/33 | 5,000,000 | 5,599,607 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | $ 4,900,000 | $ 4,377,172 |
| Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | 750,000 | 737,065 |
| Series A-3 | ||
| 5.125%, due 6/1/46 | 2,515,000 | 2,514,926 |
| New York City Housing Development Corp., Capital Fund Grant Program, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/23 | 1,300,000 | 1,340,140 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series E-1-A | ||
| 3.40%, due 11/1/47 | 3,000,000 | 2,665,522 |
| Series G | ||
| 3.85%, due 11/1/45 | 595,000 | 570,923 |
| Series L-2-A | ||
| 4.00%, due 5/1/44 | 4,825,000 | 4,756,757 |
| Series I-1-A | ||
| 4.05%, due 11/1/41 | 1,000,000 | 1,001,635 |
| Series I-1-A | ||
| 4.15%, due 11/1/46 | 3,250,000 | 3,249,365 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Green Bond, Revenue Bonds | ||
| Series G-1 | ||
| 3.70%, due 11/1/47 | 1,000,000 | 927,917 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Insured: AGM | ||
| 3.00%, due 1/1/39 | 6,955,000 | 6,238,994 |
| Insured: AGM | ||
| 3.00%, due 1/1/40 | 4,295,000 | 3,797,514 |
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/46 | 21,195,000 | 17,576,759 |
| New York City Industrial Development Agency, TRIPS Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 1,500,000 | 1,502,289 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/40 | 380,000 | 184,216 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/44 | 1,065,000 | 418,222 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/45 | 200,000 | 74,823 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/46 | 4,080,000 | 1,451,596 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/47 | 1,115,000 | 378,515 |
| Series A, Insured: AGM-CR | ||
| 3.00%, due 3/1/49 | 10,980,000 | 8,713,525 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 3/1/45 | $ 6,500,000 | $ 6,546,858 |
| Series A, Insured: AGM | ||
| 5.00%, due 3/1/29 | 2,000,000 | 2,285,480 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
| Series S-1A, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/36 | 2,865,000 | 2,981,236 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/1/35 | 3,825,000 | 4,050,720 |
| Series C-1 | ||
| 4.00%, due 11/1/42 | 3,000,000 | 3,047,717 |
| Series C | ||
| 4.00%, due 5/1/44 | 4,000,000 | 4,056,412 |
| Series C | ||
| 4.00%, due 5/1/46 | 5,440,000 | 5,496,575 |
| Series C-1 | ||
| 5.00%, due 2/1/51 | 7,175,000 | 8,028,990 |
| New York City Transitional Finance Authority Building Aid, Revenue Bonds | ||
| Series S-1A, Insured: State Aid Withholding | ||
| 3.00%, due 7/15/38 | 8,000,000 | 7,418,914 |
| Series S-1, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/36 | 1,500,000 | 1,549,871 |
| Series S-1A, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/40 | 2,265,000 | 2,324,817 |
| Series S-3, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/46 | 2,905,000 | 2,927,993 |
| Series S-3, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/43 | 2,500,000 | 2,765,214 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 6,500,000 | 1,914,099 |
| New York Convention Center Development Corp., Hotel Unit Fee Secured, Revenue Bonds | ||
| 5.00%, due 11/15/40 | 1,620,000 | 1,713,581 |
| New York Convention Center Development Corp., Hotel Unit Fee Secured, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/41 | 2,320,000 | 1,010,888 |
| New York Convention Center Development Corp., New York City Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/43 | 4,800,000 | 1,862,187 |
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/42 | 1,000,000 | 999,966 |
| Series A | ||
| 5.00%, due 6/1/45 | 245,000 | 240,385 |
| Series A | ||
| 6.25%, due 6/1/41 (a) | 4,800,000 | 4,824,886 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | $ 1,600,000 | $ 627,624 |
| New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/30 | 135,000 | 142,592 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 8,000,000 | 6,595,492 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 2 | ||
| 5.375%, due 11/15/40 (a) | 1,500,000 | 1,531,373 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
| 3.25%, due 9/15/52 | 1,250,000 | 1,046,587 |
| 3.50%, due 9/15/52 | 1,225,000 | 1,011,126 |
| New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Revenue Bonds | ||
| 5.50%, due 10/1/37 | 700,000 | 843,472 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 11/15/51 | 13,810,000 | 11,149,730 |
| New York State Dormitory Authority, Oceanside Library, Revenue Bonds | ||
| 4.00%, due 7/1/52 | 10,000,000 | 10,035,612 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/39 | 8,000,000 | 8,195,093 |
| Series A | ||
| 4.00%, due 3/15/48 | 7,500,000 | 7,558,693 |
| Series C | ||
| 5.00%, due 3/15/31 | 3,620,000 | 3,783,680 |
| New York State Housing Finance Agency, Revenue Bonds | ||
| Series C, Insured: FHA 542(C) | ||
| 4.20%, due 11/1/54 | 12,795,000 | 12,731,346 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/38 | 3,000,000 | 3,053,707 |
| Series E | ||
| 4.00%, due 3/15/38 | 3,000,000 | 3,050,840 |
| Series E | ||
| 4.00%, due 3/15/43 | 2,885,000 | 2,923,124 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/42 | 9,500,000 | 9,575,651 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds | ||
| 5.25%, due 8/1/31 (b) | 1,540,000 | 1,652,296 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.375%, due 10/1/45 | 2,500,000 | 2,458,727 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 5.00%, due 10/1/35 | $ 6,000,000 | $ 6,327,802 |
| New York Transportation Development Corp., New York State Thruway Serive Areas Project, Revenue Bonds (b) | ||
| 4.00%, due 10/31/41 | 3,880,000 | 3,601,395 |
| 4.00%, due 4/30/53 | 11,320,000 | 10,074,454 |
| Niagara Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| 5.25%, due 5/15/40 | 500,000 | 515,874 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.75%, due 8/1/22 | 1,420,000 | 1,420,000 |
| Series C, Insured: AGC | ||
| 5.25%, due 8/1/23 | 100,000 | 102,043 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/58 | 19,900,000 | 20,122,307 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (a) | 13,000,000 | 2,091,723 |
| Schenectady Metroplex Development Authority, General Resolution Bonds, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.50%, due 8/1/33 | 1,000,000 | 1,038,299 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/45 | 1,625,000 | 1,654,567 |
| State of New York Mortgage Agency, Homeowner Mortgage, Revenue Bonds | ||
| Series 208 | ||
| 4.00%, due 10/1/48 | 1,855,000 | 1,894,421 |
| Series 213 | ||
| 4.25%, due 10/1/47 | 670,000 | 690,376 |
| Suffolk County Economic Development Corp., Peconic Landing at Southold, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/29 | 175,000 | 189,587 |
| Series A | ||
| 5.00%, due 12/1/34 | 165,000 | 177,062 |
| Series A | ||
| 5.00%, due 12/1/40 | 175,000 | 186,015 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
| Series A-1 | ||
| 0.67%, due 6/1/23 | 1,585,000 | 1,553,211 |
| Series A-1 | ||
| 1.015%, due 6/1/24 | 1,000,000 | 961,833 |
| Series A-2 | ||
| 4.00%, due 6/1/37 | 1,250,000 | 1,271,702 |
| Series A-2 | ||
| 4.00%, due 6/1/38 | 1,000,000 | 1,014,472 |
| Series A-2 | ||
| 4.00%, due 6/1/39 | 1,250,000 | 1,264,818 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 6/1/40 | $ 1,250,000 | $ 1,261,768 |
| Series B-1 | ||
| 4.00%, due 6/1/50 | 4,250,000 | 4,168,572 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 11/15/39 | 880,000 | 882,755 |
| Series D | ||
| 5.00%, due 11/15/27 | 1,825,000 | 1,961,242 |
| Series D | ||
| 5.00%, due 11/15/28 | 200,000 | 213,989 |
| Territory of Guam, Section 30, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/36 | 1,020,000 | 1,089,297 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series 2014A | ||
| 5.00%, due 7/1/44 | 690,000 | 709,623 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/41 | 2,000,000 | 2,094,875 |
| Series B | ||
| 5.00%, due 6/1/48 | 9,890,000 | 9,897,720 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (a) | 1,000,000 | 987,171 |
| Series A | ||
| 5.00%, due 10/1/32 | 1,000,000 | 973,344 |
| Series A, Insured: AGM-CR | ||
| 5.00%, due 10/1/32 | 1,200,000 | 1,212,797 |
| Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/51 (d) | 2,500,000 | 2,591,018 |
| Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project, Revenue Bonds | ||
| 5.00%, due 7/1/27 | 270,000 | 291,794 |
| 5.00%, due 7/1/28 | 270,000 | 291,074 |
| 5.00%, due 7/1/29 | 100,000 | 107,639 |
| 5.00%, due 7/1/34 | 200,000 | 213,741 |
| Westchester County Local Development Corp., Pace University, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 5/1/42 | 3,265,000 | 3,349,950 |
| Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 6/1/41 | 250,000 | 263,339 |
| 414,965,199 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Prerefunded 0.6% | ||
| Antonio B Won Pat International Airport Authority, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 6.00%, due 10/1/34 (b) | $ 720,000 | $ 754,960 |
| Build NYC Resource Corp., YMCA of Greater New York, Revenue Bonds | ||
| 5.00%, due 8/1/32 | 1,000,000 | 1,000,000 |
| 5.00%, due 8/1/42 | 1,000,000 | 1,000,000 |
| Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 500,000 | 530,736 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.25%, due 7/1/33 | 1,230,000 | 1,269,503 |
| 5.50%, due 7/1/43 | 1,725,000 | 1,784,293 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series E | ||
| 5.00%, due 11/15/42 | 685,000 | 692,006 |
| New York State Dormitory Authority, New School (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 15,000 | 16,352 |
| Rensselaer Housing Authority, Van Rensselaer & Renwyck Apartments, Revenue Bonds | ||
| Series 2012A | ||
| 5.00%, due 12/1/47 | 175,000 | 176,999 |
| 7,224,849 | ||
| Transportation 13.8% | ||
| Albany County Airport Authority, Revenue Bonds | ||
| 4.00%, due 12/15/44 | 835,000 | 836,103 |
| Series A | ||
| 5.00%, due 12/15/43 | 1,750,000 | 1,860,802 |
| Series A | ||
| 5.00%, due 12/15/48 | 2,585,000 | 2,725,073 |
| Antonio B Won Pat International Airport Authority, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 6.00%, due 10/1/34 (b) | 280,000 | 291,667 |
| Buffalo & Fort Erie Public Bridge Authority, Toll Bridge System, Revenue Bonds | ||
| 5.00%, due 1/1/42 | 1,500,000 | 1,640,628 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 11/15/42 | 1,230,000 | 1,206,268 |
| Series D | ||
| 5.00%, due 11/15/29 | 550,000 | 601,809 |
| Series B | ||
| 5.00%, due 11/15/40 | 2,500,000 | 2,584,320 |
| Series B, Insured: BAM | ||
| 5.00%, due 11/15/52 | 9,000,000 | 9,689,891 |
| Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 4.00%, due 11/15/47 | 6,720,000 | 6,631,303 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/42 | $ 2,180,000 | $ 2,179,777 |
| Series E | ||
| 4.00%, due 11/15/45 | 2,000,000 | 1,943,738 |
| Series C, Insured: AGM | ||
| 4.00%, due 11/15/46 | 1,600,000 | 1,580,072 |
| Series C, Insured: AGM | ||
| 4.00%, due 11/15/48 | 1,200,000 | 1,183,349 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/50 | 2,500,000 | 2,461,080 |
| Series A-1 | ||
| 4.00%, due 11/15/52 | 1,460,000 | 1,402,633 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/54 | 3,500,000 | 3,426,303 |
| Series A-2 | ||
| 5.00%, due 11/15/27 | 590,000 | 644,727 |
| Series C | ||
| 5.00%, due 11/15/42 | 2,325,000 | 2,455,478 |
| Series D | ||
| 5.00%, due 11/15/45 | 2,000,000 | 2,117,990 |
| MTA Hudson Rail Yards Trust Obligations, Election 2016, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/56 | 7,205,000 | 7,415,545 |
| New York State Bridge Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/38 | 200,000 | 205,412 |
| Series A | ||
| 4.00%, due 1/1/39 | 275,000 | 281,928 |
| Series A | ||
| 4.00%, due 1/1/40 | 325,000 | 332,659 |
| Series A | ||
| 4.00%, due 1/1/41 | 200,000 | 204,464 |
| Series A | ||
| 4.00%, due 1/1/46 | 1,000,000 | 1,006,944 |
| New York State Thruway Authority, Revenue Bonds | ||
| Series L | ||
| 4.00%, due 1/1/36 | 4,000,000 | 4,115,681 |
| Series B, Insured: AGM | ||
| 4.00%, due 1/1/45 | 4,450,000 | 4,501,366 |
| Series N | ||
| 4.00%, due 1/1/47 | 5,500,000 | 5,506,225 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/45 | 9,050,000 | 9,154,464 |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds | ||
| 5.00%, due 12/1/29 (b) | 1,250,000 | 1,382,155 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/41 | $ 1,000,000 | $ 1,032,677 |
| Series A | ||
| 5.25%, due 1/1/50 | 2,000,000 | 2,067,074 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds | ||
| 4.00%, due 12/1/38 (b) | 1,275,000 | 1,227,229 |
| Series A | ||
| 4.00%, due 12/1/42 (b) | 1,350,000 | 1,263,986 |
| Series C | ||
| 4.00%, due 12/1/42 | 7,090,000 | 6,793,645 |
| Series A | ||
| 5.00%, due 12/1/36 (b) | 1,600,000 | 1,712,054 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 4/1/23 | 225,000 | 229,469 |
| Series A | ||
| 5.00%, due 4/1/24 | 490,000 | 512,623 |
| Series A | ||
| 5.00%, due 4/1/27 | 610,000 | 633,753 |
| Series A | ||
| 5.00%, due 4/1/29 | 325,000 | 336,419 |
| Series A | ||
| 5.00%, due 4/1/29 | 600,000 | 668,090 |
| Series A | ||
| 5.00%, due 4/1/30 | 375,000 | 414,276 |
| Series A | ||
| 5.00%, due 4/1/31 | 350,000 | 383,750 |
| Series A | ||
| 5.00%, due 4/1/32 | 400,000 | 436,859 |
| Series A | ||
| 5.00%, due 4/1/34 | 450,000 | 487,787 |
| Series A | ||
| 5.00%, due 4/1/35 | 400,000 | 432,524 |
| Series A | ||
| 5.00%, due 4/1/36 | 600,000 | 647,562 |
| Series A | ||
| 5.00%, due 4/1/38 | 375,000 | 401,441 |
| Ogdensburg Bridge and Port Authority, Revenue Bonds | ||
| 5.75%, due 7/1/47 (a) | 2,090,000 | 1,957,805 |
| Port Authority of Guam, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/36 (b) | 625,000 | 675,844 |
| Series B | ||
| 5.00%, due 7/1/37 (b) | 200,000 | 215,685 |
| Series A | ||
| 5.00%, due 7/1/48 | 1,235,000 | 1,325,904 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
| Series 218 | ||
| 4.00%, due 11/1/41 | $ 2,030,000 | $ 2,047,651 |
| Series 221 | ||
| 4.00%, due 7/15/50 | 3,000,000 | 2,960,376 |
| Series 223 | ||
| 4.00%, due 7/15/51 | 3,000,000 | 2,952,087 |
| Series 231 | ||
| 5.50%, due 8/1/47 | 4,000,000 | 4,552,722 |
| Port Authority of New York & New Jersey, Revenue Bonds, Third Series | ||
| Series 193 | ||
| 5.00%, due 10/15/34 (b) | 5,775,000 | 6,079,875 |
| Port Authority of New York & New Jersey, Consolidated 178th, Revenue Bonds | ||
| Series 178 | ||
| 5.00%, due 12/1/38 (b) | 1,500,000 | 1,530,981 |
| Port Authority of New York & New Jersey, Consolidated 1st, Revenue Bonds | ||
| Series 207 | ||
| 5.00%, due 9/15/48 (b) | 2,500,000 | 2,656,110 |
| Port Authority of New York & New Jersey, Consolidated 214th, Revenue Bonds (b) | ||
| Series 214 | ||
| 4.00%, due 9/1/37 | 2,955,000 | 3,004,427 |
| Series 214 | ||
| 4.00%, due 9/1/39 | 4,350,000 | 4,395,551 |
| Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds | ||
| Series 218 | ||
| 4.00%, due 11/1/47 (b) | 5,500,000 | 5,452,522 |
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||
| Insured: AGC-ICC | ||
| 5.00%, due 7/1/23 | 340,000 | 342,340 |
| Syracuse Regional Airport Authority, Revenue Bonds (b) | ||
| 4.00%, due 7/1/35 | 350,000 | 351,178 |
| 4.00%, due 7/1/36 | 435,000 | 435,110 |
| 5.00%, due 7/1/26 | 1,000,000 | 1,087,427 |
| 5.00%, due 7/1/31 | 1,000,000 | 1,122,825 |
| 5.00%, due 7/1/32 | 1,000,000 | 1,113,506 |
| 5.00%, due 7/1/33 | 750,000 | 827,704 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/45 | 2,000,000 | 2,143,983 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/44 | 1,105,000 | 1,118,374 |
| Series A | ||
| 4.00%, due 11/15/54 | 5,000,000 | 5,000,551 |
| Series A | ||
| 5.00%, due 11/15/56 | 5,000,000 | 5,464,637 |
| 160,066,247 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utilities 2.1% | ||
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/33 | $ 1,055,000 | $ 1,134,584 |
| Series A | ||
| 5.00%, due 10/1/34 | 2,000,000 | 2,011,100 |
| Series A | ||
| 5.00%, due 10/1/38 | 2,700,000 | 2,877,624 |
| Series A | ||
| 5.00%, due 10/1/40 | 1,250,000 | 1,328,028 |
| Long Island Power Authority, Electric System, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| (zero coupon), due 12/1/26 | 1,500,000 | 1,352,459 |
| New York Power Authority, Green Bond, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/60 | 10,000,000 | 9,945,615 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series TT, Insured: NATL-RE | ||
| 5.00%, due 7/1/23 | 265,000 | 265,634 |
| Series TT, Insured: NATL-RE | ||
| 5.00%, due 7/1/26 | 215,000 | 215,515 |
| Series XX | ||
| 5.25%, due 7/1/40 (e)(f) | 5,630,000 | 4,616,600 |
| 23,747,159 | ||
| Water & Sewer 5.4% | ||
| Albany Municipal Water Finance Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/45 | 3,000,000 | 3,092,292 |
| Buffalo Municipal Water Finance Authority, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/51 | 2,000,000 | 2,007,873 |
| Great Neck North Water Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/32 | 250,000 | 257,851 |
| Series A | ||
| 4.00%, due 1/1/33 | 425,000 | 435,462 |
| Series A | ||
| 4.00%, due 1/1/34 | 250,000 | 254,726 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 4,000,000 | 4,123,921 |
| 5.00%, due 1/1/46 | 3,365,000 | 3,525,312 |
| Series A | ||
| 5.00%, due 1/1/50 | 9,975,000 | 10,643,537 |
| Monroe County Water Authority, Water System, Revenue Bonds | ||
| 3.50%, due 3/1/45 | 2,000,000 | 1,959,543 |
| 5.00%, due 8/1/37 | 750,000 | 752,275 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
| Series FF | ||
| 4.00%, due 6/15/41 | $ 4,500,000 | $ 4,547,068 |
| Series FF-1 | ||
| 4.00%, due 6/15/49 | 3,000,000 | 3,012,601 |
| Series DD | ||
| 5.00%, due 6/15/34 | 1,000,000 | 1,027,678 |
| Series AA-1 | ||
| 5.00%, due 6/15/50 | 755,000 | 843,894 |
| 5.00%, due 6/15/50 | 1,000,000 | 1,117,740 |
| Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/15/34 | 770,000 | 853,148 |
| Onondaga County Water Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/15/34 | 845,000 | 893,025 |
| Series A | ||
| 4.00%, due 9/15/35 | 600,000 | 631,911 |
| Series A | ||
| 4.00%, due 9/15/36 | 1,375,000 | 1,435,950 |
| Series A | ||
| 4.00%, due 9/15/37 | 1,945,000 | 2,013,842 |
| Series A | ||
| 4.00%, due 9/15/39 | 700,000 | 719,101 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) | ||
| Series B | ||
| 5.00%, due 7/1/24 | 2,850,000 | 2,917,814 |
| Series B | ||
| 5.00%, due 7/1/29 | 870,000 | 915,304 |
| Series B | ||
| 5.00%, due 7/1/33 | 6,000,000 | 6,269,615 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 7/1/42 (a) | 1,250,000 | 1,125,607 |
| Saratoga County Water Authority, Revenue Bonds | ||
| 4.00%, due 9/1/48 | 4,600,000 | 4,665,726 |
| Upper Mohawk Valley Regional Water Finance Authority, Green Bond, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 4/1/46 | 2,675,000 | 2,751,397 |
| 62,794,213 | ||
| Total Long-Term Municipal Bonds (Cost $1,127,024,981) | 1,085,559,485 | |
| Principal Amount | Value | ||
| Short-Term Municipal Notes 0.4% | |||
| Utility 0.4% | |||
| Puerto Rico Electric Power Authority, Revenue Bonds | |||
| Series UU, Insured: AGM | |||
| 2.046%, due 7/1/29 (g) | $ 5,000,000 | $ 4,671,172 | |
| Total Short-Term Municipal Notes (Cost $4,755,654) | 4,671,172 | ||
| Total Municipal Bonds (Cost $1,131,780,635) | 1,090,230,657 | ||
| Shares | |||
| Closed-End Funds 0.2% | |||
| New York 0.2% | |||
| BlackRock New York Municipal Income Trust | 12,602 | 144,419 | |
| Eaton Vance New York Municipal Bond Fund | 13,241 | 132,542 | |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 205,883 | 2,386,184 | |
| Total Closed-End Funds (Cost $3,194,013) | 2,663,145 | ||
| Short-Term Investment 4.8% | |||
| Unaffiliated Investment Company 4.8% | |||
| BlackRock Liquidity Funds MuniCash, 1.19% (h) | 54,789,713 | 54,794,248 | |
| Total Short-Term Investment (Cost $54,794,247) | 54,794,248 | ||
| Total Investments (Cost $1,189,768,895) | 99.2% | 1,147,688,050 | |
| Other Assets, Less Liabilities | 0.8 | 9,590,049 | |
| Net Assets | 100.0% | $ 1,157,278,099 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Delayed delivery security. |
| (e) | Issue in default. |
| (f) | Issue in non-accrual status. |
| (g) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (h) | Current yield as of July 31, 2022. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Notes | (900) | September 2022 | $ (108,089,337) | $ (109,026,563) | $ (937,226) |
| U.S. Treasury Long Bonds | (514) | September 2022 | (72,448,699) | (74,016,000) | (1,567,301) |
| Net Unrealized Depreciation | $ (2,504,527) |
| 1. | As of July 31, 2022, cash in the amount of $3,573,200 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| ICC—Insured Custody Certificates |
| NATL-RE—National Public Finance Guarantee Corp. |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,085,559,485 | $ — | $ 1,085,559,485 | |||
| Short-Term Municipal Notes | — | 4,671,172 | — | 4,671,172 | |||
| Total Municipal Bonds | — | 1,090,230,657 | — | 1,090,230,657 | |||
| Closed-End Funds | 2,663,145 | — | — | 2,663,145 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 54,794,248 | — | — | 54,794,248 | |||
| Total Investments in Securities | $ 57,457,393 | $ 1,090,230,657 | $ — | $ 1,147,688,050 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (2,504,527) | $ — | $ — | $ (2,504,527) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.1% | ||
| Aerospace & Defense 1.6% | ||
| Boeing Co. (The)(a) | 18,348 | $ 2,923,020 |
| General Dynamics Corp. | 7,604 | 1,723,599 |
| Howmet Aerospace, Inc. | 12,409 | 460,746 |
| Huntington Ingalls Industries, Inc. | 1,321 | 286,446 |
| L3Harris Technologies, Inc. | 6,363 | 1,526,929 |
| Lockheed Martin Corp. | 7,814 | 3,233,511 |
| Northrop Grumman Corp. | 4,821 | 2,308,777 |
| Raytheon Technologies Corp. | 49,066 | 4,573,442 |
| Textron, Inc. | 7,096 | 465,781 |
| TransDigm Group, Inc.(a) | 1,711 | 1,064,824 |
| 18,567,075 | ||
| Air Freight & Logistics 0.7% | ||
| CH Robinson Worldwide, Inc. | 4,199 | 464,829 |
| Expeditors International of Washington, Inc. | 5,535 | 588,094 |
| FedEx Corp. | 7,867 | 1,833,719 |
| United Parcel Service, Inc., Class B | 24,230 | 4,722,185 |
| 7,608,827 | ||
| Airlines 0.2% | ||
| Alaska Air Group, Inc.(a) | 4,160 | 184,413 |
| American Airlines Group, Inc.(a)(b) | 21,429 | 293,792 |
| Delta Air Lines, Inc.(a) | 21,150 | 672,570 |
| Southwest Airlines Co.(a) | 19,563 | 745,741 |
| United Airlines Holdings, Inc.(a) | 10,779 | 396,128 |
| 2,292,644 | ||
| Auto Components 0.1% | ||
| Aptiv plc(a) | 8,939 | 937,612 |
| BorgWarner, Inc. | 7,904 | 303,988 |
| 1,241,600 | ||
| Automobiles 2.4% | ||
| Ford Motor Co. | 130,282 | 1,913,842 |
| General Motors Co.(a) | 48,103 | 1,744,215 |
| Tesla, Inc.(a) | 27,686 | 24,680,685 |
| 28,338,742 | ||
| Banks 3.6% | ||
| Bank of America Corp. | 233,914 | 7,908,632 |
| Citigroup, Inc. | 64,067 | 3,325,077 |
| Citizens Financial Group, Inc. | 16,182 | 614,431 |
| Comerica, Inc. | 4,314 | 335,500 |
| Fifth Third Bancorp | 22,635 | 772,306 |
| First Republic Bank | 5,921 | 963,406 |
| Huntington Bancshares, Inc. | 47,481 | 631,023 |
| JPMorgan Chase & Co. | 96,899 | 11,178,269 |
| KeyCorp | 30,764 | 562,981 |
| M&T Bank Corp. | 5,919 | 1,050,327 |
| Shares | Value | |
| Common Stocks | ||
| Banks | ||
| PNC Financial Services Group, Inc. (The) | 13,645 | $ 2,264,251 |
| Regions Financial Corp. | 30,831 | 653,001 |
| Signature Bank | 2,076 | 385,243 |
| SVB Financial Group(a) | 1,942 | 783,694 |
| Truist Financial Corp. | 43,926 | 2,216,945 |
| U.S. Bancorp | 44,606 | 2,105,403 |
| Wells Fargo & Co. | 125,051 | 5,485,987 |
| Zions Bancorp NA | 4,994 | 272,423 |
| 41,508,899 | ||
| Beverages 1.8% | ||
| Brown-Forman Corp., Class B | 6,030 | 447,547 |
| Coca-Cola Co. (The) | 128,718 | 8,259,834 |
| Constellation Brands, Inc., Class A | 5,370 | 1,322,685 |
| Keurig Dr Pepper, Inc. | 24,336 | 942,777 |
| Molson Coors Beverage Co., Class B | 6,214 | 371,286 |
| Monster Beverage Corp.(a) | 12,407 | 1,235,985 |
| PepsiCo, Inc. | 45,617 | 7,981,150 |
| 20,561,264 | ||
| Biotechnology 2.0% | ||
| AbbVie, Inc. | 58,300 | 8,366,633 |
| Amgen, Inc. | 17,624 | 4,361,411 |
| Biogen, Inc.(a) | 4,832 | 1,039,170 |
| Gilead Sciences, Inc. | 41,382 | 2,472,574 |
| Incyte Corp.(a) | 6,212 | 482,548 |
| Moderna, Inc.(a) | 11,417 | 1,873,416 |
| Regeneron Pharmaceuticals, Inc.(a) | 3,564 | 2,073,143 |
| Vertex Pharmaceuticals, Inc.(a) | 8,438 | 2,366,100 |
| 23,034,995 | ||
| Building Products 0.4% | ||
| Allegion plc | 2,897 | 306,213 |
| AO Smith Corp. | 4,290 | 271,428 |
| Carrier Global Corp. | 27,985 | 1,134,232 |
| Fortune Brands Home & Security, Inc. | 4,316 | 300,739 |
| Johnson Controls International plc | 22,951 | 1,237,288 |
| Masco Corp. | 7,784 | 431,078 |
| Trane Technologies plc | 7,715 | 1,134,028 |
| 4,815,006 | ||
| Capital Markets 2.9% | ||
| Ameriprise Financial, Inc. | 3,626 | 978,730 |
| Bank of New York Mellon Corp. (The) | 24,519 | 1,065,596 |
| BlackRock, Inc. | 4,698 | 3,143,808 |
| Cboe Global Markets, Inc. | 3,503 | 432,200 |
| Charles Schwab Corp. (The) | 49,757 | 3,435,721 |
| CME Group, Inc. | 11,858 | 2,365,434 |
| FactSet Research Systems, Inc. | 1,250 | 537,100 |
| Shares | Value | |
| Common Stocks | ||
| Capital Markets | ||
| Franklin Resources, Inc. | 9,236 | $ 253,528 |
| Goldman Sachs Group, Inc. (The) | 11,331 | 3,777,642 |
| Intercontinental Exchange, Inc. | 18,418 | 1,878,452 |
| Invesco Ltd. | 11,109 | 197,074 |
| MarketAxess Holdings, Inc. | 1,245 | 337,121 |
| Moody's Corp. | 5,296 | 1,643,084 |
| Morgan Stanley | 46,170 | 3,892,131 |
| MSCI, Inc. | 2,676 | 1,288,066 |
| Nasdaq, Inc. | 3,803 | 687,963 |
| Northern Trust Corp. | 6,875 | 685,987 |
| Raymond James Financial, Inc. | 6,414 | 631,587 |
| S&P Global, Inc. | 11,451 | 4,316,225 |
| State Street Corp. | 12,112 | 860,436 |
| T. Rowe Price Group, Inc. | 7,499 | 925,901 |
| 33,333,786 | ||
| Chemicals 1.7% | ||
| Air Products and Chemicals, Inc. | 7,317 | 1,816,299 |
| Albemarle Corp. | 3,864 | 944,014 |
| Celanese Corp. | 3,573 | 419,863 |
| CF Industries Holdings, Inc. | 6,882 | 657,162 |
| Corteva, Inc. | 23,876 | 1,374,064 |
| Dow, Inc. | 24,021 | 1,278,157 |
| DuPont de Nemours, Inc. | 16,777 | 1,027,256 |
| Eastman Chemical Co. | 4,252 | 407,894 |
| Ecolab, Inc. | 8,199 | 1,354,229 |
| FMC Corp. | 4,155 | 461,621 |
| International Flavors & Fragrances, Inc. | 8,408 | 1,043,012 |
| Linde plc | 16,604 | 5,014,408 |
| LyondellBasell Industries NV, Class A | 8,539 | 760,996 |
| Mosaic Co. (The) | 11,943 | 628,918 |
| PPG Industries, Inc. | 7,792 | 1,007,428 |
| Sherwin-Williams Co. (The) | 7,896 | 1,910,358 |
| 20,105,679 | ||
| Commercial Services & Supplies 0.5% | ||
| Cintas Corp. | 2,870 | 1,221,156 |
| Copart, Inc.(a) | 7,052 | 903,361 |
| Republic Services, Inc. | 6,878 | 953,704 |
| Rollins, Inc. | 7,474 | 288,272 |
| Waste Management, Inc. | 12,603 | 2,073,950 |
| 5,440,443 | ||
| Communications Equipment 0.8% | ||
| Arista Networks, Inc.(a) | 7,424 | 865,861 |
| Cisco Systems, Inc. | 137,053 | 6,218,095 |
| F5, Inc.(a) | 1,995 | 333,883 |
| Juniper Networks, Inc. | 10,659 | 298,772 |
| Shares | Value | |
| Common Stocks | ||
| Communications Equipment | ||
| Motorola Solutions, Inc. | 5,519 | $ 1,316,778 |
| 9,033,389 | ||
| Construction & Engineering 0.1% | ||
| Quanta Services, Inc. | 4,741 | 657,719 |
| Construction Materials 0.1% | ||
| Martin Marietta Materials, Inc. | 2,058 | 724,580 |
| Vulcan Materials Co. | 4,384 | 724,807 |
| 1,449,387 | ||
| Consumer Finance 0.5% | ||
| American Express Co. | 20,124 | 3,099,498 |
| Capital One Financial Corp. | 12,967 | 1,424,166 |
| Discover Financial Services | 9,270 | 936,270 |
| Synchrony Financial | 16,545 | 553,927 |
| 6,013,861 | ||
| Containers & Packaging 0.3% | ||
| Amcor plc | 49,579 | 642,048 |
| Avery Dennison Corp. | 2,696 | 513,480 |
| Ball Corp. | 10,550 | 774,581 |
| International Paper Co. | 12,228 | 522,992 |
| Packaging Corp. of America | 3,091 | 434,626 |
| Sealed Air Corp. | 4,820 | 294,598 |
| Westrock Co. | 8,408 | 356,163 |
| 3,538,488 | ||
| Distributors 0.1% | ||
| Genuine Parts Co. | 4,671 | 714,056 |
| LKQ Corp. | 8,585 | 470,801 |
| Pool Corp. | 1,322 | 472,880 |
| 1,657,737 | ||
| Diversified Financial Services 1.6% | ||
| Berkshire Hathaway, Inc., Class B (a) | 59,688 | 17,942,213 |
| Diversified Telecommunication Services 1.0% | ||
| AT&T, Inc. | 236,188 | 4,435,611 |
| Lumen Technologies, Inc. | 30,674 | 334,040 |
| Verizon Communications, Inc. | 138,554 | 6,399,809 |
| 11,169,460 | ||
| Electric Utilities 1.9% | ||
| Alliant Energy Corp. | 8,275 | 504,196 |
| American Electric Power Co., Inc. | 16,943 | 1,669,902 |
| Constellation Energy Corp. | 10,778 | 712,426 |
| Duke Energy Corp. | 25,400 | 2,792,222 |
| Edison International | 12,576 | 852,276 |
| Shares | Value | |
| Common Stocks | ||
| Electric Utilities | ||
| Entergy Corp. | 6,710 | $ 772,522 |
| Evergy, Inc. | 7,571 | 516,797 |
| Eversource Energy | 11,378 | 1,003,767 |
| Exelon Corp. | 32,339 | 1,503,440 |
| FirstEnergy Corp. | 18,836 | 774,160 |
| NextEra Energy, Inc. | 64,812 | 5,475,966 |
| NRG Energy, Inc. | 7,828 | 295,507 |
| Pinnacle West Capital Corp. | 3,728 | 273,896 |
| PPL Corp. | 24,279 | 706,033 |
| Southern Co. (The) | 35,055 | 2,695,379 |
| Xcel Energy, Inc. | 17,969 | 1,314,971 |
| 21,863,460 | ||
| Electrical Equipment 0.5% | ||
| AMETEK, Inc. | 7,618 | 940,823 |
| Eaton Corp. plc | 13,164 | 1,953,406 |
| Emerson Electric Co. | 19,597 | 1,765,102 |
| Generac Holdings, Inc.(a) | 2,106 | 565,040 |
| Rockwell Automation, Inc. | 3,836 | 979,254 |
| 6,203,625 | ||
| Electronic Equipment, Instruments & Components 0.6% | ||
| Amphenol Corp., Class A | 19,701 | 1,519,538 |
| CDW Corp. | 4,458 | 809,261 |
| Corning, Inc. | 25,079 | 921,904 |
| Keysight Technologies, Inc.(a) | 6,004 | 976,250 |
| TE Connectivity Ltd. | 10,629 | 1,421,416 |
| Teledyne Technologies, Inc.(a) | 1,545 | 604,713 |
| Trimble, Inc.(a) | 8,253 | 573,006 |
| Zebra Technologies Corp., Class A (a) | 1,733 | 619,877 |
| 7,445,965 | ||
| Energy Equipment & Services 0.3% | ||
| Baker Hughes Co. | 30,859 | 792,768 |
| Halliburton Co. | 29,758 | 871,909 |
| Schlumberger NV | 46,633 | 1,726,820 |
| 3,391,497 | ||
| Entertainment 1.3% | ||
| Activision Blizzard, Inc. | 25,796 | 2,062,390 |
| Electronic Arts, Inc. | 9,278 | 1,217,552 |
| Live Nation Entertainment, Inc.(a) | 4,518 | 424,647 |
| Netflix, Inc.(a) | 14,657 | 3,296,359 |
| Take-Two Interactive Software, Inc.(a) | 5,216 | 692,320 |
| Walt Disney Co. (The)(a) | 60,094 | 6,375,973 |
| Warner Bros Discovery, Inc.(a) | 72,860 | 1,092,900 |
| 15,162,141 | ||
| Shares | Value | |
| Common Stocks | ||
| Equity Real Estate Investment Trusts 2.8% | ||
| Alexandria Real Estate Equities, Inc. | 4,900 | $ 812,322 |
| American Tower Corp. | 15,331 | 4,152,095 |
| AvalonBay Communities, Inc. | 4,613 | 986,905 |
| Boston Properties, Inc. | 4,705 | 428,908 |
| Camden Property Trust | 3,514 | 495,825 |
| Crown Castle International Corp. | 14,287 | 2,581,089 |
| Digital Realty Trust, Inc. | 9,392 | 1,243,970 |
| Duke Realty Corp. | 12,684 | 793,511 |
| Equinix, Inc. | 3,003 | 2,113,331 |
| Equity Residential | 11,290 | 885,023 |
| Essex Property Trust, Inc. | 2,155 | 617,472 |
| Extra Space Storage, Inc. | 4,430 | 839,574 |
| Federal Realty OP LP | 2,358 | 249,028 |
| Healthpeak Properties, Inc. | 17,801 | 491,842 |
| Host Hotels & Resorts, Inc. | 23,582 | 419,995 |
| Iron Mountain, Inc. | 9,586 | 464,825 |
| Kimco Realty Corp. | 20,389 | 450,801 |
| Mid-America Apartment Communities, Inc. | 3,808 | 707,260 |
| Prologis, Inc. | 24,423 | 3,237,513 |
| Public Storage | 5,038 | 1,644,454 |
| Realty Income Corp. | 19,848 | 1,468,554 |
| Regency Centers Corp. | 5,118 | 329,753 |
| SBA Communications Corp. | 3,557 | 1,194,405 |
| Simon Property Group, Inc. | 10,833 | 1,176,897 |
| UDR, Inc. | 9,874 | 477,902 |
| Ventas, Inc. | 13,187 | 709,197 |
| VICI Properties, Inc. | 31,771 | 1,086,250 |
| Vornado Realty Trust | 5,251 | 159,578 |
| Welltower, Inc.(b) | 14,977 | 1,293,114 |
| Weyerhaeuser Co. | 24,562 | 892,092 |
| 32,403,485 | ||
| Food & Staples Retailing 1.5% | ||
| Costco Wholesale Corp. | 14,623 | 7,915,430 |
| Kroger Co. (The) | 21,644 | 1,005,147 |
| Sysco Corp. | 16,809 | 1,427,084 |
| Walgreens Boots Alliance, Inc. | 23,653 | 937,132 |
| Walmart, Inc. | 46,318 | 6,116,292 |
| 17,401,085 | ||
| Food Products 1.1% | ||
| Archer-Daniels-Midland Co. | 18,565 | 1,536,625 |
| Campbell Soup Co. | 6,669 | 329,115 |
| Conagra Brands, Inc. | 15,832 | 541,613 |
| General Mills, Inc. | 19,868 | 1,485,928 |
| Hershey Co. (The) | 4,817 | 1,098,083 |
| Hormel Foods Corp. | 9,350 | 461,329 |
| J M Smucker Co. (The) | 3,578 | 473,441 |
| Shares | Value | |
| Common Stocks | ||
| Food Products | ||
| Kellogg Co. | 8,360 | $ 617,971 |
| Kraft Heinz Co. (The) | 23,421 | 862,596 |
| Lamb Weston Holdings, Inc. | 4,766 | 379,660 |
| McCormick & Co., Inc. (Non-Voting) | 8,255 | 721,074 |
| Mondelez International, Inc., Class A | 45,658 | 2,923,938 |
| Tyson Foods, Inc., Class A | 9,618 | 846,480 |
| 12,277,853 | ||
| Gas Utilities 0.1% | ||
| Atmos Energy Corp. | 4,586 | 556,695 |
| Health Care Equipment & Supplies 2.6% | ||
| Abbott Laboratories | 57,767 | 6,287,360 |
| ABIOMED, Inc.(a) | 1,503 | 440,394 |
| Align Technology, Inc.(a) | 2,418 | 679,385 |
| Baxter International, Inc. | 16,612 | 974,460 |
| Becton Dickinson and Co. | 9,405 | 2,297,736 |
| Boston Scientific Corp.(a) | 47,164 | 1,936,082 |
| Cooper Cos., Inc. (The) | 1,627 | 532,029 |
| Dentsply Sirona, Inc. | 7,108 | 257,025 |
| DexCom, Inc.(a) | 12,949 | 1,062,854 |
| Edwards Lifesciences Corp.(a) | 20,513 | 2,062,377 |
| Hologic, Inc.(a) | 8,228 | 587,315 |
| IDEXX Laboratories, Inc.(a) | 2,772 | 1,106,527 |
| Intuitive Surgical, Inc.(a) | 11,843 | 2,725,903 |
| Medtronic plc | 44,260 | 4,094,935 |
| ResMed, Inc. | 4,826 | 1,160,750 |
| STERIS plc | 3,303 | 745,322 |
| Stryker Corp. | 11,104 | 2,384,584 |
| Teleflex, Inc. | 1,547 | 371,992 |
| Zimmer Biomet Holdings, Inc. | 6,914 | 763,236 |
| 30,470,266 | ||
| Health Care Providers & Services 3.3% | ||
| AmerisourceBergen Corp. | 4,976 | 726,148 |
| Cardinal Health, Inc. | 8,988 | 535,325 |
| Centene Corp.(a) | 19,296 | 1,793,949 |
| Cigna Corp. | 10,467 | 2,882,193 |
| CVS Health Corp. | 43,262 | 4,139,308 |
| DaVita, Inc.(a) | 1,997 | 168,068 |
| Elevance Health, Inc. | 7,954 | 3,794,853 |
| HCA Healthcare, Inc. | 7,506 | 1,594,424 |
| Henry Schein, Inc.(a) | 4,555 | 359,071 |
| Humana, Inc. | 4,173 | 2,011,386 |
| Laboratory Corp. of America Holdings | 3,058 | 801,777 |
| McKesson Corp. | 4,796 | 1,638,218 |
| Molina Healthcare, Inc.(a) | 1,937 | 634,794 |
| Quest Diagnostics, Inc. | 3,872 | 528,799 |
| Shares | Value | |
| Common Stocks | ||
| Health Care Providers & Services | ||
| UnitedHealth Group, Inc. | 30,952 | $ 16,786,508 |
| Universal Health Services, Inc., Class B | 2,215 | 249,121 |
| 38,643,942 | ||
| Hotels, Restaurants & Leisure 1.8% | ||
| Booking Holdings, Inc.(a) | 1,340 | 2,593,825 |
| Caesars Entertainment, Inc.(a) | 7,072 | 323,120 |
| Carnival Corp.(a) | 26,775 | 242,582 |
| Chipotle Mexican Grill, Inc.(a) | 923 | 1,443,775 |
| Darden Restaurants, Inc. | 4,115 | 512,276 |
| Domino's Pizza, Inc. | 1,189 | 466,219 |
| Expedia Group, Inc.(a) | 5,001 | 530,356 |
| Hilton Worldwide Holdings, Inc. | 9,183 | 1,176,067 |
| Las Vegas Sands Corp.(a) | 11,344 | 427,555 |
| Marriott International, Inc., Class A | 9,070 | 1,440,497 |
| McDonald's Corp. | 24,399 | 6,425,965 |
| MGM Resorts International | 11,667 | 381,861 |
| Norwegian Cruise Line Holdings Ltd.(a)(b) | 13,827 | 167,998 |
| Penn National Gaming, Inc.(a) | 5,393 | 186,328 |
| Royal Caribbean Cruises Ltd.(a) | 7,402 | 286,531 |
| Starbucks Corp. | 37,838 | 3,207,906 |
| Wynn Resorts Ltd.(a) | 3,482 | 221,037 |
| Yum! Brands, Inc. | 9,408 | 1,152,856 |
| 21,186,754 | ||
| Household Durables 0.3% | ||
| DR Horton, Inc. | 10,569 | 824,699 |
| Garmin Ltd. | 5,034 | 491,419 |
| Lennar Corp., Class A | 8,532 | 725,220 |
| Mohawk Industries, Inc.(a) | 1,698 | 218,159 |
| Newell Brands, Inc. | 12,141 | 245,370 |
| NVR, Inc.(a) | 102 | 448,096 |
| PulteGroup, Inc. | 7,840 | 341,981 |
| Whirlpool Corp. | 1,854 | 320,501 |
| 3,615,445 | ||
| Household Products 1.4% | ||
| Church & Dwight Co., Inc. | 8,009 | 704,552 |
| Clorox Co. (The) | 4,061 | 576,012 |
| Colgate-Palmolive Co. | 27,645 | 2,176,767 |
| Kimberly-Clark Corp. | 11,116 | 1,464,978 |
| Procter & Gamble Co. (The) | 79,157 | 10,995,699 |
| 15,918,008 | ||
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| AES Corp. (The) | 22,034 | 489,595 |
| Shares | Value | |
| Common Stocks | ||
| Industrial Conglomerates 0.8% | ||
| 3M Co. | 18,774 | $ 2,689,188 |
| General Electric Co. | 36,313 | 2,683,894 |
| Honeywell International, Inc. | 22,459 | 4,322,459 |
| 9,695,541 | ||
| Insurance 2.0% | ||
| Aflac, Inc. | 19,552 | 1,120,330 |
| Allstate Corp. (The) | 9,072 | 1,061,152 |
| American International Group, Inc. | 26,136 | 1,353,061 |
| Aon plc, Class A | 7,007 | 2,039,317 |
| Arthur J. Gallagher & Co. | 6,931 | 1,240,580 |
| Assurant, Inc. | 1,784 | 313,591 |
| Brown & Brown, Inc. | 7,730 | 503,223 |
| Chubb Ltd. | 13,979 | 2,636,999 |
| Cincinnati Financial Corp. | 4,920 | 478,913 |
| Everest Re Group Ltd. | 1,301 | 340,016 |
| Globe Life, Inc. | 2,993 | 301,485 |
| Hartford Financial Services Group, Inc. (The) | 10,850 | 699,499 |
| Lincoln National Corp. | 5,332 | 273,745 |
| Loews Corp. | 6,414 | 373,615 |
| Marsh & McLennan Cos., Inc. | 16,559 | 2,715,014 |
| MetLife, Inc. | 22,805 | 1,442,416 |
| Principal Financial Group, Inc. | 7,753 | 518,986 |
| Progressive Corp. (The) | 19,296 | 2,220,198 |
| Prudential Financial, Inc. | 12,372 | 1,237,076 |
| Travelers Cos., Inc. (The) | 7,917 | 1,256,428 |
| W R Berkley Corp. | 6,912 | 432,207 |
| Willis Towers Watson plc | 3,678 | 761,125 |
| 23,318,976 | ||
| Interactive Media & Services 5.0% | ||
| Alphabet, Inc. (a) | ||
| Class A | 198,460 | 23,084,867 |
| Class C | 181,960 | 21,223,814 |
| Match Group, Inc.(a) | 9,422 | 690,727 |
| Meta Platforms, Inc., Class A (a) | 75,667 | 12,038,620 |
| Twitter, Inc.(a)(b) | 25,166 | 1,047,157 |
| 58,085,185 | ||
| Internet & Direct Marketing Retail 3.5% | ||
| Amazon.com, Inc.(a) | 288,678 | 38,957,096 |
| eBay, Inc. | 18,470 | 898,196 |
| Etsy, Inc.(a) | 4,194 | 435,002 |
| 40,290,294 | ||
| IT Services 4.4% | ||
| Accenture plc, Class A | 20,897 | 6,399,915 |
| Akamai Technologies, Inc.(a) | 5,289 | 508,908 |
| Automatic Data Processing, Inc. | 13,782 | 3,323,116 |
| Shares | Value | |
| Common Stocks | ||
| IT Services | ||
| Broadridge Financial Solutions, Inc. | 3,868 | $ 621,007 |
| Cognizant Technology Solutions Corp., Class A | 17,194 | 1,168,504 |
| DXC Technology Co.(a) | 8,066 | 254,886 |
| EPAM Systems, Inc.(a) | 1,886 | 658,686 |
| Fidelity National Information Services, Inc. | 20,150 | 2,058,524 |
| Fiserv, Inc.(a) | 19,193 | 2,028,316 |
| FleetCor Technologies, Inc.(a) | 2,552 | 561,670 |
| Gartner, Inc.(a) | 2,657 | 705,380 |
| Global Payments, Inc. | 9,289 | 1,136,231 |
| International Business Machines Corp. | 29,674 | 3,881,062 |
| Jack Henry & Associates, Inc. | 2,404 | 499,479 |
| Mastercard, Inc., Class A | 28,333 | 10,023,932 |
| Paychex, Inc. | 10,600 | 1,359,768 |
| PayPal Holdings, Inc.(a) | 38,206 | 3,305,965 |
| VeriSign, Inc.(a) | 3,144 | 594,719 |
| Visa, Inc., Class A | 54,295 | 11,516,512 |
| 50,606,580 | ||
| Leisure Products 0.0% ‡ | ||
| Hasbro, Inc. | 4,324 | 340,385 |
| Life Sciences Tools & Services 1.9% | ||
| Agilent Technologies, Inc. | 9,901 | 1,327,724 |
| Bio-Rad Laboratories, Inc., Class A (a) | 714 | 402,168 |
| Bio-Techne Corp. | 1,294 | 498,552 |
| Charles River Laboratories International, Inc.(a) | 1,676 | 419,905 |
| Danaher Corp. | 21,349 | 6,222,593 |
| Illumina, Inc.(a) | 5,183 | 1,123,052 |
| IQVIA Holdings, Inc.(a) | 6,245 | 1,500,486 |
| Mettler-Toledo International, Inc.(a) | 748 | 1,009,598 |
| PerkinElmer, Inc. | 4,162 | 637,494 |
| Thermo Fisher Scientific, Inc. | 12,915 | 7,728,465 |
| Waters Corp.(a) | 1,987 | 723,328 |
| West Pharmaceutical Services, Inc. | 2,444 | 839,661 |
| 22,433,026 | ||
| Machinery 1.6% | ||
| Caterpillar, Inc. | 17,597 | 3,488,605 |
| Cummins, Inc. | 4,655 | 1,030,198 |
| Deere & Co. | 9,210 | 3,160,688 |
| Dover Corp. | 4,756 | 635,782 |
| Fortive Corp. | 11,826 | 762,186 |
| IDEX Corp. | 2,508 | 523,545 |
| Illinois Tool Works, Inc. | 9,350 | 1,942,556 |
| Ingersoll Rand, Inc. | 13,392 | 666,922 |
| Nordson Corp. | 1,778 | 410,700 |
| Otis Worldwide Corp. | 13,949 | 1,090,393 |
| PACCAR, Inc. | 11,471 | 1,049,826 |
| Shares | Value | |
| Common Stocks | ||
| Machinery | ||
| Parker-Hannifin Corp. | 4,235 | $ 1,224,296 |
| Pentair plc | 5,457 | 266,793 |
| Snap-on, Inc. | 1,761 | 394,552 |
| Stanley Black & Decker, Inc. | 4,981 | 484,801 |
| Westinghouse Air Brake Technologies Corp. | 6,026 | 563,250 |
| Xylem, Inc. | 5,942 | 546,842 |
| 18,241,935 | ||
| Media 0.8% | ||
| Charter Communications, Inc., Class A (a) | 3,821 | 1,651,054 |
| Comcast Corp., Class A | 147,492 | 5,533,900 |
| DISH Network Corp., Class A (a) | 8,272 | 143,685 |
| Fox Corp. | ||
| Class A | 10,283 | 340,470 |
| Class B | 4,770 | 147,393 |
| Interpublic Group of Cos., Inc. (The) | 12,988 | 387,951 |
| News Corp. | ||
| Class A | 12,816 | 219,666 |
| Class B | 3,970 | 68,602 |
| Omnicom Group, Inc. | 6,788 | 474,074 |
| Paramount Global, Class B | 20,072 | 474,703 |
| 9,441,498 | ||
| Metals & Mining 0.3% | ||
| Freeport-McMoRan, Inc. | 47,814 | 1,508,532 |
| Newmont Corp. | 26,184 | 1,185,612 |
| Nucor Corp. | 8,778 | 1,192,052 |
| 3,886,196 | ||
| Multiline Retail 0.5% | ||
| Dollar General Corp. | 7,548 | 1,875,150 |
| Dollar Tree, Inc.(a) | 7,427 | 1,228,129 |
| Target Corp. | 15,256 | 2,492,525 |
| 5,595,804 | ||
| Multi-Utilities 0.9% | ||
| Ameren Corp. | 8,519 | 793,289 |
| CenterPoint Energy, Inc. | 20,767 | 658,106 |
| CMS Energy Corp. | 9,572 | 657,883 |
| Consolidated Edison, Inc. | 11,689 | 1,160,367 |
| Dominion Energy, Inc. | 26,765 | 2,194,195 |
| DTE Energy Co. | 6,392 | 832,878 |
| NiSource, Inc. | 13,388 | 406,995 |
| Public Service Enterprise Group, Inc. | 16,471 | 1,081,651 |
| Sempra Energy | 10,369 | 1,719,180 |
| WEC Energy Group, Inc. | 10,407 | 1,080,351 |
| 10,584,895 | ||
| Shares | Value | |
| Common Stocks | ||
| Oil, Gas & Consumable Fuels 4.0% | ||
| APA Corp. | 11,159 | $ 414,780 |
| Chevron Corp. | 64,823 | 10,616,711 |
| ConocoPhillips | 42,673 | 4,157,630 |
| Coterra Energy, Inc. | 26,585 | 813,235 |
| Devon Energy Corp. | 20,250 | 1,272,713 |
| Diamondback Energy, Inc. | 5,504 | 704,622 |
| EOG Resources, Inc. | 19,324 | 2,149,215 |
| Exxon Mobil Corp. | 138,979 | 13,471,234 |
| Hess Corp. | 9,140 | 1,027,976 |
| Kinder Morgan, Inc. | 64,335 | 1,157,387 |
| Marathon Oil Corp. | 23,348 | 579,030 |
| Marathon Petroleum Corp. | 17,848 | 1,635,948 |
| Occidental Petroleum Corp.(b) | 29,374 | 1,931,340 |
| ONEOK, Inc. | 14,735 | 880,269 |
| Phillips 66 | 15,872 | 1,412,608 |
| Pioneer Natural Resources Co. | 7,424 | 1,759,117 |
| Valero Energy Corp. | 13,464 | 1,491,407 |
| Williams Cos., Inc. (The) | 40,184 | 1,369,873 |
| 46,845,095 | ||
| Personal Products 0.2% | ||
| Estee Lauder Cos., Inc. (The), Class A | 7,648 | 2,088,669 |
| Pharmaceuticals 4.3% | ||
| Bristol-Myers Squibb Co. | 70,242 | 5,182,455 |
| Catalent, Inc.(a) | 5,913 | 668,760 |
| Eli Lilly and Co. | 26,018 | 8,577,874 |
| Johnson & Johnson | 86,815 | 15,150,954 |
| Merck & Co., Inc. | 83,430 | 7,453,636 |
| Organon & Co. | 8,368 | 265,433 |
| Pfizer, Inc. | 185,114 | 9,350,108 |
| Viatris, Inc. | 39,997 | 387,571 |
| Zoetis, Inc. | 15,527 | 2,834,454 |
| 49,871,245 | ||
| Professional Services 0.3% | ||
| Equifax, Inc. | 4,036 | 843,161 |
| Jacobs Engineering Group, Inc. | 4,244 | 582,701 |
| Leidos Holdings, Inc. | 4,509 | 482,463 |
| Nielsen Holdings plc | 11,867 | 284,215 |
| Robert Half International, Inc. | 3,646 | 288,544 |
| Verisk Analytics, Inc. | 5,209 | 991,012 |
| 3,472,096 | ||
| Real Estate Management & Development 0.1% | ||
| CBRE Group, Inc., Class A (a) | 10,784 | 923,326 |
| Shares | Value | |
| Common Stocks | ||
| Road & Rail 0.9% | ||
| CSX Corp. | 71,733 | $ 2,319,128 |
| JB Hunt Transport Services, Inc. | 2,766 | 506,925 |
| Norfolk Southern Corp. | 7,863 | 1,974,949 |
| Old Dominion Freight Line, Inc. | 3,029 | 919,332 |
| Union Pacific Corp. | 20,720 | 4,709,656 |
| 10,429,990 | ||
| Semiconductors & Semiconductor Equipment 5.5% | ||
| Advanced Micro Devices, Inc.(a) | 53,463 | 5,050,650 |
| Analog Devices, Inc. | 17,265 | 2,968,889 |
| Applied Materials, Inc. | 29,145 | 3,088,787 |
| Broadcom, Inc. | 13,470 | 7,212,916 |
| Enphase Energy, Inc.(a) | 4,455 | 1,266,022 |
| Intel Corp. | 134,903 | 4,898,328 |
| KLA Corp. | 4,924 | 1,888,551 |
| Lam Research Corp. | 4,576 | 2,290,334 |
| Microchip Technology, Inc. | 18,343 | 1,263,099 |
| Micron Technology, Inc. | 36,841 | 2,278,984 |
| Monolithic Power Systems, Inc. | 1,447 | 672,450 |
| NVIDIA Corp. | 82,612 | 15,004,818 |
| NXP Semiconductors NV | 8,662 | 1,592,769 |
| ON Semiconductor Corp.(a) | 14,335 | 957,291 |
| Qorvo, Inc.(a) | 3,577 | 372,258 |
| QUALCOMM, Inc. | 36,951 | 5,360,112 |
| Skyworks Solutions, Inc. | 5,309 | 578,044 |
| SolarEdge Technologies, Inc.(a) | 1,827 | 657,957 |
| Teradyne, Inc. | 5,285 | 533,204 |
| Texas Instruments, Inc. | 30,423 | 5,442,370 |
| 63,377,833 | ||
| Software 9.0% | ||
| Adobe, Inc.(a) | 15,589 | 6,393,361 |
| ANSYS, Inc.(a) | 2,870 | 800,701 |
| Autodesk, Inc.(a) | 7,177 | 1,552,529 |
| Cadence Design Systems, Inc.(a) | 9,098 | 1,692,956 |
| Ceridian HCM Holding, Inc.(a) | 4,532 | 248,218 |
| Citrix Systems, Inc. | 4,115 | 417,302 |
| Fortinet, Inc.(a) | 21,980 | 1,311,107 |
| Intuit, Inc. | 9,330 | 4,256,066 |
| Microsoft Corp. | 246,747 | 69,271,753 |
| NortonLifeLock, Inc. | 19,197 | 470,902 |
| Oracle Corp. | 51,936 | 4,042,698 |
| Paycom Software, Inc.(a) | 1,589 | 525,149 |
| PTC, Inc.(a) | 3,473 | 428,499 |
| Roper Technologies, Inc. | 3,494 | 1,525,725 |
| salesforce, Inc.(a) | 32,778 | 6,031,807 |
| ServiceNow, Inc.(a) | 6,614 | 2,954,209 |
| Synopsys, Inc.(a) | 5,051 | 1,856,242 |
| Shares | Value | |
| Common Stocks | ||
| Software | ||
| Tyler Technologies, Inc.(a) | 1,368 | $ 545,832 |
| 104,325,056 | ||
| Specialty Retail 2.1% | ||
| Advance Auto Parts, Inc. | 2,016 | 390,338 |
| AutoZone, Inc.(a) | 655 | 1,399,990 |
| Bath & Body Works, Inc. | 7,868 | 279,629 |
| Best Buy Co., Inc. | 6,680 | 514,293 |
| CarMax, Inc.(a) | 5,296 | 527,164 |
| Home Depot, Inc. (The) | 34,093 | 10,259,947 |
| Lowe's Cos., Inc. | 21,812 | 4,177,652 |
| O'Reilly Automotive, Inc.(a) | 2,168 | 1,525,383 |
| Ross Stores, Inc. | 11,593 | 942,047 |
| TJX Cos., Inc. (The) | 38,747 | 2,369,767 |
| Tractor Supply Co. | 3,691 | 706,753 |
| Ulta Beauty, Inc.(a) | 1,723 | 670,092 |
| 23,763,055 | ||
| Technology Hardware, Storage & Peripherals 7.4% | ||
| Apple, Inc.(c) | 507,279 | 82,437,910 |
| Hewlett Packard Enterprise Co. | 42,894 | 610,811 |
| HP, Inc. | 34,752 | 1,160,369 |
| NetApp, Inc. | 7,342 | 523,705 |
| Seagate Technology Holdings plc | 6,521 | 521,550 |
| Western Digital Corp.(a) | 10,332 | 507,301 |
| 85,761,646 | ||
| Textiles, Apparel & Luxury Goods 0.5% | ||
| NIKE, Inc., Class B | 41,859 | 4,810,436 |
| PVH Corp. | 2,228 | 137,958 |
| Ralph Lauren Corp. | 1,527 | 150,608 |
| Tapestry, Inc.(b) | 8,307 | 279,365 |
| VF Corp. | 10,649 | 475,797 |
| 5,854,164 | ||
| Tobacco 0.7% | ||
| Altria Group, Inc. | 59,734 | 2,619,933 |
| Philip Morris International, Inc. | 51,141 | 4,968,348 |
| 7,588,281 | ||
| Trading Companies & Distributors 0.2% | ||
| Fastenal Co. | 18,990 | 975,326 |
| United Rentals, Inc.(a) | 2,363 | 762,469 |
| WW Grainger, Inc. | 1,416 | 769,639 |
| 2,507,434 | ||
| Water Utilities 0.1% | ||
| American Water Works Co., Inc. | 5,996 | 932,018 |
| Shares | Value | ||
| Common Stocks | |||
| Wireless Telecommunication Services 0.2% | |||
| T-Mobile US, Inc.(a) | 19,438 | $ 2,780,800 | |
| Total Common Stocks (d) (Cost $249,786,616) | 1,148,382,053 | ||
| Short-Term Investments 1.2% | |||
| Unaffiliated Investment Company 0.3% | |||
| Invesco Government & Agency Portfolio, 2.17% (e)(f) | 4,079,845 | 4,079,845 | |
| Principal Amount | |||
| U.S. Treasury Debt 0.9% | |||
| U.S. Treasury Bills | |||
| 1.534%, due 9/15/22 (c)(g) | $ 10,300,000 | 10,272,850 | |
| Total Short-Term Investments (Cost $14,360,174) | 14,352,695 | ||
| Total Investments (Cost $264,146,790) | 100.3% | 1,162,734,748 | |
| Other Assets, Less Liabilities | (0.3) | (3,477,999) | |
| Net Assets | 100.0% | $ 1,159,256,749 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $4,413,247; the total market value of collateral held by the Fund was $4,517,449. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $437,604. The Fund received cash collateral with a value of $4,079,845. |
| (c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
| (d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 100.0% of the Fund’s net assets. |
| (e) | Current yield as of July 31, 2022. |
| (f) | Represents a security purchased with cash collateral received for securities on loan. |
| (g) | Interest rate shown represents yield to maturity. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 106 | $ 14,347 | $ (14,453) | $ — | $ — | $ — | $ 1 | $ — | — |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)1 |
| Long Contracts | |||||
| S&P 500 E-Mini Index | 50 | September 2022 | $ 9,528,531 | $ 10,333,750 | $ 805,219 |
| 1. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 1,148,382,053 | $ — | $ — | $ 1,148,382,053 | |||
| Short-Term Investments | |||||||
| Unaffiliated Investment Company | 4,079,845 | — | — | 4,079,845 | |||
| U.S. Treasury Debt | — | 10,272,850 | — | 10,272,850 | |||
| Total Short-Term Investments | 4,079,845 | 10,272,850 | — | 14,352,695 | |||
| Total Investments in Securities | 1,152,461,898 | 10,272,850 | — | 1,162,734,748 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 805,219 | — | — | 805,219 | |||
| Total Investments in Securities and Other Financial Instruments | $ 1,153,267,117 | $ 10,272,850 | $ — | $ 1,163,539,967 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 92.5% | ||
| Convertible Bonds 1.8% | ||
| Investment Companies 0.2% | ||
| Ares Capital Corp. | ||
| 4.625%, due 3/1/24 | $ 2,000,000 | $ 2,161,250 |
| Media 1.5% | ||
| DISH Network Corp. | ||
| 2.375%, due 3/15/24 | 21,650,000 | 19,349,688 |
| 3.375%, due 8/15/26 | 2,300,000 | 1,642,302 |
| 20,991,990 | ||
| Oil & Gas 0.1% | ||
| Gulfport Energy Operating Corp. | ||
| 10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (a)(b) | 260,000 | 1,683,500 |
| Total Convertible Bonds (Cost $25,077,219) | 24,836,740 | |
| Corporate Bonds 75.0% | ||
| Advertising 0.3% | ||
| Outfront Media Capital LLC | ||
| 6.25%, due 6/15/25 (c) | 4,000,000 | 3,960,760 |
| Aerospace & Defense 1.8% | ||
| F-Brasile SpA | ||
| Series XR | ||
| 7.375%, due 8/15/26 (c) | 3,400,000 | 2,686,000 |
| TransDigm UK Holdings plc | ||
| 6.875%, due 5/15/26 | 3,100,000 | 3,093,583 |
| TransDigm, Inc. (c) | ||
| 6.25%, due 3/15/26 | 8,295,000 | 8,334,899 |
| 8.00%, due 12/15/25 | 10,005,000 | 10,367,381 |
| 24,481,863 | ||
| Airlines 0.8% | ||
| American Airlines, Inc. | ||
| 5.50%, due 4/20/26 (c) | 2,200,000 | 2,163,678 |
| Delta Air Lines, Inc. | ||
| 4.50%, due 10/20/25 (c) | 2,000,000 | 1,974,999 |
| 7.00%, due 5/1/25 (c) | 4,375,000 | 4,570,349 |
| 7.375%, due 1/15/26 | 1,500,000 | 1,575,141 |
| Spirit Loyalty Cayman Ltd. | ||
| 8.00%, due 9/20/25 (c) | 541,669 | 566,039 |
| 10,850,206 | ||
| Auto Manufacturers 2.9% | ||
| Ford Motor Credit Co. LLC | ||
| 2.30%, due 2/10/25 | 5,000,000 | 4,686,119 |
| 2.70%, due 8/10/26 | 3,200,000 | 2,908,000 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers | ||
| Ford Motor Credit Co. LLC | ||
| 3.37%, due 11/17/23 | $ 4,000,000 | $ 3,918,501 |
| 3.375%, due 11/13/25 | 7,000,000 | 6,679,470 |
| 3.664%, due 9/8/24 | 1,150,000 | 1,114,435 |
| 5.125%, due 6/16/25 | 3,000,000 | 2,990,730 |
| 5.584%, due 3/18/24 | 840,000 | 847,569 |
| JB Poindexter & Co., Inc. | ||
| 7.125%, due 4/15/26 (c) | 16,503,000 | 16,102,472 |
| 39,247,296 | ||
| Auto Parts & Equipment 1.7% | ||
| Adient Global Holdings Ltd. | ||
| 4.875%, due 8/15/26 (c) | 6,000,000 | 5,611,140 |
| IHO Verwaltungs GmbH (b)(c) | ||
| 4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 6,760,000 | 5,832,122 |
| 6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 12,065,000 | 10,729,646 |
| Meritor, Inc. | ||
| 6.25%, due 6/1/25 (c) | 1,660,000 | 1,709,683 |
| 23,882,591 | ||
| Building Materials 0.6% | ||
| Koppers, Inc. | ||
| 6.00%, due 2/15/25 (c) | 5,730,000 | 5,459,143 |
| Summit Materials LLC | ||
| 6.50%, due 3/15/27 (c) | 2,850,000 | 2,799,791 |
| 8,258,934 | ||
| Chemicals 1.0% | ||
| GPD Cos., Inc. | ||
| 10.125%, due 4/1/26 (c) | 7,385,000 | 6,811,699 |
| Iris Holdings, Inc. | ||
| 8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (b)(c) | 3,000,000 | 2,370,000 |
| NOVA Chemicals Corp. | ||
| 4.875%, due 6/1/24 (c) | 2,150,000 | 2,105,652 |
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (c) | 3,325,000 | 2,781,579 |
| 14,068,930 | ||
| Coal 0.4% | ||
| Coronado Finance Pty. Ltd. | ||
| 10.75%, due 5/15/26 (c) | 2,800,000 | 2,912,000 |
| Natural Resource Partners LP | ||
| 9.125%, due 6/30/25 (c) | 2,650,000 | 2,703,372 |
| 5,615,372 | ||
| Commercial Services 2.0% | ||
| Alta Equipment Group, Inc. | ||
| 5.625%, due 4/15/26 (c) | 5,000,000 | 4,197,200 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Commercial Services | ||
| Ashtead Capital, Inc. | ||
| 4.375%, due 8/15/27 (c) | $ 2,000,000 | $ 1,901,907 |
| Graham Holdings Co. | ||
| 5.75%, due 6/1/26 (c) | 8,100,000 | 8,115,430 |
| Herc Holdings, Inc. | ||
| 5.50%, due 7/15/27 (c) | 2,000,000 | 2,000,000 |
| Ritchie Bros Auctioneers, Inc. | ||
| 5.375%, due 1/15/25 (c) | 7,785,000 | 7,804,463 |
| Service Corp. International | ||
| 7.50%, due 4/1/27 | 3,150,000 | 3,354,750 |
| 27,373,750 | ||
| Distribution & Wholesale 0.9% | ||
| Avient Corp. | ||
| 5.25%, due 3/15/23 | 1,750,000 | 1,752,260 |
| 5.75%, due 5/15/25 (c) | 6,845,000 | 6,882,100 |
| G-III Apparel Group Ltd. | ||
| 7.875%, due 8/15/25 (c) | 3,500,000 | 3,430,000 |
| 12,064,360 | ||
| Diversified Financial Services 1.1% | ||
| Credit Acceptance Corp. | ||
| 5.125%, due 12/31/24 (c) | 6,555,000 | 6,291,156 |
| Enact Holdings, Inc. | ||
| 6.50%, due 8/15/25 (c) | 3,260,000 | 3,283,798 |
| Oxford Finance LLC | ||
| 6.375%, due 2/1/27 (c) | 1,000,000 | 961,540 |
| PRA Group, Inc. | ||
| 7.375%, due 9/1/25 (c) | 2,650,000 | 2,624,689 |
| StoneX Group, Inc. | ||
| 8.625%, due 6/15/25 (c) | 1,920,000 | 1,950,201 |
| 15,111,384 | ||
| Electric 1.3% | ||
| DPL, Inc. | ||
| 4.125%, due 7/1/25 | 3,650,000 | 3,538,310 |
| NextEra Energy Operating Partners LP (c) | ||
| 3.875%, due 10/15/26 | 3,500,000 | 3,457,283 |
| 4.25%, due 7/15/24 | 4,030,000 | 3,992,803 |
| NRG Energy, Inc. | ||
| 6.625%, due 1/15/27 | 1,500,000 | 1,522,500 |
| Vistra Corp. (c)(d)(e) | ||
| 7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | 1,500,000 | 1,394,910 |
| 8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 4,100,000 | 3,971,875 |
| 17,877,681 | ||
| Electrical Components & Equipment 0.6% | ||
| WESCO Distribution, Inc. | ||
| 7.125%, due 6/15/25 (c) | 7,650,000 | 7,907,040 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Entertainment 3.8% | ||
| Churchill Downs, Inc. | ||
| 5.50%, due 4/1/27 (c) | $ 19,375,000 | $ 19,295,562 |
| International Game Technology plc (c) | ||
| 4.125%, due 4/15/26 | 9,950,000 | 9,495,733 |
| 6.25%, due 1/15/27 | 1,630,000 | 1,658,525 |
| 6.50%, due 2/15/25 | 4,300,000 | 4,369,875 |
| Live Nation Entertainment, Inc. | ||
| 6.50%, due 5/15/27 (c) | 6,420,000 | 6,588,525 |
| Vail Resorts, Inc. | ||
| 6.25%, due 5/15/25 (c) | 10,582,000 | 10,819,037 |
| 52,227,257 | ||
| Food 0.3% | ||
| B&G Foods, Inc. | ||
| 5.25%, due 4/1/25 | 4,300,000 | 4,158,573 |
| Post Holdings, Inc. | ||
| 5.75%, due 3/1/27 (c) | 350,000 | 349,125 |
| 4,507,698 | ||
| Food Service 0.9% | ||
| Aramark Services, Inc. | ||
| 6.375%, due 5/1/25 (c) | 12,185,000 | 12,207,420 |
| Forest Products & Paper 0.1% | ||
| Mercer International, Inc. | ||
| 5.50%, due 1/15/26 | 1,000,000 | 971,030 |
| Smurfit Kappa Treasury Funding DAC | ||
| 7.50%, due 11/20/25 | 1,000,000 | 1,113,251 |
| 2,084,281 | ||
| Gas 1.1% | ||
| AmeriGas Partners LP | ||
| 5.625%, due 5/20/24 | 7,500,000 | 7,576,272 |
| Rockpoint Gas Storage Canada Ltd. | ||
| 7.00%, due 3/31/23 (c) | 7,200,000 | 7,191,720 |
| 14,767,992 | ||
| Healthcare-Services 4.7% | ||
| Catalent Pharma Solutions, Inc. | ||
| 5.00%, due 7/15/27 (c) | 5,216,000 | 5,220,121 |
| Encompass Health Corp. | ||
| 5.75%, due 9/15/25 | 4,335,000 | 4,345,123 |
| HCA, Inc. | ||
| 5.375%, due 2/1/25 | 13,100,000 | 13,362,358 |
| 5.875%, due 2/15/26 | 2,000,000 | 2,066,180 |
| 7.50%, due 12/15/23 | 11,610,000 | 12,129,663 |
| 7.58%, due 9/15/25 | 5,623,000 | 6,102,361 |
| 8.36%, due 4/15/24 | 10,000,000 | 10,600,000 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Healthcare-Services | ||
| IQVIA, Inc. | ||
| 5.00%, due 10/15/26 (c) | $ 5,515,000 | $ 5,492,612 |
| ModivCare, Inc. | ||
| 5.875%, due 11/15/25 (c) | 6,000,000 | 5,853,391 |
| 65,171,809 | ||
| Holding Companies-Diversified 0.8% | ||
| Stena International SA | ||
| 6.125%, due 2/1/25 (c) | 12,220,000 | 11,699,068 |
| Home Builders 1.9% | ||
| Adams Homes, Inc. | ||
| 7.50%, due 2/15/25 (c) | 6,815,000 | 5,963,125 |
| Century Communities, Inc. | ||
| 6.75%, due 6/1/27 | 3,000,000 | 3,048,780 |
| Installed Building Products, Inc. | ||
| 5.75%, due 2/1/28 (c) | 4,000,000 | 3,666,960 |
| Meritage Homes Corp. | ||
| 5.125%, due 6/6/27 | 1,000,000 | 977,371 |
| Picasso Finance Sub, Inc. | ||
| 6.125%, due 6/15/25 (c) | 8,219,000 | 8,325,641 |
| STL Holding Co. LLC | ||
| 7.50%, due 2/15/26 (c) | 1,645,000 | 1,455,825 |
| Winnebago Industries, Inc. | ||
| 6.25%, due 7/15/28 (c) | 2,300,000 | 2,195,143 |
| 25,632,845 | ||
| Household Products & Wares 0.1% | ||
| Spectrum Brands, Inc. | ||
| 5.75%, due 7/15/25 | 1,000,000 | 995,221 |
| Housewares 0.3% | ||
| Newell Brands, Inc. | ||
| 4.10%, due 4/1/23 (f) | 2,250,000 | 2,243,486 |
| 4.875%, due 6/1/25 | 1,750,000 | 1,767,500 |
| 4,010,986 | ||
| Insurance 0.5% | ||
| NMI Holdings, Inc. | ||
| 7.375%, due 6/1/25 (c) | 6,485,000 | 6,566,776 |
| Internet 1.4% | ||
| Netflix, Inc. | ||
| 5.75%, due 3/1/24 | 4,980,000 | 5,098,214 |
| 5.875%, due 2/15/25 | 665,000 | 688,280 |
| NortonLifeLock, Inc. | ||
| 5.00%, due 4/15/25 (c) | 7,175,000 | 7,146,479 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Internet | ||
| Uber Technologies, Inc. | ||
| 7.50%, due 5/15/25 (c) | $ 6,345,000 | $ 6,444,449 |
| 19,377,422 | ||
| Investment Companies 2.6% | ||
| Ares Capital Corp. | ||
| 3.875%, due 1/15/26 | 1,000,000 | 941,238 |
| FS Energy and Power Fund | ||
| 7.50%, due 8/15/23 (c) | 22,844,000 | 23,041,486 |
| Icahn Enterprises LP | ||
| 4.75%, due 9/15/24 | 12,500,000 | 12,265,625 |
| 36,248,349 | ||
| Iron & Steel 0.9% | ||
| Allegheny Ludlum LLC | ||
| 6.95%, due 12/15/25 | 2,430,000 | 2,417,850 |
| Mineral Resources Ltd. (c) | ||
| 8.00%, due 11/1/27 | 1,500,000 | 1,524,037 |
| 8.125%, due 5/1/27 | 8,625,000 | 8,565,572 |
| 12,507,459 | ||
| Leisure Time 2.5% | ||
| Carnival Corp. (c) | ||
| 5.75%, due 3/1/27 | 10,300,000 | 8,256,017 |
| 7.625%, due 3/1/26 | 9,660,000 | 8,310,063 |
| 10.50%, due 2/1/26 | 15,500,000 | 16,275,310 |
| Lindblad Expeditions LLC | ||
| 6.75%, due 2/15/27 (c) | 1,825,000 | 1,674,164 |
| 34,515,554 | ||
| Lodging 1.4% | ||
| Boyd Gaming Corp. | ||
| 4.75%, due 12/1/27 | 4,000,000 | 3,843,560 |
| Genting New York LLC | ||
| 3.30%, due 2/15/26 (c) | 1,500,000 | 1,364,037 |
| Hilton Domestic Operating Co., Inc. | ||
| 5.375%, due 5/1/25 (c) | 5,590,000 | 5,590,000 |
| Hilton Worldwide Finance LLC | ||
| 4.875%, due 4/1/27 | 1,315,000 | 1,291,987 |
| Hyatt Hotels Corp. | ||
| 5.625%, due 4/23/25 (f) | 4,070,000 | 4,150,362 |
| Marriott International, Inc. | ||
| 3.75%, due 10/1/25 | 1,000,000 | 989,766 |
| Series Z | ||
| 4.15%, due 12/1/23 | 1,500,000 | 1,508,986 |
| Series EE | ||
| 5.75%, due 5/1/25 | 932,000 | 972,340 |
| 19,711,038 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Machinery-Diversified 0.5% | ||
| Briggs & Stratton Corp. Escrow Claim Shares | ||
| 6.875%, due 12/15/20 (g)(h) | $ 3,425,000 | $ 34,250 |
| Stevens Holding Co., Inc. | ||
| 6.125%, due 10/1/26 (c) | 3,000,000 | 2,948,220 |
| TK Elevator U.S. Newco, Inc. | ||
| 5.25%, due 7/15/27 (c) | 3,613,000 | 3,468,480 |
| 6,450,950 | ||
| Media 3.2% | ||
| CCO Holdings LLC (c) | ||
| 5.00%, due 2/1/28 | 4,000,000 | 3,860,000 |
| 5.125%, due 5/1/27 | 1,500,000 | 1,469,175 |
| 5.50%, due 5/1/26 | 13,485,000 | 13,583,306 |
| CSC Holdings LLC | ||
| 5.25%, due 6/1/24 | 9,250,000 | 9,157,500 |
| 5.875%, due 9/15/22 | 3,250,000 | 3,242,362 |
| DIRECTV Financing LLC | ||
| 5.875%, due 8/15/27 (c) | 4,500,000 | 4,192,155 |
| LCPR Senior Secured Financing DAC | ||
| 6.75%, due 10/15/27 (c) | 5,475,000 | 5,315,034 |
| Sterling Entertainment Enterprises LLC | ||
| 10.25%, due 1/15/25 (a)(h)(i)(j) | 3,000,000 | 2,797,500 |
| 43,617,032 | ||
| Metal Fabricate & Hardware 0.1% | ||
| Advanced Drainage Systems, Inc. | ||
| 5.00%, due 9/30/27 (c) | 1,000,000 | 980,000 |
| Mining 1.7% | ||
| Arconic Corp. | ||
| 6.00%, due 5/15/25 (c) | 3,000,000 | 3,021,844 |
| Century Aluminum Co. | ||
| 7.50%, due 4/1/28 (c) | 3,315,000 | 2,946,538 |
| Compass Minerals International, Inc. | ||
| 4.875%, due 7/15/24 (c) | 10,310,000 | 9,564,681 |
| First Quantum Minerals Ltd. | ||
| 7.50%, due 4/1/25 (c) | 2,500,000 | 2,489,175 |
| IAMGOLD Corp. | ||
| 5.75%, due 10/15/28 (c) | 590,000 | 342,141 |
| Novelis Corp. | ||
| 3.25%, due 11/15/26 (c) | 5,000,000 | 4,652,800 |
| 23,017,179 | ||
| Miscellaneous—Manufacturing 1.1% | ||
| Amsted Industries, Inc. | ||
| 5.625%, due 7/1/27 (c) | 3,000,000 | 2,912,370 |
| EnPro Industries, Inc. | ||
| 5.75%, due 10/15/26 | 1,000,000 | 990,510 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Miscellaneous—Manufacturing | ||
| FXI Holdings, Inc. (c) | ||
| 7.875%, due 11/1/24 | $ 960,000 | $ 828,000 |
| 12.25%, due 11/15/26 | 129,000 | 114,165 |
| Gates Global LLC | ||
| 6.25%, due 1/15/26 (c) | 1,500,000 | 1,466,490 |
| Hillenbrand, Inc. | ||
| 5.00%, due 9/15/26 (f) | 6,080,000 | 5,910,307 |
| 5.75%, due 6/15/25 | 3,515,000 | 3,576,513 |
| 15,798,355 | ||
| Oil & Gas 7.0% | ||
| Ascent Resources Utica Holdings LLC (c) | ||
| 7.00%, due 11/1/26 | 3,900,000 | 3,798,288 |
| 9.00%, due 11/1/27 | 1,556,000 | 1,884,779 |
| California Resources Corp. | ||
| 7.125%, due 2/1/26 (c) | 4,520,000 | 4,507,163 |
| Centennial Resource Production LLC | ||
| 5.375%, due 1/15/26 (c) | 6,100,000 | 5,590,101 |
| Chevron USA, Inc. | ||
| 3.90%, due 11/15/24 | 4,550,000 | 4,611,607 |
| Chord Energy Corp. | ||
| 6.375%, due 6/1/26 (c) | 2,780,000 | 2,738,300 |
| Civitas Resources, Inc. | ||
| 5.00%, due 10/15/26 (c) | 1,045,000 | 981,569 |
| Colgate Energy Partners III LLC | ||
| 7.75%, due 2/15/26 (c) | 3,000,000 | 2,943,255 |
| Encino Acquisition Partners Holdings LLC | ||
| 8.50%, due 5/1/28 (c) | 3,715,000 | 3,630,669 |
| EQT Corp. | ||
| 6.625%, due 2/1/25 (f) | 7,850,000 | 8,173,577 |
| Gulfport Energy Corp. | ||
| 8.00%, due 5/17/26 | 88,094 | 88,519 |
| 8.00%, due 5/17/26 (c) | 4,510,560 | 4,532,346 |
| Gulfport Energy Operating Corp. Escrow Claim Shares (g)(i)(j) | ||
| 6.00%, due 10/15/24 | 2,245,000 | — |
| 6.625%, due 5/1/23 | 4,452,000 | — |
| Hess Corp. | ||
| 3.50%, due 7/15/24 | 910,000 | 900,414 |
| Laredo Petroleum, Inc. | ||
| 10.125%, due 1/15/28 | 1,000,000 | 1,013,830 |
| Matador Resources Co. | ||
| 5.875%, due 9/15/26 | 7,220,000 | 7,346,350 |
| Occidental Petroleum Corp. | ||
| 5.50%, due 12/1/25 | 2,000,000 | 2,045,340 |
| 5.55%, due 3/15/26 | 1,000,000 | 1,027,500 |
| 5.875%, due 9/1/25 | 3,160,000 | 3,219,250 |
| 8.00%, due 7/15/25 | 5,000,000 | 5,501,900 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Oil & Gas | ||
| Parkland Corp. | ||
| 5.875%, due 7/15/27 (c) | $ 2,070,000 | $ 2,018,250 |
| PDC Energy, Inc. | ||
| 5.75%, due 5/15/26 | 2,775,000 | 2,712,563 |
| 6.125%, due 9/15/24 | 2,450,000 | 2,437,898 |
| Penn Virginia Holdings LLC | ||
| 9.25%, due 8/15/26 (c) | 1,146,000 | 1,128,810 |
| Range Resources Corp. | ||
| 4.875%, due 5/15/25 | 1,550,000 | 1,546,730 |
| Southwestern Energy Co. | ||
| 5.95%, due 1/23/25 (f) | 2,199,000 | 2,225,685 |
| Talos Production, Inc. | ||
| 12.00%, due 1/15/26 | 11,410,000 | 12,151,650 |
| Transocean Guardian Ltd. | ||
| 5.875%, due 1/15/24 (c) | 922,750 | 881,226 |
| Transocean Pontus Ltd. | ||
| 6.125%, due 8/1/25 (c) | 4,052,850 | 3,789,415 |
| Transocean Poseidon Ltd. | ||
| 6.875%, due 2/1/27 (c) | 2,568,750 | 2,356,828 |
| 95,783,812 | ||
| Oil & Gas Services 0.6% | ||
| Bristow Group, Inc. | ||
| 6.875%, due 3/1/28 (c) | 3,000,000 | 2,663,085 |
| Nine Energy Service, Inc. | ||
| 8.75%, due 11/1/23 (c) | 3,775,000 | 2,378,250 |
| Weatherford International Ltd. | ||
| 11.00%, due 12/1/24 (c) | 2,800,000 | 2,828,806 |
| 7,870,141 | ||
| Packaging & Containers 0.3% | ||
| Cascades, Inc. | ||
| 5.125%, due 1/15/26 (c) | 4,831,000 | 4,503,038 |
| Pharmaceuticals 0.5% | ||
| Bausch Health Americas, Inc. | ||
| 9.25%, due 4/1/26 (c) | 1,250,000 | 868,750 |
| Bausch Health Cos., Inc. | ||
| 9.00%, due 12/15/25 (c) | 1,000,000 | 725,000 |
| Endo DAC | ||
| 5.875%, due 10/15/24 (c) | 4,150,000 | 3,361,500 |
| PRA Health Sciences, Inc. | ||
| 2.875%, due 7/15/26 (c) | 1,500,000 | 1,420,635 |
| 6,375,885 | ||
| Pipelines 5.3% | ||
| Antero Midstream Partners LP | ||
| 5.75%, due 3/1/27 (c) | 5,835,000 | 5,807,430 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Pipelines | ||
| EQM Midstream Partners LP | ||
| 4.125%, due 12/1/26 | $ 675,000 | $ 622,242 |
| 6.00%, due 7/1/25 (c) | 2,195,000 | 2,178,647 |
| FTAI Infra Escrow Holdings LLC | ||
| 10.50%, due 6/1/27 (c) | 2,700,000 | 2,706,750 |
| Genesis Energy LP | ||
| 5.625%, due 6/15/24 | 2,050,000 | 1,971,150 |
| 6.25%, due 5/15/26 | 2,190,000 | 2,029,648 |
| 6.50%, due 10/1/25 | 3,640,000 | 3,526,778 |
| Hess Midstream Operations LP | ||
| 5.625%, due 2/15/26 (c) | 6,349,000 | 6,325,191 |
| Holly Energy Partners LP | ||
| 6.375%, due 4/15/27 (c) | 1,500,000 | 1,485,158 |
| NGL Energy Operating LLC | ||
| 7.50%, due 2/1/26 (c) | 2,200,000 | 2,009,854 |
| NuStar Logistics LP | ||
| 5.75%, due 10/1/25 | 1,500,000 | 1,457,400 |
| PBF Logistics LP | ||
| 6.875%, due 5/15/23 | 4,000,000 | 4,003,740 |
| Plains All American Pipeline LP | ||
| Series B | ||
| 6.125%, due 11/15/22 (e)(k) | 18,663,000 | 14,161,986 |
| Rockies Express Pipeline LLC | ||
| 3.60%, due 5/15/25 (c) | 2,905,000 | 2,694,387 |
| Ruby Pipeline LLC | ||
| 8.00%, due 4/1/22 (c)(g)(l) | 7,697,879 | 6,427,729 |
| Summit Midstream Holdings LLC | ||
| 8.50%, due 10/15/26 (c) | 6,880,000 | 6,564,311 |
| TransMontaigne Partners LP | ||
| 6.125%, due 2/15/26 | 4,600,000 | 3,908,574 |
| Western Midstream Operating LP | ||
| 4.65%, due 7/1/26 | 4,315,000 | 4,283,242 |
| 72,164,217 | ||
| Real Estate 0.9% | ||
| Newmark Group, Inc. | ||
| 6.125%, due 11/15/23 | 12,225,000 | 12,288,719 |
| Real Estate Investment Trusts 2.9% | ||
| GLP Capital LP | ||
| 5.25%, due 6/1/25 | 2,500,000 | 2,478,132 |
| 5.375%, due 11/1/23 | 3,110,000 | 3,103,251 |
| 5.375%, due 4/15/26 | 700,000 | 694,708 |
| MPT Operating Partnership LP | ||
| 5.25%, due 8/1/26 | 2,500,000 | 2,446,875 |
| VICI Properties LP (c) | ||
| 3.50%, due 2/15/25 | 9,615,000 | 9,086,581 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Real Estate Investment Trusts | ||
| VICI Properties LP (c) | ||
| 4.625%, due 6/15/25 | $ 2,985,000 | $ 2,897,233 |
| 5.625%, due 5/1/24 | 19,681,000 | 19,689,856 |
| 40,396,636 | ||
| Retail 2.4% | ||
| CEC Entertainment LLC | ||
| 6.75%, due 5/1/26 (c) | 1,745,000 | 1,631,575 |
| Dave & Buster's, Inc. | ||
| 7.625%, due 11/1/25 (c) | 2,160,000 | 2,175,089 |
| KFC Holding Co. | ||
| 4.75%, due 6/1/27 (c) | 8,457,000 | 8,475,986 |
| NMG Holding Co., Inc. | ||
| 7.125%, due 4/1/26 (c) | 15,883,000 | 15,543,104 |
| Patrick Industries, Inc. | ||
| 7.50%, due 10/15/27 (c) | 2,906,000 | 2,692,220 |
| Penske Automotive Group, Inc. | ||
| 3.50%, due 9/1/25 | 3,075,000 | 2,965,806 |
| Ultra Resources, Inc. Escrow Claim Shares | ||
| 6.875%, due 4/15/22 (a)(g)(i)(j) | 4,455,000 | — |
| 33,483,780 | ||
| Software 2.1% | ||
| Camelot Finance SA | ||
| 4.50%, due 11/1/26 (c) | 9,225,000 | 8,824,727 |
| Change Healthcare Holdings LLC | ||
| 5.75%, due 3/1/25 (c) | 1,330,000 | 1,323,576 |
| CWT Travel Group, Inc. | ||
| 8.50%, due 11/19/26 (c) | 1,608,846 | 1,484,161 |
| PTC, Inc. | ||
| 3.625%, due 2/15/25 (c) | 10,320,000 | 10,061,484 |
| SS&C Technologies, Inc. | ||
| 5.50%, due 9/30/27 (c) | 3,925,000 | 3,866,204 |
| Veritas US, Inc. | ||
| 7.50%, due 9/1/25 (c) | 3,525,000 | 2,975,369 |
| 28,535,521 | ||
| Telecommunications 6.3% | ||
| Connect Finco SARL | ||
| 6.75%, due 10/1/26 (c) | 3,750,000 | 3,667,612 |
| Hughes Satellite Systems Corp. | ||
| 6.625%, due 8/1/26 | 2,000,000 | 1,947,500 |
| Level 3 Financing, Inc. | ||
| 5.375%, due 5/1/25 | 6,500,000 | 6,508,775 |
| Lumen Technologies, Inc. | ||
| Series W | ||
| 6.75%, due 12/1/23 | 6,000,000 | 6,097,060 |
| Quebecor Media, Inc. | ||
| 5.75%, due 1/15/23 | 6,920,000 | 6,945,950 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Telecommunications | ||
| Sprint Corp. | ||
| 7.875%, due 9/15/23 | $ 29,145,000 | $ 30,217,827 |
| T-Mobile US, Inc. | ||
| 2.25%, due 2/15/26 | 24,000,000 | 22,372,080 |
| 4.75%, due 2/1/28 | 7,555,000 | 7,540,948 |
| 5.375%, due 4/15/27 | 570,000 | 577,076 |
| 85,874,828 | ||
| Toys, Games & Hobbies 0.9% | ||
| Mattel, Inc. | ||
| 3.15%, due 3/15/23 | 3,760,000 | 3,717,700 |
| 3.375%, due 4/1/26 (c) | 5,469,000 | 5,186,389 |
| 5.875%, due 12/15/27 (c) | 3,890,000 | 3,977,525 |
| 12,881,614 | ||
| Transportation 0.5% | ||
| Watco Cos. LLC | ||
| 6.50%, due 6/15/27 (c) | 7,140,000 | 6,834,265 |
| Total Corporate Bonds (Cost $1,078,962,520) | 1,029,787,314 | |
| Loan Assignments 15.7% | ||
| Aerospace & Defense 0.3% | ||
| SkyMiles IP Ltd. | ||
| Initial Term Loan | ||
| 6.46% (3 Month LIBOR + 3.75%), due 10/20/27 (d) | 4,500,000 | 4,543,596 |
| Automobile 0.6% | ||
| Dealer Tire LLC | ||
| Term Loan B1 | ||
| 6.622% (1 Month LIBOR + 4.25%), due 1/1/38 (d) | 4,095,000 | 3,995,184 |
| Tenneco, Inc. | ||
| Tranche Term Loan B | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/1/25 (d) | 2,916,877 | 2,868,261 |
| Wheel Pros, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.662% (1 Month LIBOR + 4.50%), due 5/11/28 (d) | 1,046,364 | 871,316 |
| 7,734,761 | ||
| Banking 0.2% | ||
| Jane Street Group LLC | ||
| Dollar Term Loan | ||
| 5.122% (1 Month LIBOR + 2.75%), due 1/26/28 (d) | 2,481,108 | 2,427,764 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Beverage, Food & Tobacco 0.6% | ||
| B&G Foods, Inc. | ||
| Tranche Term Loan B4 | ||
| 4.872% (1 Month LIBOR + 2.50%), due 10/10/26 (d) | $ 3,303,334 | $ 3,122,829 |
| United Natural Foods, Inc. | ||
| Initial Term Loan | ||
| 5.691% (1 Month LIBOR + 3.25%), due 10/22/25 (d) | 4,378,361 | 4,315,725 |
| 7,438,554 | ||
| Chemicals 0.1% | ||
| ASP Unifrax Holdings, Inc. | ||
| First Lien USD Term Loan | ||
| 6.00% (3 Month LIBOR + 3.75%), due 12/12/25 (d) | 1,987,798 | 1,779,080 |
| Chemicals, Plastics & Rubber 1.5% | ||
| Avient Corp. | ||
| Term Loan B | ||
| TBD, due 7/27/29 | 3,600,000 | 3,537,000 |
| Innophos Holdings, Inc. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 2/5/27 (d) | 4,203,250 | 4,066,644 |
| Jazz Pharmaceuticals plc | ||
| Initial Dollar Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 5/5/28 (d) | 7,934,924 | 7,741,511 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 | ||
| 6.806% (3 Month LIBOR + 4.00%), due 3/16/27 (d) | 6,026,608 | 5,599,092 |
| 20,944,247 | ||
| Construction & Buildings 0.1% | ||
| Installed Building Products, Inc. | ||
| Initial Term Loan | ||
| 4.622% (1 Month LIBOR + 2.25%), due 12/14/28 (d) | 1,393,000 | 1,370,364 |
| Consumer Durables 0.2% | ||
| Griffon Corp. | ||
| Term Loan B | ||
| 5.107% (1 Month LIBOR + 2.75%), due 1/24/29 (d) | 2,490,000 | 2,421,525 |
| Diversified/Conglomerate Service 0.3% | ||
| Change Healthcare Holdings, Inc. | ||
| Closing Date Term Loan | ||
| 4.872% (1 Month LIBOR + 2.50%), due 3/1/24 (d) | 4,510,854 | 4,452,588 |
| Electronics 1.2% | ||
| Camelot U.S. Acquisition 1 Co. (d) | ||
| Initial Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/30/26 | 9,123,844 | 8,884,343 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| Camelot U.S. Acquisition 1 Co. (d) | ||
| Amendment No. 2 Incremental Term Loan | ||
| 5.372% (1 Month LIBOR + 3.00%), due 10/30/26 | $ 2,955,000 | $ 2,877,431 |
| WEX, Inc. | ||
| Term Loan B | ||
| 4.622% (1 Month LIBOR + 2.25%), due 3/31/28 (d) | 5,021,288 | 4,909,876 |
| 16,671,650 | ||
| Entertainment 0.2% | ||
| NAI Entertainment Holdings LLC | ||
| Tranche Term Loan B | ||
| 4.88% (1 Month LIBOR + 2.50%), due 5/8/25 (d) | 3,261,667 | 3,185,562 |
| Finance 0.8% | ||
| Mileage Plus Holdings LLC | ||
| Initial Term Loan | ||
| 7.313% (3 Month LIBOR + 5.25%), due 6/21/27 (d) | 2,500,000 | 2,517,858 |
| Schweitzer-Mauduit International, Inc. | ||
| Term Loan B | ||
| 6.125% (1 Month LIBOR + 3.75%), due 4/20/28 (d) | 3,316,500 | 3,117,510 |
| Truck Hero, Inc. | ||
| Initial Term Loan | ||
| 5.872% (1 Month LIBOR + 3.50%), due 1/31/28 (d) | 6,226,942 | 5,617,592 |
| 11,252,960 | ||
| Healthcare & Pharmaceuticals 0.3% | ||
| Owens & Minor, Inc. | ||
| Term Loan B1 | ||
| 6.177% (1 Month LIBOR + 3.75%), due 3/29/29 (d) | 3,690,750 | 3,667,683 |
| Healthcare, Education & Childcare 1.3% | ||
| LifePoint Health, Inc. | ||
| First Lien Term Loan B | ||
| 6.122% (1 Month LIBOR + 3.75%), due 11/16/25 (d) | 10,413,139 | 9,812,218 |
| Organon & Co. | ||
| Dollar Term Loan | ||
| 4.625% (3 Month LIBOR + 3.00%), due 6/2/28 (d) | 8,377,500 | 8,223,915 |
| 18,036,133 | ||
| Hotels, Motels, Inns & Gaming 0.7% | ||
| Churchill Downs, Inc. | ||
| Facility Term Loan B | ||
| 4.38% (1 Month LIBOR + 2.00%), due 12/27/24 (d) | 3,820,000 | 3,727,682 |
| Four Seasons Holdings, Inc. | ||
| First Lien 2013 Term Loan | ||
| 4.372% (1 Month LIBOR + 2.00%), due 11/30/23 (d) | 5,329,474 | 5,289,503 |
| 9,017,185 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Insurance 0.7% | ||
| USI, Inc. | ||
| 2017 New Term Loan | ||
| 5.25% (3 Month LIBOR + 3.00%), due 5/16/24 (d) | $ 9,827,579 | $ 9,646,378 |
| Leisure, Amusement, Motion Pictures & Entertainment 0.2% | ||
| NASCAR Holdings LLC | ||
| Initial Term Loan | ||
| 4.166% (1 Month LIBOR + 2.50%), due 10/19/26 (d) | 2,023,942 | 1,978,719 |
| Manufacturing 0.9% | ||
| Adient U.S. LLC | ||
| Term Loan B1 | ||
| 5.622% (1 Month LIBOR + 3.25%), due 4/10/28 (d) | 9,405,000 | 9,111,094 |
| II-VI, Inc. | ||
| Initial Term Loan B | ||
| 4.463% (1 Month LIBOR + 2.75%), due 7/2/29 (d) | 3,200,000 | 3,106,665 |
| 12,217,759 | ||
| Media 1.7% | ||
| Block Communications, Inc. | ||
| Term Loan | ||
| 4.50% (3 Month LIBOR + 2.25%), due 2/25/27 (d) | 11,485,625 | 11,198,484 |
| DIRECTV Financing LLC | ||
| Closing Date Term Loan | ||
| 7.372% (1 Month LIBOR + 5.00%), due 8/2/27 (d) | 8,273,500 | 7,795,896 |
| Lamar Media Corp. | ||
| Term Loan B | ||
| 3.662% (1 Month LIBOR + 1.50%), due 2/5/27 (d) | 5,000,000 | 4,818,750 |
| 23,813,130 | ||
| Oil & Gas 0.7% | ||
| Ascent Resources Utica Holdings LLC | ||
| Second Lien Term Loan | ||
| 11.455% (3 Month LIBOR + 9.00%), due 11/1/25 (d) | 3,240,000 | 3,415,501 |
| PetroQuest Energy LLC (a)(i) | ||
| Term Loan 9.166% - 9.872% | ||
| (9.21% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (b)(d)(j) | 3,625,358 | 2,900,286 |
| Term Loan | ||
| TBD, due 1/1/28 | 300,000 | 300,000 |
| 2020 Term Loan | ||
| 8.562% (9.21% PIK), due 9/19/26 (b) | 234,048 | 234,048 |
| TransMontaigne Operating Co. LP | ||
| Tranche Term Loan B 5.656% - 5.662% | ||
| (1 Month LIBOR + 3.50%), due 11/17/28 (d) | 2,985,000 | 2,870,576 |
| 9,720,411 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services 0.4% | ||
| KFC Holding Co. | ||
| 2021 Term Loan B | ||
| 3.906% (1 Month LIBOR + 1.75%), due 3/15/28 (d) | $ 2,605,214 | $ 2,581,767 |
| WW International, Inc. | ||
| Initial Term Loan | ||
| 5.88% (1 Month LIBOR + 3.50%), due 4/13/28 (d) | 4,393,625 | 3,262,266 |
| 5,844,033 | ||
| Retail 1.2% | ||
| Great Outdoors Group LLC | ||
| Term Loan B2 | ||
| 6.122% (1 Month LIBOR + 3.75%), due 3/6/28 (d) | 18,160,853 | 16,571,779 |
| Telecommunications 0.6% | ||
| Connect Finco SARL | ||
| Amendement No.1 Refinancing Term Loan | ||
| 5.88% (1 Month LIBOR + 3.50%), due 12/11/26 (d) | 8,699,750 | 8,359,920 |
| Utilities 0.9% | ||
| Constellation Renewables LLC | ||
| Term Loan | ||
| 4.08% (3 Month LIBOR + 2.50%), due 12/15/27 (d) | 2,767,423 | 2,702,192 |
| PG&E Corp. | ||
| Term Loan | ||
| 5.375% (1 Month LIBOR + 3.00%), due 6/23/25 (d) | 9,275,353 | 8,944,919 |
| 11,647,111 | ||
| Total Loan Assignments (Cost $222,461,165) | 214,742,892 | |
| Total Long-Term Bonds (Cost $1,326,500,904) | 1,269,366,946 | |
| Shares | ||
| Common Stocks 1.3% | ||
| Electrical Equipment 0.1% | ||
| Energy Technologies, Inc.(a)(i)(j)(m) | 2,021 | 909,450 |
| Hotels, Restaurants & Leisure 0.4% | ||
| Carlson Travel, Inc. (a)(h)(m) | 300,593 | 5,147,655 |
| Carlson Travel, Inc.(h)(i)(j)(m) | 3,199 | — |
| 5,147,655 | ||
| Independent Power and Renewable Electricity Producers 0.2% | ||
| GenOn Energy, Inc.(h)(i) | 20,915 | 2,196,075 |
| Shares | Value | ||
| Common Stocks | |||
| Oil, Gas & Consumable Fuels 0.6% | |||
| Gulfport Energy Corp.(m) | 77,718 | $ 7,153,165 | |
| PetroQuest Energy, Inc.(a)(i)(j)(m) | 1,186,630 | — | |
| Talos Energy, Inc.(m) | 91,517 | 1,734,247 | |
| 8,887,412 | |||
| Total Common Stocks (Cost $19,838,261) | 17,140,592 | ||
| Preferred Stocks 0.2% | |||
| Electrical Equipment 0.2% | |||
| Energy Technologies Ltd. (a)(i)(j)(m) | 4,501 | 3,308,235 | |
| Oil, Gas & Consumable Fuels 0.0% ‡ | |||
| Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (a)(b)(h)(i)(j) | 9 | 52,447 | |
| Total Preferred Stocks (Cost $4,304,472) | 3,360,682 | ||
| Total Investments (Cost $1,350,643,637) | 94.0% | 1,289,868,220 | |
| Other Assets, Less Liabilities | 6.0 | 82,676,288 | |
| Net Assets | 100.0% | $ 1,372,544,508 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $17,333,121, which represented 1.3% of the Fund’s net assets. |
| (b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (f) | Step coupon—Rate shown was the rate in effect as of July 31, 2022. |
| (g) | Issue in non-accrual status. |
| (h) | Restricted security. |
| (i) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2022, the total market value was $12,698,041, which represented 0.9% of the Fund’s net assets. |
| (j) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (k) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (l) | Issue in default. |
| (m) | Non-income producing security. |
| Abbreviation(s): |
| LIBOR—London Interbank Offered Rate |
| TBD—To Be Determined |
| USD—United States Dollar |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Convertible Bonds | $ — | $ 24,836,740 | $ — | $ 24,836,740 | |||
| Corporate Bonds | — | 1,026,989,814 | 2,797,500 | 1,029,787,314 | |||
| Loan Assignments | — | 211,842,606 | 2,900,286 | 214,742,892 | |||
| Total Long-Term Bonds | — | 1,263,669,160 | 5,697,786 | 1,269,366,946 | |||
| Common Stocks | 8,887,412 | 7,343,730 | 909,450 | 17,140,592 | |||
| Preferred Stocks | — | — | 3,360,682 | 3,360,682 | |||
| Total Investments in Securities | $ 8,887,412 | $ 1,271,012,890 | $ 9,967,918 | $ 1,289,868,220 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 95.1% | ||
| Airlines 1.1% | ||
| Sun Country Airlines Holdings, Inc.(a) | 183,738 | $ 3,705,995 |
| Auto Components 1.5% | ||
| Dana, Inc. | 300,892 | 5,042,950 |
| Banks 7.9% | ||
| Allegiance Bancshares, Inc. | 128,125 | 5,642,625 |
| First Foundation, Inc. | 128,811 | 2,681,845 |
| OFG Bancorp | 146,955 | 4,036,854 |
| Old National Bancorp | 285,513 | 4,970,781 |
| United Community Banks, Inc. | 133,182 | 4,532,183 |
| Veritex Holdings, Inc. | 137,170 | 4,244,040 |
| 26,108,328 | ||
| Biotechnology 6.4% | ||
| Acadia Pharmaceuticals, Inc.(a) | 127,041 | 1,866,232 |
| Celldex Therapeutics, Inc.(a) | 128,803 | 3,956,828 |
| Cytokinetics, Inc.(a) | 66,690 | 2,822,988 |
| Iovance Biotherapeutics, Inc.(a) | 225,516 | 2,627,261 |
| Kymera Therapeutics, Inc.(a) | 137,396 | 3,026,834 |
| Myovant Sciences Ltd.(a)(b) | 298,751 | 3,907,663 |
| Sage Therapeutics, Inc.(a) | 86,287 | 2,969,136 |
| 21,176,942 | ||
| Building Products 3.2% | ||
| Apogee Enterprises, Inc. | 95,967 | 3,993,187 |
| Insteel Industries, Inc. | 95,952 | 3,003,298 |
| PGT Innovations, Inc.(a) | 160,078 | 3,505,708 |
| 10,502,193 | ||
| Capital Markets 1.3% | ||
| Hamilton Lane, Inc., Class A | 57,850 | 4,371,724 |
| Chemicals 3.4% | ||
| Livent Corp.(a) | 259,932 | 6,469,707 |
| Minerals Technologies, Inc. | 70,674 | 4,721,730 |
| 11,191,437 | ||
| Commercial Services & Supplies 1.8% | ||
| Interface, Inc. | 409,657 | 5,935,930 |
| Construction & Engineering 1.6% | ||
| Badger Infrastructure Solutions Ltd. | 218,994 | 5,255,309 |
| Consumer Finance 3.5% | ||
| Enova International, Inc.(a) | 176,776 | 6,100,540 |
| Shares | Value | |
| Common Stocks | ||
| Consumer Finance | ||
| PRA Group, Inc.(a) | 133,224 | $ 5,307,644 |
| 11,408,184 | ||
| Electronic Equipment, Instruments & Components 2.5% | ||
| FARO Technologies, Inc.(a) | 153,117 | 4,979,365 |
| Knowles Corp.(a) | 166,713 | 3,292,582 |
| 8,271,947 | ||
| Energy Equipment & Services 5.1% | ||
| Liberty Energy, Inc., Class A (a) | 405,678 | 5,760,627 |
| Nabors Industries Ltd.(a) | 46,804 | 6,669,102 |
| Patterson-UTI Energy, Inc. | 265,920 | 4,400,976 |
| 16,830,705 | ||
| Equity Real Estate Investment Trusts 5.8% | ||
| Acadia Realty Trust | 315,430 | 5,403,316 |
| Piedmont Office Realty Trust, Inc., Class A | 314,983 | 4,334,166 |
| Uniti Group, Inc. | 501,262 | 4,997,582 |
| Veris Residential, Inc.(a) | 311,425 | 4,344,379 |
| 19,079,443 | ||
| Food Products 1.8% | ||
| Calavo Growers, Inc. | 144,473 | 5,822,262 |
| Gas Utilities 2.2% | ||
| New Jersey Resources Corp. | 155,538 | 7,184,300 |
| Health Care Equipment & Supplies 4.8% | ||
| Lantheus Holdings, Inc.(a) | 107,236 | 8,227,146 |
| Orthofix Medical, Inc.(a) | 164,881 | 4,229,198 |
| SI-BONE, Inc.(a) | 263,339 | 3,539,276 |
| 15,995,620 | ||
| Health Care Providers & Services 2.1% | ||
| AMN Healthcare Services, Inc.(a) | 62,538 | 7,031,773 |
| Hotels, Restaurants & Leisure 1.7% | ||
| Hilton Grand Vacations, Inc.(a) | 140,462 | 5,726,636 |
| Household Durables 1.9% | ||
| Skyline Champion Corp.(a) | 100,247 | 6,345,635 |
| IT Services 1.7% | ||
| I3 Verticals, Inc., Class A (a) | 210,503 | 5,710,946 |
| Life Sciences Tools & Services 0.9% | ||
| Codexis, Inc.(a) | 422,877 | 2,900,936 |
| Shares | Value | |
| Common Stocks | ||
| Marine 2.0% | ||
| Kirby Corp.(a) | 105,079 | $ 6,666,212 |
| Metals & Mining 3.5% | ||
| Carpenter Technology Corp. | 188,571 | 6,060,672 |
| MP Materials Corp.(a) | 160,563 | 5,390,100 |
| 11,450,772 | ||
| Pharmaceuticals 2.0% | ||
| Arvinas, Inc.(a) | 59,080 | 3,137,739 |
| Pacira BioSciences, Inc.(a) | 58,088 | 3,285,457 |
| 6,423,196 | ||
| Professional Services 2.0% | ||
| Insperity, Inc. | 58,986 | 6,473,124 |
| Real Estate Management & Development 1.7% | ||
| Marcus & Millichap, Inc. | 133,099 | 5,446,411 |
| Semiconductors & Semiconductor Equipment 1.7% | ||
| Tower Semiconductor Ltd.(a) | 120,174 | 5,751,528 |
| Software 6.5% | ||
| Agilysys, Inc.(a) | 91,716 | 4,429,883 |
| Box, Inc., Class A (a) | 163,087 | 4,638,194 |
| Cerence, Inc.(a) | 179,690 | 5,061,867 |
| Consensus Cloud Solutions, Inc.(a) | 98,700 | 5,332,761 |
| Marathon Digital Holdings, Inc.(a)(b) | 145,422 | 1,889,032 |
| 21,351,737 | ||
| Specialty Retail 2.9% | ||
| LL Flooring Holdings, Inc.(a) | 408,908 | 4,105,436 |
| Monro, Inc. | 109,680 | 5,500,452 |
| 9,605,888 | ||
| Technology Hardware, Storage & Peripherals 1.4% | ||
| Stratasys Ltd.(a) | 227,190 | 4,677,842 |
| Thrifts & Mortgage Finance 4.9% | ||
| Federal Agricultural Mortgage Corp., Class C | 38,387 | 4,233,702 |
| MGIC Investment Corp. | 397,643 | 5,622,672 |
| NMI Holdings, Inc., Class A (a) | 154,957 | 2,934,886 |
| WSFS Financial Corp. | 73,796 | 3,521,545 |
| 16,312,805 | ||
| Trading Companies & Distributors 4.3% | ||
| Boise Cascade Co. | 106,215 | 7,510,463 |
| Shares | Value | ||
| Common Stocks | |||
| Trading Companies & Distributors | |||
| MRC Global, Inc.(a) | 574,179 | $ 6,671,960 | |
| 14,182,423 | |||
| Total Common Stocks (Cost $338,742,125) | 313,941,133 | ||
| Exchange-Traded Fund 3.9% | |||
| iShares Russell 2000 ETF (b) | 69,903 | 13,089,337 | |
| Total Exchange-Traded Fund (Cost $12,242,603) | 13,089,337 | ||
| Number of Warrants | |||
| Warrants 0.2% | |||
| Energy Equipment & Services 0.2% | |||
| Nabors Industries Ltd. | |||
| Expires 6/11/26 (a) | 20,184 | 666,072 | |
| Total Warrants (Cost $0) | 666,072 | ||
| Shares | |||
| Short-Term Investments 3.8% | |||
| Affiliated Investment Company 0.2% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (c) | 728,500 | 728,500 | |
| Unaffiliated Investment Companies 3.6% | |||
| BlackRock Liquidity FedFund, 1.988% (c)(d) | 1,000,000 | 1,000,000 | |
| Invesco Government & Agency Portfolio, 2.17% (c)(d) | 10,834,102 | 10,834,102 | |
| Total Unaffiliated Investment Companies (Cost $11,834,102) | 11,834,102 | ||
| Total Short-Term Investments (Cost $12,562,602) | 12,562,602 | ||
| Total Investments (Cost $363,547,330) | 103.0% | 340,259,144 | |
| Other Assets, Less Liabilities | (3.0) | (10,051,608) | |
| Net Assets | 100.0% | $ 330,207,536 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $15,386,277; the total market value of collateral held by the Fund was $15,928,826. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,094,724. The Fund received cash collateral with a value of $11,834,102. |
| (c) | Current yield as of July 31, 2022. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 15,834 | $ 72,212 | $ (87,317) | $ — | $ — | $ 729 | $ 4 | $ — | 729 |
| Abbreviation(s): |
| ETF—Exchange-Traded Fund |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 313,941,133 | $ — | $ — | $ 313,941,133 | |||
| Exchange-Traded Fund | 13,089,337 | — | — | 13,089,337 | |||
| Warrants | 666,072 | — | — | 666,072 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 728,500 | — | — | 728,500 | |||
| Unaffiliated Investment Companies | 11,834,102 | — | — | 11,834,102 | |||
| Total Short-Term Investments | 12,562,602 | — | — | 12,562,602 | |||
| Total Investments in Securities | $ 340,259,144 | $ — | $ — | $ 340,259,144 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 98.2% | ||
| Asset-Backed Securities 10.9% | ||
| Automobile Asset-Backed Securities 3.9% | ||
| American Credit Acceptance Receivables Trust | ||
| Series 2022-1, Class D | ||
| 2.46%, due 3/13/28 (a) | $ 1,885,000 | $ 1,758,227 |
| Avis Budget Rental Car Funding AESOP LLC | ||
| Series 2020-2A, Class A | ||
| 2.02%, due 2/20/27 (a) | 1,435,000 | 1,331,440 |
| Drive Auto Receivables Trust | ||
| Series 2021-2, Class D | ||
| 1.39%, due 3/15/29 | 1,990,000 | 1,853,058 |
| Enterprise Fleet Financing LLC | ||
| Series 2022-2, Class A3 | ||
| 4.79%, due 5/21/29 (a) | 615,000 | 628,910 |
| Flagship Credit Auto Trust (a) | ||
| Series 2020-1, Class E | ||
| 3.52%, due 6/15/27 | 1,950,000 | 1,846,530 |
| Series 2019-2, Class E | ||
| 4.52%, due 12/15/26 | 1,910,000 | 1,868,172 |
| GLS Auto Receivables Issuer Trust (a) | ||
| Series 2021-3A, Class C | ||
| 1.11%, due 9/15/26 | 2,700,000 | 2,529,423 |
| Series 2021-2A, Class D | ||
| 1.42%, due 4/15/27 | 1,000,000 | 919,215 |
| Series 2021-4A, Class C | ||
| 1.94%, due 10/15/27 | 1,310,000 | 1,235,485 |
| Hertz Vehicle Financing III LP (a) | ||
| Series 2021-2A, Class B | ||
| 2.12%, due 12/27/27 | 860,000 | 769,906 |
| Series 2021-2A, Class D | ||
| 4.34%, due 12/27/27 | 2,910,000 | 2,498,708 |
| Hertz Vehicle Financing LLC (a) | ||
| Series 2021-1A, Class B | ||
| 1.56%, due 12/26/25 | 870,000 | 808,351 |
| Series 2021-1A, Class C | ||
| 2.05%, due 12/26/25 | 890,000 | 821,011 |
| J.P. Morgan Chase Bank NA | ||
| Series 2020-1, Class B | ||
| 0.991%, due 1/25/28 (a) | 213,063 | 209,512 |
| 19,077,948 | ||
| Credit Card Asset-Backed Security 0.1% | ||
| American Express Credit Account Master Trust | ||
| Series 2022-2, Class A | ||
| 3.39%, due 5/17/27 | 485,000 | 487,399 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities 6.9% | ||
| American Airlines Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 3.15%, due 2/15/32 | $ 1,203,623 | $ 1,062,271 |
| Series 2016-2, Class A | ||
| 3.65%, due 6/15/28 | 1,484,000 | 1,160,108 |
| Series 2019-1, Class B | ||
| 3.85%, due 2/15/28 | 1,032,554 | 872,265 |
| Series 2013-2, Class A | ||
| 4.95%, due 1/15/23 | 1,655,365 | 1,623,982 |
| AMSR Trust | ||
| Series 2020-SFR4, Class A | ||
| 1.355%, due 11/17/37 (a) | 2,130,000 | 1,992,988 |
| British Airways Pass-Through Trust | ||
| Series 2021-1, Class A | ||
| 2.90%, due 3/15/35 (a) | 1,859,794 | 1,638,423 |
| CF Hippolyta Issuer LLC (a) | ||
| Series 2021-1A, Class A1 | ||
| 1.53%, due 3/15/61 | 2,025,461 | 1,813,874 |
| Series 2020-1, Class A1 | ||
| 1.69%, due 7/15/60 | 1,176,403 | 1,080,252 |
| Series 2021-1A, Class B1 | ||
| 1.98%, due 3/15/61 | 1,962,768 | 1,713,331 |
| CVS Pass-Through Trust | ||
| 5.789%, due 1/10/26 (a) | 27,450 | 28,177 |
| DB Master Finance LLC | ||
| Series 2021-1A, Class A23 | ||
| 2.791%, due 11/20/51 (a) | 2,268,600 | 1,912,666 |
| FirstKey Homes Trust (a) | ||
| Series 2020-SFR2, Class A | ||
| 1.266%, due 10/19/37 | 635,177 | 592,583 |
| Series 2020-SFR1, Class A | ||
| 1.339%, due 8/17/37 | 2,315,688 | 2,170,058 |
| Series 2021-SFR1, Class B | ||
| 1.788%, due 8/17/38 | 3,205,000 | 2,899,559 |
| JetBlue Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 2.75%, due 5/15/32 | 2,319,138 | 2,041,286 |
| Navient Private Education Refi Loan Trust | ||
| Series 2020-HA, Class B | ||
| 2.78%, due 1/15/69 (a) | 2,580,000 | 2,326,824 |
| New Economy Assets Phase 1 Sponsor LLC (a) | ||
| Series 2021-1, Class A1 | ||
| 1.91%, due 10/20/61 | 2,500,000 | 2,206,042 |
| Series 2021-1, Class B1 | ||
| 2.41%, due 10/20/61 | 1,240,000 | 1,088,079 |
| Progress Residential | ||
| Series 2021-SFR1, Class B | ||
| 1.303%, due 4/17/38 (a) | 1,200,000 | 1,075,783 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Progress Residential Trust | ||
| Series 2021-SFR4, Class B | ||
| 1.808%, due 5/17/38 (a) | $ 1,215,000 | $ 1,096,849 |
| Taco Bell Funding LLC | ||
| Series 2021-1A, Class A23 | ||
| 2.542%, due 8/25/51 (a) | 2,348,200 | 1,927,039 |
| United Airlines Pass-Through Trust | ||
| Series 2020-1, Class A | ||
| 5.875%, due 10/15/27 | 1,631,495 | 1,644,898 |
| 33,967,337 | ||
| Total Asset-Backed Securities (Cost $58,669,794) | 53,532,684 | |
| Corporate Bonds 42.8% | ||
| Aerospace & Defense 0.3% | ||
| Boeing Co. (The) | ||
| 3.75%, due 2/1/50 | 770,000 | 582,993 |
| Howmet Aerospace, Inc. | ||
| 3.00%, due 1/15/29 | 890,000 | 798,508 |
| 1,381,501 | ||
| Agriculture 0.8% | ||
| Altria Group, Inc. | ||
| 2.45%, due 2/4/32 | 1,850,000 | 1,457,298 |
| 4.80%, due 2/14/29 | 285,000 | 283,180 |
| BAT Capital Corp. | ||
| 3.734%, due 9/25/40 | 1,800,000 | 1,307,843 |
| BAT International Finance plc | ||
| 4.448%, due 3/16/28 | 945,000 | 904,892 |
| 3,953,213 | ||
| Airlines 1.4% | ||
| American Airlines, Inc. (a) | ||
| 5.50%, due 4/20/26 | 1,445,000 | 1,421,143 |
| 5.75%, due 4/20/29 | 860,000 | 823,450 |
| Delta Air Lines, Inc. (a) | ||
| 4.50%, due 10/20/25 | 1,115,000 | 1,101,062 |
| 4.75%, due 10/20/28 | 1,855,000 | 1,811,774 |
| Mileage Plus Holdings LLC | ||
| 6.50%, due 6/20/27 (a) | 1,800,000 | 1,817,982 |
| 6,975,411 | ||
| Auto Manufacturers 2.1% | ||
| Ford Motor Credit Co. LLC | ||
| 4.063%, due 11/1/24 | 1,450,000 | 1,426,438 |
| 4.125%, due 8/17/27 | 1,445,000 | 1,370,872 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers | ||
| General Motors Co. | ||
| 5.60%, due 10/15/32 | $ 785,000 | $ 783,827 |
| 6.125%, due 10/1/25 | 650,000 | 683,310 |
| General Motors Financial Co., Inc. | ||
| 2.70%, due 6/10/31 | 1,600,000 | 1,308,862 |
| 4.30%, due 4/6/29 | 940,000 | 890,937 |
| Nissan Motor Acceptance Co. LLC (a) | ||
| 1.125%, due 9/16/24 (b) | 1,015,000 | 941,582 |
| 1.85%, due 9/16/26 | 2,915,000 | 2,507,494 |
| Volkswagen Group of America Finance LLC | ||
| 4.60%, due 6/8/29 (a) | 645,000 | 642,650 |
| 10,555,972 | ||
| Banks 13.3% | ||
| Bank of America Corp. | ||
| 2.087%, due 6/14/29 (c) | 1,110,000 | 980,416 |
| 2.496%, due 2/13/31 (c) | 1,755,000 | 1,532,215 |
| 2.687%, due 4/22/32 (c) | 305,000 | 265,339 |
| 3.419%, due 12/20/28 (c) | 283,000 | 270,779 |
| 3.593%, due 7/21/28 (c) | 1,385,000 | 1,341,356 |
| 3.705%, due 4/24/28 (c) | 1,275,000 | 1,241,826 |
| 4.25%, due 10/22/26 | 1,550,000 | 1,560,047 |
| Series MM | ||
| 4.30%, due 1/28/25 (c)(d) | 1,045,000 | 914,375 |
| Barclays plc | ||
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (d)(e) | 2,405,000 | 1,954,784 |
| BNP Paribas SA | ||
| 4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (a)(d)(e) | 2,135,000 | 1,719,348 |
| Citigroup, Inc. | ||
| 3.887%, due 1/10/28 (c) | 2,099,000 | 2,056,436 |
| Series Y | ||
| 4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (d)(e) | 870,000 | 766,105 |
| 4.91%, due 5/24/33 (c) | 740,000 | 762,397 |
| 5.30%, due 5/6/44 | 1,474,000 | 1,496,673 |
| Credit Agricole SA | ||
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(d)(e) | 2,030,000 | 1,720,425 |
| Credit Suisse Group AG | ||
| 3.091%, due 5/14/32 (a)(c) | 2,070,000 | 1,664,026 |
| Deutsche Bank AG | ||
| 2.394% (SOFR + 1.219%), due 11/16/27 (b)(e) | 2,035,000 | 1,865,030 |
| 3.035%, due 5/28/32 (c) | 890,000 | 731,617 |
| First Horizon Bank | ||
| 5.75%, due 5/1/30 | 1,606,000 | 1,679,768 |
| First Horizon Corp. | ||
| 4.00%, due 5/26/25 | 2,320,000 | 2,291,513 |
| Goldman Sachs Group, Inc. (The) | ||
| 1.948%, due 10/21/27 (c) | 1,305,000 | 1,190,943 |
| 1.992%, due 1/27/32 (c) | 1,460,000 | 1,202,553 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Goldman Sachs Group, Inc. (The) | ||
| 2.615%, due 4/22/32 (c) | $ 1,010,000 | $ 871,144 |
| 6.75%, due 10/1/37 | 1,385,000 | 1,618,906 |
| HSBC Holdings plc | ||
| 3.973%, due 5/22/30 (c) | 1,265,000 | 1,186,158 |
| JPMorgan Chase & Co. | ||
| 2.182%, due 6/1/28 (c) | 1,030,000 | 938,987 |
| 2.40% (SOFR + 1.18%), due 2/24/28 (b)(e) | 1,590,000 | 1,532,138 |
| 3.782%, due 2/1/28 (c) | 1,565,000 | 1,537,394 |
| 4.005%, due 4/23/29 (c) | 2,405,000 | 2,354,890 |
| Series HH | ||
| 4.60%, due 2/1/25 (c)(d) | 857,000 | 759,811 |
| Lloyds Banking Group plc | ||
| 4.582%, due 12/10/25 | 2,643,000 | 2,605,749 |
| Macquarie Group Ltd. | ||
| 2.871%, due 1/14/33 (a)(c) | 1,770,000 | 1,479,647 |
| Mizuho Financial Group, Inc. | ||
| 3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (e) | 1,030,000 | 944,144 |
| Morgan Stanley | ||
| 2.484%, due 9/16/36 (c) | 2,195,000 | 1,775,855 |
| 2.511%, due 10/20/32 (c) | 510,000 | 437,579 |
| 3.591%, due 7/22/28 (c) | 1,750,000 | 1,693,362 |
| 5.00%, due 11/24/25 | 1,940,000 | 1,998,783 |
| NatWest Group plc | ||
| 3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (e) | 1,985,000 | 1,836,620 |
| Societe Generale SA (a)(e) | ||
| 3.337% (1 Year Treasury Constant Maturity Rate + 1.60%), due 1/21/33 | 1,440,000 | 1,201,341 |
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 (d) | 1,585,000 | 1,380,513 |
| 5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 (d) | 1,515,000 | 1,271,257 |
| SVB Financial Group | ||
| Series C | ||
| 4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (d)(e) | 1,285,000 | 1,041,686 |
| UBS Group AG (a)(e) | ||
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (d) | 1,520,000 | 1,221,700 |
| 4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 | 770,000 | 771,280 |
| Wachovia Corp. | ||
| 5.50%, due 8/1/35 | 735,000 | 777,773 |
| Wells Fargo & Co. (c) | ||
| 3.526%, due 3/24/28 | 1,430,000 | 1,382,100 |
| 4.897%, due 7/25/33 | 700,000 | 725,615 |
| Wells Fargo Bank NA | ||
| 5.85%, due 2/1/37 | 335,000 | 373,023 |
| Westpac Banking Corp. | ||
| 3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (e) | 2,538,000 | 2,096,130 |
| 65,021,556 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Building Materials 0.1% | ||
| Cemex SAB de CV | ||
| 7.375%, due 6/5/27 (a) | $ 650,000 | $ 659,750 |
| Chemicals 0.6% | ||
| Braskem Netherlands Finance BV | ||
| 4.50%, due 1/10/28 (a) | 1,135,000 | 1,071,156 |
| Huntsman International LLC | ||
| 4.50%, due 5/1/29 | 1,964,000 | 1,867,758 |
| 2,938,914 | ||
| Commercial Services 0.7% | ||
| Allied Universal Holdco LLC | ||
| 6.625%, due 7/15/26 (a) | 1,405,000 | 1,361,403 |
| Ashtead Capital, Inc. | ||
| 4.00%, due 5/1/28 (a) | 865,000 | 802,835 |
| California Institute of Technology | ||
| 3.65%, due 9/1/19 | 1,429,000 | 1,101,568 |
| 3,265,806 | ||
| Computers 1.5% | ||
| Dell International LLC | ||
| 3.375%, due 12/15/41 (a) | 1,450,000 | 1,083,498 |
| 4.90%, due 10/1/26 | 3,247,000 | 3,325,253 |
| 5.30%, due 10/1/29 | 765,000 | 775,851 |
| 8.10%, due 7/15/36 | 570,000 | 693,727 |
| NCR Corp. (a) | ||
| 5.00%, due 10/1/28 | 843,000 | 801,872 |
| 6.125%, due 9/1/29 | 925,000 | 900,550 |
| 7,580,751 | ||
| Diversified Financial Services 3.7% | ||
| AerCap Ireland Capital DAC | ||
| 2.45%, due 10/29/26 | 2,300,000 | 2,046,082 |
| Air Lease Corp. | ||
| 4.25%, due 9/15/24 | 2,800,000 | 2,771,339 |
| Aircastle Ltd. | ||
| 5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(d)(e) | 2,665,000 | 2,124,634 |
| Ally Financial, Inc. | ||
| Series C | ||
| 4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (d)(e) | 1,005,000 | 792,886 |
| 8.00%, due 11/1/31 | 1,205,000 | 1,363,059 |
| Aviation Capital Group LLC | ||
| 1.95%, due 1/30/26 (a) | 1,330,000 | 1,163,155 |
| Avolon Holdings Funding Ltd. (a) | ||
| 2.125%, due 2/21/26 | 1,385,000 | 1,203,496 |
| 3.25%, due 2/15/27 | 1,740,000 | 1,521,180 |
| Banco BTG Pactual SA | ||
| 2.75%, due 1/11/26 (a) | 2,305,000 | 2,083,720 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services | ||
| Capital One Financial Corp. | ||
| 5.247%, due 7/26/30 (c) | $ 685,000 | $ 694,025 |
| Nomura Holdings, Inc. | ||
| 5.099%, due 7/3/25 | 1,415,000 | 1,447,172 |
| OneMain Finance Corp. | ||
| 3.50%, due 1/15/27 | 1,145,000 | 974,901 |
| 18,185,649 | ||
| Electric 2.8% | ||
| AEP Texas, Inc. | ||
| 4.70%, due 5/15/32 | 915,000 | 939,030 |
| Alabama Power Co. | ||
| 3.00%, due 3/15/52 | 1,325,000 | 1,038,251 |
| Arizona Public Service Co. | ||
| 2.20%, due 12/15/31 | 1,765,000 | 1,480,563 |
| 3.35%, due 5/15/50 | 1,625,000 | 1,227,684 |
| Calpine Corp. | ||
| 5.125%, due 3/15/28 (a) | 1,125,000 | 1,058,175 |
| Duquesne Light Holdings, Inc. | ||
| 3.616%, due 8/1/27 (a) | 990,000 | 932,422 |
| Edison International | ||
| Series B | ||
| 5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (d)(e) | 2,440,000 | 2,058,344 |
| Ohio Power Co. | ||
| Series R | ||
| 2.90%, due 10/1/51 | 900,000 | 676,375 |
| Pacific Gas and Electric Co. | ||
| 3.50%, due 8/1/50 | 2,235,000 | 1,580,405 |
| Southern California Edison Co. | ||
| 4.00%, due 4/1/47 | 1,235,000 | 1,040,001 |
| Southwestern Electric Power Co. | ||
| 3.25%, due 11/1/51 | 2,120,000 | 1,627,823 |
| 13,659,073 | ||
| Entertainment 0.2% | ||
| Magallanes, Inc. | ||
| 4.279%, due 3/15/32 (a) | 1,045,000 | 975,267 |
| Environmental Control 0.2% | ||
| Waste Connections, Inc. | ||
| 2.20%, due 1/15/32 | 985,000 | 843,706 |
| Food 1.0% | ||
| JBS USA LUX SA | ||
| 5.75%, due 4/1/33 (a) | 1,095,000 | 1,083,306 |
| Kraft Heinz Foods Co. | ||
| 5.00%, due 7/15/35 | 731,000 | 746,489 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Food | ||
| MARB BondCo plc | ||
| 3.95%, due 1/29/31 (a) | $ 1,520,000 | $ 1,239,195 |
| Smithfield Foods, Inc. (a) | ||
| 4.25%, due 2/1/27 | 1,190,000 | 1,159,563 |
| 5.20%, due 4/1/29 | 580,000 | 578,989 |
| 4,807,542 | ||
| Gas 0.5% | ||
| National Fuel Gas Co. | ||
| 2.95%, due 3/1/31 | 1,820,000 | 1,527,068 |
| Piedmont Natural Gas Co., Inc. | ||
| 5.05%, due 5/15/52 | 835,000 | 856,472 |
| 2,383,540 | ||
| Home Builders 0.5% | ||
| Lennar Corp. | ||
| 4.75%, due 11/29/27 | 331,000 | 334,012 |
| Thor Industries, Inc. | ||
| 4.00%, due 10/15/29 (a) | 375,000 | 303,822 |
| Toll Brothers Finance Corp. | ||
| 3.80%, due 11/1/29 | 1,343,000 | 1,207,267 |
| 4.35%, due 2/15/28 | 819,000 | 775,162 |
| 2,620,263 | ||
| Insurance 1.4% | ||
| Athene Global Funding | ||
| 2.50%, due 3/24/28 (a) | 2,770,000 | 2,419,508 |
| Equitable Holdings, Inc. | ||
| 4.35%, due 4/20/28 | 1,050,000 | 1,057,448 |
| Liberty Mutual Group, Inc. | ||
| 3.951%, due 10/15/50 (a) | 2,210,000 | 1,740,511 |
| Nippon Life Insurance Co. | ||
| 3.40% (5 Year Treasury Constant Maturity Rate + 2.612%), due 1/23/50 (a)(e) | 540,000 | 476,564 |
| Willis North America, Inc. | ||
| 2.95%, due 9/15/29 | 1,165,000 | 1,035,103 |
| 6,729,134 | ||
| Internet 0.2% | ||
| Expedia Group, Inc. | ||
| 3.25%, due 2/15/30 | 1,310,000 | 1,131,362 |
| Lodging 0.5% | ||
| Hilton Domestic Operating Co., Inc. | ||
| 4.875%, due 1/15/30 | 1,590,000 | 1,544,287 |
| Las Vegas Sands Corp. | ||
| 3.20%, due 8/8/24 | 1,070,000 | 1,039,069 |
| 2,583,356 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Media 0.3% | ||
| DISH DBS Corp. | ||
| 5.75%, due 12/1/28 (a) | $ 885,000 | $ 717,956 |
| Grupo Televisa SAB | ||
| 5.25%, due 5/24/49 | 610,000 | 600,356 |
| 1,318,312 | ||
| Miscellaneous—Manufacturing 0.3% | ||
| Textron Financial Corp. | ||
| 3.146% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(e) | 1,685,000 | 1,289,025 |
| Oil & Gas 1.3% | ||
| Gazprom PJSC Via Gaz Capital SA | ||
| 4.95%, due 2/6/28 (a)(f) | 1,521,000 | 608,400 |
| Marathon Petroleum Corp. | ||
| 6.50%, due 3/1/41 | 1,605,000 | 1,784,910 |
| Southwestern Energy Co. | ||
| 4.75%, due 2/1/32 | 1,220,000 | 1,137,650 |
| Valero Energy Corp. | ||
| 3.65%, due 12/1/51 | 1,255,000 | 996,246 |
| 6.625%, due 6/15/37 | 1,620,000 | 1,843,264 |
| 6,370,470 | ||
| Packaging & Containers 0.2% | ||
| Berry Global, Inc. | ||
| 4.875%, due 7/15/26 (a) | 2,000 | 1,963 |
| Owens-Brockway Glass Container, Inc. | ||
| 6.625%, due 5/13/27 (a)(b) | 1,201,000 | 1,155,146 |
| 1,157,109 | ||
| Pharmaceuticals 0.9% | ||
| Becton Dickinson and Co. | ||
| 4.669%, due 6/6/47 | 500,000 | 496,350 |
| CVS Health Corp. | ||
| 4.78%, due 3/25/38 | 450,000 | 450,306 |
| Teva Pharmaceutical Finance Netherlands III BV | ||
| 3.15%, due 10/1/26 | 2,533,000 | 2,286,666 |
| 4.75%, due 5/9/27 | 1,150,000 | 1,102,562 |
| 4,335,884 | ||
| Pipelines 2.9% | ||
| Cheniere Corpus Christi Holdings LLC | ||
| 2.742%, due 12/31/39 | 1,385,000 | 1,115,056 |
| DT Midstream, Inc. | ||
| 4.30%, due 4/15/32 (a) | 1,125,000 | 1,065,542 |
| Energy Transfer LP | ||
| 4.95%, due 6/15/28 | 582,000 | 586,770 |
| 5.35%, due 5/15/45 | 940,000 | 856,340 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Pipelines | ||
| Enterprise Products Operating LLC | ||
| 3.95%, due 1/31/60 | $ 1,325,000 | $ 1,088,114 |
| 4.20%, due 1/31/50 | 380,000 | 335,174 |
| Flex Intermediate Holdco LLC | ||
| 3.363%, due 6/30/31 (a) | 2,120,000 | 1,800,559 |
| Hess Midstream Operations LP (a) | ||
| 4.25%, due 2/15/30 | 565,000 | 503,313 |
| 5.50%, due 10/15/30 | 440,000 | 409,826 |
| 5.625%, due 2/15/26 | 726,000 | 723,278 |
| Holly Energy Partners LP | ||
| 6.375%, due 4/15/27 (a) | 640,000 | 633,667 |
| Sabine Pass Liquefaction LLC | ||
| 5.875%, due 6/30/26 | 2,061,000 | 2,150,791 |
| Targa Resources Corp. | ||
| 4.20%, due 2/1/33 | 640,000 | 601,135 |
| Western Midstream Operating LP | ||
| 5.75%, due 2/1/50 (g) | 1,495,000 | 1,337,435 |
| Williams Cos., Inc. (The) | ||
| 3.50%, due 10/15/51 | 1,400,000 | 1,100,046 |
| 14,307,046 | ||
| Real Estate 0.2% | ||
| Realogy Group LLC | ||
| 5.25%, due 4/15/30 (a) | 1,145,000 | 913,252 |
| Real Estate Investment Trusts 1.4% | ||
| Alexandria Real Estate Equities, Inc. | ||
| 3.375%, due 8/15/31 | 1,255,000 | 1,146,478 |
| Invitation Homes Operating Partnership LP | ||
| 2.00%, due 8/15/31 | 1,490,000 | 1,169,348 |
| Iron Mountain, Inc. (a) | ||
| 4.875%, due 9/15/29 | 185,000 | 169,788 |
| 5.25%, due 7/15/30 | 1,240,000 | 1,160,057 |
| Office Properties Income Trust | ||
| 2.40%, due 2/1/27 | 2,025,000 | 1,608,032 |
| Starwood Property Trust, Inc. | ||
| 3.75%, due 12/31/24 (a) | 1,480,000 | 1,427,408 |
| 6,681,111 | ||
| Retail 1.4% | ||
| AutoNation, Inc. | ||
| 4.75%, due 6/1/30 | 1,880,000 | 1,816,525 |
| Nordstrom, Inc. | ||
| 4.00%, due 3/15/27 | 733,000 | 671,190 |
| 4.25%, due 8/1/31 | 1,365,000 | 1,105,527 |
| QVC, Inc. | ||
| 4.375%, due 9/1/28 | 1,730,000 | 1,349,400 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Retail | ||
| Starbucks Corp. | ||
| 4.45%, due 8/15/49 | $ 595,000 | $ 563,000 |
| Victoria's Secret & Co. | ||
| 4.625%, due 7/15/29 (a) | 1,415,000 | 1,171,337 |
| 6,676,979 | ||
| Software 0.5% | ||
| Fidelity National Information Services, Inc. | ||
| 5.10%, due 7/15/32 | 810,000 | 841,277 |
| MSCI, Inc. | ||
| 3.25%, due 8/15/33 (a) | 1,338,000 | 1,159,149 |
| Oracle Corp. | ||
| 3.65%, due 3/25/41 | 595,000 | 461,957 |
| 2,462,383 | ||
| Telecommunications 1.6% | ||
| Altice France SA | ||
| 5.125%, due 7/15/29 (a) | 1,340,000 | 1,146,839 |
| AT&T, Inc. | ||
| 3.85%, due 6/1/60 | 1,262,000 | 1,021,791 |
| Level 3 Financing, Inc. | ||
| 3.40%, due 3/1/27 (a) | 1,755,000 | 1,583,838 |
| Sprint Spectrum Co. LLC | ||
| 4.738%, due 3/20/25 (a) | 2,581,569 | 2,594,261 |
| T-Mobile US, Inc. | ||
| 2.625%, due 2/15/29 | 905,000 | 809,975 |
| Verizon Communications, Inc. | ||
| 4.016%, due 12/3/29 | 810,000 | 812,874 |
| 7,969,578 | ||
| Total Corporate Bonds (Cost $233,479,249) | 209,732,915 | |
| Foreign Government Bonds 2.7% | ||
| Brazil 0.3% | ||
| Brazil Government Bond | ||
| 3.75%, due 9/12/31 (b) | 1,380,000 | 1,215,077 |
| Chile 0.6% | ||
| Chile Government Bond | ||
| 2.55%, due 7/27/33 | 1,410,000 | 1,200,179 |
| Empresa Nacional del Petroleo | ||
| 3.45%, due 9/16/31 (a) | 2,115,000 | 1,718,437 |
| 2,918,616 | ||
| Principal Amount | Value | |
| Foreign Government Bonds | ||
| Colombia 0.3% | ||
| Colombia Government Bond | ||
| 3.25%, due 4/22/32 | $ 1,485,000 | $ 1,154,677 |
| 4.50%, due 1/28/26 | 450,000 | 431,179 |
| 1,585,856 | ||
| Mexico 1.5% | ||
| Comision Federal de Electricidad | ||
| 3.875%, due 7/26/33 (a) | 2,725,000 | 2,145,937 |
| Mexico Government Bond | ||
| 3.75%, due 4/19/71 | 2,130,000 | 1,464,991 |
| Petroleos Mexicanos | ||
| 6.50%, due 3/13/27 | 2,730,000 | 2,466,282 |
| 6.75%, due 9/21/47 | 1,970,000 | 1,345,274 |
| 7,422,484 | ||
| Total Foreign Government Bonds (Cost $16,442,716) | 13,142,033 | |
| Loan Assignments 0.1% | ||
| Containers, Packaging & Glass 0.0% ‡ | ||
| Mauser Packaging Solutions Holding Co. | ||
| Initial Term Loan | ||
| 5.037% (1 Month LIBOR + 3.25%), due 4/3/24 (e) | 222,792 | 213,323 |
| Diversified/Conglomerate Service 0.1% | ||
| TruGreen LP | ||
| First Lien Second Refinancing Term Loan | ||
| 6.372% (1 Month LIBOR + 4.00%), due 11/2/27 (e) | 603,967 | 578,676 |
| Total Loan Assignments (Cost $823,134) | 791,999 | |
| Mortgage-Backed Securities 21.6% | ||
| Agency (Collateralized Mortgage Obligations) 5.3% | ||
| FHLMC | ||
| REMIC, Series 5038, Class KA | ||
| 1.50%, due 11/25/50 | 580,226 | 490,459 |
| REMIC, Series 5200, Class SA | ||
| 1.986% (SOFR 30A + 3.50%), due 2/25/52 (e)(h) | 2,115,798 | 121,183 |
| REMIC, Series 5021, Class SA | ||
| 2.036% (SOFR 30A + 3.55%), due 10/25/50 (e)(h) | 2,494,383 | 148,856 |
| REMIC, Series 4913, Class UA | ||
| 3.00%, due 3/15/49 | 1,422,172 | 1,392,562 |
| REMIC, Series 5011, Class MI | ||
| 3.00%, due 9/25/50 (h) | 1,560,449 | 253,389 |
| REMIC, Series 5094, Class IP | ||
| 3.00%, due 4/25/51 (h) | 1,193,720 | 184,289 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FHLMC | ||
| REMIC, Series 5160, Class IO | ||
| 3.00%, due 10/25/51 (h) | $ 993,820 | $ 111,952 |
| FHLMC, Strips | ||
| Series 311, Class PO | ||
| (zero coupon), due 8/15/43 | 551,494 | 446,325 |
| Series 358, Class PO | ||
| (zero coupon), due 10/15/47 | 1,976,871 | 1,610,724 |
| Series 377, Class C4 | ||
| 2.00%, due 1/25/51 (h) | 1,038,967 | 129,093 |
| Series 358, Class IO | ||
| 3.50%, due 10/15/47 (h) | 2,645,803 | 436,084 |
| FNMA | ||
| REMIC, Series 2022-5, Class SN | ||
| 0.286% (SOFR 30A + 1.80%), due 2/25/52 (e)(h) | 1,047,312 | 8,896 |
| REMIC, Series 2022-3, Class YS | ||
| 1.036% (SOFR 30A + 2.55%), due 2/25/52 (e)(h) | 8,850,000 | 251,899 |
| REMIC, Series 2021-34, Class MI | ||
| 2.50%, due 3/25/51 (h) | 6,714,311 | 954,416 |
| REMIC, Series 2013-77, Class CY | ||
| 3.00%, due 7/25/43 | 2,212,115 | 2,163,019 |
| REMIC, Series 2021-53, Class GI | ||
| 3.00%, due 7/25/48 (h) | 8,254,250 | 1,308,052 |
| REMIC, Series 2019-13, Class PE | ||
| 3.00%, due 3/25/49 | 1,320,520 | 1,299,906 |
| REMIC, Series 2021-85, Class BI | ||
| 3.00%, due 12/25/51 (h) | 3,227,915 | 483,371 |
| REMIC, Series 2021-12, Class GC | ||
| 3.50%, due 7/25/50 | 2,749,259 | 2,753,662 |
| GNMA | ||
| Series 2021-214, Class SA | ||
| 0.194% (SOFR 30A + 1.70%), due 12/20/51 (e)(h) | 14,033,287 | 121,827 |
| Series 2021-213, Class ES | ||
| 0.194% (SOFR 30A + 1.70%), due 12/20/51 (e)(h) | 13,833,337 | 127,668 |
| Series 2021-77, Class SN | ||
| 0.474% (1 Month LIBOR + 2.60%), due 5/20/51 (e)(h) | 6,066,768 | 113,501 |
| Series 2022-24, Class SC | ||
| 0.864% (SOFR 30A + 2.37%), due 2/20/52 (e)(h) | 24,441,259 | 453,735 |
| Series 2022-19, Class SG | ||
| 0.944% (SOFR 30A + 2.45%), due 1/20/52 (e)(h) | 4,812,779 | 91,705 |
| Series 2020-115, Class YA | ||
| 1.00%, due 8/20/50 | 1,488,850 | 1,260,325 |
| Series 2020-129, Class AG | ||
| 1.00%, due 9/20/50 | 2,060,295 | 1,742,858 |
| Series 2020-166, Class CA | ||
| 1.00%, due 11/20/50 | 2,754,208 | 2,291,596 |
| Series 2020-166, Class IC | ||
| 2.00%, due 11/20/50 (h) | 1,359,474 | 162,089 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| Series 2021-158, Class SB | ||
| 2.194% (SOFR 30A + 3.70%), due 9/20/51 (e)(h) | $ 2,951,050 | $ 204,433 |
| Series 2021-25, Class LI | ||
| 2.50%, due 2/20/51 (h) | 8,681,368 | 1,088,892 |
| Series 2021-44, Class IQ | ||
| 3.00%, due 3/20/51 (h) | 8,852,794 | 1,452,663 |
| Series 2021-98, Class KI | ||
| 3.00%, due 6/20/51 (h) | 6,574,444 | 963,798 |
| Series 2021-136, Class TI | ||
| 3.00%, due 8/20/51 (h) | 1,411,525 | 198,408 |
| Series 2021-139, Class IA | ||
| 3.00%, due 8/20/51 (h) | 8,311,107 | 1,346,995 |
| 26,168,630 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.8% | ||
| BAMLL Commercial Mortgage Securities Trust (a)(e) | ||
| Series 2022-DKLX, Class D | ||
| 4.959% (1 Month SOFR + 3.00%), due 1/15/39 | 400,000 | 378,158 |
| Series 2022-DKLX, Class F | ||
| 6.916% (1 Month SOFR + 4.957%), due 1/15/39 | 800,000 | 743,392 |
| Bayview Commercial Asset Trust | ||
| Series 2006-4A, Class A1 | ||
| 2.604% (1 Month LIBOR + 0.345%), due 12/25/36 (a)(e) | 25,048 | 23,064 |
| BX Commercial Mortgage Trust (a) | ||
| Series 2021-VOLT, Class C | ||
| 3.099% (1 Month LIBOR + 1.10%), due 9/15/36 (e) | 1,485,000 | 1,387,953 |
| Series 2020-VIVA, Class D | ||
| 3.549%, due 3/11/44 (i) | 1,975,000 | 1,631,746 |
| Series 2021-ACNT, Class D | ||
| 3.85% (1 Month LIBOR + 1.85%), due 11/15/38 (e) | 2,285,000 | 2,170,138 |
| Series 2021-VOLT, Class E | ||
| 3.999% (1 Month LIBOR + 2.00%), due 9/15/36 (e) | 2,400,000 | 2,267,293 |
| BX Trust (a) | ||
| Series 2019-OC11, Class C | ||
| 3.856%, due 12/9/41 | 2,209,000 | 1,989,696 |
| Series 2019-OC11, Class E | ||
| 4.075%, due 12/9/41 (i) | 2,394,000 | 2,049,205 |
| BXHPP Trust | ||
| Series 2021-FILM, Class B | ||
| 2.899% (1 Month LIBOR + 0.90%), due 8/15/36 (a)(e) | 500,000 | 460,924 |
| Commercial Mortgage Trust | ||
| Series 2013-CR8, Class A4 | ||
| 3.334%, due 6/10/46 | 375,293 | 372,424 |
| Series 2013-CR9, Class B | ||
| 4.292%, due 7/10/45 (a)(i) | 2,380,000 | 2,292,964 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| CSMC WEST Trust | ||
| Series 2020-WEST, Class A | ||
| 3.04%, due 2/15/35 (a) | $ 2,060,000 | $ 1,822,946 |
| Extended Stay America Trust (a)(e) | ||
| Series 2021-ESH, Class B | ||
| 3.38% (1 Month LIBOR + 1.38%), due 7/15/38 | 119,266 | 115,967 |
| Series 2021-ESH, Class C | ||
| 3.70% (1 Month LIBOR + 1.70%), due 7/15/38 | 2,256,114 | 2,188,029 |
| FREMF Mortgage Trust (a)(i) | ||
| Series 2019-K99, Class B | ||
| 3.645%, due 10/25/52 | 215,000 | 203,821 |
| Series 2017-K69, Class B | ||
| 3.727%, due 10/25/49 | 370,000 | 359,273 |
| Series 2019-K98, Class C | ||
| 3.738%, due 10/25/52 | 1,200,000 | 1,117,351 |
| Series 2015-K42, Class B | ||
| 3.848%, due 1/25/48 | 400,000 | 397,134 |
| Series 2017-K63, Class C | ||
| 3.875%, due 2/25/50 | 1,725,000 | 1,662,058 |
| Series 2019-K94, Class C | ||
| 3.965%, due 7/25/52 | 970,000 | 916,903 |
| Series 2019-K94, Class B | ||
| 3.965%, due 7/25/52 | 1,560,000 | 1,497,099 |
| Series 2016-K54, Class B | ||
| 4.051%, due 4/25/48 | 630,000 | 622,632 |
| Series 2018-K77, Class C | ||
| 4.161%, due 5/25/51 | 1,375,000 | 1,330,833 |
| Series 2018-K76, Class C | ||
| 4.207%, due 6/25/51 | 2,508,000 | 2,403,752 |
| Series 2018-K76, Class B | ||
| 4.207%, due 6/25/51 | 630,000 | 623,707 |
| Series 2018-K86, Class C | ||
| 4.294%, due 11/25/51 | 1,105,000 | 1,072,093 |
| Hudson Yards Mortgage Trust | ||
| Series 2019-30HY, Class A | ||
| 3.228%, due 7/10/39 (a) | 440,000 | 409,800 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
| Series 2021-410T, Class A | ||
| 2.287%, due 3/5/42 (a) | 2,085,000 | 1,859,202 |
| Multifamily Connecticut Avenue Securities Trust | ||
| Series 2019-01, Class M10 | ||
| 5.509% (1 Month LIBOR + 3.25%), due 10/15/49 (a)(e) | 1,433,120 | 1,339,980 |
| One Bryant Park Trust | ||
| Series 2019-OBP, Class A | ||
| 2.516%, due 9/15/54 (a) | 560,000 | 495,351 |
| SMRT | ||
| Series 2022-MINI, Class D | ||
| 3.909% (1 Month SOFR + 1.95%), due 1/15/39 (a)(e) | 1,050,000 | 1,003,959 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| UBS-Barclays Commercial Mortgage Trust | ||
| Series 2013-C6, Class B | ||
| 3.875%, due 4/10/46 (a)(j) | $ 2,730,000 | $ 2,660,668 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2018-AUS, Class A | ||
| 4.058%, due 8/17/36 (a)(i) | 1,505,000 | 1,476,272 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2014-C21, Class AS | ||
| 3.891%, due 8/15/47 | 1,580,000 | 1,539,098 |
| 42,884,885 | ||
| Whole Loan (Collateralized Mortgage Obligations) 7.5% | ||
| Connecticut Avenue Securities Trust (a)(e) | ||
| Series 2020-R02, Class 2M2 | ||
| 4.259% (1 Month LIBOR + 2.00%), due 1/25/40 | 187,854 | 185,976 |
| Series 2022-R04, Class 1M2 | ||
| 4.614% (SOFR 30A + 3.10%), due 3/25/42 | 900,000 | 873,330 |
| FHLMC STACR REMIC Trust (a)(e) | ||
| Series 2022-DNA1, Class M1B | ||
| 3.364% (SOFR 30A + 1.85%), due 1/25/42 | 1,345,000 | 1,240,764 |
| Series 2020-DNA6, Class M2 | ||
| 3.514% (SOFR 30A + 2.00%), due 12/25/50 | 500,517 | 496,463 |
| Series 2021-HQA2, Class M2 | ||
| 3.564% (SOFR 30A + 2.05%), due 12/25/33 | 1,575,000 | 1,439,294 |
| Series 2021-HQA1, Class M2 | ||
| 3.764% (SOFR 30A + 2.25%), due 8/25/33 | 1,925,000 | 1,798,433 |
| Series 2022-DNA3, Class M1B | ||
| 4.414% (SOFR 30A + 2.90%), due 4/25/42 | 1,225,000 | 1,188,748 |
| Series 2021-HQA3, Class B1 | ||
| 4.864% (SOFR 30A + 3.35%), due 9/25/41 | 2,980,000 | 2,648,657 |
| FHLMC STACR Trust (a)(e) | ||
| Series 2018-DNA2, Class B1 | ||
| 5.959% (1 Month LIBOR + 3.70%), due 12/25/30 | 2,276,414 | 2,270,716 |
| Series 2019-DNA2, Class B1 | ||
| 6.609% (1 Month LIBOR + 4.35%), due 3/25/49 | 2,925,000 | 2,986,232 |
| FHLMC Structured Agency Credit Risk Debt Notes | ||
| Series 2018-HQA1, Class M2 | ||
| 4.559% (1 Month LIBOR + 2.30%), due 9/25/30 (e) | 979,694 | 982,711 |
| FNMA (e) | ||
| Series 2018-C01, Class 1B1 | ||
| 5.809% (1 Month LIBOR + 3.55%), due 7/25/30 | 2,255,000 | 2,291,737 |
| Series 2017-C07, Class 1B1 | ||
| 6.259% (1 Month LIBOR + 4.00%), due 5/25/30 | 805,000 | 827,311 |
| J.P. Morgan Mortgage Trust (a)(j) | ||
| Series 2021-8, Class A3 | ||
| 2.50%, due 12/25/51 | 2,863,208 | 2,529,690 |
| Series 2021-LTV2, Class A1 | ||
| 2.519%, due 5/25/52 | 1,326,421 | 1,140,905 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| J.P. Morgan Mortgage Trust (a)(j) | ||
| Series 2022-INV3, Class A3B | ||
| 3.00%, due 9/25/52 | $ 1,108,958 | $ 1,019,887 |
| Mello Warehouse Securitization Trust | ||
| Series 2020-2, Class A | ||
| 3.059% (1 Month LIBOR + 0.80%), due 11/25/53 (a)(e) | 522,000 | 518,789 |
| New Residential Mortgage Loan Trust (a) | ||
| Series 2019-5A, Class B7 | ||
| 4.379%, due 8/25/59 (i) | 4,980,598 | 3,463,006 |
| Series 2019-4A, Class B6 | ||
| 4.684%, due 12/25/58 (j) | 4,557,557 | 3,159,327 |
| Series 2019-2A, Class B6 | ||
| 4.908%, due 12/25/57 (j) | 1,704,849 | 1,229,448 |
| STACR Trust (a)(e) | ||
| Series 2018-HRP2, Class M3 | ||
| 4.659% (1 Month LIBOR + 2.40%), due 2/25/47 | 2,280,000 | 2,261,146 |
| Series 2018-HRP2, Class B1 | ||
| 6.459% (1 Month LIBOR + 4.20%), due 2/25/47 | 2,290,000 | 2,317,353 |
| 36,869,923 | ||
| Total Mortgage-Backed Securities (Cost $111,311,237) | 105,923,438 | |
| Municipal Bond 0.0% ‡ | ||
| California 0.0% ‡ | ||
| Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
| Series N | ||
| 3.006%, due 5/15/50 | 5,000 | 3,886 |
| Total Municipal Bond (Cost $5,000) | 3,886 | |
| U.S. Government & Federal Agencies 20.1% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.7% | ||
| FHLMC | ||
| 1.55%, due 11/20/31 | 1,720,000 | 1,474,684 |
| FHLMC Gold Pools, 30 Year | ||
| 3.50%, due 1/1/44 | 928,994 | 939,054 |
| 3.50%, due 11/1/45 | 909,712 | 919,567 |
| 3.50%, due 3/1/46 | 1,682,880 | 1,702,055 |
| 4.00%, due 10/1/48 | 739,361 | 754,817 |
| 6.50%, due 4/1/37 | 33,795 | 37,955 |
| FHLMC Gold Pools, Other | ||
| 4.00%, due 6/1/42 | 1,036,137 | 1,060,468 |
| UMBS, 30 Year | ||
| 2.50%, due 3/1/52 | 1,656,820 | 1,546,115 |
| Principal Amount | Value | |
| U.S. Government & Federal Agencies | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) | ||
| UMBS, 30 Year | ||
| 3.00%, due 3/1/52 | $ 1,533,999 | $ 1,486,551 |
| 3.00%, due 4/1/52 | 3,360,862 | 3,241,838 |
| 13,163,104 | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.5% | ||
| FNMA, Other | ||
| 4.00%, due 3/1/42 | 581,202 | 594,504 |
| 4.00%, due 1/1/43 | 1,108,991 | 1,134,114 |
| 6.00%, due 4/1/37 | 4,670 | 4,884 |
| UMBS, 30 Year | ||
| 2.50%, due 8/1/50 | 430,787 | 403,110 |
| 2.50%, due 1/1/51 | 1,044,771 | 977,064 |
| 3.00%, due 12/1/47 | 182,515 | 178,492 |
| 3.00%, due 2/1/52 | 1,696,635 | 1,637,652 |
| 3.00%, due 3/1/52 | 1,239,992 | 1,196,162 |
| 3.00%, due 3/1/52 | 1,521,239 | 1,467,468 |
| 3.50%, due 12/1/44 | 761,980 | 770,039 |
| 4.00%, due 6/1/52 | 1,995,799 | 2,007,008 |
| 4.00%, due 6/1/52 | 2,296,300 | 2,311,329 |
| 4.00%, due 7/1/52 | 2,577,955 | 2,592,817 |
| 5.50%, due 7/1/41 | 1,307,324 | 1,400,555 |
| 6.00%, due 7/1/39 | 265,398 | 288,726 |
| 6.50%, due 10/1/39 | 264,643 | 286,116 |
| 17,250,040 | ||
| Government National Mortgage Association (Mortgage Pass-Through Securities) 0.3% | ||
| GNMA II, Other | ||
| 2.50%, due 1/20/50 | 514,577 | 483,662 |
| 2.50%, due 5/20/50 | 1,282,355 | 1,195,842 |
| 1,679,504 | ||
| United States Treasury Bonds 10.5% | ||
| U.S. Treasury Bonds | ||
| 2.875%, due 5/15/52 | 32,680,000 | 31,607,687 |
| 3.25%, due 5/15/42 | 19,625,000 | 19,646,465 |
| 51,254,152 | ||
| United States Treasury Inflation - Indexed Notes 0.1% | ||
| U.S. Treasury Inflation Linked Notes (k) | ||
| 0.125%, due 1/15/30 | 135,000 | 153,693 |
| 0.875%, due 1/15/29 | 315,000 | 383,528 |
| 537,221 | ||
| United States Treasury Notes 3.0% | ||
| U.S. Treasury Notes | ||
| 2.625%, due 7/31/29 | 1,960,000 | 1,950,506 |
| 2.875%, due 5/15/32 | 2,375,000 | 2,417,676 |
| Principal Amount | Value | ||
| U.S. Government & Federal Agencies | |||
| United States Treasury Notes | |||
| U.S. Treasury Notes | |||
| 3.00%, due 7/31/24 | $ 6,080,000 | $ 6,091,400 | |
| 3.00%, due 7/15/25 | 3,990,000 | 4,009,950 | |
| 14,469,532 | |||
| Total U.S. Government & Federal Agencies (Cost $98,908,897) | 98,353,553 | ||
| Total Long-Term Bonds (Cost $519,640,027) | 481,480,508 | ||
| Shares | |||
| Common Stocks 0.0% ‡ | |||
| Commercial Services & Supplies 0.0% ‡ | |||
| Quad/Graphics, Inc.(l) | 1 | 3 | |
| Total Common Stocks (Cost $0) | 3 | ||
| Short-Term Investments 1.1% | |||
| Affiliated Investment Company 0.7% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (m) | 3,315,949 | 3,315,949 | |
| Unaffiliated Investment Company 0.4% | |||
| Invesco Government & Agency Portfolio, 2.17% (m)(n) | 2,018,888 | 2,018,888 | |
| Total Short-Term Investments (Cost $5,334,837) | 5,334,837 | ||
| Total Investments (Cost $524,974,864) | 99.3% | 486,815,348 | |
| Other Assets, Less Liabilities | 0.7 | 3,412,536 | |
| Net Assets | 100.0% | $ 490,227,884 | |
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2022, the aggregate market value of securities on loan was $3,845,297; the total market value of collateral held by the Fund was $3,927,892. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,909,004. The Fund received cash collateral with a value of $2,018,888. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (e) | Floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (f) | Illiquid security—As of July 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $608,400, which represented 0.1% of the Fund’s net assets. |
| (g) | Step coupon—Rate shown was the rate in effect as of July 31, 2022. |
| (h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (i) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of July 31, 2022. |
| (j) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2022. |
| (k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
| (l) | Non-income producing security. |
| (m) | Current yield as of July 31, 2022. |
| (n) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 23,661 | $ 838,360 | $ (858,705) | $ — | $ — | $ 3,316 | $ 15 | $ — | 3,316 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 294 | September 2022 | $ 62,026,676 | $ 61,875,516 | $ (151,160) |
| U.S. Treasury 5 Year Notes | 32 | September 2022 | 3,643,570 | 3,639,250 | (4,320) |
| U.S. Treasury 10 Year Notes | 387 | September 2022 | 45,785,516 | 46,881,422 | 1,095,906 |
| Total Long Contracts | 940,426 | ||||
| Short Contracts | |||||
| U.S. Treasury Long Bonds | (34) | September 2022 | (4,572,420) | (4,896,000) | (323,580) |
| U.S. Treasury Ultra Bonds | (48) | September 2022 | (7,501,260) | (7,599,000) | (97,740) |
| Total Short Contracts | (421,320) | ||||
| Net Unrealized Appreciation | $ 519,106 |
| 1. | As of July 31, 2022, cash in the amount of $763,320 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| FREMF—Freddie Mac Multifamily |
| GNMA—Government National Mortgage Association |
| LIBOR—London Interbank Offered Rate |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| UMBS—Uniform Mortgage Backed Securities |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 53,532,684 | $ — | $ 53,532,684 | |||
| Corporate Bonds | — | 209,732,915 | — | 209,732,915 | |||
| Foreign Government Bonds | — | 13,142,033 | — | 13,142,033 | |||
| Loan Assignments | — | 791,999 | — | 791,999 | |||
| Mortgage-Backed Securities | — | 105,923,438 | — | 105,923,438 | |||
| Municipal Bond | — | 3,886 | — | 3,886 | |||
| U.S. Government & Federal Agencies | — | 98,353,553 | — | 98,353,553 | |||
| Total Long-Term Bonds | — | 481,480,508 | — | 481,480,508 | |||
| Common Stocks | 3 | — | — | 3 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 3,315,949 | — | — | 3,315,949 | |||
| Unaffiliated Investment Company | 2,018,888 | — | — | 2,018,888 | |||
| Total Short-Term Investments | 5,334,837 | — | — | 5,334,837 | |||
| Total Investments in Securities | 5,334,840 | 481,480,508 | — | 486,815,348 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 1,095,906 | — | — | 1,095,906 | |||
| Total Investments in Securities and Other Financial Instruments | $ 6,430,746 | $ 481,480,508 | $ — | $ 487,911,254 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (576,800) | $ — | $ — | $ (576,800) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 89.6% | |||
| Equity Funds 57.0% | |||
| IQ 50 Percent Hedged FTSE International ETF (a) | 722,953 | $ 15,912,195 | |
| IQ 500 International ETF (a) | 690,672 | 19,415,757 | |
| IQ Candriam ESG International Equity ETF (a) | 791,618 | 19,719,046 | |
| IQ Candriam ESG U.S. Equity ETF (a) | 1,278,391 | 45,689,694 | |
| IQ Chaikin U.S. Large Cap ETF (a) | 1,128,876 | 35,994,888 | |
| IQ Chaikin U.S. Small Cap ETF (a) | 515,195 | 16,996,283 | |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 1,960,829 | 18,555,909 | |
| MainStay Epoch Capital Growth Fund Class I (a) | 253,353 | 2,870,873 | |
| MainStay Epoch International Choice Fund Class I (a) | 427,269 | 14,590,212 | |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,867,694 | 36,487,079 | |
| MainStay MacKay International Equity Fund Class R6 (a) | 902,720 | 14,746,836 | |
| MainStay S&P 500 Index Fund Class I | 229,525 | 12,094,774 | |
| MainStay Winslow Large Cap Growth Fund Class R6 | 4,437,155 | 45,613,957 | |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 1,100,325 | 35,530,711 | |
| MainStay WMC Growth Fund Class R6 (a) | 1,328,467 | 45,615,039 | |
| MainStay WMC International Research Equity Fund Class I (a) | 2,200,390 | 14,267,991 | |
| MainStay WMC Small Companies Fund Class I (a) | 812,516 | 18,661,694 | |
| MainStay WMC Value Fund Class R6 (a) | 1,166,496 | 35,740,728 | |
| Total Equity Funds (Cost $404,987,119) | 448,503,666 | ||
| Fixed Income Funds 32.6% | |||
| IQ MacKay ESG Core Plus Bond ETF (a) | 2,465,732 | 55,326,341 | |
| MainStay Floating Rate Fund Class R6 (a) | 4,427,069 | 38,346,390 | |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 8,224,435 | 41,813,852 | |
| MainStay MacKay Short Duration High Yield Fund Class I | 2,615,696 | 24,239,389 | |
| MainStay MacKay Total Return Bond Fund Class R6 (a) | 10,194,544 | 97,074,486 | |
| Total Fixed Income Funds (Cost $275,130,540) | 256,800,458 | ||
| Total Affiliated Investment Companies (Cost $680,117,659) | 705,304,124 | ||
| Short-Term Investment 8.8% | |||
| Affiliated Investment Company 8.8% | |||
| MainStay U.S. Government Liquidity Fund, 1.544% (a)(b) | 69,551,583 | 69,551,583 | |
| Total Short-Term Investment (Cost $69,551,583) | 8.8% | 69,551,583 | |
| Total Investments (Cost $749,669,242) | 98.4% | 774,855,707 | |
| Other Assets, Less Liabilities | 1.6 | 12,733,174 | |
| Net Assets | 100.0% | $ 787,588,881 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | As of July 31, 2022, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2022. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| IQ 50 Percent Hedged FTSE International ETF | $ 17,601 | $ 1,347 | $ (976) | $ (22) | $ (2,038) | $ 15,912 | $ 432 | $ — | 723 |
| IQ 500 International ETF | 23,168 | 2,223 | (2,804) | 54 | (3,225) | 19,416 | 806 | — | 691 |
| IQ Candriam ESG International Equity ETF | 22,592 | 2,268 | (1,259) | (77) | (3,805) | 19,719 | 571 | — | 792 |
| IQ Candriam ESG U.S. Equity ETF | 56,419 | 2,126 | (7,385) | 322 | (5,792) | 45,690 | 453 | — | 1,278 |
| IQ Chaikin U.S. Large Cap ETF | 36,057 | 3,997 | (659) | (31) | (3,369) | 35,995 | 355 | — | 1,129 |
| IQ Chaikin U.S. Small Cap ETF | 25,705 | 2,213 | (9,349) | 2,707 | (4,280) | 16,996 | 165 | — | 515 |
| IQ MacKay ESG Core Plus Bond ETF | — | 61,216 | (3,971) | (425) | (1,494) | 55,326 | 424 | — | 2,466 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 21,671 | 3,277 | (336) | (60) | (5,996) | 18,556 | 194 | — | 1,961 |
| MainStay Epoch Capital Growth Fund Class I | 3,284 | 909 | (129) | (15) | (1,178) | 2,871 | 4 | 732 | 253 |
| MainStay Epoch International Choice Fund Class I | 15,971 | 2,145 | (681) | (100) | (2,745) | 14,590 | 408 | — | 427 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 37,443 | 2,813 | (3,073) | (9) | (687) | 36,487 | 595 | — | 1,868 |
| MainStay Floating Rate Fund Class R6 | 44,123 | 2,121 | (5,659) | (227) | (2,012) | 38,346 | 1,098 | — | 4,427 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 35,227 | 11,221 | (1,311) | (71) | (3,252) | 41,814 | 1,431 | — | 8,224 |
| MainStay MacKay International Equity Fund Class R6 | 15,438 | 5,252 | (477) | (187) | (5,279) | 14,747 | 59 | 1,909 | 903 |
| MainStay MacKay Short Duration High Yield Fund Class I | 22,064 | 19,152 | (14,793) | (812) | (1,372) | 24,239 | 974 | — | 2,616 |
| MainStay MacKay Total Return Bond Fund Class R6 | 202,770 | 9,478 | (88,736) | (8,730) | (17,708) | 97,074 | 3,412 | 6,068 | 10,195 |
| MainStay S&P 500 Index Fund Class I (a) | 21,605 | 1,318 | (8,811) | 3,171 | (5,188) | 12,095 | 234 | 744 | 230 |
| MainStay Short Term Bond Fund Class I | 4,399 | 3 | (4,365) | (85) | 48 | — | 8 | 11 | — |
| MainStay U.S. Government Liquidity Fund | 77,521 | 127,314 | (135,283) | — | — | 69,552 | 157 | — | 69,552 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 52,905 | 18,865 | (2,617) | (809) | (22,730) | 45,614 | — | 9,785 | 4,437 |
| MainStay WMC Enduring Capital Fund Class R6 | 36,462 | 6,086 | (2,179) | (178) | (4,660) | 35,531 | 121 | 2,987 | 1,100 |
| MainStay WMC Growth Fund Class R6 | 43,355 | 25,212 | (674) | (346) | (21,932) | 45,615 | — | 8,655 | 1,328 |
| MainStay WMC International Research Equity Fund Class I | 15,814 | 2,526 | (653) | (80) | (3,339) | 14,268 | 417 | — | 2,200 |
| MainStay WMC Small Companies Fund Class I | 24,633 | 7,418 | (5,456) | (72) | (7,861) | 18,662 | — | 5,657 | 813 |
| MainStay WMC Value Fund Class R6 | 35,940 | 18,962 | (2,627) | (691) | (15,843) | 35,741 | 337 | 15,899 | 1,166 |
| $892,167 | $339,462 | $(304,263) | $(6,773) | $(145,737) | $774,856 | $12,655 | $52,447 |
| (a) | Prior to February 28, 2022, known as MainStay MacKay S&P 500 Index Fund Class I. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 17,803 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 7,865 | — |
| Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 7,681 | — |
| Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 4,058 | — |
| Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/2/22 | Daily | (20,677) | — |
| Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF | 12/2/22 | Daily | (7,789) | — |
| Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 14,822 | — |
| Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 6,036 | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.01% | 12/2/22 | Daily | (39,126) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 44,227 | — |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 6,655 | $ — |
| Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 10,619 | — |
| Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 6,258 | — |
| $ — |
| 1. | As of July 31, 2022, cash in the amount $1,787,746 was pledged from brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2022. |
| Abbreviation(s): |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor’s Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 448,503,666 | $ — | $ — | $ 448,503,666 | |||
| Fixed Income Funds | 256,800,458 | — | — | 256,800,458 | |||
| Total Affiliated Investment Companies | 705,304,124 | — | — | 705,304,124 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 69,551,583 | — | — | 69,551,583 | |||
| Total Investments in Securities | $ 774,855,707 | $ — | $ — | $ 774,855,707 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 91.2% | ||
| Asset-Backed Securities 16.0% | ||
| Automobile Asset-Backed Securities 4.6% | ||
| Avis Budget Rental Car Funding AESOP LLC (a) | ||
| Series 2017-2A, Class A | ||
| 2.97%, due 3/20/24 | $ 750,000 | $ 746,977 |
| Series 2018-1A, Class A | ||
| 3.70%, due 9/20/24 | 750,000 | 748,099 |
| Ford Credit Auto Owner Trust | ||
| Series 2018-2, Class A | ||
| 3.47%, due 1/15/30 (a) | 1,000,000 | 996,060 |
| Ford Credit Floorplan Master Owner Trust | ||
| Series 2019-2, Class A | ||
| 3.06%, due 4/15/26 | 750,000 | 741,569 |
| 3,232,705 | ||
| Other Asset-Backed Securities 11.4% | ||
| Apidos CLO XXX | ||
| Series XXXA, Class A2 | ||
| 4.34% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | 500,000 | 477,172 |
| Aqua Finance Trust (a) | ||
| Series 2021-A, Class A | ||
| 1.54%, due 7/17/46 | 479,377 | 446,448 |
| Series 2020-AA, Class A | ||
| 1.90%, due 7/17/46 | 310,470 | 297,391 |
| ARES XXXVIII CLO Ltd. | ||
| Series 2015-38A, Class BR | ||
| 4.11% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 500,000 | 474,194 |
| College Avenue Student Loans LLC (a) | ||
| Series 2021-A, Class A2 | ||
| 1.60%, due 7/25/51 | 322,836 | 283,818 |
| Series 2021-B, Class A2 | ||
| 1.76%, due 6/25/52 | 274,437 | 249,732 |
| Cook Park CLO Ltd. | ||
| Series 2018-1A, Class B | ||
| 4.14% (3 Month LIBOR + 1.40%), due 4/17/30 (a)(b) | 500,000 | 476,632 |
| EDvestinU Private Education Loan Issue No. 3 LLC | ||
| Series 2021-A, Class A | ||
| 1.80%, due 11/25/45 (a) | 365,240 | 328,482 |
| HINNT LLC | ||
| Series 2022-A, Class A | ||
| 4.25%, due 5/15/41 (a) | 466,788 | 464,551 |
| Marlin Receivables LLC | ||
| Series 2022-1A, Class A2 | ||
| 4.53%, due 9/20/25 (a) | 300,000 | 300,175 |
| MVW Owner Trust | ||
| Series 2017-1A, Class A | ||
| 2.42%, due 12/20/34 (a) | 30,372 | 29,810 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Neuberger Berman CLO XIV Ltd. | ||
| Series 2013-14A, Class BR2 | ||
| 4.293% (3 Month LIBOR + 1.50%), due 1/28/30 (a)(b) | $ 500,000 | $ 480,859 |
| Oak Street Investment Grade Net Lease Fund | ||
| Series 2020-1A, Class A1 | ||
| 1.85%, due 11/20/50 (a) | 309,728 | 284,948 |
| Palmer Square CLO Ltd. | ||
| Series 2015-2A, Class A2R2 | ||
| 4.26% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(b) | 500,000 | 481,862 |
| Romark CLO IV Ltd. | ||
| Series 2021-4A, Class A1 | ||
| 3.598% (3 Month LIBOR + 1.17%), due 7/10/34 (a)(b) | 500,000 | 486,376 |
| Sixth Street CLO XVII Ltd. | ||
| Series 2021-17A, Class A | ||
| 3.95% (3 Month LIBOR + 1.24%), due 1/20/34 (a)(b) | 300,000 | 293,795 |
| Tribute Rail LLC | ||
| Series 2022-1, Class A | ||
| 4.76%, due 5/17/52 (a) | 496,040 | 497,019 |
| Vantage Data Centers Issuer LLC | ||
| Series 2020-1A, Class A2 | ||
| 1.645%, due 9/15/45 (a) | 350,000 | 319,736 |
| Vibrant CLO X Ltd. | ||
| Series 2018-10A, Class A1 | ||
| 3.91% (3 Month LIBOR + 1.20%), due 10/20/31 (a)(b) | 500,000 | 487,856 |
| Voya CLO Ltd. (a)(b) | ||
| Series 2021-2A, Class A | ||
| 3.86% (3 Month LIBOR + 1.15%), due 10/20/34 | 500,000 | 483,921 |
| Series 2019-1A, Class BR | ||
| 4.062% (3 Month LIBOR + 1.55%), due 4/15/31 | 500,000 | 474,924 |
| 8,119,701 | ||
| Total Asset-Backed Securities (Cost $11,745,550) | 11,352,406 | |
| Corporate Bonds 33.1% | ||
| Auto Manufacturers 2.2% | ||
| American Honda Finance Corp. | ||
| 0.55%, due 7/12/24 | 700,000 | 663,924 |
| Ford Motor Credit Co. LLC | ||
| 3.664%, due 9/8/24 | 600,000 | 581,444 |
| General Motors Financial Co., Inc. | ||
| 1.05%, due 3/8/24 | 310,000 | 295,522 |
| 1,540,890 | ||
| Banks 13.2% | ||
| Banco Santander SA | ||
| 2.746%, due 5/28/25 | 200,000 | 190,879 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Bank of America Corp. | ||
| 4.20%, due 8/26/24 | $ 700,000 | $ 706,962 |
| 4.827%, due 7/22/26 (c) | 390,000 | 396,247 |
| 4.948%, due 7/22/28 (c) | 275,000 | 282,955 |
| Citigroup, Inc. | ||
| 4.658%, due 5/24/28 (c) | 475,000 | 481,333 |
| Goldman Sachs Group, Inc. (The) | ||
| 1.757%, due 1/24/25 (c) | 500,000 | 482,233 |
| Huntington National Bank (The) | ||
| 4.008%, due 5/16/25 (c) | 325,000 | 325,374 |
| JPMorgan Chase & Co. (c) | ||
| 1.561%, due 12/10/25 | 600,000 | 565,320 |
| 4.323%, due 4/26/28 | 310,000 | 311,280 |
| Lloyds Banking Group plc | ||
| 0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) | 550,000 | 534,183 |
| Mizuho Financial Group, Inc. | ||
| 2.571% (3 Month LIBOR + 0.85%), due 9/13/23 (b) | 1,075,000 | 1,073,757 |
| Morgan Stanley (c) | ||
| 0.79%, due 5/30/25 | 600,000 | 563,461 |
| 3.62%, due 4/17/25 | 600,000 | 594,516 |
| 4.21%, due 4/20/28 | 310,000 | 310,050 |
| 4.679%, due 7/17/26 | 290,000 | 294,790 |
| Standard Chartered plc | ||
| 0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 (a)(b) | 450,000 | 426,031 |
| Sumitomo Mitsui Financial Group, Inc. | ||
| 2.696%, due 7/16/24 | 950,000 | 928,395 |
| Sumitomo Mitsui Trust Bank Ltd. | ||
| 0.80%, due 9/16/24 (a) | 750,000 | 701,705 |
| UBS Group AG | ||
| 1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b) | 275,000 | 247,385 |
| 9,416,856 | ||
| Commercial Services 0.2% | ||
| PayPal Holdings, Inc. | ||
| 3.90%, due 6/1/27 | 170,000 | 173,298 |
| Diversified Financial Services 6.3% | ||
| AerCap Ireland Capital DAC | ||
| 1.65%, due 10/29/24 | 690,000 | 641,030 |
| Air Lease Corp. | ||
| 0.80%, due 8/18/24 | 650,000 | 601,667 |
| Aircastle Ltd. | ||
| 2.85%, due 1/26/28 (a) | 202,000 | 169,255 |
| American Express Co. | ||
| 3.375%, due 5/3/24 | 1,150,000 | 1,148,123 |
| Antares Holdings LP | ||
| 3.95%, due 7/15/26 (a) | 250,000 | 220,568 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services | ||
| Capital One Financial Corp. (c) | ||
| 4.166%, due 5/9/25 | $ 500,000 | $ 495,800 |
| 4.985%, due 7/24/26 | 290,000 | 292,653 |
| Intercontinental Exchange, Inc. | ||
| 3.65%, due 5/23/25 | 520,000 | 523,457 |
| 4.00%, due 9/15/27 | 350,000 | 352,473 |
| 4,445,026 | ||
| Electric 6.1% | ||
| Eversource Energy | ||
| Series T | ||
| 1.043% (SOFR + 0.25%), due 8/15/23 (b) | 750,000 | 744,320 |
| NextEra Energy Capital Holdings, Inc. | ||
| 1.486% (SOFR + 0.40%), due 11/3/23 (b) | 1,000,000 | 987,541 |
| OGE Energy Corp. | ||
| 0.703%, due 5/26/23 | 1,000,000 | 972,647 |
| Pacific Gas and Electric Co. | ||
| 4.20%, due 3/1/29 | 161,000 | 146,755 |
| 5.45%, due 6/15/27 | 190,000 | 188,556 |
| Southern California Edison Co. | ||
| 1.10%, due 4/1/24 | 625,000 | 599,054 |
| Series 20C | ||
| 1.20%, due 2/1/26 | 175,000 | 159,818 |
| Series D | ||
| 4.70%, due 6/1/27 | 190,000 | 195,111 |
| Virginia Electric and Power Co. | ||
| Series B | ||
| 3.75%, due 5/15/27 | 360,000 | 364,846 |
| 4,358,648 | ||
| Entertainment 0.2% | ||
| Magallanes, Inc. | ||
| 3.755%, due 3/15/27 (a) | 140,000 | 134,591 |
| Gas 0.5% | ||
| CenterPoint Energy Resources Corp. | ||
| 0.70%, due 3/2/23 | 375,000 | 370,549 |
| Housewares 0.3% | ||
| Newell Brands, Inc. | ||
| 4.10%, due 4/1/23 (d) | 205,000 | 204,407 |
| Insurance 0.3% | ||
| Corebridge Financial, Inc. | ||
| 3.50%, due 4/4/25 (a) | 200,000 | 195,603 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Iron & Steel 0.2% | ||
| Steel Dynamics, Inc. | ||
| 2.40%, due 6/15/25 | $ 125,000 | $ 119,885 |
| Media 1.6% | ||
| Charter Communications Operating LLC | ||
| 4.50%, due 2/1/24 | 700,000 | 704,563 |
| Discovery Communications LLC | ||
| 3.80%, due 3/13/24 | 420,000 | 418,433 |
| 1,122,996 | ||
| Pipelines 1.3% | ||
| Kinder Morgan Energy Partners LP | ||
| 4.15%, due 2/1/24 | 390,000 | 391,035 |
| Plains All American Pipeline LP | ||
| 3.85%, due 10/15/23 | 525,000 | 523,489 |
| 914,524 | ||
| Real Estate Investment Trusts 0.5% | ||
| American Campus Communities Operating Partnership LP | ||
| 3.30%, due 7/15/26 | 385,000 | 381,977 |
| Telecommunications 0.2% | ||
| T-Mobile US, Inc. | ||
| 2.05%, due 2/15/28 | 150,000 | 134,513 |
| Total Corporate Bonds (Cost $24,128,089) | 23,513,763 | |
| Foreign Government Bond 0.5% | ||
| Supranational 0.5% | ||
| International Bank for Reconstruction & Development | ||
| 0.85%, due 2/10/27 | 375,000 | 342,703 |
| Total Foreign Government Bond (Cost $375,000) | 342,703 | |
| Mortgage-Backed Securities 12.2% | ||
| Agency (Collateralized Mortgage Obligations) 3.1% | ||
| GNMA II, Single Family, 30 Year | ||
| 4.50%, due 8/15/52 TBA (e) | 1,000,000 | 1,019,179 |
| UMBS, Single Family, 15 Year | ||
| 4.00%, due 8/25/37 TBA (e) | 1,150,000 | 1,169,092 |
| 2,188,271 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 7.6% | ||
| BFLD Trust | ||
| Series 2021-FPM, Class A | ||
| 3.60% (1 Month LIBOR + 1.60%), due 6/15/38 (a)(b) | 700,000 | 675,621 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| Commercial Mortgage Trust | ||
| Series 2013-SFS, Class A2 | ||
| 2.987%, due 4/12/35 (a)(f) | $ 1,100,000 | $ 1,082,548 |
| FHLMC, Multifamily Structured Pass-Through Certificates (f)(g) | ||
| Series K131, Class X1 | ||
| 0.729%, due 7/25/31 | 7,994,147 | 425,756 |
| Series K122, Class X1 | ||
| 0.882%, due 11/25/30 | 4,090,311 | 235,818 |
| Series K120, Class X1 | ||
| 1.038%, due 10/25/30 | 9,220,251 | 613,041 |
| Series K112, Class X1 | ||
| 1.432%, due 5/25/30 | 3,621,583 | 326,564 |
| Series K108, Class X1 | ||
| 1.69%, due 3/25/30 | 5,797,182 | 604,048 |
| GS Mortgage Securities Corp. II | ||
| Series 2012-BWTR, Class A | ||
| 2.954%, due 11/5/34 (a) | 500,000 | 496,297 |
| Houston Galleria Mall Trust | ||
| Series 2015-HGLR, Class A1A1 | ||
| 3.087%, due 3/5/37 (a) | 500,000 | 479,090 |
| Queens Center Mortgage Trust | ||
| Series 2013-QCA, Class A | ||
| 3.275%, due 1/11/37 (a) | 500,000 | 481,198 |
| 5,419,981 | ||
| Whole Loan (Collateralized Mortgage Obligations) 1.5% | ||
| COLT Mortgage Loan Trust | ||
| Series 2021-5, Class A1 | ||
| 1.726%, due 11/26/66 (a)(h) | 453,038 | 405,262 |
| GCAT Trust | ||
| Series 2022-NQM3, Class A1 | ||
| 4.348%, due 4/25/67 (a)(h) | 391,397 | 382,779 |
| New Residential Mortgage Loan Trust | ||
| Series 2022-NQM4, Class A1 | ||
| 5.00%, due 6/25/62 (a)(d) | 300,000 | 298,213 |
| 1,086,254 | ||
| Total Mortgage-Backed Securities (Cost $9,029,479) | 8,694,506 | |
| U.S. Government & Federal Agencies 29.4% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.9% | ||
| FHLB | ||
| 4.00%, due 5/26/27 | 650,000 | 648,361 |
| 4.50%, due 7/26/27 | 600,000 | 601,802 |
| 4.70%, due 6/30/27 | 650,000 | 650,837 |
| FHLMC | ||
| 4.00%, due 5/27/27 | 350,000 | 349,727 |
| Principal Amount | Value | ||
| U.S. Government & Federal Agencies | |||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) | |||
| FHLMC | |||
| 4.05%, due 7/25/25 | $ 225,000 | $ 225,036 | |
| 4.10%, due 8/12/24 (i) | 325,000 | 325,014 | |
| 2,800,777 | |||
| United States Treasury Notes 25.5% | |||
| U.S. Treasury Notes | |||
| 2.875%, due 5/15/32 | 3,200,000 | 3,257,500 | |
| 3.00%, due 6/30/24 | 11,000,000 | 11,015,899 | |
| 3.00%, due 7/15/25 | 2,000,000 | 2,010,000 | |
| 3.25%, due 6/30/27 | 1,555,000 | 1,593,875 | |
| 3.25%, due 6/30/29 | 225,000 | 232,664 | |
| 18,109,938 | |||
| Total U.S. Government & Federal Agencies (Cost $20,790,147) | 20,910,715 | ||
| Total Long-Term Bonds (Cost $66,068,265) | 64,814,093 | ||
| Shares | |||
| Short-Term Investments 8.1% | |||
| Unaffiliated Investment Company 1.9% | |||
| JPMorgan U.S. Government Money Market Fund, IM Class, 2.00% (h)(j) | 1,323,532 | 1,323,532 | |
| Principal Amount | |||
| U.S. Government Agency Debt 6.2% | |||
| FHLB | |||
| 2.39%, due 1/3/23 | $ 4,500,000 | 4,445,509 | |
| Total Short-Term Investments (Cost $5,777,806) | 5,769,041 | ||
| Total Investments (Cost $71,846,071) | 99.3% | 70,583,134 | |
| Other Assets, Less Liabilities | 0.7 | 527,610 | |
| Net Assets | 100.0% | $ 71,110,744 | |
| † | Percentages indicated are based on Fund net assets. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2022. |
| (d) | Step coupon—Rate shown was the rate in effect as of July 31, 2022. |
| (e) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of July 31, 2022, the total net market value was $2,188,271, which represented 3.1% of the Fund’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
| (f) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of July 31, 2022. |
| (g) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2022. |
| (i) | Delayed delivery security. |
| (j) | Current yield as of July 31, 2022. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 82 | September 2022 | $ 17,221,509 | $ 17,257,797 | $ 36,288 |
| Short Contracts | |||||
| U.S. Treasury 5 Year Notes | (15) | September 2022 | (1,702,475) | (1,705,898) | (3,423) |
| U.S. Treasury 10 Year Notes | (12) | September 2022 | (1,439,443) | (1,453,688) | (14,245) |
| U.S. Treasury 10 Year Ultra Bonds | (27) | September 2022 | (3,431,531) | (3,543,750) | (112,219) |
| Total Short Contracts | (129,887) | ||||
| Net Unrealized Depreciation | $ (93,599) |
| 1. | As of July 31, 2022, cash in the amount of $123,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2022. |
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| FHLB—Federal Home Loan Bank |
| FHLMC—Federal Home Loan Mortgage Corp. |
| GNMA—Government National Mortgage Association |
| LIBOR—London Interbank Offered Rate |
| SOFR—Secured Overnight Financing Rate |
| TBA—To Be Announced |
| UMBS—Uniform Mortgage Backed Securities |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 11,352,406 | $ — | $ 11,352,406 | |||
| Corporate Bonds | — | 23,513,763 | — | 23,513,763 | |||
| Foreign Government Bond | — | 342,703 | — | 342,703 | |||
| Mortgage-Backed Securities | — | 8,694,506 | — | 8,694,506 | |||
| U.S. Government & Federal Agencies | — | 20,910,715 | — | 20,910,715 | |||
| Total Long-Term Bonds | — | 64,814,093 | — | 64,814,093 | |||
| Short-Term Investments | |||||||
| Unaffiliated Investment Company | 1,323,532 | — | — | 1,323,532 | |||
| U.S. Government Agency Debt | — | 4,445,509 | — | 4,445,509 | |||
| Total Short-Term Investments | 1,323,532 | 4,445,509 | — | 5,769,041 | |||
| Total Investments in Securities | 1,323,532 | 69,259,602 | — | 70,583,134 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 36,288 | — | — | 36,288 | |||
| Total Investments in Securities and Other Financial Instruments | $ 1,359,820 | $ 69,259,602 | $ — | $ 70,619,422 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (129,887) | $ — | $ — | $ (129,887) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| • | Level 1—quoted prices in active markets for an identical asset or liability |
| • | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
| • | Level 3—significant unobservable inputs (including each Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
| • Benchmark yields | • Reported trades |
| • Broker/dealer quotes | • Issuer spreads |
| • Two-sided markets | • Benchmark securities |
| • Bids/offers | • Reference data (corporate actions or material event notices) |
| • Industry and economic events | • Comparable bonds |
| • Monthly payment information |