| Macquarie National High-Yield Municipal Bond Fund | May 31, 2025 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 98.45% | |||
| Education Revenue Bonds — 22.02% | |||
| Albany, New York Capital Resource Revenue | |||
| (KIPP Capital Region Public Charter Schools Project) | |||
| 4.75% 6/1/54 | 1,275,000 | $ 1,166,064 | |
| 5.00% 6/1/64 | 1,600,000 | 1,490,576 | |
| Allentown Commercial and Industrial Development Authority Revenue | |||
| (Executive Education Academy Charter School Project) | |||
| 144A 5.00% 7/1/50 # | 1,000,000 | 920,900 | |
| 144A 5.00% 7/1/59 # | 6,000,000 | 5,393,340 | |
| Arizona Industrial Development Authority Revenue | |||
| (Academies of Math & Science Projects) | |||
| 144A 5.25% 7/1/43 # | 255,000 | 248,617 | |
| 144A 5.375% 7/1/53 # | 965,000 | 915,930 | |
| 144A 5.50% 7/1/58 # | 1,115,000 | 1,071,760 | |
| (ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 3,200,000 | 2,848,256 | |
| (American Charter Schools Foundation Project) | |||
| 144A 6.00% 7/1/37 # | 1,105,000 | 1,131,929 | |
| 144A 6.00% 7/1/47 # | 8,995,000 | 9,101,771 | |
| (Basis Schools Projects) Series A 144A 5.125% 7/1/37 # | 750,000 | 752,002 | |
| (Benjamin Franklin Charter School Projects) | |||
| Series A 144A 5.25% 7/1/53 # | 1,000,000 | 925,280 | |
| Series A 144A 5.50% 7/1/58 # | 1,385,000 | 1,311,761 | |
| (Empower College Prep Project) 144A 6.00% 7/1/49 # | 1,000,000 | 972,980 | |
| (Kaizen Education Foundation Project) 144A 5.80% 7/1/52 # | 4,000,000 | 4,010,120 | |
| (Leman Academy Of Excellence of Projects) Series A 4.50% 7/1/54 | 6,115,000 | 5,039,433 | |
| (Odyssey Preparatory Academy Project) | |||
| 144A 5.00% 7/1/49 # | 4,000,000 | 3,536,600 | |
| 144A 5.00% 7/1/54 # | 5,000,000 | 4,301,650 | |
| (Pinecrest Academy Nevada-Horizon, Inspirada) Series A 144A 5.75% 7/15/48 # | 2,500,000 | 2,509,350 | |
| Arlington, Texas Higher Education Finance Revenue | |||
| (Basis Texas Charter Schools) | |||
| 144A 4.50% 6/15/44 # | 830,000 | 753,516 | |
| 144A 4.75% 6/15/49 # | 915,000 | 826,739 | |
| 144A 4.875% 6/15/54 # | 1,050,000 | 946,564 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Arlington, Texas Higher Education Finance Revenue | |||
| (Basis Texas Charter Schools) | |||
| 144A 4.875% 6/15/59 # | 1,000,000 | $ 888,420 | |
| 144A 5.00% 6/15/64 # | 1,200,000 | 1,075,284 | |
| (Cypress Christian School) | |||
| 144A 6.00% 6/1/53 # | 5,000,000 | 4,959,500 | |
| 144A 6.25% 6/1/63 # | 5,250,000 | 5,259,450 | |
| (Great Hearts America - Texas) | |||
| Series A 5.00% 8/15/49 | 900,000 | 831,600 | |
| Series A 5.00% 8/15/54 | 1,200,000 | 1,085,460 | |
| (KIPP Texas, Inc.) 3.00% 8/15/49 | 4,000,000 | 2,726,200 | |
| (Newman International Academy) | |||
| Series A 4.00% 8/15/31 | 200,000 | 176,260 | |
| Series A 5.00% 8/15/41 | 600,000 | 468,858 | |
| Board of Regents of the University of Texas System Revenue | |||
| Series A 5.00% 8/15/50 | 8,175,000 | 8,710,136 | |
| Build NYC, New York Resource Revenue | |||
| (Bay Ridge Preparatory School Project) | |||
| 144A 5.00% 9/1/44 # | 725,000 | 673,764 | |
| 144A 5.00% 9/1/59 # | 3,870,000 | 3,435,515 | |
| (Civic Bronx LLC - Bold Charter School Project) 144A 6.00% 7/1/60 # | 4,235,000 | 4,232,629 | |
| (East Harlem Scholars Academy Charter School Project) | |||
| 144A 5.75% 6/1/52 # | 2,125,000 | 2,068,581 | |
| 144A 5.75% 6/1/62 # | 4,000,000 | 3,821,560 | |
| (Inwood Academy for Leadership Charter School Project) | |||
| Series A 144A 5.125% 5/1/38 # | 575,000 | 574,718 | |
| Series A 144A 5.50% 5/1/48 # | 1,500,000 | 1,463,835 | |
| (KIPP NYC Public School Facilities - Canal West Project) | |||
| 5.25% 7/1/52 | 1,265,000 | 1,257,941 | |
| 5.25% 7/1/62 | 6,355,000 | 6,219,130 | |
| (Metropolitan College Of New York Project) 5.00% 11/1/39 | 1,000,000 | 600,000 | |
| (New Dawn Charter Schools Project) | |||
| 144A 5.625% 2/1/39 # | 2,575,000 | 2,517,758 | |
| 144A 5.75% 2/1/49 # | 2,700,000 | 2,512,917 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California Community College Financing Authority Student Housing Revenue | |||
| (Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 14,090,000 | $ 11,651,866 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series V-1 5.00% 5/1/49 | 35,570,000 | 38,292,172 | |
| Series V-2 2.25% 4/1/51 | 4,975,000 | 3,084,052 | |
| Series V-2 5.00% 4/1/51 | 1,790,000 | 1,926,953 | |
| California Enterprise Development Authority Revenue | |||
| (Heights Christian Schools Project) Series A 144A 6.375% 6/1/63 # | 9,600,000 | 8,969,376 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| 144A 5.00% 7/1/44 # | 2,100,000 | 1,956,843 | |
| 144A 5.125% 7/1/54 # | 1,500,000 | 1,361,745 | |
| 144A 5.25% 7/1/64 # | 2,000,000 | 1,806,900 | |
| California Municipal Finance Authority Revenue | |||
| (Ascent 613 Project) | |||
| Series A 144A 5.375% 1/1/55 # | 3,645,000 | 3,398,380 | |
| Series A 144A 5.50% 1/1/60 # | 250,000 | 235,188 | |
| (California Baptist University) Series A 144A 5.50% 11/1/45 # | 4,000,000 | 3,904,960 | |
| (Julian Charter School Project) Series A 144A 5.625% 3/1/45 # | 5,760,000 | 5,167,123 | |
| (Palmdale Aerospace Academy Project) | |||
| Series A 144A 5.00% 7/1/41 # | 1,000,000 | 922,800 | |
| Series A 144A 5.00% 7/1/46 # | 2,145,000 | 1,932,087 | |
| (Westside Neighborhood School Project) | |||
| 144A 5.50% 6/15/39 # | 600,000 | 620,136 | |
| 144A 5.90% 6/15/44 # | 775,000 | 805,465 | |
| 144A 6.375% 6/15/64 # | 3,600,000 | 3,758,724 | |
| California Public Finance Authority Educational Revenue | |||
| (Crossroads Christian School Project) 144A 5.00% 1/1/56 # | 2,000,000 | 1,660,000 | |
| California School Finance Authority Revenue | |||
| Series A 144A 5.75% 6/1/53 # | 2,000,000 | 1,903,900 | |
| Series A 144A 6.00% 6/1/63 # | 3,035,000 | 2,919,609 | |
| (Encore Education Obligated Group) Series A 144A 5.00% 6/1/52 # | 1,000,000 | 980,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California School Finance Authority Revenue | |||
| (Envision Education - Obligated Group) Series A 144A 5.00% 6/1/64 # | 2,735,000 | $ 2,352,374 | |
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | 910,000 | 914,605 | |
| (Fortune School of Education Obligated Group) | |||
| Series A 144A 5.00% 6/1/54 # | 3,350,000 | 3,005,184 | |
| Series A 144A 5.125% 6/1/64 # | 5,675,000 | 5,058,979 | |
| (Harbor Springs Obligated Group) Series A 144A 5.625% 7/1/63 # | 1,500,000 | 1,506,165 | |
| (Hawking Steam Charter School Project) | |||
| 144A 5.375% 7/1/56 # | 995,000 | 963,090 | |
| Series A 144A 5.00% 7/1/42 # | 860,000 | 838,792 | |
| Series A 144A 5.50% 7/1/62 # | 1,000,000 | 977,760 | |
| (ICEF - View Park Elementary & Middle Schools) Series A 5.625% 10/1/34 | 830,000 | 829,950 | |
| (Integrity Charter School Project) | |||
| 144A 5.25% 7/1/44 # | 750,000 | 707,273 | |
| 144A 5.50% 7/1/54 # | 1,500,000 | 1,390,890 | |
| 144A 5.60% 7/1/64 # | 1,500,000 | 1,379,700 | |
| (John Adams Academies - Obligated Group) | |||
| Series A 144A 5.00% 7/1/52 # | 3,175,000 | 2,846,038 | |
| Series A 144A 5.125% 7/1/62 # | 1,680,000 | 1,493,150 | |
| (Lighthouse Community Public Schools - Obligated Group) | |||
| Series A 144A 6.25% 6/1/42 # | 1,000,000 | 1,035,530 | |
| Series A 144A 6.375% 6/1/52 # | 1,240,000 | 1,273,604 | |
| Series A 144A 6.50% 6/1/62 # | 2,300,000 | 2,363,825 | |
| (New Designs Charter School) | |||
| Series A 144A 5.00% 6/1/54 # | 650,000 | 595,069 | |
| Series A 144A 5.00% 6/1/64 # | 1,600,000 | 1,424,672 | |
| (Rocketship Public Schools - Obligated Group) Series G 144A 5.00% 6/1/47 # | 1,425,000 | 1,299,743 | |
| (Sonoma County Junior College District Project) | |||
| Series A 144A 4.00% 11/1/41 # | 2,980,000 | 2,556,274 | |
| Series A 144A 4.00% 11/1/55 # | 2,500,000 | 1,905,850 | |
| (Sycamore Creek Community Charter School Project) Series A 144A 6.75% 6/1/64 # | 6,000,000 | 5,713,500 | |
| (View Park Elementary & Middle Schools) | |||
| Series A 5.875% 10/1/44 | 4,175,000 | 4,106,655 | |
| Series A 6.00% 10/1/49 | 1,720,000 | 1,690,984 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California School Finance Authority Revenue | |||
| (View Park High School) Series A 144A 7.125% 10/1/48 # | 3,230,000 | $ 3,231,776 | |
| California Statewide Communities Development Authority Revenue | |||
| (Lancer Educational Student Housing Project) Series A 144A 5.00% 6/1/46 # | 1,500,000 | 1,396,665 | |
| Camden County, New Jersey Improvement Authority Revenue | |||
| (KIPP Cooper Norcross Academy - 2022 Project) 6.00% 6/15/62 | 3,750,000 | 3,846,713 | |
| Capital Projects Finance Authority Revenue | |||
| (Unionwest Properties LLC Project) | |||
| Series A-1 144A 5.00% 6/1/49 # | 750,000 | 718,283 | |
| Series A-1 144A 5.00% 6/1/54 # | 1,500,000 | 1,420,845 | |
| Series A-1 144A 5.00% 6/1/58 # | 1,000,000 | 938,440 | |
| Series B 144A 2.851% 6/1/62 #, ~ | 29,500,000 | 4,353,905 | |
| Capital Trust Agency Educational Facilities Housing, Florida Revenue | |||
| (Lutz Preparatory School Project) Series A 4.00% 6/1/41 | 330,000 | 288,271 | |
| (Pineapple Cove Classical Academy Inc. Project) Series A 144A 5.375% 7/1/54 # | 6,000,000 | 5,297,640 | |
| (The Pepin Academies Inc. Project) Series A 5.75% 7/1/55 | 3,625,000 | 3,288,129 | |
| Capital Trust Authority, Florida Revenue | |||
| (KIPP Miami North Campus Project) | |||
| Series A 144A 5.625% 6/15/44 # | 410,000 | 411,697 | |
| Series A 144A 6.00% 6/15/54 # | 655,000 | 660,482 | |
| Series A 144A 6.125% 6/15/60 # | 800,000 | 807,312 | |
| (Madrone - Florida Tech Student Housing I, LLC - Florida Institute of Technology Project) | |||
| Series A 144A 5.25% 7/1/55 # | 1,500,000 | 1,406,730 | |
| Series A 144A 5.375% 7/1/65 # | 2,650,000 | 2,481,752 | |
| (Mason Classical Academy Project) Series A 144A 5.00% 6/1/64 # | 7,950,000 | 6,934,785 | |
| (St. John Classical Academy Project) | |||
| Series A 144A 5.125% 6/15/50 # | 500,000 | 457,455 | |
| Series A 144A 5.25% 6/15/59 # | 1,000,000 | 912,720 | |
| Capital Trust Student Housing, Florida Revenue | |||
| (University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/58 # | 8,000,000 | 7,551,600 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Chester County, Pennsylvania Economic Development Authority Lease Revenue | |||
| (Chester Community Charter School Project) Series A 144A 5.625% 8/15/48 # | 12,000,000 | $ 10,860,720 | |
| Chester County, Pennsylvania Industrial Development Authority Student Housing Revenue | |||
| (West Chester University of Pennsylvania) Series A 5.00% 8/1/30 | 1,925,000 | 1,925,096 | |
| Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | |||
| 5.00% 4/1/41 | 2,000,000 | 2,042,600 | |
| 5.00% 4/1/45 | 1,665,000 | 1,672,826 | |
| 5.75% 4/1/48 | 5,150,000 | 5,367,845 | |
| City of Bethel Revenue | |||
| (Spectrum High School Project) 5.00% 7/1/59 | 1,750,000 | 1,577,905 | |
| City of Burbank, Illinois Revenue | |||
| (Intercultural Montessori Language) 144A 6.25% 9/1/45 # | 4,000,000 | 3,844,920 | |
| City of Homewood, Alabama Educational Building Authority Revenue | |||
| (CHF - Horizon II, L.L.C. Student Housing & Parking Project at Samford University) | |||
| Series 2024C 5.00% 10/1/56 | 1,200,000 | 1,122,036 | |
| Series 2024C 5.50% 10/1/54 | 1,750,000 | 1,765,418 | |
| City of Sierra, Arizona Vista Education Facility Revenue | |||
| (Champion Schools Project) 144A 5.75% 6/15/64 # | 3,600,000 | 3,380,976 | |
| City of St. Paul, Minnesota Housing & Redevelopment Authority Charter School Lease Revenue | |||
| (Academia Cesar Chavez School Project) Series A 5.25% 7/1/50 | 2,560,000 | 2,149,094 | |
| City of Woodbury, Minnesota Revenue | |||
| (Math & Science Academy) | |||
| 144A 5.25% 6/1/45 # | 1,000,000 | 929,270 | |
| 144A 5.50% 6/1/55 # | 5,000,000 | 4,632,250 | |
| Cleveland-Cuyahoga County Port Authority Revenue | |||
| (Constellation Schools Project) | |||
| Series A 144A 5.25% 1/1/34 # | 600,000 | 594,780 | |
| Series A 144A 5.375% 1/1/39 # | 850,000 | 806,922 | |
| Series A 144A 5.875% 1/1/49 # | 1,500,000 | 1,400,355 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Clifton, Texas Higher Education Finance Revenue | |||
| (Valor Education) | |||
| Series A 144A 5.00% 6/15/34 # | 325,000 | $ 314,548 | |
| Series A 144A 5.75% 6/15/44 # | 600,000 | 566,688 | |
| Series A 144A 6.00% 6/15/54 # | 830,000 | 769,725 | |
| Series A 144A 6.25% 6/15/53 # | 3,710,000 | 3,567,425 | |
| Cobb County, Georgia Development Authority Charter School Revenue | |||
| (Northwest Classical Academy Project) | |||
| Series A 144A 6.375% 6/15/58 # | 1,205,000 | 1,163,452 | |
| Series A 144A 6.40% 6/15/53 # | 1,850,000 | 1,818,975 | |
| Cobb County, Georgia Development Authority Education Facilities Revenue | |||
| (MT. Bethel Christian Academy Project) | |||
| 144A 6.25% 6/1/55 # | 2,655,000 | 2,698,144 | |
| 144A 6.25% 6/1/64 # | 3,150,000 | 3,181,594 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Ascent Classical Academy Charter Schools) | |||
| Series A 144A 5.50% 4/1/44 # | 2,000,000 | 1,997,660 | |
| Series A 144A 5.75% 4/1/59 # | 2,250,000 | 2,209,185 | |
| Series A 144A 5.80% 4/1/54 # | 2,800,000 | 2,795,744 | |
| (Community Leadership Academy, Inc. Second Campus Project) 7.45% 8/1/48 | 2,500,000 | 2,506,150 | |
| (Global Village Academy - Northglenn Project) | |||
| 144A 5.00% 12/1/40 # | 555,000 | 512,715 | |
| 144A 5.00% 12/1/50 # | 1,740,000 | 1,520,777 | |
| 144A 5.00% 12/1/55 # | 3,440,000 | 2,942,679 | |
| (Loveland Classical Schools Project) 144A 5.00% 7/1/46 # | 3,000,000 | 2,817,570 | |
| County of Pima, Arizona Industrial Development Authority Education Revenue | |||
| (American Leadership Academy Project) 144A 4.00% 6/15/57 # | 500,000 | 366,605 | |
| Delaware State Economic Development Authority Revenue | |||
| (Academia Antonia Alonso Charter School Project) | |||
| 144A 6.10% 7/1/65 # | 5,000,000 | 4,934,019 | |
| Series A 144A 6.00% 7/1/55 # | 1,710,000 | 1,711,453 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| District of Columbia Revenue | |||
| (Rocketship DC Obligated Group) | |||
| Series A 144A 5.00% 6/1/51 # | 1,500,000 | $ 1,318,770 | |
| Series A 5.75% 6/1/54 | 3,000,000 | 2,973,990 | |
| Series A 6.00% 6/1/58 | 1,600,000 | 1,615,728 | |
| Florida Development Finance Revenue | |||
| (Cornerstone Charter Academy Project) | |||
| 144A 5.125% 10/1/52 # | 4,110,000 | 3,735,414 | |
| 144A 5.25% 10/1/56 # | 3,800,000 | 3,477,266 | |
| (Mater Academy Projects) | |||
| Series A 4.00% 6/15/52 | 1,145,000 | 907,619 | |
| Series A 5.00% 6/15/56 | 4,010,000 | 3,716,709 | |
| (Renaissance Charter School Projects) | |||
| Series A 144A 6.00% 6/15/35 # | 2,000,000 | 2,000,860 | |
| Series A 144A 6.125% 6/15/44 # | 5,300,000 | 5,300,424 | |
| Series C 144A 5.00% 9/15/50 # | 2,000,000 | 1,706,560 | |
| (SFP - Tampa I - The Henry Project) | |||
| Series A-1 144A 5.00% 6/1/44 # | 1,600,000 | 1,519,008 | |
| Series A-1 144A 5.25% 6/1/54 # | 3,000,000 | 2,828,910 | |
| Series A-1 144A 5.25% 6/1/59 # | 2,500,000 | 2,330,625 | |
| General Authority of Southcentral Pennsylvania Revenue | |||
| (AICUP Financing Program - York College of Pennsylvania Project) 5.25% 5/1/55 | 2,975,000 | 2,903,243 | |
| Hawaii State Department of Budget & Finance Revenue | |||
| (Hawaii Pacific University Project) 144A 5.125% 7/1/43 # | 1,500,000 | 1,368,735 | |
| Idaho Housing & Finance Association Revenue | |||
| Series A 5.00% 6/1/50 | 1,000,000 | 911,050 | |
| (Compass Public Charter School Project) Series A 144A 5.00% 7/1/54 # | 860,000 | 736,745 | |
| (Idaho Arts Charter School) 144A 5.00% 12/1/36 # | 480,000 | 475,752 | |
| (North Star Charter School) | |||
| Series A 6.75% 7/1/48 | 529,150 | 531,611 | |
| Series B 144A 4.88% 7/1/49 #, ^ | 2,888,155 | 488,502 | |
| (Sage International School of Middleton Project) Series A 5.00% 5/1/63 | 1,150,000 | 1,075,457 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Illinois Finance Authority Charter School Revenue | |||
| (Chicago International Charter School Project) 5.00% 12/1/47 | 2,965,000 | $ 2,869,171 | |
| Illinois Finance Authority Educational Facility Revenue | |||
| (Rogers Park Montessori) | |||
| 6.00% 2/1/34 | 675,000 | 675,142 | |
| 6.125% 2/1/45 | 1,400,000 | 1,399,972 | |
| Illinois Finance Authority Revenue | |||
| Series A 144A 5.875% 9/1/46 # | 4,000,000 | 3,898,160 | |
| (Acero Charter Schools) 144A 4.00% 10/1/42 # | 2,245,000 | 1,871,724 | |
| Illinois Finance Authority Student Housing & Academic Facility Revenue | |||
| (University of Illinois at Chicago Project) Series A 5.00% 2/15/47 | 3,640,000 | 3,386,328 | |
| Indiana Finance Authority Revenue | |||
| (Matchbook Learning Schools of Indiana Inc Project) | |||
| 144A 7.00% 6/15/53 # | 4,000,000 | 4,152,640 | |
| 144A 7.00% 6/15/58 # | 6,405,000 | 6,625,908 | |
| (PRG - UINDY Properties LLC) | |||
| 5.25% 7/1/45 | 1,140,000 | 1,063,643 | |
| 5.25% 7/1/55 | 1,545,000 | 1,405,641 | |
| 5.625% 7/1/50 | 1,000,000 | 966,330 | |
| 5.75% 7/1/60 | 2,160,000 | 2,077,099 | |
| (Tippecanoe, LLC - Student Housing Project) Series A 5.375% 6/1/64 | 6,010,000 | 5,943,710 | |
| Industrial Development Authority of the County of Pima, Arizona Revenue | |||
| (Noah Webster Schools-Pima Project) Series A 7.00% 12/15/43 | 1,500,000 | 1,500,855 | |
| Iowa Higher Education Loan Authority Revenue | |||
| (University of Dubuque Project) 6.00% 10/1/55 | 1,800,000 | 1,860,948 | |
| Kent County, Delaware Student Housing and Dining Facilities Revenue | |||
| (Delaware State University Project) Series A 5.00% 7/1/58 | 1,250,000 | 1,126,588 | |
| Louisiana Public Facilities Authority Revenue | |||
| (Athlos Academy Jefferson Paris) | |||
| Series A 144A 7.375% 6/1/54 # | 3,500,000 | 3,635,170 | |
| Series A 144A 7.50% 6/1/59 # | 5,000,000 | 5,212,100 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Louisiana Public Facilities Authority Revenue | |||
| (Geo Academies EBR - Geo Prep Mid-City Project) | |||
| 144A 6.125% 6/1/52 # | 1,030,000 | $ 1,031,844 | |
| 144A 6.25% 6/1/62 # | 1,420,000 | 1,423,962 | |
| (Jefferson Rise Charter School Project) | |||
| Series A 144A 6.25% 6/1/52 # | 1,000,000 | 966,070 | |
| Series A 144A 6.375% 6/1/62 # | 1,330,000 | 1,284,580 | |
| (Lincoln Preparatory School Project) | |||
| Series A 144A 5.25% 6/1/60 # | 2,000,000 | 1,538,000 | |
| Series A 144A 6.375% 6/1/52 # | 2,000,000 | 1,854,120 | |
| Series A 144A 6.50% 6/1/62 # | 4,000,000 | 3,695,600 | |
| Macomb County, Michigan Public School Academy Revenue | |||
| (Academy Of Warren) Series A 144A 5.50% 5/1/50 # | 1,810,000 | 1,602,610 | |
| Macon-Bibb County, Georgia Urban Development Authority Revenue | |||
| (Academy for Classical Education) | |||
| Series A 144A 5.875% 6/15/47 # | 1,680,000 | 1,692,651 | |
| Series A 144A 6.00% 6/15/52 # | 1,530,000 | 1,540,725 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Choice Academies, Inc. Project) 144A 5.75% 9/1/45 # | 4,850,000 | 4,827,302 | |
| Massachusetts Development Finance Agency Revenue | |||
| Series B 4.00% 2/15/36 | 2,500,000 | 2,523,150 | |
| Series V 5.00% 7/1/55 | 9,470,000 | 9,903,631 | |
| (Massachusetts Institute Of Technology) Series P 5.00% 7/1/50 | 18,030,000 | 19,013,176 | |
| (Merrimack College Student Housing Project) | |||
| Series A 144A 5.00% 7/1/54 # | 1,200,000 | 1,103,100 | |
| Series A 144A 5.00% 7/1/60 # | 1,100,000 | 995,423 | |
| Miami-Dade County, Florida Industrial Development Authority Revenue | |||
| (Youth Co-Op Charter School) | |||
| Series A 144A 5.75% 9/15/35 # | 1,000,000 | 1,000,340 | |
| Series A 144A 6.00% 9/15/45 # | 1,000,000 | 996,290 | |
| Michigan Finance Authority Limited Obligation Revenue | |||
| (Hanley International Academy) 5.00% 9/1/40 | 1,115,000 | 1,055,883 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Michigan Finance Authority Limited Obligation Revenue | |||
| (Landmark Academy Project) 5.00% 6/1/45 | 2,000,000 | $ 1,822,020 | |
| (Public School Academy Old Redford) | |||
| Series A 5.90% 12/1/30 | 1,340,000 | 1,329,776 | |
| Series A 6.50% 12/1/40 | 3,900,000 | 3,721,107 | |
| Michigan Public Educational Facilities Authority Revenue | |||
| (Old Redford) Series A 5.875% 12/1/30 | 1,360,000 | 1,349,922 | |
| Monroe County, New York Industrial Development Revenue | |||
| (Eugenio Maria de Hostos Charter School Project) | |||
| Series A 144A 5.00% 7/1/54 # | 2,000,000 | 1,715,780 | |
| Series A 144A 5.00% 7/1/59 # | 350,000 | 295,295 | |
| Nevada State Department of Business & Industry Revenue | |||
| (Somerset Academy) | |||
| Series A 144A 5.00% 12/15/35 # | 1,595,000 | 1,596,388 | |
| Series A 144A 5.00% 12/15/38 # | 1,000,000 | 975,250 | |
| Series A 144A 5.00% 12/15/48 # | 500,000 | 454,085 | |
| Series A 144A 5.125% 12/15/45 # | 5,030,000 | 4,761,146 | |
| New Hampshire Business Finance Authority Revenue | |||
| (Abilene Christian University Energy Projects) Series A 5.25% 11/1/54 | 2,135,000 | 2,099,495 | |
| New York State Dormitory Authority Revenue | |||
| (Columbia University) Series A2 5.00% 10/1/46 | 2,500,000 | 2,670,100 | |
| (Cornell University) Series A 5.50% 7/1/54 | 16,975,000 | 18,030,336 | |
| Oklahoma County, Oklahoma Finance Authority Revenue | |||
| (Astec Project) | |||
| 144A 5.25% 6/15/34 # | 600,000 | 592,134 | |
| 144A 6.00% 6/15/44 # | 1,000,000 | 959,200 | |
| 144A 6.50% 6/15/64 # | 3,000,000 | 2,915,790 | |
| Oregon State Facilities Authority Revenue | |||
| (Redmond Proficiency Academy Project) | |||
| Series A 144A 5.625% 6/15/55 # | 500,000 | 488,065 | |
| Series A 144A 6.00% 6/15/65 # | 1,225,000 | 1,234,861 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Philadelphia Authority for Industrial Development Revenue | |||
| (First Philadelphia Preparatory Charter School Project) 144A 5.00% 6/15/43 # | 1,465,000 | $ 1,396,892 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (Mast Community Charter School II Project) 5.00% 8/1/50 | 375,000 | 356,445 | |
| (University of the Sciences) 5.00% 11/1/47 | 5,000,000 | 4,870,600 | |
| Phoenix, Arizona Industrial Development Authority Education Revenue | |||
| (Basic Schools Project) | |||
| Series 2015A 144A 5.00% 7/1/46 # | 4,000,000 | 3,774,360 | |
| Series 2016A 144A 5.00% 7/1/45 # | 2,000,000 | 1,895,660 | |
| Phoenix, Arizona Industrial Development Authority Student Housing Revenue | |||
| (Downtown Phoenix Student Housing, LLC-Arizona State University Project) Series A 5.00% 7/1/42 | 1,000,000 | 959,730 | |
| Pima County, Arizona Industrial Development Authority Education Revenue | |||
| 144A 4.00% 6/15/51 # | 4,000,000 | 3,035,880 | |
| (Career Success Schools Project) | |||
| 144A 5.50% 5/1/40 # | 500,000 | 477,630 | |
| 144A 5.75% 5/1/50 # | 2,530,000 | 2,399,224 | |
| (Edkey Charter Schools Project) | |||
| 144A 5.00% 7/1/49 #, ‡ | 7,000,000 | 4,900,000 | |
| 144A 5.00% 7/1/55 #, ‡ | 7,370,000 | 5,159,000 | |
| Pottsboro, Texas Higher Education Finance Authority Revenue | |||
| Series A 5.00% 8/15/36 | 755,000 | 735,944 | |
| Public Finance Authority Revenue | |||
| (Triad Educational Services, Inc.) 5.50% 6/15/62 | 3,025,000 | 2,921,424 | |
| Public Finance Authority Charter School Revenue | |||
| (Foundation Academy Charter School) | |||
| 144A 5.00% 7/1/55 # | 2,000,000 | 1,747,020 | |
| 144A 5.00% 7/1/60 # | 1,200,000 | 1,032,300 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Shelby County, Health Educational and Housing Facility Board Revenue | |||
| (Madrone Memphis Student Housing I, LLC - University of Memphis Project) | |||
| Series A-1 144A 5.00% 6/1/44 # | 1,000,000 | $ 956,230 | |
| Series A-1 144A 5.25% 6/1/56 # | 2,000,000 | 1,899,400 | |
| Sierra Vista Industrial Development Authority Revenue | |||
| (American Leadership Academy Project) | |||
| 144A 5.00% 6/15/59 # | 5,500,000 | 4,921,565 | |
| 144A 5.00% 6/15/64 # | 5,000,000 | 4,409,650 | |
| South Carolina Jobs-Economic Development Authority Revenue | |||
| (Green Charter Schools Project) | |||
| Series A 144A 4.00% 6/1/46 # | 2,300,000 | 1,663,015 | |
| Series A 144A 4.00% 6/1/56 # | 1,530,000 | 1,011,682 | |
| (Greer Preparatory Academy Project) | |||
| 144A 6.50% 6/15/54 # | 1,750,000 | 1,689,660 | |
| 144A 6.50% 6/15/59 # | 2,500,000 | 2,390,300 | |
| (High Point Academy Project) Series A 144A 5.75% 6/15/49 # | 5,000,000 | 4,352,650 | |
| (Riverwalk Academy Project) | |||
| Series A 144A 7.125% 6/15/53 # | 2,550,000 | 2,569,074 | |
| Series A 144A 7.25% 6/15/58 # | 2,915,000 | 2,935,376 | |
| (Virtus Academy Project) | |||
| Series A 144A 6.75% 6/15/43 # | 940,000 | 927,771 | |
| Series A 144A 7.00% 6/15/53 # | 1,830,000 | 1,827,493 | |
| Series A 144A 7.125% 6/15/58 # | 1,510,000 | 1,515,164 | |
| St. Louis, Missouri Industrial Development Authority Tax Increment Revenue Improvement | |||
| (Confluence Academy Project) Series A 144A 5.625% 6/15/53 # | 4,805,000 | 4,253,915 | |
| University of Texas System Board of Regents Revenue | |||
| Series B 5.00% 8/15/49 | 18,500,000 | 19,754,115 | |
| University of Virginia Revenue | |||
| Series A-2 3.57% 4/1/45 | 10,000,000 | 8,347,200 | |
| Upper Dauphin, Pennsylvania Industrial Development Authority Revenue | |||
| (Pennsylvania Steam Academy Charter School Project) Series A 144A 6.25% 7/1/57 # | 2,400,000 | 2,321,448 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Upper Illinois River Valley Development Authority Revenue | |||
| (Elgin Math And Science Academy Charter School Project) Series A 144A 6.00% 3/1/63 # | 2,990,000 | $ 2,905,622 | |
| Utah State Charter School Finance Authority Revenue | |||
| (Leadership Learning Academy Project) | |||
| Series A 144A 5.00% 6/15/39 # | 1,000,000 | 942,400 | |
| Series A 144A 5.00% 6/15/50 # | 2,200,000 | 1,926,650 | |
| Washington State Housing Finance Commission Revenue | |||
| (Blakeley and Laurel Villages Portfolio) Series A 144A 5.25% 7/1/64 (BAM) # | 5,000,000 | 4,851,750 | |
| (Radford Court And Nordheim Court Portfolio) | |||
| 5.00% 7/1/54 | 2,500,000 | 2,391,750 | |
| 5.50% 7/1/59 | 6,000,000 | 6,079,500 | |
| (Seattle Academy Of Arts And Sciences Project) 144A 6.375% 7/1/63 # | 2,500,000 | 2,674,075 | |
| Wisconsin Public Finance Authority Revenue | |||
| 5.75% 7/1/62 | 12,372,573 | 12,402,267 | |
| (Cornerstone Charter Academy) Series A 144A 5.125% 2/1/46 # | 3,250,000 | 3,065,920 | |
| (Founders Academy of Las Vegas) | |||
| Series A 144A 6.375% 7/1/43 # | 300,000 | 303,675 | |
| Series A 144A 6.625% 7/1/53 # | 600,000 | 606,924 | |
| Series A 144A 6.75% 7/1/58 # | 550,000 | 558,332 | |
| (North East Carolina Preparatory School Project) | |||
| Series A 5.00% 6/15/44 | 1,000,000 | 955,030 | |
| Series A 5.25% 6/15/54 | 1,200,000 | 1,147,980 | |
| (Pine Lake Preparatory) 144A 5.50% 3/1/45 # | 3,460,000 | 3,460,035 | |
| (Revolution Academy) | |||
| Series A 144A 6.25% 10/1/53 # | 2,000,000 | 2,027,440 | |
| Series A 144A 6.25% 10/1/58 # | 3,885,000 | 3,926,298 | |
| (Shining Rock Classical Academy) | |||
| Series A 6.00% 6/15/52 | 2,780,000 | 2,574,391 | |
| Series A 6.125% 6/15/57 | 2,620,000 | 2,421,168 | |
| (Triad Educational Services, Inc.) | |||
| 5.25% 6/15/65 | 4,200,000 | 3,919,818 | |
| 5.50% 6/15/55 | 2,200,000 | 2,176,526 | |
| (Wilson Preparatory Academy) | |||
| Series A 144A 4.125% 6/15/29 # | 335,000 | 326,223 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Wisconsin Public Finance Authority Revenue | |||
| (Wilson Preparatory Academy) | |||
| Series A 144A 5.00% 6/15/39 # | 500,000 | $ 473,525 | |
| Series A 144A 5.00% 6/15/49 # | 2,200,000 | 1,948,254 | |
| (Wittenberg University) 144A 5.25% 12/1/39 # | 5,000,000 | 4,145,400 | |
| Yonkers, New York Economic Development Educational Revenue | |||
| (Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | |||
| Series A 5.00% 10/15/49 | 1,000,000 | 922,610 | |
| Series A 5.00% 10/15/54 | 465,000 | 420,267 | |
| 749,710,871 | |||
| Electric Revenue Bonds — 1.61% | |||
| Build NYC, New York Resource Revenue | |||
| (Brooklyn Navy Yard Cogeneration Partners, L.P. Project) 144A 5.25% 12/31/33 (AMT) # | 4,520,000 | 4,489,852 | |
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) Series A 5.00% 10/1/38 | 135,000 | 141,460 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 8,615,000 | 4,727,481 | |
| Series A 5.05% 7/1/42 ‡ | 4,590,000 | 2,518,762 | |
| Series A 6.75% 7/1/36 ‡ | 1,500,000 | 823,125 | |
| Series AAA 5.25% 7/1/25 ‡ | 925,000 | 507,594 | |
| Series AAA 5.25% 7/1/26 ‡ | 1,030,000 | 565,213 | |
| Series AAA 5.25% 7/1/27 ‡ | 5,330,000 | 2,924,837 | |
| Series AAA 5.25% 7/1/28 ‡ | 1,205,000 | 661,244 | |
| Series CCC 5.25% 7/1/27 ‡ | 5,525,000 | 3,031,844 | |
| Series TT 5.00% 7/1/23 ‡ | 2,785,000 | 1,521,306 | |
| Series TT 5.00% 7/1/37 ‡ | 5,230,000 | 2,869,962 | |
| Series WW 5.00% 7/1/28 ‡ | 6,040,000 | 3,314,450 | |
| Series WW 5.25% 7/1/25 ‡ | 1,530,000 | 839,588 | |
| Series WW 5.25% 7/1/33 ‡ | 1,260,000 | 691,425 | |
| Series WW 5.50% 7/1/38 ‡ | 9,035,000 | 4,957,956 | |
| Series XX 4.75% 7/1/26 ‡ | 920,000 | 504,850 | |
| Series XX 5.25% 7/1/40 ‡ | 19,300,000 | 10,590,875 | |
| Series XX 5.75% 7/1/36 ‡ | 7,470,000 | 4,099,162 | |
| Series ZZ 4.75% 7/1/27 ‡ | 760,000 | 417,050 | |
| Series ZZ 5.25% 7/1/24 ‡ | 1,275,000 | 696,469 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series ZZ 5.25% 7/1/26 ‡ | 7,005,000 | $ 3,843,994 | |
| 54,738,499 | |||
| Healthcare Revenue Bonds — 14.54% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project First Tier) Series A2 5.125% 1/1/59 | 4,595,000 | 4,220,646 | |
| (Great Lakes Senior Living Communities LLC Project Fourth Tier) Series D 8.171% 1/1/59 ~ | 5,311,947 | 926,669 | |
| (Great Lakes Senior Living Communities LLC Project Second Tier) Series B 5.125% 1/1/59 | 2,199,550 | 1,724,249 | |
| (Great Lakes Senior Living Communities LLC Project Third Tier) Series C 1.759% 1/1/59 ~ | 5,189,384 | 2,820,949 | |
| (ISF - Ativo Portfolio) | |||
| Series A 144A 6.75% 3/1/65 # | 9,000,000 | 8,248,410 | |
| Series A 144A 6.875% 3/1/55 # | 2,000,000 | 1,903,860 | |
| Bexar County, Texas Health Facilities Development Revenue | |||
| (Army Retirement Residence Foundation Project) | |||
| 5.00% 7/15/42 | 575,000 | 516,643 | |
| 5.00% 7/15/41 | 5,395,000 | 4,922,506 | |
| Birmingham, Alabama Special Care Facilities Financing Authority Revenue | |||
| (Methodist Home for the Aging) | |||
| 5.50% 6/1/30 | 1,850,000 | 1,828,910 | |
| 5.75% 6/1/35 | 1,500,000 | 1,456,200 | |
| 5.75% 6/1/45 | 2,500,000 | 2,196,800 | |
| 6.00% 6/1/50 | 3,130,000 | 2,749,611 | |
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Health System) | |||
| Series A 3.00% 8/15/51 | 7,580,000 | 5,304,181 | |
| Series A 3.00% 8/15/51 (BAM) | 10,000,000 | 7,111,800 | |
| (Kaiser Permanente) Subseries A-2 5.00% 11/1/47 | 7,770,000 | 8,284,529 | |
| California Municipal Finance Authority Revenue | |||
| (Community Health System Project) Series A 3.00% 2/1/46 (AG) | 5,000,000 | 3,614,150 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Goodwill Industry Sacramento Valley and Northern Nevada Project) | |||
| Series A 5.25% 1/1/45 | 1,295,000 | $ 997,046 | |
| Series A 144A 6.625% 1/1/32 # | 500,000 | 485,990 | |
| Series A 144A 6.875% 1/1/42 # | 1,500,000 | 1,398,630 | |
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | 460,060 | |
| California Public Finance Authority Revenue | |||
| Series A 144A 6.375% 6/1/59 # | 8,000,000 | 7,293,840 | |
| California Statewide Communities Development Authority Revenue | |||
| (Enloe Medical Center) Series A 5.375% 8/15/57 (AG) | 2,000,000 | 2,026,220 | |
| Capital Projects Finance Authority Revenue | |||
| (Millenia Orlando Project) | |||
| Series A 144A 7.125% 1/1/65 # | 6,400,000 | 6,188,096 | |
| Series A 144A 7.25% 1/1/55 # | 1,000,000 | 1,001,300 | |
| Capital Trust Agency Senior Living Facilities, Florida Revenue | |||
| (Elim Senior Housing Inc. Project) 144A 5.875% 8/1/52 # | 2,000,000 | 1,626,900 | |
| City of Apple Valley, Minnesota Senior Living Revenue | |||
| (Minnesota Senior Living LLC Project) Second Tier Series B 5.25% 1/1/37 | 420,000 | 242,323 | |
| (Senior Living LLC Project) | |||
| Fourth Tier Series D 7.25% 1/1/52 | 7,410,000 | 3,289,151 | |
| Second Tier Series B 5.00% 1/1/47 | 2,375,000 | 1,318,386 | |
| City of Chicago, Illinois Multi-Family Housing Revenue | |||
| (Goldblatts Supportive Living Project) 6.125% 12/1/43 ‡ | 8,200,000 | 5,005,444 | |
| City of Colby, Kanas Hospital Loan Anticipation Revenue | |||
| (Citizens Medical Center, Inc. Project) 5.50% 7/1/26 | 9,000,000 | 9,015,210 | |
| City of Kalispell, Montana Revenue | |||
| (Immanuel Living at Buffalo Hill Project) Series A 6.00% 5/15/60 | 6,900,000 | 6,886,269 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| City of Lenexa, Kansas Health Care Facility Revenue | |||
| (Lakeview Village) Series A 4.00% 5/15/34 | 1,000,000 | $ 938,420 | |
| City of Medford, Oregon Hospital Facility Authority Revenue | |||
| (Asante Projects) Series A 3.00% 8/15/50 (AG) | 3,500,000 | 2,407,125 | |
| City of Rochester, Minnesota Health Care & Housing Revenue | |||
| (The Homestead at Rochester Project) Series A 6.875% 12/1/48 | 2,500,000 | 2,500,825 | |
| City of Terre Haute, Indiana Revenue | |||
| (Westminster Village Project) 6.00% 8/1/39 | 4,000,000 | 3,192,320 | |
| City of Topeka, Kansas Healthcare Facilities Revenue | |||
| (Brewster Place) | |||
| Series A 6.25% 12/1/42 | 1,500,000 | 1,518,465 | |
| Series A 6.50% 12/1/52 | 2,000,000 | 2,010,040 | |
| Clackamas County, Oregon Hospital Facility Authority Revenue | |||
| (Rose Villa Project) | |||
| Series A 5.25% 11/15/50 | 1,000,000 | 916,540 | |
| Series A 5.375% 11/15/55 | 1,000,000 | 916,470 | |
| Colorado Health Facilities Authority Revenue | |||
| (Aberdeen Ridge) Series A 5.00% 5/15/58 | 500,000 | 342,535 | |
| (AdventHealth Obligated Group) Series A 3.00% 11/15/51 | 12,270,000 | 8,403,968 | |
| (American Baptist) 8.00% 8/1/43 | 2,500,000 | 1,561,825 | |
| (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 1,255,000 | 884,775 | |
| (Mental Health Center Denver Project) Series A 5.75% 2/1/44 | 500,000 | 500,085 | |
| (Sunny Vista Living Center) | |||
| Series A 144A 5.50% 12/1/30 # | 750,000 | 575,250 | |
| Series A 144A 5.75% 12/1/35 # | 1,150,000 | 782,817 | |
| Series A 144A 6.125% 12/1/45 # | 1,200,000 | 731,868 | |
| Series A 144A 6.25% 12/1/50 # | 560,000 | 342,457 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Connecticut State Health & Educational Facilities Authority Revenue | |||
| (Church Home of Hartford Incorporated Project) Series A 144A 5.00% 9/1/46 # | 1,000,000 | $ 921,330 | |
| Cuyahoga County, Ohio Hospital Revenue | |||
| (The Metrohealth System) 5.50% 2/15/57 | 4,930,000 | 4,783,283 | |
| (The MetroHealth System) 5.50% 2/15/52 | 4,000,000 | 3,912,720 | |
| Denver, Colorado Health & Hospital Authority Revenue | |||
| Series A 6.00% 12/1/55 | 2,500,000 | 2,651,575 | |
| Doylestown, Pennsylvania Hospital Authority Revenue | |||
| 144A 5.00% 7/1/31 # | 1,500,000 | 1,571,895 | |
| 144A 5.375% 7/1/39 # | 1,575,000 | 1,664,460 | |
| Escambia County, Florida Health Facilities Authority Revenue | |||
| (Baptist Health Care Obligated Group) Series A 4.00% 8/15/50 | 8,065,000 | 6,557,732 | |
| Gainesville & Hall County, Georgia Hospital Authority Revenue | |||
| (Northeast Georgia Health System Project) 3.00% 2/15/47 | 3,775,000 | 2,710,186 | |
| Glendale, Arizona Industrial Development Authority Revenue | |||
| (Glencroft Retirement Community Project) | |||
| 5.00% 11/15/36 | 950,000 | 858,021 | |
| 5.25% 11/15/51 | 1,350,000 | 1,064,192 | |
| Guilderland, New York Industrial Development Agency Revenue | |||
| (Albany Place Development LLC Project) Series A 144A 5.875% 1/1/52 #, ‡ | 6,000,000 | 3,000,000 | |
| Hamilton County, Ohio Hospital Facilities Revenue | |||
| (UC Health) Series A 5.50% 8/1/51 | 4,000,000 | 3,941,920 | |
| Henrico County, Virginia Economic Development Authority Residential Care Facility Revenue | |||
| (Westminster Canterbury Richmond) Series A 5.00% 10/1/47 | 2,170,000 | 2,183,541 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Hillsborough County, Florida Industrial Development Authority Hospital Revenue | |||
| (BayCare Health System Issue) Series C 5.50% 11/15/54 | 10,000,000 | $ 10,532,700 | |
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke's Health System Project) Series A 3.00% 3/1/51 | 2,370,000 | 1,586,312 | |
| (Valley Vista Care Corporation) Series A 5.00% 11/15/32 | 455,000 | 411,407 | |
| Illinois Finance Authority Revenue | |||
| (Plymouth Place, Inc.) Series A 6.75% 5/15/58 | 3,000,000 | 3,121,920 | |
| (The Admiral at the Lake Project) | |||
| 5.25% 5/15/42 | 900,000 | 729,837 | |
| 5.50% 5/15/54 | 9,375,000 | 7,046,719 | |
| Illinois Housing Development Authority Revenue | |||
| (Stonebridge of Gurnee Project) | |||
| Series A 144A 5.45% 1/1/46 # | 2,500,000 | 2,336,575 | |
| Series A 144A 5.60% 1/1/56 # | 2,630,000 | 2,416,865 | |
| Iowa Finance Authority Revenue | |||
| (ChildServe Project) Series B 5.00% 6/1/36 | 2,425,000 | 2,383,848 | |
| (PHS Council Bluffs Project) | |||
| 5.125% 8/1/48 | 1,750,000 | 1,421,647 | |
| 5.25% 8/1/55 | 2,500,000 | 1,986,175 | |
| Jefferson County, Washington Public Hospital District No. 2 Revenue | |||
| (Jefferson Healthcare) Series A 6.875% 12/1/53 | 8,880,000 | 8,956,279 | |
| Kalispell, Montana Revenue | |||
| (Immanuel Lutheran Corporation Project) | |||
| Series A 5.25% 5/15/32 | 435,000 | 443,935 | |
| Series A 5.25% 5/15/47 | 1,525,000 | 1,359,979 | |
| Series A 5.25% 5/15/52 | 5,420,000 | 4,699,899 | |
| Kentucky Economic Development Finance Authority Healthcare Revenue | |||
| (Rosedale Green Project) | |||
| 5.50% 11/15/35 | 1,310,000 | 1,199,593 | |
| 5.75% 11/15/45 | 3,000,000 | 2,449,710 | |
| 5.75% 11/15/50 | 1,600,000 | 1,255,936 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Kirkwood, Missouri Industrial Development Authority Revenue | |||
| (Aberdeen Heights Project) Series A 5.25% 5/15/50 | 9,000,000 | $ 7,476,300 | |
| Lake County, Florida Retirement Facility Revenue | |||
| (Lakeside At Waterman Village Project) | |||
| Series A 5.75% 8/15/50 | 2,500,000 | 2,324,975 | |
| Series A 5.75% 8/15/55 | 1,500,000 | 1,371,435 | |
| Lancaster County, Pennsylvania Hospital Authority Revenue | |||
| (Penn State Health) 5.00% 11/1/51 | 4,670,000 | 4,541,108 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
| (The Glen Retirement System Project) | |||
| Series A 5.00% 1/1/49 | 3,500,000 | 2,428,650 | |
| Series A 5.00% 1/1/55 | 2,635,000 | 1,744,027 | |
| Louisiana Public Facilities Authority Revenue | |||
| (Ochsner Clinic Foundation Project) Series A 3.00% 5/15/47 | 10,000,000 | 7,176,200 | |
| Maricopa County, Arizona Industrial Development Authority Senior Living Facility Revenue | |||
| (Christian Care Surprise Project) 144A 6.00% 1/1/48 # | 5,645,000 | 4,395,366 | |
| Michigan Finance Authority Hospital Revenue | |||
| Series A 3.00% 12/1/49 | 5,000,000 | 3,492,800 | |
| Michigan State Strategic Fund Limited Revenue | |||
| (Evangelical Homes) 5.50% 6/1/47 | 2,470,000 | 1,890,415 | |
| Missouri State, Health and Educational Facilities Authority Revenue | |||
| (Mercy Health) 4.00% 6/1/53 | 4,810,000 | 3,945,066 | |
| Montgomery County, Pennsylvania Industrial Development Authority Revenue | |||
| (Whitemarsh Continuing Care Retirement Community Project) | |||
| 5.25% 1/1/40 | 1,550,000 | 1,466,083 | |
| 5.375% 1/1/50 | 6,250,000 | 5,482,562 | |
| Series A 5.375% 1/1/51 | 2,000,000 | 1,738,760 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society) 6.125% 7/1/50 | 8,935,000 | $ 7,387,369 | |
| Muskingum County, Ohio Hospital Facilities Revenue | |||
| (Genesis Healthcare System Obligated Group Project) 5.00% 2/15/48 | 2,000,000 | 1,856,120 | |
| Nassau County, New York Industrial Development Agency | |||
| (Amsterdam at Harborside Project) 5.00% 1/1/58 • | 10,884,206 | 761,894 | |
| New Hampshire, National Finance Authority Revenue | |||
| (The Vista Project) | |||
| Series A 144A 5.25% 7/1/39 # | 1,515,000 | 1,495,229 | |
| Series A 144A 5.625% 7/1/46 # | 1,000,000 | 972,520 | |
| Series A 144A 5.75% 7/1/54 # | 2,000,000 | 1,920,040 | |
| New Hope, Texas Cultural Education Facilities Finance Revenue | |||
| (Army Retirement Residence Foundation Project) 6.00% 7/15/57 | 6,000,000 | 5,954,340 | |
| (Bella Vida Forefront Living Project) Series A 6.50% 10/1/60 | 1,285,000 | 1,227,985 | |
| (Buckingham Senior Living Community, Inc. Project) | |||
| Series A-1 7.50% 11/15/37 ‡ | 120,000 | 94,019 | |
| Series A-2 7.50% 11/15/36 ‡ | 745,000 | 607,793 | |
| Series B 4.095% 11/15/61 • | 3,213,775 | 1,124,082 | |
| (Cardinal Bay - Village on the Park) | |||
| Series A-1 5.00% 7/1/46 | 660,000 | 595,650 | |
| Series A-1 5.00% 7/1/51 | 1,575,000 | 1,421,437 | |
| Series B 4.00% 7/1/31 | 635,000 | 506,413 | |
| Series B 4.75% 7/1/51 | 1,915,000 | 1,527,212 | |
| Series C 5.00% 7/1/31 ‡ | 250,000 | 125,000 | |
| Series C 5.25% 7/1/36 ‡ | 350,000 | 175,000 | |
| Series C 5.75% 7/1/51 ‡ | 2,250,000 | 1,125,000 | |
| Series D 6.00% 7/1/26 ‡ | 90,000 | 12,600 | |
| Series D 7.00% 7/1/51 ‡ | 1,350,000 | 189,000 | |
| (Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 5,000,000 | 3,490,450 | |
| (Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 15,635,000 | 14,381,073 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| New Hope, Texas Cultural Education Facilities Finance Revenue | |||
| (Superior Living Foundation Project) Series A 144A 6.50% 7/1/56 # | 10,000,000 | $ 8,983,900 | |
| (The Outlook at Windhaven Project) | |||
| Series A 6.75% 10/1/52 | 1,000,000 | 944,970 | |
| Series A 6.875% 10/1/57 | 6,500,000 | 6,162,975 | |
| New Jersey Economic Development Authority Revenue | |||
| (Black Horse EHT Urban Renewal LLC Project) Series A 144A 5.00% 10/1/39 # | 3,125,000 | 2,399,969 | |
| (Lions Gate Project) 5.25% 1/1/44 | 2,000,000 | 1,820,180 | |
| North Carolina Medical Care Commission Health Care Facilities Revenue | |||
| (Novant Health Obligated Group) Series A 3.125% 11/1/49 | 5,000,000 | 3,729,250 | |
| Northampton County, Pennsylvania Industrial Development Authority Revenue | |||
| (Morningstar Senior Living) 5.00% 11/1/49 | 1,830,000 | 1,550,285 | |
| Oklahoma Development Finance Authority Revenue | |||
| (OU Medicine Project) Series B 5.50% 8/15/57 | 3,000,000 | 2,931,810 | |
| Onondaga, New York Civic Development Tax-exempt Revenue | |||
| (Crouse Health Hospital, Inc. Project) | |||
| Series A 5.125% 8/1/44 | 500,000 | 431,605 | |
| Series A 5.375% 8/1/54 | 1,250,000 | 1,076,863 | |
| Orange County, Florida Health Facilities Authority Revenue | |||
| (Orlando Health Obligated Group) | |||
| 4.00% 10/1/52 | 5,000,000 | 4,189,750 | |
| 4.00% 10/1/52 (AG) | 1,950,000 | 1,639,053 | |
| Oregon Health & Science University Revenue | |||
| (Green Bonds) Series A 3.00% 7/1/51 | 5,000,000 | 3,410,950 | |
| Palomar Health, California Revenue | |||
| 4.00% 11/1/39 | 4,375,000 | 3,206,306 | |
| Payne County, Oklahoma Economic Development Authority Revenue | |||
| (Epworth Living at the Ranch) Series A 7.00% 11/1/51 ‡ | 961,600 | 3,318 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) Series A 144A 6.75% 12/1/53 #, ‡ | 10,495,000 | $ 3,148,500 | |
| Prince George's County, Maryland Revenue | |||
| (Collington Episcopal Life Care Community) 5.25% 4/1/47 | 2,000,000 | 1,729,080 | |
| Public Finance Authority Charter School Revenue | |||
| (Inperium Project) 144A 5.75% 12/1/54 # | 13,000,000 | 12,732,720 | |
| Seminole County, Florida Industrial Development Authority Revenue | |||
| (Legacy Pointe at UCF Project) | |||
| Series A 5.25% 11/15/39 | 2,000,000 | 1,927,480 | |
| Series A 5.50% 11/15/49 | 10,700,000 | 9,830,090 | |
| Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue | |||
| (The Farms at Bailey Station Project) 5.75% 10/1/59 | 3,830,000 | 2,542,967 | |
| South Carolina Jobs-Economic Development Authority Revenue | |||
| (Beaufort Memorial Hospital & South Broad Healthcare Project) | |||
| 5.50% 11/15/44 | 1,000,000 | 1,000,680 | |
| 5.75% 11/15/54 | 2,250,000 | 2,269,147 | |
| (Novant Health Obligated Group) Series A 5.50% 11/1/54 | 1,845,000 | 1,903,542 | |
| Southeastern Ohio Port Authority Revenue | |||
| (Memorial Health Systems) | |||
| 5.00% 12/1/43 | 805,000 | 683,542 | |
| 5.50% 12/1/43 | 1,250,000 | 1,128,575 | |
| St. Louis County, Missouri Industrial Development Authority Revenue | |||
| (Nazareth Living Center Project) | |||
| Series A 5.00% 8/15/35 | 600,000 | 579,948 | |
| Series A 5.125% 8/15/45 | 1,800,000 | 1,547,802 | |
| Stamford Housing Authority Revenue | |||
| (Mozaic Concierge Living Project) | |||
| Series A 6.25% 10/1/60 | 1,500,000 | 1,425,675 | |
| Series A 6.50% 10/1/55 | 2,285,000 | 2,250,976 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Tarrant County, Texas Cultural Education Facilities Finance Revenue | |||
| (Air Force Villages Obligated Group Project) 5.00% 5/15/45 | 8,650,000 | $ 7,722,806 | |
| (Buckner Senior Living - Ventana Project) | |||
| Series A 6.75% 11/15/47 | 3,250,000 | 3,296,053 | |
| Series A 6.75% 11/15/52 | 5,800,000 | 5,869,832 | |
| Tempe, Arizona Industrial Development Authority Revenue | |||
| (Mirabella at ASU Project) | |||
| Series A 144A 6.125% 10/1/47 # | 2,150,000 | 1,405,326 | |
| Series A 144A 6.125% 10/1/52 # | 2,570,000 | 1,631,025 | |
| University of North Carolina Board of Governors Revenue | |||
| 5.00% 2/1/49 | 19,355,000 | 20,447,977 | |
| Virginia Small Business Financing Authority Revenue | |||
| (LifeSpire of Virginia) | |||
| Series A 4.50% 12/1/44 | 2,750,000 | 2,529,285 | |
| Series A 5.50% 12/1/54 | 3,500,000 | 3,531,220 | |
| Westchester County, New York Local Development Revenue | |||
| (Purchase Senior Learning Community, Inc. Project) Series A 144A 5.00% 7/1/56 # | 4,250,000 | 3,695,205 | |
| Westminster, Maryland Project Revenue | |||
| (Lutheran Village Millers Grant) | |||
| Series A 6.00% 7/1/34 | 1,000,000 | 1,000,370 | |
| Series A 6.125% 7/1/39 | 750,000 | 749,962 | |
| Series A 6.25% 7/1/44 | 2,500,000 | 2,454,825 | |
| Wisconsin Health & Educational Facilities Authority Revenue | |||
| (Chiara Housing and Services Project) 6.00% 7/1/60 | 6,000,000 | 5,678,940 | |
| (Chiara Housing and Services, Inc. Project) 6.625% 7/1/60 | 1,500,000 | 1,524,570 | |
| (Children's Hospital of Wisconsin) 3.00% 8/15/52 | 3,000,000 | 2,045,040 | |
| (Covenant Communities Project) | |||
| Second Tier Series B 5.00% 7/1/53 | 1,945,000 | 1,574,478 | |
| Third Tier Series C 7.00% 7/1/43 | 1,000,000 | 844,850 | |
| Third Tier Series C 7.50% 7/1/53 | 1,000,000 | 841,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Wisconsin Health & Educational Facilities Authority Revenue | |||
| (Dickson Hollow Phase II Project) | |||
| 5.45% 10/1/39 | 500,000 | $ 491,000 | |
| 6.00% 10/1/44 | 300,000 | 301,275 | |
| 6.125% 10/1/59 | 2,750,000 | 2,696,238 | |
| (St. Camillus Health System) | |||
| Series A 5.00% 11/1/39 | 635,000 | 609,498 | |
| Series A 5.00% 11/1/46 | 1,000,000 | 886,300 | |
| Series A 5.00% 11/1/54 | 8,425,000 | 7,157,711 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Bancroft Neurohealth Project) | |||
| Series A 144A 5.00% 6/1/36 # | 960,000 | 960,509 | |
| Series A 144A 5.125% 6/1/48 # | 1,375,000 | 1,265,921 | |
| (Goodwill Industries of Southern Nevada Project) | |||
| Series A 5.50% 12/1/38 | 2,368,650 | 2,105,185 | |
| Series A 5.75% 12/1/48 | 2,576,272 | 2,189,265 | |
| Woodbury, Minnesota Housing & Redevelopment Authority Revenue | |||
| (St. Therese of Woodbury) 5.125% 12/1/44 | 1,250,000 | 1,169,175 | |
| Yamhill County, Oregon Hospital Authority Revenue | |||
| (Friendsview) Series A 5.00% 11/15/56 | 1,600,000 | 1,268,816 | |
| 495,300,492 | |||
| Housing Revenue Bonds — 3.09% | |||
| California CSCDA Community Improvement Authority Essential Housing Revenue | |||
| (Jefferson - Anaheim) Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,074,240 | |
| (Parallel - Anaheim) Series A 144A 4.00% 8/1/56 # | 650,000 | 547,554 | |
| (Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 5,800,000 | 3,771,798 | |
| California Municipal Finance Authority Revenue | |||
| Series I 144A 6.00% 1/1/39 # | 6,530,000 | 6,602,483 | |
| City of Dallas, Texas Housing Finance Revenue | |||
| Residential Development-Senior Lien Series A 6.00% 12/1/62 | 2,000,000 | 1,802,820 | |
| Connecticut Housing Finance Authority Revenue | |||
| (Housing Mortgage Finance Program) Series D 5.35% 11/15/48 | 7,000,000 | 7,167,160 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds (continued) | |||
| Georgia Housing & Finance Authority Revenue | |||
| Series B 5.05% 12/1/43 | 1,805,000 | $ 1,837,093 | |
| Series B 5.20% 12/1/48 | 1,080,000 | 1,095,941 | |
| Series B 5.25% 6/1/51 | 275,000 | 279,353 | |
| Illinois Housing Development Authority Revenue | |||
| Series K 5.35% 4/1/47 | 5,605,000 | 5,651,690 | |
| Independent Cities, California Finance Authority Mobile Home Park Revenue | |||
| (Pillar Ridge) Series A 5.25% 5/15/44 | 750,000 | 750,240 | |
| Indiana Housing & Community Development Authority Single Family Mortgage Revenue | |||
| Series D-1 5.00% 7/1/43 | 1,500,000 | 1,514,235 | |
| Series D-1 5.125% 7/1/48 | 1,850,000 | 1,862,117 | |
| Series D-1 5.20% 7/1/53 | 5,000,000 | 5,052,400 | |
| Maine State Housing Authority Revenue | |||
| Series A 3.00% 11/15/44 | 2,525,000 | 1,957,860 | |
| Michigan State Housing Development Authority Revenue | |||
| Series A 4.80% 10/1/64 | 7,000,000 | 6,629,350 | |
| Nebraska Investment Finance Authority Single Family Housing Revenue | |||
| Series G 5.40% 9/1/53 | 5,000,000 | 5,112,800 | |
| New York City, New York Housing Development Revenue | |||
| (8 Spruce Street) Series RE 5.25% 12/15/43 | 6,000,000 | 6,100,560 | |
| Ohio Housing Finance Agency Revenue | |||
| (Havens Edge Apartments Project) Series A 144A 5.70% 8/1/43 # | 3,500,000 | 3,545,115 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| (Social Bonds) | |||
| Series 141A 4.60% 10/1/43 | 1,645,000 | 1,600,667 | |
| Series 142A 5.00% 10/1/50 | 10,340,000 | 10,292,229 | |
| Series 143A 5.45% 4/1/51 | 5,000,000 | 5,130,900 | |
| South Carolina State Housing Finance & Development Authority Revenue | |||
| Series B 4.90% 7/1/53 | 1,445,000 | 1,440,260 | |
| Tennessee Housing Development Agency Revenue | |||
| (Social Bonds) Series 1A 5.05% 7/1/55 | 2,500,000 | 2,441,900 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds (continued) | |||
| Texas Community Housing & Economic Development Revenue | |||
| (Agape Helotes) Series A1 144A 6.25% 1/1/65 # | 7,500,000 | $ 6,828,600 | |
| Texas Department of Housing & Community Affairs Revenue | |||
| Series C 5.125% 9/1/53 | 2,500,000 | 2,507,525 | |
| Virginia Housing Development Authority Revenue | |||
| Series A 5.30% 11/1/53 | 3,500,000 | 3,555,405 | |
| Wisconsin Housing & Economic Development Authority Housing Revenue | |||
| Series C 3.00% 5/1/59 | 1,100,000 | 711,480 | |
| Wisconsin Public Finance Authority Revenue | |||
| (The Promenade Apartments) 144A 6.25% 2/1/39 # | 8,500,000 | 8,516,150 | |
| 105,379,925 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.97% | |||
| Allegheny County, Pennsylvania Industrial Development Authority Revenue | |||
| (United States Steel Corporation Project) 5.75% 8/1/42 (AMT) | 2,000,000 | 1,999,980 | |
| Arizona Industrial Development Authority Revenue | |||
| (Legacy Cares, Inc. Project) | |||
| Series A 144A 6.00% 7/1/51 #, ‡ | 6,540,000 | 196,200 | |
| Series A 144A 7.75% 7/1/50 #, ‡ | 21,330,000 | 639,900 | |
| Arkansas Development Finance Authority Revenue | |||
| (Hybar Steel Project) | |||
| Series A 144A 6.875% 7/1/48 (AMT) # | 10,000,000 | 10,729,500 | |
| Series B 144A 7.375% 7/1/48 (AMT) # | 10,000,000 | 10,847,100 | |
| (United States Steel Corporation Project) 5.70% 5/1/53 (AMT) | 18,750,000 | 18,964,875 | |
| Black Belt, Alabama Energy Gas District Revenue | |||
| (Gas Project) Series D-1 5.50% 6/1/49 • | 2,330,000 | 2,439,813 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | |||
| (Senior) | |||
| Series A-2 Class 1 3.00% 6/1/48 | 4,775,000 | 3,335,003 | |
| Series A-2 Class 1 4.00% 6/1/48 | 9,150,000 | 7,654,432 | |
| Series B-2 Class 2 5.00% 6/1/55 | 44,670,000 | 38,710,129 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Calhoun County, Texas Navigation Industrial Development Authority Revenue | |||
| (Max Midstream Texas, LLC Project) Series A 144A 3.625% 7/1/26 (AMT) # | 3,285,000 | $ 3,143,187 | |
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| Series C 5.25% 1/1/54 • | 3,000,000 | 3,107,130 | |
| Series G 5.00% 11/1/55 • | 5,000,000 | 5,144,100 | |
| California County Tobacco Securitization Agency Settlement Revenue | |||
| (Capital Appreciation Bond - Fresno County Tobacco Funding Corporation) Series D 8.613% 6/1/55 ^ | 100,000,000 | 8,695,000 | |
| (Capital Appreciation Bond- Stanislaus County Tobacco Funding Corporation) Series D 8.239% 6/1/55 ^ | 6,250,000 | 474,125 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline West Passenger Rail Project) Series A 144A 9.50% 1/1/65 (AMT) #, • | 35,500,000 | 34,409,085 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) | |||
| 144A 7.50% 7/1/32 (AMT) #, ‡ | 1,600,000 | 16 | |
| 144A 8.00% 7/1/39 (AMT) #, ‡ | 5,250,000 | 53 | |
| Chicago, Illinois O'Hare International Airport Special Facilities Revenue | |||
| (Trips Obligated Group) 5.00% 7/1/48 (AMT) | 150,000 | 142,869 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) | |||
| Series A 7.707% 5/15/57 ^ | 225,000,000 | 13,504,500 | |
| Series B 9.403% 5/15/57 ^ | 3,420,000 | 193,093 | |
| City of Houston, Texas Airport System Revenue | |||
| (Special Facilities Continental Airlines, Inc. Terminal Improvements Projects) Series 2011 6.625% 7/15/38 (AMT) | 2,000,000 | 2,004,240 | |
| (United Airlines Inc.) 5.00% 7/1/29 (AMT) | 1,150,000 | 1,150,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| City of Houston, Texas Airport System Revenue | |||
| (United Airlines, Inc. Terminal Improvement Projects) | |||
| Series B 5.50% 7/15/38 (AMT) | 11,750,000 | $ 12,088,400 | |
| Series B 5.50% 7/15/39 (AMT) | 3,000,000 | 3,073,260 | |
| City of Valparaiso, Indiana Exempt Facilities Refunding Revenue | |||
| (Pratt Paper (In), LLC Project) 144A 5.00% 1/1/54 (AMT) # | 5,000,000 | 4,636,700 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (The Stanley Project) Series A1 144A 6.875% 2/1/59 # | 15,000,000 | 15,307,200 | |
| District of Columbia Tobacco Settlement Financing Revenue | |||
| (Capital Appreciation-Asset-Backed) | |||
| Series C 3.88% 6/15/55 ^ | 121,000,000 | 11,942,700 | |
| Series D 7.392% 6/15/55 ^ | 262,500,000 | 23,081,625 | |
| Erie County, New York Tobacco Asset Securitization Revenue | |||
| (Capital Appreciation-Asset-Backed) | |||
| Series A 144A 9.212% 6/1/60 #, ^ | 196,565,000 | 9,262,143 | |
| Series D 7.815% 6/1/55 ^ | 4,000,000 | 300,320 | |
| Fayette County, Georgia Development Authority Revenue | |||
| (United States Soccer Federation, Inc. Project) 5.25% 10/1/54 | 2,000,000 | 2,012,720 | |
| Finance Authority of Maine Solid Waste Disposal Revenue | |||
| (Casella Waste System Project) Series R-2 144A 4.375% 8/1/35 (AMT) #, • | 1,000,000 | 998,800 | |
| Florida Development Finance Corporation Revenue | |||
| (Brightline Florida Passenger Rail Expansion Project) Series A 144A 8.25% 7/1/57 (AMT) #, • | 24,400,000 | 24,845,300 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) | |||
| 5.25% 7/1/53 (AG) (AMT) | 15,000,000 | 14,760,300 | |
| 5.50% 7/1/53 (AMT) | 30,000,000 | 28,203,900 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| George L Smith II World Congress Center, Georgia Authority Revenue | |||
| (Convention Center Hotel Second Tier) Series B 144A 5.00% 1/1/54 # | 10,000,000 | $ 8,982,500 | |
| (Convention Center Hotel) First Tier Series A 4.00% 1/1/54 | 13,060,000 | 10,678,248 | |
| Georgia Main Street Natural Gas Project Revenue | |||
| Series A 4.00% 5/15/39 | 5,500,000 | 5,030,850 | |
| Golden State, California Tobacco Securitization Corporate Settlement Revenue | |||
| (Capital Appreciation) Subordinate Series B-2 1.491% 6/1/66 ^ | 318,050,000 | 34,253,985 | |
| Hoover, Alabama Industrial Development Board Environmental Improvement Revenue | |||
| (United States Steel Corporation Project) 5.75% 10/1/49 (AMT) | 10,250,000 | 10,286,592 | |
| Indiana Finance Authority Exempt Facility Revenue | |||
| (Polyflow Indiana Project - Green Bonds) 144A 7.00% 3/1/39 (AMT) #, ‡ | 6,635,000 | 1,022,055 | |
| Industrial Development Board Of The City Of Kingsport Tennessee Revenue | |||
| (Domtar Project) 144A 5.25% 12/1/54 (AMT) #, • | 7,500,000 | 7,459,275 | |
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 8.455% 6/1/57 #, ^ | 383,610,000 | 23,649,556 | |
| Series F 144A 5.666% 6/1/57 #, ^ | 406,910,000 | 21,525,539 | |
| Louisiana Public Facilities Authority Revenue | |||
| (Louisiana Pellets Project) | |||
| 144A 7.75% 7/1/39 (AMT) #, ‡ | 1,976,705 | 20 | |
| Series A 8.375% 7/1/39 (AMT) ‡ | 13,547,003 | 135 | |
| Series B 10.50% 7/1/39 (AMT) ‡ | 12,201,587 | 122 | |
| Maine Finance Authority Revenue | |||
| (Go Lab Madison, LLC Project) 144A 8.00% 12/1/51 (AMT) #, ‡ | 10,950,000 | 1,095,000 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Commercial Metals Company Project) 144A 4.00% 10/15/47 (AMT) # | 10,670,000 | 8,845,217 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Miami-Dade County, Florida Industrial Development Authority Revenue | |||
| (CFC-MB I, LLC Collins Park Housing Project) 144A 6.25% 1/1/59 # | 7,000,000 | $ 6,658,120 | |
| Mobile County, Alabama Industrial Development Authority Revenue | |||
| (AM/NS Calvert LLC Project) | |||
| Series A 5.00% 6/1/54 (AMT) | 13,000,000 | 12,220,390 | |
| Series B 4.75% 12/1/54 (AMT) | 7,090,000 | 6,406,240 | |
| Monroe, New York Tobacco Asset Securitization Revenue | |||
| (Forth Subordinate - Capital Appreciation - Asset-Backed) Series A 144A 7.939% 6/1/61 #, ^ | 487,500,000 | 21,177,000 | |
| Nassau County, New York Tobacco Settlement Revenue | |||
| (Asset-Backed) Series A-3 5.125% 6/1/46 | 10,000,000 | 8,400,500 | |
| Nevada State Department of Business & Industry Revenue | |||
| (Brightline West Passenger Rail Project) Series A 144A 9.50% 1/1/65 (AMT) #, • | 10,000,000 | 9,542,500 | |
| (Fulcrum Sierra Biofuels, LLC Project - Green Bonds) 144A 6.25% 12/15/37 (AMT) #, ‡ | 1,964,485 | 196 | |
| New Hampshire, Business Finance Authority Revenue | |||
| (Bridgeland Water & Utility Districts) 144A 5.875% 12/15/33 # | 6,000,000 | 6,011,460 | |
| New Jersey Economic Development Authority Special Facility Revenue | |||
| (Continental Airlines Project) | |||
| 5.25% 9/15/29 (AMT) | 3,430,000 | 3,430,926 | |
| Series B 5.625% 11/15/30 (AMT) | 1,270,000 | 1,270,661 | |
| New Jersey Tobacco Settlement Financing Revenue | |||
| Subordinate Series B 5.00% 6/1/46 | 4,300,000 | 4,128,086 | |
| New York Counties Tobacco Trust IV Revenue | |||
| Series F 0.15% 6/1/60 ^ | 55,000,000 | 3,098,150 | |
| New York Counties Tobacco Trust V Pass-Through Revenue | |||
| (Subordinate Turbo Capital Appreciation Bond) Series S4B 144A 0.269% 6/1/60 #, ♦, ^ | 322,800,000 | 13,128,276 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| New York Counties Tobacco Trust VI Pass-Through Revenue | |||
| Series C 5.00% 6/1/51 ♦ | 1,000,000 | $ 850,670 | |
| New York Transportation Development Special Facility Revenue | |||
| (American Airlines Inc. John F. Kennedy International Airport Project) 5.375% 8/1/36 (AMT) | 1,000,000 | 1,017,710 | |
| (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) 4.375% 10/1/45 (AMT) | 16,840,000 | 14,933,712 | |
| Ohio, Port of Greater Cincinnati Development Authority Revenue | |||
| (RBM Phase 3 Garage Project) | |||
| 5.00% 12/1/44 | 1,000,000 | 955,890 | |
| 5.125% 12/1/55 | 1,500,000 | 1,389,495 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (Core Natural Resources, Inc. Project) 144A 5.45% 1/1/51 (AMT) #, • | 2,000,000 | 1,989,180 | |
| (National Gypsum) 5.50% 11/1/44 (AMT) | 4,500,000 | 4,503,465 | |
| Port Beaumont, Texas Navigation District Dock & Wharf Facility Revenue | |||
| (Jefferson Gulf Coast Energy Project) | |||
| Series A 144A 2.875% 1/1/41 (AMT) # | 1,750,000 | 1,285,427 | |
| Series A 144A 5.125% 1/1/44 (AMT) # | 2,000,000 | 1,894,880 | |
| Series A 144A 5.25% 1/1/54 (AMT) # | 2,000,000 | 1,863,760 | |
| Port of Seattle, Washington Industrial Development Special Facilities Revenue | |||
| (Delta Airlines) 5.00% 4/1/30 (AMT) | 2,000,000 | 1,999,880 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 3,000,000 | 3,504,780 | |
| Puerto Rico Industrial Development Revenue | |||
| 7.00% 1/1/54 • | 7,500,000 | 7,143,750 | |
| Salt Verde, Arizona Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 9,250,000 | 9,574,583 | |
| 5.25% 12/1/27 | 2,235,000 | 2,309,358 | |
| 5.25% 12/1/28 | 1,050,000 | 1,096,568 | |
| 5.50% 12/1/29 | 765,000 | 813,929 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| San Diego County, California Tobacco Settlement Revenue Funding | |||
| Series C 4.00% 6/1/32 | 375,000 | $ 373,031 | |
| SkyRidge Pegasus Infrastructure Financing District Revenue | |||
| 144A 5.25% 12/1/44 # | 6,500,000 | 6,123,650 | |
| Southeast Energy Authority A Cooperative District Revenue | |||
| Series B 5.25% 3/1/55 • | 7,500,000 | 7,744,050 | |
| St. James Parish, Louisiana Revenue | |||
| (NuStar Logistics, LP Project) | |||
| 144A 6.10% 6/1/38 #, • | 1,000,000 | 1,063,850 | |
| Series B 144A 6.10% 12/1/40 #, • | 1,630,000 | 1,734,369 | |
| Suffolk, New York Regional Off-Track Betting Revenue | |||
| 6.00% 12/1/53 | 15,000,000 | 15,337,800 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation - Second Subordinate Lien) Series C 1.574% 6/1/46 ^ | 3,515,000 | 677,024 | |
| (Capital Appreciation - Third Subordinate Lien) Series D 3.916% 6/1/46 ^ | 8,770,000 | 1,466,958 | |
| (San Diego County Tobacco Asset Securitization Corporation) Series B-1 Class 2 5.00% 6/1/48 | 725,000 | 689,809 | |
| Tulsa, Oklahoma Municipal Airports Improvement Trust Revenue | |||
| Series A 5.50% 6/1/35 (AMT) | 2,000,000 | 2,000,460 | |
| Tuscaloosa County, Alabama Industrial Development Authority Revenue | |||
| (Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 9,440,000 | 9,300,666 | |
| Vermont Economic Development Authority Revenue | |||
| (Casella Waste System) 144A 4.625% 4/1/36 (AMT) #, • | 1,000,000 | 1,006,290 | |
| Virginia Tobacco Settlement Financing Revenue | |||
| Series A-1 6.706% 6/1/46 | 10,665,000 | 8,407,860 | |
| Series B-1 5.00% 6/1/47 | 2,200,000 | 1,901,900 | |
| (Capital Appreciation Bonds) | |||
| First Subordinate Series C 2.949% 6/1/47 ^ | 95,170,000 | 24,162,711 | |
| Second Subordinate Series D 2.20% 6/1/47 ^ | 179,085,000 | 44,507,995 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Washington Economic Development Finance Authority Revenue | |||
| (Columbia Pulp I, LLC Project) Series 2017A 144A 7.50% 1/1/32 (AMT) #, ‡ | 4,800,000 | $ 480 | |
| West Virginia Economic Development Authority Solid Waste Disposal Revenue | |||
| (Core Natural Resources, Inc. Project) 144A 5.45% 1/1/55 (AMT) #, • | 4,000,000 | 3,979,000 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 15,255,000 | 14,276,087 | |
| 748,180,324 | |||
| Lease Revenue Bonds — 2.32% | |||
| Atlanta, Georgia Development Authority Revenue | |||
| (Gluch Enterprise Zone Project) 144A 6.09% 12/15/48 #, ~ | 2,500,000 | 2,173,775 | |
| Baltimore, Maryland Special Obligation Subordinate Revenue | |||
| (Harbor Point Project) 5.00% 6/1/51 | 1,000,000 | 945,010 | |
| California Statewide Communities Development Authority Revenue | |||
| (Lancer Plaza Project) | |||
| 5.625% 11/1/33 | 1,300,000 | 1,301,521 | |
| 5.875% 11/1/43 | 3,765,000 | 3,769,857 | |
| Idaho Falls, Idaho Annual Appropriation Certificates of Participation Revenue | |||
| 144A 5.25% 5/15/51 # | 5,000,000 | 4,643,050 | |
| Los Angeles County, California Public Works Financing Authority Revenue | |||
| (LACMA Building for the Permanent Collection Project) Series A 3.00% 12/1/50 | 11,000,000 | 7,700,330 | |
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| Series A 0.653% 12/15/56 ^ | 6,110,000 | 1,049,881 | |
| Series A 4.00% 6/15/52 | 5,305,000 | 4,288,297 | |
| Series B 1.407% 12/15/54 ^ | 16,210,000 | 3,124,640 | |
| Series B 4.952% 12/15/54 (BAM) ^ | 3,535,000 | 707,353 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| New Hampshire Business Finance Authority Revenue | |||
| (Silverado Project) 144A 5.00% 12/1/28 # | 2,000,000 | $ 1,993,000 | |
| New Jersey Transportation Trust Fund Authority Revenue | |||
| Series BB 3.00% 6/15/50 | 7,265,000 | 5,089,496 | |
| Series CC 4.125% 6/15/50 | 5,000,000 | 4,308,950 | |
| (Transportation Program) Series BB 4.00% 6/15/50 | 5,925,000 | 5,002,122 | |
| (Transportation System) Series A 4.991% 12/15/39 ^ | 5,290,000 | 2,700,809 | |
| New York Liberty Development Revenue | |||
| (4 World Trade Center Project) Series A 3.00% 11/15/51 | 5,750,000 | 3,878,605 | |
| (Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 # | 7,000,000 | 6,808,620 | |
| (Class 3 - 3 World Trade Center Project) 144A 7.25% 11/15/44 # | 7,250,000 | 7,253,988 | |
| New York State Thruway Authority Revenue | |||
| Series A-1 3.00% 3/15/49 | 5,000,000 | 3,508,850 | |
| Phoenix, Arizona Industrial Development Authority Lease Revenue | |||
| 5.125% 2/1/34 | 1,000,000 | 944,310 | |
| 5.375% 2/1/41 | 1,300,000 | 1,143,506 | |
| St. Louis, Missouri Municipal Finance Revenue | |||
| (Convention Center Capital Improvement Project) | |||
| Series A 6.43% 7/15/36 (AG) ^ | 2,250,000 | 1,370,430 | |
| Series A 6.44% 7/15/37 (AG) ^ | 4,000,000 | 2,294,240 | |
| University of Missouri Industrial Development Authority Revenue | |||
| (Markets At Olive Project) Series A 5.50% 6/15/42 | 3,000,000 | 2,898,240 | |
| 78,898,880 | |||
| Local General Obligation Bonds — 3.96% | |||
| Adams County, Colorado Parterre Metropolitan District No 5 | |||
| Series A 5.875% 12/1/45 | 1,250,000 | 1,278,175 | |
| Series A 6.125% 12/1/55 | 1,730,000 | 1,778,544 | |
| Chicago, Illinois Board of Education | |||
| Series A 5.00% 12/1/42 | 9,785,000 | 8,878,322 | |
| Series A 5.875% 12/1/47 | 8,000,000 | 8,317,600 | |
| Series A 6.00% 12/1/49 | 13,820,000 | 14,438,722 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Chicago, Illinois Board of Education | |||
| Series A 144A 7.00% 12/1/46 # | 2,500,000 | $ 2,573,000 | |
| Series B 4.00% 12/1/40 | 4,500,000 | 3,951,495 | |
| Series G 5.00% 12/1/44 | 4,295,000 | 3,983,097 | |
| Series H 5.00% 12/1/36 | 4,850,000 | 4,710,611 | |
| Series H 5.00% 12/1/46 | 4,225,000 | 3,847,327 | |
| City of Chicago, Illinois | |||
| Series A 5.50% 1/1/39 | 2,660,000 | 2,740,757 | |
| Series A 5.50% 1/1/40 | 2,160,000 | 2,208,298 | |
| Series A 5.50% 1/1/49 | 770,000 | 754,492 | |
| (Chicago Recovery Plan) Series A 5.00% 1/1/44 | 12,100,000 | 11,573,529 | |
| City of Horace | |||
| Series C 5.00% 5/1/50 | 1,500,000 | 1,426,560 | |
| Fairfield, Alabama General Obligation Warrants | |||
| 6.00% 6/1/37 | 8,485,000 | 7,636,500 | |
| Fort Bend, Texas Independent School District | |||
| Series 2024A 5.00% 8/15/33 | 1,550,000 | 1,744,308 | |
| Grapevine Wash Local District | |||
| (Grapevine Wash Assessment Area No.1) | |||
| Series A-1 144A 6.00% 3/1/55 # | 1,000,000 | 931,990 | |
| Series A-2 144A 5.25% 12/1/44 # | 1,500,000 | 1,389,960 | |
| MIDA Golf and Equestrian Center Public Infrastructure District, Utah | |||
| 144A 4.50% 6/1/51 # | 7,500,000 | 6,014,925 | |
| New Hampshire Business Finance Authority Revenue | |||
| 144A 5.375% 12/15/35 # | 4,800,000 | 4,781,424 | |
| (Easton Park Project) 144A 5.625% 2/1/30 # | 6,000,000 | 5,970,000 | |
| New Hampshire, National Finance Authority Revenue | |||
| (Tamarron Project, Fort Bend County, Texas) 144A 5.25% 12/1/35 # | 5,825,000 | 5,793,195 | |
| Prairie Center Metropolitan District No. 3, Colorado | |||
| Series A 5.875% 12/15/46 | 2,125,000 | 2,187,432 | |
| Public Finance Authority Revenue | |||
| (Two Step Project) 144A 5.70% 12/15/34 #, ^ | 9,000,000 | 5,072,670 | |
| Verve, Colorado Metropolitan District No. 1 | |||
| 5.00% 12/1/51 | 1,000,000 | 840,020 | |
| Village of Riverdale, Illinois | |||
| 8.00% 10/1/36 | 6,690,000 | 6,702,912 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Wisconsin Public Finance Authority Revenue | |||
| (Nolina & Sorella Projects) 144A 5.50% 12/15/32 # | 3,437,314 | $ 3,326,357 | |
| (Waterstone Project) 144A 5.50% 12/15/38 # | 10,000,000 | 9,849,900 | |
| 134,702,122 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 1.02% | |||
| Blythe Township, Pennsylvania Solid Waste Authority Revenue | |||
| 7.75% 12/1/37-27 (AMT) § | 2,600,000 | 2,827,838 | |
| California School Finance Authority Revenue | |||
| (Aspire Public Schools-Obligated Group) 144A 5.00% 8/1/41-25 #, § | 125,000 | 125,327 | |
| (Escuela Popular Project) 144A 6.50% 7/1/50-27 #, § | 1,590,000 | 1,697,023 | |
| City of Chicago, Illinois | |||
| Series C 5.00% 1/1/26 | 500,000 | 505,215 | |
| Decatur County, Texas Hospital Authority | |||
| (Wise Regional Health System) Series C 4.00% 9/1/44-31 § | 2,036,000 | 2,125,808 | |
| Iowa Finance Authority Midwestern Disaster Area Revenue | |||
| (Iowa Fertilizer Company Project) 5.00% 12/1/50-32 § | 10,625,000 | 11,951,319 | |
| New Jersey Transportation Trust Fund Authority Revenue | |||
| (Transportation Program) Series CC 5.50% 6/15/50-32 § | 4,250,000 | 4,952,567 | |
| North Texas Tollway Authority Special Project System Revenue | |||
| Series C 7.00% 9/1/43-31 §, ~ | 5,000,000 | 5,951,050 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) Series A 4.00% 5/1/49-29 (AMT) § | 55,000 | 55,281 | |
| Washington State Housing Finance Commission Revenue | |||
| (Heron's Key Senior Living) Series A 144A 7.00% 7/1/45-25 #, § | 1,000,000 | 1,002,520 | |
| (Heron's Key) Series A 144A 7.00% 7/1/50-25 #, § | 3,625,000 | 3,634,135 | |
| 34,828,083 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Resource Recovery Revenue Bonds — 0.22% | |||
| Brazoria County, Texas Industrial Development Solid Waste Disposal Facilities Revenue | |||
| (Aleon Renewable Metals, LLC Project) 144A 10.00% 6/1/42 (AMT) #, • | 3,000,000 | $ 2,550,000 | |
| Union County, New Jersey Improvement Authority Revenue | |||
| (Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 7,990,000 | 5,082,199 | |
| 7,632,199 | |||
| Special Tax Revenue Bonds — 13.89% | |||
| Aerotropolis Regional Transportation Authority Revenue | |||
| 144A 5.50% 12/1/44 # | 2,000,000 | 1,977,000 | |
| 144A 5.75% 12/1/54 # | 8,750,000 | 8,788,062 | |
| Allentown, Pennsylvania Neighborhood Improvement Zone Development Authority Revenue | |||
| (City Center Refunding Project) 144A 5.00% 5/1/42 # | 5,355,000 | 5,163,077 | |
| (Waterfront - 30 E. Allen Street Project) Series A 144A 5.25% 5/1/42 # | 1,275,000 | 1,236,903 | |
| Arrowhead Springs Public Infrastructure District Revenue | |||
| (Arrowhead Springs Assessment Area) 144A 5.625% 12/1/54 # | 3,200,000 | 3,091,616 | |
| Atlanta, Georgia Development Authority Revenue | |||
| (Westside Gulch Area Project) Series A-2 144A 5.50% 4/1/39 # | 5,000,000 | 5,031,800 | |
| Black Desert Public Infrastructure District, Utah Revenue | |||
| (Black Desert Assessment Area) 144A 5.625% 12/1/53 # | 5,000,000 | 4,915,450 | |
| Black Rock Mountain Resort Public Infrastructure District Special Assessment Revenue | |||
| (Black Rock Mountain Resort Assessment Area) 144A 5.875% 12/1/54 # | 8,000,000 | 8,013,600 | |
| Branson, Missouri Industrial Development Authority Tax Increment Revenue | |||
| (Branson Shoppes Redevelopment Project) Series A 3.90% 11/1/29 | 235,000 | 226,799 | |
| Build NYC, New York Resource Revenue | |||
| (Quilici Ranch) 5.125% 6/1/47 # | 1,000,000 | 937,160 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Celebration Pointe, Florida Community Development District No. 1 Revenue | |||
| 5.125% 5/1/45 ‡ | 2,460,000 | $ 1,968,000 | |
| Cherry Hill, Virginia Community Development Authority Revenue | |||
| (Potomac Shores Project) | |||
| 144A 5.15% 3/1/35 # | 1,000,000 | 1,000,890 | |
| 144A 5.40% 3/1/45 # | 2,000,000 | 2,000,660 | |
| City of Kansas, Missouri Tax Increment Financing Commission Revenue | |||
| (Brywood Centre Project) Series A 8.00% 4/1/33 ‡ | 3,950,000 | 790,000 | |
| City of Newport Beach, California Revenue | |||
| Series A 4.00% 9/2/33 | 200,000 | 200,678 | |
| City of Rancho, Mirage Community Facilities District No. 5 Revenue | |||
| Series A 5.00% 9/1/54 | 1,400,000 | 1,378,272 | |
| City of Tampa, Florida Capital Improvement Cigarette Tax Allocation Revenue | |||
| (H. Lee Moffitt Cancer Center Project) Series A 4.55% 9/1/53 ^ | 12,095,000 | 2,555,069 | |
| Commonwealth of Puerto Rico Revenue | |||
| 1.747% 11/1/51 • | 23,410,581 | 14,368,244 | |
| 3.113% 11/1/43 • | 69,479,474 | 41,774,534 | |
| (Subordinate) 2.41% 11/1/51 • | 17,208,390 | 8,883,831 | |
| Conley, Missouri Road Transportation Development District Revenue | |||
| 5.375% 5/1/47 | 6,655,000 | 6,563,228 | |
| Creekwalk Marketplace Business Improvement District Revenue | |||
| (In The City Of Colorado Springs) Series A 6.00% 12/1/54 | 5,900,000 | 5,465,701 | |
| Fountain, Colorado Urban Renewal Authority, Colorado Revenue | |||
| (South Academy Highlands Project) Series A 5.50% 11/1/44 | 3,750,000 | 3,559,875 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 71,361,104 | 68,577,307 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Glen Cove, New York Local Economic Assistance Revenue | |||
| (Garvies Point Public Improvement Project) Series A 5.00% 1/1/56 | 2,000,000 | $ 1,570,020 | |
| Grandview, Missouri Industrial Development Authority Revenue | |||
| (Grandview Crossing Project) 5.75% 12/1/28 ‡ | 1,000,000 | 640,000 | |
| Henderson, Nevada Local Improvement Districts Revenue | |||
| (Black Mountain Ranch) | |||
| 3.00% 9/1/36 | 295,000 | 245,009 | |
| 3.50% 9/1/45 | 715,000 | 546,081 | |
| 4.00% 9/1/51 | 490,000 | 387,404 | |
| Indianapolis, Indiana Local Public Improvement Bond Bank Revenue | |||
| (Convention Center Hotel Project) | |||
| Series E 6.00% 3/1/53 | 3,000,000 | 3,109,050 | |
| Series E 6.125% 3/1/57 | 3,250,000 | 3,373,597 | |
| Kansas City Industrial Development Authority Revenue | |||
| (Historic Northeast Redevelopment Plan) | |||
| Series A-1 144A 5.00% 6/1/46 # | 1,875,000 | 1,743,638 | |
| Series A-1 144A 5.00% 6/1/54 # | 1,250,000 | 1,119,725 | |
| Lakeside 370 Levee District, Missouri Subdistrict B Revenue | |||
| Series 2015-B 0.00% 4/1/55 ^^ | 625,611 | 563,050 | |
| Las Vegas, Nevada Revenue | |||
| (Villages At Tule Springs Village 1) | |||
| 144A 5.50% 6/1/37 # | 730,000 | 743,958 | |
| 144A 5.75% 6/1/42 # | 1,085,000 | 1,091,022 | |
| 144A 5.75% 6/1/47 # | 1,550,000 | 1,539,196 | |
| 144A 6.00% 6/1/52 # | 1,765,000 | 1,775,113 | |
| Las Vegas, Nevada Special Improvement District No. 817 Local Improvement Revenue | |||
| (Summerlin Village 29) | |||
| 5.50% 6/1/38 | 375,000 | 390,413 | |
| 5.75% 6/1/43 | 500,000 | 516,030 | |
| 6.00% 6/1/53 | 1,000,000 | 1,028,060 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Lees Summit, Missouri Industrial Development Authority Revenue | |||
| (Kensington Farms Improvement Project) 5.75% 3/1/29 ‡ | 1,480,679 | $ 814,373 | |
| Marquis Community Development Authority of York County Virginia Revenue | |||
| Series B 5.625% 9/1/41 ‡ | 2,779,000 | 917,070 | |
| (Capital Appreciation Bonds) Series C 0.00% 9/1/41 ^ | 821,000 | 2,053 | |
| (Convertible Capital Appreciation Bonds) 144A 7.50% 9/1/45 #, ‡, φ | 859,000 | 283,470 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 8,945,000 | 8,587,200 | |
| Mida Mountain Village Public Infrastructure District Revenue | |||
| (Subordinate) | |||
| Series 1 144A 5.125% 6/15/54 # | 3,000,000 | 2,791,500 | |
| Series 2 144A 6.00% 6/15/54 # | 4,410,000 | 4,433,020 | |
| Midtown Miami, Florida Community Development District Revenue | |||
| (Parking Garage Project) Series A 5.00% 5/1/37 | 500,000 | 499,990 | |
| Mobile, Alabama Improvement District Revenue | |||
| (McGowin Park Project) | |||
| Series A 5.25% 8/1/30 | 1,100,000 | 1,109,317 | |
| Series A 5.50% 8/1/35 | 1,500,000 | 1,511,040 | |
| Monongalia County, West Virginia Revenue | |||
| (Development District No. 4 – University Town Centre) | |||
| Series A 144A 5.00% 6/1/33 # | 820,000 | 841,377 | |
| Series A 144A 5.75% 6/1/43 # | 1,315,000 | 1,351,110 | |
| Series A 144A 6.00% 6/1/53 # | 1,315,000 | 1,352,754 | |
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| (Subordinate Bonds) Series A-3 3.00% 5/1/45 | 4,000,000 | 2,945,560 | |
| New York State Dormitory Authority Revenue | |||
| Series A 3.00% 3/15/49 | 5,000,000 | 3,479,150 | |
| New York State Urban Development Revenue | |||
| (General Purpose) | |||
| Series A 3.00% 3/15/50 | 10,810,000 | 7,477,169 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York State Urban Development Revenue | |||
| (General Purpose) | |||
| Series E 3.00% 3/15/50 | 2,500,000 | $ 1,729,225 | |
| New York Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue | |||
| (MTA Bridges and Tunnels) Series C-3 3.00% 5/15/51 | 8,500,000 | 5,970,910 | |
| Ohio Infrastructure Improvement Revenue | |||
| (Hickory Chase Project) Senior Series A 144A 5.00% 12/1/40 # | 1,270,000 | 1,226,261 | |
| Oklahoma County, Oklahoma Finance Authority Revenue | |||
| (Astec Project) 144A 6.25% 6/15/54 # | 1,500,000 | 1,431,975 | |
| Orange County, California Community Facilities District No. 2023-1 Revenue | |||
| (Rienda Phase 2B) | |||
| Series A 5.50% 8/15/48 | 1,500,000 | 1,558,920 | |
| Series A 5.50% 8/15/53 | 1,200,000 | 1,239,024 | |
| Prairie Center Metropolitan District No. 3, Colorado Revenue | |||
| Series A 144A 5.00% 12/15/41 # | 2,000,000 | 1,927,620 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 40,908,000 | 37,463,137 | |
| Series A-1 5.00% 7/1/58 | 24,433,000 | 22,956,025 | |
| Series A-1 5.831% 7/1/46 ^ | 104,102,000 | 33,419,865 | |
| Series A-1 5.915% 7/1/51 ^ | 143,746,000 | 33,934,118 | |
| Series A-2 4.536% 7/1/53 | 1,022,000 | 885,604 | |
| Series A-2 4.784% 7/1/58 | 9,355,000 | 8,386,758 | |
| Series B-1 4.75% 7/1/53 | 5,619,000 | 5,145,824 | |
| Richmond Heights, Missouri Tax Increment & Transaction Sales Tax Revenue | |||
| (Francis Place Redevelopment Project) 5.625% 11/1/25 | 300,000 | 300,360 | |
| San Buenaventura, California Redevelopment Agency Revenue | |||
| (Merged San Buenaventura Redevelopment Project) | |||
| 7.75% 8/1/28 | 725,000 | 727,683 | |
| 8.00% 8/1/38 | 1,500,000 | 1,505,280 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| St. Louis County, Missouri Industrial Development Authority Revenue | |||
| (Manchester Ballas Community) | |||
| Series A 144A 5.00% 9/1/38 # | 910,000 | $ 876,375 | |
| Series A 144A 5.25% 9/1/45 # | 3,540,000 | 3,322,007 | |
| Sterling Ranch, Colorado Community Authority Board Revenue | |||
| 5.625% 12/1/43 | 1,300,000 | 1,300,585 | |
| Stone Canyon, Missouri Community Improvement District Revenue | |||
| (Public Infrastructure Improvement Project) 5.75% 4/1/27 ‡ | 1,250,000 | 262,500 | |
| Town of Bridgeville, Delaware Revenue | |||
| (Heritage Shores Special Development District) | |||
| 144A 5.25% 7/1/44 # | 875,000 | 867,650 | |
| 144A 5.625% 7/1/53 # | 1,530,000 | 1,534,299 | |
| Verve, Colorado Metropolitan District No. 1 Revenue | |||
| 6.50% 12/1/43 | 4,365,000 | 4,387,829 | |
| 6.75% 12/1/52 | 4,000,000 | 4,019,800 | |
| Village Community Development District No. 15, Florida Revenue | |||
| 144A 5.00% 5/1/43 # | 1,000,000 | 984,030 | |
| 144A 5.25% 5/1/54 # | 3,500,000 | 3,417,820 | |
| Virgin Islands Public Finance Authority Revenue | |||
| (Frenchman's Reef Hotel Development Project) Series A 144A 6.00% 4/1/53 # | 3,000,000 | 2,980,230 | |
| Whiting Redevelopment District, Indiana Revenue | |||
| 4.00% 1/15/32 | 2,600,000 | 2,601,456 | |
| Wisconsin Public Finance Authority Revenue | |||
| (American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 2,535,000 | 2,537,890 | |
| (McLemore Hotel & Conference Center) | |||
| Series A 144A 4.50% 6/1/56 # | 13,000,000 | 9,490,000 | |
| Series B 144A 6.50% 6/1/56 # | 1,000,000 | 790,000 | |
| (Miami Worldcenter Project) Series A 144A 5.00% 6/1/41 # | 9,500,000 | 9,355,315 | |
| Wyandotte County, Kansas Unified Government Special Obligation Revenue | |||
| (Sales Tax Vacation Village Project) Series A 6.00% 9/1/35 | 4,965,000 | 4,324,167 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Wyandotte County, Kansas Unified Government Special Obligation Revenue | |||
| (Wyandotte Plaza Redevelopment Project) 5.00% 12/1/34 | 2,920,000 | $ 2,753,706 | |
| 472,859,523 | |||
| State General Obligation Bonds — 4.37% | |||
| California State | |||
| 4.00% 9/1/29 | 3,950,000 | 4,112,937 | |
| Commonwealth of Massachusetts | |||
| Series C 2.75% 3/1/50 | 18,225,000 | 12,066,226 | |
| Series D 4.00% 11/1/35 | 5,000,000 | 5,057,950 | |
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/37 | 4,913,928 | 4,541,895 | |
| Series A-1 4.00% 7/1/41 | 29,273,237 | 25,099,166 | |
| Series A-1 4.00% 7/1/46 | 80,775,861 | 66,436,530 | |
| Illinois State | |||
| 5.00% 1/1/28 | 1,190,000 | 1,200,210 | |
| 5.50% 5/1/39 | 6,000,000 | 6,281,280 | |
| Series A 5.125% 12/1/29 | 1,310,000 | 1,356,911 | |
| Series A 5.50% 3/1/47 | 9,700,000 | 9,947,932 | |
| Series B 3.00% 12/1/41 | 2,605,000 | 1,943,982 | |
| Series C 4.00% 10/1/41 | 400,000 | 355,532 | |
| Series C 4.00% 10/1/42 | 2,900,000 | 2,544,895 | |
| Series C 4.00% 10/1/48 | 1,000,000 | 833,370 | |
| Series C 5.00% 11/1/29 | 4,600,000 | 4,746,648 | |
| New Jersey State | |||
| (COVID-19 General Obligation Emergency Bonds) Series A 4.00% 6/1/32 | 2,080,000 | 2,188,534 | |
| 148,713,998 | |||
| Transportation Revenue Bonds — 8.46% | |||
| Allegheny County, Pennsylvania Airport Authority Revenue | |||
| (Pittsburgh International Airport) | |||
| Series A 5.50% 1/1/48 (AG) (AMT) | 5,000,000 | 5,184,250 | |
| Series A 5.50% 1/1/53 (AG) (AMT) | 6,770,000 | 6,993,816 | |
| Build NYC, New York Resource Revenue | |||
| (TRIPS Obligated Group) 5.50% 7/1/55 (AMT) | 4,000,000 | 4,041,880 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Burbank-Glendale-Pasadena, California Airport Authority Brick Campaign Revenue | |||
| (Senior) Series B 5.25% 7/1/49 (AMT) | 6,000,000 | $ 6,092,700 | |
| California Municipal Finance Authority Senior Lien Revenue | |||
| (LINXS APM Project) | |||
| Series A 4.00% 12/31/47 (AMT) | 7,500,000 | 6,227,775 | |
| Series A 5.00% 12/31/43 (AMT) | 1,500,000 | 1,462,095 | |
| Central Texas Regional Mobility Authority Senior Lien Revenue | |||
| (Capital Appreciation bonds) | |||
| 7.81% 1/1/36 ^ | 2,500,000 | 1,598,975 | |
| 7.85% 1/1/40 ^ | 2,000,000 | 967,060 | |
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 12/1/48 (AMT) | 5,000,000 | 4,300,250 | |
| City of Los Angeles, California Department of Airports Revenue | |||
| (Los Angeles International Airport) Series F 3.00% 5/15/49 (AMT) | 3,030,000 | 2,044,765 | |
| Colorado High Performance Transportation Enterprise Revenue | |||
| (U.S. 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 3,250,000 | 3,251,560 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) 144A 12.00% 7/15/32 (AMT) #, • | 35,285,000 | 36,638,886 | |
| Grand Parkway, Texas Transportation Revenue | |||
| (First Tier) 3.00% 10/1/50 | 3,500,000 | 2,385,740 | |
| Kansas State Department of Transportation Revenue | |||
| Series A 5.00% 9/1/44 | 100,000 | 104,888 | |
| Lee County, Florida Airport Revenue | |||
| 5.25% 10/1/49 (AMT) | 5,155,000 | 5,217,066 | |
| Louisiana Public Facilities Authority Revenue | |||
| (I-10 Calcasieu River Bridge Public-Private Partnership Project) 5.50% 9/1/59 (AMT) | 8,885,000 | 9,030,003 | |
| Metropolitan Nashville Airport Authority Revenue | |||
| Series B 5.50% 7/1/52 (AMT) | 1,500,000 | 1,547,910 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Miami-Dade County, Florida Aviation Revenue | |||
| Series A 5.50% 10/1/55 (AMT) | 3,000,000 | $ 3,062,640 | |
| New Jersey Economic Development Authority Revenue | |||
| (Repauno Port & Rail Terminal Project) 144A 6.625% 1/1/45 (AMT) # | 5,000,000 | 5,071,050 | |
| New York Metropolitan Transportation Authority Revenue | |||
| (Climate Bond Certified - Green Bonds) Subordinate Series C-1 5.25% 11/15/55 | 5,000,000 | 5,075,250 | |
| New York Transportation Development Revenue | |||
| (JFK Airport Terminal 6 Redevelopment Project) Series A 5.50% 12/31/60 (AMT) | 17,980,000 | 18,067,563 | |
| New York Transportation Development Special Facilities Revenue | |||
| (John F. Kennedy International Airport New Terminal One Project-Green Bonds) 5.375% 6/30/60 (AMT) | 24,500,000 | 24,389,750 | |
| New York Transportation Development Special Facility Revenue | |||
| (John F. Kennedy International Airport New Terminal One Project-Green Bonds) | |||
| 5.125% 6/30/60 (AG) (AMT) | 3,650,000 | 3,615,544 | |
| 5.50% 6/30/54 (AMT) | 8,000,000 | 8,071,120 | |
| 5.50% 6/30/60 (AMT) | 17,095,000 | 17,123,378 | |
| 6.00% 6/30/54 (AMT) | 20,220,000 | 21,211,184 | |
| (Terminal 4 John F. Kennedy International Airport Project) | |||
| 5.00% 12/1/38 (AMT) | 2,455,000 | 2,494,452 | |
| 5.00% 12/1/41 (AMT) | 4,920,000 | 4,950,012 | |
| North Carolina Turnpike Authority Revenue | |||
| (Triangle Expressway System) Series C 4.97% 7/1/41 ^ | 4,160,000 | 1,790,547 | |
| Oklahoma County, Oklahoma Turnpike Authority Revenue | |||
| Series A 5.50% 1/1/54 | 16,240,000 | 17,280,984 | |
| Pennsylvania Turnpike Commission Revenue | |||
| Series C 3.00% 12/1/51 | 1,700,000 | 1,190,612 | |
| Subordinate Series B 3.00% 12/1/51 | 2,500,000 | 1,745,225 | |
| Phoenix, Arizona Civic Improvement Revenue | |||
| (Junior Lien) | |||
| Series A 5.00% 7/1/40 | 30,000 | 30,064 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Phoenix, Arizona Civic Improvement Revenue | |||
| (Junior Lien) | |||
| Series B 3.25% 7/1/49 (AMT) | 1,555,000 | $ 1,128,946 | |
| Plaquemines, Louisiana Port Harbor & Terminal District Dock & Warf Facilities Revenue | |||
| (Nola Terminal LLC Project) Series A 144A 9.00% 12/1/44 # | 5,000,000 | 4,232,250 | |
| San Diego County, California Regional Airport Authority Revenue | |||
| Series B 4.00% 7/1/56 (AMT) | 3,000,000 | 2,466,540 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) Series A 4.00% 5/1/49 (AMT) | 4,945,000 | 4,231,536 | |
| Texas Private Activity Bond Surface Transportation Revenue | |||
| (NTE Mobility Partners LLC North Tarrant Express Project) 5.50% 12/31/58 (AMT) | 12,290,000 | 12,598,848 | |
| (NTE Mobility Partners Segments 3 LLC Segment 3C Project) 5.00% 6/30/58 (AMT) | 18,280,000 | 17,418,463 | |
| Tulsa Municipal Airport Trust Trustees Revenue | |||
| (American Airlines, Inc. Project) | |||
| 6.25% 12/1/35 (AMT) | 4,000,000 | 4,376,760 | |
| 6.25% 12/1/40 (AMT) | 5,250,000 | 5,643,225 | |
| Virginia Small Business Financing Authority Revenue | |||
| (Transform 66-33 Project) 5.00% 12/31/52 (AMT) | 3,840,000 | 3,585,024 | |
| 287,940,586 | |||
| Water & Sewer Revenue Bonds — 0.98% | |||
| City of Chicago, Illinois Waterworks Revenue | |||
| (Second Lien) | |||
| 5.00% 11/1/26 | 180,000 | 184,577 | |
| 5.00% 11/1/28 | 30,000 | 30,570 | |
| JEA Water & Sewer System Revenue | |||
| Series A 5.00% 10/1/43 | 5,000,000 | 5,227,450 | |
| Jefferson County, Alabama Sewer Revenue | |||
| 5.50% 10/1/53 | 17,200,000 | 17,632,236 | |
| New York City Municipal Water Finance Authority Revenue | |||
| Subseries AA-1 3.50% 6/15/48 | 5,000,000 | 3,926,950 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| New York City Municipal Water Finance Authority Revenue | |||
| Subseries BB-1 3.00% 6/15/44 | 8,750,000 | $ 6,534,763 | |
| 33,536,546 | |||
| Total Municipal Bonds (cost $3,604,552,931) | 3,352,422,048 | ||
| Short-Term Investments — 1.02% | |||
| Variable Rate Demand Notes — 1.02% | |||
| Idaho Health Facilities Authority | |||
| (St. Luke's Health System Project) Series D 3.00% 3/1/60 (LOC - TD Bank, N.A.)¤ | 14,200,000 | 14,200,000 | |
| New York City Municipal Water Finance Authority Revenue | |||
| (Second General Resolution) Series DD-1 3.00% 6/15/43 (SPA - TD Bank, N.A.)¤ | 10,500,000 | 10,500,000 | |
| Oregon Facilities Authority Refunding Revenue | |||
| (PeaceHealth) Series B 2.90% 8/1/34 (LOC - TD Bank, N.A.)¤ | 10,000,000 | 10,000,000 | |
| Total Short-Term Investments (cost $34,700,000) | 34,700,000 | ||
| Total Value of Securities—99.47% (cost $3,639,252,931) | 3,387,122,048 | ||
| Receivables and Other Assets Net of Liabilities—0.53% | 18,079,328 | ||
| Net Assets Applicable to 349,088,674 Shares Outstanding—100.00% | $3,405,201,376 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $1,095,353,776, which represents 32.17% of the Fund’s net assets. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2025. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ‡ | Non-income producing security. Security is currently in default. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ^^ | Represents a security with a settlement after May 31, 2025, at which time the interest rate will be reflected. |
| φ | Step coupon bond. Stated rate in effect at May 31, 2025 through maturity date. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2025. |
| Summary of abbreviations: |
| AG – Insured by Assured Guaranty Inc. |
| AICUP – Association of Independent Colleges & Universities of Pennsylvania |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| ICEF – Inner City Education Foundation |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| Summary of abbreviations: (continued) |
| USD – US Dollar |