| Interest rate | Maturity date | Principal | Value | ||
| Municipal obligations: 95.81% | |||||
| Alabama: 0.59% | |||||
| Water & sewer revenue: 0.59% | |||||
| Jefferson County AL Warrants CAB Senior Lien Series B (AGM Insured) ¤ | 0.00% | 10-1-2027 | $ 920,000 | $ 730,971 | |
| Arizona: 2.39% | |||||
| Education revenue: 0.60% | |||||
| Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses 144A | 5.00 | 7-1-2023 | 55,000 | 55,641 | |
| Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A | 6.50 | 7-1-2034 | 500,000 | 517,801 | |
| Pima County AZ IDA Desert Heights Charter School Facility Refunding Bond | 6.00 | 5-1-2024 | 170,000 | 172,371 | |
| 745,813 | |||||
| Health revenue: 0.98% | |||||
| Tempe AZ IDA Mirabella at ASU Incorporated Project Series A 144A | 6.13 | 10-1-2052 | 1,400,000 | 1,206,899 | |
| Miscellaneous revenue: 0.81% | |||||
| Phoenix AZ Civic Improvement Corporation Series B | 5.00 | 7-1-2049 | 1,000,000 | 998,719 | |
| 2,951,431 | |||||
| California: 3.99% | |||||
| Education revenue: 0.38% | |||||
| California Infrastructure & Economic Development Bank Senior WFCS Portfolio Projects Series A1 144A | 5.00 | 1-1-2056 | 250,000 | 213,200 | |
| California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 250,000 | 257,879 | |
| 471,079 | |||||
| Health revenue: 1.15% | |||||
| California HFFA Revenue Bond Sutter Health Series A | 5.00 | 11-15-2048 | 1,000,000 | 995,681 | |
| California PFA Living Enso Village Project Refunding Bond Series A 144A | 5.00 | 11-15-2046 | 500,000 | 416,672 | |
| 1,412,353 | |||||
| Housing revenue: 0.80% | |||||
| California Community Housing Agency Essential Housing Revenue Creekwood Series A 144A | 4.00 | 2-1-2056 | 500,000 | 358,809 | |
| California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Social Bonds Series 2021B 144A | 4.00 | 4-1-2057 | 500,000 | 328,373 | |
| California Statewide CDA Community Improvement Authority Essential Housing Revenue Bonds Mezzanine Lien Waterscape Apartments Series 2021B 144A | 4.00 | 9-1-2046 | 425,000 | 298,033 | |
| 985,215 | |||||
| Miscellaneous revenue: 0.79% | |||||
| Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2027 | 1,000,000 | 972,159 |
| Interest rate | Maturity date | Principal | Value | ||
| Tax revenue: 0.68% | |||||
| San Francisco CA City & County RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤ | 0.00% | 8-1-2026 | $1,000,000 | $ 839,500 | |
| Tobacco revenue: 0.19% | |||||
| Northern California Tobacco Securitization Authority Tobacco Settlement CAB Asset-Backed Refunding Bonds Class 2 Series B-2 ¤ | 0.00 | 6-1-2060 | 2,000,000 | 239,146 | |
| 4,919,452 | |||||
| Colorado: 10.46% | |||||
| Education revenue: 0.33% | |||||
| Colorado Educational & Cultural Facilities Authority Charter School New Summit 144A | 4.00 | 7-1-2061 | 600,000 | 408,973 | |
| GO revenue: 8.96% | |||||
| Aurora CO Cornerstar Metropolitan District Refunding Bond Series A | 5.25 | 12-1-2047 | 1,000,000 | 903,044 | |
| Berthoud-Heritage CO Metropolitan District # 10 Senior Limited Tax GO Bonds Series 2022A | 4.75 | 12-1-2052 | 500,000 | 384,363 | |
| Colorado Big Dry Creek Metropolitan District Improvement & Refunding Bonds Limited Tax Series A | 5.75 | 12-1-2047 | 1,000,000 | 1,033,990 | |
| Colorado Chambers Highpoint Metropolitan District #2 | 5.00 | 12-1-2051 | 830,000 | 677,869 | |
| Colorado Clear Creek Transit Metropolitan District #2 Series A | 5.00 | 12-1-2050 | 1,000,000 | 820,120 | |
| Colorado Cottonwood Highlands Metropolitan District #1 Limited Tax Series A | 5.00 | 12-1-2049 | 900,000 | 785,901 | |
| Colorado Murphy Creek Metropolitan District #5 GO Limited Tax Bonds Series A | 6.00 | 12-1-2052 | 1,000,000 | 918,162 | |
| Colorado Pronghorn Valley Metropolitan District #1 Limited Tax Series A | 4.00 | 12-1-2051 | 250,000 | 182,603 | |
| Colorado Whispering Pines Metropolitan District #1 Series A | 5.00 | 12-1-2047 | 966,000 | 852,691 | |
| Denver CO International Business Center Metropolitan District #1 Series B | 6.00 | 12-1-2048 | 1,145,000 | 1,090,043 | |
| Eaton CO Area Park & Recreation District #1 | 5.00 | 12-1-2023 | 810,000 | 812,467 | |
| Eaton CO Area Park & Recreation District #1 | 5.50 | 12-1-2030 | 475,000 | 476,817 | |
| Great Western CO Metropolitan District #5 Refunding Bond | 4.75 | 12-1-2050 | 1,000,000 | 835,155 | |
| Hogback Metropolitan District Colorado Limited Tax Convertible Unlimited Tax Series A | 5.00 | 12-1-2051 | 585,000 | 477,775 | |
| Westgate Metropolitan District City of Colorado Springs GO Limited Tax Bonds Series 2022 | 5.13 | 12-1-2051 | 1,000,000 | 806,365 | |
| 11,057,365 | |||||
| Tax revenue: 0.76% | |||||
| Pueblo CO Urban Renewal Authority Regional Tourism Act Project | 5.00 | 6-1-2036 | 1,000,000 | 941,352 | |
| Transportation revenue: 0.41% | |||||
| Colorado High Performance Transportation Enterprise US 36 & I-25 Managed Lanes | 5.75 | 1-1-2044 | 500,000 | 501,159 | |
| 12,908,849 | |||||
| Connecticut: 0.48% | |||||
| GO revenue: 0.48% | |||||
| Hartford CT Series A | 4.00 | 4-1-2032 | 325,000 | 325,397 |
| Interest rate | Maturity date | Principal | Value | ||
| GO revenue (continued) | |||||
| Hartford CT Series A | 5.00% | 4-1-2024 | $ 105,000 | $ 105,966 | |
| Hartford CT Series B | 5.00 | 4-1-2033 | 50,000 | 50,351 | |
| Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2029 | 45,000 | 45,057 | |
| Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2030 | 70,000 | 70,087 | |
| 596,858 | |||||
| Delaware: 0.84% | |||||
| Education revenue: 0.84% | |||||
| Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 1,000,000 | 1,031,064 | |
| District of Columbia: 1.38% | |||||
| Miscellaneous revenue: 1.02% | |||||
| District of Columbia Private Activity Revenue Bond Series 2022A | 5.50 | 2-28-2037 | 1,250,000 | 1,257,308 | |
| Tobacco revenue: 0.36% | |||||
| District of Columbia Tobacco Settlement Financing Corporation | 6.75 | 5-15-2040 | 435,000 | 446,790 | |
| 1,704,098 | |||||
| Florida: 7.81% | |||||
| Education revenue: 2.79% | |||||
| Florida Capital Trust Agency Educational Facilities Pineapple Cove Classical Academy Incorporated Project Series A 144A | 5.13 | 7-1-2039 | 2,000,000 | 1,852,390 | |
| Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 250,000 | 258,914 | |
| Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00 | 6-30-2056 | 500,000 | 332,592 | |
| Miami-Dade County FL IDA Youth Co-Op Charter Schools Project Series A 144A | 6.00 | 9-15-2045 | 1,000,000 | 993,138 | |
| 3,437,034 | |||||
| Health revenue: 1.69% | |||||
| Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 225,448 | |
| Jacksonville FL HCFR Series E ø | 2.48 | 8-1-2036 | 1,000,000 | 1,000,000 | |
| Lee County IDA HCFR Bond Series 2022A | 5.25 | 10-1-2052 | 1,000,000 | 865,258 | |
| 2,090,706 | |||||
| Miscellaneous revenue: 1.43% | |||||
| City of Leesburg FL Special Assessment Revenue Bond Series 2022 | 5.13 | 5-1-2037 | 1,000,000 | 1,009,017 | |
| Seminole County FL Special Obligation Revenue and Refunding Bonds Series 2022 | 5.00 | 10-1-2052 | 750,000 | 758,572 | |
| 1,767,589 | |||||
| Utilities revenue: 1.62% | |||||
| Gainesville FL Utilities System Revenue Bonds Series 2012B (Barclays Bank plc SPA) ø | 2.95 | 10-1-2042 | 2,000,000 | 2,000,000 |
| Interest rate | Maturity date | Principal | Value | ||
| Water & sewer revenue: 0.28% | |||||
| Charlotte County FL IDA Town and Country Utilities Project Series A 144A | 4.00% | 10-1-2051 | $ 500,000 | $ 341,473 | |
| 9,636,802 | |||||
| Georgia: 3.34% | |||||
| Education revenue: 1.88% | |||||
| Georgia Private Colleges & Universities Authority Emory University Revenue Bond Series 2019B | 5.00 | 9-1-2048 | 1,000,000 | 1,052,434 | |
| Georgia Private Colleges & Universities Authority Mercer University Project Series 2022 | 5.25 | 10-1-2051 | 1,250,000 | 1,267,997 | |
| 2,320,431 | |||||
| Housing revenue: 0.65% | |||||
| Cobb County GA Development Authority Student Housing Kennesaw State University Foundation Project Refunding Bond Series C | 5.00 | 7-15-2028 | 800,000 | 803,183 | |
| Transportation revenue: 0.81% | |||||
| Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144A¤ | 0.00 | 6-1-2049 | 1,000,000 | 993,304 | |
| 4,116,918 | |||||
| Guam: 0.36% | |||||
| Airport revenue: 0.36% | |||||
| Guam Antonio B. Won Pat International Airport Authority Refunding Bond Series A | 5.38 | 10-1-2043 | 500,000 | 444,967 | |
| Idaho: 0.20% | |||||
| Education revenue: 0.20% | |||||
| Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 6.25 | 5-1-2043 | 250,000 | 250,879 | |
| Illinois: 9.58% | |||||
| Education revenue: 1.28% | |||||
| Illinois Finance Authority Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2042 | 250,000 | 193,465 | |
| Illinois Finance Authority Charter School Aid Intrinsic Schools Belmont School Project Series A 144A | 5.25 | 12-1-2025 | 655,000 | 664,992 | |
| Illinois Finance Authority Charter School Art in Motion Project Social Bonds Series A 144A | 5.00 | 7-1-2051 | 1,000,000 | 722,164 | |
| 1,580,621 | |||||
| GO revenue: 3.92% | |||||
| Chicago IL Board of Education CAB School Reform Series A (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 500,000 | 433,818 | |
| Chicago IL Series A | 6.00 | 1-1-2038 | 1,500,000 | 1,550,749 | |
| Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00 | 12-1-2025 | 730,000 | 639,471 | |
| Lake County IL Community Unit School District #187 North Chicago CAB Series A (AGM Insured) ¤ | 0.00 | 1-1-2023 | 590,000 | 584,526 | |
| Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 1,000,000 | 625,699 |
| Interest rate | Maturity date | Principal | Value | ||
| GO revenue (continued) | |||||
| Will County IL Community High School Refunding Bond Series A (BAM Insured) | 3.25% | 1-1-2030 | $ 450,000 | $ 428,102 | |
| Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2027 | 685,000 | 576,562 | |
| 4,838,927 | |||||
| Miscellaneous revenue: 2.49% | |||||
| Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,446,000 | 1,449,743 | |
| Illinois Finance Authority Educational Facility Senior Rogers Park Montessori School | 6.00 | 2-1-2034 | 680,000 | 685,867 | |
| Illinois Metropolitan Pier and Exposition Authority Mccormick Place Expansion Project Refunding Bond Series A | 5.00 | 6-15-2050 | 1,000,000 | 933,765 | |
| 3,069,375 | |||||
| Tax revenue: 1.89% | |||||
| Hillside IL Tax Increment Refunding Bond | 5.00 | 1-1-2030 | 1,345,000 | 1,310,558 | |
| Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2025 | 1,140,000 | 1,016,453 | |
| 2,327,011 | |||||
| 11,815,934 | |||||
| Indiana: 1.65% | |||||
| Education revenue: 1.65% | |||||
| Indiana Finance Authority Educational Facilities Multipurpose DePauw University Project Series 2022A | 5.00 | 7-1-2047 | 2,055,000 | 2,029,781 | |
| Iowa: 0.25% | |||||
| Tobacco revenue: 0.25% | |||||
| Iowa Tobacco Settlement Authority CAB Asset-Backed Bonds Class 2 Series B-2 ¤ | 0.00 | 6-1-2065 | 3,490,000 | 310,878 | |
| Kansas: 1.56% | |||||
| Health revenue: 0.68% | |||||
| Kansas State Development Finance Authority Revenue Bond Series A | 5.25 | 11-15-2033 | 1,000,000 | 845,674 | |
| Tax revenue: 0.88% | |||||
| Wyandotte County & Kansas City KS Special Obligation Improvement & Refunding Bonds Plaza Redevelopment Project | 4.00 | 12-1-2028 | 355,000 | 322,858 | |
| Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 2,760,000 | 761,136 | |
| 1,083,994 | |||||
| 1,929,668 | |||||
| Kentucky: 2.35% | |||||
| Health revenue: 0.73% | |||||
| Kentucky EDFA Rosedale Green Project Refunding Bond | 5.50 | 11-15-2035 | 1,000,000 | 896,286 |
| Interest rate | Maturity date | Principal | Value | ||
| Industrial development revenue: 1.62% | |||||
| Meade County KY Industrial Building Revenue Nucor Steel Brandenburg Project ø | 3.25% | 8-1-2061 | $2,000,000 | $ 2,000,000 | |
| 2,896,286 | |||||
| Louisiana: 1.62% | |||||
| Industrial development revenue: 1.62% | |||||
| St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø | 2.88 | 11-1-2040 | 2,000,000 | 2,000,000 | |
| Maryland: 1.15% | |||||
| Education revenue: 0.84% | |||||
| Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A | 6.90 | 8-1-2041 | 1,000,000 | 1,028,816 | |
| Miscellaneous revenue: 0.31% | |||||
| Maryland Economic Development Corporation Special Obligation Covington Project | 4.00 | 9-1-2050 | 500,000 | 386,540 | |
| 1,415,356 | |||||
| Massachusetts: 0.73% | |||||
| Health revenue: 0.73% | |||||
| Massachusetts Development Finance Agency Revenue Refunding Bond Series 2022 | 5.13 | 1-1-2040 | 1,000,000 | 903,709 | |
| Michigan: 2.54% | |||||
| Education revenue: 0.32% | |||||
| Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.80 | 9-1-2040 | 150,000 | 121,059 | |
| Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project | 7.00 | 10-1-2036 | 277,500 | 277,553 | |
| 398,612 | |||||
| Miscellaneous revenue: 0.99% | |||||
| Charyl Stockwell Academy Michigan Public School Refunding Bond | 4.88 | 10-1-2023 | 75,000 | 74,234 | |
| Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 1,000,000 | 993,717 | |
| Michigan Public Educational Facilities Authority Chandler Park Academy Project | 6.35 | 11-1-2028 | 150,000 | 150,033 | |
| 1,217,984 | |||||
| Tax revenue: 1.23% | |||||
| Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2024 | 20,000 | 18,187 | |
| Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2025 | 580,000 | 497,041 | |
| Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,001,747 | |
| 1,516,975 | |||||
| 3,133,571 |
| Interest rate | Maturity date | Principal | Value | ||
| Minnesota: 3.11% | |||||
| Education revenue: 2.13% | |||||
| Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 4.40% | 7-1-2025 | $ 65,000 | $ 64,237 | |
| Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 5.00 | 7-1-2030 | 195,000 | 195,084 | |
| Ramsey MN Charter School Pact Charter School Project Series 2022A | 5.00 | 6-1-2032 | 1,000,000 | 965,752 | |
| St. Cloud MN Charter School Lease Revenue Bonds Athlos Academy of St. Cloud Series A 144A | 5.25 | 6-1-2032 | 1,000,000 | 929,243 | |
| Woodbury MN Charter School Woodbury Leadership Academy | 4.00 | 7-1-2051 | 660,000 | 471,749 | |
| 2,626,065 | |||||
| Health revenue: 0.39% | |||||
| Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 495,000 | 485,460 | |
| Housing revenue: 0.59% | |||||
| Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.70 | 8-1-2026 | 335,000 | 331,977 | |
| Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.80 | 8-1-2027 | 400,000 | 395,569 | |
| 727,546 | |||||
| 3,839,071 | |||||
| Missouri: 0.54% | |||||
| Tax revenue: 0.54% | |||||
| Blue Springs MO Special Obligation Tax Improvement & Refunding Bonds Adams Farm Project Series A | 4.00 | 6-1-2026 | 70,000 | 66,028 | |
| Richmond Heights MO Francis Place Redevelopment Project | 5.63 | 11-1-2025 | 615,000 | 595,212 | |
| 661,240 | |||||
| New Jersey: 4.08% | |||||
| Education revenue: 0.89% | |||||
| Camden County NJ Improvement Authority Charter School Revenue Bond Series 2022 144A | 5.00 | 7-15-2042 | 1,175,000 | 1,097,977 | |
| GO revenue: 0.84% | |||||
| Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2027 | 1,000,000 | 1,032,341 | |
| Industrial development revenue: 0.20% | |||||
| New Jersey EDA Continental Airlines Incorporated Project | 5.25 | 9-15-2029 | 250,000 | 247,274 | |
| Miscellaneous revenue: 0.80% | |||||
| New Jersey EDA Transit Transportation Project Bonds Series A | 5.00 | 11-1-2044 | 1,000,000 | 989,468 |
| Interest rate | Maturity date | Principal | Value | ||
| Transportation revenue: 1.35% | |||||
| New Jersey TTFA CAB Series A ¤ | 0.00% | 12-15-2031 | $1,000,000 | $ 645,283 | |
| New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 1,000,000 | 1,014,864 | |
| 1,660,147 | |||||
| 5,027,207 | |||||
| New Mexico: 0.90% | |||||
| Tax revenue: 0.90% | |||||
| Winrock Town Center NM Tax Increment Development District #1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 144A | 4.25 | 5-1-2040 | 1,375,000 | 1,108,981 | |
| New York: 7.85% | |||||
| Airport revenue: 2.06% | |||||
| New York Transportation Development Corporation Special Facilities Revenue Bond Series 2016 | 5.00 | 7-1-2046 | 1,000,000 | 948,783 | |
| New York Transportation Development Corporation Special Facilities Revenue Bond Series 2022 | 5.00 | 12-1-2041 | 1,660,000 | 1,589,878 | |
| 2,538,661 | |||||
| Education revenue: 3.25% | |||||
| Build NYC Resource Corporation Friends of Hellenic Classical 144A | 5.00 | 12-1-2041 | 1,200,000 | 1,100,130 | |
| Build NYC Resource Corporation New World Preparatory Charter School | 4.00 | 6-15-2051 | 690,000 | 509,635 | |
| Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 500,000 | 361,554 | |
| Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.73 | 2-1-2050 | 1,000,000 | 939,636 | |
| New York Dormitory Authority Supported Debt St. Josephs College | 4.00 | 7-1-2035 | 400,000 | 360,958 | |
| New York Dormitory Authority Supported Debt St. Josephs College | 5.00 | 7-1-2051 | 750,000 | 730,469 | |
| 4,002,382 | |||||
| Health revenue: 0.75% | |||||
| Westchester County NY Local Development Corporation Revenue Bond Series 2016 | 5.00 | 11-1-2046 | 1,000,000 | 923,536 | |
| Tax revenue: 1.62% | |||||
| New York NY Transitional Finance Authority Future Tax Secured Fiscal 2019 Subordinate Series A-4 (JPMorgan Chase & Company SPA) ø | 2.95 | 8-1-2045 | 2,000,000 | 2,000,000 | |
| Tobacco revenue: 0.17% | |||||
| Suffolk County NY Tobacco Securitization Corporation Settlement CAB Asset-Backed Bonds ¤ | 0.00 | 6-1-2066 | 2,500,000 | 213,106 | |
| 9,677,685 | |||||
| Ohio: 2.42% | |||||
| Education revenue: 0.39% | |||||
| Ohio Higher Education Facility Commission The Cleveland Institute of Music 2022 Project | 5.38 | 12-1-2052 | 500,000 | 479,198 |
| Interest rate | Maturity date | Principal | Value | ||
| Resource recovery revenue: 0.67% | |||||
| Southern Ohio Port Authority Exempt Facility Revenue PureCycle Project 144A | 7.00% | 12-1-2042 | $1,000,000 | $ 823,253 | |
| Tobacco revenue: 1.36% | |||||
| Buckeye Tobacco Settlement Financing Authority CAB ¤ | 0.00 | 6-1-2057 | 8,000,000 | 850,998 | |
| Buckeye Tobacco Settlement Financing Authority CAB | 5.00 | 6-1-2055 | 985,000 | 827,412 | |
| 1,678,410 | |||||
| 2,980,861 | |||||
| Oregon: 3.24% | |||||
| Health revenue: 1.62% | |||||
| Oregon Facilities Authority Revenue Refunding Bond Samaritan Health Services Project Series A | 5.00 | 10-1-2040 | 1,685,000 | 1,661,969 | |
| Polk County OR Hospital Facility Authority Revenue Bond Dallas Retirement Village Project Series 2015-A | 5.00 | 7-1-2025 | 345,000 | 340,034 | |
| 2,002,003 | |||||
| Housing revenue: 1.62% | |||||
| Oregon Housing & Community Services Department Mortgage Revenue Various Single Family Mortgage Program (Sumitomo Mitsui Banking Corporation LOC) ø | 2.59 | 7-1-2037 | 2,000,000 | 2,000,000 | |
| 4,002,003 | |||||
| Pennsylvania: 5.14% | |||||
| Education revenue: 0.51% | |||||
| Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 25,000 | 25,238 | |
| Philadelphia PA IDA Independence Charter School Project | 5.00 | 6-15-2039 | 250,000 | 229,773 | |
| Philadelphia PA IDA Tacony Academy Charter School Project | 6.88 | 6-15-2033 | 375,000 | 382,441 | |
| 637,452 | |||||
| Health revenue: 3.13% | |||||
| General Authority of Southcentral PA Revenue Bonds Series 2019-C,D&E (Bank of America NA LIQ) ø | 2.50 | 6-1-2037 | 2,000,000 | 2,000,000 | |
| Lancaster County Hospital Authority Series 2021 | 5.00 | 11-1-2051 | 1,000,000 | 987,195 | |
| Quakertown PA General Authority Health LifeQuest Obligated Group Refunding Bond Series C | 5.30 | 7-1-2042 | 1,000,000 | 874,536 | |
| 3,861,731 | |||||
| Miscellaneous revenue: 0.68% | |||||
| Chester County PA IDA Woodlands at Graystone Project Series 2018 144A | 5.13 | 3-1-2048 | 915,000 | 835,637 | |
| Utilities revenue: 0.82% | |||||
| Philadelphia PA Gas Works Revenue Fifteenth Series | 5.00 | 8-1-2047 | 1,000,000 | 1,007,720 | |
| 6,342,540 | |||||
| South Carolina: 1.89% | |||||
| Education revenue: 0.82% | |||||
| South Carolina Jobs EDA Refunding Bond Columbia College Project | 5.75 | 10-1-2045 | 500,000 | 438,336 |
| Interest rate | Maturity date | Principal | Value | ||
| Education revenue (continued) | |||||
| South Carolina Jobs EDA York Preparatory Academy Project Series A 144A | 5.75% | 11-1-2023 | $ 35,000 | $ 35,502 | |
| South Carolina Jobs EDA York Preparatory Academy Project Series A 144A | 7.25 | 11-1-2045 | 500,000 | 539,201 | |
| 1,013,039 | |||||
| Health revenue: 0.68% | |||||
| South Carolina Jobs EDA Residential Facilities Revenue Episcopal Home Still Hopes Refunding Bond Series A | 5.00 | 4-1-2048 | 1,000,000 | 838,312 | |
| Resource recovery revenue: 0.39% | |||||
| South Carolina Jobs EDA | 8.00 | 12-6-2029 | 100,000 | 81,117 | |
| South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A | 6.25 | 2-1-2045 | 1,000,000 | 400,000 | |
| 481,117 | |||||
| 2,332,468 | |||||
| Tennessee: 0.90% | |||||
| Tax revenue: 0.90% | |||||
| Bristol TN Industrial Development Board Sales Tax CAB Series B 144A¤ | 0.00 | 12-1-2031 | 1,000,000 | 605,791 | |
| Nashville TN Metropolitan Development & Housing Agency Tax Increment Fifth & Broadway Development Project 144A | 5.13 | 6-1-2036 | 500,000 | 499,235 | |
| 1,105,026 | |||||
| Texas: 4.11% | |||||
| Education revenue: 2.73% | |||||
| Arlington TX Higher Education Finance Corporation Refunding Bond Legacy Traditional Schools Series A 144A | 6.38 | 2-15-2052 | 1,500,000 | 1,449,713 | |
| Arlington TX Higher Education Finance Corporation Refunding Bond Wayside Schools Series A | 4.00 | 8-15-2046 | 860,000 | 643,217 | |
| Arlington TX Higher Education Finance Corporation Universal Academy Series A | 7.00 | 3-1-2034 | 320,000 | 326,876 | |
| Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A | 3.88 | 8-15-2026 | 1,000,000 | 949,741 | |
| 3,369,547 | |||||
| GO revenue: 0.73% | |||||
| Port Isabel TX Series 2019 144A | 5.10 | 2-15-2049 | 950,000 | 907,771 | |
| Tax revenue: 0.32% | |||||
| Baytown TX Municipal Development District Hotel Second Lien Baytown Convention 144A | 5.00 | 10-1-2050 | 500,000 | 390,769 | |
| Transportation revenue: 0.17% | |||||
| Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 200,000 | 204,803 | |
| Utilities revenue: 0.16% | |||||
| Texas Gas Supply SA Energy Acquisition Public Facilities Corporation | 5.50 | 8-1-2027 | 190,000 | 198,124 | |
| 5,071,014 |
| Interest rate | Maturity date | Principal | Value | ||
| Utah: 1.97% | |||||
| Education revenue: 0.74% | |||||
| Utah Charter School Finance Authority Freedom Academy Foundation St. George 144A | 5.00% | 6-15-2041 | $1,020,000 | $ 907,248 | |
| Miscellaneous revenue: 0.59% | |||||
| Mida Mountain Village Public Infrastructure District Utah Special Assessment Revenue Bonds Area #2 Series 2021 144A | 4.00 | 8-1-2050 | 1,000,000 | 734,512 | |
| Tax revenue: 0.64% | |||||
| Utah Inland Port Authority Crossroads Public Infrastructure District Tax Differential Revenue 144A | 4.38 | 6-1-2052 | 1,000,000 | 792,215 | |
| 2,433,975 | |||||
| Virginia: 0.64% | |||||
| Health revenue: 0.64% | |||||
| Roanoke VA EDA Residential Care Richfield Living | 5.13 | 9-1-2055 | 1,210,000 | 783,619 | |
| West Virginia: 1.22% | |||||
| Tax revenue: 1.22% | |||||
| Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.75 | 6-1-2043 | 1,500,000 | 1,504,114 | |
| Wisconsin: 4.53% | |||||
| Education revenue: 3.56% | |||||
| PFA WI Education Revenue Bond Uwharrie Charter Academy Project Series 2022-A 144A | 5.00 | 6-15-2042 | 1,310,000 | 1,175,032 | |
| Wisconsin PFA Charter School Voyager Funding Incorporated Project Series A | 4.13 | 10-1-2024 | 95,000 | 95,000 | |
| Wisconsin PFA Coral Academy Science Las Vegas Series A | 5.00 | 7-1-2024 | 160,000 | 160,998 | |
| Wisconsin PFA Educational Facility Revenue Refunding Bond Estancia Valley Classical 144A | 4.25 | 7-1-2051 | 1,000,000 | 689,255 | |
| Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,000,000 | 1,000,530 | |
| Wisconsin PFA Wilson Preparatory Academy Series A 144A | 5.00 | 6-15-2039 | 1,285,000 | 1,264,901 | |
| 4,385,716 | |||||
| Health revenue: 0.97% | |||||
| Wisconsin HEFA Wisconsin Illinois Senior Housing Incorporated Series 2018-A | 5.25 | 8-1-2048 | 1,500,000 | 1,200,328 | |
| 5,586,044 | |||||
| Total Municipal obligations (Cost $129,509,593) | 118,183,320 |
| Yield | Shares | Value | |||
| Short-term investments: 2.65% | |||||
| Investment companies: 2.65% | |||||
| Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞ | 2.10% | 3,264,355 | $ 3,266,313 | ||
| Total Short-term investments (Cost $3,266,313) | 3,266,313 | ||||
| Total investments in securities (Cost $132,775,906) | 98.46% | 121,449,633 | |||
| Other assets and liabilities, net | 1.54 | 1,904,438 | |||
| Total net assets | 100.00% | $123,354,071 |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| Abbreviations: | |
| AGM | Assured Guaranty Municipal |
| Ambac | Ambac Financial Group Incorporated |
| AMT | Alternative minimum tax |
| BAM | Build America Mutual Assurance Company |
| CAB | Capital appreciation bond |
| CCAB | Convertible capital appreciation bond |
| CDA | Community Development Authority |
| EDA | Economic Development Authority |
| EDFA | Economic Development Finance Authority |
| GO | General obligation |
| HCFR | Healthcare facilities revenue |
| HEFA | Health & Educational Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority |
| LIQ | Liquidity agreement |
| LOC | Letter of credit |
| NPFGC | National Public Finance Guarantee Corporation |
| PFA | Public Finance Authority |
| RDA | Redevelopment Authority |
| SPA | Standby purchase agreement |
| TTFA | Transportation Trust Fund Authority |
| Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
| Short-term investments | ||||||||
| Allspring Municipal Cash Management Money Market Fund Institutional Class | $5,593,920 | $15,202,056 | $(17,529,663) | $0 | $0 | $3,266,313 | 3,264,355 | $17,274 |
| ■ | Level 1 – quoted prices in active markets for identical securities |
| ■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| ■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
| Assets | ||||
| Investments in: | ||||
| Municipal obligations | $0 | $118,183,320 | $0 | $118,183,320 |
| Short-term investments | ||||
| Investment companies | 3,266,313 | 0 | 0 | 3,266,313 |
| Total assets | $3,266,313 | $118,183,320 | $0 | $121,449,633 |