1
Portfolio
of
Investments
February
28,
2025
Arizona
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.9%   
X
166,820,833
MUNICIPAL
BONDS
-
98.9%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
21.5%
$
1,000,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Green
Series
2016B
5
.000
%
07/01/47
$
1,017,349
1,500,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Green
Series
2023A
5
.500
07/01/48
1,659,516
1,485,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Green
Series
2024A
5
.000
07/01/50
1,588,252
500,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Refunding
Green
Series
2015A
5
.000
07/01/41
502,370
1,620,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Refunding
Series
2017B
5
.000
07/01/42
1,665,366
225,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2021C
4
.000
07/01/44
224,948
250,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2021C
4
.000
07/01/46
247,393
1,500,000
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Refunding
Series
2015A
5
.000
06/01/40
1,505,523
1,250,000
Arizona
Board
of
Regents,
University
of
Arizona,
System
Revenue
Bonds,
Refunding
Series
2016
5
.000
06/01/38
1,278,430
215,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017A
5
.125
07/01/37
217,157
220,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017C
5
.000
07/01/47
221,939
25,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017D
5
.000
07/01/37
25,374
300,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017F
5
.000
07/01/37
306,989
725,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017F
5
.000
07/01/52
729,420
150,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017G
5
.000
07/01/47
150,389
230,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Montessori
Academy
Projects,
Refunding
Series
2017A
6
.000
11/01/37
224,150
565,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Somerset
Academy
of
Las
Vegas
Aliante
and
Skye
Canyon
Campus
Projects,
Series
2021A
4
.000
12/15/51
469,342
775,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,  Arizona
Agribusiness
and
Equine
Center,
Inc.
Project,
Series
2017A
5
.000
03/01/48
783,917
1,025,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017A
5
.000
07/01/51
1,025,892
55,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017B
4
.250
07/01/27
55,123
135,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2018A
5
.000
07/01/38
137,883
500,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy
of
Nevada
Horizon,
Inspirada
and
St.
Rose
Campus
Projects,
Series
2018A
5
.750
07/15/38
510,218
75,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Social
Bonds
Pensar
Academy
Project,
Series
2020
4
.000
07/01/30
72,501
2,950,000
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
University
of
Indianapolis
-
Health
Pavilion
Project,
Series
2019A
5
.000
10/01/45
2,874,332
1,160,000
Industrial
Development
Authority,
Pima
County,
Arizona,
Education
Revenue
Bonds,
Center
for
Academic
Success
Project,
Refunding
Series
2019
5
.000
07/01/37
1,194,910
Portfolio
of
Investments
February
28,
2025
(continued)
Arizona
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
620,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Arizona
Autism
Charter
Schools
Project,
Series
2020A
5
.000
%
07/01/40
$
626,900
735,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Arizona
Autism
Charter
Schools
Project,
Social
Series
2021A
4
.000
07/01/41
662,510
145,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Great
Hearts
Academies
Projects,
Series
2017A
5
.000
07/01/37
148,216
210,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Great
Hearts
Academies
Projects,
Series
2017C
5
.000
07/01/48
211,420
1,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Highland
Prep
Project,
Series
2019
5
.000
01/01/37
1,046,341
750,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2019A
5
.000
07/01/39
776,933
1,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2020
5
.250
07/01/45
1,026,591
570,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2021A
4
.000
07/01/41
526,817
380,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Paradise
Schools
Projects,
Series
2016
5
.000
07/01/47
380,614
825,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Reid
Traditional
School
Projects,
Series
2016
5
.000
07/01/36
831,677
2,500,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Series
2020
5
.000
07/01/47
2,575,676
1,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Creighton
University
Projects,
Series
2020
4
.000
07/01/50
916,561
1,000,000
McAllister
Academic
Village
LLC,
Arizona,
Revenue
Bonds,
Arizona
State
University
Hassayampa
Academic
Village
Project,
Refunding
Series
2016
5
.000
07/01/38
1,017,566
800,000
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
5
.000
06/01/35
804,180
25,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2016A
5
.000
07/01/46
25,008
400,000
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Great
Hearts
Academies
Project,
Series
2016A
5
.000
07/01/41
400,390
220,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2015
5
.000
07/01/35
220,498
350,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2016A
5
.000
07/01/41
351,458
1,000,000
(a)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A
5
.000
09/01/45
911,567
20,000
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Villa
Montessori,
Inc.
Projects,
Series
2015
3
.250
07/01/25
19,921
750,000
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Villa
Montessori,
Inc.
Projects,
Series
2015
5
.000
07/01/35
751,550
800,000
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Vista
College
Preparatory
Project,
Series
2018A
5
.000
07/01/43
815,481
1,000,000
Phoenix
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Eastern
Kentucky
University
Project,
Series
2016
5
.000
10/01/36
1,024,821
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
100,000
(a)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Champion
Schools
Project,
Series
2017
6
.000
%
06/15/37
$
101,094
320,000
(a)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Champion
Schools
Project,
Series
2017
6
.125
06/15/47
322,075
100,000
(b)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2016
5
.250
07/01/36
70,000
40,000
(a)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2017
6
.125
02/01/28
41,664
250,000
(a)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Noah
Webster
Schools
Mesa
Project,
Series
2015A
5
.000
12/15/34
249,218
145,000
Pinal
County
Community
College
District,
Arizona,
Revenue
Bonds,
Central
Arizona
College,
Series
2017
-
BAM
Insured
5
.000
07/01/34
148,711
500,000
(a)
Yavapai
County
Industrial
Development
Authority,  Arizona,
Education
Revenue
Bonds,
Arizona
Agribusiness
and
Equine
Center
Inc
Project,
Refunding
Series
2015A
5
.000
09/01/34
500,113
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
36,194,254
HEALTH
CARE
-
12.4%
405,000
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Children's
National
Prince
County
Regional
Medical
Center,
Series
2020A
4
.000
09/01/39
406,706
110,000
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Children's
National
Prince
County
Regional
Medical
Center,
Series
2020A
4
.000
09/01/40
108,076
225,000
Arizona
Industrial
Development
Authority,
Arizona,
Lease
Revenue
Bonds,
Children's
National
Prince
County
Regional
Medical
Center,
Series
2020A
4
.000
09/01/46
209,573
1,100,000
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2020A
3
.000
02/01/39
984,757
1,560,000
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2021A
4
.000
02/01/39
1,571,224
1,000,000
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2021A
4
.000
02/01/40
1,004,065
1,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Honor
Health,
Series
2024D
5
.000
12/01/45
1,071,204
600,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A
5
.000
09/01/36
631,465
870,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A
4
.125
09/01/42
854,896
1,750,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
5
.000
01/01/32
1,807,269
2,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
5
.000
01/01/35
2,059,611
1,145,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
5
.000
01/01/38
1,175,444
1,665,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2019A
4
.000
01/01/44
1,580,851
565,000
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A
4
.000
04/01/39
561,011
1,350,000
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A
4
.000
04/01/46
1,249,805
295,000
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Refunding
Series
2016
5
.000
08/01/36
301,112
2,450,000
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Series
2019
4
.000
08/01/43
2,333,764
875,000
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2024A
4
.000
08/01/49
854,976
Portfolio
of
Investments
February
28,
2025
(continued)
Arizona
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,000,000
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2024A
5
.250
%
08/01/54
$
2,128,569
TOTAL
HEALTH
CARE
20,894,378
HOUSING/MULTIFAMILY
-
1.1%
1,250,000
Arizona
Industrial
Development
Authority,
Student
Housing
Revenue
Bonds,
Provident
Group
-
NCCU
Properties
LLC-
North
Carolina
Central
University,
Series
2019A
-
BAM
Insured
4
.000
06/01/44
1,199,194
250,000
(c)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A
0
.000
10/01/56
210,991
500,000
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A
7
.000
10/01/56
501,305
TOTAL
HOUSING/MULTIFAMILY
1,911,490
HOUSING/SINGLE
FAMILY
-
2.1%
1,920,000
Maricopa
County
and
Phoenix
City
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024C
4
.750
09/01/49
1,958,783
985,000
Phoenix
and
Maricopa
County
Industrial
Development
Authority,
Arizona,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4
.600
09/01/49
990,135
590,000
Tucson
and
Pima
County
Industrial
Development
Authority,
Arizona,
Joint
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
4
.750
07/01/49
602,521
TOTAL
HOUSING/SINGLE
FAMILY
3,551,439
INFORMATION
TECHNOLOGY
-
0.2%
275,000
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2007,
(AMT),
(Mandatory
Put
6/15/28)
4
.100
12/01/37
277,850
TOTAL
INFORMATION
TECHNOLOGY
277,850
LONG-TERM
CARE
-
1.5%
120,000
Arizona
Industrial
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Bridgewater
Avondale
Project,
Series
2017
5
.375
01/01/38
99,056
885,000
Phoenix
Industrial
Development
Authority,
Arizona,
Multi-Family
Housing
Revenue
Bonds,
3rd
and
Indian
Road
Assisted
Living
Project,
Series
2016
5
.400
10/01/36
742,214
1,495,000
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Friendship
Village
of
Tempe
Project,
Refunding
Series
2021A
4
.000
12/01/46
1,359,867
530,000
(a)
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
6
.000
10/01/37
397,612
TOTAL
LONG-TERM
CARE
2,598,749
TAX
OBLIGATION/GENERAL
-
13.1%
550,000
Buckeye
Union
High
School
District
201,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project,
Refunding
Series
2017
-
BAM
Insured
5
.000
07/01/34
575,873
665,000
Glendale,
Arizona,
General
Obligation
Bonds,
Series
2024
5
.000
07/01/44
728,438
1,000,000
Kyrene
Elementary
School
District
28,
Maricopa
County,
Arizona,
School
Improvement
Bonds,
Project
2010,
Series
2015C
5
.000
07/01/34
1,006,253
1,500,000
Marana
Unified
School
District
No.
6
of
Pima
County,
Arizona,
School
Improvement
Bonds,
Project
of
2014,
Series
2018D
-
AGM
Insured
5
.000
07/01/38
1,555,121
810,000
Maricopa
County
Elementary
School
District
68,
Alhambra,
Arizona,
General
Obligation
Bonds,
Project
of
2017,
Series
2019B
4
.000
07/01/39
813,762
370,000
Maricopa
County
School
District
214
Tolleson
Union
High,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2017,
Series
2018A
5
.000
07/01/37
384,186
600,000
Maricopa
County
School
District
28
Kyrene
Elementary,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
2017
Series
2020B
4
.000
07/01/40
607,518
1,050,000
Maricopa
County
Special
Health
Care
District,
Arizona,
General
Obligation
Bonds,
Series
2018C
5
.000
07/01/35
1,108,269
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,000,000
Maricopa
County
Unified
School
District
11,
Peoria,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Series
2018
-
BAM
Insured
5
.000
%
07/01/34
$
1,045,892
275,000
Maricopa
County
Unified
School
District
69
Paradise
Valley,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
of
2015,
Series
2021E
3
.000
07/01/40
244,135
1,350,000
Maricopa
County
Unified
School
District
80,
Chandler,
Arizona,
School
Improvement
Bonds,
2019
Project,
Series
2021B
3
.000
07/01/40
1,217,722
1,000,000
Maricopa
County
Unified
School
District
95
Queen
Creek,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2020
4
.000
07/01/38
1,015,453
860,000
Maricopa
County
Union
High
School
District
210
Phoenix,
Arizona,
General
Obligation
Bonds,
School
Improvement
&
Project
of
2011
Series
2017E
5
.000
07/01/35
896,902
2,000,000
Maricopa
County
Union
High
School
District
210
Phoenix,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2011
and
2017,
Series
2018
5
.000
07/01/37
2,080,786
775,000
Maricopa
County
Union
High
School
District
216
Agua
Fria,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
of
2023,
Series
2024A
5
.000
07/01/42
854,954
750,000
Mohave
County
Union
High
School
District
2
Colorado
River,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2017
5
.000
07/01/35
784,705
690,000
Northwest
Fire
District
of
Pima
County,
Arizona,
General
Obligation
Bonds,
Series
2017
5
.000
07/01/36
719,765
630,000
Phoenix,
Arizona,
General
Obligation
Bonds,
Various
Purpose
Series
2024A
5
.000
07/01/47
682,006
1,200,000
Pima
County
Unified
School
District
1,
Tucson,
Arizona,
General
Obligation
Bonds,
Project
of
2023
School
Improvement
Series
2024A
-
AGM
Insured
5
.000
07/01/42
1,314,739
750,000
Pima
County
Unified
School
District
20
Vail,
Arizona,
General
Obligation
Bonds,
Refunding
School
Improvement
Series
2015
-
AGM
Insured
5
.000
07/01/33
754,566
1,800,000
Pima
County
Unified
School
District
30
Sahuarita,
Arizona,
School
Improvement
Bonds,
Series
2024
-
BAM
Insured
5
.000
07/01/42
1,953,572
750,000
Pima
County
Unified
School
District
6
Marana,
Arizona,
General
Obligation
Bonds,
School
Improvement,
Project
of
2014,
Series
2019E
-
AGM
Insured
4
.000
07/01/39
757,837
800,000
Pinal
County
School
District
4
Casa
Grande
Elementary,
Arizona,
General
Obligation
Bonds,
School
improvement
Project
2016,
Series
2017A
-
BAM
Insured
5
.000
07/01/36
833,046
150,000
Western
Maricopa
Education
Center
District
402,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2012,
Series2014B
4
.500
07/01/33
150,107
TOTAL
TAX
OBLIGATION/GENERAL
22,085,607
TAX
OBLIGATION/LIMITED
-
22.0%
100,000
(a)
Arizona
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Linder
Village
Project
in
Meridian,
Ada
County,
Idaho,
Series
2020
5
.000
06/01/31
101,862
120,000
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Refunding
Series
2016
4
.000
07/01/36
121,168
1,000,000
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Series
2015
5
.000
07/01/37
1,005,101
475,000
Cadence
Community
Facilities
District,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2019
4
.500
07/01/43
437,747
675,000
Cadence
Community
Facilities
District,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
3,
Series
2020
4
.000
07/01/45
581,439
94,502
(a),(b)
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A
7
.000
07/01/41
66,151
500,000
Cottonwood,
Arizona,
Pledged
Revenue
Bonds,
Series
2015
-
RAAI
Insured
5
.000
07/01/30
503,390
450,000
(a)
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2015
5
.000
07/15/39
449,374
500,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2017
-
AGM
Insured
5
.000
07/15/42
514,870
Portfolio
of
Investments
February
28,
2025
(continued)
Arizona
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2018
-
BAM
Insured
5
.000
%
07/15/38
$
1,038,010
1,300,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2019
-
BAM
Insured
4
.000
07/15/39
1,302,546
1,100,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2021
-
BAM
Insured
4
.000
07/15/45
1,049,100
143,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2013
5
.250
07/01/38
142,605
299,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2019
5
.200
07/01/43
283,523
500,000
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
12,
Series
2021
3
.250
07/01/35
429,588
245,000
Eastmark
Community
Facilities
District
2,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2020
4
.000
07/15/30
246,064
480,000
Eastmark
Community
Facilities
District
2,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2020
4
.000
07/15/35
463,714
45,000
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017
-
AGM
Insured
5
.000
07/15/32
47,034
750,000
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Lucero
Assessment
District
2,
Series
2023
5
.750
07/01/46
758,846
750,000
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2016
-
BAM
Insured
4
.000
07/15/36
751,502
260,000
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2018
-
BAM
Insured
5
.000
07/15/38
266,948
1,500,000
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2020
-
BAM
Insured
4
.000
07/15/40
1,474,861
212,000
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
Special
Assessment
Revenue
Bonds,  Assessment
District
11,
Series
2017
5
.200
07/01/37
205,155
500,000
Maricopa,
Arizona,
Pledged
Revenue
Obligations,
Series
2023
5
.250
07/15/43
552,244
470,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
489,016
165,000
Merrill
Ranch
Community
Facilities
District
2,
Florence,
Arizona,
General
Obligation
Bonds,
Series
2017
-
BAM
Insured
5
.000
07/15/42
168,442
1,500,000
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2019
4
.000
08/01/39
1,509,251
1,250,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.550
07/01/40
1,253,334
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
337,040
1,200,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
1,193,203
1,420,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
1,404,713
375,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016
4
.000
08/01/33
379,380
405,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016
4
.000
08/01/35
408,529
760,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A
5
.000
08/01/42
791,889
4,900,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2020
4
.000
08/01/50
4,694,851
2,000,000
Queen
Creek,
Arizona,
Excise
Tax
and
State
Shared
Revenue
Obligation
Bonds,
Series
2024
5
.000
08/01/49
2,151,854
275,000
Sedona,
Arizona,
Excise
Tax
Revenue
Bonds,
Series
2024
-
AGM
Insured
5
.000
07/01/43
293,753
510,000
Superstition
Vistas
Community
Facilities
District
1,
Apache
Junction,
Arizona,
Special
Assessment
Revenue
Bonds,
Series
2023
6
.000
07/01/47
529,651
805,000
Surprise,
Arizona,
Pledged
Revenue
Bonds,
Refunding
Series
2015
5
.000
07/01/30
810,750
1,150,000
Tartesso
West
Community
Facility
District,
Buckeye,
Arizona,
Limited
Tax
General
Obligation
Bonds,
Series
2021
-
AGM
Insured
4
.000
07/15/41
1,135,352
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
600,000
Tempe,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2016
5
.000
%
07/01/31
$
616,280
750,000
Verrado
District
1
Community
Faciliites
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2023
-
BAM
Insured
5
.000
07/15/43
792,091
885,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A
-
AGM
Insured
5
.000
10/01/32
892,872
275,000
Vistancia
North
Community
Facilities
District,
Peoria,
Arizona,
General
Obligation
Bonds,
Series
2024
-
AGM
Insured
4
.375
07/15/49
268,779
1,090,000
(a)
Vistancia
West
Community
Facilities
District,
Peoria,
Arizona,
General
Obligation
Bonds,
Series
2016
5
.000
07/15/29
1,091,288
2,260,000
Yavapai
County
Jail
District,
Arizona,
Pleged
Revenue
Obligation
Bonds,
Series
2020
-
BAM
Insured
4
.000
07/01/40
2,243,751
840,000
Yuma
County,
Arizona,
Pledge
Revenue
Obligations,
Series
2022
-
BAM
Insured
4
.250
07/15/42
848,606
TOTAL
TAX
OBLIGATION/LIMITED
37,097,517
TRANSPORTATION
-
4.2%
670,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2015A
5
.000
07/01/40
672,964
1,315,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2015A
5
.000
07/01/45
1,318,832
1,500,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
(AMT)
5
.000
07/01/49
1,526,597
2,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
(AMT)
5
.000
07/01/47
2,020,709
1,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Rental
Car
Facility
Charge
Revenue
Bonds,
Series
2019A
5
.000
07/01/32
1,076,880
500,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Rental
Car
Facility
Charge
Revenue
Bonds,
Series
2019A
5
.000
07/01/38
529,510
TOTAL
TRANSPORTATION
7,145,492
U.S.
GUARANTEED
-
0.9%
(d)
250,000
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017,
(Pre-
refunded
7/15/27)
-
AGM
Insured
5
.000
07/15/32
263,379
145,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
8/01/26)
4
.000
08/01/33
147,463
155,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
8/01/26)
4
.000
08/01/35
157,633
880,000
Scottsdale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2017,
(Pre-refunded
7/01/27)
5
.000
07/01/36
927,359
TOTAL
U.S.
GUARANTEED
1,495,834
UTILITIES
-
19.9%
1,000,000
Carefree
Utilities
Community
Facilities
District,
Arizona,
Water
System
Revenue
Bonds,
Series
2021
4
.000
07/01/51
945,414
1,285,000
Central
Arizona
Water
Conservation
District,
Arizona,
Water
Delivery
O&M
Revenue
Bonds,
Series
2016
5
.000
01/01/35
1,305,094
1,500,000
City
of
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2022C
5
.000
07/01/36
1,776,543
1,805,000
Glendale,
Arizona,
Water
and
Sewer
Revenue
Bonds,
Senior
Lien
Series
2022A
5
.000
07/01/41
1,974,803
790,000
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Refunding
Subordinate
Lien
Series
2016
-
AGM
Insured
5
.000
07/01/45
803,398
1,500,000
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Subordinate
Lien
Series
2020
-
AGM
Insured
4
.000
07/01/45
1,465,329
1,215,000
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Subordinate
Lien
Series
2025
5
.000
07/01/44
1,319,431
500,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/40
510,635
735,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
07/01/36
746,907
150,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2024A
5
.000
10/01/42
158,684
450,000
Lake
Havasu
City,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
-
AGM
Insured
5
.000
07/01/36
452,754
Portfolio
of
Investments
February
28,
2025
(continued)
Arizona
8
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,000,000
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2020
3
.000
%
07/01/44
$
820,317
1,830,000
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2022A
-
BAM
Insured
5
.000
07/01/46
1,951,902
1,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Wastewater
System
Revenue
Bonds,
Junior
Lien
Series
2023
5
.250
07/01/47
1,100,585
585,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014
5
.000
07/01/29
585,890
2,185,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Sustainability
Series
2020A
5
.000
07/01/44
2,322,381
1,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/33
1,063,645
1,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
1,048,267
1,000,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/45
1,004,977
1,000,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Refunding
Series
2016A
5
.000
01/01/38
1,030,968
3,500,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2023A
5
.000
01/01/50
3,726,557
4,000,000
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2024A
5
.250
01/01/54
4,387,882
1,805,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
1,977,848
1,000,000
Tucson,
Arizona,
Water
System
Revenue
Bonds,
Obligations
Series
2024
5
.000
07/01/44
1,088,012
TOTAL
UTILITIES
33,568,223
TOTAL
MUNICIPAL
BONDS
(Cost
$168,779,220)
166,820,833
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$168,779,220)
166,820,833
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.1%
1,935,683
NET
ASSETS
-
100%
$
168,756,516
AMT
Alternative
Minimum
Tax
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$10,861,989
or
6.5%
of
Total
Investments.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
9
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Arizona
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
166,820,833
$
–
$
166,820,833
Total
$
–
$
166,820,833
$
–
$
166,820,833
10
Portfolio
of
Investments
February
28,
2025
Colorado
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.6%   
X
488,794,960
MUNICIPAL
BONDS
-
98.6%  
X
–
CONSUMER
DISCRETIONARY
-
0.7%
$
500,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
%
12/01/29
$
511,253
1,000,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/32
1,019,474
2,000,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
5
.000
12/01/35
2,032,643
TOTAL
CONSUMER
DISCRETIONARY
3,563,370
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
4.5%
720,000
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
Revenue
Bonds,
Monument
Academy
Charter
School
Project,
Refunding
Series
2014
3
.625
10/01/29
710,571
2,000,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority
Education
Revenue
Bonds,
Colorado,
Rocky
Mountain
School
of
Expeditionary
Learning
Project,
Series
2019
5
.000
03/01/50
1,892,283
500,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Aspen
Ridge
School
Project,
Series
2015A
5
.000
07/01/36
500,983
500,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Aspen
Ridge
School
Project,
Series
2015A
5
.250
07/01/46
500,558
505,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013
7
.350
08/01/43
505,915
265,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Douglas
County
School
District
RE-1
-
DCS
Montessori
School,
Refunding
&
Improvement
Series
2012
4
.000
07/15/27
265,094
385,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Littleton
Preparatory
Charter
School,
Series
2013
5
.000
12/01/33
385,177
100,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
4
.000
07/01/41
86,768
100,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
4
.000
07/01/51
78,945
1,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
The
Classical
Academy
Project,
Refunding
Series
2015A
5
.000
12/01/38
1,000,569
705,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Twin
Peaks
Charter
Academy,
Series
2011B
7
.500
03/15/35
707,073
600,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Union
Colony
School
Project,
Series
2018
5
.000
04/01/38
617,063
1,000,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
University
of
Northern
Colorado
Lab
School,
Refunding
&
Improvement
Series
2015
5
.000
12/15/45
1,000,196
500,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Independent
School
Revenue
Bonds,
Kent
Denver
School
Project,
Series
2016
5
.000
10/01/36
513,004
255,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019
5
.000
10/01/49
251,107
1,000,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019
5
.000
10/01/59
960,417
1,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
4
.000
03/01/35
1,007,003
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
3,000,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A
5
.000
%
03/01/47
$
3,054,980
400,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
West
Ridge
Academy
Charter
School,
Refunding
&
Improvement
Series
2019
5
.000
06/01/49
399,982
1,500,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2023C
5
.250
12/01/53
1,615,401
1,335,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017A
4
.000
03/01/34
1,359,464
2,000,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E
4
.000
03/01/43
1,972,986
1,000,000
(a)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
990,918
2,000,000
University
of
Northern
Colorado
at
Greeley,
Institutional
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015A
5
.000
06/01/40
2,006,773
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
22,383,230
HEALTH
CARE
-
14.7%
1,760,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A
5
.000
11/15/37
1,897,333
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A
4
.000
11/15/43
970,487
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
4
.000
11/15/46
951,198
2,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2023A-2,
(Mandatory
Put
11/15/33)
5
.000
11/15/57
2,258,016
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2016A
4
.000
11/15/46
950,613
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2018A
5
.000
11/15/48
3,077,934
7,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Children's
Hospital
Colorado
Project,
Series
2016A
5
.000
12/01/44
7,042,919
5,250,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
4,937,860
270,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
277,426
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
4
.000
08/01/49
2,700,344
2,325,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019B-1,
(Mandatory
Put
8/01/25)
5
.000
08/01/49
2,328,810
500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.250
11/01/38
556,160
5,095,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.500
11/01/47
5,540,026
4,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
5
.250
11/01/52
4,249,682
5,750,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.250
12/01/54
6,116,944
2,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2022A
5
.000
05/15/52
2,103,203
8,055,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2024A
5
.000
05/15/54
8,459,132
2,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A
4
.000
11/01/39
2,001,362
3,950,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A
5
.000
11/01/49
4,061,787
3,500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A
4
.000
01/01/35
3,586,810
1,590,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Valley
View
Hospital
Association,
Refunding
Series
2017A
4
.000
05/15/34
1,604,654
1,050,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Valley
View
Hospital
Association,
Refunding
Series
2017A
4
.000
05/15/35
1,058,283
Portfolio
of
Investments
February
28,
2025
(continued)
Colorado
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Valley
View
Hospital
Association,
Series
2015
5
.000
%
05/15/45
$
2,002,108
375,000
Del
Norte,
Colorado,
Healthcare
Facilities
Revenue
Bonds,
Rio
Grande
Hospital
Refunding
Project,
Refunding
Series
2024
5
.700
12/01/49
363,773
185,000
Delta
County
Memorial
Hospital
District,
Colorado,
Enterprise
Revenue
Bonds,
Refunding
Series
2010
5
.500
09/01/25
184,027
600,000
Delta
County
Memorial
Hospital
District,
Colorado,
Enterprise
Revenue
Bonds,
Refunding
Series
2010
5
.500
09/01/30
586,207
475,000
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2014A
5
.000
12/01/39
475,085
2,500,000
(a)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6
.625
12/01/56
2,500,716
TOTAL
HEALTH
CARE
72,842,899
HOUSING/MULTIFAMILY
-
0.4%
215,000
Denver
City
&
County
Housing
Authority,
Colorado,
Capital
Fund
Program
Revenue
Bonds,
Three
Tower
Rehabilitation,
Series
2007
-
AGM
Insured,
(AMT)
5
.200
11/01/27
215,385
2,000,000
Denver
City
and
County
Housing
Authority,
Colorado,
Multifamily
Housing
Revenue
Bonds,
Flo
Senior
Apartments
Project,
Sustainability
Green
Series
2023A
4
.500
07/01/41
2,037,812
TOTAL
HOUSING/MULTIFAMILY
2,253,197
LONG-TERM
CARE
-
1.4%
500,000
(a),(b)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
Project,
Series
2016
6
.125
02/01/46
359,371
1,315,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/31
1,325,026
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/37
3,016,837
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Retirement
Communities
Inc.,
Refunding
Series
2015A
5
.000
12/01/35
1,000,694
1,200,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A
5
.250
05/15/47
1,212,986
TOTAL
LONG-TERM
CARE
6,914,914
TAX
OBLIGATION/GENERAL
-
9.8%
2,000,000
Delta
County
Joint
School
District
50
Delta,
Gunnison,
Montrose
and
Mesa
Counties,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/47
2,133,172
3,000,000
Denver
School
District
1,
Colorado,
General
Obligation
Bonds,
Series
2021
4
.000
12/01/41
3,029,464
4,625,000
Denver
School
District
1,
Colorado,
General
Obligation
Bonds,
Series
2022A
5
.000
12/01/45
4,973,755
480,000
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Series
2016
4
.500
12/01/36
489,364
2,500,000
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Series
2016
5
.000
12/01/45
2,563,149
3,585,000
Eagle,
Garfield
and
Routt
Counties
School
District
RE50J,
Colorado,
General
Obligation
Bonds,
Series
2024
5
.000
12/01/43
3,948,617
1,220,000
El
Paso
County
School
District
20,
Academy,
Colorado,
General
Obligation
Bonds,
Series
2017
4
.000
12/15/40
1,222,036
600,000
Foothills
Park
and
Recreation
District,
Subdistrict
A,
Jefferson
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
AGM
Insured
3
.250
12/01/29
601,387
440,000
Foothills
Park
and
Recreation
District,
Subdistrict
A,
Jefferson
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
AGM
Insured
5
.000
12/01/30
447,008
1,275,000
Foothills
Park
and
Recreation
District,
Subdistrict
A,
Jefferson
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
AGM
Insured
5
.000
12/01/31
1,294,738
3,000,000
Grand
County
School
District
2
East
Grand,
Colorado,
General
Obligation
Bonds,
Series
2022
4
.000
12/01/46
2,956,933
655,000
Grand
River
Hospital
District,
Garfield
and
Mesa
Counties,
Colorado,
General
Obligation
Bonds,
Series
2018
-
AGM
Insured
5
.250
12/01/34
689,282
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,750,000
Grand
River
Hospital
District,
Garfield
and
Mesa
Counties,
Colorado,
General
Obligation
Bonds,
Series
2018
-
AGM
Insured
5
.250
%
12/01/37
$
1,827,860
3,000,000
Gunnison
Watershed
School
District
RE1J,
Gunnison
and
Saguache
Counties,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/47
3,224,582
2,000,000
Larimer
and
Weld
Counties
School
District
Re-5J,
Colorado,
General
Obligation
Bonds,
Series
2021
4
.000
12/01/40
2,008,199
750,000
Louisville,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax,
Series
2017
4
.000
12/01/35
759,290
1,390,000
Pueblo
County
School
District
70,
Pueblo
Rural,
Colorado,
General
Obligation
Bonds,
Improvement
Series
2021A
4
.000
12/01/32
1,467,054
1,140,000
Roaring
Fork
Transporation
Authority,
Colorado,
Property
Tax
Revenue
Bonds,
Series
2021A
4
.000
12/01/46
1,130,119
2,410,000
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2020
5
.000
12/01/44
2,523,185
8,500,000
Weld
County
School
District
RE-4,
Windsor,
Colorado,
General
Obligation
Bonds,
Series
2023
5
.250
12/01/47
9,253,581
2,000,000
Westminster
Public
Schools,
Adams
County,
Colorado,
Certificates
of
Participation,
Series
2019
-
AGM
Insured
5
.000
12/01/43
2,064,235
TOTAL
TAX
OBLIGATION/GENERAL
48,607,010
TAX
OBLIGATION/LIMITED
-
36.5%
3,690,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/51
3,607,661
368,328
Alpine
Mountain
Ranch
Metropolitan
District,
Routt
County,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Refunding
Series
2021
4
.000
12/01/40
344,988
1,650,000
Anthem
West
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
BAM
Insured
5
.000
12/01/35
1,671,143
1,020,000
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Convertible
to
Unlimited
Tax
Series
2023A
-
BAM
Insured
5
.000
12/01/48
1,065,327
1,275,000
Arvada,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2023
5
.000
12/01/41
1,413,158
1,335,000
Arvada,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2023
5
.000
12/01/42
1,470,972
593,000
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A
5
.000
12/01/40
600,062
500,000
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A
5
.000
12/01/48
490,278
2,000,000
Baseline
Metropolitan
District
1,
In
the
City
and
County
of
Broomfield,
Colorado,
Special
Revenue
Bonds,
Refunding
and
Improvement
Series
2024A
4
.250
12/01/54
1,962,520
4,000,000
Brighton
Crossing
Metropolitan
District
4,
Colorado,
General
Obligation
Bonds,
Limited
Tax  Refunding
Series
2024
4
.000
12/01/47
3,840,175
595,000
(a)
Broadway
Park
North
Metropolitan
District
2,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020
3
.375
12/01/26
582,404
5,055,000
Bromley
Park
Metropolitan
District
3,
Adams
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2024
4
.000
12/01/44
4,926,841
2,500,000
Bromley
Park
Metropolitan
District
No.
2,
In
the
City
of
Brighton,
Adams
and
Weld
Counties,
Colorado,
Senior
General
Obligation
Limited
Tax
Refunding
Bonds,
Series
2023
-
BAM
Insured
5
.375
12/01/53
2,693,703
1,020,000
Buffalo
Ridge
Metropolitan
District
(In
the
City
of
Commerce
City),
Adams
County,
Colorado,
General
Obligation
Refunding
and
Improvement
Bonds,
Series
2018A
-
BAM
Insured
5
.000
12/01/34
1,094,414
1,000,000
Buffalo
Ridge
Metropolitan
District
(In
the
City
of
Commerce
City),
Adams
County,
Colorado,
General
Obligation
Refunding
and
Improvement
Bonds,
Series
2018A
-
BAM
Insured
4
.000
12/01/47
930,249
250,000
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
and
Improvement
Series
2024A
-
BAM
Insured
5
.250
12/01/59
273,118
1,250,000
CCP
Metropolitan
District
3,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2024
5
.000
12/01/53
1,257,942
Portfolio
of
Investments
February
28,
2025
(continued)
Colorado
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,145,000
(a)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
%
12/01/47
$
1,103,673
500,000
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022
6
.500
12/01/53
516,362
480,000
Cherry
Creek
Corporate
Center
Metropolitan
District,
Arapahoe
County,
Colorado,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A
5
.000
06/01/37
480,181
3,000,000
Colorado
Bridge
and
Tunnel
Enterprise,
Revenue
Bonds,
Senior
Refunding
Series
2024B
5
.000
12/01/49
3,241,852
1,725,000
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
5
.875
12/01/46
1,732,446
2,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2017J
5
.250
03/15/42
2,062,732
1,000,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2021S
4
.000
03/15/41
1,002,670
5,000,000
Colorado
State,
Certificates
of
Participation,
Higher
Education
Health
Sciences
Facilities
Series
2024A
4
.000
11/01/49
4,850,865
1,780,000
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Agreement
Department
of
Transportation
Second
Amended
&
Restated
Headquaters
Facilities,
Refunding
Series
2020
4
.000
06/15/38
1,809,964
2,000,000
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
5
.000
08/01/36
2,012,875
2,295,000
Copperleaf
Metropolitan
District
2,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Convertible
to
Unlimited
Tax
Series
2020
-
BAM
Insured
4
.000
12/01/45
2,219,808
750,000
Copperleaf
Metropolitan
District
4,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2020A
5
.000
12/01/49
717,670
1,250,000
Cottonwood
Highlands
Metropolitan
District
1,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Series
2024
4
.250
12/01/49
1,211,820
2,500,000
Cottonwood
Highlands
Metropolitan
District
1,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Series
2024
4
.250
12/01/54
2,387,921
1,000,000
Cross
Creek
Metropolitan
District
2,
Aurora,
Colorado,
Unlimited
Tax
General
Obligation
Bonds,
Refunding
Series
2018
-
AGM
Insured
4
.000
12/01/45
958,908
2,000,000
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,  Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024A
-
BAM
Insured
4
.375
12/01/54
1,947,790
1,250,000
Crystal
Valley
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020A
-
AGM
Insured
4
.000
12/01/44
1,229,900
920,000
Cumberland
Green
Metropolitan
District,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2015
5
.250
12/01/45
920,329
1,185,000
Denver
City
and
County
School
District
1,
Colorado,
Lease
Purchase
Program
Certificates
of
Participation,
Series
2015B
5
.000
12/15/45
1,197,755
2,955,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2016A
5
.000
08/01/42
3,009,173
1,000,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A
4
.000
08/01/35
1,041,251
1,785,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A
4
.000
08/01/40
1,799,078
120,000
(a)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
5
.250
12/01/39
120,217
5,500,000
Ebert
Metropolitan
District,
Denver
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018A-1
-
BAM
Insured
5
.000
12/01/43
5,688,293
2,000,000
El
Paso
County
School
District
49
Falcon,
Colorado,
Certificates
of
Participation,
Series
2017B
5
.000
12/15/42
2,040,189
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
575,000
Erie
Farm
Metropolitan
District,
Erie,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement,
Series
2021
-
AGM
Insured
5
.000
%
12/01/41
$
615,952
1,000,000
Erie,
Colorado,
Certificates
of
Participation,
Series
2010
5
.000
11/01/37
1,000,631
500,000
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014
6
.000
12/01/38
492,540
1,525,000
Foothills
Park
and
Recreation
District,
Jefferson
County,
Colorado,
Lease
Revenue
Bonds,
Certificates
of
Participation,
Series
2021
4
.000
12/01/33
1,591,237
890,000
Four
Corners
Business
Improvement
District,
Erie,
Boulder
County,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2022
6
.000
12/01/52
911,653
500,000
Future
Legends
Sports
Park
Business
Improvement
District,
Colorado,
Limited
Tax
General
Obligation
Bonds
Series
2022A
and
Subordinate
Limited
Tax
General
Obligation
Bonds
Series
2022B
6
.000
12/01/52
476,554
800,000
Glen
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2016A
-
BAM
Insured
4
.500
12/01/45
804,141
600,000
Gold
Hill
Mesa
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2022A
-
BAM
Insured
5
.500
12/01/47
635,896
5,420,000
Grand
Junction,
Colorado,
General
Fund
Revenue
Bonds,
Series
2024
4
.125
03/01/54
5,243,122
675,000
Green
Gables
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Special
Revenue
Refunding
Improvement
Senior
Series
2023A
-
BAM
Insured
5
.125
12/01/53
696,720
315,000
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024A-1
6
.000
12/01/43
325,484
330,000
(a)
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
2,
Series
2024
5
.500
12/01/44
330,809
1,125,000
High
Plains
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2017
-
NPFG
Insured
5
.000
12/01/35
1,181,857
1,250,000
Hunters
Overlook
Metropolitan
District
5,
Severance,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024
4
.250
12/01/54
1,229,627
380,000
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Series
2020-A2
4
.125
12/01/40
360,801
3,000,000
Lanterns
Metropolitan
District
1,
Castle
Rock,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024
4
.250
12/01/53
2,889,262
460,000
Lincoln
Park
Metropolitan
District,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Improvement
Bonds,
Refunding
Series
2018
-
AGM
Insured
5
.000
12/01/42
475,122
2,000,000
Lincoln
Park
Metropolitan
District,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Improvement
Bonds,
Refunding
Series
2018
-
AGM
Insured
5
.000
12/01/46
2,054,700
1,330,000
Littleton
Village
Metropolitan
District
2,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023
-
AGM
Insured
5
.000
12/01/53
1,361,298
825,000
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016
5
.000
12/01/36
838,977
1,805,000
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016
5
.000
12/01/41
1,822,337
1,000,000
Meridian
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Series
2023
-
AGM
Insured
4
.250
12/01/48
995,229
650,000
Meridian
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2017
-
AGM
Insured
5
.000
12/01/42
675,847
1,000,000
Midtown
at
Clear
Creek
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2023A
-
BAM
Insured
5
.500
12/01/43
1,116,981
Portfolio
of
Investments
February
28,
2025
(continued)
Colorado
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Monument,
El
Paso
County,  Colorado,
Certificate
of
Participation,
Series
2020
-
AGM
Insured
4
.000
%
12/01/40
$
1,003,977
489,000
Mountain
Shadows
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016
5
.000
12/01/46
489,509
494,000
Mountain
Shadows
Metropolitan
District,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2015
5
.500
12/01/44
496,604
570,000
Nexus
North
at
DIA
Metropolitan
District,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021
5
.000
12/01/51
534,508
709,000
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A
5
.625
12/01/37
710,285
1,000,000
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
5
.250
12/01/50
1,008,829
4,000,000
Northern
Colorado
Water
Conservancy
District,
Certificates
of
Participation,
Series
2022
5
.250
07/01/52
4,248,304
755,000
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
5
.000
12/01/49
698,032
1,500,000
Park
70
Metropolitan
District,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016
5
.000
12/01/36
1,517,584
2,380,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/45
2,394,752
1,650,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A
-
AGM
Insured
4
.000
12/01/36
1,674,132
1,202,000
(a)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A
6
.500
08/01/53
1,248,871
2,500,000
(a)
Plaza
Metropolitan
District
1,
Lakewood,
Colorado,
Tax
Increment
Revenue
Bonds,
Refunding
Series
2013
5
.000
12/01/40
2,499,997
500,000
(a)
Prairie
Center
Metopolitan
District
No.
3,
In
the
City
of
Brighton,
Adams
County,
Colorado,
Limited
Property
Tax
Supported
Primary
Improvements
Revenue
Bonds,
Refunding
Series
2017A
5
.000
12/15/41
502,762
680,000
Prairie
Center
Metropolitan
District
No.
3,
In
the
City
of
Brighton,
Adams
County,
Colorado,
Limited
Property
Tax
Supported
Primary
Improvements
Revenue
Bonds,
Series
2024A
5
.875
12/15/46
731,978
500,000
Prairiestar
Metropolitan
District
2,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021A
-
BAM
Insured
5
.000
12/01/46
524,664
1,550,000
Pueblo
County,
Colorado,
Certificates
of
Participation,
Community
Improvement
Projects,
Series
2023A
4
.000
07/01/43
1,522,837
235,000
(a)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A
4
.750
12/01/45
206,461
2,516,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.500
07/01/34
2,517,094
1,864,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
1,853,442
2,500,000
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
5
.000
12/01/42
2,572,968
1,060,000
Ravenna
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2023
-
AGM
Insured
5
.000
12/01/43
1,122,666
400,000
Red
Sky
Ranch
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015
5
.000
12/01/44
387,784
2,385,000
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2017B
4
.000
11/01/35
2,423,232
490,000
Reserve
Metropolitan
District
2,
Mount
Crested
Butte,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016A
5
.000
12/01/45
489,972
555,000
Riverview
Metropolitan
District,
Steamboat
Springs,
Routt
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Series
2021
5
.000
12/01/41
544,091
1,000,000
Roaring
Fork
School
District
RE-1,
Garfield,
Pitkin,
and
Eagle
Counties,
Colorado,
Certificates
of
Participation,
Series
2023
-
BAM
Insured
5
.000
12/15/43
1,052,831
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Sand
Creek
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2023
-
AGM
Insured
5
.000
%
12/01/37
$
1,104,207
1,995,000
Sierra
Ridge
Metropolitan
District
2,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Subordinate
Series
2022
-
AGM
Insured
4
.000
12/01/46
1,910,882
275,000
Sierra
Ridge
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Bonds,
Series
2022
-
AGM
Insured
5
.000
12/01/52
284,957
532,000
Silver
Peaks
Metropolitan
District
3,
Colorado,
Limited
Tax
Obligation
Bonds,
Senior
Lien
Series
2020A
5
.000
12/01/50
527,679
5,515,000
Sky
Ranch
Community
Authority
Board,
Arapahoe
County,
Colorado,
Limited
Tax
Supported
District
1
Revenue
Bonds,
Refunding
Improvement
Senior
Series
2024A
4
.250
12/01/54
5,320,202
200,000
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-1
5
.000
12/01/37
201,716
350,000
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-2
5
.000
12/01/47
350,473
1,000,000
Southshore
Metropolitan
District
2
Aurora,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Improvement
Series
2020A-2
-
BAM
Insured
4
.000
12/01/46
953,753
495,000
Southwest
Timnath
Metropolitan
District
4,
Timnath,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A
5
.375
12/01/47
496,753
1,000,000
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2019A
5
.000
12/01/49
963,556
750,000
Sterling
Hills
West
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2007
5
.000
12/01/39
773,239
415,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Refunding
&
Improvement
Senior
Series
2020A
3
.375
12/01/30
400,929
595,000
Sterling
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
Capital
Appreciation
Series
22
5
.500
12/01/42
598,159
615,000
(a)
Sunset
Parks
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2024A
5
.125
12/01/54
619,235
750,000
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B
-
AGM
Insured
5
.000
12/01/46
768,433
1,640,000
(a)
Thompson
Crossing
Metropolitan
District
6,
Larimer
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2020
5
.000
12/01/40
1,662,067
770,000
Thornton
Development
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
North
Washington
Street
Corridor
Project,
Refunding
Series
2015
3
.250
12/01/28
770,055
2,000,000
Thornton,
Colorado,
Certificates
of
Participation,
Series
2018
4
.000
12/01/39
2,007,347
3,000,000
Trailside
Metropolitan
District
4,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2024A
-
BAM
Insured
4
.250
12/01/56
2,859,577
2,000,000
(a)
Triview
Metropolitan
District
4,
Colorado,
El
Paso
County,
General
Obligation
Bonds
Limited
Tax
Series
2018
5
.750
12/01/48
2,009,263
4,000,000
(a)
Ventana
Metropolitan
District,
El
Paso
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
and
Improvement
Series
2023A
6
.500
09/01/53
4,208,263
525,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A
-
BAM
Insured
5
.000
12/01/28
542,768
1,250,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A
-
BAM
Insured
5
.000
12/01/31
1,287,355
500,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A
-
BAM
Insured
4
.000
12/01/36
504,623
Portfolio
of
Investments
February
28,
2025
(continued)
Colorado
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,375,000
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016
4
.000
%
12/01/33
$
1,301,063
400,000
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016
5
.000
12/01/35
401,904
1,190,000
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016
5
.250
12/01/40
1,198,405
500,000
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
5
.000
12/01/41
504,256
1,500,000
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
5
.000
12/01/51
1,455,936
1,000,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
984,939
600,000
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1
4
.125
12/01/31
586,713
1,500,000
Westminster,
Colorado,
Certificates
of
Participation,
Series
2015A
5
.000
12/01/35
1,520,997
1,000,000
Westminster,
Colorado,
Certificates
of
Participation,
Series
2015A
4
.000
12/01/38
1,001,939
1,000,000
Wheatlands
Metropolitan
District
2,
Aurora,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
BAM
Insured
5
.000
12/01/30
1,014,146
1,595,000
Wheatlands
Metropolitan
District
2,
Aurora,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015
-
BAM
Insured
4
.000
12/01/38
1,598,909
1,400,000
Whispering
Pines
Metropolitan
District
No.1,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
Convertible
to
Unlimited
Tax,
General
Obligation
Refunding
Series
2023
-
AGM
Insured
5
.000
12/01/52
1,450,126
TOTAL
TAX
OBLIGATION/LIMITED
180,778,444
TRANSPORTATION
-
9.2%
1,000,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017
5
.000
12/31/56
1,000,000
500,000
Colorado
High
Performance
Transportation
Enterprise,
US
36
and
I-25
Managed
Lanes
Revenue
Bonds,
Senior
Lien
Series
2014,
(AMT)
5
.750
01/01/44
500,424
3,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/25
3,042,084
2,115,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/26
2,187,957
1,995,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/39
2,135,009
3,340,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/41
3,521,291
3,585,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.500
11/15/53
3,830,744
500,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
5
.000
11/15/47
531,686
1,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.750
11/15/45
1,100,714
1,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.000
11/15/53
1,034,265
2,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/27
2,090,581
1,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/30
1,080,675
8,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
4
.000
12/01/43
7,626,493
8,305,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/43
8,487,139
1,905,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.250
12/01/43
1,963,064
1,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/37
1,059,691
500,000
Denver
City
and
County,
Colorado,
Special
Facilities
Airport
Revenue
Bonds,
United
Airlines,
Inc.
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/32
500,212
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
480,000
Eagle
County
Air
Terminal
Corporation,
Colorado,
Airport
Terminal
Project
Revenue
Bonds,
Refunding
Series
2011A,
(AMT)
6
.000
%
05/01/27
$
480,620
1,215,000
Grand
Junction
Regional
Airport
Authority,
Colorado,
General
Airport
Revenue
Bonds,
Refunding
Series
2016A
5
.000
12/01/32
1,242,339
1,275,000
Grand
Junction
Regional
Airport
Authority,
Colorado,
General
Airport
Revenue
Bonds,
Refunding
Series
2016A
5
.000
12/01/33
1,302,742
1,000,000
Grand
Junction
Regional
Airport
Authority,
Colorado,
General
Airport
Revenue
Bonds,
Refunding
Series
2016A
5
.000
12/01/34
1,020,944
TOTAL
TRANSPORTATION
45,738,674
U.S.
GUARANTEED
-
5.7%
(c)
150,000
Boulder
Larimer
&
Weld
Counties
School
District
RE-1J
Saint
Vrain
Valley,
Colorado,
General
Obligation
Bonds,
Series
2016C,
(Pre-refunded
12/15/26)
4
.000
12/15/34
153,627
50,000
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/37
52,320
1,585,000
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/42
1,658,548
3,535,000
Colorado
Health
Facilities
Authority,
Colorado,
Hospital
Revenue
Bonds,
NCMC
Inc.,
Series
2016,
(Pre-refunded
5/15/26)
4
.000
05/15/32
3,581,618
450,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
(Pre-refunded
6/01/25)
5
.000
06/01/35
452,184
3,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
(Pre-refunded
6/01/25)
5
.000
06/01/45
3,014,562
3,430,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B,
(Pre-refunded
9/01/25)
5
.000
09/01/31
3,467,246
1,315,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B,
(Pre-refunded
9/01/25)
4
.000
09/01/34
1,322,867
1,250,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
(Pre-refunded
9/01/30)
4
.000
09/01/50
1,339,764
500,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B,
(Pre-refunded
3/01/27)
5
.000
03/01/34
523,238
500,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B,
(Pre-refunded
3/01/27)
5
.000
03/01/41
523,238
1,200,000
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/41
1,238,561
6,000,000
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/46
6,192,805
1,000,000
Metropolitan
State
University
of
Denver,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Aerospace
and
Engineering
Sciences
Building
Project,
Series
2016,
(Pre-refunded
12/01/25)
4
.000
12/01/40
1,009,487
3,410,000
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017A-2,
(Pre-refunded
6/01/28)
4
.000
06/01/36
3,533,430
TOTAL
U.S.
GUARANTEED
28,063,495
UTILITIES
-
15.7%
1,000,000
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019
4
.000
12/01/37
1,019,145
1,845,000
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019
4
.000
12/01/38
1,877,468
3,250,000
Bennett,
Colorado,
Wastewater
Revenue
Bonds,
Series
2024
4
.125
12/01/54
3,140,156
13,130,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/47
13,984,818
3,550,000
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
5
.000
06/01/52
3,745,345
500,000
Cherokee
Metropolitan
District,
Colorado,
Water
and
Wastewater
Revenue
Bonds,
Series
2020
-
BAM
Insured
4
.000
08/01/50
475,342
Portfolio
of
Investments
February
28,
2025
(continued)
Colorado
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
4,435,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2022B
5
.250
%
11/15/52
$
4,808,011
3,270,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2023A
5
.250
11/15/48
3,605,478
4,000,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2023A
5
.250
11/15/53
4,369,880
8,200,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2024A
5
.250
11/15/54
9,014,992
500,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Refunding
Series
2015A
4
.000
11/15/35
501,598
1,000,000
Colorado
Water
Resources
and
Power
Development
Authority,
Water
Resources
Revenue
Bonds,
City
of
Sterling
Wastewater
Utility
Enterprise
Project,
Series
2023A
-
AGM
Insured
5
.000
09/01/48
1,057,383
680,000
Colorado
Water
Resources
and
Power
Development
Authority,
Water
Resources
Revenue
Bonds,
Steamboat
Springs
Utilities
Fund,
Series
2011B
4
.125
08/01/26
682,901
7,000,000
Denver
City
and
County
Board
of
Water
Commissioners,
Colorado,
Water
Revenue
Bonds,
Series
2022A
5
.000
12/15/52
7,482,188
2,000,000
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
Enterprise
Wastewater
Revenue
Bonds,
Improvement
Series
2020A
-
AGM
Insured
4
.000
12/01/49
1,936,707
1,000,000
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Improvement
Series
2019A
4
.000
11/15/38
1,015,465
650,000
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Refunding
Series
2015
5
.000
11/15/32
659,331
1,500,000
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
Arapahoe
County,
Colorado,
Water
Revenue
Bonds,
Refunding
Series
2015
4
.000
11/15/35
1,504,795
500,000
Erie,
Boulder
and
Weld
Counties,
Colorado,
Water
Enterprise
Revenue
Bonds,
Refunding
Series
2015
3
.000
12/01/29
500,243
1,140,000
Fort
Lupton,
Colorado,
Water
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
-
AGM
Insured
4
.000
12/01/42
1,140,254
2,180,000
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
-
AGM
Insured
4
.000
12/01/51
2,057,736
1,000,000
Loveland,
Colorado,
Electric
and
Communications
Enterprise
Revenue
Bonds,
Series
2019A
5
.000
12/01/44
1,034,319
8,805,000
Parker
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Refunding
&
Improvement
Series
2022
4
.000
11/01/47
8,658,216
1,080,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.250
11/15/28
1,135,391
280,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008
6
.500
11/15/38
343,374
2,000,000
Upper
Eagle
Regional
Water
Authority,
Eagle
County,
Colorado,
Water
Revenue
Bonds,
Refunding
&
Improvement
Series
2020
-
AGM
Insured
4
.000
12/01/50
1,899,191
TOTAL
UTILITIES
77,649,727
TOTAL
MUNICIPAL
BONDS
(Cost
$484,908,132)
488,794,960
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$484,908,132)
488,794,960
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.4%
6,707,596
NET
ASSETS
-
100%
$
495,502,556
AMT
Alternative
Minimum
Tax
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$24,216,284
or
5.0%
of
Total
Investments.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
21
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Colorado
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
488,794,960
$
–
$
488,794,960
Total
$
–
$
488,794,960
$
–
$
488,794,960
22
Portfolio
of
Investments
February
28,
2025
Maryland
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
99.3%   
X
247,515,595
MUNICIPAL
BONDS
-
99.3%  
X
–
CONSUMER
DISCRETIONARY
-
2.2%
$
715,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
%
09/01/34
$
724,151
4,000,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/39
4,020,708
1,000,000
(a)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A
5
.000
12/01/31
670,000
TOTAL
CONSUMER
DISCRETIONARY
5,414,859
CONSUMER
STAPLES
-
1.4%
400,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-
Backed
Bonds,
Refunding
Series
2002
5
.500
05/15/39
402,090
1,005,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.250
06/01/32
994,491
425,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.625
06/01/35
432,567
1,900,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
1,802,297
TOTAL
CONSUMER
STAPLES
3,631,445
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
6.8%
1,000,000
Chestertown,
Maryland,
Economic
Development
Project
Revenue
Bonds,
Washington
College,
Refunding
Series
2021A
4
.000
03/01/36
957,412
1,500,000
(b)
Frederick
County,
Maryland,
Educational
Facilities
Revenue
Bonds,
Mount
Saint
Mary's
University
Inc.,
Series
2017A
5
.000
09/01/45
1,460,718
645,000
(b)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Imagine
Andrews
Public
Charter
School,
Series
2022A
5
.500
05/01/52
641,228
500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B
5
.000
07/01/38
500,162
2,625,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B
4
.250
07/01/41
2,615,465
500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2014
4
.000
10/01/39
499,997
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2025
5
.000
10/01/50
2,119,190
700,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2016
5
.000
06/01/33
707,804
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2024
5
.500
06/01/47
2,093,723
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Stevenson
University,
Series
2021A
4
.000
06/01/38
969,384
2,010,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Stevenson
University,
Series
2021A
4
.000
06/01/46
1,817,599
1,100,000
Maryland
Industrial
Development
Financing
Authority,
Economic
Development
Revenue
Bonds,
McDonogh
School
Inc.,
Sereis
2019
4
.000
09/01/43
1,073,711
1,500,000
University
of
Maryland,
Auxiliary
Facility
and
Tuition
Revenue
Bonds,
Refunding
Series
2021A
4
.000
04/01/51
1,431,673
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
16,888,066
ENERGY
-
1.7%
4,260,000
Maryland
Economic
Development
Corporation,
Port
Facilities
Revenue
Bonds,
CNX
Marine
Terminals
Inc.
Port
of
Baltimore
Facility,
Refunding
Series
2010
5
.750
09/01/25
4,291,313
TOTAL
ENERGY
4,291,313
HEALTH
CARE
-
21.4%
1,455,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,  Revenue
Bonds,
University
of
Maryland
Medical
Systems,
Series
2025A
5
.250
07/01/52
1,567,816
660,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
4
.000
07/01/32
660,284
1,650,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
4
.250
07/01/35
1,650,050
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
5
.000
%
07/01/40
$
2,003,765
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
5
.000
07/01/45
1,000,774
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B
5
.000
07/01/34
1,021,550
500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B
5
.000
07/01/38
508,145
90,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,  Mercy
Medical
Center,
Series
2016A
5
.000
07/01/36
91,738
1,250,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,  Mercy
Medical
Center,
Series
2016A
5
.000
07/01/38
1,271,100
440,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,  Mercy
Medical
Center,
Series
2016A
4
.000
07/01/42
419,473
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
HealthCare
Issue,
Series
2021B
4
.000
01/01/51
883,483
1,600,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
5
.500
01/01/36
1,637,692
2,020,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
5
.500
01/01/46
2,041,922
2,650,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue
Series
2023
5
.250
07/01/53
2,757,620
740,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue;
Series
2020
3
.250
07/01/39
618,744
175,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue;
Series
2020
4
.000
07/01/40
169,100
1,165,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Greater
Baltimore
Medical
Center,
Series
2021A
3
.000
07/01/46
951,099
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Lifebridge
Health
Issue
Series
2023
5
.000
07/01/54
1,054,317
2,080,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Lifebridge
Health
Issue
Series
2023
5
.250
07/01/54
2,230,955
1,250,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016
4
.000
07/01/41
1,215,695
500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016
5
.000
07/01/47
501,447
1,015,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015
4
.125
07/01/47
990,495
1,020,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Medstar
Health
Issue,
Series
2013B
5
.000
08/15/38
1,021,244
1,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A
5
.000
05/15/42
1,023,648
7,625,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A
5
.000
05/15/45
7,767,132
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Series
2020A
4
.000
07/01/48
1,832,245
2,075,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017MD
5
.000
12/01/46
2,109,055
2,500,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2017B
5
.000
07/01/39
2,578,387
3,250,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2020B
4
.000
04/15/45
3,101,104
2,000,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2020B
4
.000
04/15/50
1,858,452
7,000,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015
4
.000
12/01/44
6,924,772
TOTAL
HEALTH
CARE
53,463,303
Portfolio
of
Investments
February
28,
2025
(continued)
Maryland
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
-
12.9%
$
2,000,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Commons
Apartments,
Series
2014A
5
.000
%
06/01/44
$
2,000,857
2,000,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Landing
Project,
Refunding
Series
2021A
1
.600
06/01/29
1,793,088
3,000,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Orchard
Meadows
Apartments,
Series
2024
5
.000
12/01/43
3,145,992
1,655,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
The
Verona
at
Oakland
Mills
Project,
Series
2013
5
.000
10/01/28
1,657,366
1,310,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021A
2
.200
07/01/41
977,393
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021B
2
.100
01/01/41
736,176
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Green
Series
2021C
2
.600
01/01/42
753,509
935,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2000A
2
.600
07/01/40
756,222
1,430,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2014D
4
.000
07/01/45
1,350,032
235,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2017C
3
.550
07/01/42
215,173
1,480,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2018A
3
.950
07/01/43
1,434,147
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2020E
2
.150
07/01/40
762,666
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Green
Series
2024B
4
.600
07/01/49
1,005,575
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Taxable
Series
2019D
3
.200
07/01/44
846,169
1,750,000
Maryland
Community
Development
Administration,
Department
of
Housing
and
Community
Development,
Multifamily
Development
Revenue
Bonds,
Marlborough
Apartments,
Series
2014I
3
.450
12/15/31
1,750,093
1,000,000
Maryland
Community
Development
Administration,
Multifamily
Development
Revenue
Bonds,
Sustainability
Villages
at
Marley
Station
Green
Series
2024D-1
4
.350
02/01/44
997,793
1,000,000
Maryland
Economic
Development
Corporation,
Senior
Revenue
Bonds,
Provident
Group
-
Towson
Place
Properties
LLC
Project,
Series
2024A-1
5
.000
06/01/39
1,031,585
575,000
Maryland
Economic
Development
Corporation,
Senior
Student
Housing
Revenue
Bonds,
Towson
University
Project,
Refunding
Series
2017
5
.000
07/01/32
587,231
1,000,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Morgan
State
University
Project,
Senior
Series
2022
6
.000
07/01/58
1,095,680
200,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Morgan
State
University
Project,
Series
2020
4
.000
07/01/40
192,582
1,150,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Morgan
State
University
Project,
Series
2020
5
.000
07/01/50
1,169,003
500,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Salisbury
University
Project,
Refunding
Series
2013
5
.000
06/01/34
500,137
770,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Sheppard
Pratt
University
Village,
Series
2012
5
.000
07/01/27
769,979
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
255,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland
-
Baltimore
Project,
Refunding
Senior
Lien
Series
2015
5
.000
%
07/01/31
$
255,817
475,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland
-
Baltimore
Project,
Refunding
Senior
Lien
Series
2015
5
.000
07/01/35
476,339
1,140,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
Baltimore
County
Project,
Refunding
Series
2016
-
AGM
Insured
3
.600
07/01/35
1,113,626
2,000,000
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
College
Park
Project,
Leonardtown
Series
2024
-
AGM
Insured
5
.000
07/01/54
2,077,814
1,250,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2014A
3
.650
07/01/34
1,233,358
750,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2021B
2
.250
07/01/41
565,086
1,000,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2021C
2
.200
07/01/36
818,615
TOTAL
HOUSING/MULTIFAMILY
32,069,103
HOUSING/SINGLE
FAMILY
-
3.5%
2,500,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2014C
3
.200
09/01/28
2,496,563
2,500,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019B
3
.200
09/01/39
2,271,625
725,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C
3
.000
03/01/42
608,669
500,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021B
2
.100
09/01/41
364,938
2,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021C
2
.450
09/01/41
1,563,181
1,000,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Social
Series
2024C
4
.500
09/01/44
1,011,476
420,000
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Program
Revenue
Bonds,
Series
2019C,
(AMT)
3
.300
07/01/39
385,321
TOTAL
HOUSING/SINGLE
FAMILY
8,701,773
LONG-TERM
CARE
-
4.7%
1,750,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2020
4
.000
01/01/45
1,617,681
2,000,000
Baltimore
County,
Maryland,
Revenue
Bonds,
Riderwood
Village
Inc
Facility,
Series
2020
4
.000
01/01/50
1,808,275
1,200,000
Gaithersburg,
Maryland,
Economic
Development
Revenue
Bonds,
Asbury
Methodist
Obligated
Group
Project,
Refunding
Series
2018A
5
.000
01/01/33
1,229,870
1,250,000
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2017
5
.000
04/01/44
1,185,093
700,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A
5
.000
01/01/36
712,768
835,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A
5
.000
01/01/45
842,585
575,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/30
586,205
950,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/32
965,873
100,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
5
.000
11/01/37
100,927
Portfolio
of
Investments
February
28,
2025
(continued)
Maryland
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
CARE
(continued)
$
1,500,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
%
11/01/42
$
1,500,896
1,100,000
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
5
.000
11/01/47
1,073,627
TOTAL
LONG-TERM
CARE
11,623,800
TAX
OBLIGATION/GENERAL
-
8.2%
2,630,000
Baltimore
County,
Maryland,
General
Obligation
Bonds,
Metropolitan
District
84th
Issue,
Series
2023
5
.000
03/01/43
2,890,154
1,000,000
Howard
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement
Project,
Series
2020A
4
.000
08/15/39
1,021,224
3,000,000
Maryland
State,
General
Obligation
Bonds,
State
and
Local
Facilities
Loan,
First
Series
2024A
5
.000
06/01/37
3,490,073
1,500,000
Montgomery
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement
Series
2019A
3
.000
11/01/37
1,398,404
5,645,000
Murrieta
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2008
-
AGM
Insured
0
.000
09/01/32
4,405,106
2,000,000
Prince
George's
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement
Series
2024A
5
.000
08/01/39
2,309,215
499,309
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.375
07/01/25
502,096
1,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
1,077,885
2,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
1,418,890
6,220,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B
0
.000
08/15/49
1,853,976
TOTAL
TAX
OBLIGATION/GENERAL
20,367,023
TAX
OBLIGATION/LIMITED
-
18.2%
1,000,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Center/West
Development
Project,
Series
2017A
5
.375
06/01/36
994,591
425,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
4
.000
09/01/27
426,305
1,825,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
4
.500
09/01/33
1,835,052
1,220,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
5
.000
09/01/38
1,232,476
755,000
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2016
5
.000
06/01/36
759,296
1,300,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019A
3
.500
06/01/39
1,179,747
250,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019B
3
.700
06/01/39
225,951
3,150,000
(b)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2022
5
.000
06/01/51
3,170,691
380,000
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019
4
.000
07/01/29
378,140
334,000
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019
5
.000
07/01/36
340,686
74,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Lake
Linganore
Village
Community
Development
Series
2001A
-
RAAI
Insured
5
.700
07/01/29
74,135
1,010,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020A
4
.000
07/01/38
1,011,445
500,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020A
4
.000
07/01/39
500,100
315,000
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020B
4
.000
07/01/40
302,369
55,000
(b)
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020C
4
.000
07/01/50
49,721
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,660,000
(b)
Frederick
County,
Maryland,
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020A
5
.000
%
07/01/43
$
1,679,523
170,000
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
B
Limited
Obligation
Bonds,
Oakdale-Lake
Linganore
Project,
Series
2019
3
.750
07/01/39
155,142
100,000
(b)
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020B
4
.625
07/01/43
98,396
1,015,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/33
1,038,105
500,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/46
505,322
750,000
Howard
County,
Maryland,
Special
Obligation
Bonds,
Annapolis
Junction
Town
Center
Project,
Series
2024
5
.000
02/15/44
790,886
600,000
(b)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
4
.125
02/15/34
589,661
550,000
(b)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
4
.375
02/15/39
538,563
1,285,000
Hyattsville,
Maryland,
Special
Obligation
Bonds,
University
Town
Center
Project,
Series
2016
5
.000
07/01/34
1,270,599
2,000,000
Maryland
Economic
Development
Corporation,
Maryland,
Lease
Revenue
Bonds,
Reservoir
Square
Project,
Series
2024
5
.000
07/01/56
2,066,717
790,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Metro
Centre
Owings
Mills
Project,
Series
2017
4
.500
07/01/44
748,741
3,000,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Port
Covington
Project,
Series
2020
4
.000
09/01/50
2,577,501
965,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2022A
5
.000
06/01/34
1,085,780
3,000,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2024
5
.000
06/01/54
3,193,294
50,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2016
5
.000
05/01/33
50,939
1,000,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
5
.000
05/01/47
1,031,360
1,500,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Taxable
Refunding
Series
2022C
0
.000
05/01/51
430,730
1,500,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Taxable
Refunding
Series
2022C
0
.000
05/01/52
410,603
575,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
610,154
525,000
(b)
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016
5
.000
07/01/46
525,806
322,000
Prince
George's
County,
Maryland,
Special
Tax
District
Bonds,
Victoria
Falls
Project,
Series
2005
5
.250
07/01/35
323,304
55,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
50,530
54,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
46,563
70,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
56,180
78,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
57,779
2,610,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
650,453
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
995,077
4,465,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
4,483,820
Portfolio
of
Investments
February
28,
2025
(continued)
Maryland
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
500,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
%
07/01/40
$
498,751
3,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
2,983
47,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
46,494
1,000,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006
-
FGIC
Insured
5
.000
10/01/28
1,011,058
500,000
(b)
Virgin
Islands
Public
Finance
Authority,
Revenue
Bonds,
Frenchman's
Reef
Hotel
Development
Hotel
Occupancy
Series
2024A
6
.000
04/01/53
522,489
3,250,000
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Green
Series
2021A
4
.000
07/15/46
3,170,456
1,500,000
Washington
Metropolitan
Area
Transit
Authority,
Second
Lien
Dedicated
Revenue
Bonds,
Sustainability-
Climate
Transition,
Series
2024A
5
.250
07/15/59
1,633,697
TOTAL
TAX
OBLIGATION/LIMITED
45,428,161
TRANSPORTATION
-
11.5%
120,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/33
123,412
425,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/34
436,471
1,500,000
Maryland
Department
of
Transportation,
Special
Transportation
Project
Revenue
Bonds,
Baltimore/Washington
International
Thurgood
Marshall
Airport,
Series
2021B,
(AMT)
5
.000
08/01/46
1,548,228
2,000,000
Maryland
Department
of
Transportation,
Special
Transportation
Project
Revenue
Bonds,
Baltimore/Washington
International
Thurgood
Marshall
Airport,
Series
2021B,
(AMT)
4
.000
08/01/51
1,844,352
3,000,000
Maryland
Department
of
Transportation,
Special
Transportation
Project
Revenue
Bonds,
Baltimore/Washington
International
Thurgood
Marshall
Airport,
Series
2024A,
(AMT)
5
.250
08/01/49
3,210,779
3,000,000
Maryland
Department
of
Transportation,
Special
Transportation
Project
Revenue
Bonds,
Baltimore/Washington
International
Thurgood
Marshall
Airport,
Series
2024A,
(AMT)
5
.250
08/01/54
3,191,621
800,000
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Terminal
Project,  Series
2019A,
(AMT)
5
.000
06/01/44
816,284
1,940,000
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A
5
.000
06/01/35
2,012,751
1,500,000
Maryland
Economic
Development
Corporation,
Air
Cargo
Obligated
Group
Revenue
Bonds,
AFCO
Airport
Real
Estate
Group,
Series
2019,
(AMT)
4
.000
07/01/44
1,364,617
1,500,000
Maryland
Economic
Development
Corporation,
Economic
Development
Revenue
Bonds,
Annapolis
Mobility
and
Resilience
Project,
Senior
Series
2022A
5
.250
06/30/53
1,556,348
500,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C
4
.000
06/01/38
459,635
305,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C
4
.000
06/01/58
242,950
1,275,000
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds,
Baltimore
City
Project,
Senior
Parking
Facilities
Revenue
Bonds,
Series
2018A
5
.000
06/01/58
1,293,609
2,915,000
Maryland
Economic
Development
Corporation,
Private
Activity
Revenue
Bonds,
Purple
Line
Light
Rail
Project,
Green
Series
2022B,
(AMT)
5
.250
06/30/52
3,022,812
2,000,000
Maryland
Transportation
Authority,
Passenger
Facility
Charge
Revenue
Bonds,
Baltimore/Washington
Internatonal
Thurgood
Marshall
Airport
Project,
Series
2019,
(AMT)
4
.000
06/01/39
1,998,563
1,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2021A
5
.000
07/01/46
1,065,842
3,000,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2021A
5
.000
07/01/51
3,164,930
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
40,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
%
08/01/26
$
40,048
340,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
340,407
1,260,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
3
.000
01/01/41
1,026,647
TOTAL
TRANSPORTATION
28,760,306
U.S.
GUARANTEED
-
1.3%
(c)
395,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Refunding
Series
1998A
-
FGIC
Insured,
(ETM)
5
.000
07/01/28
408,162
665,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Helix
Health,
Series
1997
-
AMBAC
Insured,
(ETM)
5
.000
07/01/27
680,128
235,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2017,
(Pre-refunded
6/01/26)
5
.000
06/01/42
241,362
1,500,000
Washington
County
County
Commissioners,
Maryland,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019B,
(Pre-refunded
1/01/29)
5
.000
01/01/30
1,616,467
780,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B,
(Pre-refunded
8/15/25)
0
.000
08/15/49
285,588
TOTAL
U.S.
GUARANTEED
3,231,707
UTILITIES
-
5.5%
2,000,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Refunding
Series
2022A
5
.250
07/01/47
2,159,500
1,500,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Series
2019A
5
.000
07/01/49
1,549,802
1,500,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2014A
5
.000
07/01/44
1,505,431
1,000,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A
5
.000
07/01/41
1,024,899
2,150,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
(Mandatory
Put
7/01/33)
4
.750
01/01/35
2,272,185
2,000,000
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Constellation
Energy
Group,
Inc.
Projects,
Adjustable
Mode,
Refunding
Series
2006B,
(Mandatory
Put
4/03/28)
4
.100
10/01/36
2,045,339
1,000,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/30
1,056,672
2,000,000
(b)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,030,908
TOTAL
UTILITIES
13,644,736
TOTAL
MUNICIPAL
BONDS
(Cost
$250,023,230)
247,515,595
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$250,023,230)
247,515,595
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.7%
1,646,917
NET
ASSETS
-
100%
$
249,162,512
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
(a)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$13,770,074
or
5.6%
of
Total
Investments.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
Portfolio
of
Investments
February
28,
2025
(continued)
Maryland
30
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Maryland
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
247,515,595
$
–
$
247,515,595
Total
$
–
$
247,515,595
$
–
$
247,515,595
31
Portfolio
of
Investments
February
28,
2025
New
Mexico
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.3%   
X
68,078,639
MUNICIPAL
BONDS
-
97.3%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
9.1%
$
2,235,000
Los
Ranchos
de
Albuquerque,
New
Mexico,
Educational
Facilities
Revenue
Bonds,
Albuquerque
Acadamy
Project,
Refunding
Series
2020
4
.000
%
09/01/40
$
2,185,910
685,000
New
Mexico
Institute
of
Mining
and
Technology,
Revenue
Bonds,
Series
2019
-
AGM
Insured
4
.000
12/01/37
690,347
535,000
New
Mexico
State
University,
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A
5
.000
04/01/42
546,679
1,000,000
University
of
New
Mexico,
Revenue
Bonds,
System
Improvement
Series
2023
-
AGM
Insured
5
.250
06/01/49
1,086,334
1,700,000
University
of
New
Mexico,
Revenue
Bonds,
System
Improvement
Series
2023
-
AGM
Insured
5
.500
06/01/53
1,866,528
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
6,375,798
HEALTH
CARE
-
11.5%
500,000
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2020A
4
.000
02/01/50
460,536
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
-
BAM
Insured
4
.000
08/01/49
933,405
1,000,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A
4
.000
08/01/36
1,003,279
1,000,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A
4
.000
08/01/46
941,035
1,010,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A
5
.000
08/01/46
1,027,099
240,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A
5
.000
08/01/44
247,615
1,300,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A
4
.000
08/01/48
1,214,539
1,500,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
San
Juan
Regional
Medical
Center,
Refunding
&
Improvement
Series
2020
4
.000
06/01/34
1,480,056
785,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
San
Juan
Regional
Medical
Center,
Refunding
&
Improvement
Series
2020
4
.000
06/01/35
769,097
TOTAL
HEALTH
CARE
8,076,661
HOUSING/SINGLE
FAMILY
-
4.4%
295,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2018C
3
.875
07/01/43
287,347
1,380,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2019C
3
.600
07/01/44
1,245,899
745,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021A
2
.300
07/01/46
513,639
115,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021C
2
.250
07/01/46
76,535
1,235,000
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2022A
2
.550
09/01/42
940,375
TOTAL
HOUSING/SINGLE
FAMILY
3,063,795
LONG-TERM
CARE
-
2.0%
1,365,000
Santa
Fe,
New
Mexico,
Retirement
Facilities
Revenue
Bonds,
EL
Castillo
Retirement
Residences
Project,
Series
2012
5
.000
05/15/42
1,365,266
TOTAL
LONG-TERM
CARE
1,365,266
TAX
OBLIGATION/GENERAL
-
8.0%
1,000,000
Albuquerque
Municipal
School
District
12,
Bernalillo
and
Sandoval
Counties,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2018
5
.000
08/01/36
1,056,030
2,400,000
Central
New
Mexico
Community
College,
Bernalillo
and
Sandoval
Counties,
New
Mexico,
General
Obligation
Bonds,
Limited
Tax
Series
2023
4
.000
08/15/37
2,456,388
1,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
912,598
Portfolio
of
Investments
February
28,
2025
(continued)
New
Mexico
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
515,000
Silver
City
Consolidated
School
District
1,
Grant
County,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2017
4
.000
%
08/01/37
$
516,587
675,000
Silver
Consolidated
School
District
1,
Grant
County,
New
Mexico,
General
Obligation
Bonds,  School
Building
Series
2019
4
.000
08/01/37
688,856
TOTAL
TAX
OBLIGATION/GENERAL
5,630,459
TAX
OBLIGATION/LIMITED
-
33.2%
1,195,000
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015A
5
.000
07/01/37
1,201,882
755,000
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2022B
5
.000
07/01/41
822,811
825,000
Aspire
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2024
5
.300
10/01/53
813,482
765,000
Bernalillo
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Series
1996B
-
NPFG
Insured
5
.700
04/01/27
793,088
415,000
Boulders
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2013
7
.250
10/01/43
415,538
200,000
Boulders
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2015
5
.750
10/01/44
200,279
600,000
Colfax
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015
-
BAM
Insured
4
.000
08/01/35
600,101
500,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
502,939
780,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/46
788,303
1,000,000
Los
Diamantes
Public
Improvement
District,
New
Mexico,
Revenue
Bonds,
Rio
Rancho
Special
Levy
Improvement
Series
2024
-
BAM
Insured
4
.125
10/01/53
957,035
125,000
Los
Lunas,
Valencia
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvment
Series
2016
3
.000
04/01/41
111,257
500,000
Lower
Petroglyphs
Public
Improvements
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2018
5
.000
10/01/38
499,098
230,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
239,306
675,000
McKinley
County,
New
Mexico,
Gross
Receipts
Revenue
Bonds,
Tax
Improvement
Series
2023
-
BAM
Insured
4
.250
06/01/47
660,554
805,000
Mesa
Del
Sol
Public
Improvement
District
1,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2013
7
.000
10/01/33
805,026
1,000,000
Montecito
Estates
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2016
4
.000
10/01/37
1,003,843
3,850,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
1,297,605
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
995,077
700,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
692,464
770,000
Roswell,
New
Mexico,
Gross
Receipts
Tax
Improvement
Revenue
Bonds,
Series
2017
4
.000
08/01/34
782,406
970,000
Saltillo
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2018
-
BAM
Insured
4
.000
10/01/37
979,739
1,015,000
San
Juan
County,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds,
Improvement
Series
2015B
5
.000
06/15/33
1,016,584
1,080,000
Santa
Fe
County,
New
Mexico,
Correctional
System
Gross
Receipts
Tax
Revenue
Bonds,
Series
1997
-
AGM
Insured
6
.000
02/01/27
1,124,214
500,000
Santa
Fe,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds
Improvement
Senior
Lien
Series
2018A
5
.000
06/01/36
530,516
400,000
Santa
Fe,
New
Mexico,
Gross
Receipts
Tax
Revenue
Bonds
Improvement
Senior
Lien
Series
2018A
5
.000
06/01/37
423,746
1,000,000
Ventana
West
Public
Improvement
District,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
4
.000
08/01/33
1,001,220
1,760,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A
-
AGM
Insured
5
.000
10/01/32
1,775,656
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Volterra
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Refunding
Series
2024
-
BAM
Insured
4
.000
%
10/01/43
$
974,842
5,000
(a)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Senior
Lien
Series
2022
3
.750
05/01/28
4,982
500,000
(a)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Senior
Lien
Series
2022
4
.000
05/01/33
487,154
760,000
(a)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020
8
.000
05/01/40
742,163
TOTAL
TAX
OBLIGATION/LIMITED
23,242,910
TRANSPORTATION
-
2.0%
1,500,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
4
.000
10/01/49
1,399,393
TOTAL
TRANSPORTATION
1,399,393
U.S.
GUARANTEED
-
3.7%
(b)
1,000,000
Clayton,
New
Mexico,
Jail
Project
Revenue
Bonds,
Refunding
&
Improvement
Series
2015,
(Pre-refunded
11/01/25)
5
.000
11/01/29
1,014,548
1,550,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2015A,
(Pre-
refunded
8/01/25)
5
.000
08/01/44
1,562,916
TOTAL
U.S.
GUARANTEED
2,577,464
UTILITIES
-
23.4%
1,000,000
Albuquerque
Benralillo
County
Water
Utility
Authority,
New
Mexico,
Joint
Water
and
Sewer
System
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2017
5
.000
07/01/32
1,047,042
1,970,000
Albuquerque,
New
Mexico,
Refuse
Removal
and
Disposal
Revenue
Bonds,
Series
2020
4
.000
07/01/43
1,950,466
750,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/37
769,754
1,015,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
07/01/36
1,031,443
500,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2022A
5
.000
10/01/44
520,041
550,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2024A
5
.000
10/01/35
613,405
450,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2018D
5
.000
06/01/37
475,039
975,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2020B
3
.000
06/01/40
873,012
1,000,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2022C
5
.000
06/01/42
1,086,904
1,305,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2023A-1
5
.000
06/01/41
1,444,313
1,000,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2023B
5
.250
06/01/48
1,093,397
1,000,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Senior
Lien
Series
2025A-1
5
.000
06/01/49
1,074,788
715,000
New
Mexico
Finance
Authority,
Public
Project
Revolving
Fund
Revenue
Bonds,
Subordinate
Lien
Series
2024A
5
.000
06/15/44
780,007
800,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/33
850,916
705,000
Roswell,
New
Mexico,
Joint
Water
and
Sewerage
Revenue
Bonds,
Improvement
Series
2017
-
BAM
Insured
5
.000
06/01/37
721,209
500,000
Santa
Fe,
New
Mexico,
Net
Wastewater
Utility
System
Environmental
Services
Gross
Receipts
Tax
Improvement
Revenue
Bonds,
Climate
Certified
Green
Series
2019
4
.000
06/01/37
508,543
Portfolio
of
Investments
February
28,
2025
(continued)
New
Mexico
34
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,500,000
Santa
Fe,
New
Mexico,
Water
Utility
System
Revenue
Bonds,
Refunding
Series
2016
4
.000
%
06/01/39
$
1,506,614
TOTAL
UTILITIES
16,346,893
TOTAL
MUNICIPAL
BONDS
(Cost
$69,230,389)
68,078,639
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$69,230,389)
68,078,639
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.7%
1,857,950
NET
ASSETS
-
100%
$
69,936,589
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$2,085,215
or
3.1%
of
Total
Investments.
(b)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
New
Mexico
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
68,078,639
$
–
$
68,078,639
Total
$
–
$
68,078,639
$
–
$
68,078,639
35
Portfolio
of
Investments
February
28,
2025
Pennsylvania
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
94.8%   
X
338,091,183
MUNICIPAL
BONDS
-
94.7%  
X
–
CONSUMER
STAPLES
-
0.4%
$
1,345,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
&
Gamble
Paper
Project,
Series
2001,
(AMT)
5
.375
%
03/01/31
$
1,496,503
TOTAL
CONSUMER
STAPLES
1,496,503
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
13.0%
730,000
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2016
5
.000
10/15/34
725,030
480,000
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017
5
.000
10/15/37
464,293
1,300,000
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
University
Revenue
Bonds,
Duquesne
University,
Series
2024
5
.000
03/01/42
1,404,198
2,000,000
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
George
School
Project,
Series
2019
3
.000
09/15/49
1,602,703
1,205,000
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016
5
.125
03/15/36
1,219,992
305,000
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A
5
.000
12/15/47
301,971
785,000
Crawford
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
Allegheny
College,
Series
2016
3
.000
05/01/34
696,529
220,000
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014
5
.000
05/01/37
217,777
2,715,000
Delaware
County
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University,
Series
2015
5
.000
08/01/45
2,728,811
1,430,000
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016
4
.000
05/01/46
1,203,496
290,000
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2
3
.125
05/01/34
261,832
210,000
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2
3
.250
05/01/36
186,932
355,000
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2
3
.500
05/01/41
296,855
1,095,000
Lackawanna
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2017
4
.000
11/01/40
1,041,077
995,000
Lehigh
County,
Pennsylvania,
Revenue
Bonds,
Lehigh
Valley
Dual
Language
Charter
School,
General
Purpose
Authority,
Series
2023
7
.000
06/01/53
1,085,023
1,920,000
Lycoming
County
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania
College
of
Technology,
Series
2016
3
.000
10/01/37
1,730,426
1,250,000
McCandless
IDA,
Pennsylvania,
University
Revenue
Bonds
Series
A
and
B
of
2022
La
Roche
University
6
.750
12/01/46
1,211,704
1,000,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Germantown
Academy
Project,
Series
2021A
4
.000
10/01/41
899,910
1,000,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024
4
.000
08/01/54
967,044
2,390,000
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2020A,
(AMT)
2
.450
06/01/41
2,076,934
1,160,000
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2021A,
(AMT)
2
.625
06/01/42
1,051,207
495,000
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2023A,
(AMT)
4
.000
06/01/44
481,145
630,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
AICUP
Financing
Program-Mount
Aloysius
College,
Series
2016-004
2
.625
11/01/31
556,343
690,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
AICUP
Financing
Program-Mount
Aloysius
College,
Series
2016-004
3
.000
11/01/42
505,372
Portfolio
of
Investments
February
28,
2025
(continued)
Pennsylvania
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
250,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
AICUP
Financing
Program-Mount
Aloysius
College,
Series
2016-004
5
.000
%
11/01/46
$
241,390
815,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Bryn
Mawr
College,
Refunding
Series
2014
5
.000
12/01/38
815,155
670,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Bryn
Mawr
College,
Refunding
Series
2014
5
.000
12/01/44
670,132
450,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Drexel
University,
Refunding
Series
2016
4
.000
05/01/36
440,721
300,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012
4
.000
05/01/32
251,717
1,240,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012
5
.000
05/01/42
966,604
70,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Trustees,
Series
2025A
5
.000
02/15/55
75,228
240,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012
4
.000
11/01/39
214,512
1,200,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012
5
.000
11/01/42
1,182,555
1,405,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2015A
5
.000
11/01/36
1,417,963
2,350,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2021A
4
.000
07/15/51
1,928,185
1,000,000
Pennsylvania
State
University,
Revenue
Bonds,
Series
2023
5
.250
09/01/48
1,100,440
4,000,000
Pennsylvania
State
University,
Revenue
Bonds,
Series
2024
5
.000
09/01/49
4,322,453
1,010,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017
5
.000
05/01/37
839,763
1,520,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Joseph's
University
Project,
Refunding
Series
2020A
4
.000
11/01/45
1,397,713
2,000,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Joseph's
University
Project,
Series
2022
5
.500
11/01/60
2,167,462
852,581
(a),(b)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017
5
.000
03/15/45
511,548
835,000
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2016
5
.000
11/01/37
850,525
1,895,000
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016
5
.000
06/01/46
1,677,796
1,590,000
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5
3
.375
11/01/36
1,417,335
665,000
Wilkes-Barre
Finance
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2015A
5
.000
11/01/32
673,456
260,000
Wilkes-Barre
Finance
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2015A
5
.000
11/01/33
263,083
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
46,342,340
HEALTH
CARE
-
17.6%
5,415,000
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A
4
.000
04/01/44
5,212,518
465,000
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A
4
.000
04/01/44
438,289
403,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6
.000
06/30/34
438,301
4,409,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
4,404,222
2,702,000
(c)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0
.000
06/30/44
2,004,624
847,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8
.000
06/30/34
870,324
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
5,215,000
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2021
-
BAM
Insured
3
.000
%
08/15/53
$
4,026,912
2,400,000
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A
5
.000
07/01/39
2,272,399
1,130,000
Central
Bradford
Progress
Authority,
Pennsylvania,
Revenue
Bonds,
Guthrie
Health,
Series
2021B
4
.000
12/01/51
1,027,969
1,000,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A
4
.000
10/01/37
1,006,869
1,000,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A
4
.000
10/01/47
945,683
1,000,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2019
4
.000
11/01/49
910,430
965,000
Dauphin
County
General
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Pinnacle
Health
System
Project,
Refunding
Series
2016A
3
.000
06/01/33
919,146
1,370,000
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A
5
.000
07/01/49
1,384,234
300,000
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018
5
.000
07/15/48
286,306
1,000,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2014A
5
.000
06/01/41
1,001,718
2,625,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-1
5
.000
02/15/45
2,669,858
1,000,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021
5
.000
11/01/38
1,057,273
1,000,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021
5
.000
11/01/51
1,020,357
1,730,000
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B
5
.000
08/15/46
1,750,822
1,195,000
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A
5
.000
08/15/42
1,213,272
415,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016
3
.000
11/01/36
360,562
3,435,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016
4
.000
11/01/46
3,057,622
1,950,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Series
2021A
4
.000
11/01/41
1,864,573
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
4
.000
09/01/38
997,212
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/48
1,018,354
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019
-
BAM
Insured
4
.000
09/01/44
951,979
625,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019
4
.000
09/01/49
569,263
2,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
-
AGM
Insured
4
.000
05/01/56
1,846,052
1,600,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
4
.000
05/01/56
1,437,122
1,000,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
5
.000
05/01/57
1,025,383
2,500,000
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2024A-1
-
AGM
Insured
5
.000
08/15/49
2,635,153
Portfolio
of
Investments
February
28,
2025
(continued)
Pennsylvania
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,750,000
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2020A
4
.000
%
04/15/50
$
2,555,371
1,000,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-1
4
.250
11/01/51
968,997
1,575,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019
4
.000
08/15/49
1,469,855
2,000,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Hospital
Revenue
Bonds,
The
Children's
Hospital
of
Philadelphia,
Series
2024A
5
.250
07/01/49
2,173,050
555,000
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Temple
University
Health
System
Obligated
Group,
Series
of
2017
5
.000
07/01/30
568,515
895,000
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B
5
.000
07/01/45
903,813
1,205,000
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Refunding
Series
2023A
5
.000
06/01/34
1,376,307
1,500,000
Union
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Evangelical
Community
Hospital
Project,
Series
2018B
5
.000
08/01/48
1,522,507
700,000
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A
4
.000
07/01/37
671,538
TOTAL
HEALTH
CARE
62,834,754
HOUSING/MULTIFAMILY
-
0.5%
650,000
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A
5
.000
07/01/45
650,037
1,000,000
(b)
Erie
County,
Industrial
Development
Authority,
Pennsylvania,
Essential
Housing
Revenue
Bonds,
Senior-CFC-Erie
I
LLC
Erie
Apartments,
Series
2024A
6
.750
09/01/61
1,006,787
100,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
Properties
Inc.
Student
Housing
Project
at
East
Stroudsburg
University
of
Pennsylvania,
Series
2016A
5
.000
07/01/35
96,985
166,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Multifamily
Housing
Revenue
Bonds,
Presbyterian
Homes
Germantown
-
Morrisville
Project,
Series
2005A
5
.625
07/01/35
169,314
TOTAL
HOUSING/MULTIFAMILY
1,923,123
HOUSING/SINGLE
FAMILY
-
13.0%
3,600,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120
3
.200
04/01/40
3,254,662
5,820,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121
3
.200
10/01/41
5,072,181
1,520,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B
3
.450
10/01/32
1,520,860
3,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-124B
3
.500
10/01/37
2,943,184
180,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B
3
.700
10/01/47
157,703
5,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129
3
.150
10/01/39
4,496,048
4,025,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A
3
.000
10/01/46
3,173,419
1,405,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133
2
.350
10/01/40
1,109,043
5,255,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133
2
.500
10/01/45
3,869,435
1,250,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021-136
2
.550
10/01/51
831,246
5,320,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-134A
1
.850
04/01/36
4,152,167
3,145,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-134A
2
.050
04/01/41
2,245,316
1,930,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-134A
2
.100
10/01/43
1,322,777
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE
FAMILY
(continued)
$
3,040,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A
2
.250
%
10/01/41
$
2,284,010
3,435,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A
2
.375
10/01/46
2,389,968
3,925,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A
2
.500
10/01/50
2,539,345
2,250,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-137
2
.600
04/01/46
1,664,999
1,665,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-138A
3
.000
04/01/42
1,382,743
2,000,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2023-142A
4
.900
10/01/46
2,033,458
135,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A
4
.600
10/01/49
135,139
TOTAL
HOUSING/SINGLE
FAMILY
46,577,703
INDUSTRIALS
-
1.6%
250,000
(a),(b),(d)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1
10
.000
12/01/40
25
250,000
(a),(b),(d)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
(AMT)
10
.000
12/01/40
25
2,525,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
(AMT)
5
.500
11/01/44
2,528,305
3,000,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Project,
Series
2011,
(AMT),
(Mandatory
Put
7/01/27)
4
.250
07/01/41
3,025,474
TOTAL
INDUSTRIALS
5,553,829
LONG-TERM
CARE
-
9.7%
1,035,000
Adams
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
The
Brethren
Home
Community
Project,
Series
2024A
5
.000
06/01/54
1,053,506
1,000,000
Adams
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
The
Brethren
Home
Community
Project,
Series
2024A
5
.000
06/01/59
1,014,041
1,510,000
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A
5
.000
05/15/42
1,522,064
90,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2015A
5
.000
12/01/35
80,600
860,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019
5
.000
12/01/51
665,989
3,440,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2021A
4
.000
12/01/44
2,401,517
3,490,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group,  Refunding
Series
2019
5
.000
01/01/45
3,360,855
500,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
4
.000
01/01/33
493,454
760,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
5
.000
01/01/38
760,336
355,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
5
.000
01/01/28
357,410
1,000,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
5
.000
01/01/29
1,006,755
910,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
5
.000
01/01/30
916,111
135,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
3
.250
01/01/36
123,562
1,430,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016
3
.250
01/01/39
1,263,960
Portfolio
of
Investments
February
28,
2025
(continued)
Pennsylvania
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
CARE
(continued)
$
285,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A
4
.125
%
01/01/38
$
279,072
105,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A
5
.000
01/01/39
107,273
635,000
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Willow
Valley
Communities
Project,
Refunding
Series
2016
5
.000
12/01/39
638,467
340,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015
5
.000
11/01/35
340,015
610,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020
5
.000
03/01/45
542,073
245,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020
5
.000
03/01/50
210,042
1,000,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2015A
5
.000
07/01/45
1,001,349
910,000
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2021
4
.000
07/01/51
809,674
1,400,000
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2021
4
.000
07/01/56
1,211,450
2,000,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds
Meadowood
Senior
Living
Project
Series
2018A
5
.000
12/01/48
2,008,893
2,750,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2016
5
.000
11/15/36
2,797,438
500,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2023A
5
.250
11/15/53
519,183
1,100,000
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019
5
.000
11/01/49
998,335
1,800,000
Pennsylvania
Economic
Development
Finance
Authority
Revenue
Bonds
Presbyterian
Senior
Living
Project,
Series
2021
4
.000
07/01/41
1,728,243
500,000
Pennsylvania
Economic
Development
Finance
Authority
Revenue
Bonds
Presbyterian
Senior
Living
Project,
Series
2021
4
.000
07/01/46
459,455
1,000,000
Pennsylvania
Economic
Development
Finance
Authority,
Revenue
Bonds,
Presbyterian
Senior
Living
Project,
Series
2023B-2
5
.000
07/01/42
1,048,054
2,655,000
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Retirement
Community
Revenue
Bonds,
Redstone
Presbyterian
SeniorCare
Obligated
Group,
Refunding
Bonds,
Series
2021
4
.000
05/15/41
2,292,345
3,345,000
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Retirement
Community
Revenue
Bonds,
Redstone
Presbyterian
SeniorCare
Obligated
Group,
Refunding
Bonds,
Series
2021
4
.000
05/15/47
2,679,388
TOTAL
LONG-TERM
CARE
34,690,909
TAX
OBLIGATION/GENERAL
-
14.9%
2,040,000
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018C-77
5
.000
11/01/43
2,120,921
1,080,000
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024C-80
5
.000
12/01/41
1,189,670
1,355,000
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024C-80
5
.000
12/01/42
1,482,714
2,795,000
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024C-80
5
.000
12/01/49
2,967,050
495,000
Allentown
City
School
District,
Lehigh
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2019C
-
BAM
Insured
4
.000
02/01/36
501,277
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,000,000
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2024
5
.000
%
08/01/42
$
1,107,058
1,500,000
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2024
5
.000
08/01/43
1,651,743
3,125,000
Chichester
School
District,
Delaware
County,
Pennsylvania,
General
Obligation
Bonds,
Series
1999
-
FGIC
Insured
0
.000
03/01/26
3,021,765
4,000,000
Coatesville
Area
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020A
-
BAM
Insured
0
.000
10/01/35
2,570,248
1,950,000
Coatesville
Area
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020A
-
BAM
Insured
0
.000
10/01/37
1,138,731
735,000
Delaware
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024
5
.000
08/01/46
787,179
855,000
Fayette
County,
Pennsylvania,
General
Obligation
Bonds,
Notes
Series
2021A
-
AGM
Insured
2
.000
11/15/43
554,140
1,635,000
Girard
School
District,
Erie
County,
Pennsylvania,
General
Obligation
Bonds,
Series
1999B
-
FGIC
Insured
0
.000
11/15/28
1,427,372
1,250,000
Hatboro-Horsham
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023A
5
.250
09/15/51
1,336,040
900,000
Haverford
Township
School
District,
Delaware
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2025
5
.000
03/15/43
964,357
1,000,000
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024
5
.000
11/01/36
1,111,732
1,000,000
Lancaster,
Pennsylvania,
General
Obligation
Bonds,
Series
2016
-
AGM
Insured
5
.000
11/01/27
1,022,486
1,000,000
Littlestown
Area
School
District,
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023A
-
BAM
Insured
5
.000
10/01/50
1,048,052
1,500,000
Middletown
Area
School
District,
Dauphin
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023
-
BAM
Insured
5
.000
03/01/38
1,556,359
3,180,000
Pennsylvania
State,
General
Obligation
Bonds,
First
Series
2023
5
.000
09/01/35
3,663,312
10,000,000
Pennsylvania
State,
General
Obligation
Bonds,
First
Series
2023
4
.000
09/01/40
10,184,043
1,500,000
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Green
Series
2023B
5
.000
09/01/48
1,599,054
2,785,000
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2007A
-
NPFG
Insured
5
.000
06/01/34
3,156,081
2,000,000
State
College
Area
School
District,
Centre
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2015
5
.000
03/15/40
2,002,011
40,000
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A
5
.000
11/15/28
40,019
1,365,000
Upper
Saint
Clair
Township
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018
5
.000
10/01/41
1,369,387
1,600,000
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2024
4
.000
09/01/35
1,628,112
1,010,000
West
Allegheny
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021B
2
.000
09/01/26
987,786
900,000
West
Mifflin
Area
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2019
-
BAM
Insured
3
.000
04/01/34
854,051
TOTAL
TAX
OBLIGATION/GENERAL
53,042,750
TAX
OBLIGATION/LIMITED
-
4.5%
105,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021
6
.000
05/01/42
110,684
100,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2018
5
.000
05/01/33
102,051
960,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Subordinate
Series
2022
5
.250
05/01/42
969,178
505,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017
5
.000
05/01/42
505,808
Portfolio
of
Investments
February
28,
2025
(continued)
Pennsylvania
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023
6
.250
%
05/01/42
$
1,010,848
250,000
(b)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Waterfront-30
E
Allen
Street
Project,
Senior
Series
2024A
5
.250
05/01/42
254,755
100,000
(b)
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Bonds,
Woodlands
at
Greystone
Project,
Series
2018
5
.000
03/01/38
100,104
4,655,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
-
AGM
Insured
4
.000
06/01/39
4,669,368
474,000
(b)
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014
6
.875
07/01/33
473,971
1,500,000
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A
4
.750
12/01/37
1,534,762
1,000,000
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A
4
.900
12/01/44
1,016,608
1,500,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
12/01/51
1,445,794
1,000,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Series
2018A
5
.250
12/01/44
1,049,221
1,012,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
1,007,018
1,074,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,078,527
355,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
351,178
530,000
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018
5
.000
07/01/35
531,724
TOTAL
TAX
OBLIGATION/LIMITED
16,211,599
TRANSPORTATION
-
8.1%
3,175,000
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
(AMT)
5
.000
01/01/51
3,229,860
3,530,000
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
(AMT)
5
.000
01/01/56
3,582,480
1,955,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
4
.000
07/01/35
1,959,018
1,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
1,015,563
1,960,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A
5
.000
01/01/38
2,087,697
2,115,000
Pennsylvania
Economic
Development
Financing
Authority,
Private
Activity
Revenue
Bonds,
Pennsylvania
Rapid
Bridge
Replacement
Project,
Series
2015,
(AMT)
5
.000
12/31/38
2,142,402
4,375,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E
6
.375
12/01/38
4,711,390
665,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A
4
.250
12/01/44
675,185
3,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A
5
.000
12/01/48
3,244,162
1,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2024A
5
.000
12/01/42
1,106,224
1,500,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2024C
5
.000
12/01/49
1,606,033
2,180,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C
-
AGM
Insured
6
.250
06/01/33
2,263,096
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,250,000
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2020C,
(AMT)
4
.000
%
07/01/50
$
1,158,731
TOTAL
TRANSPORTATION
28,781,841
U.S.
GUARANTEED
-
1.4%
(e)
625,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016,
(Pre-refunded
1/01/26)
3
.250
01/01/39
625,888
70,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A,
(Pre-refunded
1/01/29)
5
.000
01/01/39
74,910
570,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A,
(Pre-refunded
1/01/29)
5
.000
01/01/39
609,981
155,000
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A,
(Pre-refunded
7/01/29)
5
.000
07/01/49
167,119
835,000
Monroe
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Pocono
Medical
Center,
Series
2016,
(Pre-
refunded
7/01/26)
5
.000
07/01/41
860,232
50,000
(a),(b)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017,
(Pre-refunded
3/15/28)
5
.000
03/15/45
53,305
2,445,000
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
(Pre-
refunded
1/01/27)
5
.000
07/01/45
2,544,593
TOTAL
U.S.
GUARANTEED
4,936,028
UTILITIES
-
10.0%
1,840,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2015
5
.000
12/01/40
1,860,319
1,365,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2015
5
.000
12/01/45
1,377,562
2,170,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2018
5
.000
06/01/43
2,250,718
935,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2022
5
.000
06/01/53
986,783
1,000,000
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2024
5
.000
12/01/42
1,092,134
50,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
(Mandatory
Put
7/01/33)
4
.750
01/01/35
52,842
1,000,000
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Sewer
System
Revenue
Bonds,
Series
2022A
-
AGM
Insured
5
.250
12/01/47
1,088,643
605,000
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Water
System
Revenue
Bonds,
Series
2021
-
AGM
Insured
2
.250
12/01/44
405,173
1,250,000
Clairton
Municipal
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2024B
4
.375
12/01/42
1,253,482
430,000
Delaware
County
Regional
Water
Quality
Control
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2015
5
.000
05/01/40
430,988
1,000,000
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2024
-
BAM
Insured
4
.000
12/01/46
981,688
1,325,000
Luzerne
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania-American
Water
Company
Project,
Refunding
Series
2019,
(AMT),
(Mandatory
Put
12/03/29)
2
.450
12/01/39
1,204,721
1,765,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019A,
(AMT)
3
.000
10/01/36
1,626,602
3,635,000
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019B,
(AMT)
3
.100
11/01/38
3,287,672
10,450,000
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
Pennsylvania-American
Water
Company,
Refunding
Series
2019
3
.000
04/01/39
9,218,206
1,000,000
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017
5
.000
08/01/37
1,038,786
Portfolio
of
Investments
February
28,
2025
(continued)
Pennsylvania
44
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,500,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2019B
5
.000
%
11/01/54
$
1,554,698
1,000,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2022C
5
.000
06/01/38
1,110,623
1,510,000
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2023A
-
AGM
Insured
5
.000
09/01/42
1,652,951
1,000,000
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2023A
-
AGM
Insured
4
.250
09/01/53
971,101
1,280,000
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2025A
5
.250
09/01/50
1,413,493
1,000,000
Upper
Allegheny
Joint
Sanitary
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2019A
-
AGM
Insured
3
.000
09/01/44
840,619
TOTAL
UTILITIES
35,699,804
TOTAL
MUNICIPAL
BONDS
(Cost
$357,174,781)
338,091,183
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
X
311,111
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.1%  
X
–
CAPITAL
GOODS
-
0
.0
%
$
64,338
(a),(d)
KDC
Agribusiness
Fairless
Hills
LLC
12
.000
09/17/25
$
6
TOTAL
CAPITAL
GOODS
6
CONSUMER
SERVICES
-
0
.1
%
174,336
(a),(d),(f)
University
of
the
Arts,
Term
Loan
(3M
SOFR+
9.500%)
12
.380
12/16/25
174,336
18,220
(a),(d),(f)
University
of
the
Arts,
Term
Loan
(3M
SOFR+
9.500%)
14
.340
08/16/25
18,220
66,248
(a),(d),(f)
University
of
the
Arts,
Term
Loan
(3M
SOFR+
9.500%)
14
.340
08/16/25
66,248
52,301
(a),(d),(f)
University
of
the
Arts,
Term
Loan
(3M
SOFR+
9.500%)
14
.340
04/30/25
52,301
TOTAL
CONSUMER
SERVICES
311,105
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$351,064)
311,111
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$357,525,845)
338,402,294
OTHER
ASSETS
&
LIABILITIES,
NET
-
5.2%
18,435,615
NET
ASSETS
-
100%
$
356,837,909
AMT
Alternative
Minimum
Tax
(a)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$5,099,089
or
1.5%
of
Total
Investments.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(f)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
45
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Pennsylvania
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
338,091,133
$
50
$
338,091,183
Variable
Rate
Senior
Loan
Interests
–
–
311,111
311,111
Total
$
–
$
338,091,133
$
311,161
$
338,402,294
46
Portfolio
of
Investments
February
28,
2025
Virginia
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.7%   
X
522,362,064
MUNICIPAL
BONDS
-
98.7%  
X
–
CONSUMER
STAPLES
-
2.6%
$
235,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.250
%
06/01/32
$
232,543
600,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.625
06/01/47
585,082
7,655,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1
5
.000
06/01/47
7,556,791
5,555,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007B2
5
.200
06/01/46
5,554,933
TOTAL
CONSUMER
STAPLES
13,929,349
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
8.0%
1,685,000
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Series
2017
4
.000
01/01/40
1,676,863
1,480,000
Farmville
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Convocation
Center
Project,
Series
2021
-
AGM
Insured,
(Mandatory
Put
7/01/43)
5
.375
07/01/53
1,560,679
1,455,000
Industrial
Development
Authority
of
the
City
of
Lexington,
Virginia,
Washington
and
Lee
University,
Educational
Facility
Revenue
Bonds,
Refunding
Series
2018A
5
.000
01/01/48
1,497,118
1,500,000
Loudoun
County
Industrial
Development
Authority,
Virginia,
Multi-Modal
Revenue
Bonds,
Howard
Hughes
Medical
Institute,
Series
2022A
4
.000
10/01/52
1,472,263
2,000,000
Madison
County
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Woodberry
Forest
School,
Series
2021
3
.000
10/01/50
1,582,385
500,000
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2017A
4
.000
06/01/37
505,680
750,000
Roanoke
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Lynchburg
College,
Series
2018A
5
.000
09/01/43
745,799
2,500,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Green
Series
2015A-2
5
.000
04/01/45
2,502,831
9,355,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A
5
.000
04/01/39
9,699,047
5,000,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A
5
.000
04/01/47
5,129,958
5,000,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017B
5
.000
04/01/46
5,138,588
1,790,000
Virginia
College
Building
Authority
Educational
Facility,
Revenue
Bonds,
University
of
Richmond
Refunding
Series
2024
5
.000
03/01/49
1,937,821
1,000,000
(a)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B
5
.000
07/01/45
811,686
3,000,000
(a)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A
5
.000
07/01/35
2,709,025
4,465,000
(a)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A
5
.000
07/01/45
3,624,177
1,575,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Washington
and
Lee
University,
Series
1998
-
NPFG
Insured
5
.250
01/01/31
1,719,329
175,000
Virginia
Commonwealth
University,
General
Pledge
Revenue
Bonds,
Refunding
Series
2018A
5
.000
11/01/38
185,295
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
42,498,544
47
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
-
17.6%
$
1,200,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
5
.000
%
07/01/31
$
1,324,400
1,050,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
5
.000
07/01/32
1,154,445
325,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
5
.000
07/01/37
349,356
1,195,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/38
1,205,798
1,075,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020
4
.000
07/01/45
1,033,029
1,465,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2023A,
(Mandatory
Put
7/01/31)
5
.000
07/01/53
1,587,726
1,000,000
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019
4
.000
07/01/39
990,780
1,920,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
1,805,846
3,000,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Refunding
Series
2022
4
.000
05/15/44
2,953,997
4,000,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A
4
.000
05/15/48
3,848,069
3,000,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2024
5
.000
05/15/51
3,246,431
3,000,000
Front
Royal
and
Warren
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2018
4
.000
01/01/50
2,829,037
3,500,000
(a)
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2015A
5
.330
07/01/45
3,465,356
5,000,000
(a)
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2017A
5
.000
07/01/46
4,891,897
1,000,000
Isle
Economic
Development
Authority,
Wight
County,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System
Series
2023
-
AGM
Insured
5
.250
07/01/43
1,116,430
2,000,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
01/01/47
2,019,176
4,050,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021
4
.000
01/01/47
3,854,359
3,000,000
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021
-
BAM
Insured
3
.000
01/01/51
2,289,785
5,250,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A
5
.000
07/01/47
5,867,846
6,000,000
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A
4
.000
07/01/51
5,796,966
1,000,000
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016
5
.000
06/15/32
1,021,891
1,440,000
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016
5
.000
06/15/35
1,468,248
1,600,000
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016
5
.000
06/15/36
1,630,131
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
48
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
1,360,000
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016
4
.000
%
06/15/37
$
1,341,293
6,500,000
Virginia
Commonwealth
University
Health
System
Authority,
General
Revenue
Bonds,
Series
2017B
5
.000
07/01/46
6,611,842
8,500,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2020A
4
.000
12/01/49
7,975,966
5,000,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2022A
5
.000
10/01/41
5,427,478
1,415,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2022A
5
.000
10/01/42
1,526,977
4,000,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020
4
.000
11/01/38
4,053,555
1,150,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020
4
.000
11/01/39
1,159,555
1,250,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/32
1,267,040
1,230,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/34
1,245,550
5,000,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
4
.000
01/01/37
4,998,049
1,215,000
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015
5
.000
01/01/44
1,220,176
500,000
Winchester
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Valley
Health
System
Obligated
Group
Series
2024A
5
.000
01/01/42
546,800
TOTAL
HEALTH
CARE
93,125,280
HOUSING/MULTIFAMILY
-
5.9%
2,000,000
Fairfax
County
Redevelopment
and
Housing
Authority,
Virginia,
Multifamily
Housing
Revenue
Bonds,
Dominion
Square
North
Project,
Series
2023,
(Mandatory
Put
1/01/28)
5
.000
01/01/45
2,081,079
1,110,000
(a)
Richmond
Redevelopment
and
Housing
Authority,
Virginia,
Multi-
Family
Housing
Revenue
Bonds,
American
Tobacco
Apartments,
Series
2017
5
.550
01/01/37
1,094,293
1,510,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A
3
.500
03/01/35
1,504,639
1,790,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A
3
.625
03/01/39
1,710,386
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015C
4
.000
08/01/45
967,177
2,585,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015E
3
.750
12/01/40
2,513,262
1,500,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2016B
3
.350
05/01/36
1,467,813
1,710,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2017A
3
.875
03/01/47
1,579,255
3,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2019A
3
.600
09/01/39
2,829,317
1,250,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020E
2
.300
07/01/40
980,230
1,745,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020G
2
.200
09/01/40
1,340,823
2,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2021B
2
.400
03/01/46
1,418,577
2,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2021K
2
.375
12/01/41
1,537,044
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2022F
5
.000
10/01/52
1,012,339
1,895,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2023E
5
.250
10/01/63
1,953,513
49
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024A
4
.450
%
09/01/44
$
1,009,258
2,000,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2024D
4
.500
08/01/54
2,000,494
2,750,000
Williamsburg
Economic
Development
Authority,
Virginia,
Student
Housing
Revenue
Bonds,
Provident
Group
-
Williamsburg
Properties
LLC
-
William
and
Mary
Project
Series
2023A
-
AGM
Insured
5
.250
07/01/53
2,957,361
1,500,000
Williamsburg
Economic
Development
Authority,
Virginia,
Student
Housing
Revenue
Bonds,
Provident
Group
-
Williamsburg
Properties
LLC
-
William
and
Mary
Project
Series
2023A
-
AGM
Insured
4
.375
07/01/63
1,483,658
TOTAL
HOUSING/MULTIFAMILY
31,440,518
HOUSING/SINGLE
FAMILY
-
0.9%
1,000,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-4
4
.450
07/01/45
1,008,717
1,650,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-I
4
.600
10/01/54
1,662,476
850,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-II
4
.400
10/01/44
857,321
1,150,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2024D
4
.500
07/01/45
1,161,129
TOTAL
HOUSING/SINGLE
FAMILY
4,689,643
INDUSTRIALS
-
0.4%
2,050,000
Amelia
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc.,
Series
2002,
(AMT)
1
.450
04/01/27
1,937,288
TOTAL
INDUSTRIALS
1,937,288
LONG-TERM
CARE
-
4.7%
2,800,000
Albemarle
County,
Virginia,
Residential
Care
Facility
Revenue
Bonds
Westminster-Canterbury
of
the
Blue
Ridge
Refunding
Series
2022A
4
.000
06/01/49
2,666,305
1,650,000
Henrico
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
of
Richmond,
Refunding
Series
2020
4
.000
10/01/31
1,691,282
1,000,000
Henrico
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
of
Richmond,
Refunding
Series
2020
4
.000
10/01/50
908,202
1,000,000
Henrico
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
of
Richmond,
Series
2022A
5
.000
10/01/52
1,026,769
1,000,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Refunding
Series
2021A
4
.000
12/01/50
856,516
250,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
12/01/58
276,796
620,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
WindsorMeade,
Series
2021A
4
.000
06/01/41
555,619
1,615,000
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2022.
Forward
Delivery
4
.000
01/01/42
1,558,657
1,000,000
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2022.
Forward
Delivery
4
.000
01/01/48
917,437
880,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A
5
.000
01/01/49
820,195
3,950,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A
5
.250
01/01/54
3,763,448
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
CARE
(continued)
$
1,000,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Revenue
Bonds,
Fort
Norfolk
Retirement
Community,
Inc.
-
Harbor's
Edge
Project,
Refunding
Series
2014
5
.000
%
01/01/46
$
948,836
1,000,000
Prince
William
County
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
at
Lake
Ridge,
Refunding
Series
2016
5
.000
01/01/37
1,001,224
1,500,000
Prince
William
County
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
at
Lake
Ridge,
Refunding
Series
2016
5
.000
01/01/46
1,454,221
2,110,000
Suffolk
Economic
Development
Authority,
Virginia,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Lake
Prince
Center,
Inc./
United
Church
Homes
and
Services
Obligated
Group,
Refunding
Series
2016
5
.000
09/01/26
2,122,792
500,000
Suffolk
Economic
Development
Authority,
Virginia,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Lake
Prince
Center,
Inc./
United
Church
Homes
and
Services
Obligated
Group,
Refunding
Series
2016
5
.000
09/01/31
501,602
525,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/53
598,531
1,000,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/59
1,133,006
2,000,000
Virginia
Small
Business
Financing
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Lifespire,
Refunding
Series
2024A
5
.500
12/01/54
2,109,768
TOTAL
LONG-TERM
CARE
24,911,206
TAX
OBLIGATION/GENERAL
-
6.2%
4,600,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C
0
.000
08/01/32
3,492,274
5,000,000
Fairfax
County,
Virginia,
General
Obligation
Bonds,
Public
Improvement
Series
2024A
5
.000
10/01/37
5,693,234
2,000,000
Loudoun
County,
Virginia,
General
Obligation
Bonds,
Public
Improvement
Series
2023A
5
.000
12/01/39
2,242,629
1,335,000
Newport
News,
Virginia,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015
3
.000
07/15/33
1,302,425
1,000,000
Norfolk,
Virginia,
General
Obligation
Bonds,
Refunding
Capital
Improvement
Series
2023A
5
.000
09/01/40
1,111,420
6,715,000
Patterson
Joint
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009B
-
AGM
Insured
0
.000
08/01/45
2,759,645
998,618
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.375
07/01/25
1,004,191
2,919,572
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
3,146,964
4,500,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
3,192,502
1,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
1,008,160
3,000,000
Richmond,
Virginia,
General
Obligation
Bonds,
Public
Improvement
Series
2024C
4
.000
03/01/57
2,890,206
2,710,000
Virginia
State,
General
Obligation
Bonds,
Series
2020A
4
.000
06/01/30
2,875,722
7,110,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B
0
.000
08/15/48
2,239,814
TOTAL
TAX
OBLIGATION/GENERAL
32,959,186
TAX
OBLIGATION/LIMITED
-
17.9%
1,485,000
Arlington
County
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Refunding
County
Projects,
Series
2017
5
.000
02/15/34
1,555,450
1,495,000
(a)
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assesment
Bonds,
Potomac
Shores
Project,
Series
2015
5
.400
03/01/45
1,495,343
3,000,000
Chesterfield
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
County
Mobility
Projects,
Series
2024
5
.000
04/01/48
3,234,215
2,000,000
Chesterfield
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
County
Mobility
Projects,
Series
2024
4
.000
04/01/50
1,952,967
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,500,000
(a)
Cutalong
II
Community
Development
Authority,
Louisa
County,
Virginia,
Special
Assessment
Revenue
Bonds,
Cutalong
II
Project,
Series
2022
4
.500
%
03/01/55
$
1,272,538
1,000,000
Fairfax
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Metrorail
Parking
System
Project,
Series
2017
5
.000
04/01/37
1,030,674
1,040,000
(a)
Farms
of
New
Kent
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Refunding
Series
2021A
3
.750
03/01/36
1,000,610
3,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/33
3,024,554
1,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/35
1,007,151
1,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/30
1,025,774
1,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/34
1,021,584
4,000,000
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A
5
.000
07/01/50
4,166,332
2,000,000
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A
5
.250
07/01/60
2,108,059
3,000,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A
5
.000
07/01/48
3,069,418
3,000,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A
4
.000
07/01/52
2,869,537
2,405,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2024A
5
.250
07/01/59
2,626,409
3,000,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
-
AGM
Insured
0
.000
11/15/51
819,625
3,370,000
(a)
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015
5
.000
03/01/45
3,307,125
765,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
811,770
300,000
(a)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018
4
.500
09/01/28
302,586
1,300,000
(a)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018
5
.000
09/01/37
1,312,764
2,785,000
(a)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018
5
.000
09/01/45
2,736,156
81,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/27
74,417
317,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/29
273,341
210,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/31
168,540
432,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/33
320,010
3,247,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
809,203
2,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
1,990,154
9,115,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
9,153,420
2,180,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
2,174,556
61,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
60,655
31,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
30,666
1,000,000
(a)
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015
5
.000
09/01/30
1,005,699
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
52
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
(a)
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015
5
.000
%
09/01/33
$
1,005,551
1,000,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006
-
FGIC
Insured
5
.000
10/01/28
1,011,058
2,240,000
(a)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A
-
AGM
Insured
5
.000
10/01/34
2,242,625
2,000,000
(a)
Virgin
Islands
Public
Finance
Authority,
Revenue
Bonds,
Frenchman's
Reef
Hotel
Development
Hotel
Occupancy
Series
2024A
6
.000
04/01/53
2,089,956
2,000,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
Collage
&
Equipment
Programs,
Series
2023A
5
.000
02/01/41
2,217,495
1,000,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Series
2016A
3
.000
02/01/28
995,371
2,000,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Series
2024A
4
.000
02/01/44
1,994,122
360,000
Virginia
Gateway
Community
Development
Authority,
Prince
William
County,
Virginia,
Special
Assessment
Refunding
Bonds,
Series
2012
5
.000
03/01/25
360,000
500,000
Virginia
Gateway
Community
Development
Authority,
Prince
William
County,
Virginia,
Special
Assessment
Refunding
Bonds,
Series
2012
5
.000
03/01/30
500,022
2,000,000
Virginia
Port
Authority,
Commonwealth
Port
Fund
Revenue
Bonds,
Series
2023A
5
.250
07/01/48
2,187,935
1,250,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2019B,
(AMT)
5
.000
08/01/31
1,337,039
2,500,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2019B,
(AMT)
4
.000
08/01/35
2,523,593
2,500,000
Virginia
Public
School
Authority,
School
Financing
Bonds,
1997
Resolution,
Series
2022B
5
.000
08/01/52
2,649,723
25,000
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Financing
Program,
Series
2012A
5
.000
11/01/42
25,022
1,000,000
Virginia
Resources
Authority,
State
Moral
Obligation
Revenue
Bonds,
Pooled
Financing
Program,
Series
2024A
4
.250
11/01/49
1,005,076
1,335,000
(a)
Virginia
Small
Business
Financing
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Virginia
Beach
Oceanfront
South
Hotel
Project,
Senior
Series
2020A-1
8
.000
10/01/43
1,351,437
1,000,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2017
4
.000
05/15/42
998,551
2,000,000
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Green
Series
2021A
4
.000
07/15/43
1,980,507
3,530,000
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Second
Lien
Green
Series
2023A
5
.250
07/15/53
3,830,919
6,000,000
Washington
Metropolitan
Area
Transit
Authority,
Second
Lien
Dedicated
Revenue
Bonds,
Sustainability-
Climate
Transition,
Series
2024A
5
.250
07/15/59
6,534,790
TOTAL
TAX
OBLIGATION/LIMITED
94,652,094
TRANSPORTATION
-
23.5%
350,000
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A
4
.000
07/01/36
351,328
3,580,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
-
AGM
Insured
5
.000
07/01/41
3,631,317
1,830,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/46
1,843,009
3,000,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016
5
.000
07/01/51
3,017,524
3,000,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.750
07/15/32
3,138,406
1,755,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
-
AGM
Insured
4
.875
07/15/40
1,820,516
53
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,055,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B
4
.875
%
07/15/40
$
1,082,943
2,695,000
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Refunding
Series
2024
-
AGM
Insured
4
.000
07/15/47
2,622,926
1,610,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
4
.000
10/01/49
1,504,064
2,500,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
-
AGM
Insured
4
.000
10/01/53
2,352,041
2,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A
-
AGM
Insured
4
.000
10/01/52
1,881,227
4,200,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/26
4,008,657
5,850,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/34
4,169,698
13,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B
-
AGC
Insured
0
.000
10/01/36
8,481,044
3,300,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B
6
.500
10/01/44
3,572,762
1,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Forward
Delivery
Refunding
Series
2020A,
(AMT)
5
.000
10/01/32
1,070,961
4,100,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2016A,
(AMT)
5
.000
10/01/35
4,175,456
625,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2017,
(AMT)
5
.000
10/01/34
644,991
3,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2017,
(AMT)
5
.000
10/01/42
3,056,305
3,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/31
3,145,420
3,345,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
5
.000
10/01/37
3,474,279
4,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/38
4,175,802
1,450,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.250
10/01/42
1,560,316
1,895,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.500
10/01/54
2,042,144
65,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
65,078
595,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
595,712
1,000,000
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019
5
.000
07/01/37
1,065,076
2,740,000
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019
5
.000
07/01/43
2,851,403
2,045,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
(AMT)
5
.000
07/01/34
2,080,090
2,000,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
(AMT)
5
.000
07/01/41
2,009,271
8,800,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/49
8,879,797
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
54
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
2,750,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
%
12/31/52
$
2,770,297
1,000,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/56
1,005,833
1,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
01/01/33
1,071,645
1,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
07/01/35
1,068,205
1,640,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
07/01/37
1,739,043
3,500,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
07/01/38
3,700,908
2,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
01/01/42
1,879,952
5,500,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/47
5,678,142
2,500,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
12/31/57
2,569,246
2,365,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
01/01/33
2,375,008
1,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
01/01/38
986,588
2,500,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
01/01/39
2,452,452
5,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
3
.000
01/01/41
4,073,998
1,000,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
3
.000
01/01/41
835,696
1,400,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2017B
5
.000
07/01/37
1,452,505
1,000,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018
5
.000
07/01/37
1,037,504
5,000,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018
5
.000
07/01/43
5,129,146
TOTAL
TRANSPORTATION
124,195,731
U.S.
GUARANTEED
-
3.8%
(b)
1,000,000
Fairfax
County
Economic
Development
Authority,
Virginia,
County
Facilities
Revenue
Bonds,
Refunding
Series
2017B,
(Pre-
refunded
10/01/27)
5
.000
10/01/34
1,059,291
1,400,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/40
1,479,418
2,100,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/42
2,219,127
1,770,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A,
(Pre-refunded
10/01/27)
5
.000
10/01/43
1,870,407
6,760,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A,
(Pre-refunded
1/01/28)
5
.500
07/01/57
7,288,724
55
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
GUARANTEED
(b)
(continued)
$
5,250,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
(Pre-refunded
10/01/26)
-
AGC
Insured
6
.500
%
10/01/41
$
5,559,568
890,000
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B,
(Pre-refunded
8/15/25)
0
.000
08/15/48
340,360
TOTAL
U.S.
GUARANTEED
19,816,895
US
GUARANTEED
-
0.3%
1,655,000
Virginia
Small
Business
Financing
Authority,
Environmental
Facilities
Revenue
Bonds
(Pure
Salmon
Virginia
LLC
Project),
Escrow
Refinancing
Series
2022,
(AMT),
(Mandatory
Put
11/20/25)
4
.000
11/01/52
1,656,373
TOTAL
US
GUARANTEED
1,656,373
UTILITIES
-
6.9%
770,000
Alexandria
Sanitation
Authority,
Virginia,
Wastewater
Revenue
Bonds,
Alexrenew
Green
Series
2024
5
.000
07/15/54
842,042
4,300,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
(Mandatory
Put
7/01/33)
4
.750
01/01/35
4,544,370
1,000,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Refunding
Series
2024A
5
.000
11/01/39
1,150,372
2,250,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Series
2024B
5
.000
07/01/49
2,432,271
3,765,000
Loudoun
County
Sanitation
Authority,
Virginia,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2021
4
.000
01/01/33
4,009,514
1,000,000
Loudoun
County
Sanitation
Authority,
Virginia,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2024
3
.000
01/01/42
889,431
2,715,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Refunding
Series
2017
5
.000
11/01/42
2,806,748
3,000,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Refunding
Series
2024
5
.000
11/01/44
3,315,154
4,500,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
4,569,543
2,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
1,896,731
1,000,000
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2016A
4
.000
01/15/40
1,001,073
1,000,000
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2023C
5
.000
01/15/47
1,086,549
3,925,000
Virginia
Resources
Authority,
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Refunding
Series
2014B
4
.000
10/01/27
3,927,925
3,500,000
(a)
Virginia
Small
Business
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Covanta
Project,
Series
2018,
(AMT),
(Mandatory
Put
7/01/38)
5
.000
01/01/48
3,500,055
570,000
Wise
County
Industrial
Development
Authority,
Virginia,
Solid
Waste
and
Sewage
Disposal
Revenue
Bonds,
Virginia
Electric
and
Power
Company,
Series
2010A,
(Mandatory
Put
5/28/27)
3
.800
11/01/40
578,179
TOTAL
UTILITIES
36,549,957
TOTAL
MUNICIPAL
BONDS
(Cost
$516,201,571)
522,362,064
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$516,201,571)
522,362,064
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.3%
6,736,917
NET
ASSETS
-
100%
$
529,098,981
AMT
Alternative
Minimum
Tax
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$45,685,153
or
8.7%
of
Total
Investments.
(b)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
Portfolio
of
Investments
February
28,
2025
(continued)
Virginia
56
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Virginia
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
522,362,064
$
–
$
522,362,064
Total
$
–
$
522,362,064
$
–
$
522,362,064