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THE “UNAUDITED MUTUAL 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
($000)
|
VALUE
($000)
|
|
Municipal Bonds — 96.5% (a)
|
||
|
Alabama — 1.9%
|
||
|
Black Belt Energy Gas District, Gas Project
|
|
|
|
Series 2022B-1, Rev., 4.00%, 10/1/2027 (b)
|
8,455
|
8,432
|
|
Series 2024D, Rev., 5.00%, 11/1/2034 (b)
|
13,590
|
14,240
|
|
County of Jefferson sewer, Rev., 5.00%, 10/1/2037
|
4,000
|
4,232
|
|
Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B,
Rev., AMT, 4.75%, 12/1/2054
|
3,500
|
3,156
|
|
Selma Industrial Development Board, International Paper Co. Projects Series 2019A,
Rev., 3.45%, 10/1/2031 (b)
|
1,225
|
1,195
|
|
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev.,
4.00%, 12/1/2031 (b)
|
6,705
|
6,556
|
|
Total Alabama
|
|
37,811
|
|
Alaska — 0.1%
|
||
|
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital
Appreciation Series 2021B-2, Class 2,
Rev., Zero Coupon, 6/1/2066
|
10,385
|
1,281
|
|
Arizona — 2.6%
|
||
|
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC
|
|
|
|
Series 2022A, Rev., 5.00%, 11/1/2034
|
1,550
|
1,643
|
|
Series 2022A, Rev., 5.00%, 11/1/2036
|
1,775
|
1,855
|
|
Series 2024A, Rev., 5.00%, 11/1/2043
|
1,000
|
1,000
|
|
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC
Project Series 2025A-2, Rev., 5.13%,
1/1/2059
|
6,665
|
6,094
|
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund
Series 2023A, Rev., 5.00%,
11/1/2028
|
1,500
|
1,563
|
|
City of Lake Havasu City Wastewater System, Senior Lien, GO, 5.00%, 7/1/2039
|
1,300
|
1,411
|
|
City of Mesa Utility System
|
|
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|
Rev., A.G., 5.00%, 7/1/2034
|
2,000
|
2,251
|
|
Rev., A.G., 5.00%, 7/1/2035
|
1,000
|
1,123
|
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Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student
Housing LLC - Arizona State University
Project
|
|
|
|
Series 2018A, Rev., 5.00%, 7/1/2028
|
700
|
717
|
|
Series 2018A, Rev., 5.00%, 7/1/2029
|
1,300
|
1,329
|
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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)
|
2,100
|
2,101
|
|
Maricopa County Industrial Development Authority, Honorhealth Series 2019A, Rev.,
5.00%, 9/1/2037
|
1,250
|
1,280
|
|
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev.,
5.00%, 9/1/2034
|
1,000
|
1,038
|
|
Maricopa County Industrial Development Authority, Ottawa University, Rev., 5.13%,
10/1/2030 (c)
|
215
|
207
|
|
Maricopa County Industrial Development Authority, Valley Christian Schools Project
Series 2023A, Rev., 6.00%, 7/1/2043 (c)
|
940
|
908
|
|
Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and
2024
|
|
|
|
GO, 5.00%, 7/1/2036
|
1,250
|
1,380
|
|
GO, 5.00%, 7/1/2040
|
1,000
|
1,067
|
|
Pima County Unified School District No. 1 Tucson, Project of 2023 Series 2024A, GO,
A.G., 5.00%, 7/1/2036
|
1,000
|
1,092
|
|
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County
Public Transportation Fund, Rev., 5.25%,
7/1/2025
|
1,000
|
1,001
|
|
Salt River Project Agricultural Improvement and Power District
|
|
|
|
Series 2025A, Rev., 5.00%, 1/1/2042
|
1,500
|
1,597
|
|
Series 2023A, Rev., 5.00%, 1/1/2047
|
10,000
|
10,240
|
|
Salt River Project Agricultural Improvement and Power District, Arizona Electric System
|
|
|
|
Series 2017A, Rev., 5.00%, 1/1/2033
|
3,000
|
3,125
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Arizona — continued
|
||
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Series 2017A, Rev., 5.00%, 1/1/2034
|
6,000
|
6,228
|
|
Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.00%, 7/1/2026
|
1,570
|
1,605
|
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Total Arizona
|
|
51,855
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California — 7.2%
|
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Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon,
8/1/2036
|
1,500
|
925
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|
California Community Choice Financing Authority, Clean Energy Project
|
|
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Series 2021B-1, Rev., 4.00%, 8/1/2031 (b)
|
19,915
|
19,679
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|
Series 2024H, Rev., 5.00%, 8/1/2033 (b)
|
5,750
|
6,116
|
|
California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046
|
9,500
|
2,227
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|
California County Tobacco Securitization Agency, Los Angeles County Securitization
Corp.
|
|
|
|
Series 2020A, Rev., 5.00%, 6/1/2027
|
400
|
411
|
|
Series 2020B-2, Rev., Zero Coupon, 6/1/2055
|
10,000
|
1,815
|
|
California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%,
6/1/2050
|
2,000
|
1,654
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger
Rail Project Series 2025A, Rev., AMT,
9.50%, 1/1/2035 (b) (c)
|
15,000
|
14,530
|
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California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b)
|
3,000
|
2,998
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California Municipal Finance Authority, California Baptist University Series 2025A,
Rev., 5.00%, 11/1/2035 (c)
|
1,000
|
1,027
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California Municipal Finance Authority, Community Health System Series 2021A, Rev.,
A.G. - CR, 3.00%, 2/1/2046
|
5,000
|
3,609
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California Pollution Control Financing Authority, Poseidon Resources Channelside LP
Desalination Project
|
|
|
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Rev., AMT, 5.00%, 7/1/2036 (c)
|
1,095
|
1,137
|
|
Rev., AMT, 5.00%, 7/1/2037 (c)
|
1,100
|
1,137
|
|
Rev., AMT, 5.00%, 11/21/2045 (c)
|
1,000
|
988
|
|
California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%,
6/1/2054 (c)
|
3,355
|
3,128
|
|
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project
Series 1999A, COP, AMBAC, Zero Coupon,
8/1/2025
|
10,445
|
10,394
|
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City of Los Angeles, Wastewater System, Subordinate Series 2025A, Rev., 5.00%, 6/1/2055
|
2,000
|
2,050
|
|
Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050
|
1,000
|
915
|
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Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement
|
|
|
|
Series 2015A, Rev., 5.00%, 6/1/2025 (d)
|
4,000
|
4,000
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066
|
40,000
|
4,291
|
|
Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO,
A.G., Zero Coupon, 8/1/2026
|
19,585
|
18,884
|
|
Los Angeles Department of Water and Power System
|
|
|
|
Series 2017A, Rev., 5.00%, 7/1/2025
|
1,410
|
1,411
|
|
Series 2024C, Rev., 5.00%, 7/1/2026
|
3,500
|
3,555
|
|
Los Angeles Department of Water and Power Water System
|
|
|
|
Series 2022D, Rev., 5.00%, 7/1/2030
|
675
|
721
|
|
Series 2017A, Rev., 4.00%, 7/1/2047
|
1,000
|
884
|
|
Los Angeles Department of Water and Power, Power System
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2028
|
1,000
|
1,037
|
|
Series 2025A, Rev., 5.00%, 7/1/2055
|
1,500
|
1,514
|
|
Menlo Park City School District, Capital Appreciation
|
|
|
|
GO, Zero Coupon, 7/1/2033
|
1,000
|
724
|
|
GO, Zero Coupon, 7/1/2036
|
1,150
|
724
|
|
GO, Zero Coupon, 7/1/2037
|
1,950
|
1,172
|
|
GO, Zero Coupon, 7/1/2041
|
1,250
|
613
|
|
Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO,
Zero Coupon, 8/1/2027
|
1,000
|
938
|
|
New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 (e)
|
6,000
|
5,742
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
California — continued
|
||
|
Ontario Public Financing Authority Series 2025A, Rev., 4.50%, 11/1/2055
|
2,000
|
1,894
|
|
River Islands Public Financing Authority, Facilities District No. 2003 Series 2022A-1,
A.G., 5.00%, 9/1/2042
|
1,000
|
1,030
|
|
San Diego County Regional Airport Authority Series 2021B, Rev., AMT, 5.00%, 7/1/2051
|
5,180
|
5,093
|
|
San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2042
|
2,000
|
1,955
|
|
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P,
Rev., 5.00%, 5/15/2029
|
8,400
|
8,413
|
|
West Hills Community College District, GO, A.G., 4.00%, 8/1/2037
|
1,650
|
1,652
|
|
Total California
|
|
140,987
|
|
Colorado — 4.1%
|
||
|
Baseline Metropolitan District No. 1 Series 2024A, GO, A.G., 5.00%, 12/1/2030
|
1,500
|
1,615
|
|
City and County of Denver, Airport System
|
|
|
|
Series 2018A, Rev., AMT, 5.00%, 12/1/2035
|
18,390
|
18,725
|
|
Series 2022A, Rev., AMT, 5.00%, 11/15/2037
|
8,750
|
9,068
|
|
Series 2022A, Rev., AMT, 5.50%, 11/15/2038
|
5,000
|
5,346
|
|
Series 2022A, Rev., AMT, 5.50%, 11/15/2042
|
6,000
|
6,274
|
|
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%,
12/1/2041
|
574
|
437
|
|
Colorado Bridge and Tunnel Enterprise Series 2024A, Rev., A.G., 5.25%, 12/1/2049
|
1,615
|
1,670
|
|
Colorado Health Facilities Authority, Children's Hospital Colorado Project Series
2019A-2, Rev., 5.00%, 8/1/2039
|
1,225
|
1,240
|
|
Colorado Health Facilities Authority, CommonSpirit Health
|
|
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2030
|
2,055
|
2,174
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2031
|
1,000
|
1,054
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2032
|
2,000
|
2,102
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2044
|
10,000
|
9,839
|
|
Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 4.00%,
1/1/2037
|
2,605
|
2,505
|
|
Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032
|
1,905
|
1,931
|
|
Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.00%, 12/1/2040
|
746
|
699
|
|
Rocky Mountain Rail Park Metropolitan District, Limited Tax
|
|
|
|
Series 2021A, GO, 5.00%, 12/1/2031 (c)
|
750
|
747
|
|
Series 2021A, GO, 5.00%, 12/1/2041 (c)
|
750
|
714
|
|
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A,
GO, 5.00%, 4/1/2035 (c)
|
6,000
|
6,318
|
|
State of Colorado
|
|
|
|
COP, 4.00%, 12/15/2039
|
1,445
|
1,351
|
|
Series 2021A, COP, 4.00%, 12/15/2039
|
3,100
|
2,935
|
|
Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051
|
1,515
|
1,128
|
|
Verve Metropolitan District No. 1, GO, 5.75%, 12/1/2033
|
2,000
|
2,009
|
|
Total Colorado
|
|
79,881
|
|
Connecticut — 0.3%
|
||
|
City of Stamford, Water Pollution Control System and Facility
|
|
|
|
Series 2013A, Rev., 5.00%, 8/15/2025
|
350
|
350
|
|
Series 2013A, Rev., 5.00%, 8/15/2029
|
300
|
301
|
|
State of Connecticut Series 2022E, GO, 5.00%, 11/15/2035
|
2,815
|
3,085
|
|
State of Connecticut Special Tax, Transportation Infrastructure Purpose Series 2024B,
Rev., 5.00%, 7/1/2025
|
2,500
|
2,504
|
|
Total Connecticut
|
|
6,240
|
|
Delaware — 0.1%
|
||
|
Delaware State Economic Development Authority, Newark Charter School, Inc., Project,
Rev., 5.00%, 9/1/2040
|
1,550
|
1,549
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
District of Columbia — 1.4%
|
||
|
District of Columbia Series 2015A, GO, 5.00%, 6/3/2025
|
12,275
|
12,286
|
|
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2032
|
5,750
|
5,910
|
|
Washington Metropolitan Area Transit Authority Dedicated Series 2024A, Rev., 4.38%,
7/15/2056
|
10,690
|
9,495
|
|
Total District of Columbia
|
|
27,691
|
|
Florida — 2.3%
|
||
|
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project, Rev.,
4.00%, 11/1/2045
|
6,500
|
5,512
|
|
City of Miami, Forever Infrastructure Project Series 2024A, Rev., 5.50%, 1/1/2049
|
2,500
|
2,638
|
|
County of Miami-Dade, Rev., Zero Coupon, 10/1/2040
|
5,000
|
2,540
|
|
County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%,
7/1/2034
|
5,355
|
5,436
|
|
Florida Atlantic University Finance Corp., Student Housing Project Series 2024, Rev.,
5.00%, 7/1/2049
|
2,000
|
2,026
|
|
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series
2024, Rev., AMT, 5.00%, 7/1/2041
|
2,000
|
1,836
|
|
Florida Housing Finance Corp., Homeowner Mortgage
|
|
|
|
Series 2022 1, Rev., GNMA / FNMA / FHLMC, 3.50%, 7/1/2052
|
1,230
|
1,223
|
|
Series 2024-5, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055
|
3,250
|
3,541
|
|
Hillsborough County Industrial Development Authority, Baycare Health System Series
2024E, Rev., VRDO, LIQ : Royal Bank of
Canada, 1.45%, 6/2/2025 (b)
|
3,000
|
3,000
|
|
Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042
|
6,725
|
6,953
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment,
5.85%, 5/1/2037
|
740
|
778
|
|
Orlando Utilities Commission Series 2025A, Rev., 5.00%, 10/1/2050
|
2,000
|
2,047
|
|
State of Florida Department of Transportation Series 2023, Rev., 5.00%, 7/1/2039
|
4,735
|
5,017
|
|
State of Florida Department of Transportation Turnpike System Series 2024D, Rev.,
4.00%, 7/1/2048
|
1,390
|
1,215
|
|
Village Community Development District No. 15, 4.85%, 5/1/2038 (c)
|
1,000
|
1,005
|
|
Total Florida
|
|
44,767
|
|
Georgia — 5.1%
|
||
|
Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev.,
3.95%, 3/8/2028 (b)
|
2,000
|
2,025
|
|
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026
|
5,500
|
5,675
|
|
Fayette County Development Authority, United States Soccer Federation, Inc. Project
Series 2024, Rev., 5.00%, 10/1/2042
|
1,100
|
1,119
|
|
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc.,
Project, Rev., RAN, 5.00%, 10/15/2030
|
2,105
|
2,282
|
|
George L Smith II Congress Center Authority, Convention Center Hotel First Series
2021A, Rev., 4.00%, 1/1/2054
|
2,005
|
1,636
|
|
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects
|
|
|
|
Rev., 3.00%, 6/15/2032
|
1,175
|
1,088
|
|
Rev., 4.00%, 6/15/2037
|
1,500
|
1,466
|
|
Rev., 4.00%, 6/15/2039
|
1,785
|
1,713
|
|
Georgia State Road and Tollway Authority, Managed Lane System Series 2021A, Rev.,
GTD, 4.00%, 7/15/2039
|
2,000
|
1,975
|
|
Henry County, Water and Sewerage Authority, Rev., A.G. - CR, BHAC - CR, NATL - RE,
5.25%, 2/1/2028
|
5,000
|
5,315
|
|
Main Street Natural Gas, Inc., Gas Supply
|
|
|
|
Series 2021C, Rev., 4.00%, 12/1/2028 (b)
|
2,500
|
2,503
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b)
|
28,490
|
29,406
|
|
Series 2023B, Rev., 5.00%, 3/1/2030 (b)
|
9,430
|
9,812
|
|
Series 2023A, Rev., 5.00%, 6/1/2030 (b)
|
1,175
|
1,218
|
|
Series 2024D, Rev., 5.00%, 4/1/2031 (b)
|
8,440
|
8,829
|
|
Series 2024A, Rev., 5.00%, 9/1/2031 (b)
|
8,690
|
9,125
|
|
Series 2024E, Rev., 5.00%, 12/1/2032 (b)
|
2,000
|
2,083
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series
2019A, Rev., 5.00%, 1/1/2049
|
4,000
|
3,944
|
|
Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO,
LOC : Truist Bank, 1.45%, 6/2/2025 (b)
|
9,500
|
9,500
|
|
Total Georgia
|
|
100,714
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Idaho — 0.7%
|
||
|
Idaho Health Facilities Authority, St. Luke's Health System Project
|
|
|
|
Series 2025B, Rev., 5.00%, 3/1/2032 (b)
|
2,000
|
2,139
|
|
Series 2025C, Rev., 5.00%, 3/1/2035 (b)
|
3,000
|
3,268
|
|
Idaho Housing and Finance Association, Federal Highway Trust
|
|
|
|
Series 2015A, Rev., GRAN, 5.00%, 7/15/2025
|
2,550
|
2,555
|
|
Series 2015A, Rev., GRAN, 5.00%, 7/15/2026
|
4,800
|
4,917
|
|
Total Idaho
|
|
12,879
|
|
Illinois — 7.5%
|
||
|
Chicago Midway International Airport, Senior Lien
|
|
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2029
|
3,315
|
3,473
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2030
|
1,455
|
1,536
|
|
Series 2023A, Rev., AMT, 5.75%, 1/1/2048
|
1,000
|
1,052
|
|
Chicago O'Hare International Airport, General Airport, Senior Lien
|
|
|
|
Series 2024D, Rev., 5.00%, 1/1/2026
|
1,000
|
1,010
|
|
Series 2024B, Rev., 5.00%, 1/1/2048
|
2,000
|
2,032
|
|
City of Chicago, Waterworks, Second Lien
|
|
|
|
Series 2001, Rev., AMBAC, 5.75%, 11/1/2030
|
5,500
|
5,844
|
|
Series 2023B, Rev., A.G., 5.00%, 11/1/2039
|
3,160
|
3,289
|
|
Cook County Community Consolidated School District No. 15 Palatine, GO, 4.00%, 12/1/2041
|
750
|
701
|
|
County of Cook, Sales Tax, Rev., 5.00%, 11/15/2031
|
3,600
|
3,751
|
|
DuPage and Cook Counties, Community Unit School District No. 205 Elmhurst Series 2022,
GO, 4.00%, 9/15/2042
|
1,060
|
956
|
|
Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%,
12/31/2034 (b) (c)
|
2,750
|
2,652
|
|
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO,
LIQ : Royal Bank of Canada, 1.45%,
6/2/2025 (b)
|
1,250
|
1,250
|
|
Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2025B-2,
Rev., 5.00%, 8/15/2035 (b)
|
3,500
|
3,661
|
|
Illinois Housing Development Authority
|
|
|
|
Series 2024E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055
|
3,280
|
3,568
|
|
Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055
|
1,000
|
1,113
|
|
Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2042
|
1,030
|
946
|
|
Sales Tax Securitization Corp.
|
|
|
|
Series 2018C, Rev., 5.50%, 1/1/2030
|
10,000
|
10,694
|
|
Series 2018C, Rev., 5.50%, 1/1/2032
|
22,820
|
24,301
|
|
Series 2018C, Rev., 5.25%, 1/1/2034
|
13,520
|
14,191
|
|
Series 2018C, Rev., 5.25%, 1/1/2035
|
9,000
|
9,416
|
|
Sales Tax Securitization Corp., Senior Lien Series 2024A, Rev., 5.00%, 1/1/2036
|
1,700
|
1,847
|
|
State of Illinois
|
|
|
|
GO, 5.00%, 2/1/2026
|
4,900
|
4,956
|
|
Series 2017D, GO, 5.00%, 11/1/2026
|
5,175
|
5,301
|
|
Series 2022B, GO, 5.00%, 10/1/2032
|
10,000
|
10,782
|
|
Series 2022A, GO, 5.00%, 3/1/2034
|
5,765
|
6,139
|
|
Series 2022A, GO, 5.00%, 3/1/2035
|
12,000
|
12,709
|
|
Series 2019C, GO, 4.00%, 11/1/2042
|
5,880
|
5,146
|
|
Series 2023B, GO, 5.50%, 5/1/2047
|
1,125
|
1,152
|
|
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1,
2001-2, 2001-3, and 2002-1, A.G.,
4.00%, 3/1/2028
|
995
|
1,008
|
|
Will County Community Unit School District No. 365-U Valley View, GO, 3.00%, 7/1/2036
|
1,700
|
1,525
|
|
Total Illinois
|
|
146,001
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Indiana — 1.9%
|
||
|
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041 (c)
|
750
|
615
|
|
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A,
Rev., 5.25%, 11/1/2040 (c)
|
4,560
|
3,927
|
|
City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025 (d)
|
11,600
|
11,600
|
|
City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (c)
|
1,550
|
1,346
|
|
Indiana Finance Authority, Goshen Health
|
|
|
|
Series 2019A, Rev., 4.00%, 11/1/2036
|
230
|
218
|
|
Series 2019A, Rev., 4.00%, 11/1/2037
|
335
|
316
|
|
Series 2019A, Rev., 4.00%, 11/1/2038
|
340
|
317
|
|
Series 2019A, Rev., 4.00%, 11/1/2039
|
355
|
327
|
|
Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1,
Rev., 5.00%, 7/1/2028 (b)
|
3,000
|
3,152
|
|
Indiana Finance Authority, State Revolving Fund Program
|
|
|
|
Series 2025C, Rev., 5.00%, 2/1/2030
|
1,000
|
1,092
|
|
Series 2025C, Rev., 5.00%, 2/1/2034
|
1,000
|
1,132
|
|
Indiana Finance Authority, Tippecanoe LLC- Student Housing Project
|
|
|
|
Series 2023A, Rev., 5.00%, 6/1/2038
|
400
|
408
|
|
Series 2023A, Rev., 5.00%, 6/1/2053
|
210
|
200
|
|
Indiana Housing and Community Development Authority, Vita of Marion Project Series
2021A, Rev., 5.25%, 4/1/2041 (c)
|
1,875
|
1,564
|
|
Indiana Housing and Community Development Authority, Vita of New Whiteland Project,
Rev., 6.75%, 1/1/2043
|
5,000
|
4,829
|
|
Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation
Corp. Project
|
|
|
|
Series 2025A, Rev., 5.00%, 1/15/2031
|
600
|
654
|
|
Series 2025A, Rev., 5.00%, 7/15/2040
|
800
|
846
|
|
Series 2025A, Rev., 5.00%, 7/15/2042
|
1,650
|
1,719
|
|
Whitley County Multi School Building Corp., Ad Valorem Property Tax, Rev., 5.00%,
7/15/2038
|
3,200
|
3,310
|
|
Total Indiana
|
|
37,572
|
|
Iowa — 0.2%
|
||
|
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
|
|
|
|
Rev., 5.00%, 9/1/2026
|
85
|
84
|
|
Rev., 5.00%, 9/1/2028
|
200
|
195
|
|
Rev., 5.00%, 9/1/2030
|
110
|
106
|
|
Rev., 5.00%, 9/1/2031
|
100
|
95
|
|
Rev., 5.00%, 9/1/2036
|
440
|
391
|
|
Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed
Series 2021-B-2, Class 2, Rev., Zero
Coupon, 6/1/2065
|
20,000
|
2,942
|
|
Total Iowa
|
|
3,813
|
|
Kansas — 0.9%
|
||
|
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018A,
GO, 4.00%, 9/1/2033
|
2,965
|
2,971
|
|
Kansas Development Finance Authority
|
|
|
|
Series 2025A, Rev., 4.00%, 5/1/2039
|
6,765
|
6,681
|
|
Series 2025A, Rev., 4.00%, 5/1/2040
|
6,415
|
6,253
|
|
State of Kansas Department of Transportation Series 2025A, Rev., 5.00%, 9/1/2043 (e)
|
2,315
|
2,436
|
|
Total Kansas
|
|
18,341
|
|
Kentucky — 1.4%
|
||
|
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027
|
5,220
|
5,234
|
|
County of Carroll, Kentucky Environmental Facilities
|
|
|
|
Series 2008A, Rev., AMT, 2.00%, 2/1/2032
|
11,025
|
9,271
|
|
Series 2006B, Rev., AMT, 2.13%, 10/1/2034
|
7,440
|
5,843
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Kentucky — continued
|
||
|
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated
Group Series 2017B, Rev., 5.00%,
8/15/2028
|
2,885
|
2,985
|
|
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group
|
|
|
|
Series 2019A-1, Rev., 5.00%, 8/1/2031
|
1,250
|
1,315
|
|
Series 2019A-1, Rev., 5.00%, 8/1/2032
|
1,000
|
1,049
|
|
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. Series 2017A,
Rev., A.G., 4.00%, 6/1/2037
|
1,750
|
1,677
|
|
Total Kentucky
|
|
27,374
|
|
Louisiana — 0.9%
|
||
|
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
|
|
|
|
Series 2021A, Rev., 5.00%, 6/1/2036 (c)
|
385
|
357
|
|
Series 2021A, Rev., 5.00%, 6/1/2042 (c)
|
440
|
378
|
|
Series 2021A, Rev., 5.00%, 6/1/2051 (c)
|
705
|
564
|
|
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
|
|
|
|
Series 2025B, Rev., 5.00%, 5/15/2030
|
5,000
|
5,339
|
|
Series 2025A, Rev., 5.25%, 5/15/2055
|
5,250
|
5,272
|
|
Series 2025A, Rev., 5.50%, 5/15/2055
|
3,500
|
3,635
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2025A, Rev., 5.00%,
5/1/2039
|
2,000
|
2,154
|
|
Total Louisiana
|
|
17,699
|
|
Maine — 0.1%
|
||
|
Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2029
|
1,000
|
1,083
|
|
Maryland — 1.4%
|
||
|
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027
|
2,000
|
2,102
|
|
Maryland Community Development Administration, Multi- Family, Villages At Marley Station
Series 2024D-2, Rev., 3.30%,
1/1/2029
|
1,000
|
999
|
|
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue
|
|
|
|
Rev., 4.00%, 7/1/2035
|
1,000
|
995
|
|
Rev., 4.00%, 7/1/2036
|
1,000
|
987
|
|
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue
Series 2017A, Rev., 5.00%, 5/15/2045
|
1,205
|
1,173
|
|
Maryland Stadium Authority, Built to Learn, Rev., 5.00%, 6/1/2054
|
3,500
|
3,524
|
|
Washington Suburban Sanitary Commission
|
|
|
|
Rev., GTD, 4.00%, 6/1/2045
|
13,035
|
12,172
|
|
Rev., GTD, 4.00%, 6/1/2048
|
5,430
|
4,940
|
|
Total Maryland
|
|
26,892
|
|
Massachusetts — 1.1%
|
||
|
Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025
|
5,000
|
5,043
|
|
Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2025
|
2,250
|
2,254
|
|
Massachusetts Bay Transportation Authority, Sales Tax Series 2006A, Rev., 5.25%, 7/1/2029
|
5,000
|
5,463
|
|
Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev.,
5.00%, 11/1/2035 (b)
|
3,500
|
3,942
|
|
Massachusetts Development Finance Agency, Brown University Health Obligated Group
Series 2025B, Rev., 5.00%,
8/15/2031 (b)
|
2,350
|
2,476
|
|
Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%,
7/1/2029
|
1,000
|
1,048
|
|
Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040
|
2,000
|
1,923
|
|
Total Massachusetts
|
|
22,149
|
|
Michigan — 1.0%
|
||
|
City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037
|
475
|
494
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Michigan — continued
|
||
|
Karegnondi Water Authority, Water Supply System Series 2024, Rev., 5.00%, 11/1/2041
|
1,500
|
1,571
|
|
Michigan Finance Authority, Henry Ford Health System, Rev., 4.00%, 11/15/2036
|
1,900
|
1,833
|
|
Michigan Finance Authority, Trinity Health Credit Group
|
|
|
|
Series 2016MI, Rev., 5.00%, 12/1/2035
|
4,600
|
4,645
|
|
Series 2013MI-4, Rev., 4.00%, 12/1/2038
|
1,000
|
934
|
|
Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%,
6/1/2035 (b)
|
1,000
|
1,079
|
|
Michigan State Housing Development Authority Series 2023B, Rev., 5.75%, 6/1/2054
|
1,000
|
1,061
|
|
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board
Machine Project, Rev., AMT, 4.00%,
10/1/2026 (b)
|
1,125
|
1,118
|
|
State of Michigan Trunk Line Series 2020B, Rev., 4.00%, 11/15/2037
|
5,150
|
5,033
|
|
West Ottawa Public Schools, Unlimited Tax, GO, A.G., 4.00%, 11/1/2039
|
1,055
|
1,020
|
|
Total Michigan
|
|
18,788
|
|
Minnesota — 0.6%
|
||
|
City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project
Series 2025, Rev., 5.00%, 11/1/2047
|
1,000
|
1,004
|
|
City of Minneapolis, Health Care System, Fairview Health Services
|
|
|
|
Series 2018A, Rev., 4.00%, 11/15/2037
|
6,230
|
5,868
|
|
Series 2018A, Rev., 4.00%, 11/15/2038
|
750
|
696
|
|
Series 2018A, Rev., 5.00%, 11/15/2049
|
1,000
|
975
|
|
Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA
/ FHLMC, 6.25%, 1/1/2055
|
2,250
|
2,485
|
|
Total Minnesota
|
|
11,028
|
|
Mississippi — 1.2%
|
||
|
State of Mississippi
|
|
|
|
Series 2018A, GO, 4.00%, 11/1/2026 (d)
|
5,030
|
5,112
|
|
Series 2018A, GO, 4.00%, 11/1/2038
|
19,155
|
18,679
|
|
Total Mississippi
|
|
23,791
|
|
Missouri — 0.8%
|
||
|
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior
Services Projects
|
|
|
|
Series 2019C, Rev., 4.00%, 2/1/2030
|
1,500
|
1,489
|
|
Series 2016B, Rev., 5.00%, 2/1/2035
|
1,000
|
1,002
|
|
Series 2019A, Rev., 5.00%, 2/1/2042
|
1,000
|
990
|
|
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)
|
500
|
500
|
|
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial
Hospital, Rev., 5.00%, 9/1/2028
|
1,355
|
1,377
|
|
Kansas City Industrial Development Authority, Airport Terminal Modernization Project
Series 2019B, Rev., AMT, 5.00%,
3/1/2039
|
4,710
|
4,745
|
|
Kansas City Industrial Development Authority, City International Airport Terminal
Modernization Project Series 2019B, Rev.,
AMT, 5.00%, 3/1/2034
|
1,800
|
1,849
|
|
Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement
Co. Project Series 1998C,
Rev., 2.75%, 9/1/2033
|
3,500
|
3,092
|
|
Total Missouri
|
|
15,044
|
|
Montana — 0.1%
|
||
|
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (c)
|
2,000
|
1,567
|
|
Nebraska — 0.7%
|
||
|
Douglas County School District No. 001, Omaha Public, GO, 4.00%, 12/15/2041
|
10,000
|
9,364
|
|
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel
Retirement Communities Obligated
Group Series 2019A, Rev., 4.00%, 1/1/2034
|
2,000
|
1,922
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Nebraska — continued
|
||
|
Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA
/ FNMA / FHLMC, 6.00%, 9/1/2054
|
1,000
|
1,096
|
|
Omaha Public Power District, Electric System Series 2024C, Rev., 5.00%, 2/1/2042
|
2,150
|
2,258
|
|
Total Nebraska
|
|
14,640
|
|
Nevada — 0.2%
|
||
|
City of North Las Vegas, Water and wastewater Reclamation System Limited Tax Series
2024B, GO, 5.00%, 6/1/2036
|
1,000
|
1,103
|
|
Clark County School District, Limited Tax Series 2020A, GO, A.G., 4.00%, 6/15/2039
|
1,065
|
1,009
|
|
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2035
|
1,360
|
1,500
|
|
Total Nevada
|
|
3,612
|
|
New Hampshire — 0.7%
|
||
|
New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%,
12/1/2035 (c)
|
1,700
|
1,687
|
|
New Hampshire Business Finance Authority, University of Nevada Reno Project Series
2023A, Rev., 5.25%, 6/1/2051
|
4,000
|
4,098
|
|
New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners
|
|
|
|
Series 2025A, Rev., 5.00%, 12/1/2035 (e)
|
1,000
|
1,078
|
|
Series 2025A, Rev., 5.50%, 6/1/2050 (e)
|
2,000
|
2,062
|
|
New Hampshire Health and Education Facilities Authority Act, Rev., 5.25%, 8/1/2055
|
5,400
|
5,479
|
|
Total New Hampshire
|
|
14,404
|
|
New Jersey — 3.4%
|
||
|
New Jersey Economic Development Authority, School Facilities Construction
|
|
|
|
Series 2019LLL, Rev., 5.00%, 6/15/2034
|
1,000
|
1,050
|
|
Series 2018EEE, Rev., 5.00%, 6/15/2043
|
1,255
|
1,258
|
|
New Jersey Economic Development Authority, Transit Transportation Project Series 2020A,
Rev., 4.00%, 11/1/2038
|
3,250
|
3,027
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
|
|
|
|
Series 2018A, Rev., 5.00%, 6/15/2030
|
9,585
|
9,728
|
|
Series A, Rev., 5.00%, 6/15/2031
|
11,500
|
11,652
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program
|
|
|
|
Series 2019BB, Rev., 5.00%, 6/15/2032
|
2,000
|
2,090
|
|
Series 2024CC, Rev., 5.00%, 6/15/2034
|
3,000
|
3,296
|
|
Series 2020AA, Rev., 4.00%, 6/15/2036
|
2,750
|
2,683
|
|
Series 2022A, Rev., 4.00%, 6/15/2042
|
3,000
|
2,712
|
|
Series 2024CC, Rev., 5.00%, 6/15/2044
|
3,000
|
3,050
|
|
Series 2024CC, Rev., 4.13%, 6/15/2050
|
1,250
|
1,076
|
|
Series 2024CC, Rev., 5.25%, 6/15/2055
|
1,500
|
1,534
|
|
Tobacco Settlement Financing Corp.
|
|
|
|
Series 2018A, Rev., 5.00%, 6/1/2026
|
6,300
|
6,366
|
|
Series 2018A, Rev., 5.00%, 6/1/2027
|
8,005
|
8,177
|
|
Series 2018A, Rev., 4.00%, 6/1/2037
|
1,450
|
1,351
|
|
Series 2018A, Rev., 5.00%, 6/1/2046
|
6,255
|
6,168
|
|
Township of North Brunswick, General Improvement, GO, 4.00%, 7/1/2039
|
1,540
|
1,505
|
|
Total New Jersey
|
|
66,723
|
|
New Mexico — 0.1%
|
||
|
Albuquerque Municipal School District No. 12, School Building, GO, 5.00%, 8/1/2035
|
1,230
|
1,274
|
|
County of Bernalillo Gross Receipts Tax Series 1996B, Rev., NATL - RE - IBC, 5.70%,
4/1/2027
|
345
|
363
|
|
Total New Mexico
|
|
1,637
|
|
New York — 17.8%
|
||
|
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev.,
5.00%, 7/1/2052
|
350
|
322
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
City of New York, Fiscal Year 2018 Series 2018B-1, GO, 4.00%, 10/1/2041
|
6,450
|
5,854
|
|
City of New York, Fiscal Year 2024
|
|
|
|
Series 2024D, GO, 5.50%, 4/1/2048
|
3,000
|
3,189
|
|
Series 2024D, GO, 5.50%, 4/1/2049
|
3,105
|
3,295
|
|
City of New York, Fiscal Year 2025 Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042
|
2,530
|
2,652
|
|
County of Nassau, General Improvement Series 2025A, GO, 4.00%, 4/1/2046
|
9,135
|
8,211
|
|
Empire State Development Corp.
|
|
|
|
Series 2019A, Rev., 5.00%, 3/15/2039
|
13,555
|
13,978
|
|
Series 2019A, Rev., 4.00%, 3/15/2042
|
10,080
|
9,274
|
|
Long Island Power Authority, Electric System
|
|
|
|
Series 2024B, Rev., 3.00%, 9/1/2029 (b)
|
18,775
|
18,043
|
|
Series 2018, Rev., 5.00%, 9/1/2034
|
5,000
|
5,221
|
|
Series 2018, Rev., 5.00%, 9/1/2035
|
3,000
|
3,121
|
|
Metropolitan Transportation Authority Series 2024B, Rev., 5.00%, 11/15/2041
|
2,000
|
2,060
|
|
Metropolitan Transportation Authority, Climate Bond
|
|
|
|
Series 2025A, Rev., 5.25%, 11/15/2043
|
2,000
|
2,086
|
|
Series 2019B, Rev., 4.00%, 11/15/2050
|
1,000
|
826
|
|
Series 2020C-1, Rev., 5.00%, 11/15/2050
|
1,500
|
1,487
|
|
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School
Project
|
|
|
|
Series 2022A, Rev., 5.00%, 7/1/2032 (c)
|
250
|
252
|
|
Series 2022A, Rev., 5.63%, 7/1/2042 (c)
|
1,385
|
1,353
|
|
New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project
Series 2024 CL F, Class F, Rev.,
5.25%, 12/15/2031
|
1,300
|
1,321
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal
Year 2025 Series 2025DD, Rev., 5.50%,
6/15/2039
|
1,500
|
1,693
|
|
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)
|
2,000
|
2,000
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year 2017
Series 2017EE, Rev., 5.00%, 6/15/2036
|
5,000
|
5,138
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General
Resolution, Fiscal Year 2020
|
|
|
|
Series 2020CC-1, Rev., 4.00%, 6/15/2038
|
10,000
|
9,735
|
|
Series 2020CC-2, Rev., 4.00%, 6/15/2042
|
5,000
|
4,644
|
|
New York City Transitional Finance Authority Future Tax Secured Series 2025, Subseries
G-1, Rev., 5.00%, 5/1/2052
|
3,000
|
3,045
|
|
New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025 Series
2025E, Rev., 5.50%, 11/1/2049
|
3,000
|
3,191
|
|
New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%,
11/1/2033
|
6,500
|
6,656
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017
|
|
|
|
Series 2017E1, Rev., 5.00%, 2/1/2035
|
3,000
|
3,053
|
|
Series B, Rev., 5.00%, 8/1/2036
|
6,445
|
6,518
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019
Series 2019A-1, Rev., 5.00%, 8/1/2040
|
2,100
|
2,144
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020
Series 2020B-1, Rev., 4.00%, 11/1/2038
|
3,770
|
3,658
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021
Series 2021A, Rev., 4.00%, 11/1/2038
|
10,575
|
10,168
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022
|
|
|
|
Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038
|
1,700
|
1,658
|
|
Series 2022C, Subseries C-1, Rev., 4.00%, 2/1/2047
|
7,750
|
6,837
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024
Series 2024F, Subseries F-1, Rev., 4.25%,
2/1/2054
|
2,000
|
1,785
|
|
New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal
Year 2025 Series 2025-J, Subseries J-1,
Rev., 5.50%, 5/1/2053
|
1,000
|
1,061
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured
|
|
|
|
Series B, Rev., Zero Coupon, 11/15/2032
|
2,000
|
1,474
|
|
Series B, Rev., Zero Coupon, 11/15/2033
|
2,150
|
1,506
|
|
Series B, Rev., A.G. - CR, Zero Coupon, 11/15/2049
|
9,315
|
2,522
|
|
New York Liberty Development Corp., Secured by Port Authority
|
|
|
|
Series 1WTC-2021, Rev., A.G. - CR, 3.00%, 2/15/2042
|
3,345
|
2,595
|
|
Series 1WTC-2021, Rev., 2.75%, 2/15/2044
|
2,000
|
1,402
|
|
New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%,
2/15/2041
|
4,500
|
3,140
|
|
New York Power Authority Series 2024A, Rev., 4.00%, 11/15/2049
|
3,200
|
2,782
|
|
New York Power Authority, Green Transmission Project
|
|
|
|
Series 2023A, Rev., A.G., 5.00%, 11/15/2053
|
3,000
|
3,033
|
|
Series 2023A, Rev., A.G., 5.13%, 11/15/2058
|
3,250
|
3,304
|
|
New York State Dormitory Authority
|
|
|
|
Series 2024A, Rev., A.G., 5.00%, 10/1/2038
|
2,000
|
2,113
|
|
Series 2024A, Rev., A.G., 5.00%, 10/1/2039
|
1,000
|
1,051
|
|
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series
2025 2-B, Rev., 5.00%, 7/1/2032 (b)
|
2,000
|
2,171
|
|
New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%,
7/1/2047
|
1,250
|
1,278
|
|
New York State Dormitory Authority, Pace University
|
|
|
|
Series 2024A, Rev., 5.25%, 5/1/2030
|
500
|
532
|
|
Series 2024A, Rev., 5.25%, 5/1/2037
|
875
|
925
|
|
Series 2024A, Rev., 5.25%, 5/1/2038
|
900
|
942
|
|
Series 2024A, Rev., 5.50%, 5/1/2049
|
1,275
|
1,297
|
|
New York State Dormitory Authority, Personal Income Tax
|
|
|
|
Series 2021A, Rev., 4.00%, 3/15/2037
|
2,300
|
2,267
|
|
Series 2019D, Rev., 4.00%, 2/15/2047
|
1,500
|
1,311
|
|
New York State Dormitory Authority, School Districts Financing Program Series 2025A,
Rev., A.G., 5.00%, 10/1/2034 (e)
|
2,160
|
2,414
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose
|
|
|
|
Series 2022A, Rev., 4.00%, 3/15/2038
|
4,680
|
4,547
|
|
Series 2021E, Rev., 4.00%, 3/15/2042
|
7,000
|
6,413
|
|
Series 2020A, Rev., 4.00%, 3/15/2047
|
18,070
|
15,784
|
|
New York State Dormitory Authority, State Sales Tax
|
|
|
|
Series 2018C, Rev., 5.00%, 3/15/2036
|
8,020
|
8,233
|
|
Series 2018E, Rev., 5.00%, 3/15/2038
|
2,000
|
2,045
|
|
New York State Dormitory Authority, White Plains Hospital Series 2024, Rev., 5.25%,
10/1/2049
|
1,000
|
1,000
|
|
New York State Environmental Facilities Corp., State Clean Water and Drinking Water
Revolving Funds, Municipal Water Finance
Authority Projects - Second Resolution
|
|
|
|
Series 2021A, Rev., 4.00%, 6/15/2038
|
7,515
|
7,524
|
|
Series 2024A, Rev., 5.25%, 6/15/2053
|
3,000
|
3,145
|
|
New York State Thruway Authority Series O, Rev., 4.00%, 1/1/2043
|
3,900
|
3,602
|
|
New York State Thruway Authority, Personal Income Tax Series 2022A, Rev., 5.00%, 3/15/2042
|
12,000
|
12,422
|
|
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport
Terminals C&D Redevelopment Project
|
|
|
|
Rev., AMT, 5.00%, 1/1/2029
|
1,400
|
1,426
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2030
|
6,230
|
6,325
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2031
|
3,500
|
3,540
|
|
Rev., AMT, 5.00%, 1/1/2034
|
9,885
|
9,943
|
|
Rev., AMT, 5.00%, 10/1/2035
|
3,920
|
3,945
|
|
Rev., AMT, 5.00%, 10/1/2040
|
5,350
|
5,288
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
New York — continued
|
||
|
Rev., AMT, 4.38%, 10/1/2045
|
1,690
|
1,497
|
|
New York Transportation Development Corp., JFK International Airport New Terminal
One Project
|
|
|
|
Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2042
|
1,750
|
1,824
|
|
Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2043
|
2,250
|
2,337
|
|
Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2044
|
2,250
|
2,329
|
|
Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049
|
1,500
|
1,482
|
|
Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050
|
3,000
|
2,806
|
|
Port Authority of New York and New Jersey, Consolidated
|
|
|
|
Series 223, Rev., AMT, 4.00%, 7/15/2039
|
2,975
|
2,792
|
|
Series 248, Rev., 5.00%, 1/15/2040
|
895
|
960
|
|
Series 248, Rev., 5.00%, 1/15/2042
|
1,635
|
1,729
|
|
Series 248, Rev., 5.00%, 1/15/2045
|
2,150
|
2,234
|
|
Series 248, Rev., 5.00%, 1/15/2050
|
3,250
|
3,332
|
|
Series 93, Rev., 6.13%, 6/1/2094
|
6,000
|
6,008
|
|
Sherburne Earlville Central School District, GO, BAN, 4.50%, 7/18/2025
|
1,500
|
1,502
|
|
Triborough Bridge and Tunnel Authority Series 2018D, Rev., 4.00%, 11/15/2038
|
4,000
|
3,907
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev.,
Zero Coupon, 11/15/2032
|
8,860
|
6,700
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox
|
|
|
|
Series 2025A, Rev., 5.25%, 12/1/2054
|
2,000
|
2,070
|
|
Series 2025A, Rev., A.G., 4.50%, 12/1/2056
|
1,000
|
919
|
|
Utility Debt Securitization Authority, Rev., 5.00%, 12/15/2037
|
5,250
|
5,270
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc.,
Project Series 2021A, Rev., 5.00%,
7/1/2041 (c)
|
10,450
|
9,972
|
|
Total New York
|
|
348,440
|
|
North Carolina — 1.9%
|
||
|
City of Asheville Water System Series 2024, Rev., 5.00%, 8/1/2041
|
1,495
|
1,591
|
|
County of Buncombe, Limited Tax, Rev., 5.00%, 6/1/2033
|
750
|
843
|
|
County of Harnett, Limited Tax, Rev., 5.00%, 4/1/2034
|
1,000
|
1,112
|
|
North Carolina Housing Finance Agency, Homeownership-1998 Trust
|
|
|
|
Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (b)
|
4,000
|
3,997
|
|
Series 55-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2055
|
7,000
|
7,632
|
|
Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (e)
|
5,000
|
5,617
|
|
North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%,
1/1/2055
|
1,000
|
970
|
|
State of North Carolina, Rev., 5.00%, 3/1/2033
|
15,345
|
16,252
|
|
Total North Carolina
|
|
38,014
|
|
North Dakota — 0.1%
|
||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2025A, Rev.,
6.00%, 1/1/2056 (e)
|
1,750
|
1,906
|
|
Ohio — 2.6%
|
||
|
Buckeye Tobacco Settlement Financing Authority
|
|
|
|
Series 2020A-2 CL 1, Rev., 4.00%, 6/1/2037
|
4,000
|
3,801
|
|
Series 2020B-2, Rev., 5.00%, 6/1/2055
|
6,500
|
5,624
|
|
Series 2020B-3, Rev., Zero Coupon, 6/1/2057
|
20,400
|
1,958
|
|
Columbus Regional Airport Authority, John Glenn Columbus International Airport Series
2025B, Rev., 5.25%, 1/1/2050
|
1,500
|
1,555
|
|
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2025A,
Rev., 5.00%, 11/1/2040
|
1,960
|
2,054
|
|
Grandview Heights City School District, GO, 5.00%, 12/1/2042
|
1,605
|
1,700
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev.,
5.00%, 12/1/2028 (b) (c)
|
9,105
|
9,112
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Ohio — continued
|
||
|
Ohio Air Quality Development Authority, Duke Energy Corp. Series 2022A, Rev., AMT,
4.25%, 6/1/2027 (b)
|
1,000
|
1,007
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund
|
|
|
|
Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b)
|
1,100
|
1,100
|
|
Series 2024D, Rev., 5.00%, 12/1/2042
|
1,500
|
1,591
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2019A,
Rev., 5.00%, 6/1/2029
|
16,390
|
17,602
|
|
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project
|
|
|
|
Series 2024B, Rev., 5.00%, 12/1/2041
|
875
|
906
|
|
Series 2024B, Rev., 5.00%, 12/1/2042
|
1,000
|
1,027
|
|
Series 2024B, Rev., 5.00%, 12/1/2044
|
900
|
913
|
|
State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%,
1/15/2038
|
1,700
|
1,618
|
|
Total Ohio
|
|
51,568
|
|
Oklahoma — 0.1%
|
||
|
Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project
Series 2025A, Rev., 5.00%,
7/1/2034
|
1,050
|
1,183
|
|
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series
2018B, Rev., 5.00%, 8/15/2025
|
800
|
801
|
|
Total Oklahoma
|
|
1,984
|
|
Oregon — 0.9%
|
||
|
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B,
GO, Zero Coupon, 6/15/2035
|
7,000
|
4,465
|
|
Multnomah County School District No. 40
|
|
|
|
Series A, GO, Zero Coupon, 6/15/2034
|
1,250
|
871
|
|
Series A, GO, Zero Coupon, 6/15/2036
|
1,000
|
623
|
|
Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US
Bank NA, 1.45%, 6/2/2025 (b)
|
9,875
|
9,875
|
|
State of Oregon, Article XI-F Project Series 2025F, GO, 5.00%, 8/1/2030
|
1,500
|
1,650
|
|
Total Oregon
|
|
17,484
|
|
Pennsylvania — 3.1%
|
||
|
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated
Group
|
|
|
|
Series 2018A, Rev., 5.00%, 4/1/2030
|
5,000
|
5,187
|
|
Series 2018A, Rev., 5.00%, 4/1/2031
|
3,800
|
3,932
|
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment
|
|
|
|
Rev., 5.00%, 6/1/2025
|
1,875
|
1,875
|
|
Rev., 5.00%, 6/1/2026
|
1,120
|
1,137
|
|
Rev., 5.00%, 6/1/2028
|
2,620
|
2,735
|
|
Rev., 5.00%, 6/1/2029
|
1,120
|
1,167
|
|
Commonwealth of Pennsylvania Series 2024B, GO, 4.00%, 8/15/2041
|
1,870
|
1,806
|
|
County of Delaware Series 2024, GO, 5.00%, 8/1/2042
|
1,475
|
1,541
|
|
Erie City Water Authority Series 2019B, Rev., A.G., 5.00%, 12/1/2032
|
1,235
|
1,325
|
|
Lancaster County Hospital Authority, Health Center, Masonic Villages Project Series
2015, Rev., 5.00%, 6/2/2025
|
1,215
|
1,215
|
|
Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%,
5/1/2057
|
2,000
|
1,934
|
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 4.00%,
9/1/2038
|
2,950
|
2,804
|
|
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities,
Inc., Obligated Group Series 2020C,
Rev., 4.00%, 11/15/2043
|
300
|
262
|
|
Montgomery County Industrial Development Authority, Constellation Energy Generation
Series 2023A, Rev., 4.10%,
4/3/2028 (b)
|
12,050
|
12,197
|
|
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges,
Rev., AMT, A.G., 5.00%, 12/31/2057
|
5,645
|
5,431
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Pennsylvania — continued
|
||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage
|
|
|
|
Series 2023-141A, Rev., 5.75%, 10/1/2053
|
3,750
|
3,959
|
|
Series 2024 -147A, Rev., 6.25%, 10/1/2054
|
1,000
|
1,093
|
|
Series 2024-146A, Rev., 6.25%, 10/1/2054
|
1,000
|
1,088
|
|
Pennsylvania Turnpike Commission, Subordinate
|
|
|
|
Series 2021B, Rev., 4.00%, 12/1/2038
|
1,500
|
1,445
|
|
Series 2021B, Rev., 4.00%, 12/1/2039
|
2,250
|
2,138
|
|
Series 2023, Rev., 5.00%, 12/1/2040
|
1,000
|
1,047
|
|
Philadelphia Authority for Industrial Development, Holy Family University Project
Series 2023, Rev., 5.50%, 9/1/2037
|
2,135
|
2,260
|
|
Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B,
Rev., 5.00%, 9/1/2043
|
1,100
|
1,131
|
|
School District of the City of Erie (The), Limited Tax Series 2019A, GO, A.G., 4.00%,
4/1/2033
|
1,150
|
1,158
|
|
Wilkes-Barre Area School District, GO, 3.75%, 4/15/2044
|
1,500
|
1,323
|
|
Total Pennsylvania
|
|
61,190
|
|
Puerto Rico — 1.3%
|
||
|
Puerto Rico Public Finance Corp. Series 2001E, Rev., A.G. - CR, 6.00%, 8/1/2026 (d)
|
10,000
|
10,285
|
|
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico)
|
|
|
|
Series A-1, Rev., Zero Coupon, 7/1/2046
|
14,000
|
4,467
|
|
Series A-1, Rev., 5.00%, 7/1/2058
|
12,391
|
11,622
|
|
Total Puerto Rico
|
|
26,374
|
|
Rhode Island — 0.3%
|
||
|
Rhode Island Housing and Mortgage Finance Corp., Homeowenership Series 84-A, Rev.,
GNMA COLL, 5.00%, 4/1/2044
|
705
|
708
|
|
Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050
|
5,000
|
4,957
|
|
Total Rhode Island
|
|
5,665
|
|
South Carolina — 0.5%
|
||
|
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group
Series 2024A, Rev., 5.50%,
11/1/2054
|
1,000
|
1,031
|
|
South Carolina Public Service Authority Series 2025A, Rev., 5.00%, 12/1/2046
|
1,000
|
1,003
|
|
South Carolina Public Service Authority, Santee Cooper Series 2024A, Rev., 5.25%,
12/1/2049
|
2,000
|
2,044
|
|
South Carolina State Housing Finance and Development Authority Series 2025B, Rev.,
GNMA / FNMA / FHLMC, 6.50%,
7/1/2055 (e)
|
5,000
|
5,611
|
|
Total South Carolina
|
|
9,689
|
|
South Dakota — 0.1%
|
||
|
South Dakota Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC,
6.50%, 11/1/2055
|
1,000
|
1,124
|
|
Tennessee — 5.4%
|
||
|
Metropolitan Government of Nashville and Davidson County, GO, 4.00%, 7/1/2036
|
15,290
|
15,290
|
|
Metropolitan Nashville Airport Authority (The)
|
|
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2041
|
1,875
|
1,974
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2042
|
2,000
|
2,094
|
|
Series 2022B, Rev., AMT, 5.25%, 7/1/2047
|
9,470
|
9,667
|
|
Metropolitan Nashville Airport Authority (The), Subordinate Airport
|
|
|
|
Series 2019A, Rev., 5.00%, 7/1/2049
|
1,680
|
1,682
|
|
Series 2019B, Rev., AMT, 5.00%, 7/1/2054
|
5,000
|
4,878
|
|
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health
Obligated Group Series 2024B, Rev.,
5.00%, 9/1/2029 (b)
|
3,605
|
3,755
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Tennessee — continued
|
||
|
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey
Station Project Series 2019A, Rev.,
5.75%, 10/1/2059
|
7,940
|
5,254
|
|
Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (b)
|
10,330
|
10,315
|
|
Tennessee Energy Acquisition Corp., Gas Project
|
|
|
|
Series 2018, Rev., 4.00%, 11/1/2025 (b)
|
33,150
|
33,165
|
|
Series 2023A-1, Rev., 5.00%, 5/1/2028 (b)
|
14,065
|
14,401
|
|
Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%,
1/1/2056
|
2,600
|
2,832
|
|
Total Tennessee
|
|
105,307
|
|
Texas — 6.2%
|
||
|
Barbers Hill Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD,
5.00%, 2/15/2042
|
4,525
|
4,727
|
|
Central Texas Regional Mobility Authority, Senior Lien Series 2021B, Rev., 4.00%,
1/1/2041
|
1,000
|
928
|
|
Central Texas Turnpike System, First Tier
|
|
|
|
Series 2024B, Rev., 5.00%, 5/15/2030 (b)
|
2,000
|
2,104
|
|
Series 2024A, Rev., 5.00%, 8/15/2032
|
1,000
|
1,103
|
|
Central Texas Turnpike System, Second Tier
|
|
|
|
Series 2024C, Rev., 5.00%, 8/15/2033
|
3,000
|
3,314
|
|
Series 2024C, Rev., 5.00%, 8/15/2034
|
2,040
|
2,256
|
|
City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023,
Rev., FHA, 5.00%, 12/1/2025 (b)
|
1,375
|
1,385
|
|
City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects
|
|
|
|
Series 2020C, Rev., AMT, 5.00%, 7/15/2027
|
3,500
|
3,512
|
|
Series 2024B, Rev., AMT, 5.25%, 7/15/2033
|
6,250
|
6,416
|
|
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%,
12/1/2032 (d)
|
2,000
|
2,346
|
|
City of Mesquite, Combination tax, GO, 4.13%, 2/15/2040
|
1,665
|
1,561
|
|
Clifton Higher Education Finance Corp., Idea Public Schools Series 2019, Rev., PSF-GTD,
4.00%, 8/15/2037
|
1,860
|
1,825
|
|
Coastal Water Authority, City of Houston Projects, Rev., 5.00%, 12/15/2025
|
5,115
|
5,122
|
|
County of Fort Bend Toll Road, Senior Lien, Rev., A.G., 5.00%, 3/1/2045 (e)
|
2,000
|
2,053
|
|
County of Harris, First Lien Series 2024A, Rev., 5.00%, 8/15/2039
|
1,500
|
1,596
|
|
County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048
|
2,000
|
1,832
|
|
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (d)
|
9,905
|
10,004
|
|
Denison Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%,
8/1/2045
|
2,865
|
2,614
|
|
Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier
|
|
|
|
Series 2018A, Rev., 5.00%, 10/1/2043
|
4,000
|
4,042
|
|
Series 2020C, Rev., 4.00%, 10/1/2045
|
5,100
|
4,521
|
|
Series 2020C, Rev., 4.00%, 10/1/2049
|
1,100
|
944
|
|
Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (b)
|
2,000
|
2,014
|
|
Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054
|
1,000
|
863
|
|
Lower Colorado River Authority, Rev., 5.00%, 5/15/2040
|
4,750
|
4,956
|
|
Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%,
2/15/2054
|
1,200
|
1,038
|
|
Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev.,
AMT, 5.00%, 6/1/2030 (b)
|
1,500
|
1,532
|
|
North Texas Tollway Authority, First Tier Series 2020A, Rev., 4.00%, 1/2/2038
|
5,000
|
4,964
|
|
Pasadena Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2048
|
5,000
|
5,218
|
|
Permanent University Fund - Texas A&M University System Series 2009A, Rev., 5.25%,
7/1/2025
|
2,015
|
2,018
|
|
Permanent University Fund - University of Texas System Series 2025A, Rev., 5.00%,
7/1/2048
|
1,000
|
1,034
|
|
Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039
|
1,450
|
1,571
|
|
San Antonio Education Facilities Corp., Trinity University Project Series 2024A, Rev.,
5.00%, 6/1/2034
|
1,750
|
1,941
|
|
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC
Stevenson Oaks Project Series 2020B-1,
Rev., 4.00%, 11/15/2027
|
5,035
|
4,876
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023B, Rev.,
5.50%, 1/1/2034 (b)
|
6,135
|
6,706
|
|
Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev.,
5.00%, 1/1/2034 (b)
|
9,000
|
9,473
|
|
Texas Water Development Board, State Water Implementation Fund Series 2018B, Rev.,
5.00%, 4/15/2030
|
7,000
|
7,441
|
|
Trinity River Authority of Texas, Livingston Regional Water Supply System Project
Series 2023, Rev., 5.00%, 8/1/2038
|
1,220
|
1,294
|
|
Weatherford Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2042
|
1,200
|
1,261
|
|
Total Texas
|
|
122,405
|
|
Utah — 2.4%
|
||
|
County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ : TD Bank
NA, 1.10%, 6/2/2025 (b)
|
35,000
|
35,000
|
|
Intermountain Power Agency, Utah Powe Supply Series 2022A, Rev., 5.00%, 7/1/2037
|
3,855
|
4,030
|
|
Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2037
|
2,305
|
2,424
|
|
Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC,
6.50%, 7/1/2055
|
2,000
|
2,214
|
|
Utah Infrastructure Agency, Clearfield City Project, Rev., 4.00%, 10/15/2040
|
915
|
852
|
|
Utah Infrastructure Agency, Tax-Exempt Telecommunications
|
|
|
|
Series 2018A, Rev., 5.00%, 10/15/2025
|
745
|
748
|
|
Series 2018A, Rev., 5.00%, 10/15/2028
|
1,000
|
1,027
|
|
Rev., 4.00%, 10/15/2038
|
1,560
|
1,486
|
|
Total Utah
|
|
47,781
|
|
Virginia — 0.5%
|
||
|
Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042
|
1,650
|
1,524
|
|
Prince William County Service Authority, Water and Sewer System, Rev., 5.00%, 7/15/2038
|
1,000
|
1,102
|
|
Virginia College Building Authority, Educational Facilities, Washington and Lee University
Project, Rev., NATL - RE, 5.25%,
1/1/2026
|
1,120
|
1,135
|
|
Virginia Public School Authority, 1997 Resolution Series 2025A, Rev., 5.00%, 8/1/2038
|
2,210
|
2,437
|
|
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing
Opco, LLC Project, Rev., AMT, 4.00%,
1/1/2032
|
3,000
|
2,957
|
|
Total Virginia
|
|
9,155
|
|
Washington — 1.8%
|
||
|
Chelan County Public Utility District No. 1 Series 2020A, Rev., 4.00%, 7/1/2038
|
1,670
|
1,631
|
|
County of Snohomish, Limited Tax, GO, 4.00%, 12/1/2039
|
1,470
|
1,446
|
|
Energy Northwest, Project 1
|
|
|
|
Series 2025A, Rev., 5.00%, 7/1/2034
|
2,500
|
2,829
|
|
Series 2025A, Rev., 5.00%, 7/1/2035
|
2,000
|
2,263
|
|
Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049
|
4,000
|
4,215
|
|
King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax
|
|
|
|
Series 2024, GO, A.G., 5.00%, 12/1/2036
|
1,525
|
1,688
|
|
Series 2024, GO, A.G., 5.00%, 12/1/2037
|
1,000
|
1,097
|
|
Series 2024, GO, A.G., 5.00%, 12/1/2038
|
1,300
|
1,414
|
|
Series 2024, GO, A.G., 5.00%, 12/1/2039
|
1,085
|
1,171
|
|
Series 2024, GO, A.G., 5.00%, 12/1/2040
|
1,055
|
1,130
|
|
State of Washington, Various Purpose Series 2018A, GO, 5.00%, 8/1/2040
|
10,000
|
10,166
|
|
Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038
|
3,000
|
2,859
|
|
Washington State Housing Finance Commission, Rockwood Retirement Communities Project
|
|
|
|
Series 2020A, Rev., 5.00%, 1/1/2032 (c)
|
1,920
|
1,941
|
|
Series 2020A, Rev., 5.00%, 1/1/2041 (c)
|
2,000
|
1,884
|
|
Total Washington
|
|
35,734
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Municipal Bonds — continued
|
||
|
West Virginia — 0.2%
|
||
|
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial
Metal Co. Project, Rev., AMT,
4.63%, 5/15/2032 (b)
|
3,000
|
2,982
|
|
Wisconsin — 0.6%
|
||
|
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%,
6/15/2041 (c)
|
1,035
|
871
|
|
Public Finance Authority, Cone Health Series 2022A, Rev., 5.00%, 10/1/2052
|
6,530
|
6,532
|
|
Public Finance Authority, Senior Lien, Rev., AMT, 5.50%, 7/1/2044
|
2,000
|
2,048
|
|
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group,
Rev., 4.38%, 8/15/2055
|
1,000
|
861
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership
|
|
|
|
Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054
|
965
|
1,036
|
|
Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055
|
1,000
|
1,083
|
|
Total Wisconsin
|
|
12,431
|
|
Wyoming — 0.7%
|
||
|
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry
Fork Station Facilities Series 2019A, Rev.,
3.63%, 7/15/2039
|
13,570
|
11,730
|
|
Wyoming Community Development Authority Series 2023-1, Rev., 5.75%, 6/1/2053
|
2,690
|
2,822
|
|
Total Wyoming
|
|
14,552
|
|
Total Municipal Bonds
(Cost $1,904,157)
|
|
1,891,598
|
|
|
SHARES
(000)
|
|
|
Short-Term Investments — 3.8%
|
||
|
Investment Companies — 3.8%
|
||
|
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g)
(Cost $74,334)
|
74,331
|
74,339
|
|
Total Investments — 100.3%
(Cost $1,978,491)
|
|
1,965,937
|
|
Liabilities in Excess of Other Assets — (0.3)%
|
|
(5,553
)
|
|
NET ASSETS — 100.0%
|
|
1,960,384
|
|
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
|
|
BHAC
|
Insured by Berkshire Hathaway Assurance Corp.
|
|
COLL
|
Collateral
|
|
COP
|
Certificate of Participation
|
|
CR
|
Custodial Receipts
|
|
FHA
|
Federal Housing Administration
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation
|
|
GRAN
|
Grant Revenue Anticipation Notes
|
|
GTD
|
Guaranteed
|
|
IBC
|
Insured Bond Certificates
|
|
LIQ
|
Liquidity Agreement
|
|
LOC
|
Letter of Credit
|
|
MTA
|
Metropolitan Transportation Authority
|
|
NATL
|
Insured by National Public Finance Guarantee Corp.
|
|
PSF-GTD
|
Permanent School Fund Guaranteed
|
|
RAN
|
Revenue Anticipation Note
|
|
RE
|
Reinsured
|
|
Rev.
|
Revenue
|
|
VRDO
|
Variable Rate Demand Obligation
|
|
(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)
|
Security is prerefunded or escrowed to maturity.
|
|
(e)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
(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
|
192
|
09/19/2025
|
USD
|
21,720
|
450
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Ultra Note
|
(136
)
|
09/19/2025
|
USD
|
(15,343
)
|
(188
)
|
|
U.S. Treasury Ultra Bond
|
(64
)
|
09/19/2025
|
USD
|
(7,444
)
|
(171
)
|
|
|
|
|
|
|
(359
)
|
|
|
|
|
|
|
91
|
|
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
|
$—
|
$1,891,598
|
$—
|
$1,891,598
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
74,339
|
—
|
—
|
74,339
|
|
Total Investments in Securities
|
$74,339
|
$1,891,598
|
$—
|
$1,965,937
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$450
|
$—
|
$—
|
$450
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$(359
)
|
$—
|
$—
|
$(359
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$91
|
$—
|
$—
|
$91
|
|
|
|||||||||
|
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)
|
$145,229
|
$196,974
|
$267,864
|
$—
|
$—
(c)
|
$74,339
|
74,331
|
$984
|
$—
|
|
|
|
|
(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.
|
|
(c)
|
Amount rounds to less than one thousand.
|