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THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2025.
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — 88.4% (a)
|
||
|
Alabama — 2.0%
|
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|
Black Belt Energy Gas District, Gas Project
|
|
|
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Series 2023A, Rev., 5.25%, 10/1/2030 (b)
|
2,000,000
|
2,097,934
|
|
Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (b)
|
1,010,000
|
1,069,136
|
|
Series 2024B, Rev., 5.00%, 9/1/2032 (b)
|
1,520,000
|
1,583,225
|
|
Series 2024D, Rev., 5.00%, 11/1/2034 (b)
|
17,590,000
|
18,431,310
|
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Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b)
|
2,820,000
|
2,756,495
|
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County of Jefferson sewer
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|
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Rev., 5.00%, 10/1/2037
|
2,000,000
|
2,115,920
|
|
Rev., 5.25%, 10/1/2042
|
2,000,000
|
2,077,655
|
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Energy Southeast A Cooperative District Series 2023A-1, Rev., 5.50%, 1/1/2031 (b)
|
5,000,000
|
5,338,375
|
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Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031
|
1,250,000
|
1,313,006
|
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Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B,
Rev., AMT, 4.75%, 12/1/2054
|
8,900,000
|
8,025,293
|
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Selma Industrial Development Board, International Paper Co. Projects
|
|
|
|
Series 2020A, Rev., 1.38%, 6/16/2025 (b)
|
400,000
|
399,582
|
|
Series 2019A, Rev., 3.45%, 10/1/2031 (b)
|
1,575,000
|
1,536,268
|
|
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2024B, Rev., 5.00%,
5/1/2032 (b)
|
1,500,000
|
1,567,728
|
|
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev.,
LIQ : Royal Bank of Canada,
5.00%, 6/1/2030 (b)
|
5,870,000
|
6,116,994
|
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Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev.,
4.00%, 12/1/2031 (b)
|
2,115,000
|
2,068,031
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Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev.,
5.50%, 12/1/2029 (b)
|
1,000,000
|
1,054,800
|
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University of Alabama (The), Huntsville General Fee Series 2018B-2, Rev., 5.00%, 9/1/2031
|
95,000
|
100,441
|
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Total Alabama
|
|
57,652,193
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Alaska — 0.5%
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Alaska Housing Finance Corp., State Capital Project Series II 2024A, Rev., 5.00%,
12/1/2027
|
1,000,000
|
1,047,157
|
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Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project
|
|
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Series 2019A, Rev., 5.00%, 10/1/2033
|
1,500,000
|
1,560,599
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|
Series 2019A, Rev., 4.00%, 10/1/2034
|
2,110,000
|
2,072,674
|
|
Series 2019A, Rev., 4.00%, 10/1/2036
|
2,455,000
|
2,365,839
|
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Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Series 2025A,
Rev., 5.00%, 9/1/2030
|
1,875,000
|
2,034,913
|
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Municipality of Anchorage Series 2024A, Rev., AMT, 5.50%, 2/1/2030
|
1,800,000
|
1,946,475
|
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Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital
Appreciation
|
|
|
|
Series 2021B1CL2, Rev., 4.00%, 6/1/2050
|
2,525,000
|
2,363,834
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066
|
14,500,000
|
1,788,735
|
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Total Alaska
|
|
15,180,226
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Arizona — 2.4%
|
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Arizona Board of Regents Series 2020A, Rev., 5.00%, 7/1/2033
|
430,000
|
460,634
|
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Arizona Board of Regents, State University
|
|
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Series 2020A, Rev., 5.00%, 7/1/2030
|
105,000
|
114,550
|
|
Series 2024, Rev., 5.00%, 8/1/2042
|
1,000,000
|
1,049,198
|
|
Arizona Industrial Development Authority, Academies of Math and Science Projects,
Rev., 4.50%, 7/1/2033 (c)
|
510,000
|
503,549
|
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Arizona Industrial Development Authority, Equitable School Revolving Fund LLC
|
|
|
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Series 2023A, Rev., 5.00%, 11/1/2030
|
1,505,000
|
1,603,492
|
|
Series 2024A, Rev., 5.00%, 11/1/2040
|
1,090,000
|
1,111,675
|
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Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC
Project Series 2025A-2, Rev.,
5.13%, 1/1/2059
|
250,000
|
228,589
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Arizona Industrial Development Authority, KIPP Nashville Project
|
|
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Series 2022A, Rev., 5.00%, 7/1/2028
|
225,000
|
230,689
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
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|
Municipal Bonds — continued
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Arizona — continued
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Series 2022A, Rev., 5.00%, 7/1/2029
|
235,000
|
241,905
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Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility
Project Series 2021B, Rev.,
4.00%, 7/1/2041
|
1,430,000
|
1,260,238
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Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev.,
4.00%, 7/1/2041
|
1,000,000
|
881,285
|
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Arizona Industrial Development Authority, Multi-Family The Ranches At Gunsmoke Project,
Rev., 5.00%,
11/1/2026 (b)
|
2,580,000
|
2,639,664
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Arizona Industrial Development Authority, National Charter School Revolving Loan Fund
|
|
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Series 2023A, Rev., 5.00%, 11/1/2028
|
2,825,000
|
2,943,147
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Series 2020A, Rev., 4.00%, 11/1/2038
|
200,000
|
184,048
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|
Series 2023A, Rev., 5.00%, 11/1/2038
|
1,000,000
|
1,027,146
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Series 2023A, Rev., 5.00%, 11/1/2040
|
1,950,000
|
1,981,889
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Series 2023A, Rev., 5.25%, 11/1/2048
|
1,000,000
|
1,004,326
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City of Glendale Water and Sewer, Senior Lien, Rev., 5.00%, 7/1/2040
|
475,000
|
506,746
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City of Lake Havasu City Wastewater System, Senior Lien
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|
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GO, 5.00%, 7/1/2036
|
2,000,000
|
2,235,201
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GO, 5.00%, 7/1/2040
|
1,200,000
|
1,292,495
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GO, 5.00%, 7/1/2041
|
500,000
|
534,070
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City of Mesa Utility System
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|
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Rev., A.G., 5.00%, 7/1/2029
|
1,750,000
|
1,884,179
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|
Rev., A.G., 5.00%, 7/1/2031
|
1,375,000
|
1,517,716
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Rev., A.G., 5.00%, 7/1/2032
|
2,000,000
|
2,227,480
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|
Rev., A.G., 5.00%, 7/1/2033
|
1,000,000
|
1,120,737
|
|
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A,
Rev., 5.00%, 7/1/2044
|
2,000,000
|
2,010,787
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|
City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System
|
|
|
|
Series 2023, Rev., 5.00%, 7/1/2041
|
2,000,000
|
2,109,507
|
|
Series 2023, Rev., 5.00%, 7/1/2043
|
4,000,000
|
4,160,868
|
|
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Series 2023,
Rev., AMT, 5.00%, 7/1/2025
|
500,000
|
500,513
|
|
City of Scottsdale, Project of 2019, GO, 4.00%, 7/1/2041 (d)
|
2,800,000
|
2,743,758
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|
Glendale Union High School District No. 205, Arizona School Improvement Project of
2024 Series 2024A, GO, A.G.,
5.00%, 7/1/2036
|
1,025,000
|
1,126,267
|
|
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge
Project Series 2022B-3, Rev.,
5.13%, 6/25/2025 (c)
|
350,000
|
350,181
|
|
Maricopa County Industrial Development Authority, Banner Health Series 2023A-1, Rev.,
5.00%, 5/15/2026 (b)
|
1,385,000
|
1,404,624
|
|
Maricopa County Industrial Development Authority, Honorhealth Series 2024D, Rev.,
5.00%, 12/1/2042
|
2,850,000
|
2,900,700
|
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Maricopa County Industrial Development Authority, Valley Christian Schools Project
Series 2023A, Rev., 6.00%,
7/1/2043 (c)
|
945,000
|
913,160
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Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project
of 2016 Series 2017A, GO,
5.00%, 7/1/2027
|
30,000
|
31,347
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|
Maricopa County Unified School District No. 60 Higley, COP, A.G., 5.00%, 6/1/2036
|
200,000
|
214,147
|
|
Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and
2024
|
|
|
|
GO, 5.00%, 7/1/2037
|
1,250,000
|
1,367,499
|
|
GO, 5.00%, 7/1/2039
|
1,200,000
|
1,289,141
|
|
GO, 5.00%, 7/1/2041
|
850,000
|
899,888
|
|
Pima County Unified School District No. 1 Tucson, Project of 2023
|
|
|
|
Series 2024A, GO, A.G., 5.00%, 7/1/2025
|
1,100,000
|
1,101,630
|
|
Series 2024A, GO, A.G., 5.00%, 7/1/2036
|
1,000,000
|
1,091,573
|
|
Series 2024A, GO, A.G., 5.00%, 7/1/2040
|
1,700,000
|
1,800,768
|
|
Salt River Project Agricultural Improvement and Power District Series 2025A, Rev.,
5.00%, 1/1/2042
|
1,500,000
|
1,597,008
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
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Arizona — continued
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Salt River Project Agricultural Improvement and Power District, Arizona Electric System
|
|
|
|
Series 2024B, Rev., 5.00%, 5/1/2039
|
6,000,000
|
6,556,088
|
|
Series 2023B, Rev., 5.25%, 1/1/2053
|
1,000,000
|
1,037,849
|
|
Salt Verde Financial Corp. Series 2007-1, Rev., 5.25%, 12/1/2026
|
100,000
|
102,001
|
|
Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2054
|
5,000,000
|
5,101,093
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Total Arizona
|
|
69,195,045
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Arkansas — 0.1%
|
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Arkansas Development Finance Authority, Hybar Steel Project Series 2023A, Rev., AMT,
6.88%, 7/1/2048 (c)
|
1,000,000
|
1,071,890
|
|
City of Springdale Water and Sewer, Rev., 5.00%, 9/1/2033
|
1,000,000
|
1,078,821
|
|
University of Arkansas, Various Facilities Fayetteville Campus Series 2024B, Rev.,
5.00%, 11/1/2031
|
1,250,000
|
1,387,898
|
|
Total Arkansas
|
|
3,538,609
|
|
California — 6.8%
|
||
|
Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon,
8/1/2036
|
5,000,000
|
3,084,854
|
|
Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024B, Rev., AMT,
A.G., 4.38%, 7/1/2049
|
500,000
|
452,870
|
|
California Community Choice Financing Authority, Clean Energy Project
|
|
|
|
Series 2023B-1, Rev., 5.00%, 8/1/2029 (b)
|
2,565,000
|
2,666,225
|
|
Series 2023G-1, Rev., 5.25%, 4/1/2030 (b)
|
3,910,000
|
4,101,461
|
|
Series 2021B-1, Rev., 4.00%, 8/1/2031 (b)
|
6,750,000
|
6,670,019
|
|
Series 2024A, Rev., 5.00%, 4/1/2032 (b)
|
5,000,000
|
5,246,329
|
|
Series 2024G, Rev., 5.00%, 8/1/2032 (b)
|
4,000,000
|
4,112,640
|
|
Series 2024E, Rev., 5.00%, 9/1/2032 (b)
|
3,000,000
|
3,149,538
|
|
Series 2024H, Rev., 5.00%, 8/1/2033 (b)
|
5,870,000
|
6,243,890
|
|
California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046
|
7,500,000
|
1,757,951
|
|
California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp.
Series A, Rev., 5.00%, 6/1/2047
|
2,500,000
|
2,250,110
|
|
California County Tobacco Securitization Agency, Los Angeles County Securitization
Corp. Series 2020B-2, Rev., Zero
Coupon, 6/1/2055
|
15,260,000
|
2,769,237
|
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California County Tobacco Securitization Agency, Sonoma County Securitization Corp.
Series 2020B 2, Rev., Zero
Coupon, 6/1/2055
|
1,000,000
|
201,049
|
|
California Health Facilities Financing Authority Series 2025A, Rev., 5.00%, 2/1/2044 (d)
|
1,000,000
|
1,036,920
|
|
California Health Facilities Financing Authority, Adventist Health System
|
|
|
|
Series 2024A, Rev., 5.00%, 12/1/2034
|
5,900,000
|
6,249,804
|
|
Series 2024A, Rev., 5.00%, 12/1/2036
|
5,355,000
|
5,586,871
|
|
California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%,
6/1/2050
|
2,000,000
|
1,654,003
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger
Rail Project Series 2025A, Rev.,
AMT, 9.50%, 1/1/2035 (b) (c)
|
24,000,000
|
23,248,250
|
|
California Infrastructure and Economic Development Bank, California Academy of Science
Series 2024A, Rev., 3.25%,
8/1/2029
|
5,000,000
|
4,995,554
|
|
California Infrastructure and Economic Development Bank, Segerstrom Center for the
Arts Series 2024, Rev., 5.00%,
1/1/2032
|
1,890,000
|
2,062,732
|
|
California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b)
|
6,375,000
|
6,370,874
|
|
California Municipal Finance Authority, California Baptist University Series 2025A,
Rev., 5.00%, 11/1/2035 (c)
|
1,250,000
|
1,283,595
|
|
California Municipal Finance Authority, Community Health System Series 2021A, Rev.,
5.00%, 2/1/2033
|
800,000
|
848,685
|
|
California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group
|
|
|
|
Series 2024, Rev., 5.00%, 11/15/2028
|
1,430,000
|
1,490,547
|
|
Series 2024, Rev., 5.00%, 11/15/2029
|
1,000,000
|
1,051,028
|
|
Series 2024, Rev., 5.00%, 11/15/2031
|
1,105,000
|
1,175,818
|
|
California Municipal Finance Authority, Multi-Family Housing, View At San Bruno Series
2024A-1, Rev., 5.00%,
7/1/2028 (b)
|
1,750,000
|
1,831,151
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
California — continued
|
||
|
California Municipal Finance Authority, Waste Management, Inc., Project
|
|
|
|
Series 2020, Rev., AMT, VRDO, 3.95%, 9/1/2025 (b)
|
4,000,000
|
3,999,884
|
|
Series 2022A, Rev., AMT, 4.13%, 10/1/2025 (b)
|
1,500,000
|
1,499,962
|
|
California Pollution Control Financing Authority, Poseidon Resources Channelside LP
Desalination Project, Rev., AMT,
5.00%, 7/1/2036 (c)
|
770,000
|
799,711
|
|
California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services,
Inc., Project Series 2017A-2,
Rev., AMT, 4.25%, 7/15/2025 (b) (c)
|
4,000,000
|
4,002,058
|
|
California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%,
6/1/2054 (c)
|
3,030,000
|
2,824,898
|
|
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev.,
5.00%, 7/1/2039 (c)
|
825,000
|
830,097
|
|
California Statewide Communities Development Authority, John Muir Health Series 2024A,
Rev., 5.00%, 12/1/2028
|
875,000
|
935,249
|
|
California Statewide Communities Development Authority, Loma Linda University Medical
Center Series 2018A, Rev.,
5.25%, 12/1/2048 (c)
|
1,390,000
|
1,347,052
|
|
California Statewide Communities Development Authority, Southern California Edison
Co. Series 2006C, Rev., 4.50%,
11/1/2033
|
2,350,000
|
2,387,067
|
|
Chico Unified School District, Election of 2024 Series 2024A, GO, 4.50%, 8/1/2049
|
1,500,000
|
1,463,861
|
|
City of Aliso Viejo, COP, 4.00%, 11/1/2028
|
175,000
|
182,017
|
|
City of Los Angeles Department of Airports, International Airport Subordinate Series
2021A, Rev., AMT, 5.00%,
5/15/2039
|
1,740,000
|
1,774,912
|
|
City of Los Angeles, Wastewater System, Subordinate
|
|
|
|
Series 2025A, Rev., 5.00%, 6/1/2045
|
1,000,000
|
1,050,834
|
|
Series 2025A, Rev., 5.00%, 6/1/2055
|
1,000,000
|
1,024,907
|
|
Desert Community College District, Election of 2016, GO, 4.00%, 8/1/2051
|
4,000,000
|
3,634,125
|
|
Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050
|
2,500,000
|
2,287,526
|
|
El Centro Financing Authority, Police Station Project Series 2023A, Rev., 5.00%, 10/1/2025
|
545,000
|
548,752
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement
|
|
|
|
Series 2018A-1, Rev., 5.00%, 6/1/2028 (e)
|
250,000
|
265,261
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066
|
57,200,000
|
6,136,010
|
|
Indio Finance Authority, City of Indio
|
|
|
|
Series 2022A, Rev., 5.00%, 11/1/2028
|
275,000
|
293,886
|
|
Series 2022A, Rev., 5.00%, 11/1/2029
|
325,000
|
352,311
|
|
Series 2022A, Rev., 5.00%, 11/1/2030
|
400,000
|
439,026
|
|
Series 2022A, Rev., 5.00%, 11/1/2034
|
200,000
|
220,763
|
|
Los Angeles County Development Authority, West LA Building 156 and 157 Apartments
Series 2023C, Rev., 3.75%,
12/1/2026 (b)
|
3,000,000
|
3,005,090
|
|
Los Angeles Department of Water and Power System
|
|
|
|
Series 2021C, Rev., 4.00%, 7/1/2026
|
6,285,000
|
6,315,487
|
|
Series 2024C, Rev., 5.00%, 7/1/2026
|
3,615,000
|
3,671,878
|
|
Los Angeles Department of Water and Power Water System
|
|
|
|
Series 2022D, Rev., 5.00%, 7/1/2030
|
680,000
|
726,094
|
|
Series 2020C, Rev., 5.00%, 7/1/2032
|
1,000,000
|
1,062,485
|
|
Series 2017A, Rev., 4.00%, 7/1/2047
|
1,000,000
|
884,308
|
|
Los Angeles Department of Water and Power, Power System
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2028
|
1,000,000
|
1,037,261
|
|
Series 2022A, Rev., 5.00%, 7/1/2030
|
235,000
|
250,930
|
|
Series 2025A, Rev., 5.00%, 7/1/2055
|
1,500,000
|
1,514,338
|
|
Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series
2024A, GO, 5.00%,
7/1/2025
|
4,000,000
|
4,006,192
|
|
M-S-R Energy Authority Series 2009B, Rev., 7.00%, 11/1/2034
|
1,000,000
|
1,176,954
|
|
Municipal Improvement Corp. of Los Angeles, Real Property Series 2016B, Rev., 4.00%,
11/1/2035
|
3,000,000
|
2,943,307
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
California — continued
|
||
|
Napa Valley Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2055
|
1,500,000
|
1,462,408
|
|
New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 (d)
|
7,000,000
|
6,699,524
|
|
Ontario Public Financing Authority Series 2025A, Rev., 4.50%, 11/1/2055
|
2,000,000
|
1,893,726
|
|
Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev.,
A.G., 5.00%, 11/1/2033
|
140,000
|
156,765
|
|
Petaluma Public Financing Authority, Road Improvement Projects, Rev., 5.00%, 5/1/2026
|
150,000
|
153,023
|
|
Port of Los Angeles, Harbor Department Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032
|
2,000,000
|
2,174,787
|
|
Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026
|
150,000
|
152,696
|
|
Redondo Beach Unified School District, Election of 2024 Series 2024A, GO, 4.63%, 8/1/2055
|
1,000,000
|
991,883
|
|
River Islands Public Financing Authority, Facilities District No. 2003
|
|
|
|
Series 2022A-1, A.G., 5.00%, 9/1/2029
|
210,000
|
224,682
|
|
Series 2022A-1, A.G., 5.00%, 9/1/2030
|
330,000
|
357,781
|
|
San Diego County Regional Airport Authority
|
|
|
|
Series 2023B, Rev., AMT, 5.25%, 7/1/2038
|
2,000,000
|
2,126,576
|
|
Series 2023B, Rev., AMT, 5.00%, 7/1/2048
|
5,460,000
|
5,443,529
|
|
San Francisco City and County Airport Comm-San Francisco International Airport Series
2016B, Rev., AMT, 5.00%,
5/1/2046
|
1,200,000
|
1,184,505
|
|
San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (b)
|
2,045,000
|
2,215,360
|
|
San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2043
|
2,000,000
|
1,937,044
|
|
Solano Irrigation District, Water, COP, 4.00%, 8/1/2031
|
285,000
|
293,252
|
|
South San Francisco Public Facilities Financing Authority, Community Civic Campus
and Multiple Capital Projects Series
2021A, Rev., 4.00%, 6/1/2029
|
220,000
|
230,119
|
|
State of California, Various Purpose, GO, 5.00%, 11/1/2032
|
335,000
|
366,605
|
|
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco
Securitization Corp. Series 2021A,
Class 1, Rev., 5.00%, 6/1/2032
|
110,000
|
115,748
|
|
Tobacco Securitization Authority of Southern California, San Diego County Tobacco
Asset Securitization Corp. Series
2019A, Class 1, Rev., 5.00%, 6/1/2048
|
3,000,000
|
2,927,591
|
|
Tracy Public Financing Authority, Legacy Fields Series 2022A, Rev., 5.00%, 11/1/2036
|
1,035,000
|
1,135,150
|
|
Vista Joint Powers Financing Authority Series 2025A, Rev., 5.00%, 5/1/2036
|
1,250,000
|
1,398,272
|
|
Total California
|
|
200,127,524
|
|
Colorado — 2.6%
|
||
|
Adams and Arapahoe Joint School District 28J Aurora, GO, 5.50%, 12/1/2043 (d)
|
3,375,000
|
3,718,042
|
|
Adams County Housing Authority, Maiker Housing Partners Multifamily Housing, Overlook
At Thornton Series 2023,
Rev., 4.50%, 5/1/2026 (b)
|
3,300,000
|
3,322,521
|
|
Baseline Metropolitan District No. 1
|
|
|
|
Series 2024A, GO, A.G., 5.00%, 12/1/2025
|
300,000
|
302,228
|
|
Series 2024A, GO, A.G., 5.00%, 12/1/2026
|
500,000
|
511,622
|
|
Series 2024A, GO, A.G., 5.00%, 12/1/2027
|
1,000,000
|
1,040,348
|
|
Series 2024A, GO, A.G., 5.00%, 12/1/2028
|
580,000
|
611,438
|
|
Series 2024A, GO, A.G., 5.00%, 12/1/2031
|
1,000,000
|
1,084,958
|
|
City and County of Denver Series 2020B, GO, 5.00%, 8/1/2029
|
220,000
|
238,848
|
|
City and County of Denver, Airport System
|
|
|
|
Series 2018A, Rev., AMT, 5.00%, 12/1/2028
|
2,845,000
|
2,984,829
|
|
Series 2022A, Rev., AMT, 5.00%, 11/15/2032
|
1,000,000
|
1,072,641
|
|
Series 2018A, Rev., AMT, 5.00%, 12/1/2035
|
505,000
|
514,199
|
|
Series 2018A, Rev., AMT, 4.00%, 12/1/2043
|
3,380,000
|
3,026,060
|
|
City of Colorado Springs Utilities System Series 2022B, Rev., 5.00%, 11/15/2047
|
2,010,000
|
2,060,735
|
|
Colorado Bridge and Tunnel Enterprise Series 2024A, Rev., A.G., 5.25%, 12/1/2049
|
1,000,000
|
1,034,237
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Colorado — continued
|
||
|
Colorado Health Facilities Authority, Adventist Health System
|
|
|
|
Series 2024A-1, Rev., 5.00%, 11/15/2029 (b)
|
4,750,000
|
5,070,369
|
|
Series 2021A, Rev., 4.00%, 11/15/2050
|
5,750,000
|
4,824,729
|
|
Colorado Health Facilities Authority, CommonSpirit Health
|
|
|
|
Series 2024A, Rev., 5.00%, 12/1/2029
|
7,630,000
|
8,126,373
|
|
Series 2019A-1, Rev., 4.00%, 8/1/2037
|
1,510,000
|
1,454,880
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2044
|
2,650,000
|
2,607,296
|
|
Colorado Health Facilities Authority, Covenant Living Communities and Services
|
|
|
|
Series 2025A, Rev., 5.00%, 12/1/2028
|
1,000,000
|
1,050,366
|
|
Series 2025A, Rev., 5.00%, 12/1/2031
|
1,115,000
|
1,200,858
|
|
Series 2025A, Rev., 5.00%, 12/1/2033
|
1,000,000
|
1,082,856
|
|
Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Class
III, Rev., GNMA COLL, 5.75%,
11/1/2053
|
2,625,000
|
2,784,955
|
|
Colorado Springs School District No. 11 Facilities Corp.
|
|
|
|
COP, 5.00%, 12/15/2026
|
350,000
|
359,446
|
|
COP, 5.00%, 12/15/2037
|
550,000
|
586,273
|
|
COP, 5.00%, 12/15/2038
|
600,000
|
634,131
|
|
COP, 5.00%, 12/15/2040
|
1,050,000
|
1,097,724
|
|
COP, 5.00%, 12/15/2042
|
1,250,000
|
1,287,718
|
|
COP, 5.25%, 12/15/2048
|
2,250,000
|
2,304,997
|
|
County of Adams, COP, 4.00%, 12/1/2054
|
1,500,000
|
1,273,016
|
|
Denver City and County School District No. 1 Series 2025A, GO, 5.25%, 12/1/2035
|
4,240,000
|
4,841,066
|
|
Denver Health and Hospital Authority Series 2025A, Rev., 5.13%, 12/1/2050
|
1,000,000
|
975,095
|
|
Dominion Water and Sanitation District, Rev., 5.00%, 12/1/2027
|
500,000
|
503,114
|
|
San Miguel County School District R-1 Telluride Series 2024, GO, 5.00%, 12/1/2042
|
1,000,000
|
1,057,296
|
|
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A,
GO, 5.00%, 4/1/2035 (c)
|
8,500,000
|
8,950,828
|
|
State of Colorado, Building Excellent Schools Today Series S, COP, 4.00%, 3/15/2037
|
1,000,000
|
1,000,546
|
|
University of Colorado, Enterprise System
|
|
|
|
Series 2017A-2, Rev., 5.00%, 6/1/2026 (e)
|
5,000
|
5,103
|
|
Series 2017A-2, Rev., 5.00%, 6/1/2026
|
35,000
|
35,730
|
|
Vail Home Partners Corp., Colorado Housing Facilities, Rev., 5.88%, 10/1/2055 (c)
|
2,000,000
|
2,014,447
|
|
Total Colorado
|
|
76,651,918
|
|
Connecticut — 1.2%
|
||
|
City of Meriden
|
|
|
|
Series 2023, GO, 4.00%, 6/15/2041
|
890,000
|
867,491
|
|
GO, 4.00%, 6/15/2043
|
1,080,000
|
1,030,614
|
|
City of New Haven, GO, A.G., 5.00%, 8/1/2033
|
3,000,000
|
3,337,947
|
|
City of Norwalk
|
|
|
|
Series 2023, GO, 4.00%, 8/15/2042
|
700,000
|
681,379
|
|
Series 2023, GO, 4.00%, 8/15/2043
|
500,000
|
481,861
|
|
Connecticut State Health and Educational Facilities Authority, Yale New Heaven Health
Series 2024B, Rev., 5.00%,
7/1/2029 (b)
|
6,000,000
|
6,334,023
|
|
Stamford Housing Authority, Mozaic Concierge Living Project Series 2025A, Rev., 6.50%,
10/1/2055
|
1,500,000
|
1,474,016
|
|
State of Connecticut
|
|
|
|
Series 2025B, GO, 5.00%, 12/1/2028
|
4,365,000
|
4,672,732
|
|
Series 2025B, GO, 5.00%, 12/1/2030
|
1,000,000
|
1,100,407
|
|
Series A, GO, 5.00%, 4/15/2033
|
135,000
|
138,659
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Connecticut — continued
|
||
|
State of Connecticut Special Tax
|
|
|
|
Series 2024B, Rev., 5.00%, 7/1/2026
|
10,500,000
|
10,743,627
|
|
Series 2023A, Rev., 5.00%, 7/1/2037
|
2,265,000
|
2,469,848
|
|
Series 2023A, Rev., 5.00%, 7/1/2038
|
1,000,000
|
1,080,631
|
|
Series 2021A, Rev., 4.00%, 5/1/2039
|
1,305,000
|
1,271,188
|
|
University of Connecticut Series 2017A, Rev., 5.00%, 1/15/2028
|
125,000
|
128,804
|
|
Total Connecticut
|
|
35,813,227
|
|
Delaware — 0.0% ^
|
||
|
Delaware State Economic Development Authority, St. Andrews School Project, Rev., 4.00%,
7/1/2041
|
1,190,000
|
1,110,490
|
|
District of Columbia — 0.4%
|
||
|
District of Columbia Housing Finance Agency, Multi Family Housing 2911 Rhode Island
Apartments Project Series
2025A, Rev., FHA, 5.00%, 3/1/2028
|
3,500,000
|
3,647,372
|
|
District of Columbia, Income Tax Series 2019A, Rev., 5.00%, 3/1/2029
|
100,000
|
107,248
|
|
District of Columbia, Kipp DC Project, Rev., 4.00%, 7/1/2039
|
100,000
|
92,260
|
|
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series
B, Rev., 5.00%, 10/1/2025
|
65,000
|
65,434
|
|
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien
Series 2022C1, Rev., 4.00%,
10/1/2040
|
2,000,000
|
1,897,225
|
|
Metropolitan Washington Airports Authority Aviation
|
|
|
|
Series 2023A, Rev., AMT, 5.00%, 10/1/2025
|
875,000
|
879,092
|
|
Series 2024A, Rev., AMT, 5.00%, 10/1/2026
|
1,270,000
|
1,295,051
|
|
Series 2021A, Rev., AMT, 5.00%, 10/1/2031
|
1,360,000
|
1,455,474
|
|
Series 2020A, Rev., AMT, 4.00%, 10/1/2035
|
1,750,000
|
1,720,296
|
|
Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition
Bonds Series 2023A, Rev.,
5.00%, 7/15/2037
|
1,500,000
|
1,625,359
|
|
Total District of Columbia
|
|
12,784,811
|
|
Florida — 2.8%
|
||
|
Capital Trust Authority, IPS Enterprises, Inc., Projects
|
|
|
|
Series 2023A, Rev., 5.13%, 6/15/2033 (c)
|
1,625,000
|
1,661,099
|
|
Series 2023A, Rev., 6.00%, 6/15/2043 (c)
|
2,060,000
|
2,096,794
|
|
Central Florida Tourism Oversight District Series 2016A, GO, 5.00%, 6/1/2026
|
50,000
|
51,029
|
|
City of Jacksonville
|
|
|
|
Series 2024, Rev., 5.00%, 10/1/2026
|
1,690,000
|
1,735,583
|
|
Series 2024, Rev., 5.00%, 10/1/2028
|
1,400,000
|
1,490,508
|
|
Series 2024, Rev., 5.00%, 10/1/2029
|
1,305,000
|
1,409,742
|
|
City of Kissimmee, Sales Tax, Rev., 4.00%, 10/1/2025
|
170,000
|
170,316
|
|
City of Miami, Forever Infrastructure Project Series 2024A, Rev., 5.50%, 1/1/2049
|
1,500,000
|
1,583,022
|
|
Cobb County Kennestone Hospital Authority, Ave Maria University, Inc. Project Series
2023, Rev., 5.00%, 6/1/2027
|
1,930,000
|
1,952,067
|
|
County of Lee, Airport
|
|
|
|
Series 2021A, Rev., AMT, 5.00%, 10/1/2031
|
400,000
|
425,992
|
|
Series 2021B, Rev., AMT, 5.00%, 10/1/2031
|
1,840,000
|
1,959,563
|
|
County of Miami-Dade, Aviation System Series 2024A, Rev., AMT, 5.00%, 10/1/2035
|
4,805,000
|
5,089,921
|
|
County of Miami-Dade, Jackson Health System
|
|
|
|
Series 2015A, Rev., 5.00%, 6/1/2025
|
150,000
|
150,000
|
|
Rev., 5.00%, 6/1/2032
|
2,005,000
|
2,209,000
|
|
Rev., 5.50%, 6/1/2055
|
3,000,000
|
3,176,172
|
|
County of Miami-Dade, Water and Sewer System Series 2024A, Rev., 5.25%, 10/1/2054
|
5,000,000
|
5,146,084
|
|
County of Palm Beach Series 2021A, Rev., 4.00%, 12/1/2032
|
2,070,000
|
2,139,723
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Florida — continued
|
||
|
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev.,
5.00%, 7/1/2032
|
250,000
|
264,201
|
|
Florida Department of Children and Families, Evaluation Treatment Center Financing
Corp. Project Series 2021B, COP,
5.00%, 10/1/2028
|
210,000
|
224,265
|
|
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series
2024, Rev., AMT, 5.00%,
7/1/2041
|
1,250,000
|
1,147,305
|
|
Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A,
Rev., AMT, 4.38%,
10/1/2031 (b) (c)
|
1,000,000
|
995,329
|
|
Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (b)
|
1,410,000
|
1,420,350
|
|
Florida Housing Finance Corp., Northside Transit Village III Series 2023B, Rev., GNMA
COLL, 5.00%, 2/1/2026 (b)
|
1,000,000
|
1,010,472
|
|
Florida Municipal Loan Council, Village of Palmetto Bay Series 2021A, Rev., 4.00%,
10/1/2028
|
75,000
|
77,270
|
|
Florida State Board of Governors University of North Florida Dormitory
|
|
|
|
Series 2023A, Rev., 5.00%, 11/1/2041
|
2,205,000
|
2,291,747
|
|
Series 2023A, Rev., 5.00%, 11/1/2042
|
2,675,000
|
2,764,560
|
|
Florida State Board of Governors, University of Florida Mandatory Student Fee Series
2021A, Rev., A.G., 5.00%,
11/1/2028
|
100,000
|
106,402
|
|
JEA Electric System
|
|
|
|
Series 2024A- 3, Rev., A.G., 5.00%, 10/1/2036
|
2,250,000
|
2,483,762
|
|
Series 2024A- 3, Rev., A.G., 5.00%, 10/1/2037
|
1,950,000
|
2,131,032
|
|
Series 2024A-3, Rev., A.G., 5.00%, 10/1/2038
|
2,500,000
|
2,703,465
|
|
JEA Water and Sewer System Series 2024A, Rev., 5.50%, 10/1/2054
|
5,000,000
|
5,266,234
|
|
Lee County School Board (The) Series 2023A, COP, 4.00%, 8/1/2048
|
1,500,000
|
1,311,146
|
|
Marion County School Board, COP, A.G., 5.25%, 6/1/2044
|
1,465,000
|
1,531,917
|
|
Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202,
Rev., 3.55%, 1/1/2026 (b)
|
1,525,000
|
1,526,253
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment,
5.85%, 5/1/2037
|
245,000
|
257,545
|
|
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A,
Rev., 5.00%, 10/1/2036
|
750,000
|
804,714
|
|
Orlando Utilities Commission
|
|
|
|
Series 2025A, Rev., 5.00%, 10/1/2033
|
1,000,000
|
1,128,905
|
|
Series 2025A, Rev., 5.00%, 10/1/2034
|
1,095,000
|
1,242,515
|
|
Series 2025A, Rev., 5.00%, 10/1/2035
|
1,660,000
|
1,850,279
|
|
Series 2024B, Rev., 5.00%, 10/1/2036
|
1,215,000
|
1,342,915
|
|
Series 2025A, Rev., 5.00%, 10/1/2036
|
1,000,000
|
1,105,280
|
|
Series 2025A, Rev., 5.00%, 10/1/2045
|
1,400,000
|
1,456,241
|
|
Series 2025A, Rev., 5.00%, 10/1/2046
|
2,000,000
|
2,068,824
|
|
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc.,
Obligated Group
|
|
|
|
Rev., 5.00%, 11/15/2032
|
240,000
|
243,271
|
|
Series 2025B, Rev., 5.00%, 11/15/2049
|
8,485,000
|
8,109,495
|
|
Palm Beach County School District Series 2024A, COP, 5.00%, 8/1/2039
|
2,085,000
|
2,219,339
|
|
Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023,
Rev., 4.15%, 6/1/2026 (b)
|
750,000
|
756,109
|
|
State of Florida Board of Education, Public Education Capital Outlay Series 2017B,
GO, 5.00%, 6/1/2031
|
75,000
|
77,622
|
|
State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026
|
75,000
|
76,789
|
|
Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev.,
5.00%, 10/1/2025
|
55,000
|
55,367
|
|
Tampa-Hillsborough County Expressway Authority Series 2017B, Rev., 5.00%, 7/1/2031
|
40,000
|
42,076
|
|
University of Florida, Department of Housing and Residence Education Housing System
Series 2021A, Rev., 5.00%,
7/1/2026
|
125,000
|
127,600
|
|
Village Community Development District No. 15, 4.25%, 5/1/2028 (c)
|
200,000
|
201,484
|
|
Total Florida
|
|
82,868,695
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Georgia — 3.4%
|
||
|
Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block Series
2025, Rev., FHA, 3.40%,
2/1/2028 (b)
|
1,500,000
|
1,504,953
|
|
Augusta Development Authority, AU Health System, Inc. Project Series 2018, Rev., 4.00%,
7/1/2038
|
3,995,000
|
3,851,309
|
|
Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev.,
3.95%, 3/8/2028 (b)
|
2,000,000
|
2,025,186
|
|
City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien Series 2019D,
Rev., AMT, 4.00%, 7/1/2037
|
2,350,000
|
2,272,072
|
|
City of Atlanta, Georgia Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2031
|
1,810,000
|
1,897,345
|
|
College Park Housing Authority, Rev., 3.45%, 4/1/2028 (b)
|
1,500,000
|
1,503,799
|
|
Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023B,
Rev., 5.00%, 4/1/2042
|
2,000,000
|
2,072,164
|
|
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026
|
25,000
|
25,795
|
|
Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project
Series 2013-1, Rev., 3.38%,
3/12/2027 (b)
|
1,015,000
|
1,008,329
|
|
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project
Series 2009-2, Rev., 3.88%,
3/6/2026 (b)
|
1,415,000
|
1,417,322
|
|
Fayette County Development Authority, United States Soccer Federation, Inc. Project
|
|
|
|
Series 2024, Rev., 5.00%, 10/1/2040
|
1,600,000
|
1,648,230
|
|
Rev., 5.25%, 10/1/2054
|
2,250,000
|
2,262,669
|
|
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc.,
Project, Rev., RAN, 5.00%,
10/15/2030
|
1,500,000
|
1,626,284
|
|
George L Smith II Congress Center Authority, Convention Center Hotel First Series
2021A, Rev., 4.00%, 1/1/2054
|
2,050,000
|
1,673,008
|
|
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects,
Rev., 4.00%, 6/15/2038
|
1,425,000
|
1,373,075
|
|
Lawrenceville Housing Authority, Applewood Towers Project Series 2024B, Rev., 5.00%,
10/1/2027 (b)
|
1,615,000
|
1,678,181
|
|
Main Street Natural Gas, Inc., Gas Supply
|
|
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b)
|
1,750,000
|
1,806,257
|
|
Series 2023B, Rev., 5.00%, 3/1/2030 (b)
|
4,785,000
|
4,978,994
|
|
Series 2023A, Rev., 5.00%, 6/1/2030 (b)
|
4,215,000
|
4,370,611
|
|
Series 2023C, Rev., 5.00%, 9/1/2030 (b)
|
2,500,000
|
2,611,790
|
|
Series 2023D, Rev., 5.00%, 12/1/2030 (b)
|
3,500,000
|
3,635,062
|
|
Series 2024D, Rev., 5.00%, 4/1/2031 (b)
|
9,750,000
|
10,198,929
|
|
Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (b)
|
4,230,000
|
4,427,606
|
|
Series 2024A, Rev., 5.00%, 9/1/2031 (b)
|
6,000,000
|
6,300,343
|
|
Series 2024E, Rev., 5.00%, 12/1/2032 (b)
|
16,310,000
|
16,988,176
|
|
Metropolitan Atlanta Rapid Transit Authority, Sales Tax
|
|
|
|
Series 2017D, Rev., 4.00%, 7/1/2028
|
35,000
|
35,453
|
|
Series 2023A, Rev., 5.00%, 7/1/2039
|
900,000
|
970,341
|
|
Series 2025A, Rev., 5.00%, 7/1/2041
|
2,000,000
|
2,147,274
|
|
Municipal Electric Authority of Georgia Project Series 2024B, Rev., 5.00%, 1/1/2028
|
1,000,000
|
1,046,863
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series
2019A, Rev., 5.00%, 1/1/2049
|
4,500,000
|
4,436,662
|
|
Paulding County School District
|
|
|
|
GO, 5.00%, 2/1/2030
|
3,055,000
|
3,325,846
|
|
GO, 5.00%, 2/1/2031
|
1,750,000
|
1,930,609
|
|
Rome Building Authority, Rome City School Project Series 2023, Rev., 5.00%, 3/1/2036
|
1,000,000
|
1,100,232
|
|
Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment
Facility Project
|
|
|
|
Rev., 5.25%, 2/1/2034
|
100,000
|
112,602
|
|
Rev., 5.25%, 2/1/2035
|
135,000
|
150,816
|
|
Total Georgia
|
|
98,414,187
|
|
Guam — 0.1%
|
||
|
Guam Government Waterworks Authority Series 2024A, Rev., 5.00%, 7/1/2040
|
1,810,000
|
1,815,429
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Hawaii — 0.2%
|
||
|
City and County of Honolulu Series D, GO, 5.00%, 9/1/2032
|
45,000
|
46,617
|
|
State of Hawaii Series FK, GO, 5.00%, 5/1/2033
|
30,000
|
30,874
|
|
State of Hawaii Airports System
|
|
|
|
Series 2025C, Rev., AMT, 5.00%, 7/1/2043
|
3,150,000
|
3,165,993
|
|
Series 2025C, Rev., AMT, 5.00%, 7/1/2045
|
1,500,000
|
1,489,408
|
|
Total Hawaii
|
|
4,732,892
|
|
Idaho — 0.4%
|
||
|
Idaho Health Facilities Authority, St. Luke's Health System Project
|
|
|
|
Series 2021A, Rev., 5.00%, 3/1/2029
|
35,000
|
37,042
|
|
Series 2025B, Rev., 5.00%, 3/1/2032 (b)
|
8,295,000
|
8,872,555
|
|
Series 2025C, Rev., 5.00%, 3/1/2035 (b)
|
1,250,000
|
1,361,827
|
|
Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales
Tax Series 2025A, Rev.,
4.00%, 8/15/2050
|
2,500,000
|
2,229,826
|
|
Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation
Fund Series 2022A, Rev.,
5.00%, 8/15/2035
|
500,000
|
548,227
|
|
Total Idaho
|
|
13,049,477
|
|
Illinois — 3.3%
|
||
|
Champaign County Community Unit School District No. 4 Champaign, School Building,
GO, 5.00%, 1/1/2027
|
45,000
|
45,512
|
|
Chicago Midway International Airport, Senior Lien
|
|
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2029
|
1,175,000
|
1,231,001
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2030
|
1,545,000
|
1,630,735
|
|
Series 2023C, Rev., AMT, 5.00%, 1/1/2034
|
3,500,000
|
3,717,107
|
|
Series 2023C, Rev., AMT, 5.00%, 1/1/2037
|
2,500,000
|
2,596,297
|
|
Series 2023A, Rev., AMT, 5.75%, 1/1/2048
|
1,335,000
|
1,404,181
|
|
Series 2023A, Rev., AMT, 5.50%, 1/1/2053
|
1,100,000
|
1,125,164
|
|
Chicago O'Hare International Airport, Customer Facility Charge Senior Lien
|
|
|
|
Series 2023, Rev., 5.00%, 1/1/2036
|
1,265,000
|
1,364,906
|
|
Series 2023, Rev., 5.00%, 1/1/2037
|
825,000
|
883,790
|
|
Chicago O'Hare International Airport, General Airport, Senior Lien
|
|
|
|
Series 2024D, Rev., 5.00%, 1/1/2026
|
1,800,000
|
1,818,419
|
|
Series 2020A, Rev., 5.00%, 1/1/2034
|
200,000
|
212,821
|
|
Series B, Rev., 5.00%, 1/1/2034
|
40,000
|
40,769
|
|
Series 2024B, Rev., 5.00%, 1/1/2048
|
1,000,000
|
1,015,867
|
|
Series 2024B, Rev., 5.50%, 1/1/2059
|
3,000,000
|
3,123,833
|
|
City of Chicago, Waterworks, Second Lien
|
|
|
|
Series 2001, Rev., AMBAC, 5.75%, 11/1/2030
|
5,500,000
|
5,843,790
|
|
Series 2023A, Rev., A.G., 5.25%, 11/1/2053
|
365,000
|
369,251
|
|
City of Decatur, GO, 5.00%, 3/1/2027
|
130,000
|
131,956
|
|
City of Highland Park, GO, 4.00%, 12/30/2028
|
35,000
|
36,139
|
|
Cook County School District No. 87 Berkeley, GO, A.G., 4.00%, 12/1/2030
|
35,000
|
36,123
|
|
County of Cook, Sales Tax, Rev., 5.00%, 11/15/2034
|
2,000,000
|
2,062,633
|
|
County of Lake, Sales Tax, GO, 4.00%, 11/30/2027
|
100,000
|
102,298
|
|
Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%,
12/31/2034 (b) (c)
|
2,750,000
|
2,651,625
|
|
Illinois Finance Authority, Lake Forest College
|
|
|
|
Series 2022A, Rev., 5.00%, 10/1/2029
|
320,000
|
331,901
|
|
Series 2022A, Rev., 5.00%, 10/1/2030
|
205,000
|
213,226
|
|
Series 2022A, Rev., 5.00%, 10/1/2031
|
235,000
|
244,671
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Illinois — continued
|
||
|
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
|
|
|
|
Series 2025B-1, Rev., 5.00%, 8/15/2030 (b)
|
3,500,000
|
3,704,507
|
|
Series 2025B-2, Rev., 5.00%, 8/15/2035 (b)
|
5,000,000
|
5,229,750
|
|
Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (b)
|
1,000,000
|
1,032,496
|
|
Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (e)
|
3,250,000
|
3,268,921
|
|
Illinois Housing Development Authority
|
|
|
|
Rev., VRDO, FHA, 4.00%, 6/1/2025 (b)
|
2,815,000
|
2,815,000
|
|
Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054
|
955,000
|
1,024,243
|
|
Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055
|
4,000,000
|
4,454,118
|
|
Illinois State Toll Highway Authority Series 2024A, Rev., 5.00%, 1/1/2038
|
2,360,000
|
2,535,378
|
|
Lake County Community Consolidated School District No. 3 Beach Park, GO, A.G., 4.00%,
2/1/2032
|
175,000
|
177,081
|
|
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 4.00%, 1/1/2040
|
1,750,000
|
1,645,876
|
|
Sales Tax Securitization Corp., Senior Lien
|
|
|
|
Series 2023C, Rev., 5.00%, 1/1/2033
|
1,000,000
|
1,070,413
|
|
Series 2024A, Rev., 5.00%, 1/1/2035
|
1,500,000
|
1,642,538
|
|
Southern Illinois University, Housing and Auxiliary Facilities
|
|
|
|
Series 2022A, Rev., 5.00%, 4/1/2029
|
675,000
|
712,807
|
|
Series 2022A, Rev., 5.00%, 4/1/2030
|
800,000
|
851,822
|
|
Series 2022A, Rev., 5.00%, 4/1/2031
|
575,000
|
617,611
|
|
Series 2022A, Rev., 5.00%, 4/1/2032
|
510,000
|
551,183
|
|
State of Illinois
|
|
|
|
Series 2023D, GO, 5.00%, 7/1/2025
|
1,145,000
|
1,146,435
|
|
Series 2017D, GO, 5.00%, 11/1/2025
|
2,550,000
|
2,568,850
|
|
Series 2017A, GO, 5.00%, 12/1/2026
|
1,000,000
|
1,024,854
|
|
Series 2016, GO, 5.00%, 2/1/2027
|
1,000,000
|
1,027,250
|
|
Series 2024B, GO, 5.00%, 5/1/2027
|
1,000,000
|
1,030,799
|
|
Series 2018A, GO, 5.00%, 10/1/2027
|
2,590,000
|
2,677,463
|
|
GO, 5.50%, 1/1/2029
|
5,000,000
|
5,331,502
|
|
Series 2022A, GO, 5.00%, 3/1/2029
|
500,000
|
525,639
|
|
Series 2018B, GO, 5.00%, 10/1/2029
|
2,000,000
|
2,086,140
|
|
GO, 4.00%, 6/1/2032
|
1,000,000
|
984,389
|
|
Series 2020B, GO, 4.00%, 10/1/2033
|
2,400,000
|
2,370,304
|
|
Series 2018A, GO, 5.00%, 10/1/2033
|
1,000,000
|
1,032,202
|
|
GO, 5.00%, 2/1/2037
|
3,000,000
|
3,178,768
|
|
Series 2024B, GO, 5.00%, 5/1/2037
|
5,000,000
|
5,278,041
|
|
Series 2024B, GO, 5.00%, 5/1/2040
|
1,800,000
|
1,852,483
|
|
Series 2023B, GO, 5.50%, 5/1/2047
|
375,000
|
384,185
|
|
University of Illinois, Auxiliary Facilities System Series 2021A, Rev., 5.00%, 4/1/2029
|
450,000
|
482,389
|
|
Village of Bolingbrook Series 2018A, GO, A.G., 5.00%, 1/1/2033
|
125,000
|
129,212
|
|
Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026
|
140,000
|
144,314
|
|
Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2043
|
1,000,000
|
1,012,724
|
|
Total Illinois
|
|
97,835,702
|
|
Indiana — 1.9%
|
||
|
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041 (c)
|
250,000
|
205,181
|
|
City of Rockport, Indiana Michigan Power Co. Project Series 2025A, Rev., 3.70%, 6/1/2029 (b) (d)
|
5,000,000
|
4,986,974
|
|
City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (c)
|
200,000
|
173,650
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Indiana — continued
|
||
|
Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project
|
|
|
|
Series 2024B, Rev., 5.00%, 7/15/2037
|
865,000
|
931,912
|
|
Series 2024B, Rev., 5.00%, 7/15/2038
|
910,000
|
970,237
|
|
Series 2024B, Rev., 5.00%, 7/15/2039
|
955,000
|
1,010,454
|
|
Franklin Township-Marion County Multiple School Building Corp., Valorem Property Tax
First Mortgage
|
|
|
|
Series 2024, Rev., 5.00%, 7/15/2035
|
1,600,000
|
1,758,294
|
|
Series 2024, Rev., 5.00%, 7/15/2036
|
1,125,000
|
1,226,277
|
|
Series 2024, Rev., 5.00%, 7/15/2037
|
1,375,000
|
1,485,500
|
|
Series 2024, Rev., 5.00%, 7/15/2040
|
1,000,000
|
1,053,983
|
|
Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 1/15/2027
|
800,000
|
825,817
|
|
Indiana Finance Authority Series 2016C, Rev., 5.00%, 12/1/2025
|
35,000
|
35,330
|
|
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017C,
Rev., 4.00%, 11/1/2034
|
115,000
|
114,642
|
|
Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1,
Rev., 5.00%, 7/1/2028 (b)
|
5,000,000
|
5,252,742
|
|
Indiana Finance Authority, Rose-Hulman Institute of Technology Project, Rev., 5.00%,
6/1/2030
|
435,000
|
464,491
|
|
Indiana Finance Authority, State Revolving Fund Program
|
|
|
|
Series 2025C, Rev., 5.00%, 2/1/2031
|
1,000,000
|
1,107,222
|
|
Series 2025C, Rev., 5.00%, 2/1/2032
|
1,000,000
|
1,118,714
|
|
Series 2025C, Rev., 5.00%, 2/1/2033
|
2,000,000
|
2,254,749
|
|
Series 2025C, Rev., 5.00%, 2/1/2035
|
1,000,000
|
1,135,011
|
|
Indiana Finance Authority, Tippecanoe LLC- Student Housing Project
|
|
|
|
Series 2023A, Rev., 5.00%, 6/1/2038
|
400,000
|
407,807
|
|
Series 2023A, Rev., 5.00%, 6/1/2043
|
430,000
|
425,796
|
|
Series 2023A, Rev., 5.00%, 6/1/2053
|
790,000
|
753,365
|
|
Indiana Housing and Community Development Authority, Vita of New Whiteland Project,
Rev., 6.75%, 1/1/2043
|
1,000,000
|
965,762
|
|
Indiana Municipal Power Agency, Power Supply System
|
|
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2027
|
1,250,000
|
1,288,992
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2028
|
1,000,000
|
1,050,689
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2029
|
1,125,000
|
1,201,242
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2030
|
690,000
|
747,036
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2031
|
1,000,000
|
1,096,291
|
|
Series 2025A, Rev., A.G., 5.00%, 1/1/2032
|
1,355,000
|
1,500,969
|
|
Indiana State University, Housing and Dining System, Rev., 5.00%, 4/1/2031
|
75,000
|
76,908
|
|
Indianapolis Local Public Improvement Bond Bank
|
|
|
|
Series 2024E, Rev., 5.00%, 2/1/2026
|
750,000
|
759,443
|
|
Series 2024E, Rev., 5.00%, 2/1/2029
|
1,700,000
|
1,816,797
|
|
Series 2021A, Rev., A.G., 4.00%, 6/1/2037
|
5,000,000
|
4,943,309
|
|
Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation
Corp. Project
|
|
|
|
Series 2025A, Rev., 5.00%, 1/15/2029
|
475,000
|
507,308
|
|
Series 2025A, Rev., 5.00%, 1/15/2030
|
400,000
|
431,845
|
|
Series 2025A, Rev., 5.00%, 1/15/2032
|
450,000
|
494,413
|
|
Series 2025A, Rev., 5.00%, 1/15/2034
|
500,000
|
553,519
|
|
Series 2025A, Rev., 5.00%, 7/15/2037
|
1,000,000
|
1,084,087
|
|
Indianapolis Local Public Improvement Bond Bank, Indianapolos Airport Authority
|
|
|
|
Series 2025B-1, Rev., 5.00%, 1/1/2035
|
350,000
|
389,591
|
|
Series 2025B-1, Rev., 5.00%, 1/1/2036
|
350,000
|
385,195
|
|
Series 2025B-1, Rev., 5.00%, 1/1/2037
|
375,000
|
409,130
|
|
Series 2025B-1, Rev., 5.00%, 1/1/2038
|
500,000
|
540,618
|
|
Series 2025B-1, Rev., 5.00%, 1/1/2039
|
500,000
|
536,852
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Indiana — continued
|
||
|
Series 2025B-1, Rev., 5.00%, 1/1/2040
|
230,000
|
244,603
|
|
IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024,
Rev., 5.00%, 7/15/2026
|
1,350,000
|
1,377,484
|
|
IPS Multi-School Building Corp., First Mortgage Series 2024, Rev., 5.00%, 7/15/2025
|
1,850,000
|
1,853,636
|
|
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage,
Rev., 5.00%, 7/15/2025
|
35,000
|
35,070
|
|
Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax
|
|
|
|
Rev., 5.00%, 1/15/2030
|
1,125,000
|
1,212,555
|
|
Rev., 5.00%, 7/15/2030
|
1,150,000
|
1,246,751
|
|
Total Indiana
|
|
54,448,243
|
|
Iowa — 0.7%
|
||
|
Cedar Rapids Community School District Infrastructure Sales Services and Use Tax
|
|
|
|
Series 2023, Rev., A.G., 5.00%, 7/1/2035
|
1,045,000
|
1,112,467
|
|
Series 2023, Rev., A.G., 5.00%, 7/1/2036
|
1,060,000
|
1,121,945
|
|
Des Moines Independent Community School District, Sales Services and Use Tax, Rev.,
5.00%, 6/1/2028
|
370,000
|
391,094
|
|
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co., Project
|
|
|
|
Rev., 4.00%, 12/1/2032 (b) (e)
|
5,350,000
|
5,655,723
|
|
Rev., 5.00%, 12/1/2032 (e)
|
3,000,000
|
3,370,464
|
|
Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 8/1/2027
|
30,000
|
31,479
|
|
Iowa Great Lakes Sanitation District
|
|
|
|
GO, 5.00%, 6/1/2025
|
725,000
|
725,000
|
|
GO, 5.00%, 6/1/2026
|
1,145,000
|
1,165,730
|
|
Iowa Student Loan Liquidity Corp., Student Loan
|
|
|
|
Series 2023B, Rev., AMT, 5.00%, 12/1/2026
|
600,000
|
611,160
|
|
Series 2023B, Rev., AMT, 5.00%, 12/1/2027
|
900,000
|
926,304
|
|
Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed
Series 2021-B-2, Class 2,
Rev., Zero Coupon, 6/1/2065
|
41,135,000
|
6,050,502
|
|
Total Iowa
|
|
21,161,868
|
|
Kansas — 0.1%
|
||
|
Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (b)
|
200,000
|
217,490
|
|
State of Kansas Department of Transportation
|
|
|
|
Series 2024A, Rev., 5.00%, 9/1/2035
|
1,000,000
|
1,118,700
|
|
Series 2025A, Rev., 5.00%, 9/1/2041 (d)
|
2,010,000
|
2,145,000
|
|
Total Kansas
|
|
3,481,190
|
|
Kentucky — 0.6%
|
||
|
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027
|
500,000
|
501,361
|
|
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated
Group Series 2017B, Rev.,
5.00%, 8/15/2029
|
165,000
|
170,371
|
|
Kentucky Public Energy Authority, Gas Supply Series 2023A-1, Rev., 5.25%, 2/1/2032 (b)
|
3,330,000
|
3,522,906
|
|
Kentucky State Property and Building Commission, Project No. 130 Series 2024B, Rev.,
5.00%, 11/1/2030
|
1,000,000
|
1,088,761
|
|
Kentucky State Property and Building Commission, Project No. 131
|
|
|
|
Series A, Rev., 5.00%, 10/1/2028
|
1,000,000
|
1,063,994
|
|
Series A, Rev., 5.00%, 10/1/2030
|
1,400,000
|
1,524,210
|
|
Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%,
4/1/2032
|
3,650,000
|
4,016,133
|
|
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series
2016A, Rev., 4.00%,
10/1/2036
|
65,000
|
61,866
|
|
University of Kentucky, General Receipts Series 2015A, Rev., 4.00%, 4/1/2038
|
5,000,000
|
4,756,940
|
|
University of Kentucky, Healthcare Cancer Center Parking Projects, Rev., 5.00%, 10/1/2029
|
415,000
|
447,085
|
|
Total Kentucky
|
|
17,153,627
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Louisiana — 1.4%
|
||
|
Louisiana Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA /
FHLMC, 6.00%, 6/1/2055
|
2,000,000
|
2,172,199
|
|
Louisiana Local Government Environmental Facilities & Community Development Auth Series
2021B, Rev., 2.50%,
4/1/2036
|
1,740,000
|
1,410,352
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
Calcasieu Parish Projects,
Rev., 5.00%, 12/1/2030
|
250,000
|
266,586
|
|
Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private
Partnership Project, Rev., AMT, 5.50%,
9/1/2054
|
1,000,000
|
1,017,884
|
|
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
|
|
|
|
Series 2025B, Rev., 5.00%, 5/15/2030
|
3,000,000
|
3,203,618
|
|
Series 2025A, Rev., 5.25%, 5/15/2055
|
5,250,000
|
5,272,392
|
|
Series 2025A, Rev., 5.50%, 5/15/2055
|
3,500,000
|
3,634,636
|
|
Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev.,
4.05%, 7/1/2026 (b)
|
7,500,000
|
7,499,666
|
|
State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026
|
30,000
|
30,400
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien
|
|
|
|
Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (b)
|
14,900,000
|
14,900,000
|
|
Series 2025A, Rev., 5.00%, 5/1/2040
|
2,055,000
|
2,192,582
|
|
Total Louisiana
|
|
41,600,315
|
|
Maine — 0.4%
|
||
|
Finance Authority of Maine, Casella Waste System, Inc., Project, Rev., AMT, 5.13%,
8/1/2025 (b) (c)
|
2,000,000
|
1,995,333
|
|
Maine Health and Higher Educational Facilities Authority
|
|
|
|
Series 2024A, Rev., A.G., 5.00%, 7/1/2028
|
1,135,000
|
1,201,638
|
|
Series 2023A, Rev., A.G., 5.00%, 7/1/2038
|
250,000
|
265,609
|
|
Series 2024A, Rev., A.G., 5.00%, 7/1/2041
|
1,460,000
|
1,522,281
|
|
Series 2024A, Rev., A.G., 5.00%, 7/1/2044
|
1,000,000
|
1,021,739
|
|
Maine Municipal Bond Bank
|
|
|
|
Series 2025A, Rev., 5.00%, 11/1/2028
|
2,075,000
|
2,214,793
|
|
Series 2025A, Rev., 5.00%, 11/1/2030
|
650,000
|
713,454
|
|
Maine Turnpike Authority
|
|
|
|
Rev., 5.00%, 7/1/2034
|
1,520,000
|
1,704,401
|
|
Rev., 4.00%, 7/1/2040
|
2,100,000
|
1,999,603
|
|
Total Maine
|
|
12,638,851
|
|
Maryland — 0.7%
|
||
|
County of Anne Arundel Series 2022, GO, 5.00%, 10/1/2035
|
2,565,000
|
2,801,121
|
|
County of Baltimore, GO, 5.00%, 3/1/2044
|
12,450,000
|
13,135,522
|
|
County of St. Mary's, Public Improvement, GO, 4.00%, 7/15/2027
|
70,000
|
71,650
|
|
Maryland Community Development Administration, Multi- Family, Villages At Marley Station
Series 2024D-2, Rev.,
3.30%, 1/1/2029
|
2,500,000
|
2,496,477
|
|
State of Maryland, Department of Transportation, Rev., 5.00%, 9/1/2026
|
75,000
|
77,033
|
|
State of Maryland, State and Local Facilities Loan of 2017 Series 2017A, GO, 5.00%,
8/1/2025
|
45,000
|
45,143
|
|
State of Maryland, State and Local Facilities Loan of 2022 Series 2022A, GO, 5.00%,
6/1/2033
|
1,000,000
|
1,114,741
|
|
Town of Ocean City Series 2023, GO, 4.00%, 1/15/2043
|
1,000,000
|
953,054
|
|
Total Maryland
|
|
20,694,741
|
|
Massachusetts — 1.7%
|
||
|
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%,
12/1/2039
|
2,505,000
|
2,423,352
|
|
Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020E, GO, 5.00%,
11/1/2050
|
3,210,000
|
3,249,329
|
|
Commonwealth of Massachusetts, Consolidated Loan of 2023
|
|
|
|
Series 2023A, GO, 5.00%, 5/1/2033
|
1,805,000
|
2,034,625
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Massachusetts — continued
|
||
|
Series 2023A, GO, 5.00%, 5/1/2048
|
13,000,000
|
13,262,392
|
|
Commonwealth of Massachusetts, Consolidated Loan of 2024 Series 2024H, GO, 5.00%,
12/1/2040
|
1,130,000
|
1,214,289
|
|
Massachusetts Bay Transportation Authority, Sales Tax Series 2020B-1, Rev., 5.00%,
7/1/2050
|
4,000,000
|
4,004,276
|
|
Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev.,
5.00%, 11/1/2035 (b)
|
5,000,000
|
5,631,426
|
|
Massachusetts Development Finance Agency, Boston Medical Center Issue
|
|
|
|
Series 2023G, Rev., 5.00%, 7/1/2029
|
750,000
|
792,752
|
|
Series 2025W, Rev., 4.25%, 7/1/2055
|
2,000,000
|
1,781,100
|
|
Massachusetts Development Finance Agency, Brown University Health Obligated Group
Series 2025B, Rev., 5.00%,
8/15/2031 (b)
|
2,300,000
|
2,423,315
|
|
Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%,
7/1/2029
|
2,000,000
|
2,097,113
|
|
Massachusetts State College Building Authority Series 2017D, Rev., 5.00%, 5/1/2027
|
45,000
|
46,916
|
|
Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040
|
2,470,000
|
2,375,109
|
|
Town of Brookline, Purpose Loan
|
|
|
|
GO, 4.00%, 5/15/2044 (d)
|
2,855,000
|
2,696,898
|
|
GO, 4.00%, 5/15/2045 (d)
|
5,050,000
|
4,726,468
|
|
Total Massachusetts
|
|
48,759,360
|
|
Michigan — 1.8%
|
||
|
Berkley School District, Unlimited Tax
|
|
|
|
GO, Q-SBLF, 4.00%, 5/1/2033
|
210,000
|
218,604
|
|
GO, Q-SBLF, 4.00%, 5/1/2034
|
225,000
|
232,888
|
|
GO, Q-SBLF, 4.00%, 5/1/2035
|
580,000
|
595,212
|
|
Berrien Springs Public Schools, School Building and Site, Unlimited Tax, GO, Q-SBLF,
5.00%, 5/1/2030
|
100,000
|
107,237
|
|
City of Ann Arbor
|
|
|
|
Rev., 4.00%, 4/1/2042
|
1,515,000
|
1,404,654
|
|
Rev., 4.00%, 4/1/2045
|
1,705,000
|
1,538,524
|
|
City of Detroit, Unlimited Tax
|
|
|
|
Series 2023C, GO, 6.00%, 5/1/2043
|
1,200,000
|
1,294,977
|
|
Series 2021A, GO, 5.00%, 4/1/2046
|
1,015,000
|
1,005,865
|
|
City of Holland
|
|
|
|
Series 2023, GO, 5.00%, 5/1/2041
|
1,070,000
|
1,121,410
|
|
Series 2023, GO, 5.00%, 5/1/2042
|
1,000,000
|
1,038,488
|
|
Detroit Downtown Development Authority, Catalyst Development Project Series 2024,
Rev., 5.00%, 7/1/2048
|
2,750,000
|
2,768,424
|
|
Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group,
Rev., 5.00%, 7/1/2026
|
175,000
|
178,191
|
|
Great Lakes Water Authority Sewage Disposal System, Second Lien
|
|
|
|
Series B, Rev., 5.00%, 7/1/2025
|
2,005,000
|
2,007,866
|
|
Series 2023A, Rev., 5.00%, 7/1/2038
|
1,000,000
|
1,077,528
|
|
Karegnondi Water Authority, Water Supply System Series 2024, Rev., 5.00%, 11/1/2041
|
2,000,000
|
2,095,032
|
|
Michigan Finance Authority Series 2024A-1, Rev., 5.00%, 7/21/2025
|
1,000,000
|
1,002,451
|
|
Michigan Finance Authority, Trinity Health Credit Group
|
|
|
|
Series 2022B, Rev., 5.00%, 12/1/2028 (b)
|
1,000,000
|
1,052,346
|
|
Series 2016 MI, Rev., 5.00%, 12/1/2034
|
5,000,000
|
5,054,947
|
|
Series 2013MI-5, Rev., 4.00%, 12/1/2040
|
1,295,000
|
1,190,358
|
|
Michigan State Hospital Finance Authority, Corewell Health
|
|
|
|
Series 2025B-1, Rev., 5.00%, 6/1/2032 (b)
|
3,160,000
|
3,385,577
|
|
Series 2025B-2, Rev., 5.00%, 6/1/2035 (b)
|
1,000,000
|
1,079,235
|
|
Michigan State Housing Development Authority Series 2023B, Rev., 5.75%, 6/1/2054
|
2,000,000
|
2,122,220
|
|
Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (b)
|
14,030,000
|
13,731,158
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Michigan — continued
|
||
|
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board
Machine Project, Rev., AMT,
4.00%, 10/1/2026 (b)
|
1,230,000
|
1,222,247
|
|
Michigan Strategic Fund, I-75 Improvement Projects, Rev., AMT, 5.00%, 12/31/2043
|
5,000,000
|
4,985,680
|
|
State of Michigan Trunk Line Series 2021A, Rev., 4.00%, 11/15/2036
|
395,000
|
391,692
|
|
Total Michigan
|
|
51,902,811
|
|
Minnesota — 0.5%
|
||
|
City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project
Series 2025, Rev., 5.00%,
11/1/2044
|
1,160,000
|
1,176,301
|
|
City of Lakeville Series 2024A, GO, 5.00%, 2/1/2034
|
1,455,000
|
1,607,007
|
|
City of Mankato Series 2022B, GO, 5.00%, 2/1/2027
|
150,000
|
154,978
|
|
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev.,
5.00%, 11/15/2033
|
180,000
|
184,984
|
|
City of Rogers, Sales Tax Series 2024B, GO, 5.00%, 2/1/2034
|
1,135,000
|
1,277,198
|
|
County of Hennepin Series 2023A, GO, 5.00%, 12/1/2034
|
2,000,000
|
2,254,588
|
|
Minnesota Housing Finance Agency Series 2023F, Rev., GNMA / FNMA / FHLMC, 5.75%, 7/1/2053
|
2,305,000
|
2,437,583
|
|
Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA
/ FHLMC, 6.25%,
1/1/2055
|
2,000,000
|
2,208,635
|
|
Minnesota Municipal Gas Agency Subseries, 2022A, Rev., LIQ : Royal Bank of Canada,
4.00%, 6/1/2027
|
1,000,000
|
1,011,831
|
|
State of Minnesota Series 2021A, GO, 4.00%, 9/1/2041
|
1,000,000
|
975,812
|
|
Total Minnesota
|
|
13,288,917
|
|
Mississippi — 0.0% ^
|
||
|
Mississippi Development Bank, Ranking County Project, Rev., 5.00%, 3/1/2026
|
205,000
|
208,161
|
|
Mississippi State University Educational Building Corp., New Facilities and Refinancing
Project, Rev., 5.00%, 8/1/2025
|
35,000
|
35,107
|
|
State of Mississippi Series 2016B, GO, 5.00%, 12/1/2025
|
20,000
|
20,199
|
|
Total Mississippi
|
|
263,467
|
|
Missouri — 1.2%
|
||
|
City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030
|
115,000
|
118,171
|
|
City of Springfield Public Utility Series 2015, Rev., 4.00%, 8/1/2035
|
5,000,000
|
4,901,437
|
|
Health and Educational Facilities Authority of the State of Missouri Series 2021C,
Rev., 5.00%, 5/1/2028 (b)
|
2,335,000
|
2,447,402
|
|
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior
Services Projects
|
|
|
|
Rev., 4.00%, 2/1/2027
|
1,000,000
|
1,000,035
|
|
Series 2016A, Rev., 5.00%, 2/1/2036
|
1,000,000
|
1,000,795
|
|
Health and Educational Facilities Authority of the State of Missouri, Mercy Health
Series 2018A, Rev., 5.00%,
6/1/2028
|
180,000
|
189,381
|
|
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care
Obligated Group Series 2023A,
Rev., 5.00%, 6/1/2028 (b)
|
5,000,000
|
5,236,915
|
|
Health and Educational Facilities Authority of the State of Missouri, St. Louis University
Series 2008B, Rev., VRDO, LOC :
Wells Fargo Bank NA, 1.25%, 6/2/2025 (b)
|
910,000
|
910,000
|
|
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian
Hospitals Series
2015B, Rev., 5.00%, 12/1/2026
|
165,000
|
165,131
|
|
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial
Hospital, Rev., 5.00%, 9/1/2026
|
200,000
|
201,128
|
|
Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan
Series 2024A-1, Rev., 5.00%,
6/1/2046 (c)
|
1,000,000
|
927,608
|
|
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A,
Rev., 5.00%, 5/1/2027
|
50,000
|
52,102
|
|
Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev.,
5.20%, 3/15/2029
|
1,680,000
|
1,769,063
|
|
Missouri Housing Development Commission, Single Family, First Place Homeownership
Loan Program Series 2024A,
Rev., GNMA / FNMA / FHLMC, 5.75%, 5/1/2055
|
2,825,000
|
3,048,259
|
|
Missouri Joint Municipal Electric Utility Commission, Plum Point Project
|
|
|
|
Series 2024, Rev., 5.00%, 1/1/2029
|
1,350,000
|
1,434,732
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Missouri — continued
|
||
|
Series 2024, Rev., 5.00%, 1/1/2031
|
1,100,000
|
1,193,992
|
|
Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement
Co. Project Series
1998C, Rev., 2.75%, 9/1/2033
|
4,250,000
|
3,754,159
|
|
Orchard Farm R-V School District, Missouri Direct Deposit Program Series 2024A, GO,
5.75%, 3/1/2041
|
5,325,000
|
5,990,194
|
|
Springfield School District No. R-12, GO, 4.00%, 3/1/2042
|
1,800,000
|
1,685,667
|
|
Total Missouri
|
|
36,026,171
|
|
Montana — 0.1%
|
||
|
Yellowstone and Carbon Counties School District No. 7-70 Laurel Series 2023, GO, 5.00%,
7/1/2039
|
1,675,000
|
1,768,990
|
|
Nebraska — 0.5%
|
||
|
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030
|
320,000
|
336,221
|
|
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b)
|
1,350,000
|
1,392,218
|
|
City of Lincoln, Electric System
|
|
|
|
Rev., 5.00%, 9/1/2026
|
85,000
|
87,250
|
|
Rev., 5.00%, 9/1/2028
|
50,000
|
51,683
|
|
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel
Retirement Communities
Obligated Group Series 2019A, Rev., 4.00%, 1/1/2035
|
1,000,000
|
961,993
|
|
Omaha Public Power District Series 2022A, Rev., 5.00%, 2/1/2047
|
1,270,000
|
1,299,192
|
|
Omaha Public Power District, Electric System
|
|
|
|
Series 2016A, Rev., 5.00%, 2/1/2026
|
40,000
|
40,554
|
|
Series 2016A, Rev., 5.00%, 2/1/2027
|
30,000
|
30,422
|
|
Series 2016A, Rev., 5.00%, 2/1/2028
|
1,075,000
|
1,088,585
|
|
Series 2022A, Rev., 4.00%, 2/1/2042
|
3,750,000
|
3,469,052
|
|
Series 2024D, Rev., 5.00%, 2/1/2043
|
2,700,000
|
2,820,581
|
|
Public Power Generation Agency, Whelan Energy Center Unit 2
|
|
|
|
Series 2024A, Rev., 5.00%, 1/1/2028
|
1,430,000
|
1,502,366
|
|
Series 2024A, Rev., 5.00%, 1/1/2029
|
1,750,000
|
1,868,405
|
|
Total Nebraska
|
|
14,948,522
|
|
Nevada — 0.4%
|
||
|
City of North Las Vegas, Water and wastewater Reclamation System Limited Tax
|
|
|
|
Series 2024B, GO, 5.00%, 6/1/2032
|
1,000,000
|
1,106,481
|
|
Series 2024B, GO, 5.00%, 6/1/2037
|
1,870,000
|
2,046,730
|
|
Clark County School District, Limited Tax
|
|
|
|
Series 2018A, GO, 5.00%, 6/15/2032
|
95,000
|
99,245
|
|
Series 2018A, GO, 4.00%, 6/15/2035
|
90,000
|
89,972
|
|
County of Clark Department of Aviation Series 2019D, Rev., 5.00%, 7/1/2031
|
4,455,000
|
4,748,160
|
|
County of Clark Department of Aviation, Jet Aviation Fuel tax Series 2022A, Rev.,
AMT, 5.00%, 7/1/2026
|
500,000
|
508,478
|
|
County of Clark, Limited Tax Series 2018B, GO, 5.00%, 12/1/2027
|
120,000
|
126,260
|
|
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport
Passenger Facility Series 2019E,
Rev., 5.00%, 7/1/2033
|
155,000
|
164,145
|
|
County of Washoe, Nevada Water Facilities Sierra Pacific Power Co. Projects Series
2016G, Rev., 3.63%,
10/1/2029 (b)
|
2,000,000
|
1,993,160
|
|
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2036
|
1,000,000
|
1,095,743
|
|
Truckee Meadows Water Authority, Rev., 5.00%, 7/1/2029
|
50,000
|
51,765
|
|
Total Nevada
|
|
12,030,139
|
|
New Hampshire — 0.5%
|
||
|
New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%,
12/1/2035 (c)
|
1,300,000
|
1,290,456
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New Hampshire — continued
|
||
|
New Hampshire Business Finance Authority, University of Nevada Reno Project
|
|
|
|
Series 2023A, Rev., 5.00%, 12/1/2036
|
715,000
|
764,517
|
|
Series 2023A, Rev., 5.00%, 12/1/2037
|
860,000
|
913,257
|
|
Series 2023A, Rev., 5.00%, 12/1/2038
|
665,000
|
700,591
|
|
Series 2023A, Rev., 5.25%, 12/1/2039
|
790,000
|
839,973
|
|
Series 2023A, Rev., 5.25%, 6/1/2051
|
2,400,000
|
2,458,875
|
|
Series 2023A, Rev., 4.50%, 6/1/2053
|
1,075,000
|
996,835
|
|
New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners
|
|
|
|
Series 2025A, Rev., 5.00%, 12/1/2035 (d)
|
1,910,000
|
2,058,251
|
|
Series 2025A, Rev., 5.50%, 6/1/2050 (d)
|
4,000,000
|
4,123,527
|
|
Total New Hampshire
|
|
14,146,282
|
|
New Jersey — 3.2%
|
||
|
Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Rev.,
GTD, 4.00%, 5/21/2026
|
17,000,000
|
17,165,500
|
|
Burlington County Bridge Commission, Government Leasing Program Series 2024D, Rev.,
RAN, 4.25%, 12/11/2025
|
5,000,000
|
5,022,669
|
|
Casino Reinvestment Development Authority, Inc., Luxury Tax
|
|
|
|
Series 2024A, Rev., A.G., 5.00%, 11/1/2025
|
1,000,000
|
1,006,728
|
|
Series 2024B, Rev., A.G., 5.00%, 11/1/2025
|
500,000
|
503,364
|
|
Series 2024A, Rev., A.G., 5.00%, 11/1/2026
|
1,800,000
|
1,844,922
|
|
Series 2024B, Rev., A.G., 5.00%, 11/1/2026
|
1,000,000
|
1,024,957
|
|
Series 2024A, Rev., A.G., 5.00%, 11/1/2028
|
700,000
|
740,873
|
|
New Jersey Economic Development Authority, Municipal Rehabilitation Series 2019A,
Rev., 5.25%, 4/1/2028
|
1,600,000
|
1,689,413
|
|
New Jersey Economic Development Authority, School Facilities Construction
|
|
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2026
|
1,000,000
|
1,019,974
|
|
Series 2019GGG, Rev., 5.25%, 9/1/2026 (c)
|
2,000,000
|
2,054,347
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program
|
|
|
|
Series 2024CC, Rev., 5.00%, 6/15/2034
|
1,000,000
|
1,098,595
|
|
Series 2024AA, Rev., 5.25%, 6/15/2041
|
1,250,000
|
1,317,946
|
|
Series 2023BB, Rev., 5.00%, 6/15/2046
|
2,250,000
|
2,271,753
|
|
Series 2024CC, Rev., 4.13%, 6/15/2050
|
1,250,000
|
1,075,657
|
|
Series 2023BB, Rev., 5.25%, 6/15/2050
|
3,500,000
|
3,574,886
|
|
Series 2024CC, Rev., 5.25%, 6/15/2055
|
1,000,000
|
1,023,068
|
|
New Jersey Transportation Trust Fund Authority, Transportation System
|
|
|
|
Series 2018A, Rev., 4.00%, 12/15/2031
|
250,000
|
253,259
|
|
Series 2018A, Rev., 5.00%, 12/15/2033
|
2,000,000
|
2,076,031
|
|
Series 2024A, Rev., 5.00%, 6/15/2038
|
12,000,000
|
12,702,600
|
|
New Jersey Turnpike Authority Series 2022B, Rev., 5.00%, 1/1/2042
|
1,500,000
|
1,560,472
|
|
South Jersey Transportation Authority
|
|
|
|
Series 2025A, Rev., 4.00%, 11/1/2038
|
1,800,000
|
1,709,227
|
|
Series 2025A, Rev., 4.00%, 11/1/2039
|
1,700,000
|
1,592,435
|
|
Tobacco Settlement Financing Corp.
|
|
|
|
Series 2018A, Rev., 5.00%, 6/1/2033
|
1,000,000
|
1,020,542
|
|
Series 2018A, Rev., 5.00%, 6/1/2034
|
7,255,000
|
7,381,662
|
|
Series 2018A, Rev., 4.00%, 6/1/2037
|
2,415,000
|
2,250,350
|
|
Series 2018A, Rev., 5.00%, 6/1/2046
|
10,575,000
|
10,427,856
|
|
Series 2018B, Rev., 5.00%, 6/1/2046
|
9,370,000
|
8,983,122
|
|
Total New Jersey
|
|
92,392,208
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New Mexico — 0.5%
|
||
|
Albuquerque Municipal School District No. 12
|
|
|
|
Series 2024, GO, 5.00%, 8/1/2036
|
600,000
|
644,377
|
|
Series 2024, GO, 5.00%, 8/1/2037
|
1,000,000
|
1,065,637
|
|
City of Albuquerque Series 2015A, Rev., 5.00%, 7/1/2026
|
240,000
|
240,358
|
|
City of Farmington, San Juan Project
|
|
|
|
Series 2010D, Rev., 3.90%, 6/1/2028 (b)
|
1,100,000
|
1,107,676
|
|
Series 2010C, Rev., 3.88%, 6/1/2029 (b)
|
1,500,000
|
1,502,842
|
|
County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (b)
|
8,000,000
|
7,978,325
|
|
New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A,
Rev., 5.00%, 6/15/2027
|
100,000
|
104,299
|
|
New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project,
Rev., 3.73%,
12/1/2025 (b) (d)
|
2,100,000
|
2,100,430
|
|
Total New Mexico
|
|
14,743,944
|
|
New York — 13.9%
|
||
|
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project
|
|
|
|
Rev., 5.00%, 7/1/2033
|
585,000
|
617,991
|
|
Rev., 5.00%, 7/1/2034
|
230,000
|
241,330
|
|
Build NYC Resource Corp., Success Academy Charter School Project Series 2025, Rev.,
4.00%, 9/1/2040
|
1,700,000
|
1,567,000
|
|
Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series
2024, Rev., 5.00%,
12/1/2027
|
2,500,000
|
2,620,551
|
|
Camden Central School District, GO, BAN, 4.50%, 6/26/2025
|
1,000,000
|
1,000,629
|
|
Chautauqua Tobacco Asset Securitization Corp. Series 2014, Rev., 5.00%, 6/1/2048
|
2,975,000
|
2,650,347
|
|
City of New York, Fiscal Year 2018
|
|
|
|
Series 2018E, GO, VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (b)
|
4,400,000
|
4,400,000
|
|
Series B-4, GO, VRDO, LIQ : Barclays Bank plc, 1.50%, 6/2/2025 (b)
|
4,360,000
|
4,360,000
|
|
Series 2018F-1, GO, 5.00%, 4/1/2033
|
105,000
|
109,050
|
|
City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2033
|
100,000
|
105,094
|
|
City of New York, Fiscal Year 2021
|
|
|
|
Series 2021A-1, GO, 5.00%, 8/1/2031
|
185,000
|
201,000
|
|
Series 2021-1, GO, 5.00%, 4/1/2033
|
235,000
|
255,324
|
|
Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037
|
1,000,000
|
1,060,646
|
|
City of New York, Fiscal Year 2022 Series 2022B,Subseries B-1, GO, 5.00%, 8/1/2033
|
1,650,000
|
1,824,822
|
|
City of New York, Fiscal Year 2023 Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050
|
1,290,000
|
1,117,472
|
|
City of New York, Fiscal Year 2024
|
|
|
|
Series 2024A, GO, 5.00%, 8/1/2048
|
1,150,000
|
1,172,164
|
|
Series 2024D, GO, 5.50%, 4/1/2049
|
2,350,000
|
2,493,850
|
|
City of New York, Fiscal Year 2025
|
|
|
|
Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2028
|
4,000,000
|
4,220,498
|
|
Series 2025F, GO, 5.00%, 8/1/2033
|
5,000,000
|
5,587,098
|
|
Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2036
|
3,500,000
|
3,901,160
|
|
Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2043
|
5,000,000
|
5,208,068
|
|
Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050
|
5,000,000
|
5,203,183
|
|
Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2053
|
990,000
|
1,026,954
|
|
County of Nassau, General Improvement
|
|
|
|
Series 2025A, GO, 4.00%, 4/1/2044
|
8,215,000
|
7,528,790
|
|
Series 2025A, GO, 4.00%, 4/1/2045
|
5,780,000
|
5,244,657
|
|
Dryden Central School District, GO, BAN, 4.50%, 6/25/2025
|
7,600,000
|
7,604,781
|
|
Empire State Development Corp. Series 2021A, Rev., 4.00%, 3/15/2046
|
2,500,000
|
2,206,438
|
|
Empire State Development Corp., State Personal Income Tax, General Purpose Series
2020A, Rev., 4.00%, 3/15/2045
|
500,000
|
446,622
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025
|
1,000,000
|
1,000,671
|
|
Long Island Power Authority, Electric System
|
|
|
|
Series 2024B, Rev., 3.00%, 9/1/2029 (b)
|
15,000,000
|
14,415,002
|
|
Series 2019A, Rev., 4.00%, 9/1/2034
|
2,000,000
|
2,005,478
|
|
Malone Central School District, GO, BAN, 4.50%, 6/26/2025
|
10,000,000
|
10,006,359
|
|
Metropolitan Transportation Authority
|
|
|
|
Series 2015E-1, Rev., VRDO, LOC : Barclays Bank plc, 1.50%, 6/2/2025 (b)
|
2,300,000
|
2,300,000
|
|
Series 2024B, Rev., 5.00%, 11/15/2041
|
2,000,000
|
2,060,256
|
|
Metropolitan Transportation Authority, Climate Bond
|
|
|
|
Series 2017C-1, Rev., 5.00%, 11/15/2033
|
14,360,000
|
14,763,065
|
|
Series 2025A, Rev., 5.25%, 11/15/2045
|
2,500,000
|
2,586,918
|
|
Series 2025A, Rev., 5.25%, 11/15/2055
|
2,000,000
|
2,042,834
|
|
Mount Markham Central School District, Unlimited Tax, GO, BAN, 4.50%, 6/25/2025
|
10,000,000
|
10,005,959
|
|
New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project
|
|
|
|
Series 2024 CL E, Rev., 4.38%, 12/15/2031
|
1,250,000
|
1,268,481
|
|
Series 2024 CL F, Rev., 5.25%, 12/15/2031
|
1,300,000
|
1,321,047
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal
Year 2025 Series 2025DD, Rev.,
5.50%, 6/15/2039
|
1,500,000
|
1,692,823
|
|
New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2015
Series 2015GG, Rev., 5.00%,
6/15/2025
|
3,000,000
|
3,002,066
|
|
New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2024
Series 2024, Subseries CC-1,
Rev., 5.25%, 6/15/2054
|
1,500,000
|
1,556,548
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution Series
2009BB-2, Rev., VRDO, LIQ : UBS AG, 1.52%, 6/2/2025 (b)
|
2,400,000
|
2,400,000
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year
2011 Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b)
|
2,100,000
|
2,100,000
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year
2020 Series 2022FF, Rev., 4.00%, 6/15/2041
|
1,760,000
|
1,647,916
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year
2023
|
|
|
|
Series 2023CC, Rev., VRDO, LIQ : Barclays Bank plc, 1.50%, 6/2/2025 (b)
|
2,105,000
|
2,105,000
|
|
Series 2023, Subseries AA-3, Rev., 5.00%, 6/15/2047
|
725,000
|
737,870
|
|
Series 2023AA Subseries AA-1, Rev., 5.25%, 6/15/2052
|
3,000,000
|
3,094,190
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year
2024 Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053
|
2,700,000
|
2,805,131
|
|
New York City Transitional Finance Authority Building Aid, Subordinate Series 2019S-2A,
Rev., 5.00%, 7/15/2025 (e)
|
45,000
|
45,096
|
|
New York City Transitional Finance Authority Building Aid, Subordinate, Fiscal Year
2020 Series 2020S1, Subseries
S-1B, Rev., 4.00%, 7/15/2042
|
1,500,000
|
1,369,312
|
|
New York City Transitional Finance Authority Future Tax Secured
|
|
|
|
Series 2018B-1, Rev., 4.00%, 8/1/2042
|
2,750,000
|
2,524,521
|
|
Series 2025, Subseries G-1, Rev., 5.00%, 5/1/2052
|
6,000,000
|
6,090,875
|
|
New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025
|
|
|
|
Series 2025 Subseries C-1, Rev., 5.25%, 5/1/2049
|
5,000,000
|
5,212,766
|
|
Series 2025E, Rev., 5.50%, 11/1/2049
|
1,075,000
|
1,143,537
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series
2018S-4A, Rev., 5.00%,
7/15/2033
|
105,000
|
109,486
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014
Series D-3, Rev., VRDO, LIQ :
Mizuho Bank Ltd., 1.50%, 6/2/2025 (b)
|
15,700,000
|
15,700,000
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020
Series 2020A, Subseries A-2, Rev.,
5.00%, 5/1/2039
|
265,000
|
272,054
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021
Series 2021C, Subseries C-1, Rev.,
4.00%, 5/1/2035
|
750,000
|
751,585
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022
|
|
|
|
Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038
|
1,000,000
|
975,493
|
|
Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045
|
8,370,000
|
7,476,354
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023
Series 2023F, Subseries F-1, Rev.,
4.00%, 2/1/2051
|
1,250,000
|
1,097,582
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024
|
|
|
|
Series 2024C, Rev., 5.25%, 5/1/2048
|
2,000,000
|
2,072,945
|
|
Series 2024C, Rev., 5.00%, 5/1/2053
|
2,500,000
|
2,534,272
|
|
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054
|
1,000,000
|
892,680
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025
Series 2025A, Subseries A-1, Rev.,
5.00%, 11/1/2029
|
3,500,000
|
3,793,405
|
|
New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal
Year 2025
|
|
|
|
Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2035
|
2,000,000
|
2,235,642
|
|
Series 2025-J, Subseries J-1, Rev., 5.25%, 5/1/2048
|
5,000,000
|
5,231,424
|
|
Series 2025H, Sub H-1, Rev., 5.25%, 11/1/2048
|
1,000,000
|
1,046,285
|
|
New York Power Authority, Green Transmission Project
|
|
|
|
Series 2023A, Rev., A.G., 5.00%, 11/15/2053
|
1,000,000
|
1,010,885
|
|
Series 2023A, Rev., A.G., 5.13%, 11/15/2058
|
2,750,000
|
2,795,491
|
|
New York State Dormitory Authority
|
|
|
|
Series 2024A, Rev., A.G., 5.00%, 10/1/2025
|
2,500,000
|
2,517,109
|
|
Series 2024A, Rev., A.G., 5.00%, 10/1/2026
|
3,225,000
|
3,320,619
|
|
Series 2024D, Rev., 5.00%, 10/1/2035
|
1,300,000
|
1,422,858
|
|
Series 2024A, Rev., A.G., 5.00%, 10/1/2037
|
1,825,000
|
1,941,256
|
|
New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%,
7/1/2033
|
135,000
|
152,948
|
|
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series
2025 2-B, Rev., 5.00%,
7/1/2032 (b)
|
3,000,000
|
3,257,133
|
|
New York State Dormitory Authority, New York University
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2047
|
5,000,000
|
5,112,450
|
|
Series 2025A, Rev., 5.00%, 7/1/2048
|
4,000,000
|
4,075,600
|
|
New York State Dormitory Authority, Northwell Health Obligated Group Series 2019A,
Rev., 5.00%, 5/1/2029
|
70,000
|
74,678
|
|
New York State Dormitory Authority, Pace University
|
|
|
|
Series 2024A, Rev., 5.25%, 5/1/2032
|
620,000
|
666,925
|
|
Series 2024A, Rev., 5.25%, 5/1/2036
|
1,380,000
|
1,469,379
|
|
Series 2024A, Rev., 5.25%, 5/1/2041
|
460,000
|
472,175
|
|
Series 2024A, Rev., 5.25%, 5/1/2042
|
550,000
|
560,935
|
|
New York State Dormitory Authority, Personal Income Tax
|
|
|
|
Series 2019D, Rev., 5.00%, 2/15/2034
|
2,000,000
|
2,142,335
|
|
Series 2021A, Rev., 4.00%, 3/15/2037
|
3,315,000
|
3,267,526
|
|
New York State Dormitory Authority, Sales Tax Series 2024A, Rev., A.G., 5.00%, 10/1/2027
|
3,600,000
|
3,770,929
|
|
New York State Dormitory Authority, School Districts Financing Program
|
|
|
|
Series 2025A, Rev., A.G., 5.00%, 10/1/2033 (d)
|
3,500,000
|
3,901,791
|
|
Series 2025A, Rev., A.G., 5.00%, 10/1/2039 (d)
|
2,515,000
|
2,688,799
|
|
New York State Dormitory Authority, State Personal Income Tax Series 2021E, Rev.,
4.00%, 3/15/2032 (e)
|
5,000
|
5,238
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose
|
|
|
|
Series 2021E, Rev., 4.00%, 3/15/2032 (e)
|
175,000
|
183,341
|
|
Series 2021E, Rev., 4.00%, 3/15/2040
|
2,820,000
|
2,641,310
|
|
Series 2021E, Rev., 4.00%, 3/15/2042
|
1,000,000
|
916,178
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
New York State Dormitory Authority, State Sales Tax Series 2024B, Rev., 5.00%, 3/15/2049
|
3,000,000
|
3,070,871
|
|
New York State Dormitory Authority, The New School Series 2025A, Rev., 4.25%, 7/1/2050
|
1,000,000
|
885,435
|
|
New York State Dormitory Authority, White Plains Hospital
|
|
|
|
Series 2024, Rev., 5.00%, 10/1/2030
|
1,000,000
|
1,055,775
|
|
Series 2024, Rev., 5.25%, 10/1/2049
|
1,000,000
|
1,000,340
|
|
New York State Energy Research and Development Authority Series 1997A, Rev., 3.00%,
7/1/2025 (b)
|
7,540,000
|
7,533,369
|
|
New York State Environmental Facilities Corp., State Clean Water and Drinking Water
Revolving Funds, Municipal Water
Finance Authority Projects - Second Resolution Series 2024A, Rev., 5.25%, 6/15/2053
|
5,000,000
|
5,241,614
|
|
New York State Environmental Facilities Corp., State Revolving Funds, Master Financing
Program
|
|
|
|
Series 2025A, Rev., 5.00%, 9/15/2037
|
465,000
|
520,441
|
|
Series 2025A, Rev., 5.00%, 9/15/2038
|
520,000
|
576,045
|
|
New York State Environmental Facilities Corp.,Solid Waste Disposal, Waste Management,
Inc. Project, Rev., AMT,
4.10%, 8/1/2025 (b)
|
3,000,000
|
3,001,337
|
|
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev.,
VRDO, LOC : Landesbank
Hessen-Thuringen Girozentrale, 1.60%, 6/2/2025 (b)
|
5,000,000
|
5,000,000
|
|
New York State Housing Finance Agency, 160 West 62nd Street Housing Series 2011A-2,
Rev., FHLMC COLL, 3.60%,
4/1/2032 (b)
|
1,500,000
|
1,485,473
|
|
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport
Terminals C&D Redevelopment
Project
|
|
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2030
|
5,495,000
|
5,578,344
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2031
|
1,655,000
|
1,674,064
|
|
Rev., AMT, 5.00%, 1/1/2034
|
8,870,000
|
8,921,801
|
|
Series 2023, Rev., AMT, 6.00%, 4/1/2035
|
3,000,000
|
3,257,106
|
|
Series 2023, Rev., AMT, 5.63%, 4/1/2040
|
3,000,000
|
3,075,303
|
|
New York Transportation Development Corp., JFK International Airport New Terminal
One Project Series 2023, Rev.,
AMT, A.G., 5.00%, 6/30/2049
|
500,000
|
494,101
|
|
New York Transportation Development Corp., John F. Kennedy International Airport New
Terminal One Project
|
|
|
|
Rev., AMT, 3.00%, 8/1/2031
|
3,070,000
|
2,810,313
|
|
Series 2024, Rev., AMT, A.G., 5.25%, 6/30/2039
|
1,425,000
|
1,512,395
|
|
Rev., AMT, 5.50%, 6/30/2054
|
3,800,000
|
3,831,322
|
|
Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025
|
1,000,000
|
1,000,705
|
|
Onondaga Civic Development Corp., Syracuse University Project
|
|
|
|
Rev., 5.00%, 12/1/2029
|
700,000
|
760,398
|
|
Rev., 5.00%, 12/1/2031
|
1,250,000
|
1,390,600
|
|
Rev., 5.00%, 12/1/2034
|
1,675,000
|
1,897,443
|
|
Rev., 5.25%, 12/1/2045
|
1,150,000
|
1,220,286
|
|
Rev., 4.50%, 12/1/2050
|
2,000,000
|
1,870,321
|
|
Port Authority of New York and New Jersey, Consolidated
|
|
|
|
Series 248, Rev., 5.00%, 1/15/2032
|
1,700,000
|
1,899,037
|
|
Series 248, Rev., 5.00%, 1/15/2033
|
1,500,000
|
1,687,507
|
|
Series 214, Rev., AMT, 5.00%, 9/1/2036
|
1,975,000
|
2,026,574
|
|
Series 223, Rev., AMT, 4.00%, 7/15/2037
|
510,000
|
500,382
|
|
Series 244, Rev., 5.00%, 7/15/2040
|
1,000,000
|
1,068,943
|
|
Series 248, Rev., 5.00%, 1/15/2041
|
2,000,000
|
2,131,716
|
|
Series 248, Rev., 5.00%, 1/15/2050
|
2,000,000
|
2,050,590
|
|
Smithtown Central School District
|
|
|
|
GO, 4.00%, 6/1/2035
|
2,465,000
|
2,530,167
|
|
GO, 4.00%, 6/1/2036
|
2,125,000
|
2,164,463
|
|
GO, 4.00%, 6/1/2037
|
2,000,000
|
2,023,778
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
Stillwater Central School District, GO, BAN, 4.50%, 6/27/2025
|
3,000,000
|
3,002,034
|
|
Suffolk Regional Off-Track Betting Corp. Series 2024, Rev., 5.75%, 12/1/2044
|
2,940,000
|
3,008,360
|
|
Syracuse Industrial Development Agency, Syracuse City School District Project Series
2020A, Rev., 4.00%, 5/1/2036
|
1,275,000
|
1,286,358
|
|
Thousand Islands Central School District, GO, BAN, 4.25%, 6/27/2025
|
1,500,000
|
1,500,636
|
|
Town of Hempstead, GO, 4.00%, 5/1/2043
|
2,000,000
|
1,907,746
|
|
Town of Stony Point, GO, 5.00%, 8/15/2027
|
75,000
|
78,300
|
|
Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A,
Rev., 4.13%, 5/15/2053
|
2,250,000
|
1,943,423
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox
|
|
|
|
Series 2025A, Rev., 5.00%, 12/1/2045
|
1,500,000
|
1,544,269
|
|
Series 2025A, Rev., 5.00%, 12/1/2046
|
2,000,000
|
2,049,302
|
|
Series 2025A, Rev., 5.25%, 12/1/2054
|
3,500,000
|
3,623,119
|
|
Series 2025A, Rev., A.G., 4.50%, 12/1/2056
|
1,000,000
|
919,120
|
|
Series 2023A, Rev., 4.25%, 5/15/2058
|
1,000,000
|
875,245
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax
|
|
|
|
Series 2025B-2, Rev., BAN, 5.00%, 3/15/2029
|
10,000,000
|
10,754,841
|
|
Series 2022D-1A, Rev., 5.00%, 11/15/2037
|
1,000,000
|
1,076,146
|
|
TSASC, Inc.
|
|
|
|
Series A, Rev., 5.00%, 6/1/2035
|
1,000,000
|
1,006,561
|
|
Series A, Rev., 5.00%, 6/1/2036
|
8,065,000
|
8,099,606
|
|
Westchester County Local Development Corp., Kendal on Hudson Project Series 2022B,
Rev., 5.00%, 1/1/2032
|
240,000
|
252,517
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc.,
Project Series 2021A, Rev.,
5.00%, 7/1/2056 (c)
|
9,000,000
|
7,803,500
|
|
Yonkers Industrial Development Agency, New Community School Project, Rev., 5.00%,
5/1/2042
|
1,445,000
|
1,495,837
|
|
Total New York
|
|
406,811,614
|
|
North Carolina — 1.9%
|
||
|
City of Charlotte, Rev., 5.00%, 7/1/2038
|
2,320,000
|
2,548,026
|
|
City of Charlotte Water and Sewer System, Rev., 5.00%, 7/1/2042
|
2,055,000
|
2,186,789
|
|
City of Charlotte, North Carolina Government Facilities
|
|
|
|
Series 2023B, COP, 5.00%, 6/1/2026
|
400,000
|
408,430
|
|
Series 2023B, COP, 5.00%, 6/1/2027
|
460,000
|
479,857
|
|
County of Buncombe, Limited Tax
|
|
|
|
Rev., 5.00%, 6/1/2031
|
1,350,000
|
1,490,302
|
|
Rev., 5.00%, 6/1/2034
|
1,000,000
|
1,129,456
|
|
Rev., 5.00%, 6/1/2035
|
675,000
|
764,159
|
|
County of Cabarrus, Limited Obligation Series 2024B, Rev., 5.00%, 8/1/2042
|
1,250,000
|
1,320,002
|
|
County of Davidson, GO, 5.00%, 6/1/2027
|
35,000
|
36,532
|
|
County of Harnett, Limited Tax
|
|
|
|
Rev., 5.00%, 4/1/2031
|
180,000
|
197,190
|
|
Rev., 5.00%, 4/1/2032
|
1,210,000
|
1,336,820
|
|
Rev., 5.00%, 4/1/2040
|
925,000
|
984,029
|
|
County of Wake
|
|
|
|
Series 2025A, Rev., 5.00%, 5/1/2036
|
1,000,000
|
1,119,504
|
|
Series 2025A, Rev., 5.00%, 5/1/2037
|
625,000
|
693,314
|
|
Series 2025A, Rev., 5.00%, 5/1/2039
|
1,500,000
|
1,631,036
|
|
Cumberland County Industrial Facilities and Pollution Control Financing Authority,
Solid Waste Disposal Project Hero
Series 2024, Rev., AMT, 3.75%, 11/1/2025 (b)
|
3,000,000
|
3,000,970
|
|
Fayetteville State University, Student Housing Project Series 2021, Rev., A.G., 5.00%,
4/1/2037
|
4,270,000
|
4,435,723
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
North Carolina — continued
|
||
|
North Carolina Housing Finance Agency, Homeownership-1998 Trust
|
|
|
|
Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b)
|
3,400,000
|
3,400,000
|
|
Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (b)
|
3,000,000
|
2,997,989
|
|
Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055
|
2,740,000
|
2,956,517
|
|
Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056
|
7,500,000
|
8,329,775
|
|
Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (d)
|
6,000,000
|
6,740,581
|
|
North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%,
1/1/2055
|
1,250,000
|
1,212,036
|
|
Town of Cary Series 2021, GO, 4.00%, 9/1/2032
|
5,475,000
|
5,711,594
|
|
Total North Carolina
|
|
55,110,631
|
|
North Dakota — 0.2%
|
||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2023A, Rev.,
5.75%, 7/1/2053
|
2,080,000
|
2,191,915
|
|
North Dakota Public Finance Authority, State Revolving Fund Program Series 2024A,
Rev., 5.00%, 10/1/2042
|
2,160,000
|
2,280,894
|
|
Total North Dakota
|
|
4,472,809
|
|
Ohio — 3.6%
|
||
|
Buckeye Tobacco Settlement Financing Authority
|
|
|
|
Series 2020A-2, Rev., 5.00%, 6/1/2030
|
10,500,000
|
11,023,427
|
|
Series 2020A-2 CL 1, Rev., 4.00%, 6/1/2037
|
2,600,000
|
2,470,726
|
|
Series 2020A-2, Rev., 4.00%, 6/1/2038
|
3,750,000
|
3,506,548
|
|
Series 2020B-2, Rev., 5.00%, 6/1/2055
|
19,250,000
|
16,655,949
|
|
Series 2020B-3, Rev., Zero Coupon, 6/1/2057
|
15,825,000
|
1,518,980
|
|
Columbus Regional Airport Authority, John Glenn Columbus International Airport
|
|
|
|
Series 2025A, Rev., AMT, 5.00%, 1/1/2035
|
3,000,000
|
3,172,174
|
|
Series 2025A, Rev., AMT, 5.00%, 1/1/2036
|
5,000,000
|
5,243,837
|
|
Series 2025A, Rev., AMT, 5.00%, 1/1/2038
|
3,400,000
|
3,511,791
|
|
Series 2025A, Rev., AMT, 5.25%, 1/1/2044
|
1,000,000
|
1,019,444
|
|
Series 2025A, Rev., AMT, 5.25%, 1/1/2045
|
1,750,000
|
1,776,774
|
|
Series 2025B, Rev., 5.25%, 1/1/2050
|
1,000,000
|
1,036,475
|
|
County of Summit, Various Purpose Improvement Series 2022, GO, 5.00%, 12/1/2031
|
100,000
|
111,425
|
|
County of Warren, Otterbein Homes Obligation Group Series 2024, Rev., 5.00%, 7/1/2049
|
1,800,000
|
1,725,711
|
|
Dublin City School District, Ohio School Facilities Unlimited Tax
|
|
|
|
Series 2024B, GO, 5.00%, 12/1/2043
|
1,470,000
|
1,547,905
|
|
Series 2024B, GO, 4.00%, 12/1/2048
|
1,000,000
|
923,044
|
|
Grandview Heights City School District, GO, 5.00%, 12/1/2044
|
1,695,000
|
1,769,081
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev.,
5.00%, 12/1/2028 (b) (c)
|
3,795,000
|
3,797,830
|
|
North Ridgeville City School District
|
|
|
|
Series 2024, GO, 5.25%, 12/1/2054
|
1,900,000
|
1,927,540
|
|
Series 2024, GO, 4.50%, 12/1/2061
|
1,500,000
|
1,359,402
|
|
Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035
|
1,000,000
|
1,055,011
|
|
Ohio Air Quality Development Authority, American Electric Power Co. Project Series
2005C, Rev., AMT, 3.70%,
4/1/2028
|
4,000,000
|
3,969,970
|
|
Ohio Air Quality Development Authority, Duke Energy Corp.
|
|
|
|
Series 2022B, Rev., 4.00%, 6/1/2027 (b)
|
2,000,000
|
2,014,455
|
|
Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b)
|
1,000,000
|
1,007,397
|
|
Ohio Higher Educational Facility Commission, Denison University 2017 Project Series
2017A, Rev., 5.00%,
11/1/2025
|
75,000
|
75,625
|
|
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%,
2/15/2027
|
135,000
|
139,823
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Ohio — continued
|
||
|
Ohio Water Development Authority
|
|
|
|
Series 2016B, Rev., 5.00%, 6/1/2026
|
35,000
|
35,756
|
|
Series 2023A, Rev., 5.00%, 12/1/2036
|
1,335,000
|
1,474,198
|
|
Series 2023A, Rev., 5.00%, 12/1/2038
|
1,540,000
|
1,669,999
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev.,
VRDO, LIQ : TD Bank NA,
1.45%, 6/2/2025 (b)
|
1,250,000
|
1,250,000
|
|
Ohio Water Development Authority, Drinking Water Assistance Series 2024A, Rev., 5.00%,
12/1/2038
|
1,300,000
|
1,415,161
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund
|
|
|
|
Series 2017A, Rev., 5.00%, 12/1/2026
|
45,000
|
46,475
|
|
Series 2020A, Rev., 5.00%, 12/1/2050
|
1,000,000
|
1,012,754
|
|
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project
|
|
|
|
Series 2024B, Rev., 5.00%, 12/1/2037
|
1,000,000
|
1,062,415
|
|
Series 2024B, Rev., 5.00%, 12/1/2038
|
1,000,000
|
1,055,065
|
|
Series 2024B, Rev., 5.00%, 12/1/2039
|
565,000
|
591,519
|
|
Series 2024B, Rev., 5.00%, 12/1/2063
|
4,000,000
|
3,882,997
|
|
State of Ohio Series 2025A, GO, 5.00%, 6/15/2031
|
8,955,000
|
9,984,401
|
|
State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund
Projects, Tax Exempt Series 2018A,
Rev., 5.00%, 10/1/2034
|
220,000
|
229,773
|
|
State of Ohio, Children's Hospital Medical Center of Akron Series 2024B, Rev., 5.00%,
8/15/2032 (b)
|
1,500,000
|
1,627,278
|
|
State of Ohio, Common School Series 2021B, GO, 5.00%, 9/15/2031
|
210,000
|
234,796
|
|
State of Ohio, Culture and Sports Facilities Building Fund Projects
|
|
|
|
Series 2025A, Rev., 5.00%, 4/1/2028
|
1,250,000
|
1,323,276
|
|
Series 2025A, Rev., 5.00%, 4/1/2029
|
1,250,000
|
1,344,293
|
|
Series 2025A, Rev., 5.00%, 4/1/2030
|
1,000,000
|
1,090,839
|
|
State of Ohio, Infrastructure Improvement Series 2024A, GO, 5.00%, 3/1/2037
|
2,785,000
|
3,076,129
|
|
State of Ohio, Natural Resources Series 2017V, GO, 5.00%, 10/1/2027
|
35,000
|
36,798
|
|
Total Ohio
|
|
104,804,266
|
|
Oklahoma — 1.3%
|
||
|
Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2031
|
1,250,000
|
1,381,700
|
|
Series 2025A, Rev., 5.00%, 7/1/2032
|
1,250,000
|
1,393,588
|
|
Oklahoma County Independent School District No. 89 Oklahoma City Series 2025A, GO,
4.00%, 7/1/2028
|
2,500,000
|
2,575,144
|
|
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B,
Rev., 5.25%,
8/15/2048
|
5,550,000
|
5,386,212
|
|
Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA
/ FNMA / FHLMC,
6.25%, 9/1/2056
|
4,000,000
|
4,446,706
|
|
Oklahoma Industries Authority, Oklahoma County Independent School District No. 89
Oklahoma City Series 2024, Rev.,
5.00%, 4/1/2032
|
8,545,000
|
9,352,993
|
|
Oklahoma Water Resources Board, Clean Water Program, Rev., 5.00%, 4/1/2043
|
1,575,000
|
1,654,397
|
|
Oklahoma Water Resources Board, State Loan Program
|
|
|
|
Series 2024A, Rev., 5.00%, 10/1/2037
|
1,000,000
|
1,072,387
|
|
Series 2024B, Rev., 5.00%, 10/1/2037
|
1,200,000
|
1,286,865
|
|
Series 2024B, Rev., 5.00%, 10/1/2039
|
1,000,000
|
1,059,329
|
|
Series 2023A, Rev., 4.00%, 10/1/2043
|
3,720,000
|
3,526,788
|
|
Series 2024B, Rev., 5.25%, 10/1/2044
|
2,100,000
|
2,190,079
|
|
Tulsa Municipal Airport Trust Trustees, American Airlines Group, Inc., Rev., AMT,
VRDO, 5.00%, 6/1/2025 (b)
|
1,725,000
|
1,725,000
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Oklahoma — continued
|
||
|
University of Oklahoma (The)
|
|
|
|
Series 2024A, Rev., 5.00%, 7/1/2038
|
1,050,000
|
1,128,960
|
|
Series 2024A, Rev., 5.00%, 7/1/2041
|
1,045,000
|
1,099,436
|
|
Total Oklahoma
|
|
39,279,584
|
|
Oregon — 0.4%
|
||
|
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B,
GO, Zero Coupon, 6/15/2035
|
8,500,000
|
5,422,382
|
|
State of Oregon, Article XI-F Project
|
|
|
|
Series 2025F, GO, 5.00%, 8/1/2029
|
1,470,000
|
1,593,529
|
|
Series 2025F, GO, 5.00%, 8/1/2031
|
1,000,000
|
1,114,177
|
|
Series 2025F, GO, 5.00%, 8/1/2034
|
425,000
|
483,918
|
|
Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax
|
|
|
|
Series 2018A, Rev., 5.00%, 9/1/2027 (e)
|
45,000
|
47,065
|
|
Series 2021A, Rev., 5.00%, 9/1/2035
|
1,060,000
|
1,153,025
|
|
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.
|
|
|
|
Series 2022, Rev., 5.00%, 7/1/2026
|
300,000
|
303,268
|
|
Series 2022, Rev., 5.00%, 7/1/2028
|
400,000
|
413,506
|
|
Total Oregon
|
|
10,530,870
|
|
Pennsylvania — 2.8%
|
||
|
Allegheny County Airport Authority, Pittsburgh International Airport
|
|
|
|
Series 2023A, Rev., AMT, A.G., 5.50%, 1/1/2048
|
1,500,000
|
1,554,246
|
|
Series 2023A, Rev., AMT, A.G., 5.50%, 1/1/2053
|
1,000,000
|
1,032,380
|
|
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series
2008A, Rev., VRDO, LIQ :
Bank of New York Mellon (The), 1.40%, 6/2/2025 (b)
|
6,000,000
|
6,000,000
|
|
Allegheny County Higher Education Building Authority, University Refunding Duquesne
University
|
|
|
|
Rev., 5.00%, 3/1/2042
|
2,550,000
|
2,612,661
|
|
Series 2024, Rev., 5.00%, 3/1/2043
|
1,000,000
|
1,015,777
|
|
Allegheny County Hospital Development Authority, Pittsburgh Medical Center
|
|
|
|
Series 2019A, Rev., 5.00%, 7/15/2032
|
1,800,000
|
1,884,497
|
|
Series 2019A, Rev., 5.00%, 7/15/2034
|
4,000,000
|
4,161,463
|
|
Allegheny County Sanitary Authority, Sewer
|
|
|
|
Series 2024, Rev., 5.00%, 12/1/2027
|
1,250,000
|
1,313,870
|
|
Series 2024, Rev., 5.00%, 12/1/2031
|
1,060,000
|
1,177,145
|
|
Bucks County Water and Sewer Authority
|
|
|
|
Series 2022A, Rev., A.G., 5.00%, 12/1/2032
|
115,000
|
127,051
|
|
Series 2022A, Rev., A.G., 5.00%, 12/1/2033
|
105,000
|
116,378
|
|
Series 2022A, Rev., A.G., 5.00%, 12/1/2036
|
380,000
|
412,817
|
|
Central Bucks School District
|
|
|
|
GO, 5.00%, 5/15/2032
|
300,000
|
332,156
|
|
GO, 5.00%, 5/15/2033
|
375,000
|
416,016
|
|
GO, 5.00%, 5/15/2035
|
200,000
|
219,728
|
|
GO, 5.00%, 5/15/2036
|
350,000
|
381,760
|
|
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2035
|
2,000,000
|
2,019,720
|
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 5.00%,
6/1/2035
|
225,000
|
230,540
|
|
Commonwealth of Pennsylvania Series 2024B, GO, 4.00%, 8/15/2041
|
3,000,000
|
2,897,643
|
|
County of Delaware Series 2024, GO, 5.00%, 8/1/2040
|
650,000
|
687,697
|
|
County of Lehigh, Lehigh Valley Health Network Hospital Series 2016A, Rev., 4.00%,
7/1/2035
|
175,000
|
170,916
|
|
Delaware Valley Regional Finance Authority, Local Government Series 2022D, Rev., 4.00%,
3/1/2029
|
1,000,000
|
1,024,381
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Pennsylvania — continued
|
||
|
Geisinger Authority, Health System
|
|
|
|
Series 2020B, Rev., 5.00%, 2/15/2027 (b)
|
455,000
|
463,534
|
|
Series 2020A, Rev., 5.00%, 4/1/2050
|
4,500,000
|
4,444,034
|
|
Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%,
5/1/2057
|
2,000,000
|
1,933,641
|
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
|
|
|
|
Rev., 5.00%, 9/1/2027
|
460,000
|
479,139
|
|
Series 2018A, Rev., 4.00%, 9/1/2038
|
135,000
|
128,311
|
|
Montgomery County Industrial Development Authority, Constellation Energy Generation
Series 2023A, Rev., 4.10%,
4/3/2028 (b)
|
13,305,000
|
13,467,235
|
|
Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project, Rev., 4.00%,
7/1/2048
|
2,255,000
|
1,842,750
|
|
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol
Region Parking System Series
2024B, Rev., GTD, 4.25%, 1/1/2050
|
1,475,000
|
1,330,189
|
|
Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region
Parking System Series
2024A, Rev., A.G., 4.00%, 1/1/2042
|
1,250,000
|
1,145,461
|
|
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges,
Rev., AMT, A.G., 5.00%,
12/31/2057
|
425,000
|
408,906
|
|
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project
Series 2021A-2, Rev.,
4.60%, 10/1/2026 (b)
|
5,000,000
|
5,032,038
|
|
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University
Series 2024B-1, Rev., 5.25%,
11/1/2043
|
1,310,000
|
1,354,303
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage
|
|
|
|
Series 2023-141A, Rev., 5.75%, 10/1/2053
|
5,275,000
|
5,568,399
|
|
Series 2024-145A, Rev., 6.00%, 10/1/2054
|
1,985,000
|
2,136,295
|
|
Pennsylvania Turnpike Commission
|
|
|
|
Series A-1, Rev., 5.00%, 12/1/2029
|
105,000
|
108,890
|
|
Series A-1, Rev., 5.00%, 12/1/2031
|
60,000
|
61,926
|
|
Series 2016B, Rev., 4.00%, 6/1/2033
|
575,000
|
576,441
|
|
Series 2022A, Rev., 5.00%, 12/1/2033
|
1,000,000
|
1,114,673
|
|
Series 2022B, Rev., 5.25%, 12/1/2041
|
1,000,000
|
1,066,228
|
|
Pennsylvania Turnpike Commission, Subordinate
|
|
|
|
Series 2024-1, Rev., 5.00%, 12/1/2029
|
1,200,000
|
1,298,228
|
|
Series 2023-1, Rev., 5.00%, 12/1/2036
|
750,000
|
817,410
|
|
Philadelphia Authority for Industrial Development, Holy Family University Project,
Rev., 5.00%, 9/1/2027
|
610,000
|
626,005
|
|
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project
|
|
|
|
Series 2023A, Rev., 5.00%, 11/1/2037
|
835,000
|
894,325
|
|
Series 2023A, Rev., 5.00%, 11/1/2040
|
2,185,000
|
2,280,275
|
|
Philadelphia Gas Works Co., 1998 General Ordinance Series 17A, Rev., 5.00%, 8/1/2035
|
1,250,000
|
1,373,305
|
|
Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B,
Rev., 5.00%, 9/1/2044
|
725,000
|
743,801
|
|
Township of Hampton
|
|
|
|
GO, 5.00%, 1/1/2035
|
150,000
|
162,098
|
|
GO, 4.00%, 1/1/2042
|
970,000
|
908,479
|
|
GO, 4.00%, 1/1/2047
|
700,000
|
619,069
|
|
Total Pennsylvania
|
|
82,174,230
|
|
Puerto Rico — 1.0%
|
||
|
Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027
|
6,500,000
|
6,670,582
|
|
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico)
|
|
|
|
Series A-1, Rev., Zero Coupon, 7/1/2029
|
2,641,000
|
2,240,488
|
|
Series A-1, Rev., Zero Coupon, 7/1/2046
|
13,500,000
|
4,307,367
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Puerto Rico — continued
|
||
|
Series A-1, Rev., Zero Coupon, 7/1/2051
|
4,770,000
|
1,119,115
|
|
Series A-2, Rev., 4.78%, 7/1/2058
|
6,000,000
|
5,369,812
|
|
Series A-1, Rev., 5.00%, 7/1/2058
|
10,000,000
|
9,379,476
|
|
Total Puerto Rico
|
|
29,086,840
|
|
Rhode Island — 0.6%
|
||
|
Rhode Island Health and Educational Building Corp., Brynt University Issue
|
|
|
|
Series 2024, Rev., 5.00%, 6/1/2037
|
2,255,000
|
2,398,860
|
|
Series 2024, Rev., 5.00%, 6/1/2038
|
1,650,000
|
1,733,498
|
|
Rev., 5.00%, 6/1/2042
|
2,030,000
|
2,067,857
|
|
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group
|
|
|
|
Series 2024, Rev., 5.00%, 5/15/2036
|
960,000
|
1,019,088
|
|
Series 2024, Rev., 5.00%, 5/15/2038
|
1,150,000
|
1,200,953
|
|
Series 2024, Rev., 5.00%, 5/15/2042
|
1,000,000
|
1,016,460
|
|
Series 2024, Rev., 5.00%, 5/15/2043
|
1,000,000
|
1,012,749
|
|
Rhode Island Housing and Mortgage Finance Corp., Homeowenership Series 84-A, Rev.,
GNMA COLL, 5.00%,
4/1/2049
|
1,000,000
|
998,373
|
|
State of Rhode Island and Providence Plantations Consolidated Capital Development
Loan Series 2018A, GO, 5.00%,
4/1/2029
|
75,000
|
79,334
|
|
Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050
|
5,000,000
|
4,957,144
|
|
Total Rhode Island
|
|
16,484,316
|
|
South Carolina — 0.8%
|
||
|
Charleston County Airport District, Rev., 5.00%, 7/1/2035
|
250,000
|
262,813
|
|
Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston
County School District, South
Carolina Project
|
|
|
|
Series 2024, Rev., 5.00%, 12/1/2026
|
1,000,000
|
1,030,220
|
|
Series 2024, Rev., 5.00%, 12/1/2027
|
1,000,000
|
1,051,590
|
|
Series 2024, Rev., 5.00%, 12/1/2028
|
1,325,000
|
1,417,501
|
|
County of Dorchester, Waterworks and Sewer System Series 2023, Rev., 4.25%, 10/1/2048
|
2,000,000
|
1,840,247
|
|
County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%,
4/1/2030
|
1,300,000
|
1,422,251
|
|
Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028
|
5,000,000
|
5,001,278
|
|
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b)
|
2,670,000
|
2,827,805
|
|
South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series
2025, Rev., FHLMC COLL,
4.00%, 3/1/2035 (b)
|
3,000,000
|
2,865,556
|
|
South Carolina Public Service Authority
|
|
|
|
Series 2025B, Rev., 5.00%, 12/1/2044
|
1,250,000
|
1,264,673
|
|
Series 2025A, Rev., 5.00%, 12/1/2046
|
3,000,000
|
3,009,368
|
|
Series 2025B, Rev., 5.00%, 12/1/2046
|
2,500,000
|
2,507,807
|
|
Total South Carolina
|
|
24,501,109
|
|
South Dakota — 0.1%
|
||
|
South Dakota Housing Development Authority
|
|
|
|
Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055
|
1,495,000
|
1,652,102
|
|
Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055
|
1,250,000
|
1,405,092
|
|
Total South Dakota
|
|
3,057,194
|
|
Tennessee — 1.1%
|
||
|
Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health Series
2019A-1, Rev., 4.00%,
8/1/2037
|
1,200,000
|
1,156,396
|
|
City of Clarksville Water Sewer and Gas Series 2021A, Rev., 4.00%, 2/1/2041
|
3,950,000
|
3,770,209
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Tennessee — continued
|
||
|
City of Lenoir City, Electric System Series 2022, Rev., 5.00%, 6/1/2033
|
165,000
|
182,057
|
|
County of Coffee, Rural High School Series 2021A, GO, 5.00%, 6/1/2028
|
125,000
|
132,643
|
|
County of Sullivan, GO, 5.00%, 5/1/2026
|
30,000
|
30,571
|
|
Knox County Health Educational and Housing Facility Board, University of Tennessee
Project
|
|
|
|
Series 2024A-1, Rev., 5.00%, 7/1/2037
|
435,000
|
459,661
|
|
Series 2024A-1, Rev., 5.00%, 7/1/2038
|
430,000
|
449,942
|
|
Series 2024A-1, Rev., 5.00%, 7/1/2039
|
500,000
|
519,742
|
|
Series 2024A-1, Rev., 5.25%, 7/1/2049
|
1,250,000
|
1,266,760
|
|
Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2045
|
1,000,000
|
979,356
|
|
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities
Board, Belmont University
|
|
|
|
Rev., 5.00%, 5/1/2026
|
450,000
|
457,004
|
|
Series 2023, Rev., 5.00%, 5/1/2038
|
400,000
|
415,847
|
|
Metropolitan Government of Nashville and Davidson County
|
|
|
|
GO, 5.00%, 7/1/2031
|
2,000,000
|
2,108,553
|
|
Series 2024A, Rev., 5.25%, 5/15/2049
|
1,000,000
|
1,051,145
|
|
Metropolitan Nashville Airport Authority (The)
|
|
|
|
Series 2022B, Rev., AMT, 5.25%, 7/1/2047
|
630,000
|
643,138
|
|
Series 2022B, Rev., AMT, 5.00%, 7/1/2052
|
500,000
|
497,812
|
|
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health
Obligated Group
|
|
|
|
Series 2024B, Rev., 5.00%, 9/1/2029 (b)
|
2,950,000
|
3,072,656
|
|
Series 2024A, Rev., 5.25%, 9/1/2034
|
2,960,000
|
3,208,899
|
|
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey
Station Project
|
|
|
|
Series 2019A, Rev., 5.00%, 10/1/2029
|
125,000
|
108,119
|
|
Series 2019A, Rev., 5.50%, 10/1/2034
|
150,000
|
118,510
|
|
State of Tennessee Series 2023A, GO, 5.00%, 5/1/2038
|
5,000,000
|
5,445,648
|
|
Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (b)
|
1,250,000
|
1,279,829
|
|
Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%,
1/1/2056
|
5,000,000
|
5,446,329
|
|
Total Tennessee
|
|
32,800,826
|
|
Texas — 9.7%
|
||
|
Arlington Higher Education Finance Corp., Lifeschool of Dallas
|
|
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2027
|
155,000
|
160,755
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2028
|
205,000
|
215,579
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2033
|
290,000
|
321,866
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2034
|
295,000
|
325,994
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2035
|
240,000
|
262,550
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2036
|
420,000
|
455,694
|
|
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.
|
|
|
|
Rev., PSF-GTD, 5.00%, 8/15/2026
|
160,000
|
163,629
|
|
Rev., PSF-GTD, 5.00%, 8/15/2027
|
145,000
|
151,548
|
|
Rev., PSF-GTD, 5.00%, 8/15/2028
|
150,000
|
159,620
|
|
Rev., PSF-GTD, 5.00%, 8/15/2029
|
130,000
|
139,820
|
|
Rev., PSF-GTD, 5.00%, 8/15/2030
|
100,000
|
108,712
|
|
Austin Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 8/1/2026
|
2,000,000
|
2,050,564
|
|
Bell County Water Control and Improvement District No. 1
|
|
|
|
Series 2024, Rev., 5.00%, 7/10/2038
|
1,000,000
|
1,066,598
|
|
Series 2024, Rev., 5.00%, 7/10/2039
|
1,000,000
|
1,060,218
|
|
Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment
and Distribution Project, Rev.,
5.00%, 8/1/2026
|
85,000
|
86,785
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Cedar Hill Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2036
|
1,900,000
|
2,100,736
|
|
Series 2024, GO, PSF-GTD, 4.00%, 2/15/2050
|
4,000,000
|
3,546,497
|
|
Central Texas Turnpike System, First Tier
|
|
|
|
Series 2024B, Rev., 5.00%, 5/15/2030 (b)
|
1,500,000
|
1,578,062
|
|
Series 2024A, Rev., 5.00%, 8/15/2032
|
1,000,000
|
1,102,961
|
|
Central Texas Turnpike System, Second Tier
|
|
|
|
Series 2024C, Rev., 5.00%, 8/15/2033
|
5,000,000
|
5,522,693
|
|
Series 2024C, Rev., 5.00%, 8/15/2034
|
4,500,000
|
4,976,130
|
|
City of Austin, Airport System
|
|
|
|
Rev., AMT, 5.00%, 11/15/2035
|
1,000,000
|
1,048,933
|
|
Series 2017B, Rev., AMT, 5.00%, 11/15/2046
|
1,000,000
|
979,261
|
|
City of Bryan Waterworks and Sewer Series 2025, Rev., 4.25%, 7/1/2045
|
2,750,000
|
2,587,485
|
|
City of Corpus Christi, Utility System Series 2022B, Rev., 5.00%, 7/15/2032
|
325,000
|
360,028
|
|
City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023,
Rev., FHA, 5.00%,
12/1/2025 (b)
|
1,375,000
|
1,385,499
|
|
City of El Paso Water Sewer Series 2023, Rev., 5.25%, 3/1/2049
|
2,500,000
|
2,583,011
|
|
City of Fort Worth Water and Sewer System Series 2024, Rev., 4.25%, 2/15/2054
|
5,940,000
|
5,361,525
|
|
City of Garland Electric Utility System
|
|
|
|
Rev., A.G., 5.00%, 3/1/2026
|
1,000,000
|
1,014,409
|
|
Rev., A.G., 5.00%, 3/1/2031
|
1,000,000
|
1,093,376
|
|
Rev., 5.00%, 11/15/2036
|
1,000,000
|
1,097,705
|
|
City of Georgetown Series 2022, GO, 4.00%, 8/15/2041
|
2,410,000
|
2,327,815
|
|
City of Georgetown, Utilities System
|
|
|
|
Series 2023, Rev., 5.00%, 8/15/2025
|
520,000
|
521,929
|
|
Series 2023, Rev., 5.00%, 8/15/2038
|
1,375,000
|
1,453,374
|
|
City of Grand Prairie Series 2023, GO, 4.00%, 2/15/2037
|
600,000
|
603,118
|
|
City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects
|
|
|
|
Series 2020A, Rev., AMT, 5.00%, 7/1/2027
|
2,325,000
|
2,332,659
|
|
Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027
|
1,955,000
|
1,961,498
|
|
Series 2024B, Rev., AMT, 5.25%, 7/15/2034
|
11,300,000
|
11,570,636
|
|
City of Houston Combined Utility System, First Lien Series 2024A, Rev., 5.25%, 11/15/2049
|
1,250,000
|
1,301,797
|
|
City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030
|
45,000
|
47,695
|
|
City of Mansfield, Combination Tax, GO, 5.00%, 2/15/2044
|
2,000,000
|
2,086,550
|
|
City of Paso Water and Sewer, Rev., 5.00%, 3/1/2034
|
1,190,000
|
1,325,235
|
|
City of Round Rock, GO, 5.00%, 8/15/2026
|
1,180,000
|
1,207,468
|
|
City of San Antonio Series 2024, GO, 5.00%, 2/1/2027
|
1,000,000
|
1,036,395
|
|
City of San Antonio Electric and Gas Systems Series 2024B, Rev., 5.00%, 2/1/2038
|
1,500,000
|
1,625,247
|
|
City of San Antonio, Electric and Gas Systems Series 2023B, Rev., 5.25%, 2/1/2041
|
1,560,000
|
1,660,491
|
|
City of San Marcos, Combination Tax, GO, 5.00%, 8/15/2031
|
170,000
|
175,905
|
|
City of Waco Series 2024, GO, 5.00%, 2/1/2026
|
1,900,000
|
1,925,988
|
|
City of Waco, Combination Tax Series 2024A, GO, 5.00%, 2/1/2026
|
1,000,000
|
1,013,678
|
|
Clifton Higher Education Finance Corp., Idea Public Schools
|
|
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2026
|
600,000
|
613,609
|
|
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2027
|
1,000,000
|
1,042,327
|
|
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc.
|
|
|
|
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2026
|
250,000
|
253,831
|
|
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2038
|
265,000
|
277,695
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Collin County Community College District, Rev., 4.00%, 8/15/2042
|
2,200,000
|
2,034,728
|
|
County of Fort Bend Toll Road, Senior Lien
|
|
|
|
Series 2024, Rev., A.G., 5.00%, 3/1/2035
|
1,000,000
|
1,104,751
|
|
Series 2024, Rev., A.G., 5.00%, 3/1/2036
|
1,000,000
|
1,093,889
|
|
Series 2024, Rev., A.G., 5.00%, 3/1/2042
|
1,000,000
|
1,039,733
|
|
Rev., A.G., 5.00%, 3/1/2044 (d)
|
2,500,000
|
2,576,580
|
|
County of Hays, Limited Tax, GO, 5.00%, 2/15/2026
|
20,000
|
20,280
|
|
County of Williamson, Limited Tax, GO, 5.00%, 2/15/2026
|
40,000
|
40,585
|
|
Crandall Independent School District, Unlimited Tax
|
|
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2039
|
2,800,000
|
2,997,906
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041
|
5,100,000
|
5,365,013
|
|
Glen Rose Independent School District, Unlimited tax Series 2023, GO, PSF-GTD, 5.00%,
8/15/2035
|
1,000,000
|
1,067,154
|
|
Glen Rose Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%,
8/15/2036
|
1,000,000
|
1,060,187
|
|
Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier Series 2018A,
Rev., 5.00%, 10/1/2043
|
4,500,000
|
4,547,068
|
|
Harris County-Houston Sports Authority, Senior Lien
|
|
|
|
Series 2024A, Rev., A.G., 5.00%, 11/15/2025
|
3,750,000
|
3,781,035
|
|
Series 2024A, Rev., A.G., 5.00%, 11/15/2026
|
3,500,000
|
3,599,400
|
|
Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (b)
|
5,000,000
|
5,034,473
|
|
Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%,
2/15/2027
|
4,000,000
|
4,147,099
|
|
Irion County Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 8/15/2042
|
1,075,000
|
1,127,261
|
|
Series 2024, GO, PSF-GTD, 5.00%, 8/15/2044
|
1,185,000
|
1,230,626
|
|
Jarrell Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2036
|
1,000,000
|
1,100,935
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2037
|
1,000,000
|
1,090,460
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2040
|
1,260,000
|
1,334,721
|
|
Katy Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2033
|
2,000,000
|
2,237,687
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2034
|
1,200,000
|
1,348,684
|
|
Laredo Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2025
|
1,750,000
|
1,755,764
|
|
Lewisville Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2041 (d)
|
12,500,000
|
11,907,836
|
|
Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054
|
6,000,000
|
5,177,186
|
|
Longview Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2039
|
1,230,000
|
1,326,123
|
|
Lower Colorado River Authority
|
|
|
|
Series 2024, Rev., 5.00%, 5/15/2026
|
1,000,000
|
1,018,034
|
|
Series 2024, Rev., 5.00%, 5/15/2036
|
4,000,000
|
4,322,743
|
|
Lower Colorado River Authority, LCRA Transmission Services Corp., Project
|
|
|
|
Rev., 4.00%, 5/15/2034
|
1,000,000
|
993,348
|
|
Rev., 5.00%, 5/15/2035
|
155,000
|
159,387
|
|
Series 2024A, Rev., A.G., 5.00%, 5/15/2043
|
4,000,000
|
4,126,064
|
|
Mabank Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 8/15/2025
|
2,775,000
|
2,785,182
|
|
Series 2024, GO, PSF-GTD, 5.00%, 8/15/2026
|
600,000
|
614,397
|
|
Series 2024, GO, PSF-GTD, 5.00%, 8/15/2027
|
550,000
|
575,077
|
|
Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%,
2/15/2054
|
4,850,000
|
4,193,986
|
|
Melissa Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/1/2027
|
350,000
|
361,121
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/1/2028
|
320,000
|
337,368
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Series 2024, GO, PSF-GTD, 5.00%, 2/1/2029
|
250,000
|
267,975
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/1/2030
|
220,000
|
239,225
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/1/2031
|
250,000
|
275,010
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041
|
1,000,000
|
1,054,109
|
|
Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev.,
AMT, 5.00%, 6/1/2030 (b)
|
2,000,000
|
2,042,565
|
|
Montgomery Independent School District, Unlimited Tax Series 2024A, GO, PSF-GTD, 5.00%,
2/15/2030
|
2,910,000
|
3,160,564
|
|
New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects
Series 2025A, Rev., 6.25%,
10/1/2045
|
2,255,000
|
2,164,121
|
|
North Texas Tollway Authority, First Tier Series 2023A, Rev., 5.00%, 1/1/2026
|
3,740,000
|
3,784,439
|
|
Northwest Independent School District, Unlimited Tax
|
|
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039
|
2,500,000
|
2,662,684
|
|
Series 2022A, GO, PSF-GTD, 5.00%, 2/15/2048
|
1,000,000
|
1,018,983
|
|
Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2049
|
5,000,000
|
5,105,368
|
|
Permanent University Fund - University of Texas System
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2035
|
2,000,000
|
2,257,127
|
|
Series 2016B, Rev., 4.00%, 7/1/2038
|
7,985,000
|
7,610,438
|
|
Series 2025A, Rev., 5.00%, 7/1/2048
|
1,000,000
|
1,034,296
|
|
Plano Independent School District, Unlimited Tax
|
|
|
|
GO, PSF-GTD, 5.00%, 2/15/2029
|
2,250,000
|
2,415,620
|
|
GO, PSF-GTD, 5.00%, 2/15/2030
|
3,000,000
|
3,266,554
|
|
GO, PSF-GTD, 4.00%, 2/15/2043
|
2,000,000
|
1,887,797
|
|
GO, PSF-GTD, 4.00%, 2/15/2044
|
3,250,000
|
3,043,361
|
|
Prosper Independent School District, GO, PSF-GTD, 5.00%, 2/15/2040
|
1,140,000
|
1,214,456
|
|
San Antonio Education Facilities Corp., Trinity University Project Series 2024A, Rev.,
5.00%, 6/1/2034
|
1,250,000
|
1,386,209
|
|
State of Texas, College Student Loan, Rev., AMT, 5.00%, 8/1/2029 (d)
|
2,170,000
|
2,300,864
|
|
Tarrant County College District Series 2022, GO, 5.00%, 8/15/2028
|
1,000,000
|
1,062,176
|
|
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health
Project Series 2022F, Rev.,
5.00%, 11/15/2030 (b)
|
2,215,000
|
2,366,801
|
|
Tarrant County Cultural Education Facilities Finance Corp., Christus Health
|
|
|
|
Series 2024B, Rev., 5.00%, 7/1/2025
|
935,000
|
936,167
|
|
Series 2024B, Rev., 5.00%, 7/1/2026
|
1,110,000
|
1,131,072
|
|
Series 2024B, Rev., 5.00%, 7/1/2027
|
2,360,000
|
2,446,516
|
|
Series 2024B, Rev., 5.00%, 7/1/2028
|
3,000,000
|
3,153,642
|
|
Series 2024B, Rev., 5.00%, 7/1/2029
|
2,485,000
|
2,640,056
|
|
Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical
Center, Rev., 4.13%, 12/1/2054
|
2,495,000
|
2,097,788
|
|
Tarrant Regional Water District Water Supply System Series 2022, Rev., 5.00%, 3/1/2048
|
4,930,000
|
5,038,844
|
|
Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2030
|
155,000
|
160,015
|
|
Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply
|
|
|
|
Series 2023A, Rev., 5.50%, 1/1/2030 (b)
|
5,000,000
|
5,282,908
|
|
Series 2023B, Rev., 5.50%, 1/1/2034 (b)
|
6,135,000
|
6,705,969
|
|
Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev.,
5.00%, 1/1/2034 (b)
|
8,000,000
|
8,420,875
|
|
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed
Lanes Project, Mobility
Partners LLC Series 2019A, Rev., 4.00%, 12/31/2039
|
1,130,000
|
1,045,663
|
|
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments
3 LLC Project
|
|
|
|
Series 2023, Rev., AMT, 5.25%, 12/31/2036
|
2,835,000
|
2,943,369
|
|
Rev., AMT, 5.00%, 6/30/2058
|
2,000,000
|
1,902,763
|
|
Texas Public Finance Authority, Texas Southern University
|
|
|
|
Series 2023, Rev., 5.00%, 5/1/2026
|
500,000
|
506,788
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Series 2023, Rev., 5.00%, 5/1/2027
|
625,000
|
644,288
|
|
Texas State Affordable Housing Corp., Juniper Creek Apartments Project Series 2023,
Rev., 3.75%, 7/1/2026 (b)
|
3,000,000
|
3,013,954
|
|
Texas Water Development Board
|
|
|
|
Series 2023A, Rev., 5.00%, 10/15/2037
|
1,700,000
|
1,856,229
|
|
Series 2023A, Rev., 5.00%, 10/15/2058
|
1,725,000
|
1,750,114
|
|
Trinity River Authority of Texas, Livingston Regional Water Supply System Project
|
|
|
|
Series 2023, Rev., 5.00%, 8/1/2036
|
1,120,000
|
1,212,048
|
|
Series 2023, Rev., 5.00%, 8/1/2037
|
1,175,000
|
1,260,291
|
|
Trinity River Authority, Tarrant County Water Project
|
|
|
|
Series 2023, Rev., 5.00%, 2/1/2041
|
700,000
|
733,525
|
|
Series 2023, Rev., 5.00%, 2/1/2042
|
675,000
|
703,334
|
|
Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026
|
60,000
|
60,745
|
|
Waxahachie Independent School District Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038
|
1,000,000
|
1,079,515
|
|
Weslaco Independent School District, Unlimited Tax
|
|
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2037
|
800,000
|
876,721
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038
|
1,000,000
|
1,083,352
|
|
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2041
|
1,000,000
|
1,058,215
|
|
Wylie Independent School District, GO, PSF-GTD, 5.00%, 8/15/2039
|
2,695,000
|
2,880,346
|
|
Total Texas
|
|
282,312,908
|
|
Utah — 0.8%
|
||
|
City of Salt Lake City, Airport System
|
|
|
|
Series 2021A, Rev., AMT, 5.00%, 7/1/2029
|
2,350,000
|
2,473,710
|
|
Series 2023A, Rev., AMT, 5.25%, 7/1/2040
|
1,060,000
|
1,105,424
|
|
City of Salt Lake City, Sales and Excise Tax Series 2022A, Rev., 4.00%, 10/1/2030
|
155,000
|
161,618
|
|
Intermountain Power Agency, Utah Power Supply
|
|
|
|
Series 2023A, Rev., 5.00%, 7/1/2033
|
1,465,000
|
1,591,014
|
|
Series 2023A, Rev., 5.00%, 7/1/2036
|
1,190,000
|
1,260,513
|
|
Series 2024A, Rev., 5.00%, 7/1/2037
|
2,600,000
|
2,750,913
|
|
Series 2024A, Rev., 5.00%, 7/1/2039
|
1,610,000
|
1,683,367
|
|
Mida Cormont Public Infrastructure District, Limited Tax Series 2025A-1, GO, 6.25%,
6/1/2055 (c)
|
1,000,000
|
1,022,859
|
|
Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation
Series 2024-1, Rev., 5.13%,
6/15/2054 (c)
|
2,000,000
|
1,855,629
|
|
Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC,
6.50%, 7/1/2055
|
5,000,000
|
5,533,896
|
|
Utah Infrastructure Agency Series 2021, Rev., 4.00%, 10/15/2029
|
1,210,000
|
1,204,830
|
|
Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications
|
|
|
|
Rev., 5.25%, 6/1/2034
|
325,000
|
359,932
|
|
Rev., 5.25%, 6/1/2035
|
580,000
|
639,135
|
|
Utah Transit Authority, Sales Tax
|
|
|
|
Rev., 5.00%, 6/15/2040
|
1,580,000
|
1,685,198
|
|
Series 2023, Rev., 5.00%, 12/15/2041
|
1,235,000
|
1,304,775
|
|
Total Utah
|
|
24,632,813
|
|
Virginia — 1.4%
|
||
|
City of Richmond, Public Improvement Series 2017B, GO, 5.00%, 7/15/2027
|
175,000
|
183,132
|
|
County of Arlington, GO, 5.00%, 6/15/2038
|
210,000
|
226,215
|
|
County of Henrico Water and Sewer, Rev., 5.00%, 5/1/2029
|
100,000
|
108,014
|
|
County of Spotsylvania Water and Sewer System Series 2024, Rev., 4.00%, 12/1/2046
|
1,150,000
|
1,039,701
|
|
County of Spotsylvania, Public Improvement, GO, 5.00%, 7/15/2029
|
85,000
|
90,340
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Virginia — continued
|
||
|
Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042
|
2,025,000
|
1,870,286
|
|
Halifax County Industrial Development Authority, Virginia Electric and Power Series
2010A, Rev., 3.80%,
5/28/2027 (b)
|
2,465,000
|
2,487,007
|
|
Northern Virginia Transportation Commission, Transforming Rail in Virginia Program,
Rev., 5.00%, 6/1/2040
|
640,000
|
678,305
|
|
Prince William County Service Authority, Water and Sewer System
|
|
|
|
Rev., 5.00%, 7/15/2032
|
1,000,000
|
1,121,258
|
|
Rev., 5.00%, 7/15/2033
|
1,000,000
|
1,129,070
|
|
Virginia College Building Authority Educational Facilities, 21St Century College and
Equipment Programs
|
|
|
|
Series 2023B, Rev., 5.00%, 2/1/2033
|
150,000
|
168,560
|
|
Series 2023A, Rev., 4.00%, 9/1/2040
|
1,385,000
|
1,313,963
|
|
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031
|
5,000,000
|
5,004,014
|
|
Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2037
|
3,840,000
|
4,280,067
|
|
Virginia Resources Authority, Virginia Pooled Financing Program Series 2024A, Rev.,
5.00%, 11/1/2040
|
2,100,000
|
2,278,726
|
|
Virginia Small Business Financing Authority
|
|
|
|
Series 2021, Rev., 4.00%, 12/1/2051
|
1,145,000
|
916,199
|
|
Series 2024A, Rev., 5.50%, 12/1/2054
|
2,500,000
|
2,519,088
|
|
Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon
Virginia LLC Project, Rev., AMT,
4.00%, 11/20/2025 (b)
|
7,000,000
|
7,001,618
|
|
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing
Opco, LLC Project
|
|
|
|
Rev., AMT, 4.00%, 7/1/2032
|
250,000
|
245,586
|
|
Rev., AMT, 4.00%, 1/1/2036
|
2,000,000
|
1,903,601
|
|
Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project,
Rev., AMT, 5.00%, 12/31/2056
|
5,880,000
|
5,430,469
|
|
Total Virginia
|
|
39,995,219
|
|
Washington — 2.7%
|
||
|
Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax, GO, 4.00%,
12/1/2036
|
1,000,000
|
1,007,504
|
|
Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2021S-1,
Rev., 4.00%, 11/1/2040
|
2,000,000
|
1,954,838
|
|
City of Seattle, Municipal Light and Power Series 2021A, Rev., 4.00%, 7/1/2047
|
5,000,000
|
4,419,034
|
|
Clark County Public Utility District No. 1 Electric Series 2024, Rev., 5.00%, 1/1/2026
|
1,165,000
|
1,179,180
|
|
Clark County School District No. 101 La Center, Unlimited Tax, GO, 5.00%, 12/1/2029
|
50,000
|
52,263
|
|
County of King Sewer Series 2016A, Rev., 4.00%, 7/1/2038
|
5,000,000
|
4,947,313
|
|
County of King, Limited Tax Series 2023B, GO, 5.00%, 12/1/2053
|
6,055,000
|
6,211,383
|
|
Energy Northwest, Columbia Generating Station Series 2021A, Rev., 4.00%, 7/1/2042
|
3,760,000
|
3,502,669
|
|
Energy Northwest, Project 1
|
|
|
|
Series 2017A, Rev., 5.00%, 7/1/2028
|
55,000
|
57,189
|
|
Series 2025A, Rev., 5.00%, 7/1/2032
|
2,000,000
|
2,243,637
|
|
Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049
|
5,000,000
|
5,269,045
|
|
King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, GO, A.G.,
5.00%, 12/1/2034
|
1,000,000
|
1,123,423
|
|
Mason County School District No. 309 Shelton, Unlimited Tax, GO, 5.00%, 12/1/2029
|
45,000
|
46,397
|
|
Pierce County School District No. 416 White River, Unlimited Tax, GO, 5.00%, 12/1/2025
|
50,000
|
50,504
|
|
State of Washington Motor Vehicle Fuel Tax
|
|
|
|
Series R-2025E, GO, 5.00%, 8/1/2029
|
6,860,000
|
7,439,276
|
|
Series 2025C, GO, 5.00%, 7/1/2030
|
5,040,000
|
5,533,718
|
|
Series R-2025E, GO, 5.00%, 8/1/2030
|
2,980,000
|
3,275,704
|
|
Series R 2025 C, GO, 5.00%, 7/1/2032
|
4,000,000
|
4,487,274
|
|
Series 2024D, GO, 5.00%, 6/1/2045
|
4,000,000
|
4,129,311
|
|
State of Washington, State and Local Agency Real and Personal Property Series 2015C,
COP, 5.00%, 1/1/2029
|
55,000
|
55,504
|
|
State of Washington, Various Purpose
|
|
|
|
Series 2020C, GO, 5.00%, 2/1/2043
|
700,000
|
716,801
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Washington — continued
|
||
|
Series 2022A, GO, 5.00%, 8/1/2043
|
1,170,000
|
1,208,227
|
|
Three Rivers Regional Wastewater Authority Series 2024, Rev., 5.00%, 9/1/2037
|
1,275,000
|
1,368,533
|
|
Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038
|
6,000,000
|
5,718,344
|
|
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center
|
|
|
|
Series 2025A, Rev., 5.00%, 3/1/2027
|
1,000,000
|
1,034,376
|
|
Series 2025A, Rev., 5.00%, 3/1/2028
|
750,000
|
786,645
|
|
Series 2025A, Rev., 5.00%, 3/1/2029
|
1,000,000
|
1,060,872
|
|
Series 2025A, Rev., 5.00%, 3/1/2030
|
1,000,000
|
1,072,153
|
|
Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio
Series 2025A, Rev., 5.50%,
7/1/2050 (c)
|
2,500,000
|
2,459,825
|
|
Washington State Housing Finance Commission, Radford Court and Nordheim Court
|
|
|
|
Series 2024, Rev., 5.50%, 7/1/2049
|
2,000,000
|
2,040,379
|
|
Series 2024, Rev., 5.00%, 7/1/2054
|
2,500,000
|
2,384,626
|
|
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project
Series 2023, Rev.,
5.63%, 7/1/2038 (c)
|
1,215,000
|
1,302,395
|
|
Total Washington
|
|
78,138,342
|
|
West Virginia — 0.2%
|
||
|
State of West Virginia Series 2019A, GO, 5.00%, 12/1/2035
|
1,055,000
|
1,106,768
|
|
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial
Metal Co. Project, Rev.,
AMT, 4.63%, 5/15/2032 (b)
|
4,000,000
|
3,975,728
|
|
West Virginia Hospital Finance Authority, University Health System Series 2023A, Rev.,
5.00%, 6/1/2040
|
1,800,000
|
1,860,071
|
|
Total West Virginia
|
|
6,942,567
|
|
Wisconsin — 3.0%
|
||
|
City of Milwaukee, Promissory Notes Series 2023N3, GO, A.G., 5.00%, 4/1/2032
|
1,655,000
|
1,812,437
|
|
City of Oshkosh, Sewer Series 2022E, Rev., 5.00%, 5/1/2027
|
550,000
|
569,988
|
|
City of Oshkosh, Water
|
|
|
|
Series 2022D, Rev., 5.00%, 1/1/2027
|
165,000
|
170,452
|
|
Series 2022D, Rev., 5.00%, 1/1/2028
|
180,000
|
188,880
|
|
Public Finance Authority, Rev., AMT, 5.75%, 7/1/2054
|
10,035,000
|
10,245,629
|
|
Public Finance Authority, AFCO Airport Real Estate Group
|
|
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2025
|
265,000
|
265,149
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2026
|
450,000
|
454,685
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2027
|
790,000
|
806,185
|
|
Public Finance Authority, Astro Texas Land Projects
|
|
|
|
Series 2024, Rev., 5.50%, 6/1/2025 (c)
|
1,500,000
|
1,500,000
|
|
Rev., 5.00%, 12/15/2036 (c)
|
4,997,753
|
4,896,049
|
|
Public Finance Authority, Celanese Corp. Series 2016C, Rev., AMT, 4.30%, 11/1/2030
|
1,850,000
|
1,825,257
|
|
Public Finance Authority, Eastern Michigan University Student Housing Project Series
2022A-1, Rev., 5.00%,
7/1/2032
|
500,000
|
541,979
|
|
Public Finance Authority, Kahala Nui Project
|
|
|
|
Rev., 5.00%, 11/15/2025
|
360,000
|
362,051
|
|
Rev., 5.00%, 11/15/2026
|
275,000
|
280,663
|
|
Rev., 5.00%, 11/15/2027
|
290,000
|
299,943
|
|
Rev., 5.00%, 11/15/2028
|
380,000
|
397,344
|
|
Rev., 5.00%, 11/15/2029
|
300,000
|
316,568
|
|
Rev., 5.00%, 11/15/2030
|
240,000
|
255,206
|
|
Rev., 5.00%, 11/15/2031
|
440,000
|
470,792
|
|
Rev., 5.00%, 11/15/2032
|
460,000
|
493,267
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Wisconsin — continued
|
||
|
Rev., 5.00%, 11/15/2034
|
680,000
|
731,091
|
|
Rev., 5.25%, 11/15/2061
|
1,000,000
|
996,359
|
|
Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project
|
|
|
|
Series 2025B, Rev., 5.00%, 6/15/2030
|
175,000
|
182,943
|
|
Series 2025B, Rev., 5.25%, 6/15/2035
|
275,000
|
291,404
|
|
Series 2025A, Rev., 5.00%, 6/15/2037
|
1,000,000
|
1,047,531
|
|
Series 2025A, Rev., 5.00%, 6/15/2039
|
250,000
|
257,599
|
|
Series 2025B, Rev., 5.25%, 6/15/2045
|
550,000
|
546,977
|
|
Public Finance Authority, Senior Lien, Rev., AMT, 5.50%, 7/1/2044
|
2,745,000
|
2,810,879
|
|
State of Wisconsin
|
|
|
|
Series 2016-2, GO, 5.00%, 11/1/2026
|
50,000
|
50,959
|
|
Series 2025 1, GO, 5.00%, 5/1/2033
|
4,320,000
|
4,871,103
|
|
Series 2025A, GO, 5.00%, 5/1/2034
|
12,300,000
|
13,905,417
|
|
Series 2023B, GO, 5.00%, 5/1/2035
|
1,280,000
|
1,401,843
|
|
Series 2025 2, GO, 5.00%, 5/1/2038
|
3,950,000
|
4,333,017
|
|
State of Wisconsin Environmental Improvement Fund Series 2018A, Rev., 5.00%, 6/1/2025
|
35,000
|
35,000
|
|
University of Wisconsin Hospitals and Clinics Series 2024B, Rev., 5.00%, 10/1/2031 (b)
|
2,000,000
|
2,162,402
|
|
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center
|
|
|
|
Series 2024A, Rev., 5.00%, 4/1/2028
|
1,530,000
|
1,611,911
|
|
Series 2024A, Rev., 5.00%, 4/1/2029
|
3,205,000
|
3,426,099
|
|
Series 2024A, Rev., 5.00%, 4/1/2030
|
3,365,000
|
3,641,978
|
|
Series 2024A, Rev., 5.00%, 4/1/2031
|
3,525,000
|
3,852,040
|
|
Series 2024A, Rev., 5.00%, 4/1/2032
|
1,860,000
|
2,039,561
|
|
Series 2024A, Rev., 5.00%, 4/1/2033
|
1,285,000
|
1,421,083
|
|
Series 2024A, Rev., 5.00%, 4/1/2034
|
1,200,000
|
1,332,019
|
|
Series 2024A, Rev., 5.00%, 4/1/2035
|
1,515,000
|
1,686,467
|
|
Wisconsin Health and Educational Facilities Authority Series 2016A, Rev., 4.00%, 11/15/2046
|
1,600,000
|
1,354,610
|
|
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group
|
|
|
|
Rev., 5.25%, 8/15/2050
|
1,000,000
|
1,018,057
|
|
Rev., 4.38%, 8/15/2055
|
4,000,000
|
3,443,461
|
|
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective
Medicine Collaboration, Inc.
Project Series 2024, Rev., 5.00%, 8/1/2027 (c)
|
1,000,000
|
1,014,101
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024A,
Rev., GNMA / FNMA /
FHLMC, 6.00%, 9/1/2054
|
965,000
|
1,035,911
|
|
Total Wisconsin
|
|
86,654,346
|
|
Wyoming — 0.5%
|
||
|
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry
Fork Station Facilities Series 2019A,
Rev., 3.63%, 7/15/2039
|
13,305,000
|
11,500,915
|
|
Wyoming Community Development Authority
|
|
|
|
Series 2023-1, Rev., 5.75%, 6/1/2053
|
1,350,000
|
1,416,475
|
|
Series 2024-1, Rev., 6.00%, 12/1/2054
|
2,495,000
|
2,686,773
|
|
Total Wyoming
|
|
15,604,163
|
|
Total Municipal Bonds
(Cost $2,613,788,234)
|
|
2,585,614,718
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Short-Term Investments — 12.0%
|
||
|
Investment Companies — 12.0%
|
||
|
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g)
(Cost $351,525,262)
|
351,495,915
|
351,531,065
|
|
Total Investments — 100.4%
(Cost $2,965,313,496)
|
|
2,937,145,783
|
|
Liabilities in Excess of Other Assets — (0.4)%
|
|
(11,834,198
)
|
|
NET ASSETS — 100.0%
|
|
2,925,311,585
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
A.G.
|
Insured by Assured Guaranty Inc.
|
|
AMBAC
|
Insured by American Municipal Bond Assurance Corp.
|
|
AMT
|
Alternative Minimum Tax
|
|
BAN
|
Bond Anticipation Note
|
|
COLL
|
Collateral
|
|
COP
|
Certificate of Participation
|
|
FHA
|
Federal Housing Administration
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation
|
|
GTD
|
Guaranteed
|
|
LIQ
|
Liquidity Agreement
|
|
LOC
|
Letter of Credit
|
|
MTA
|
Metropolitan Transportation Authority
|
|
PSF-GTD
|
Permanent School Fund Guaranteed
|
|
Q-SBLF
|
Qualified School Bond Loan Fund
|
|
RAN
|
Revenue Anticipation Note
|
|
Rev.
|
Revenue
|
|
SCSDE
|
South Carolina School District Enhancement
|
|
VRDO
|
Variable Rate Demand Obligation
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
(a)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
|
(b)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
May 31, 2025.
|
|
|
(c)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(d)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(e)
|
Security is prerefunded or escrowed to maturity.
|
|
|
(f)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(g)
|
The rate shown is the current yield as of May 31, 2025.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury Long Bond
|
260
|
09/19/2025
|
USD
|
29,412,500
|
609,545
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Ultra Note
|
(184
)
|
09/19/2025
|
USD
|
(20,757,500
)
|
(254,650
)
|
|
U.S. Treasury Ultra Bond
|
(87
)
|
09/19/2025
|
USD
|
(10,119,188
)
|
(232,560
)
|
|
|
|
|
|
|
(487,210
)
|
|
|
|
|
|
|
122,335
|
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Municipal Bonds
|
$—
|
$2,585,614,718
|
$—
|
$2,585,614,718
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
351,531,065
|
—
|
—
|
351,531,065
|
|
Total Investments in Securities
|
$351,531,065
|
$2,585,614,718
|
$—
|
$2,937,145,783
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$609,545
|
$—
|
$—
|
$609,545
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$(487,210
)
|
$—
|
$—
|
$(487,210
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$122,335
|
$—
|
$—
|
$122,335
|
|
|
|||||||||
|
For the period ended May 31, 2025
|
|||||||||
|
Security Description
|
Value at
February 28,
2025
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2025
|
Shares at
May 31,
2025
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Institutional Tax
Free Money Market Fund
Class IM Shares, 2.30%
(a) (b)
|
$282,312,368
|
$632,946,012
|
$563,727,315
|
$—
|
$—
|
$351,531,065
|
351,495,915
|
$2,129,794
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of May 31, 2025.
|