| Tax-Exempt Municipal Obligations — 98.3% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 0.7% | |||
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 2.50%, 12/1/54(1) | $ | 300 | $ 300,000 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 1,010 | 1,094,197 | |
| $ 1,394,197 | |||
| Education — 0.9% | |||
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(2) | $ | 345 | $ 339,233 |
| Colorado State University, 4.375% to 3/1/29 (Put Date), 3/1/48 | 1,000 | 1,025,278 | |
| Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science), 4.125%, 12/15/28(2) | 310 | 307,338 | |
| University of Delaware, (SPA: TD Bank, N.A.), 2.50%, 11/1/35(1) | 200 | 200,000 | |
| $ 1,871,849 | |||
| Escrowed/Prerefunded — 1.9% | |||
| Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/30 | $ | 2,750 | $ 2,751,402 |
| Iowa Finance Authority, (Iowa Fertilizer Co.), Prerefunded to 12/1/32, 4.00% to 12/1/32 (Put Date), 12/1/50 | 1,000 | 1,049,792 | |
| $ 3,801,194 | |||
| General Obligations — 6.6% | |||
| Chicago Board of Education, IL: | |||
| 5.00%, 12/1/26 | $ | 3,000 | $ 3,031,530 |
| 5.00%, 12/1/27 | 500 | 509,147 | |
| 5.00%, 12/1/30 | 1,250 | 1,281,844 | |
| Clackamas Community College District, OR: | |||
| 0.00%, 6/15/28 | 1,830 | 1,617,011 | |
| 0.00%, 6/15/29 | 1,000 | 845,812 | |
| Fort Bend Independent School District, TX, (PSF Guaranteed), 3.80% to 8/1/28 (Put Date), 8/1/55(3) | 1,250 | 1,255,540 | |
| Illinois, 5.00%, 11/1/29 | 1,500 | 1,546,258 | |
| Puerto Rico: | |||
| 5.375%, 7/1/25 | 341 | 341,101 | |
| 5.625%, 7/1/27 | 2,754 | 2,808,968 | |
| $ 13,237,211 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Hospital — 4.9% | |||
| Colorado Health Facilities Authority, (AdventHealth Obligated Group), 5.00% to 11/19/26 (Put Date), 11/15/49 | $ | 905 | $ 920,985 |
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.00%, 8/1/27 | 2,000 | 2,071,092 | |
| Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/29 | 2,635 | 2,694,626 | |
| New York State Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00% to 7/2/29 (Put Date), 7/1/48 | 3,000 | 3,179,086 | |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/29 | 985 | 982,625 | |
| $ 9,848,414 | |||
| Housing — 7.4% | |||
| Colorado Housing and Finance Authority, 3.80%, 4/1/28 | $ | 1,500 | $ 1,505,716 |
| Connecticut Housing Finance Authority, 1.05%, 5/15/29 | 2,000 | 1,738,387 | |
| New York City Housing Development Corp., NY: | |||
| Sustainable Development Bonds, 3.70% to 12/30/27 (Put Date), 5/1/63 | 1,500 | 1,501,189 | |
| Sustainable Development Bonds, 4.30% to 11/1/28 (Put Date), 11/1/63 | 1,000 | 1,011,428 | |
| New York Housing Finance Agency: | |||
| (FHLMC), 3.57% to 11/1/31 (Put Date), 5/1/42 | 1,500 | 1,455,502 | |
| Sustainability Bonds, 3.40% to 5/1/29 (Put Date), 11/1/64 | 1,650 | 1,635,067 | |
| Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 3.40%, 9/1/28 | 890 | 881,369 | |
| Rhode Island Housing and Mortgage Finance Corp., Green Bonds, 3.60% to 10/1/27 (Put Date), 10/1/54 | 1,250 | 1,249,343 | |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 2,000 | 2,000,596 | |
| Wisconsin Housing and Economic Development Authority, Housing Revenue, 3.75% to 5/1/28 (Put Date), 11/1/55 | 1,805 | 1,808,857 | |
| $ 14,787,454 | |||
| Industrial Development Revenue — 25.7% | |||
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $ | 1,015 | $ 957,613 |
| Boone County, KY, (Duke Energy Kentucky, Inc.), 3.70%, 8/1/27 | 750 | 748,971 | |
| California Municipal Finance Authority, (Waste Management, Inc.), 3.30% to 2/1/28 (Put Date), 2/1/39(2) | 1,000 | 982,780 | |
| California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 3.70%, 7/1/43(2) | 1,050 | 1,046,422 | |
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue (continued) | |||
| Chandler Industrial Development Authority, AZ, (Intel Corp.): | |||
| (AMT), 4.00% to 6/1/29 (Put Date), 6/1/49 | $ | 2,000 | $ 1,989,600 |
| (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | 2,250 | 2,285,680 | |
| Illinois Development Finance Authority, IL, (Waste Management, Inc.), (AMT), 4.25% to 11/3/25 (Put Date), 11/1/44 | 1,750 | 1,747,477 | |
| Iowa Finance Authority, (Gevo NW Iowa RNG LLC Renewable Natural Gas), Green Bonds, (AMT), (LOC: Citibank, N.A.), 3.875% to 4/1/26 (Put Date), 1/1/42 | 2,000 | 1,994,227 | |
| Louisiana Offshore Terminal Authority, (Loop LLC), 4.15%, 9/1/27 | 1,000 | 1,002,460 | |
| Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 | 2,395 | 2,296,470 | |
| Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.): | |||
| Series 2008-1, 4.00%, 6/1/30 | 3,130 | 3,094,362 | |
| Series 2008-2, 4.00%, 6/1/30 | 3,000 | 2,965,843 | |
| Michigan Strategic Fund, (DTE Electric Co. Exempt Facilities), (AMT), 3.875% to 6/3/30 (Put Date), 6/1/53 | 2,110 | 2,096,232 | |
| Michigan Strategic Fund, (Graphic Packaging International LLC), Green Bonds, (AMT), 4.00% to 10/1/26 (Put Date), 10/1/61 | 2,500 | 2,486,430 | |
| Mobile Industrial Development Board, AL, (Alabama Power Co. Barry Plant), 3.30% to 3/12/26 (Put Date), 7/15/34 | 1,500 | 1,498,569 | |
| Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation LLC), 4.10% to 4/3/28 (Put Date), 4/1/53 | 1,000 | 999,518 | |
| National Finance Authority, NH, (Covanta), (AMT), 4.00%, 11/1/27(2) | 4,500 | 4,444,689 | |
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30 | 1,355 | 1,355,184 | |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 5.125% to 9/3/30 (Put Date), 9/1/50(2) | 500 | 515,838 | |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
| (AMT), 4.00%, 10/1/30 | 3,000 | 2,948,045 | |
| (AMT), 5.00%, 1/1/31 | 1,125 | 1,140,101 | |
| Ohio Air Quality Development Authority, (Duke Energy Corp.), 4.00% to 6/1/27 (Put Date), 9/1/30 | 1,000 | 1,004,930 | |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | 1,250 | 1,229,763 | |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 4.25% to 7/1/27 (Put Date), 7/1/41 | 1,500 | 1,487,444 | |
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue (continued) | |||
| Public Finance Authority, WI, (Celanese Corp.), 4.05%, 11/1/30 | $ | 3,000 | $ 2,928,612 |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.): | |||
| (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2) | 105 | 105,760 | |
| (AMT), 5.00% to 6/1/27 (Put Date), 6/1/52(2) | 1,500 | 1,518,333 | |
| West Virginia Economic Development Authority, (Appalachian Power Co.), 3.75% to 6/1/25 (Put Date), 12/1/42 | 2,000 | 1,999,527 | |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | 2,500 | 2,522,771 | |
| $ 51,393,651 | |||
| Insured - Electric Utilities — 2.7% | |||
| Puerto Rico Electric Power Authority: | |||
| (NPFG), 5.25%, 7/1/29 | $ | 500 | $ 487,411 |
| (NPFG), 5.25%, 7/1/30 | 5,000 | 4,885,844 | |
| $ 5,373,255 | |||
| Insured - General Obligations — 1.0% | |||
| Luzerne County, PA, (AGM), 5.00%, 11/15/29 | $ | 2,000 | $ 2,017,248 |
| $ 2,017,248 | |||
| Insured - Hospital — 0.9% | |||
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.25%, 11/1/31 | $ | 1,750 | $ 1,912,807 |
| $ 1,912,807 | |||
| Insured - Lease Revenue/Certificates of Participation — 4.0% | |||
| New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | $ | 9,095 | $ 7,983,066 |
| $ 7,983,066 | |||
| Insured - Transportation — 1.1% | |||
| Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, 1/15/32 | $ | 795 | $ 892,467 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 | 1,340 | 1,344,550 | |
| $ 2,237,017 | |||
| Lease Revenue/Certificates of Participation — 1.1% | |||
| New Jersey Economic Development Authority, (Portal North Bridge Project), 5.00%, 11/1/32 | $ | 675 | $ 734,236 |
| Security | Principal Amount (000's omitted) | Value | |
| Lease Revenue/Certificates of Participation (continued) | |||
| Pennsylvania Economic Development Financing Authority, (Pennsylvania Rapid Bridge Replacement), 5.00%, 12/31/29 | $ | 1,375 | $ 1,383,831 |
| $ 2,118,067 | |||
| Other Revenue — 13.7% | |||
| Black Belt Energy Gas District, AL: | |||
| 4.00% to 12/1/26 (Put Date), 10/1/52 | $ | 1,250 | $ 1,247,926 |
| 5.00% to 7/1/31 (Put Date), 5/1/55 | 1,690 | 1,766,686 | |
| 5.50% to 2/1/29 (Put Date), 6/1/49 | 2,000 | 2,092,333 | |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/32 | 2,000 | 2,076,193 | |
| California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
| Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | 1,000 | 1,039,451 | |
| Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | 2,000 | 2,097,457 | |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(2) | 695 | 705,402 | |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
| 5.00%, 6/1/28 | 500 | 518,393 | |
| 5.00%, 12/1/28 | 750 | 781,104 | |
| 5.00% to 3/1/30 (Put Date), 7/1/53 | 2,500 | 2,606,797 | |
| 5.00% to 12/1/30 (Put Date), 5/1/54 | 1,370 | 1,421,387 | |
| Northern California Energy Authority, 5.00% to 8/1/30 (Put Date), 12/1/54 | 1,100 | 1,153,316 | |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 3,680 | 3,851,821 | |
| Southeast Energy Authority, AL, 5.00% to 2/1/31 (Put Date), 5/1/55 | 2,000 | 2,094,675 | |
| Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Revenue, 5.50% to 1/1/30 (Put Date), 1/1/54 | 2,000 | 2,111,073 | |
| Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Revenue, 5.00% to 1/1/34 (Put Date), 1/1/55 | 1,750 | 1,820,403 | |
| $ 27,384,417 | |||
| Senior Living/Life Care — 7.0% | |||
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28 | $ | 1,360 | $ 1,365,766 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/28 | 250 | 252,997 | |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): | |||
| 5.00%, 12/1/27 | 250 | 250,209 | |
| 5.00%, 12/1/28 | 250 | 250,261 | |
| Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28 | 130 | 130,166 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/30 | $ | 1,025 | $ 1,022,376 |
| Lee County Industrial Development Authority, FL, (Shell Point Obligated Group), 4.75%, 11/15/29 | 1,000 | 1,000,287 | |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28(2) | 245 | 253,792 | |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 4.25%, 1/1/28 | 1,440 | 1,410,415 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/28 | 1,145 | 1,151,262 | |
| North Carolina Medical Care Commission, (Galloway Ridge), 5.00%, 1/1/29 | 560 | 553,800 | |
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/25(2) | 260 | 259,343 | |
| Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/29 | 1,100 | 1,107,037 | |
| St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 635 | 649,159 | |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31 | 540 | 513,374 | |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 5.50%, 10/1/27(2) | 1,650 | 1,521,143 | |
| Vermont Economic Development Authority, (Wake Robin Corp.): | |||
| 5.00%, 5/1/27 | 500 | 502,087 | |
| 5.00%, 5/1/28 | 750 | 753,788 | |
| Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/31(2) | 1,000 | 1,003,158 | |
| $ 13,950,420 | |||
| Special Tax Revenue — 2.3% | |||
| Bullhead City, AZ, Excise Taxes Revenue, 1.30%, 7/1/28 | $ | 485 | $ 444,580 |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch), 4.25%, 5/1/26 | 200 | 200,030 | |
| Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development), 4.50%, 6/1/28(2) | 495 | 495,609 | |
| New York Housing Finance Agency, Sustainability Bonds, 3.35% to 6/15/29 (Put Date), 6/15/54 | 1,000 | 989,423 | |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,000 | 1,913,474 | |
| Sparks, NV, (Legends at Sparks Marina), 2.75%, 6/15/28(2) | 510 | 491,827 | |
| $ 4,534,943 | |||
| Student Loan — 2.2% | |||
| Massachusetts Educational Financing Authority: | |||
| (AMT), 5.00%, 1/1/27 | $ | 3,000 | $ 3,001,910 |
| (AMT), 5.00%, 7/1/28 | 1,120 | 1,155,376 | |
| Security | Principal Amount (000's omitted) | Value | |
| Student Loan (continued) | |||
| New Jersey Higher Education Student Assistance Authority, Series 2015-1A, (AMT), 4.00%, 12/1/28 | $ | 355 | $ 355,046 |
| $ 4,512,332 | |||
| Transportation — 13.1% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 3.92%, (SIFMA + 0.30%), 4/1/56(4) | $ | 4,050 | $ 3,947,393 |
| Foothill/Eastern Transportation Corridor Agency, CA, 5.90%, 1/15/27 | 2,000 | 2,091,353 | |
| Grand Parkway Transportation Corp., TX: | |||
| 4.95%, 10/1/29 | 800 | 838,217 | |
| 5.05%, 10/1/30 | 1,500 | 1,578,733 | |
| 5.20%, 10/1/31 | 2,000 | 2,109,107 | |
| Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29 | 1,470 | 1,469,982 | |
| Metropolitan Transportation Authority, NY, 5.00% to 5/15/30 (Put Date), 11/15/45 | 2,250 | 2,358,448 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/29 | 2,000 | 2,083,017 | |
| Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/36(5) | 10,000 | 9,696,400 | |
| $ 26,172,650 | |||
| Water and Sewer — 1.1% | |||
| Clairton Municipal Authority, PA, Sewer Revenue: | |||
| 5.00%, 12/1/28 | $ | 1,515 | $ 1,584,807 |
| 5.00%, 12/1/29 | 550 | 579,814 | |
| $ 2,164,621 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $195,200,161) | $196,694,813 | ||
| Taxable Municipal Obligations — 4.3% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 2.2% | |||
| Atlantic City, NJ, 7.00%, 3/1/28 | $ | 1,390 | $ 1,458,106 |
| Chicago, IL: | |||
| 7.375%, 1/1/33 | 892 | 973,713 | |
| 7.781%, 1/1/35 | 1,670 | 1,875,592 | |
| $ 4,307,411 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation — 2.1% | |||
| Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/31 | $ | 5,805 | $ 4,247,630 |
| $ 4,247,630 | |||
| Total Taxable Municipal Obligations (identified cost $7,680,613) | $ 8,555,041 | ||
| Total Investments — 102.6% (identified cost $202,880,774) | $205,249,854 | ||
| Other Assets, Less Liabilities — (2.6)% | $ (5,166,786) | ||
| Net Assets — 100.0% | $200,083,068 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at April 30, 2025. |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2025, the aggregate value of these securities is $13,990,667 or 7.0% of the Trust's net assets. |
| (3) | When-issued security. |
| (4) | Floating rate security. The stated interest rate represents the rate in effect at April 30, 2025. |
| (5) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| At April 30, 2025, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows: | |
| New York | 15.5% |
| Others, representing less than 10% individually | 84.5% |
| The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At April 30, 2025, 11.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.6% to 6.0% of total investments. |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SPA | – Standby Bond Purchase Agreement |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $196,694,813 | $ — | $196,694,813 |
| Taxable Municipal Obligations | — | 8,555,041 | — | 8,555,041 |
| Total Investments | $ — | $205,249,854 | $ — | $205,249,854 |