1
Portfolio
of
Investments
May
31,
2025
California
High
Yield
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
123.2%   
X
1,130,966,447
MUNICIPAL
BONDS
-
123.2%  
X
–
CONSUMER
STAPLES
-
1.7%
$
27,000,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Alameda
County
Tobacco
Asset
Securitization
Corporation,
Subordinate
Series
2006A
0
.000
%
06/01/50
$
5,924,353
1,155,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A
5
.000
06/01/47
1,040,981
3,460,000
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
5
.625
06/01/47
3,178,232
17,600,000
Inland
Empire
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007C-2.
Turbo
Capital
Appreciation
0
.000
06/01/47
2,935,460
7,500,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A
0
.000
06/01/47
1,759,866
5,000,000
Tobacco
Securitization
Authority
of
Southern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
San
Diego
County
Tobacco
Asset
Securitization
Corporation,
First
Subordinate
CABs,
Series
2006B
0
.000
06/01/46
1,203,292
TOTAL
CONSUMER
STAPLES
16,042,184
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
25.0%
4,140,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020
6
.250
07/01/58
4,207,578
1,505,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Rocklin
Academy
Project,
Series
2024
5
.000
06/01/44
1,447,796
4,250,000
(b)
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020,
(UB)
4
.000
07/01/50
3,722,261
900,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.000
10/01/35
899,930
1,335,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.250
10/01/45
1,250,417
4,020,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2017A
5
.000
10/01/47
3,645,676
700,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/38
700,380
2,000,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/48
1,878,214
250,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/53
231,543
1,150,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Bella
Mente
Montessori
Academy
Project,
Series
2018A
5
.000
06/01/48
1,075,304
400,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015
5
.125
07/01/35
399,991
425,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015
5
.375
07/01/45
397,531
405,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Series
2019A
4
.000
10/01/29
397,762
90,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/39
86,227
1,515,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/49
1,353,648
1,000,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/57
866,361
1,400,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A
5
.000
10/01/34
1,399,976
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
465,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2014A
5
.000
%
10/01/44
$
425,167
3,695,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
5
.000
07/01/41
3,409,782
1,000,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2018A
5
.000
07/01/38
967,960
1,800,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2018A
5
.000
07/01/49
1,614,868
1,715,000
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,  American
Heritage
Foundation
Project,
Series
2016A
5
.000
06/01/46
1,652,395
1,145,000
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
Literacy
First
Charter
Schools
Project,
Series
2019A
5
.000
12/01/39
1,159,034
2,260,000
(a)
California
Municipal
Finance
Authority,
Education
Revenue
Bonds,
STREAM
Charter
Schools
Project,
Series
2020A
5
.000
06/15/51
1,935,985
1,000,000
(a)
California
Municipal
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Westside
Neighborhood
School
Project,
Series
2024
6
.375
06/15/64
1,044,093
710,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.
AMDA
Inc
Project,
Taxable
Series
2023B
9
.500
07/01/30
734,836
13,905,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7
.250
07/01/53
13,544,254
775,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Refunding
Series
2025A
5
.375
11/01/45
779,919
500,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Refunding
Series
2025A
5
.625
11/01/54
502,808
1,500,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A
5
.000
11/01/36
1,504,659
1,555,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A
5
.000
11/01/46
1,443,902
1,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B
5
.000
10/01/49
893,497
1,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Claremont
Graduate
University,
Refunding
Series
2020B
5
.000
10/01/54
874,349
270,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A
6
.625
01/01/32
262,436
3,700,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A
5
.250
01/01/45
2,848,720
7,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A
6
.000
10/01/50
6,793,782
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019
5
.000
08/01/34
1,020,719
1,100,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Turning
Point
School,
Series
2024
5
.250
06/01/44
1,027,251
1,300,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Turning
Point
School,
Series
2024
5
.500
06/01/54
1,192,515
350,000
(a)
California
Municipal
Finance
Authority,
School
Facility
Revenue
Bonds,
Saint
Mary's
School-Aliso
Viejo,
Series
2024A
5
.500
05/01/44
349,376
435,000
(a)
California
Municipal
Finance
Authority,
School
Facility
Revenue
Bonds,
Saint
Mary's
School-Aliso
Viejo,
Series
2024A
5
.750
05/01/54
434,294
2,000,000
(a)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A
5
.125
07/01/55
1,587,314
700,000
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Multicultural
Learning
Center
Project,
Series
2017A
6
.250
06/15/47
701,861
4,500,000
(a)
California
Public
Finance
Authority,
Educational
Facility
Revenue
Bonds,
Crossroads
Christian
Schools,
Series
2020
5
.000
01/01/56
3,735,018
1,075,000
(a)
California
School
Finance
Authority
Charter
School
Facility
Revenue
Bonds,
Grimmway
Schools-Obligated
Group,
Series
2016A
5
.000
07/01/46
1,024,714
755,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/37
736,333
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,000,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
%
06/01/47
$
1,814,911
2,090,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/54
1,840,163
1,000,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Ednovate
?
Obligated
Group,
Series
2018
5
.000
06/01/48
885,082
960,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A
5
.000
07/01/40
934,485
3,175,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academy
Obligated
Group,
Series
2022A
5
.000
07/01/52
2,846,060
8,125,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academy
Obligated
Group,
Series
2022A
5
.125
07/01/62
7,221,410
305,000
(a)
California
School
Finance
Authority
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2018A
5
.000
08/01/48
292,809
9,925,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2020A
6
.000
06/01/59
8,885,437
1,710,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5
.625
06/01/44
1,560,182
1,225,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
5
.875
06/01/54
1,096,162
3,375,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2024
6
.000
06/01/64
2,989,203
585,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/35
578,841
1,040,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/40
1,007,035
1,600,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/41
1,529,524
460,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/46
428,691
1,100,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A
5
.000
06/01/52
1,078,000
1,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4
.000
06/01/41
793,328
500,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A
4
.000
06/01/61
333,263
5,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6
.000
06/15/54
4,541,171
5,000,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Hayward
Twin
Oaks
Montessori
Charter
School
Project,
Series
2024A
6
.125
06/15/64
4,519,113
2,300,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Lighthouse
Community
Public
Schools
?
Obligated
Group,
Series
2022A
6
.500
06/01/62
2,363,839
1,300,000
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2016A
5
.875
06/01/52
1,301,691
1,600,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
TEACH
Public
Schools
Obligated
Group,
Series
2019A
5
.000
06/01/58
1,412,037
2,075,000
(a)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7
.250
06/15/43
2,085,357
6,740,000
(a)
California
School
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Pathways
to
College
Project,
Series
2023A
7
.375
06/15/53
6,761,561
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,510,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
%
06/01/40
$
2,230,644
5,550,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/50
4,617,369
1,600,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/59
1,277,573
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/42
969,399
5,315,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/61
4,797,133
5,045,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
CIty
Charter
School
Obligated
Group,
Series
2016A
5
.000
06/01/42
4,667,533
805,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Classical
Academies
Project,
Series
2017A
5
.000
10/01/44
775,931
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/37
230,621
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/47
211,089
1,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
4
.750
06/01/36
900,000
1,180,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/46
708,000
1,890,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Envision
Education,
Series
2024A
5
.000
06/01/64
1,625,607
1,150,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/41
878,860
1,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/51
1,021,709
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Ivy
Academia,
Series
2021A
4
.000
06/01/61
637,103
675,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A
5
.750
05/01/37
676,652
1,135,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Larchmont
Charter
School
Project
,
Series
2018A
5
.000
06/01/55
1,000,286
560,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Orange
County
Educational
Arts
Academy
Project,
Series
2023A
5
.625
06/01/43
555,700
700,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Orange
County
Educational
Arts
Academy
Project,
Series
2023A
5
.875
06/01/53
691,906
425,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5
.500
08/01/47
429,402
1,350,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.000
06/01/54
1,211,051
1,545,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.125
06/01/59
1,394,427
2,350,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rex
and
Margaret
Fortune
School
of
Education
Series
2024A
5
.125
06/01/64
2,094,924
2,500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2016A
5
.000
06/01/46
2,290,144
950,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2017A
5
.125
06/01/47
881,275
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2017A
5
.250
06/01/52
920,491
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
925,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
?
Obligated
Group,
Series
2017G
5
.000
%
06/01/53
$
821,939
990,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Public
Schools
Obligated
Group,
Series
2017G
5
.000
06/01/37
974,152
605,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not?
Academy
?
Obligated
Group,
Series
2021A
4
.000
06/01/31
573,841
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not?
Academy
?
Obligated
Group,
Series
2021A
4
.000
06/01/51
2,200,620
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not?
Academy
?
Obligated
Group,
Series
2021A
4
.000
06/01/61
2,071,844
3,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2020A
5
.000
06/01/60
2,482,960
380,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2020B
5
.000
06/01/27
373,764
1,435,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
?
Obligated
Group,
Series
2023A
6
.000
06/01/63
1,380,441
490,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
?  iLead
Lancaster
Project,
Series
2021A
5
.000
06/01/41
448,445
1,450,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Social
Bonds
iLead
Lancaster
Project,
Series
2021A
5
.000
06/01/51
1,247,410
3,250,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2024A
7
.000
06/01/54
3,015,019
335,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Urban
Discovery
Academy
Project,
Series
2024B
9
.000
06/01/34
337,312
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Valley
International
Preparatory
High
School
Project,
Series
2022A
5
.125
03/01/52
719,791
1,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Valley
International
Preparatory
High
School
Project,
Series
2022A
5
.250
03/01/62
703,002
2,000,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Vibrant
Minds
Charter
School
Project,
Series
2025
7
.000
04/15/55
2,005,126
750,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2019A
5
.000
06/01/40
744,799
650,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2024A
5
.000
06/01/54
595,074
1,700,000
(a)
California
School
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
New
Designs
Charter
School
Adams
Campus
Project,
Series
2024A
5
.000
06/01/64
1,513,728
1,725,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A
5
.000
07/01/47
1,647,563
1,340,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2017A
5
.000
07/01/52
1,247,987
1,230,000
(a)
California
School
Finance
Authority,
Educational
Facility
Revenue
Bonds,
River
Springs
Charter
School
Project,
Series
2023A
5
.750
07/01/42
1,260,991
575,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
5
.625
10/01/34
574,966
1,000,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
5
.875
10/01/44
983,637
520,000
California
School
finance
Authority,
School
Facility
Revenue
Bonds,  ICEF
-
View
Park
Elementary
and
Middle
Schools,
Series
2014A
6
.000
10/01/49
511,231
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
3,050,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
4
.125
%
07/01/35
$
2,973,906
1,000,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
5
.000
07/01/45
994,361
2,000,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.000
07/01/46
1,987,038
1,200,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2019
5
.000
07/01/54
1,143,081
1,200,000
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2022A
5
.375
08/01/42
1,226,548
1,150,000
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Green
Dot
Public
Schools
California
Projects,
Series
2022A
5
.750
08/01/52
1,180,513
725,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Refunding
Series
2023A
5
.250
07/01/48
719,112
1,355,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A
6
.000
07/01/51
1,363,550
9,000,000
(b)
California
State
University,
Systemwide
Revenue
Bonds,
Series
2024A,
(UB)
4
.000
11/01/49
7,875,440
4,325,000
(a)
California
Statewide
Communities
Development
Authority
Revenue
Bonds,
California
Baptist
University,
Refunding
Series
2017A
5
.000
11/01/41
4,138,880
580,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Refunding
Series
2006P
5
.000
06/01/30
560,465
125,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q
5
.000
06/01/30
120,790
1,580,000
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q
5
.000
06/01/36
1,496,160
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
229,172,106
HEALTH
CARE
-
9.1%
6,180,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.250
03/01/36
6,189,024
5,280,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.000
03/01/41
4,923,881
3,915,000
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A
5
.000
03/01/46
3,453,531
4,000,000
(b)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
(UB)
4
.000
11/15/48
3,391,181
4,740,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Health
System,
Series
2021A,
(UB)
4
.000
08/15/48
4,252,937
2,485,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
5
.000
11/15/49
2,404,378
7,800,000
(b)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hosptial
at
Stanford,
Series
2017A,
(UB)
5
.000
11/15/56
7,698,204
1,455,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Clinicas
del
Camino
Real,
Inc.,
Series
2020
4
.000
03/01/28
1,448,751
2,000,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
Centers
of
the
Central
Coast,
Inc.,
Series
2021A
5
.000
12/01/46
1,911,215
5,480,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
5,173,543
8,200,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
7,245,449
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
920,122
1,565,000
(b)
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
5
.250
11/01/52
1,579,397
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
16,700,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.500
%
12/01/54
$
16,290,504
2,055,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.000
12/01/41
1,987,399
2,280,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
2,213,911
315,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.250
12/01/48
305,850
7,762
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
12/31/25
7,761
4,493
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
4,493
4,854
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
4,854
20,289
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
20,289
404
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H
5
.750
07/01/25
404
6,100,000
Oroville,
California,
Revenue
Bonds,
Oroville
Hospital
Series
2019
5
.250
04/01/54
4,638,455
1,500,000
Palomar
Pomerado
Health
Care
District,
California,
Certificates
of
Participation,
Series
2017
4
.000
11/01/47
957,018
2,245,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/01/36
1,951,362
4,790,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/01/39
3,941,763
200,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A
5
.000
07/01/42
193,249
TOTAL
HEALTH
CARE
83,108,925
HOUSING/MULTIFAMILY
-
17.7%
4,330,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
2,686,435
8,750,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
6,672,055
4,000,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2
4
.000
08/01/50
2,994,532
22,495,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
15,747,355
9,960,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2
4
.000
02/01/50
7,399,748
5,880,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A
5
.000
08/01/50
5,439,331
18,480,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
14,970,565
1,000,000
California
Housing
Finance
Agency,
California,
Multifamily
Housing
Revenue
Bonds,
Power
Station
Block
7B,
Limited
Obligation
Senior
Series
2024L
5
.200
12/01/27
1,016,379
1,585,000
(a)
California
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Redwood
Gardens
Apartments,
Subordinate
Lien
Series
2021N-S
4
.000
03/01/37
1,309,871
58,158
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
58,431
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
8,334,673
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
%
09/20/36
$
8,263,406
2,375,000
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Royal
York
Estates
Projects
Series
2020A
4
.000
02/15/55
1,799,879
2,980,000
(a)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Catalyst
Impact
Fund
1
LLC
Series
2024-II
7
.000
01/01/39
3,031,040
1,335,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
5
.500
07/01/50
1,367,125
1,715,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
6
.000
07/01/53
1,831,937
450,000
(a)
California
Statewide
Communities
Development
Authority,
College
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Hooper
Street
LLC
Project,
Series
2019
5
.250
07/01/52
423,997
4,600,000
(a)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A
5
.000
06/01/36
4,607,759
2,090,000
(a)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A
5
.000
06/01/46
1,946,025
6,885,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
4,972,929
1,000,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B
8
.000
04/01/56
721,821
1,000,000
(a)
CMFA
Special
Financing
Agency
VIII,
California,
Essential
Housing
Revenue
Bonds,
Elan
Huntington
Beach,
Senior
Lien
Series
2021A-1
3
.000
08/01/56
643,978
2,905,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
1818
Platinum
Triangle-Anaheim,
Mezzanine
Lien
Series
2021B
4
.000
04/01/57
2,011,469
18,795,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-1
3
.500
10/01/46
14,680,109
5,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
3,699,005
3,375,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
3,018,573
2,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Escondido
Portfolio,
Social
Senior
Lien
Series
2021A-2
4
.000
06/01/58
1,517,669
5,915,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Link-Glendale,
Series
2021A-2
4
.000
07/01/56
4,387,261
22,660,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
16,660,604
9,360,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
5,962,860
2,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B
4
.000
07/01/58
1,303,334
4,000,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2
4
.000
09/01/56
2,866,368
2,110,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
1,517,457
2,500,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
1,892,100
2,625,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A
3
.250
10/01/58
1,705,723
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
5,050,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
%
06/01/57
$
2,922,059
2,000,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2
4
.000
12/01/58
1,379,287
2,145,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B
4
.000
12/01/59
1,033,296
6,155,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
3,970,722
1,000,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015
5
.000
09/15/36
1,001,530
315,000
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014
5
.000
06/15/49
314,995
2,110,000
Palmdale
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Impression,
La
Quinta,
Park
Vista
&
Summerwood
Apartments,
Series
2015
5
.250
06/01/45
1,932,896
395,000
Santa
Clara
County
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Blossom
River
Project,
Series
1998A,
(AMT)
6
.500
09/01/39
387,289
TOTAL
HOUSING/MULTIFAMILY
162,069,204
TAX
OBLIGATION/GENERAL
-
9.0%
1,115,000
Denair
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Series
2002A
-
FGIC
Insured
0
.000
08/01/26
1,071,635
1,205,000
Jamul
Dulzura
Union
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
1995
Series
2004A
-
NPFG
Insured
0
.000
11/01/28
1,073,738
5,000,000
(b)
Oakland
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2020,
Series
2023A
-
AGM
Insured,
(UB)
5
.250
08/01/48
5,255,206
5,000,000
(b)
Oxnard
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
of
2022
Series
2023A
-
BAM
Insured,
(UB)
4
.125
08/01/50
4,492,411
1,350,000
Paso
Robles
Joint
Unified
School
District,
San
Luis
Obispo
and
Monteray
Counties,
California,
General
Obligation
Bonds,
Election
2006
Series
2010A
0
.000
09/01/34
967,902
9,470,000
(b)
Pittsburg
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
(UB)
4
.000
08/01/44
8,762,872
2,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
1,355,627
11,187,234
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
9,592,107
8,890,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
7,311,900
5,750,000
(b)
San
Diego
Public
Facilities
Financing
Authority,
California,
Lease
Revenue
Bonds,
Capital
Improvement
Projects,
Series
2021A,
(UB)
4
.000
10/15/50
5,217,223
5,000,000
(b)
San
Luis
Coastal
Unified
School
District,
San
Luis
Obispo
County,
California,
General
Obligation
Bonds,
Election
of
2022
Series
2023A,
(UB)
4
.000
08/01/53
4,543,159
5,680,000
(b)
Santa
Ana
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2018
Election
Series
2022C,
(UB)
4
.000
08/01/45
5,331,254
17,585,000
(b)
Santa
Ana
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2018
Election
Series
2022C,
(UB)
4
.250
08/01/50
16,748,009
12,460,000
(b)
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B,
(UB)
4
.000
08/01/45
11,110,297
TOTAL
TAX
OBLIGATION/GENERAL
82,833,340
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
-
31.3%
$
1,000,000
Adelanto
Community
Facilities
District
Number
2006-2,
San
Bernadino
County,
California,
Special
Tax
Bonds,
Series
2015A
5
.000
%
09/01/45
$
1,000,032
850,000
Alameda
Community
Facilities
District
No.
22-1,
California,
Alameda
Marina,
Special
Tax
Bonds,
Green
Series
2023
5
.000
09/01/48
848,646
1,250,000
Alameda
Community
Facilities
District
No.
22-1,
California,
Alameda
Marina,
Special
Tax
Bonds,
Green
Series
2023
5
.000
09/01/53
1,233,075
330,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/28
296,417
240,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/30
200,470
4,475,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/34
3,162,146
1,985,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/35
1,336,305
1,000,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
7A-1,
Series
2015A
5
.000
09/01/45
998,072
660,000
Beaumont
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1,
Improvement
Area
2
Series
2023
5
.000
09/01/48
663,091
875,000
Beaumont
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1,
Improvement
Area
2
Series
2023
5
.000
09/01/53
865,740
400,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Fairway
Canyon,
Series
2019
5
.000
09/01/49
399,678
880,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
17D,
Series
2024
5
.000
09/01/49
887,377
1,900,000
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015
5
.000
05/01/38
1,904,017
1,500,000
Brea
Redevelopment
Agency,
Orange
County,
California,
Tax
Allocation
Bonds,
Project
Area
AB,
Series
2003
-
AMBAC
Insured
0
.000
08/01/28
1,350,526
1,700,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
1,700,387
3,605,000
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003
-
AMBAC
Insured
0
.000
06/01/33
2,569,353
3,975,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2022C
6
.250
09/01/52
4,207,080
3,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2022D
6
.125
09/01/52
3,152,811
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024A
5
.125
09/01/54
988,392
1,070,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024B
5
.000
09/01/49
1,066,159
545,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/44
549,367
885,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/49
884,287
540,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
4
.700
09/01/54
488,200
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024C
5
.000
09/01/54
978,540
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024D
5
.000
09/01/49
990,874
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024D
5
.000
09/01/54
963,898
1,000,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-06,
Series
2022B
6
.000
09/01/52
1,043,489
2,160,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-6,
County
of
Placer-
PV400,
Series
2022
5
.250
09/01/52
2,169,031
500,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2022-8
City
of
Palmdale
-
Wildflower/Creekside
Encore
Series
2024
5
.000
09/01/49
493,375
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
340,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-11
Improvement
Area
A
Hesperia
Silverwood,
Series
2024
5
.000
%
09/01/49
$
338,308
800,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-11
Improvement
Area
A
Hesperia
Silverwood,
Series
2024
5
.000
09/01/54
773,440
1,835,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5
Sacramento
County-
The
GAP
Improvement
Area
1,
Series
2024
5
.000
09/01/49
1,818,254
2,665,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5
Sacramento
County-
The
GAP
Improvement
Area
1,
Series
2024
5
.000
09/01/54
2,568,787
400,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5,
Improvement
Area
1
Series
2023
5
.250
09/01/43
411,738
1,060,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-5,
Improvement
Area
1
Series
2023
5
.625
09/01/53
1,094,085
330,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Orinda
Wilder
Project,
Refunding
Series
2015
5
.000
09/01/37
330,538
945,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A
5
.000
09/01/33
945,783
2,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2012-02,
Manteca
Lifestyle
Center,
Series
2013A
5
.125
09/01/42
2,000,402
2,500,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2015-2
Rio
Bravo,
Series
2015A
5
.625
09/01/45
2,504,035
1,200,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2018-02,
McSweeny,
Improvement
Area
1
Series
2023
5
.250
09/01/53
1,208,653
340,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
2
Atwell,
Series
2022
5
.250
09/01/52
343,467
475,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
3
Atwell,
Series
2024
5
.000
09/01/49
474,617
650,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
3
Atwell,
Series
2024
5
.000
09/01/54
644,801
2,400,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2020-02
Improvement
Area
4
Atwell,
Series
2024
5
.000
09/01/55
2,354,518
2,000,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2021-02
Citro,
Series
2023
5
.000
09/01/53
1,972,920
1,635,000
California
Statewide
Communities
Development
Authority,
Special
Tax
Bonds,
Community
Facilities
District
2022-07,
Improvement
Area
Number
1,
Watson
Ranch,
Series
2023
5
.000
09/01/53
1,622,552
3,510,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1
5
.000
09/02/35
3,517,609
1,120,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Refunding
Series
2015R-1
5
.000
09/02/40
1,120,959
465,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A
8
.000
09/02/41
439,881
2,275,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014A
5
.000
09/02/43
2,275,149
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
2,060,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2014B
5
.000
%
09/02/44
$
2,060,076
480,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017A
5
.000
09/02/46
481,177
375,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017B
5
.000
09/02/47
376,980
920,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018B
5
.000
09/02/48
923,181
725,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2019C
5
.000
09/02/44
719,613
1,495,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2022C
5
.125
09/02/42
1,478,434
1,990,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2022C
5
.375
09/02/52
2,007,213
3,965,000
California
Statewide
Communities
Development
Authority,
Statewide
Infrastructure
Program
Revenue
Bonds,
Series
2020C
4
.000
09/02/40
3,634,104
1,085,000
Cathedral
City
Public
Financing
Authority,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project,
Series
2000A
-
NPFG
Insured
0
.000
08/01/33
783,718
740,000
Chino,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-3
Improvement
Area
10,
Series
2024.
5
.000
09/01/54
718,672
315,000
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008
-
AMBAC
Insured
5
.250
09/01/27
315,230
210,000
Compton
Public
Finance
Authority,
California,
Lease
Revenue
Bonds,
Refunding
&
Various
Capital
Projects,
Series
2008
-
AMBAC
Insured
5
.000
09/01/32
210,048
670,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-1
Dos
Lagos
Improvement
Area
1,
Refunding
Series
2017
5
.000
09/01/37
681,929
345,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Sierra
Bella,
Series
2022A
5
.000
09/01/51
345,060
625,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
2,
Series
2024
5
.000
09/01/46
629,094
1,000,000
Dixon,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Homestead,
Improvement
Area
2,
Series
2024
5
.000
09/01/54
984,490
1,000,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
4,
Series
2022
5
.500
09/01/47
1,033,907
1,000,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
4,
Series
2022
5
.500
09/01/51
1,025,368
1,250,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,  Improvement
Area
5,
Series
2023
5
.375
09/01/51
1,271,578
6,300,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,
Improvement  Area
2,
Series
2019
5
.000
09/01/39
6,420,497
250,000
El
Dorado
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-2,
Series
2006
5
.100
09/01/36
250,596
1,000,000
Elk
Grove
Finance
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2024
5
.000
09/01/44
1,019,195
1,685,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A
4
.000
09/01/41
1,502,142
1,245,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Area
1A,
Series
2021A
4
.000
09/01/51
1,014,503
1,565,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A
4
.000
09/01/41
1,395,164
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
2,325,000
(a)
Elsinore
Valley
Municipal
Water
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2020-1
Horsethief
Improvement
Area
2A,
Series
2021A
4
.000
%
09/01/51
$
1,897,389
430,000
Fairfield,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-1
Fairfield
Commons
Project,
Series
2008
6
.875
09/01/38
432,815
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
18,
Folsom
Plan
Area-Area-Wide
Improvements
and
Services,
Series
2024
5
.000
09/01/44
1,008,014
1,200,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
18,
Folsom
Plan
Area-Area-Wide
Improvements
and
Services,
Series
2024
5
.000
09/01/49
1,175,917
1,250,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
20
Russell
Ranch,
Series
2020
5
.125
09/01/47
1,267,162
1,300,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
20
Russell
Ranch,
Series
2020
5
.125
09/01/52
1,308,994
1,075,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2020
4
.000
09/01/45
945,951
4,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
1,
Series
2022
5
.000
09/01/52
3,965,189
400,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
2,
Series
2024
5
.000
09/01/49
395,799
460,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
2,
Series
2024
5
.000
09/01/53
449,726
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
4,
Series
2024
5
.000
09/01/49
985,381
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
23
Folsom
Ranch
Improvement
Area
4,
Series
2024
5
.000
09/01/54
969,716
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2022
5
.000
09/01/52
988,381
500,000
Folsom,
California,
Special
Tax
Bonds,
Community
Facilities
District
16
Islands
at
Parkshore
Improvement
Area
1,
Series
2018
4
.000
09/01/43
440,386
375,000
Fontana,
California,  Special
Tax
Bonds,
Community
Facilities
District
106,
Mountain
View,
Series
2022
4
.250
09/01/38
364,316
500,000
Fontana,
California,  Special
Tax
Bonds,
Community
Facilities
District
106,
Mountain
View,
Series
2022
4
.500
09/01/43
475,818
3,000,000
Fontana,
California,
Special
Tax
Bonds,
Community
Facilities
District
112
The
Gardens
Phase
One,
Series
2024
5
.000
09/01/49
2,993,402
2,620,000
Fontana,
California,
Special
Tax
Bonds,
Community
Facilities
District
112
The
Gardens
Phase
One,
Series
2024
5
.000
09/01/54
2,583,281
400,000
Fontana,
California,
Special
Tax
Bonds,
Narra
Hills
Community
Facilities
District
109,
Refunding
Series
2024
5
.000
09/01/49
399,120
4,040,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
3,953,697
1,000,000
Hemet
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-7,
Series
2023
5
.000
09/01/43
1,005,729
1,000,000
Hemet
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-7,
Series
2023
5
.000
09/01/53
992,387
1,030,000
Imperial,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Springfield,
Series
2015A
5
.000
09/01/36
1,031,976
155,000
Indio
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Area
Redevelopment
Project,
Subordinate
Lien
Refunding
Series
2008A
5
.250
08/15/28
155,361
3,380,000
Jurupa
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
9,
Series
2015A
5
.000
09/01/45
3,380,526
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,220,000
Lake
Elsinore
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-2,
Series
2005
5
.350
%
09/01/35
$
1,224,045
475,000
Lake
Elsinore,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Summerly
Improvement
Area
KK,
Series
2021
4
.000
09/01/42
423,414
600,000
Lammersville
Joint
Unified
School
District,
San
Joaquin
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-
1
Improvement
Area
1
Mountain
House
School
Facilities,
Series
2017
5
.000
09/01/47
599,999
595,000
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Central
Lathrop
Specific
Plan
Improvement
Areas
5,
Series
2019
5
.650
09/01/38
599,897
945,000
Lathrop,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Central
Lathrop
Specific
Plan
Improvement
Areas
5,
Series
2019
5
.750
09/01/43
937,155
925,000
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A
5
.000
09/01/39
925,167
1,815,000
Lincoln,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sorrento
Project,
Series
2014A
5
.000
09/01/43
1,815,033
1,750,000
Los
Angeles
County
Community
Facilities
District
2021-01,
California,
Special
Tax
Bond,
Valencia-Facilities
Improvement
Area
1,
Series
2022
5
.000
09/01/47
1,758,697
8,660,000
Madera
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Tesoro
Viejo
II
Improvement
Area
1,
Series
2022
5
.750
09/01/53
8,802,456
2,022,000
Manteca
Unified
School
District,
San
Joaquin
County,
California,
Certificates
of
Participation,
Series
2004
-
NPFG
Insured
0
.000
09/15/33
1,477,023
450,000
Marina
Redevelopment
Agency
Successor
Agency,
California,
Housing
Tax
Allocation
Bonds,
Series
2018B
5
.000
09/01/38
457,132
3,000,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
2,880,000
500,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014
4
.125
09/01/39
469,939
500,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Series
2014
4
.250
09/01/44
453,945
1,325,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
7,
Series
2021
5
.125
09/01/47
1,340,773
2,000,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
7,
Series
2021
5
.250
09/01/52
2,021,604
1,000,000
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilties
District
2016-1,
Improvement
Area
B,
Series
2022
4
.625
09/01/52
914,116
750,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1,
Banner
Park
Series
2023A
5
.000
09/01/53
729,985
700,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1,
Quartz
Ranch
Series
2023A
5
.000
09/01/48
698,885
1,000,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1,
Quartz
Ranch
Series
2023A
5
.000
09/01/53
973,313
2,095,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2023-1,
Rockport
Ranch
Series
2024
5
.000
09/01/49
2,067,243
970,000
Moreno
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-
2,
Series
2019
5
.000
09/01/48
971,332
825,000
Murrieta,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-5
Golden
City
Improvement
Area
A,
Series
2017
5
.000
09/01/46
827,892
980,480
(c)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005
1
.908
09/01/28
264,729
2,926,584
(c)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Refunding
Series
2005
1
.943
09/01/36
790,178
1,250,000
Oceanside,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1,
Pacific
Coast
Business
Park,
Series
2017
5
.000
09/01/38
1,263,719
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,200,000
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
28
New
Haven
Facilities
-
Area
A,
Series
2017
5
.000
%
09/01/47
$
1,201,766
845,000
Ontario,
California,
Special
Tax
Bonds,
Community
Facilities
District
55
Parklane
Facilities,
Series
2022
5
.000
09/01/53
833,559
350,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Rienda,
Series
2022A
5
.000
08/15/42
356,489
3,400,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
Rienda,
Series
2022A
5
.000
08/15/47
3,427,077
500,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2023-1
Rienda
Phase
2B,
Series
2023A
5
.500
08/15/53
516,261
275,000
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2021
3
.000
09/01/31
260,590
1,230,000
Palmdale
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project
Areas,
Series
2002
-
AMBAC
Insured
0
.000
12/01/30
1,016,271
2,990,000
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999
-
AMBAC
Insured
0
.000
08/01/27
2,779,487
2,610,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
2,261,693
2,670,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
2,393,675
1,200,000
Rancho
Cardova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2005-1
Sunridge
North
Douglas
Series
2015
5
.000
09/01/40
1,200,955
1,590,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Communities
Facilities
District
2014-1
Montelena,
Series
2022
5
.000
09/01/42
1,608,369
250,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.000
09/01/38
258,141
525,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.125
09/01/43
534,543
1,300,000
Rancho
Cordova,
California,
Special
Tax
Bonds,
Community
Facilities
District
2022-1
Arista
Del
Sol,
Improvement
Area
1
Series
2023
5
.375
09/01/53
1,322,084
1,400,000
Rancho
Mirage,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Section
31,
Improvement
Area
1
Series
2024A
5
.000
09/01/54
1,378,285
1,755,000
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A
-
AMBAC
Insured
0
.000
07/15/29
1,514,902
1,260,000
Redwood
City
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
2,
Series
2003A
-
AMBAC
Insured
0
.000
07/15/31
1,006,284
1,185,000
Rio
Vista,
California,
Special
Tax
Bonds,
Community
Faciliites
District
2018-1
Liberty
Community,
Series
2018-1
5
.000
09/01/48
1,189,800
1,185,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
4
.250
09/01/47
1,110,259
1,000,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.000
09/01/42
997,346
1,525,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.250
09/01/47
1,530,670
2,015,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2
5
.000
09/01/52
1,906,376
1,000,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2019-1
Phase
2
Public
Improvements,
Series
2019
4
.000
09/01/46
828,673
1,295,000
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997
-
NPFG
Insured
0
.000
06/01/26
1,254,372
2,115,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
03-1
Newport
Road,
Series
2014
5
.000
09/01/30
2,120,768
1,000,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017
5
.000
09/01/42
1,001,554
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
535,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
07-2
Clinton
Keith,
Series
2017
5
.000
%
09/01/45
$
535,019
1,500,000
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
40,
Series
2025A
5
.000
09/01/45
1,491,448
2,375,000
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
40,
Series
2025A
5
.000
09/01/50
2,334,721
2,000,000
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
40,
Series
2025A
5
.000
09/01/55
1,944,126
1,010,000
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007
-
NPFG
Insured
0
.000
09/01/34
708,529
1,155,000
Rocklin
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2,
Series
2007
-
NPFG
Insured
0
.000
09/01/35
775,987
815,000
Rocklin,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
10
Whitney
Ranch,
Series
2015
5
.000
09/01/39
816,149
935,000
Rohnert
Park
Community
Development
Agency,
California,
Tax
Allocation
Bonds,
Series
1999
0
.000
08/01/33
690,132
2,635,000
Romoland
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Heritage
Lake
Improvement
Area
3,
Series
2013
5
.000
09/01/43
2,635,298
480,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Creekview
Improvement
Area
2,
Series
2023
5
.000
09/01/43
483,341
1,500,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Creekview
Improvement
Area
2,
Series
2023
5
.250
09/01/53
1,514,238
1,050,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Hewlett
Parkard
Campus
Oaks,
Series
2016
5
.500
09/01/46
1,056,941
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Ranch
at
Sierra
Vista,
Public
Facilities
Series
2023
5
.000
09/01/43
1,007,753
1,150,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Ranch
at
Sierra
Vista,
Public
Facilities
Series
2023
5
.000
09/01/53
1,134,429
625,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Villages
at
Sierra
Vista,
Series
2022
4
.500
09/01/52
561,705
1,100,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westbrook,
Series
2014
5
.000
09/01/34
1,100,845
1,500,000
(a)
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
5
Fiddyment
Ranch
Public
Facilities,
Series
2017
5
.000
09/01/47
1,503,156
2,755,000
Roseville,
California,
Special
Tax
Bonds,
SVSP
Westpark-Federico
Community
Facilities
District
1,
Series
2022
5
.000
09/01/52
2,731,024
230,000
Sabal
Palm
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2016
5
.500
11/01/46
230,467
1,510,000
(a),(b)
Sacramento
City
Financing
Authority
California,
Lease
Revenue
Bonds,
Master
Lease
Program
Facilities
Projects,
Tender
Option
Bond
Trust
2016-XG0100
-
AMBAC
Insured,
(IF)
13
.817
12/01/33
2,288,844
4,295,000
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A
-
FGIC
Insured
0
.000
12/01/31
3,314,786
4,435,000
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A
-
FGIC
Insured
0
.000
12/01/32
3,268,592
250,000
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-1
College
Square,
Series
2007
5
.900
09/01/37
251,027
710,000
(a)
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01
5
.000
09/01/37
721,878
1,900,000
(a)
Sacramento,
California,
Special
Tax
Bonds,
North
Natomas
Community
Facilities
District
7,
Series
2017-01
5
.000
09/01/47
1,902,797
428,000
(c)
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Grace
Lofts
Redevelopment
Projects,
Series
2007A
2
.100
12/31/26
12,840
1,485,000
San
Bernardino
Community
Facilities
District
Number
2020-1,
California,
Special
Tax
Bonds,
Series
2022
4
.500
09/01/52
1,282,325
345,000
San
Bernardino
County
Financing
Authority,
California,
Revenue
Bonds,
Courthouse
Facilities
Project,
Series
2007
-
NPFG
Insured
5
.500
06/01/37
352,750
550,000
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2006-1
Lytle
Creek
North
Improvement
Area
1,
Series
2015
5
.000
09/01/40
550,424
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
905,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Facilities
Increment
Series
2023A
5
.000
%
09/01/43
$
846,932
1,525,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Facilities
Increment
Series
2023A
5
.500
09/01/53
1,461,583
1,500,000
(a)
San
Francisco
City
and
County
Infrastructure
and
Revitalization
Financing
District
1
Treasure
Island,
California,
Tax
Increment
Revenue
Bonds,
Housing
Increment
Series
2022B
5
.000
09/01/52
1,353,833
795,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014
5
.000
08/01/39
795,404
1,250,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Series
2014A
5
.000
08/01/43
1,249,199
1,450,000
(a)
San
Francisco
City
and
County
Special
Tax
District
2020-1,
California,
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services,
Series
2023B
5
.750
09/01/53
1,495,899
1,000,000
(a)
San
Francisco
City
and
County
Special
Tax
District
2020-1,
California,
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services,
Shoreline
Tax
Zone
1
Series
2023C
5
.750
09/01/53
1,031,654
1,000,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/42
1,044,867
1,735,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/47
1,794,922
1,150,000
(b)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1
Transbay
Transit
Center,
Green
Series
2022A,
(UB)
5
.000
09/01/52
1,178,092
965,000
(a)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
5
.250
09/01/48
970,622
2,050,000
(a)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
5
.500
09/01/53
2,090,591
5,000,000
Stockton,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
19-1,
Cannery
Park
II,
Series
2022
5
.000
09/01/52
4,884,204
5,400,000
Sulphur
Springs
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-1,
Series
2022
4
.500
09/01/52
4,788,532
1,045,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
6
.250
09/01/47
1,071,529
1,750,000
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2023A
5
.000
09/01/49
1,748,590
400,000
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-
1,
Series
2014
4
.250
09/01/44
355,881
1,195,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
1,
Series
2019
5
.000
09/01/49
1,172,641
2,700,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
2,
Series
2023
5
.875
09/01/53
2,826,815
1,000,000
Val
Verde
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2,
Stratford
Improvement
Area
2
Series
2023
5
.000
09/01/54
990,492
700,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2007-
1,
Series
2013
5
.000
09/01/43
700,031
1,000,000
(a)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C
5
.000
10/01/39
935,360
350,000
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-KDN,
Refunding
Series
2015
5
.250
09/01/35
351,032
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
785,000
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-KDN,
Refunding
Series
2015
5
.250
%
09/01/45
$
785,596
2,805,000
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Refunding
Series
2016
5
.000
09/01/40
2,814,329
5,605,000
West
Sacramento,
California,
Special
Tax
Bonds,
Community
Facilities
District
27
Bridge
District,
Series
2017
5
.000
09/01/47
5,533,149
1,890,000
Westside
Union
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Improvement
Area
B,
Series
2023
5
.250
09/01/52
1,780,674
1,445,000
William
S.
Hart
Union
High
School
District,
Los
Angeles
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-
1,
Series
2017
5
.000
09/01/47
1,411,440
290,000
(c)
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007
4
.800
01/01/27
107,300
TOTAL
TAX
OBLIGATION/LIMITED
287,270,417
TRANSPORTATION
-
7.3%
10,845,000
(b)
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
(UB)
4
.000
01/15/46
10,204,423
5,000,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A
-
AGM
Insured
0
.000
01/15/37
3,181,388
250,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/36
253,226
400,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B,
(AMT)
5
.000
07/01/37
403,910
10,000,000
(b)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT),
(UB)
5
.000
05/15/44
9,902,854
375,174
Puerto
Rico
Highway
and
Transportation
Authority
Highway
Revenue
Bonds
Series
2022
5
.250
07/01/38
375,260
10,000,000
(b)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT),
(UB)
5
.250
07/01/58
10,175,122
5,000,000
(b)
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT),
(UB)
5
.000
07/01/51
4,923,974
20,000,000
(b)
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT),
(UB)
5
.750
05/01/48
21,034,724
5,165,000
(b)
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT),
(UB)
5
.000
05/01/48
5,060,490
100,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/49
100,012
50,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A
-
NPFG
Insured
0
.000
01/15/31
40,587
1,200,000
(a)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds
WICO
Financing
Series
2022B,
(AMT)
6
.500
04/01/52
1,122,654
TOTAL
TRANSPORTATION
66,778,624
U.S.
GUARANTEED
-
0.2%
(e)
2,320,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured,
(ETM)
0
.000
09/01/35
1,628,702
40,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016,
(Pre-refunded
8/01/25)
5
.000
08/01/46
40,105
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/37
275,100
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
275,100
TOTAL
U.S.
GUARANTEED
2,219,007
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
-
21.9%
$
27,110,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
(Mandatory
Put
8/01/31),
(UB)
4
.000
%
02/01/52
$
26,804,416
6,000,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E-1,
(Mandatory
Put
3/01/31),
(UB)
5
.000
02/01/54
6,276,275
17,680,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023F,
(Mandatory
Put
11/01/30),
(UB)
5
.500
10/01/54
18,801,485
44,950,000
(b)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
(Mandatory
Put
4/01/30),
(UB)
5
.250
11/01/54
47,171,753
1,100,000
(a)
California
Pollution
Control
Financing
Authority
Water
Furnishing
Revenue
Bonds
(Poseidon
Resources
(Channelside)
LP
Desalination
Project),
Series
2023
(AMT),
(AMT)
5
.000
11/21/45
1,088,711
48,170,000
(b)
Central
Valley
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2025,
(Mandatory
Put
8/01/35),
(UB)
5
.000
12/01/55
50,421,114
25,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.500
11/15/28
26,322
7,185,000
(b)
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
(UB)
7
.000
11/01/34
8,463,691
295,000
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A
-
NPFG
Insured
5
.500
05/01/29
307,753
3,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,846,710
5,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
5,059
8,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Federally
Taxable
Build
America
Bonds,
Series
2010YY
6
.125
07/01/40
3,169,742
1,140,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
National
Series
2007VV
-
NPFG
Insured
5
.250
07/01/34
1,108,690
1,030,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD
3
.625
01/01/26
444,047
1,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2010DDD
5
.000
01/01/26
411,213
85,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2003NN
5
.500
01/01/26
34,441
3,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5
.250
07/01/27
1,219,570
1,020,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
5
.250
07/01/31
417,541
275,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.250
07/01/25
113,861
165,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.000
01/01/26
67,858
1,695,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.000
01/01/26
707,644
1,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ
5
.250
07/01/26
421,223
2,925,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
5
.050
01/01/26
1,212,941
1,415,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
4
.800
07/01/29
591,711
2,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Taxable
Series
2010BBB
5
.400
07/01/28
816,468
25,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Refunding
Series
2005SS
4
.625
07/01/30
10,643
1,950,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
5
.000
07/01/32
800,889
915,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.375
01/01/26
372,643
1,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.250
07/01/33
410,024
295,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
5
.500
07/01/38
119,727
Portfolio
of
Investments
May
31,
2025
(continued)
California
High
Yield
Municipal
Bond
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
500,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010AAA
5
.250
%
07/01/25
$
203,505
135,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC
5
.000
07/01/26
55,521
200,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC
4
.800
07/01/27
85,799
1,445,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
4
.625
07/01/25
605,026
95,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5
.250
07/01/26
38,957
1,000,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX
5
.250
07/01/35
415,603
220,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
7
.250
07/01/30
85,730
4,430,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
6
.750
07/01/36
1,749,060
5,385,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
5
.000
07/01/42
2,320,653
2,380,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE
5
.950
07/01/30
953,313
11,135,000
(b)
San
Joaquin
Valley
Clean
Energy
Authority,
California,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2025A,
(Mandatory
Put
7/01/35),
(UB)
5
.500
01/01/56
12,072,774
1,000,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A
5
.000
11/01/29
1,031,122
220,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A
5
.000
11/01/33
230,677
2,190,000
(a)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Series
2024A
8
.000
07/01/26
2,183,432
150,000
(a)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2024B
10
.250
07/01/26
149,951
5,020,000
(b)
West
County
Facilities
Financing
Authority,
California,
Wastewater
Revenue
Bonds,
Green
Series
2021,
(UB)
4
.000
06/01/46
4,627,352
TOTAL
UTILITIES
201,472,640
TOTAL
MUNICIPAL
BONDS
(Cost
$1,184,233,993)
1,130,966,447
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,184,233,993)
1,130,966,447
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.4%  
X
21,975,000
REPURCHASE
AGREEMENTS
-
2.4%  
X
–
$
21,975,000
(f)
Fixed
Income
Clearing
Corporation
4
.300
06/02/25
$
21,975,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$21,975,000)
21,975,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$21,975,000)
21,975,000
TOTAL
INVESTMENTS
-
125.6%
(Cost
$1,206,208,993)
1,152,941,447
FLOATING
RATE
OBLIGATIONS
-
(27.7)%  
(
254,005,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.1%
18,709,261
NET
ASSETS
-
100%
$
917,645,708
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
21
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$363,516,098
or
31.5%
of
Total
Investments.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$21,982,874
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
10/31/31,
valued
at
$22,414,588.
California
High
Yield
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,130,928,646
$
37,801
$
1,130,966,447
Short-Term
Investments:
Repurchase
Agreements
–
21,975,000
–
21,975,000
Total
$
–
$
1,152,903,646
$
37,801
$
1,152,941,447
22
Portfolio
of
Investments
May
31,
2025
California
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
94.3%   
X
1,534,204,228
MUNICIPAL
BONDS
-
94.3%  
X
–
CONSUMER
STAPLES
-
0.0%
$
370,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
%
06/01/49
$
314,484
TOTAL
CONSUMER
STAPLES
314,484
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
7.0%
2,815,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Refunding
Series
2015
5
.000
11/01/36
2,823,344
2,040,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023
5
.000
11/01/43
2,137,862
3,240,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023
4
.250
11/01/48
2,985,413
11,780,000
California
Enterprise
Development
Authority,
Revenue
Bonds,
Castilleja
School
Foundation
Series
2024
4
.000
06/01/54
10,124,828
2,435,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
California
Science
Center
Phase
III
Project,
Green
Series
2021B
4
.000
05/01/41
2,277,469
3,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020
4
.000
07/01/50
2,627,478
2,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
UCSF
Clinical
and
Life
Sciences
Building,
Series
2025
5
.250
05/15/59
2,082,814
500,000
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
Project,
Series
2015A
5
.250
10/01/45
468,321
1,275,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2014A
5
.000
01/01/35
1,085,625
8,595,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
4
.000
12/31/47
7,137,099
6,980,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/47
6,673,651
445,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/27
446,564
250,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Bright
Star
Schools
-
Obligated
Group,
Series
2017
5
.000
06/01/54
220,115
2,935,000
(a)
California
School
Finance
Authority
Charter
School
Revenue
Bonds,
Fenton
Schools
-
Obligated
Group,
Series
2020A
5
.000
07/01/50
2,735,351
1,045,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/40
1,011,876
1,100,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2015A
5
.000
08/01/45
1,021,429
450,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/36
448,299
460,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016
5
.000
08/01/46
428,691
1,915,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
5
.000
06/01/59
1,529,095
815,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/52
749,364
235,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017
5
.000
06/01/47
211,089
410,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/46
246,000
500,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016
5
.000
06/01/51
300,000
375,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A
5
.750
05/01/37
375,918
720,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Lifeline
Education
Charter
School
Project,
Series
2020A
5
.000
07/01/55
662,028
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
550,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Refunding
Social
Series
2023
5
.500
%
08/01/43
$
559,911
285,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
?
Obligated
Group,
Series
2016A
5
.000
06/01/36
284,414
280,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Stem
Preparatory
Schools
?
Obligated
Group,
Series
2023A
5
.000
06/01/43
272,436
750,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
5
.000
07/01/45
745,771
830,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A
5
.000
07/01/46
824,621
5,235,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.250
07/01/52
5,237,006
680,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Granada
Hills
Charter
High
School
Obligated
Group,
Series
2021A
4
.000
07/01/48
564,549
545,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Refunding
Series
2023A
5
.000
07/01/40
543,480
15,325,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2017A
5
.000
11/01/47
15,458,829
3,100,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A
5
.000
11/01/43
3,161,836
15,665,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A
5
.000
11/01/48
15,839,983
5,210,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2019A
5
.000
11/01/49
5,276,571
1,120,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2024A
4
.000
11/01/55
953,738
1,115,000
San
Diego
County,
California,
Limited
Revenue
Obligations,
Sanford
Burnham
Prebys
Medical
Discovery
Institute,
Series
2015A
5
.000
11/01/28
1,123,516
11,620,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O
5
.000
05/15/43
11,835,453
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
113,491,837
FINANCIALS
-
0.0%
7,048
Cofina
Class
2
Trust
Tax-Exempt
Class
2047,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAN5
0
.000
08/01/47
2,045
TOTAL
FINANCIALS
2,045
HEALTH
CARE
-
15.9%
17,205,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
17,154,820
3,815,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A
5
.000
11/15/48
3,803,289
1,225,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/36
1,258,603
11,100,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/48
11,065,925
7,000,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Health
System,
Series
2021A
4
.000
08/15/48
6,280,709
3,850,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A
5
.000
08/15/47
3,701,742
7,850,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
4
.000
11/15/45
7,027,804
2,700,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
5
.000
11/15/49
2,612,402
10,750,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/40
9,998,532
3,175,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/45
2,868,333
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
35,085,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
%
04/01/49
$
29,918,548
6,830,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.000
12/01/54
6,848,260
1,825,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B
5
.000
10/01/44
1,824,916
32,335,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/54
31,990,357
250,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/47
242,945
1,810,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/36
1,815,459
11,500,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
10,856,888
6,750,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
5,964,241
3,810,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
3,505,665
5,300,000
California
Municipal
Finance
Authority,
Reveue
Bonds,
Community
Medical
Centers,
Series
2017A
5
.000
02/01/47
5,232,214
2,950,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
5
.250
11/01/52
2,977,137
2,000,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017
5
.000
10/15/47
1,890,160
15,050,000
California
Public
Finance
Authority,
Revenue
Bonds,
Sharp
HealthCare,
Series
2017A
5
.000
08/01/47
15,078,494
2,500,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016
5
.000
10/01/46
2,426,784
6,000,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/44
5,835,779
20,750,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
20,148,528
8,400,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.500
12/01/58
8,194,946
1,305,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A
5
.000
03/01/35
1,309,304
4,650,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2018A
5
.000
03/01/48
4,509,841
10,300,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2024A
5
.250
12/01/54
10,553,232
10,000,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Marin
General
Hospital,
Green
Series
2018A
4
.000
08/01/45
8,373,882
1,000,000
California
Statewide
Community
Development
Authority,
Certificates
of
Participation,
Methodist
Hospital
of
Southern
California,
Series
2018
5
.000
01/01/48
1,006,185
1,365,000
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A
-
AGM
Insured
5
.250
08/15/52
1,385,432
4,526
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
12/31/25
4,526
5,204
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
5,203
339
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
339
4,897
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G
5
.500
12/31/25
4,897
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
3,000,000
Kaweah
Delta
Health
Care
District,
California,
Revenue
Bonds,
Series
2015B
5
.000
%
06/01/40
$
2,820,064
5,000,000
Palomar
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2017
5
.000
11/01/42
3,846,721
1,630,000
Upland,
California,
Certificates
of
Participation,
San
Antonio
Regional
Hospital,
Series
2017
5
.000
01/01/47
1,622,179
2,800,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2017A
5
.000
07/01/42
2,705,478
TOTAL
HEALTH
CARE
258,670,763
HOUSING/MULTIFAMILY
-
14.8%
5,340,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
3,313,063
15,920,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
12,139,328
30,005,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
21,004,640
560,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2
4
.000
02/01/50
416,050
425,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A
5
.000
08/01/50
393,149
2,850,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A
5
.000
08/01/49
2,535,306
25,810,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
20,908,565
10,232,627
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2
4
.000
03/20/33
10,166,633
12,061,060
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1
3
.500
11/20/35
11,204,130
1,472,131
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
1,479,025
9,636,966
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
9,554,563
2,900,000
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Projects,
Social
Series
2024A
5
.000
08/15/59
2,856,119
2,740,000
California
Statewide
Community
Development
Authority,
Multifamily
Housing
Revenue
Senior
Bonds,
Westgate
Courtyards
Apartments,
Series
2001X-1
-
AMBAC
Insured,
(AMT)
5
.420
12/01/34
2,714,421
23,205,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
16,760,612
5,675,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1
4
.000
08/01/58
4,129,947
920,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1
3
.600
05/01/47
728,444
8,660,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2
3
.250
05/01/57
5,683,663
5,230,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4
.000
10/01/56
4,081,116
26,965,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
19,948,731
16,355,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
14,627,779
2,620,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1
2
.875
08/01/41
2,274,253
4,640,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2
3
.125
08/01/56
3,323,002
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
19,550,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
%
10/01/56
$
14,373,999
1,615,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
1,220,780
4,750,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
3,026,024
395,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B
4
.000
03/01/57
276,504
15,125,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A
4
.000
08/01/56
12,741,162
3,765,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
2,707,690
5,730,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
4,336,694
7,475,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A
3
.250
10/01/58
4,857,251
2,100,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B
4
.000
09/01/46
1,672,274
3,995,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1
3
.000
06/01/47
2,680,362
16,280,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
06/01/57
9,420,025
2,100,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-2
4
.000
12/01/58
1,448,251
7,545,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
4,867,441
265,000
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds,
Palomar
Estates
West,
Refunding
Series
2015
5
.000
09/15/25
265,396
2,480,000
Los
Angeles
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Clarendon
Apartments,
Senior
Series
2024A
4
.400
12/01/54
2,167,379
4,325,000
Los
Angeles
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Clarendon
Apartments,
Senior
Series
2024A
4
.550
12/01/61
4,004,420
TOTAL
HOUSING/MULTIFAMILY
240,308,191
HOUSING/SINGLE
FAMILY
-
0.3%
6,000,000
California
Department
of
Veterans
Affairs,
Home
Purchase
Revenue
Bonds,
Series
2024A
4
.300
12/01/54
5,444,015
TOTAL
HOUSING/SINGLE
FAMILY
5,444,015
LONG-TERM
CARE
-
0.1%
1,300,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015
5
.000
07/01/39
1,300,879
TOTAL
LONG-TERM
CARE
1,300,879
TAX
OBLIGATION/GENERAL
-
8.1%
1,000,000
Acalanes
Union
High
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Refunding
Series
2010A
0
.000
08/01/26
965,521
8,000,000
Antioch
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2024
Series
2024A
4
.000
08/01/47
7,392,705
6,375,000
Antioch
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Election
2024
Series
2024A
4
.000
08/01/50
5,747,636
5,570,000
(d)
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2012C
0
.000
05/01/42
4,127,837
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
2,500,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016
5
.000
%
09/01/45
$
2,524,876
835,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016
5
.000
09/01/46
843,005
22,700,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018
5
.000
10/01/47
22,832,237
1,770,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020
4
.000
11/01/45
1,647,587
3,385,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B
5
.000
08/01/55
3,452,102
4,900,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C
4
.000
08/01/49
4,450,683
14,500,000
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D
4
.000
07/15/40
14,517,338
2,745,000
Grossmont-Cuyamaca
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2018
4
.000
08/01/47
2,518,137
7,000,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A
4
.000
08/01/47
6,421,479
30,000
Long
Beach
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2009A
5
.500
08/01/29
30,120
6,225,000
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B
4
.000
08/01/42
5,764,490
10,000,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/40
9,496,623
4,040,000
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B
4
.000
08/01/47
3,712,161
2,290,000
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2019A
5
.000
08/01/44
2,360,936
9,440,000
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011
6
.375
08/01/45
10,776,450
7,070,089
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
4,792,200
1,535,000
(d)
San
Leandro
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2010C
-
AGC
Insured
0
.000
08/01/39
1,551,915
2,000,000
Victor
Valley
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
20008
Election
Series
2009A
-
AGC
Insured
5
.750
08/01/31
2,059,472
3,080,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B
5
.000
08/01/43
2,995,658
645,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A
5
.500
08/01/40
646,325
8,640,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B
4
.000
08/01/45
7,704,090
3,500,000
(d)
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D
0
.000
08/01/42
2,793,032
TOTAL
TAX
OBLIGATION/GENERAL
132,124,615
TAX
OBLIGATION/LIMITED
-
9.7%
995,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B
5
.000
09/01/35
997,306
1,035,000
Beaumont,
California,
Special
Tax
Bonds,
Community
Facilities
District
93-1
Improvement
Area
8D,
Series
2018A
5
.000
09/01/48
1,035,500
1,655,000
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005
-
AMBAC
Insured
5
.000
10/01/36
1,602,500
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
700,000
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A
-
AGM
Insured
5
.125
%
08/01/26
$
700,822
200,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
200,045
1,760,000
California
Community
College
Financing
Authority,
Lease
Revenue
Bonds,
Refunding
Series
2003
-
AMBAC
Insured
0
.000
06/01/33
1,254,386
2,040,000
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019
5
.000
08/01/44
2,073,479
1,960,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004
-
AMBAC
Insured
5
.000
12/01/25
1,962,723
750,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2020A
4
.000
09/01/45
652,143
4,325,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
California
Air
Resources
Board,
Southern
California
Headquarters
-
Mary
D.
Nichols
Campus,
Green
Series
2022D
4
.000
05/01/47
3,918,418
345,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A
8
.000
09/02/41
326,363
945,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B
5
.000
09/02/46
946,061
1,000,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018A
5
.000
09/02/47
1,002,705
775,000
City
of
Dublin,
California,
Community
Facilities
District
No.
2015-
1,
Dublin
Crossing,
Improvement
Area
No.
1,
Special
Tax
Bonds,
Series
2017
5
.000
09/01/37
787,300
800,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A
5
.000
09/01/43
804,436
1,800,000
Dublin
Community
Facilities
District
2015-1
Dublin
Crossing,
California,
Special
Tax
Bonds,
Improvement  Area
2,
Series
2019
5
.000
09/01/44
1,814,224
1,500,000
Elk
Grove
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015
-
BAM
Insured
5
.000
09/01/38
1,507,174
1,000,000
Folsom
Ranch
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Folsom
Community
Facilities
District
19
Mangini
Ranch,
Series
2019
5
.000
09/01/49
1,002,379
310,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
303,378
6,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/32
6,025,614
3,725,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
3,668,679
1,000,000
Huntington
Beach,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Huntington
Center,
Refunding
Series
2013
5
.375
09/01/33
1,000,964
4,585,000
Irvine
Facilities
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Great
Park
Infrastructure
Project
Series
2023A
5
.000
09/01/42
4,827,537
1,090,000
Irvine,
California,
Limited
Obligation
Improvement
Bonds,
Reassessment
District
15-2,
Series
2015
5
.000
09/02/42
1,090,370
790,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
A
&
C,
Series
2014C
5
.000
09/01/40
790,088
1,620,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015
5
.000
09/01/40
1,605,183
1,400,000
Lammersville
Joint
Unified
School
District,
San
Joaquin
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2014-
1
Improvement
Area
1
Mountain
House
School
Facilities,
Series
2017
5
.000
09/01/47
1,399,998
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,000,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015
5
.000
%
09/02/40
$
996,101
1,000,000
Los
Angeles
County
Facilities
Inc,
California,
Lease
Revenue
Bonds,
Vermont
Corridor
County
Administration
Building,
Series
2018A
5
.000
12/01/51
1,017,766
5,075,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A
5
.000
07/01/44
5,191,751
7,000,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1
5
.000
12/01/44
7,149,570
3,495,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1
5
.000
12/01/49
3,537,731
115,000
Menifee
Union
School
District
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2016A
-
BAM
Insured
5
.000
09/01/36
115,391
325,000
Menifee,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1,
Banner
Park
Series
2023A
5
.000
09/01/48
323,598
1,455,000
Modesto,
California,
Speical
Tax
Bonds,
Community
Faclities
District
2004-1
Village
One
2,
Refunding
Series
2014
5
.000
09/01/28
1,457,145
570,000
ndio,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-3
Terra
Lago,
Improvement
Area
1,
Series
2015
5
.000
09/01/35
571,222
3,250,000
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE
-
AGM
Insured
5
.000
09/01/35
3,260,261
3,215,000
Oakland
Redevelopment
Successor
Agency,
California,
Tax
Allocation
Bonds,
Refunding
Subordinated
Series
2015-TE
-
AGM
Insured
5
.000
09/01/36
3,223,783
255,000
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Esencia
Village,
Series
2015A
5
.250
08/15/45
254,982
15,907,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
5,106,692
31,031,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
29,155,350
5,920,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
5,129,971
7,525,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
6,746,218
4,180,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
5
.250
09/01/52
4,270,156
415,000
Riverside
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
32,
Series
2020
4
.000
09/01/45
360,376
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/28
1,003,205
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/29
1,002,925
1,000,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/30
1,001,361
3,390,000
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
Sales
Tax
Revenue
Bonds,
Series
2019A
4
.000
07/01/38
3,305,078
360,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014
5
.000
08/01/39
360,183
1,955,000
San
Francisco
City
and
County
Redevelopment
Agency,
California,
Hotel
Occupancy
Tax
Revenue
Bonds,
Refunding
Series
2011
-
AGM
Insured
5
.000
06/01/25
1,955,000
3,380,000
Santa
Barbara
Finance
Authority,
California,
Lease
Revenue
Bonds,
Public
Safety
and
Parks
Projects,
Series
2024
4
.000
05/15/54
2,983,808
75,000
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011
7
.000
10/01/26
75,211
2,235,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/43
2,242,561
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
380,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
%
09/01/44
$
381,081
525,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
09/01/49
526,301
650,000
Stockton,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2
Westlake
Villages
II
Improvement
Area
2,
Series
2024
5
.000
09/01/54
646,769
105,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
6
.125
09/01/37
108,920
1,345,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
2,
Series
2023
5
.625
09/01/43
1,400,979
3,120,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/45
3,028,830
395,000
Tustin,
California,
Special
Tax
Bonds,
Community
Facilities
District
06-1
Tustin
Legacy/Columbus
Villages,
Refunding
Series
2015A
5
.000
09/01/37
395,850
50,000
Tustin,
California,Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A
5
.000
09/01/40
50,051
100,000
Tustin,
California,Special
Tax
Bonds,
Community
Facilities
District
14-1
Tustin
Legacy/Standard
Pacific,
Refunding
Series
2015A
5
.000
09/01/45
100,028
625,000
Val
Verde
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-2,
Stratford
Improvement
Area
2
Series
2023
5
.000
09/01/48
627,928
7,600,000
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011
6
.000
09/01/33
7,618,817
7,920,000
Vista
Community
Development
Commission
Taxable
Non-
Housing
Tax
Allocation
Revenue
Bonds,
California,
Vista
Redevelopment
Project,
Series
2011
6
.125
09/01/37
7,939,357
TOTAL
TAX
OBLIGATION/LIMITED
157,922,082
TRANSPORTATION
-
18.0%
50,000
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016A
5
.000
10/01/25
50,134
4,375,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B
-
AGM
Insured,
(AMT)
4
.375
07/01/49
3,968,728
18,840,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
01/15/46
17,727,185
5,050,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Green
Series
2022G,
(AMT)
5
.000
05/15/52
4,977,295
1,550,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/37
1,504,643
1,250,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/38
1,196,644
1,930,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/39
1,833,053
2,255,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
(AMT)
5
.000
05/15/46
2,254,942
6,925,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B,
(AMT)
5
.000
05/15/46
6,853,896
1,935,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/36
1,960,783
24,440,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/44
24,202,575
2,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/30
2,086,616
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
2,415,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
%
05/15/34
$
2,479,857
1,695,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/35
1,732,080
3,500,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/39
3,523,254
3,600,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F,
(AMT)
5
.000
05/15/37
3,674,136
10,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019F,
(AMT)
5
.000
05/15/44
9,963,098
9,680,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(AMT)
5
.000
05/15/37
10,032,836
6,995,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
5
.000
05/15/45
7,005,131
1,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
4
.000
05/15/49
863,110
16,305,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C
4
.000
06/01/47
14,230,419
3,085,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/40
2,887,253
10,815,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/46
9,651,930
4,230,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/48
4,223,435
2,625,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A
5
.000
07/01/47
2,640,003
2,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A,
(AMT)
5
.000
07/01/47
1,969,328
4,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/49
3,914,745
2,500,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/46
2,483,798
7,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/51
6,893,563
16,055,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/41
17,012,926
2,175,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2024A,
(AMT)
5
.250
05/01/49
2,215,941
2,330,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2025A,
(AMT)
5
.250
05/01/55
2,358,017
6,130,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2025A,
(AMT)
5
.500
05/01/55
6,365,360
14,120,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B
5
.000
05/01/47
14,194,452
5,150,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/44
5,130,928
3,515,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/49
3,468,875
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
10,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
%
05/01/41
$
9,900,466
17,855,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
05/01/46
17,648,882
5,000,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
(AMT)
5
.000
05/01/47
4,943,100
7,170,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/43
7,099,791
9,315,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/48
9,126,519
1,025,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/40
1,034,879
18,500,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/45
18,304,490
16,460,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
14,418,447
3,195,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
3,195,496
TOTAL
TRANSPORTATION
293,203,039
U.S.
GUARANTEED
-
4.2%
(e)
8,310,000
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
(Pre-refunded
2/15/27)
5
.250
08/01/42
8,639,541
3,915,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
(Pre-refunded
9/01/25)
5
.000
09/01/40
3,935,288
185,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Refunding
Series
2015,
(Pre-refunded
11/01/25)
5
.000
11/01/36
186,646
5,360,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
5,540,256
10,845,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
(Pre-refunded
11/15/25)
5
.000
11/15/41
10,952,659
1,235,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
(Pre-refunded
4/01/30)
4
.000
04/01/49
1,299,478
40,000
(a)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Aspire
Public
Schools,
Refunding
Series
2016,
(Pre-refunded
8/01/25)
5
.000
08/01/46
40,105
265,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Community
High
School
Foundation
Inc,
Series
2017,
(Pre-refunded
6/01/27)
5
.000
06/01/47
275,100
5,270,000
Charter
Oak
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2012
Refunding
Series
2015A,
(Pre-refunded
8/01/25)
-
AGM
Insured
5
.000
08/01/40
5,286,919
500,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
(Pre-refunded
8/01/27)
-
AGM
Insured
6
.800
08/01/39
542,424
4,390,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
-
AMBAC
Insured,
(ETM)
0
.000
06/01/28
4,008,011
545,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
5
.000
05/15/37
592,594
5,870,000
Riverside
Community
College
District,
California,
General
Obligation
Bonds,
Refunding  Series
2015,
(Pre-refunded
8/01/25)
5
.000
08/01/29
5,890,799
2,000,000
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
8/01/26)
5
.000
08/01/41
2,054,512
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
GUARANTEED
(e)
(continued)
$
4,960,000
San
Dieguito
Union
High
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2015B-2,
(Pre-refunded
8/01/25)
4
.000
%
08/01/32
$
4,968,326
5,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(Pre-
refunded
5/01/28),
(AMT)
5
.000
05/01/48
5,168
6,240,000
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2010,
Series
2015A,
(Pre-refunded
9/01/25)
4
.000
09/01/31
6,258,525
7,800,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2015D,
(Pre-refunded
8/01/25)
5
.000
08/01/44
7,826,728
TOTAL
U.S.
GUARANTEED
68,303,079
UTILITIES
-
16.2%
12,110,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E,
(Mandatory
Put
9/01/32)
5
.000
02/01/55
12,721,979
2,890,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32)
5
.000
05/01/54
3,034,271
22,830,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024B,
(Mandatory
Put
12/01/32)
5
.000
01/01/55
23,486,054
14,365,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024C,
(Mandatory
Put
10/01/32)
5
.000
08/01/55
14,969,216
5,000,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
07/01/37
4,999,643
18,060,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
11/21/45
17,104,814
4,405,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019
5
.000
07/01/39
4,443,175
11,270,000
Central
Valley
Energy
Authority,
California,
Commodity
Supply
Revenue
Bonds,
Series
2025,
(Mandatory
Put
8/01/35)
5
.000
12/01/55
11,796,678
2,500,000
El
Dorado
Irrigation
District,
California,
Certificates
of
Participation,
Revenue
Bonds,
Series
2024A
4
.000
03/01/50
2,214,859
5,005,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016
5
.000
03/01/46
5,028,718
6,525,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A
5
.000
07/01/42
6,529,385
8,430,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017C
5
.000
07/01/47
8,311,686
4,770,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/45
4,737,151
32,975,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/50
32,927,391
6,065,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2021B
5
.000
07/01/51
6,033,384
2,040,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/47
2,052,435
5,165,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C
5
.000
07/01/52
5,135,444
5,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2023D
5
.000
07/01/43
5,095,130
5,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2023E
5
.000
07/01/53
4,962,211
465,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2025A
-
BAM
Insured
5
.000
07/01/53
470,618
6,640,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022D
5
.000
07/01/52
6,602,004
7,730,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2016A
5
.000
07/01/46
7,620,726
Portfolio
of
Investments
May
31,
2025
(continued)
California
Municipal
Bond
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
7,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
%
07/01/40
$
7,148,771
9,990,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/41
10,172,634
16,465,000
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2023A
5
.000
04/01/53
17,200,770
2,215,000
Pico
Rivera
Water
Authority,
California,
Revenue
Bonds,
Refunding
Water
System
Project,
Series
1999A
-
NPFG
Insured
5
.500
05/01/29
2,310,755
2,180,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,068,610
250,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
07/01/42
214,282
5,110,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
4
.000
07/01/42
4,379,934
900,000
San
Joaquin
County,
California,
Revenue
Bonds,
CSA
County
Service
Area
31,
Refunding
Series
2018A
5
.000
08/01/42
861,316
7,145,000
San
Joaquin
Valley
Clean
Energy
Authority,
California,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2025A,
(Mandatory
Put
7/01/35)
5
.500
01/01/56
7,746,742
3,520,000
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Clean
Energy
Project
Revenue
Bonds,
Series
2024A,
(Mandatory
Put
9/01/30)
5
.000
04/01/55
3,650,584
17,000,000
Southern
California
Public
Power
Authority,
Southern
Transmission
System
Renewal
Project
Revenue
Bonds,
Series
2023-1A
5
.000
07/01/48
17,087,829
TOTAL
UTILITIES
263,119,199
TOTAL
MUNICIPAL
BONDS
(Cost
$1,626,227,108)
1,534,204,228
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,626,227,108)
1,534,204,228
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.6%  
X
26,375,000
MUNICIPAL
BONDS
-
1.6%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
1.1%
$
18,000,000
(f),(g)
University
of
California,
General
Revenue
Bonds,
Series
2024BY-2
0
.900
05/15/54
$
18,000,000
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
18,000,000
WATER
AND
SEWER
-
0.5%
8,375,000
(f),(g)
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Adjustable
Rate
Series
2003A
0
.950
08/01/42
8,375,000
TOTAL
WATER
AND
SEWER
8,375,000
TOTAL
MUNICIPAL
BONDS
(Cost
$26,375,000)
26,375,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$26,375,000)
26,375,000
TOTAL
INVESTMENTS
-
95.9%
(Cost
$1,652,602,108)
1,560,579,228
BORROWINGS
-
(0.6)%
(h),(i)
(
10,200,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
4.7%
76,221,060
NET
ASSETS
-
100%
$
1,626,600,288
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$270,976,477
or
17.4%
of
Total
Investments.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
35
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(f)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(g)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
0.7%.
(i)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives
or
inverse
floating
rate
transactions,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
California
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,534,189,263
$
14,965
$
1,534,204,228
Short-Term
Investments:
Municipal
Bonds
–
26,375,000
–
26,375,000
Total
$
–
$
1,560,564,263
$
14,965
$
1,560,579,228
36
Portfolio
of
Investments
May
31,
2025
Connecticut
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.3%   
X
210,407,230
MUNICIPAL
BONDS
-
96.3%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
18.6%
$
1,885,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1
5
.000
%
07/01/46
$
1,855,419
750,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2017R
4
.000
07/01/47
636,257
2,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2022U
4
.000
07/01/52
2,100,272
1,545,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hopkins
School,
Series
2022E
5
.250
07/01/47
1,581,816
1,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hopkins
School,
Series
2022E
5
.000
07/01/53
1,001,649
1,130,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Loomis
Chaffe
School,
Series
2023L
4
.000
07/01/43
1,027,677
5,095,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L
5
.000
07/01/45
4,969,611
1,750,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2016M
5
.000
07/01/35
1,756,907
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2023N
5
.000
07/01/48
1,988,213
5,110,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1
5
.000
07/01/42
5,133,697
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2020K
5
.000
07/01/40
2,038,797
3,465,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
L
5
.000
07/01/42
3,535,514
790,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L
3
.000
07/01/41
638,513
2,210,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Taft
School
Isue,
Series
2021L
3
.000
07/01/46
1,670,172
1,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2020R
4
.000
06/01/45
1,333,973
4,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S
4
.000
06/01/46
3,520,484
1,175,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
College,
Series
2021S
4
.000
06/01/51
989,160
1,900,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Hartford,
Series
2022P
5
.375
07/01/52
1,668,550
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
New
Haven,
Series
2018K-1
5
.000
07/01/37
2,009,913
1,200,000
University
of
Connecticut,
Student
Fee
Revenue
Bonds,
Special
Obligation
Series
2023A
5
.250
11/15/48
1,278,106
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
40,734,700
HEALTH
CARE
-
16.5%
4,600,000
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds,
Hartford
HealthCare,
Series
2015F
5
.000
07/01/45
4,458,925
1,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Children?s
Medical
Center
and
Subsidiaries,
Series
2023E
5
.250
07/15/48
1,022,348
5,160,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Children?s
Medical
Center
and
Subsidiaries,
Series
2023E
4
.250
07/15/53
4,504,175
695,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Griffin
Hospital,
Series
2020G-1
5
.000
07/01/39
667,727
1,085,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2020A
4
.000
07/01/40
994,271
3,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A
-
BAM
Insured
4
.000
07/01/51
2,566,587
500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare,
Series
2014E
5
.000
07/01/42
487,169
1,995,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Middlesex
Hospital,
Series
2015O
5
.000
07/01/36
1,995,427
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,455,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
%
07/01/34
$
2,438,482
2,860,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
4
.000
07/01/41
2,596,093
6,020,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
-
BAM
Insured
4
.000
07/01/49
5,231,663
1,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Forward
Delivery
Series
2022M
4
.000
07/01/42
1,346,159
1,885,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2016K
4
.000
07/01/46
1,627,773
2,350,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT
5
.000
12/01/41
2,353,560
2,000,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2016CT
5
.000
12/01/45
1,980,406
985,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2024A
5
.000
07/01/45
1,018,771
795,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Yale-New
Haven
Health
Issue,
Series
2024A
5
.000
07/01/47
819,764
TOTAL
HEALTH
CARE
36,109,300
HOUSING/MULTIFAMILY
-
1.2%
1,890,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2019B-1
3
.300
11/15/39
1,617,553
1,000,000
(b)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2025C-1
4
.650
11/15/40
1,000,643
TOTAL
HOUSING/MULTIFAMILY
2,618,196
HOUSING/SINGLE
FAMILY
-
1.6%
1,440,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3
2
.150
11/15/41
967,366
1,560,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Green
Series
2021B-3
2
.300
11/15/46
962,711
190,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2020E-3
1
.850
05/15/38
132,176
1,430,000
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A
4
.600
11/15/49
1,380,745
TOTAL
HOUSING/SINGLE
FAMILY
3,442,998
LONG-TERM
CARE
-
5.7%
1,100,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Duncaster,
Inc.,
Series
2014A
5
.000
08/01/44
1,029,158
2,600,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Healthcare
Facility
Expansion
Church
Home
of
Hartford
Inc.
Project,
Series
2016A
5
.000
09/01/46
2,395,483
900,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1
4
.500
10/01/34
814,805
200,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1
5
.000
10/01/54
148,468
4,365,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Masonicare
Issue,
Series
2016F
5
.000
07/01/37
4,270,247
2,650,000
(a)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A
5
.000
01/01/45
2,259,493
730,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E
4
.000
07/01/41
626,623
1,250,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
The
Jerome
Home
Issue,
Series
2021E
4
.000
07/01/51
951,145
TOTAL
LONG-TERM
CARE
12,495,422
TAX
OBLIGATION/GENERAL
-
22.5%
2,000,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2016D
-
AGM
Insured
5
.000
08/15/41
2,003,622
1,000,000
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2024A
-
BAM
Insured
5
.000
07/01/44
1,032,827
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27
2
.400
06/15/41
698,793
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-27
2
.550
06/15/46
655,813
Portfolio
of
Investments
May
31,
2025
(continued)
Connecticut
Municipal
Bond
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,000,000
Connecticut
Housing
Finance
Authority,
State
Supported
Special
Obligation
Bonds,
Series
2021-28
2
.375
%
06/15/40
$
728,107
2,370,000
Connecticut
State,
General
Obligation
Bonds,
Series
2015F
5
.000
11/15/34
2,377,914
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2017A
5
.000
04/15/34
1,025,849
3,270,000
Connecticut
State,
General
Obligation
Bonds,
Series
2017A
5
.000
04/15/35
3,349,413
1,510,000
Connecticut
State,
General
Obligation
Bonds,
Series
2018A
5
.000
04/15/37
1,555,647
1,325,000
Connecticut
State,
General
Obligation
Bonds,
Series
2018C
5
.000
06/15/38
1,356,851
1,450,000
Connecticut
State,
General
Obligation
Bonds,
Series
2019A
4
.000
04/15/37
1,443,849
650,000
Connecticut
State,
General
Obligation
Bonds,
Series
2019A
5
.000
04/15/39
669,852
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2020A
4
.000
01/15/37
2,001,330
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2021A
-
BAM
Insured
3
.000
01/15/40
1,644,501
500,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
4
.000
05/01/41
480,376
2,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
5
.000
05/01/42
2,106,846
1,000,000
Connecticut
State,
General
Obligation
Bonds,
Series
2024D
5
.000
05/01/44
1,046,047
225,000
Connecticut
State,
General
Obligation
Bonds,
Social
Series
2024G
3
.000
11/15/43
173,031
300,000
East
Haddam,
Connecticut,
General
Obligation
Bonds,
Series
2020A
3
.000
12/01/37
262,544
325,000
East
Lyme,
Connecticut,
General
Obligation
Bonds,
Series
2020
3
.000
07/15/40
260,461
1,035,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2018
5
.000
07/15/35
1,078,288
1,075,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
07/15/39
1,037,471
3,000,000
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2023
4
.000
08/01/43
2,804,494
2,285,000
Naugatuck,
Connecticut,
General
Obligation
Bonds,
Tax
Increment
Series
2023
5
.250
10/15/48
2,374,179
1,000,000
Naugatuck,
Connecticut,
General
Obligation
Bonds,
Tax
Increment
Series
2023
4
.625
10/15/53
954,936
5,000,000
New
Britain,
Connecticut,
General
Obligation
Bonds,
Series
2022A
-
BAM
Insured
5
.000
03/01/47
5,075,426
1,000,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2016A
-
AGM
Insured
5
.000
08/15/36
1,012,267
795,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/32
797,676
1,620,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/33
1,624,912
500,000
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
-
AGM
Insured
5
.000
09/01/35
501,255
1,035,000
Oxford,
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
08/01/39
1,008,018
2,370,000
Stratford,
Connecticut,
General
Obligation
Bonds,
Series
2017
-
BAM
Insured
4
.000
01/01/39
2,296,143
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/30
556,855
485,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/31
486,548
765,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/32
767,303
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/33
556,565
555,000
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
-
BAM
Insured
5
.000
08/01/34
556,444
750,000
West
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2020
-
BAM
Insured
4
.000
03/15/40
701,919
TOTAL
TAX
OBLIGATION/GENERAL
49,064,372
TAX
OBLIGATION/LIMITED
-
19.8%
1,685,000
Connecticut
Higher
Education
Supplemental
Loan
Authority,
State
Supported
Revenue
Bonds,
CHESLA
Loan
Program,
Series
2020B,
(AMT)
3
.250
11/15/36
1,506,222
1,390,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2015A
5
.000
08/01/33
1,391,798
1,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A
5
.000
09/01/32
1,019,309
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
3,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A
5
.000
%
09/01/33
$
3,561,827
2,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/37
2,051,768
2,000,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
5
.000
01/01/38
2,044,498
1,500,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2021A
4
.000
05/01/40
1,431,912
2,080,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2023A
5
.250
07/01/44
2,208,715
3,350,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2024A-2
5
.000
07/01/43
3,526,105
965,000
(a)
Great
Pond
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Great
Pond
Phase
1
Project,
Series
2019
4
.750
10/01/48
869,368
500,000
(a)
Great
Pond
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Great
Pond
Phase
2
Project,
Series
2022
5
.750
10/01/52
502,253
3,720,000
(a)
Harbor
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Harbor
Point
Project,
Refunding
Series
2017
5
.000
04/01/39
3,727,310
635,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
609,600
1,825,000
Naugatuck,
Connecticut,
Certificates
of
Participation,
Incineration
Facilities
Project,
Series
2021A,
(AMT)
4
.000
08/15/41
1,603,502
1,860,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
597,124
4,250,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
3,892,128
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
939,556
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Series
2019A-2B
4
.550
07/01/40
954,024
2,050,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
1,837,840
100,000
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021
4
.000
04/01/51
80,615
500,000
(a)
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2024
6
.000
04/01/52
520,573
1,590,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A
5
.000
02/15/34
1,591,649
3,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2017A
5
.000
01/15/36
3,060,180
1,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A
5
.000
11/01/36
1,037,033
1,000,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2019A
4
.000
11/01/38
981,604
420,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2023A
5
.000
08/15/43
436,006
1,250,000
(b)
Virgin
Islands
Transportation
&
Infrastructure
Corporation,
Virgin
Islands,
Grant
Anticipation
Revenue
Bonds,
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note,
Series
2025
5
.000
09/01/41
1,293,309
TOTAL
TAX
OBLIGATION/LIMITED
43,275,828
Portfolio
of
Investments
May
31,
2025
(continued)
Connecticut
Municipal
Bond
40
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
-
3.4%
$
1,500,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A
-
BAM
Insured,
(AMT)
4
.000
%
07/01/49
$
1,282,806
6,125,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A,
(AMT)
5
.000
07/01/49
5,994,453
100,000
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2024A,
(AMT)
5
.250
10/01/41
102,147
TOTAL
TRANSPORTATION
7,379,406
UTILITIES
-
7.0%
60,000
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Series
2005A
-
NPFG
Insured
5
.000
08/15/35
60,036
1,000,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/37
1,006,347
1,000,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/40
1,000,994
295,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A
5
.000
01/01/50
282,527
200,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2024A
5
.000
10/01/43
203,630
1,555,000
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2024
4
.000
10/01/36
1,586,658
1,795,000
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Series
2024
4
.000
10/01/37
1,807,228
1,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
948,903
2,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/33
2,047,753
2,540,000
South
Central
Connecticut
Regional
Water
Authority,
Connecticut,
Water
System
Revenue
Bonds,
Thirty-Ninth
Series
2025A
5
.000
08/01/54
2,614,709
2,685,000
South
Central
Connecticut
Regional
Water
Authority,
Connecticut,
Water
System
Revenue
Bonds,
Thirty-Seventh
Series
2023A-1
5
.000
08/01/51
2,766,830
500,000
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2013A
5
.250
08/15/43
500,511
500,000
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2019
4
.000
04/01/44
460,882
TOTAL
UTILITIES
15,287,008
TOTAL
MUNICIPAL
BONDS
(Cost
$222,320,513)
210,407,230
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$222,320,513)
210,407,230
OTHER
ASSETS
&
LIABILITIES,
NET
-
3.7%
8,016,731
NET
ASSETS
-
100%
$
218,423,961
AMT
Alternative
Minimum
Tax
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$14,902,136
or
7.1%
of
Total
Investments.
(b)
When-issued
or
delayed
delivery
security.
41
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Connecticut
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
210,407,230
$
–
$
210,407,230
Total
$
–
$
210,407,230
$
–
$
210,407,230
42
Portfolio
of
Investments
May
31,
2025
Massachusetts
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
99.8%   
X
384,927,226
MUNICIPAL
BONDS
-
99.8%  
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
27.1%
$
2,065,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5
.000
%
06/15/39
$
2,044,916
1,750,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5
.000
06/15/49
1,643,736
1,260,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5
.000
10/01/39
1,268,341
5,165,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5
.000
10/01/46
5,173,937
2,350,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T
5
.000
07/01/39
2,392,497
1,020,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T
5
.000
07/01/42
1,031,610
4,545,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2025B-2
5
.000
10/01/48
4,712,273
1,195,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/37
1,235,434
840,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/38
865,035
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Brandeis
University
Issue,
Series
2018R
5
.000
10/01/39
1,026,531
1,510,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A
5
.250
01/01/42
1,513,273
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A
5
.000
01/01/47
1,454,412
1,600,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5
.000
01/01/37
1,621,472
6,020,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5
.000
01/01/40
6,044,860
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2018
5
.000
01/01/43
1,987,538
680,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2025
5
.250
01/01/44
701,133
2,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A
5
.000
10/01/43
2,320,203
2,055,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016
5
.000
07/01/36
2,061,895
550,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
3
.500
07/01/35
507,072
235,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
5
.000
07/01/37
235,174
700,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017
5
.000
07/01/37
702,061
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2022
5
.000
07/01/52
930,138
1,220,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Middlesex
School,
Series
2024
4
.250
07/01/54
1,071,175
2,080,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2022
5
.000
10/01/44
2,139,601
2,495,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015
5
.000
07/01/33
2,496,171
2,415,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2016
4
.000
07/01/41
2,264,184
610,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019
5
.000
07/01/37
609,235
875,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q
5
.000
08/15/38
876,821
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wentworth
Institute
of
Technology,
Series
2017
5
.000
10/01/46
2,809,200
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H
5
.000
01/01/37
1,010,505
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
%
06/01/37
$
1,020,874
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
06/01/38
1,016,306
6,210,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5
.000
06/01/48
6,150,400
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B
5
.000
09/01/42
5,010,346
7,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B
5
.000
09/01/45
6,912,888
745,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2019
5
.000
09/01/33
784,717
3,000,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Olin
College,
Refunding
Series
2023G
5
.250
11/01/51
3,060,983
700,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017
5
.000
07/01/35
700,050
500,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017
5
.000
07/01/36
498,540
2,345,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Refunding
Series
2016
5
.000
01/01/36
2,361,601
2,100,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A
-
AMBAC
Insured
5
.750
01/01/42
2,379,388
1,000,000
Massachusetts
Educational
Financing
Authority,
Student
Loan
Revenue
Bonds,
Issue
I
Series
2014,
(AMT)
5
.000
01/01/27
1,001,327
3,355,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1
5
.000
11/01/40
3,361,020
5,550,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1
4
.000
11/01/46
4,921,242
10,605,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1
5
.000
11/01/52
10,754,993
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
104,685,108
HEALTH
CARE
-
23.4%
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N
5
.000
07/01/34
1,000,613
5,700,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N
5
.000
07/01/44
5,699,605
10,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T
5
.250
03/01/54
10,318,152
7,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D
5
.000
07/01/44
7,575,363
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E
5
.000
07/01/32
2,002,404
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5
.250
07/01/48
2,971,697
9,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5
.250
07/01/52
9,273,350
1,675,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
07/01/30
1,693,654
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
07/01/37
1,505,017
1,935,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5
.000
07/01/38
1,938,906
900,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/30
900,622
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/32
1,000,462
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5
.000
07/01/33
500,159
4,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5
.000
07/01/48
4,010,192
6,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
6,018,338
2,645,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F
5
.000
08/15/35
2,645,543
Portfolio
of
Investments
May
31,
2025
(continued)
Massachusetts
Municipal
Bond
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
5,325,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F
5
.000
%
08/15/45
$
5,170,238
6,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2024D
5
.000
07/01/47
6,067,499
1,250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q
4
.000
07/01/41
1,119,302
4,710,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2016Q
5
.000
07/01/47
4,661,038
2,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1
5
.000
07/01/37
2,236,878
1,750,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F
5
.000
07/01/27
1,751,518
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F
5
.000
07/01/37
1,000,438
3,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G
5
.000
07/01/44
3,492,754
890,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K
5
.000
07/01/38
897,070
400,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
3
.625
07/01/37
344,413
1,855,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
5
.000
07/01/44
1,821,321
2,065,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Issue
Series
2025N-1
5
.250
07/01/50
2,085,862
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A
5
.000
07/01/44
472,912
TOTAL
HEALTH
CARE
90,175,320
HOUSING/MULTIFAMILY
-
1.7%
4,923,126
Massachusetts
Development
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Salem
Heights
II
Preservation
Associates
LP,
Social
Series
2021A
2
.300
01/01/42
3,303,479
500,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CHF
Merrimack,
Inc.
Merrimack
College
Student
Housing
Project,
Series
2024A
4
.250
07/01/34
489,294
200,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CHF
Merrimack,
Inc.
Merrimack
College
Student
Housing
Project,
Series
2024A
5
.000
07/01/54
183,851
2,685,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2022C-1
5
.000
12/01/47
2,703,301
TOTAL
HOUSING/MULTIFAMILY
6,679,925
LONG-TERM
CARE
-
1.0%
1,910,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
4
.125
10/01/42
1,655,565
275,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
5
.000
10/01/47
255,265
560,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015
5
.000
07/01/31
560,361
400,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019
5
.000
10/01/39
403,955
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022
5
.250
01/01/50
885,507
TOTAL
LONG-TERM
CARE
3,760,653
TAX
OBLIGATION/GENERAL
-
21.2%
825,000
Andover,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022
4
.000
07/15/42
796,893
3,800,000
(b)
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2025A
5
.000
02/01/45
4,001,275
1,440,000
Central
Berkshire
Regional
School
District,
Dalton,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Series
2019
3
.000
06/01/39
1,197,563
45
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
4,000,000
East
Longmeadow,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2024
4
.000
%
11/01/54
$
3,468,858
1,740,000
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011
5
.000
02/15/32
1,742,063
7,400,000
Lincoln,
Massachusetts,
General
Obligation
Bonds,
School
Series
2019
4
.000
03/01/49
6,756,927
2,000,000
Massachusetts
Development
Finance
Agency,
Special
Obligation
Bonds,
Commonwealth
Contract  Assistance,
Series
2015A
4
.000
05/01/45
1,845,843
3,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C
5
.000
07/01/45
2,999,761
5,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2018A
5
.000
01/01/47
5,035,087
1,775,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A
5
.000
01/01/49
1,791,988
8,335,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019C
5
.000
05/01/45
8,463,386
7,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C
5
.250
10/01/47
7,330,343
15,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2022E
5
.000
11/01/52
15,204,595
1,000,000
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012
5
.000
05/15/35
1,000,955
1,685,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2022
4
.000
04/15/47
1,498,084
1,965,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2024
4
.000
05/15/46
1,761,087
1,950,000
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019
3
.000
09/01/42
1,506,016
3,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
2,467,458
3,000,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022B
5
.000
07/01/47
3,092,476
1,500,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022B
5
.000
07/01/51
1,531,686
5,535,000
Taunton,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2024
4
.000
03/01/51
4,872,384
3,440,000
Webster,
Massachusetts,
General
Obligation
Bonds,
Qualified
School
Project,
Chapter
70B,
Loan
Series
2022
4
.000
12/01/42
3,260,201
TOTAL
TAX
OBLIGATION/GENERAL
81,624,929
TAX
OBLIGATION/LIMITED
-
15.4%
1,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
984,880
1,160,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/31
1,176,211
2,000,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
5
.000
12/01/46
1,977,077
1,010,000
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2014
-
BAM
Insured
5
.000
05/01/33
1,013,607
500,000
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017
-
BAM
Insured
5
.000
05/01/36
512,024
2,500,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2023A-1
5
.250
07/01/53
2,593,099
5,000,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Sustainability
Series
2024B
5
.250
07/01/54
5,222,919
2,050,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2017A-2
5
.000
07/01/44
2,060,756
3,065,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2017A-2
5
.000
07/01/46
3,074,473
4,330,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1
4
.000
07/01/39
4,193,247
650,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Refunding
Senior
Series
2015C
5
.000
08/15/37
649,966
Portfolio
of
Investments
May
31,
2025
(continued)
Massachusetts
Municipal
Bond
46
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
3,020,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Social
Series
2020A
5
.000
%
08/15/50
$
3,059,803
3,000,000
Massachusetts
State,
Special
Obligation
Dedicated
Tax
Revenue
Bonds,
Refunding
Series
2005
-
NPFG
Insured
5
.500
01/01/34
3,352,086
8,180,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2017A
5
.000
06/01/47
8,212,894
5,540,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2019A
5
.000
06/01/49
5,592,844
1,665,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Refunding
Series
2021A
5
.000
06/01/42
1,730,273
1,510,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
1,449,600
3,177,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.550
07/01/40
3,030,934
4,725,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
4,327,131
5,840,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
5,235,603
TOTAL
TAX
OBLIGATION/LIMITED
59,449,427
TRANSPORTATION
-
2.8%
1,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
(AMT)
5
.000
07/01/42
1,502,211
1,780,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A
5
.000
07/01/34
1,780,673
1,425,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A
5
.000
07/01/40
1,419,535
3,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2019C,
(AMT)
5
.000
07/01/49
3,458,700
2,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2021E,
(AMT)
5
.000
07/01/46
2,490,222
TOTAL
TRANSPORTATION
10,651,341
U.S.
GUARANTEED
-
2.0%
(c)
6,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Atrius
Health
Issue,
Series
2019A,
(Pre-refunded
6/01/29)
5
.000
06/01/39
6,488,201
100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
(ETM)
5
.000
07/15/30
108,928
100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
(Pre-
refunded
7/15/30)
5
.000
07/15/37
108,929
1,000,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2016B,
(Pre-refunded
8/01/26)
5
.000
08/01/40
1,025,978
TOTAL
U.S.
GUARANTEED
7,732,036
UTILITIES
-
5.2%
4,000,000
Boston
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Senior
Series
2018A
4
.000
11/01/40
3,902,584
2,805,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5
.000
07/01/40
2,807,789
920,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
01/01/46
889,311
2,500,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A
5
.000
01/01/50
2,394,295
1,650,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
23B
Series
2021
5
.000
02/01/41
1,724,153
1,310,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/40
1,253,177
1,400,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/41
1,320,206
2,000,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4
.000
07/01/46
1,801,536
3,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
5
.000
07/01/37
3,035,243
47
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,010,000
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C
5
.000
%
04/15/33
$
1,040,193
TOTAL
UTILITIES
20,168,487
TOTAL
MUNICIPAL
BONDS
(Cost
$397,342,760)
384,927,226
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$397,342,760)
384,927,226
BORROWINGS
-
(0.5)%
(d),(e)
(
1,800,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.7%
2,520,740
NET
ASSETS
-
100%
$
385,647,966
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$5,619,218
or
1.5%
of
Total
Investments.
(b)
When-issued
or
delayed
delivery
security.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(d)
Borrowings
as
a
percentage
of
Total
Investments
is
0.5%.
(e)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives
or
inverse
floating
rate
transactions,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
Massachusetts
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
384,927,226
$
–
$
384,927,226
Total
$
–
$
384,927,226
$
–
$
384,927,226
48
Portfolio
of
Investments
May
31,
2025
New
Jersey
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
99.0%   
X
317,705,664
MUNICIPAL
BONDS
-
99.0%  
X
–
CONSUMER
STAPLES
-
3.6%
$
3,460,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
4
.000
%
06/01/37
$
3,227,749
3,590,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
3,544,963
4,890,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B
5
.000
06/01/46
4,694,540
TOTAL
CONSUMER
STAPLES
11,467,252
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
16.2%
1,240,000
Atlantic
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Stockton
University
Atlantic
City
Campus
Phase
II,
Series
2021A
-
AGM
Insured
4
.000
07/01/47
1,077,141
715,000
Camden
County
Improvement
Authority,
New
Jersey,
School
Revenue
Bonds,
KIPP:
Cooper
Norcross
Academy
2022
Project,
Social
Series
2022
6
.000
06/15/62
733,441
1,000,000
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-
Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A
-
BAM
Insured
4
.000
08/01/60
856,677
1,050,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Gauranteed
Loan,
Series
2019
5
.000
07/01/44
1,069,175
1,080,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Guaranteed
Loan,
Series
2024
-
BAM
Insured
5
.000
07/01/49
1,097,055
1,000,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Project,
County
Guaranteed
Loan,
Series
2024
-
BAM
Insured
5
.000
07/01/54
1,009,833
225,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A
5
.000
07/01/38
219,029
2,805,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
4
.000
07/15/37
2,639,978
100,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017
5
.000
07/15/47
97,174
100,000
(a)
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A
5
.125
09/01/52
94,437
355,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017
3
.000
06/01/32
337,626
195,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017
5
.000
06/01/32
200,746
1,145,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F
3
.000
07/01/40
902,023
950,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H
-
AGM
Insured
4
.000
07/01/39
916,185
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D
5
.000
07/01/31
1,000,938
1,055,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D
3
.750
07/01/33
1,040,517
2,150,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2024A
-
AGM
Insured
5
.000
07/01/43
2,231,211
1,125,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2017I
5
.000
07/01/35
1,153,879
2,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2024C
5
.000
03/01/26
2,032,543
2,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Series
2024A-1
5
.000
03/01/37
2,190,850
49
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Series
2024B
5
.250
%
03/01/54
$
2,083,942
1,350,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Series
2025A,
(Mandatory
Put
7/01/35)
5
.000
07/01/64
1,493,723
360,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
3
.750
07/01/37
265,158
1,370,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
4
.000
07/01/42
944,232
2,265,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F
5
.000
07/01/47
1,681,859
1,000,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2015C
5
.000
07/01/32
1,000,522
530,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D
5
.000
07/01/38
530,015
1,870,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
3
.000
07/01/41
1,431,915
2,430,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
3
.000
07/01/46
1,708,420
1,085,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
4
.000
07/01/46
910,829
1,040,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2020C
-
AGM
Insured
3
.250
07/01/49
794,250
3,225,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology
Issue,
Green
Series
2020A
4
.000
07/01/50
2,734,145
500,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
4
.000
07/01/47
433,204
380,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
5
.000
07/01/47
379,661
695,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2021B,
(AMT)
2
.500
12/01/40
631,065
485,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
3
.750
12/01/31
480,574
105,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A,
(AMT)
4
.000
12/01/35
104,738
1,375,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2023B,
(AMT)
4
.000
12/01/44
1,269,625
500,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2024B,
(AMT)
4
.250
12/01/45
483,570
1,000,000
(b)
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2025-1B,
(AMT)
4
.500
12/01/45
974,553
1,270,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2021C,
(AMT)
3
.250
12/01/51
839,875
450,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A,
(AMT)
3
.500
12/01/32
450,631
115,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A,
(AMT)
4
.000
12/01/39
115,459
80,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
3
.750
12/01/33
79,781
10,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2017-1A,
(AMT)
4
.000
12/01/40
9,950
435,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2019B,
(AMT)
3
.250
12/01/39
406,091
400,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020B,
(AMT)
3
.500
12/01/39
380,521
1,740,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2017-C,
(AMT)
4
.250
12/01/47
1,515,706
1,460,000
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2019C,
(AMT)
3
.625
12/01/49
1,072,669
2,005,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A
5
.000
07/01/45
2,007,988
1,445,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2025A
-
BAM
Insured
5
.000
07/01/45
1,493,679
Portfolio
of
Investments
May
31,
2025
(continued)
New
Jersey
Municipal
Bond
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,145,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2025A
-
BAM
Insured
5
.250
%
07/01/50
$
1,190,115
1,335,000
Passaic
County
Improvement
Authority,
New
Jersey,
Charter
School
Revenue
Bonds,
Paterson
Arts
&
Science
Charter
School,
Series
2023
5
.375
07/01/53
1,339,370
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
52,138,293
FINANCIALS
-
0.1%
280,284
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002
6
.500
04/01/28
289,723
TOTAL
FINANCIALS
289,723
HEALTH
CARE
-
8.5%
1,800,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
2
.375
07/01/46
1,090,582
1,800,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
3
.000
07/01/46
1,322,284
1,000,000
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021
3
.000
07/01/51
686,038
70,000
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A
5
.000
07/01/27
70,050
1,395,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016
4
.000
07/01/41
1,290,040
965,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A
5
.000
07/01/57
950,787
1,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A
5
.000
07/01/27
1,017,595
2,105,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A
4
.000
07/01/41
1,960,367
2,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A
5
.000
07/01/42
1,995,090
1,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
4
.125
07/01/54
860,804
2,000,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2024A
5
.250
07/01/54
2,028,432
610,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A
5
.000
07/01/33
619,107
600,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A
5
.000
07/01/34
608,430
1,090,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A
5
.000
07/01/43
1,081,083
2,140,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
4
.000
07/01/45
1,936,624
2,145,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A
3
.000
07/01/51
1,519,645
2,710,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
3
.000
07/01/32
2,442,700
370,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
4
.000
07/01/34
356,080
2,290,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
5
.000
07/01/41
2,281,988
1,450,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016
4
.000
07/01/48
1,195,395
1,185,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019
4
.000
07/01/44
1,057,244
1,215,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019
3
.000
07/01/49
878,779
TOTAL
HEALTH
CARE
27,249,144
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
-
6.0%
$
150,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A
5
.000
%
07/01/47
$
137,275
450,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A
5
.000
01/01/50
406,417
2,440,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015
5
.000
07/01/47
2,103,773
1,423,237
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B
2
.375
01/01/39
1,068,004
520,000
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Riverview
Towers
Apartments,
Series
2024B
5
.250
12/20/65
527,080
705,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Montgomery
Gateway
Apartments,
Series
2025A
4
.550
05/01/41
701,307
1,310,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A
4
.000
11/01/45
1,141,570
1,135,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016A
3
.750
11/01/45
966,009
2,145,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B
3
.600
11/01/40
1,910,787
1,360,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.600
11/01/33
1,315,736
1,045,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
3
.950
11/01/43
936,852
650,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
4
.000
11/01/48
574,261
500,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A
4
.100
11/01/53
417,080
1,750,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
2
.900
11/01/39
1,370,703
530,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.000
11/01/44
405,972
870,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.050
11/01/49
626,026
490,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A
3
.150
05/01/53
340,028
600,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A
2
.450
11/01/45
389,552
2,470,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A
2
.450
11/01/41
1,733,697
1,090,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023C,
(AMT)
4
.850
05/01/33
1,091,393
855,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023E-1
4
.500
05/01/50
804,003
500,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023E-1
4
.550
05/01/55
458,437
TOTAL
HOUSING/MULTIFAMILY
19,425,962
HOUSING/SINGLE
FAMILY
-
5.9%
920,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A
3
.750
10/01/35
875,552
2,150,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018B,
(AMT)
3
.800
10/01/32
2,071,958
2,710,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C
4
.000
04/01/49
2,277,484
1,540,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E
2
.250
10/01/40
1,090,765
980,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E
3
.500
04/01/51
974,092
2,000,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2024K
4
.150
10/01/39
1,907,302
Portfolio
of
Investments
May
31,
2025
(continued)
New
Jersey
Municipal
Bond
52
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE
FAMILY
(continued)
$
7,080,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021H
2
.300
%
10/01/46
$
4,398,288
1,885,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I
4
.500
10/01/42
1,861,025
1,445,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I
4
.600
10/01/46
1,404,296
1,000,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023J
4
.500
10/01/43
974,038
1,150,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023J
4
.700
10/01/48
1,125,067
TOTAL
HOUSING/SINGLE
FAMILY
18,959,867
INDUSTRIALS
-
0.8%
500,000
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A,
(AMT)
5
.000
06/15/37
492,989
1,000,000
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A,
(AMT)
5
.125
06/15/43
947,946
1,000,000
(a)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Dock
and
Wharf
Facility
Revenue
Bonds,
Repauno
Port
&
Rail
Terminal
Project,
Series
2025,
(AMT)
6
.625
01/01/45
1,014,216
TOTAL
INDUSTRIALS
2,455,151
LONG-TERM
CARE
-
0.7%
530,000
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014
5
.250
01/01/44
482,350
2,133,201
(a)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020
5
.000
01/01/40
1,372,570
485,000
(a)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018
5
.750
10/01/38
348,464
TOTAL
LONG-TERM
CARE
2,203,384
TAX
OBLIGATION/GENERAL
-
14.3%
3,995,000
Bridgewater
&
Raritan
School
District,
Somerset
County,
New
Jersey,
General
Obligation
Bonds,
Series
2024
4
.000
07/15/45
3,607,718
775,000
Cumberland
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Vineland
Public
Safety
Building
Project,
Series
2017
3
.250
12/15/37
698,362
585,000
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2024
2
.000
08/15/26
575,071
1,000,000
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.000
05/15/29
921,997
15,000
Flemington-Raritan
Regional
School
District,
Hunterdon
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019
2
.375
09/01/34
12,507
600,000
Gloucester
County
Improvement
Authority,
New
Jersey,
General
Obligation
Loan
Revenue
Bonds,
Health
Sciences
Educational
Facilities
Projects
Series
2024
5
.000
03/01/26
609,629
1,065,000
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019
-
BAM
Insured
2
.000
02/01/28
1,012,688
1,000,000
Gloucester
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2019
-
BAM
Insured
2
.250
02/01/29
942,549
1,040,000
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
-
BAM
Insured
3
.375
03/01/34
1,010,570
1,075,000
Holmdel
Township,
Monmouth,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.000
11/15/34
858,833
1,000,000
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Courthouse
Project,
Series
2020
4
.000
10/01/51
873,722
5,490,000
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016
5
.000
05/01/46
5,489,937
1,500,000
Hudson
County,
New
Jersey,
Bond
Anticipation
Notes,
Series
2025
4
.000
02/26/26
1,510,426
1,000,000
Jersey
City
Board
of
Education,
Hudson
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Refunding
Series
2023
-
AGM
Insured
4
.250
08/15/45
940,781
53
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,000,000
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2022A
3
.000
%
02/15/37
$
875,712
1,000,000
Madison
Borough
Board
of
Education,
Morris
County,
New
Jersey,
General
Obligation
Bonds,
School
Series
2024
1
.000
08/15/30
879,565
1,125,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2022C
5
.000
08/15/40
1,207,232
575,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/36
640,937
500,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2023
5
.000
12/01/41
536,750
1,120,000
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2024A
5
.000
12/01/37
1,251,201
1,000,000
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A
-
BAM
Insured
5
.000
09/01/32
1,018,326
235,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
5
.000
06/01/25
235,000
5,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
5
.000
06/01/28
5,307
1,400,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
4
.000
06/01/31
1,470,457
205,000
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A
3
.000
06/01/32
198,636
605,000
Newark
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Series
2021
-
BAM
Insured
4
.000
07/15/36
605,584
500,000
Newark,
Essex
County,
New
Jersey,
Mass
Transit
Access
Tax
Revenue
Bonds,
Mulberry
Pedestrian
Bridge
Redevelopment
Project,
Series
2022
-
AGM
Insured
5
.375
11/15/52
528,919
600,000
Newark,
Essex
County,
New
Jersey,
Mass
Transit
Access
Tax
Revenue
Bonds,
Mulberry
Pedestrian
Bridge
Redevelopment
Project,
Series
2022
-
AGM
Insured
6
.000
11/15/62
657,494
1,500,000
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019
2
.250
09/15/33
1,279,993
2,625,000
Passaic
County,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019A
1
.000
12/01/34
1,971,249
1,054,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
5
.625
07/01/29
1,104,861
1,477,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
1,421,045
669,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/37
618,353
1,145,000
Somers
Point,
New
Jersey,
General
Obligation
Bonds,
Improvement
Sewer
Utility
Series
2019
2
.000
10/01/31
997,466
2,460,000
South
Orange
&
Maplewood
School
District,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021
2
.375
08/15/46
1,533,059
3,535,000
Union
County
Utilities
Authority,
New
Jersey,
Resource
Recovery
Facility
Lease
Revenue
Bonds,
Covantan
Union
Inc.
Lessee,
Refunding
Series
2011B,
(AMT)
5
.250
12/01/31
3,540,491
2,515,000
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A
5
.000
06/15/41
2,517,089
1,280,000
Verona
Township
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020
2
.250
03/01/39
914,395
1,085,000
Woodridge
Boro,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2021
2
.000
09/01/32
925,530
TOTAL
TAX
OBLIGATION/GENERAL
45,999,441
TAX
OBLIGATION/LIMITED
-
21.3%
1,235,000
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Pooled
Project
Notes,
Series
2024
4
.000
10/16/25
1,238,888
3,500,000
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Pooled
Project
Notes,
Series
2025A
4
.000
05/21/26
3,534,407
650,000
Bergen
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Administration
Complex
Project,
Series
2005
5
.000
11/15/26
670,949
Portfolio
of
Investments
May
31,
2025
(continued)
New
Jersey
Municipal
Bond
54
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
3,000,000
Burlington
County
Bridge
Commission,
New
Jersey,
Governmental
Leasing
Program
Revenue
Bonds,
Series
2024D
4
.250
%
12/11/25
$
3,013,760
450,000
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/29
483,689
1,000,000
Camden
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Loan
Revenue
Bonds,
Refunding
Capital
Program
Series
2024B
5
.000
01/15/30
1,091,418
795,000
Casino
Reinvestement
Development
Authority,
New
Jersey,
Luxury
Tax
Revenue
Bonds,
Series
2024A
5
.000
11/01/41
826,339
1,065,000
Middlesex
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Lease
Revenue
Bonds,
Middlesex
Regional
Educational
Services
Commission
Projects,
Refunding
Series
2024
5
.000
10/15/33
1,212,980
2,940,000
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A
5
.000
08/15/49
3,062,148
1,000,000
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A
4
.000
08/15/53
900,885
3,600,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A
5
.250
11/01/47
3,679,495
3,775,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A
5
.000
11/01/52
3,797,822
3,220,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A
3
.375
07/01/30
3,094,746
2,010,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B
5
.000
11/01/25
2,025,135
255,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/29
259,156
175,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1
5
.000
06/15/30
177,630
3,845,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2018A
5
.000
06/15/31
3,896,160
505,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2019AA
5
.000
06/15/46
501,796
1,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC
5
.250
06/15/41
1,046,126
1,500,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA
4
.250
06/15/44
1,368,139
14,360,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
0
.000
12/15/30
11,784,745
5,300,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/32
4,016,524
4,620,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/33
3,328,726
1,045,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/34
719,184
2,360,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
3
.500
06/15/46
1,863,517
680,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
4
.000
06/15/50
574,086
1,560,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024AA
4
.000
06/15/42
1,412,045
1,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2024CC
4
.125
06/15/55
846,431
705,000
Passaic
County
Improvement
Authority,
New
Jersey,
Guaranteed
Revenue
Bonds,
Senior
Housing
Project
Series
2024
4
.000
11/01/51
633,671
1,140,000
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Refunding
Series
2015
3
.750
05/01/36
1,111,809
55
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,045,000
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012
3
.500
%
05/01/35
$
1,013,126
1,920,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,803,947
1,749,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
1,633,242
1,725,000
Union
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Plainfield
-
Park
Madison
Redevelopment
Project,
Refunding
Series
2013A
5
.000
03/01/34
1,873,739
TOTAL
TAX
OBLIGATION/LIMITED
68,496,460
TRANSPORTATION
-
12.2%
1,000,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Refunding
Series
2024B
5
.000
01/01/41
1,061,695
1,000,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019
4
.000
01/01/44
906,620
1,090,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015
-
BAM
Insured
4
.000
07/01/35
1,090,017
1,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/42
1,008,183
2,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
5
.000
07/01/47
2,005,096
1,000,000
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A
3
.000
07/01/49
694,510
500,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,  Series
2013
5
.000
01/01/37
500,120
2,560,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,  Series
2013
5
.000
01/01/40
2,561,162
1,705,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.000
01/01/31
1,710,565
1,645,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
(AMT)
5
.625
01/01/52
1,645,712
1,515,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
(AMT)
5
.250
09/15/29
1,515,421
380,000
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
(AMT)
5
.625
11/15/30
380,198
1,000,000
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/37
996,747
2,000,000
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/47
1,905,576
1,315,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A
-
AGM
Insured
5
.250
01/01/29
1,420,430
775,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A
4
.000
01/01/42
715,008
2,000,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A
4
.000
01/01/43
1,823,581
1,000,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
5
.000
01/01/46
1,024,486
1,030,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
4
.500
01/01/48
993,479
2,250,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B
5
.250
01/01/52
2,318,896
1,055,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2024B
5
.250
01/01/54
1,087,920
2,950,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty
Second
Series
2023,
(AMT)
5
.000
12/01/53
2,951,943
1,200,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty-Fifth
Series
2024
5
.000
09/01/54
1,225,566
Portfolio
of
Investments
May
31,
2025
(continued)
New
Jersey
Municipal
Bond
56
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Second
Series
2017,
(AMT)
5
.000
%
10/15/33
$
1,015,463
625,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twelfth
Series
2019
4
.000
09/01/38
607,696
1,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A
-
AGM
Insured
5
.000
11/01/33
1,053,231
2,350,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
4
.625
11/01/47
2,234,782
650,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A
-
BAM
Insured
5
.250
11/01/52
664,334
1,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2025A
-
BAM
Insured
4
.000
11/01/38
950,646
1,000,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2025A
-
BAM
Insured
4
.000
11/01/39
937,843
TOTAL
TRANSPORTATION
39,006,926
U.S.
GUARANTEED
-
0.3%
(c)
145,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Kennedy
Health
System
Obligated
Group
Issue,
Refunding
Series
2012,
(ETM)
3
.750
07/01/27
145,764
600,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
(Pre-refunded
12/15/32)
5
.250
06/15/46
689,148
TOTAL
U.S.
GUARANTEED
834,912
UTILITIES
-
9.1%
1,975,000
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A
2
.750
08/01/39
1,506,686
500,000
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011C,
(AMT)
3
.000
08/01/41
380,702
2,575,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2019,
(AMT)
4
.000
08/01/59
2,068,707
5,000,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2019A,
(AMT),
(Mandatory
Put
12/03/29)
2
.200
10/01/39
4,338,028
500,000
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2020B,
(AMT),
(Mandatory
Put
6/01/28)
3
.750
11/01/34
496,864
500,000
New
Jersey
Environmental
Infrastructure
Trust,
Environmental
Infrastructure
Bonds,
Green
Series
2025A-SW1
5
.000
09/01/34
574,264
500,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1
3
.000
09/01/32
482,895
6,295,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2022A-2
5
.000
09/01/47
6,533,656
2,000,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2022A-2
5
.000
09/01/52
2,058,425
1,500,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2023A-W1
5
.000
09/01/30
1,653,939
500,000
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2023A-W1
5
.000
09/01/34
571,244
130,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/37
141,624
500,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/38
538,965
750,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/39
802,327
375,000
North
Hudson
Sewerage
Authority,
New
Jersey,
Gross
Revenue
Lease
Certificates,
Senior
Lien
Series
2023
-
BAM
Insured
5
.000
06/01/44
390,259
695,000
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018
5
.000
03/01/37
755,970
57
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,425,000
Passaic
Valley
Water
Commission,
New
Jersey,
Water
System
Revenue
Bonds,
Series
2023
-
AGM
Insured
4
.000
%
12/01/53
$
1,267,810
5,000,000
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020
2
.250
06/01/29
4,616,784
TOTAL
UTILITIES
29,179,149
TOTAL
MUNICIPAL
BONDS
(Cost
$339,679,590)
317,705,664
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$339,679,590)
317,705,664
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.0%
3,097,333
NET
ASSETS
-
100%
$
320,802,997
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$2,829,687
or
0.9%
of
Total
Investments.
(b)
When-issued
or
delayed
delivery
security.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
New
Jersey
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
317,705,664
$
–
$
317,705,664
Total
$
–
$
317,705,664
$
–
$
317,705,664
58
Portfolio
of
Investments
May
31,
2025
New
York
Municipal
Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.2%   
X
910,171,784
MUNICIPAL
BONDS
-
97.2%  
X
–
CONSUMER
STAPLES
-
3.8%
$
15,110,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A
5
.000
%
06/01/38
$
14,095,558
76,105,000
(a)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C
0
.000
06/01/50
9,208,248
755,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
2016A-1
5
.625
06/01/35
762,492
6,885,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.750
06/01/43
6,667,695
1,330,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Turbo
Term
Series
2016A.
Including
2016A-1,
2016A-2A
and
2016A-2B
5
.000
06/01/45
1,162,325
10,000,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
0
.000
06/01/66
914,641
3,000,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
2,621,629
TOTAL
CONSUMER
STAPLES
35,432,588
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
8.6%
1,930,000
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A
7
.500
12/01/40
1,756,198
1,360,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Classical
Charter
Schools
Series
2023A
4
.500
06/15/43
1,248,899
550,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Global
Community
Charter
School
Project,
Series
2022A
5
.000
06/15/52
458,379
3,360,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
KIPP
New
York
City
Public
School
Facilities,
Canal
West
Project,
Series
2022
5
.250
07/01/52
3,341,253
2,240,000
(b)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014
5
.000
11/01/39
1,344,000
2,200,000
(b)
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014
5
.500
11/01/44
1,320,000
1,265,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
New
World
Preparatory
Charter
School
Project,
Series
2021A
4
.000
06/15/41
1,063,722
1,440,000
(a)
Build
NYC
Resource
Corporation
Revenue
Bonds,
New
York,
East
Harlem
Scholars
Academy
Charter
School
Project,
Series
2022
(Social
Bonds)
5
.750
06/01/62
1,375,768
2,395,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/55
1,911,962
580,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A
5
.000
06/01/41
499,858
2,620,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A
5
.000
06/01/56
2,037,672
2,965,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7
.250
07/01/53
2,888,077
4,000,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Barnard
College,
Taxable
Series
2025A
5
.000
07/01/55
3,876,810
3,835,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/42
3,820,589
3,015,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/50
2,906,285
1,670,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007
-
FGIC
Insured
5
.250
07/01/29
1,704,431
735,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007
-
FGIC
Insured
5
.250
07/01/34
743,228
9,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Fordham
University,
Series
2020
4
.000
07/01/46
7,846,423
59
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,480,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A
5
.000
%
07/01/40
$
1,482,157
1,055,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2001-1
-
AMBAC
Insured
5
.500
07/01/40
1,190,154
1,950,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Pace
University,
Series
2024A
5
.500
05/01/56
1,971,332
3,250,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Green
Series
2019B
5
.000
07/01/50
3,281,837
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2020A
5
.000
07/01/53
1,015,123
8,665,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Rockefeller
University,
Series
2022A
4
.000
07/01/42
8,020,724
3,450,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A
5
.500
12/01/36
3,099,324
6,675,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B
0
.000
01/01/45
1,734,588
3,040,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5
.625
01/01/55
2,611,552
200,000
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
Evergreen
Charter
School
Project,
Series
2022A
5
.500
06/15/57
197,519
7,835,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,  University
of
Rochester
Project,
Series
2020A
4
.000
07/01/50
6,820,860
5,750,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,  University
of
Rochester
Project,
Series
2023A
5
.000
07/01/53
5,837,062
300,000
(a)
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Academy
of
Health
Sciences
Charter
School
Project,
Social
Impact
Series
2022
5
.875
07/01/52
293,045
850,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
St.
John
Fisher
University
Project,
Series
2024
5
.250
06/01/54
865,730
405,000
New
Rochelle
Corporation,
New
York,
Local
Development
Revenue
Bonds,
Iona
College
Project,
Series
2015A
5
.000
07/01/40
405,000
1,285,000
Troy
Capital
Resource
Corporation,
New
York,  Revenue
Bonds,
Rensselaer
Polytechnic
Institute,
Refunding
Series
2020A.
Forward
Delivery
4
.000
09/01/40
1,155,118
195,000
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-Charter
School
of
Educational
Excellence
Project,
Series
2019A
4
.000
10/15/29
192,522
205,000
Yonkers
Economic
Development
Corporation,
New
York,
Educational
Revenue
Bonds,
Lamartine/Warburton
LLC-Charter
School
of
Educational
Excellence
Project,
Series
2019A
5
.000
10/15/39
201,916
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
80,519,117
FINANCIALS
-
1.1%
5,710,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
10/01/35
6,374,631
3,475,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007
5
.500
10/01/37
3,927,009
TOTAL
FINANCIALS
10,301,640
HEALTH
CARE
-
15.5%
15,600,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.000
05/01/45
13,933,190
18,290,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.250
05/01/52
16,079,357
9,255,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
5
.000
05/01/52
9,264,038
14,465,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2024A
5
.250
05/01/54
14,667,859
3,600,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A
5
.000
08/01/35
3,630,827
1,200,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
09/01/30
1,269,537
Portfolio
of
Investments
May
31,
2025
(continued)
New
York
Municipal
Bond
60
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,680,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
%
09/01/34
$
2,779,817
2,620,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
5
.000
09/01/35
2,706,637
5,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2020A
4
.000
09/01/50
4,023,433
14,435,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A
4
.000
07/01/53
12,058,211
500,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/25
500,001
450,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/29
449,983
1,100,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/32
1,086,499
1,100,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/33
1,100,290
1,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/35
960,539
1,300,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/40
1,166,834
2,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/26
2,007,483
1,200,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/27
1,204,523
4,250,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/36
4,062,797
1,000,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/37
939,136
400,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.250
10/01/49
400,694
6,280,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/35
6,336,667
2,385,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
4
.000
07/01/41
2,157,471
12,325,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
5
.000
07/01/46
11,753,151
1,000,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Nuvance
Health
Issue,
Series
2019B
5
.000
07/01/26
1,014,458
1,395,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2013A
5
.000
12/01/42
1,369,085
6,605,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2017
5
.000
12/01/46
6,536,367
4,600,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A
4
.000
12/01/46
3,933,154
375,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Tax-Exempt
Revenue
Bonds,
Highland
Hospital
of
Rochester
Project,
Series
2015
5
.000
07/01/34
375,266
19,010,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016
5
.000
11/01/46
17,050,461
380,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
6
.250
11/01/52
405,859
TOTAL
HEALTH
CARE
145,223,624
61
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
-
0.9%
$
4,000,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Green
Sustainable
Development
Series
2024F-1-A
4
.550
%
11/01/54
$
3,872,119
3,450,000
(a)
New
York
City
Housing
Development
Corporation,
New
York,
Multi-Family
Mortgage
Revenue
Bonds,
8
Spruce
Street,
Class
F
Series
2024
5
.250
12/15/31
3,507,843
1,215,000
New
York
State
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Cannon
Street
Senior
Housing
Project,
Series
2007A,
(AMT)
5
.300
02/15/39
1,214,910
TOTAL
HOUSING/MULTIFAMILY
8,594,872
INDUSTRIALS
-
4.7%
17,020,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
16,554,695
7,550,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014
5
.150
11/15/34
7,551,427
1,915,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/41
1,668,747
3,720,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/46
3,105,084
18,765,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
04/30/53
14,771,315
TOTAL
INDUSTRIALS
43,651,268
LONG-TERM
CARE
-
0.2%
535,000
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006
5
.000
11/01/31
541,832
550,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019
5
.000
01/01/40
507,333
330,000
(a)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1
6
.100
07/01/28
329,763
210,000
(a)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Special
Needs
Facilities
Pooled
Program,
Series
2008A-1
6
.200
07/01/33
207,602
TOTAL
LONG-TERM
CARE
1,586,530
MATERIALS
-
0.2%
2,145,000
(a)
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014,
(AMT)
5
.000
01/01/35
2,145,559
TOTAL
MATERIALS
2,145,559
TAX
OBLIGATION/GENERAL
-
5.5%
5,165,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2023A
4
.000
04/01/53
4,421,848
5,845,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
B-1
5
.000
10/01/39
5,942,629
7,210,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1
5
.000
03/01/39
7,348,807
6,050,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1
5
.000
03/01/40
6,147,855
3,875,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
F-1
5
.000
04/01/45
3,903,729
5,450,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1
5
.000
08/01/47
5,519,861
5,790,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2023
Series
B-1
5
.250
10/01/47
5,953,921
10,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/33
9,621,157
Portfolio
of
Investments
May
31,
2025
(continued)
New
York
Municipal
Bond
62
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
2,770,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
%
07/01/41
$
2,375,041
TOTAL
TAX
OBLIGATION/GENERAL
51,234,848
TAX
OBLIGATION/LIMITED
-
20.3%
1,585,000
Dormitory
Authority
of
the
State
of
New
York,
Residential
Insitutions
for
Children
Revenue
Bonds,
Series
2008-A1
5
.000
06/01/33
1,587,675
1,985,000
Dormitory
Authority
of
the
State
of
New
York,
Residential
Insitutions
for
Children
Revenue
Bonds,
Series
2008-A1
5
.000
06/01/38
1,987,404
20,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2009C
-
AGC
Insured
5
.125
10/01/36
20,027
4,510,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2025A
5
.000
10/01/38
4,869,064
2,040,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2021A
5
.000
03/15/49
2,064,126
17,140,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A
Group
C
5
.000
03/15/41
17,338,449
10,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018A
5
.000
03/15/42
10,074,837
2,135,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/26
2,149,442
1,455,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/29
1,462,779
2,170,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A
4
.000
02/15/36
2,181,699
5,710,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/39
5,786,959
3,955,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/42
3,975,048
1,045,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/45
1,047,040
2,935,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Green
Series
2024A
4
.000
11/15/51
2,586,929
5,450,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Series
2022A
5
.000
11/15/46
5,542,660
4,000,000
Monroe
County
Industrial
Development
Agency,
New
York,
School
Facility
Revenue
Bonds,
Rochester
Schools
Modernization
Project,
Series
2013
5
.000
05/01/28
4,005,226
9,335,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2020
Subseries
S-1B
4
.000
07/15/43
8,428,167
1,615,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2016S-1
5
.000
07/15/34
1,629,976
1,165,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2016S-1
5
.000
07/15/35
1,175,589
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
A-1
5
.000
05/01/40
5,020,278
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
B-1
5
.000
08/01/36
5,057,883
5,375,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
E-1
5
.000
02/01/43
5,404,444
5,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
F-1
5
.000
05/01/38
5,068,074
4,020,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2020
Subseries
B-1
4
.000
11/01/47
3,528,385
3,670,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025H-1
5
.250
11/01/48
3,842,834
5,000,000
New
York
City,
New
York,
Educational
Construction
Fund
Revenue
Bonds,
Series
2021B
5
.000
04/01/52
5,109,529
9,585,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A
5
.000
03/15/45
9,790,102
15,000,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Climate
Certified
Green
Series
2022C
4
.125
03/15/57
12,970,717
7,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
5
.000
03/15/47
7,072,965
63
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
3,800,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
4
.000
%
03/15/49
$
3,294,924
500,000
Oneida
Indian
Nation,
New
York,
Tax
Revenue
Bonds,
Series
2024B
6
.000
09/01/43
526,832
2,393,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
768,235
28,646,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
26,914,510
5,750,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/29
4,560,100
1,930,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/32
1,468,574
1,250,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/34
937,291
5,430,000
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A,
(AMT)
5
.000
01/01/36
4,030,522
2,340,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1
4
.000
05/15/56
1,955,833
2,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
4
.000
05/15/51
1,706,855
1,650,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1
5
.000
05/15/51
1,666,500
2,255,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Senior
Lien
Bonds,
Series
2022C
4
.125
05/15/52
1,948,516
TOTAL
TAX
OBLIGATION/LIMITED
190,556,999
TRANSPORTATION
-
31.4%
4,600,000
(c)
Build
NYC
Resource
Corporation,
New
York,
Airport
Facilities
Revenue
Bonds.
TrIPs
Obligated
Group,
Senior
Series
2025,
(AMT)
5
.500
07/01/55
4,648,202
2,700,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2016A-1
5
.250
11/15/56
2,698,514
2,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020A-1
5
.000
11/15/48
1,994,165
3,600,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
4
.750
11/15/45
3,533,090
9,200,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.000
11/15/50
9,134,420
2,000,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.250
11/15/55
2,030,102
2,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Series
2016B
5
.000
11/15/37
2,522,208
7,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015D-1
5
.000
11/15/30
7,525,388
6,655,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D
4
.000
11/15/42
5,890,319
8,350,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2015C-1
5
.250
11/15/30
8,389,389
2,500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1
5
.000
11/15/34
2,539,191
2,800,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.300
10/01/37
1,792,000
2,000,000
(b)
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
2
.350
10/01/46
1,280,000
6,645,000
New
York
City,
Industrial
Development
Agency,
Senior
Airport
Facilities
Revenue
Refunding
Bonds,
TrIPs
Obligated
Group,
Series
2012A,
(AMT)
5
.000
07/01/28
6,679,670
5,000,000
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N
4
.000
01/01/42
4,609,141
Portfolio
of
Investments
May
31,
2025
(continued)
New
York
Municipal
Bond
64
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,000,000
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Series
2020N
4
.000
%
01/01/43
$
2,738,081
8,515,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A
5
.000
01/01/51
8,518,625
4,750,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
4
.000
07/01/31
4,691,536
12,020,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
11,698,847
24,965,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
01/01/50
24,325,352
17,280,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.500
12/31/60
17,364,207
6,055,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
6,054,946
12,610,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
12,562,899
1,745,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.375
08/01/36
1,775,920
2,080,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
6
.000
06/30/54
2,181,977
14,915,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
5
.375
06/30/60
14,847,971
1,280,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020A,
(AMT)
5
.000
12/01/37
1,303,561
1,540,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/34
1,629,124
1,745,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/35
1,836,523
2,010,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/35
2,077,255
10,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/36
10,294,280
3,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/37
3,062,582
1,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/40
1,006,447
1,300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/27
1,316,056
10,200,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/28
10,401,816
10,035,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/31
10,153,150
65
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
(AMT)
4
.375
%
10/01/45
$
1,152,845
5,400,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
6
.000
04/01/35
5,865,716
3,775,000
Niagara
Frontier
Transportation
Authority,
New
York,
Airport
Revenue
Bonds,
Buffalo
International
Airport,
Series
2014A,
(AMT)
5
.000
04/01/26
3,776,988
15,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Eighth
Series
2016
5
.250
11/15/56
15,065,985
2,500,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eighteen
Series
2019,
(AMT)
5
.000
11/01/44
2,509,821
10,230,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Fifth
Series
2017
5
.000
11/15/47
10,295,880
7,495,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty-Fourth
Series
2024
5
.000
07/15/54
7,653,051
5,000,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Six
Series
2022,
(AMT)
5
.000
01/15/47
5,019,716
4,800,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twentieth
Series
2019,
(AMT)
4
.000
11/01/59
3,857,679
8,055,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Refunding
Series
2017B
5
.000
11/15/38
8,155,165
10,900,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2019A
5
.000
11/15/49
11,011,757
5,000,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2021A
5
.000
11/15/56
5,014,310
TOTAL
TRANSPORTATION
294,485,867
UTILITIES
-
5.0%
4,875,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Green
Series
2023E
5
.000
09/01/53
4,933,505
2,000,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2000A
-
AGM
Insured
0
.000
06/01/25
2,000,000
2,215,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/42
2,226,488
695,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/47
690,091
7,465,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2018
Series
CC-1
5
.000
06/15/48
7,532,059
9,885,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
CC-1
4
.000
06/15/49
8,572,172
7,500,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2025
Series
BB
5
.250
06/15/55
7,806,547
4,080,000
New
York
State
Power
Authority,
Green
Transmission
Project
Revenue
Bonds,
Green
Series
2023A
-
AGM
Insured
5
.000
11/15/48
4,146,758
9,400,000
(a)
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
(AMT)
4
.750
11/01/42
8,531,252
TOTAL
UTILITIES
46,438,872
TOTAL
MUNICIPAL
BONDS
(Cost
$939,890,827)
910,171,784
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$939,890,827)
910,171,784
Portfolio
of
Investments
May
31,
2025
(continued)
New
York
Municipal
Bond
66
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.7%  
X
25,035,000
MUNICIPAL
BONDS
-
2.7%  
X
–
TAX
OBLIGATION/GENERAL
-
2.7%
$
17,035,000
(d),(e)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2013
Series
A-.3
3
.000
%
10/01/40
$
17,035,000
8,000,000
(d),(e)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Taxable
Series
A-4
3
.000
08/01/44
8,000,000
TOTAL
TAX
OBLIGATION/GENERAL
25,035,000
TOTAL
MUNICIPAL
BONDS
(Cost
$25,035,000)
25,035,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$25,035,000)
25,035,000
TOTAL
INVESTMENTS
-
99.9%
(Cost
$964,925,827)
935,206,784
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.1%
1,004,717
NET
ASSETS
-
100%
$
936,211,501
AMT
Alternative
Minimum
Tax
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$73,620,180
or
7.9%
of
Total
Investments.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
When-issued
or
delayed
delivery
security.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(e)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
New
York
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
910,171,784
$
–
$
910,171,784
Short-Term
Investments:
Municipal
Bonds
–
25,035,000
–
25,035,000
Total
$
–
$
935,206,784
$
–
$
935,206,784