|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Municipal Obligations–100.29%
|
|||||
|
Arizona–2.44%
|
|||||
|
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain
Vista Campus
Project); Series 2018 A, RB(a)
|
5.25%
|
12/15/2038
|
|
$100
|
$100,381
|
|
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter
School);
Series 2018, RB(a)
|
6.00%
|
07/01/2052
|
|
1,000
|
1,007,478
|
|
Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000,
Ref. RB
|
2.40%
|
06/01/2035
|
|
1,000
|
794,986
|
|
|
|
|
|
|
1,902,845
|
|
Arkansas–1.92%
|
|||||
|
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(b)
|
5.45%
|
09/01/2052
|
|
1,500
|
1,493,190
|
|
California–5.37%
|
|||||
|
California (State of) Health Facilities Financing Authority (Commonspirit Health);
|
|
|
|
|
|
|
Series 2020, Ref. RB(c)(d)
|
4.00%
|
04/01/2030
|
|
35
|
36,827
|
|
Series 2020, Ref. RB
|
4.00%
|
04/01/2049
|
|
965
|
822,899
|
|
California (State of) Infrastructure & Economic Development Bank (Brightline West
Passenger Rail) (Green
Bonds); Series 2025 B, Ref. RB(a)(b)(d)
|
9.50%
|
01/01/2035
|
|
100
|
96,927
|
|
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.);
Series 2023, RB(a)(b)
|
5.00%
|
07/01/2038
|
|
500
|
512,230
|
|
California (State of) Pollution Control Financing Authority (San Diego County Water
Authority);
Series 2019, Ref. RB(a)
|
5.00%
|
11/21/2045
|
|
1,650
|
1,633,066
|
|
San Joaquin Valley Clean Energy Authority (Green Bonds); Series 2025, RB(d)
|
5.50%
|
07/01/2035
|
|
1,000
|
1,084,219
|
|
|
|
|
|
|
4,186,168
|
|
Colorado–1.94%
|
|||||
|
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022,
RB
|
5.25%
|
11/01/2052
|
|
1,500
|
1,511,357
|
|
District of Columbia–4.70%
|
|||||
|
District of Columbia (Green Bonds); Series 2022 A, RB(b)
|
5.50%
|
08/31/2034
|
|
2,500
|
2,769,683
|
|
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2024 A, RB
|
4.38%
|
07/15/2056
|
|
1,000
|
889,977
|
|
|
|
|
|
|
3,659,660
|
|
Florida–3.99%
|
|||||
|
Capital Trust Agency, Inc. (Green Bonds);
|
|
|
|
|
|
|
Series 2021, RB(a)
|
4.00%
|
06/15/2031
|
|
700
|
665,009
|
|
Series 2021, RB(a)
|
4.00%
|
06/15/2051
|
|
2,000
|
1,429,718
|
|
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series
2024, Ref. RB(b)
|
5.25%
|
07/01/2047
|
|
1,000
|
919,552
|
|
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(a)
|
5.75%
|
07/15/2053
|
|
100
|
94,394
|
|
|
|
|
|
|
3,108,673
|
|
Georgia–4.03%
|
|||||
|
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB
|
5.00%
|
01/01/2026
|
|
1,275
|
1,276,545
|
|
Burke (County of), GA Development Authority (The) (Georgia Power Co. Plant Vogtle);
Series 1995, RB
|
2.20%
|
10/01/2032
|
|
1,750
|
1,458,284
|
|
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
|
|
|
|
|
|
|
Series 2018 A-1, RB
|
6.38%
|
12/01/2053
|
|
250
|
237,411
|
|
Series 2018 A-2, RB(d)
|
5.50%
|
12/01/2028
|
|
175
|
168,462
|
|
|
|
|
|
|
3,140,702
|
|
Illinois–5.14%
|
|||||
|
Chicago (City of), IL; Series 2021 A, Ref. GO Bonds
|
5.00%
|
01/01/2033
|
|
1,000
|
1,039,728
|
|
Chicago (City of), IL (Chicago Works); Series 2023 A, GO Bonds
|
5.50%
|
01/01/2039
|
|
1,000
|
1,030,370
|
|
Chicago (City of), IL Park District; Series 2020 D, GO Bonds (INS - BAM)(e)
|
4.00%
|
01/01/2038
|
|
1,000
|
937,047
|
|
Chicago (City of), IL Transit Authority; Series 2024 A, Ref. RB
|
5.00%
|
12/01/2049
|
|
1,000
|
997,865
|
|
|
|
|
|
|
4,005,010
|
|
Indiana–1.30%
|
|||||
|
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A,
RB
|
4.25%
|
11/01/2030
|
|
1,000
|
1,012,586
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Iowa–0.12%
|
|||||
|
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB
|
6.00%
|
10/01/2048
|
|
$100
|
$91,247
|
|
Kentucky–1.18%
|
|||||
|
Henderson (City of), KY (Pratt Paper LLC); Series 2022 B, RB(a)(b)
|
4.45%
|
01/01/2042
|
|
1,000
|
917,659
|
|
Louisiana–2.08%
|
|||||
|
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority
(Entergy Louisiana LLC); Series 2021 B, Ref. RB
|
2.50%
|
04/01/2036
|
|
2,000
|
1,623,145
|
|
Maryland–2.50%
|
|||||
|
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(b)
|
5.25%
|
06/30/2052
|
|
2,000
|
1,952,289
|
|
Massachusetts–1.25%
|
|||||
|
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center)
(Green Bonds);
Series 2015, RB
|
5.00%
|
07/01/2044
|
|
1,000
|
971,200
|
|
Minnesota–9.19%
|
|||||
|
Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB
|
6.00%
|
08/01/2043
|
|
1,000
|
987,409
|
|
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB
|
5.25%
|
12/01/2026
|
|
65
|
63,927
|
|
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul);
Series 2015, RB
|
6.00%
|
08/01/2035
|
|
2,300
|
1,777,172
|
|
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB(f)
|
5.38%
|
10/01/2044
|
|
500
|
265,000
|
|
International Falls (City of), MN (Boise Cascade Corp.); Series 1999, Ref. RB(b)
|
6.85%
|
12/01/2029
|
|
115
|
115,229
|
|
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB
|
6.00%
|
12/01/2030
|
|
250
|
249,247
|
|
Minneapolis & St. Paul (Cities of), MN Housing Finance Board; Series 2007 A-2, RB
(CEP - GNMA)(b)
|
5.52%
|
03/01/2041
|
|
5
|
4,989
|
|
Minnesota (State of) Housing Finance Agency; Series 2013 B-1, RB
|
5.30%
|
08/01/2044
|
|
1,050
|
1,021,871
|
|
St. Paul (City of), MN Housing & Redevelopment Authority (Great Northern Lofts); Series
2004, RB
|
6.25%
|
03/01/2029
|
|
154
|
141,665
|
|
St. Paul (City of), MN Port Authority; Series 2007-1, RB
|
5.00%
|
08/01/2036
|
|
1,175
|
1,175,319
|
|
Stillwater (City of), MN (Orleans Homes);
|
|
|
|
|
|
|
Series 2007, RB(b)
|
5.38%
|
02/01/2032
|
|
900
|
887,645
|
|
Series 2007, RB(b)
|
5.50%
|
02/01/2042
|
|
510
|
471,899
|
|
|
|
|
|
|
7,161,372
|
|
New Hampshire–3.53%
|
|||||
|
New Hampshire (State of) Business Finance Authority; Series 2025, RB
|
5.00%
|
06/01/2055
|
|
2,000
|
1,935,611
|
|
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series
2020 B, Ref.
RB(a)(b)(d)
|
3.75%
|
07/02/2040
|
|
1,000
|
816,828
|
|
|
|
|
|
|
2,752,439
|
|
New Jersey–3.80%
|
|||||
|
New Jersey (State of) Economic Development Authority (Golden Door Charter School);
Series 2018 A,
RB(a)
|
6.50%
|
11/01/2052
|
|
100
|
102,495
|
|
New Jersey (State of) Economic Development Authority (Portal North Bridge); Series
2022 A, RB
|
5.00%
|
11/01/2052
|
|
1,000
|
1,006,045
|
|
New Jersey (State of) Educational Facilities Authority (Green Bonds); Series 2020
A, RB
|
5.00%
|
07/01/2037
|
|
1,790
|
1,857,041
|
|
|
|
|
|
|
2,965,581
|
|
New Mexico–2.13%
|
|||||
|
Farmington (City of), NM (San Juan and Four Corners); Series 2016 B, Ref. RB
|
2.15%
|
04/01/2033
|
|
2,000
|
1,662,091
|
|
New York–28.31%
|
|||||
|
City of New York NY; Series 2025, RB(g)
|
5.25%
|
04/01/2047
|
|
1,000
|
1,038,512
|
|
Metropolitan Transportation Authority (Green Bonds);
|
|
|
|
|
|
|
Series 2020 C-1, RB
|
5.00%
|
11/15/2050
|
|
1,000
|
992,872
|
|
Series 2020 C-1, RB
|
5.25%
|
11/15/2055
|
|
2,000
|
2,030,102
|
|
Series 2024, Ref. RB
|
5.00%
|
11/15/2051
|
|
1,500
|
1,531,025
|
|
New York (City of), NY;
|
|
|
|
|
|
|
Series 2014, VRD GO Bonds(h)
|
1.55%
|
03/01/2044
|
|
3,500
|
3,500,000
|
|
Series 2021 F-1, GO Bonds
|
4.00%
|
03/01/2047
|
|
1,000
|
877,885
|
|
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020
A, Ref. RB
|
4.00%
|
09/01/2045
|
|
1,500
|
1,275,393
|
|
New York (State of) Housing Finance Agency (Green Bonds); Series 2021 D-1, RB
|
2.65%
|
11/01/2051
|
|
2,965
|
1,844,273
|
|
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023,
RB (INS - AGI)(e)
|
5.13%
|
11/15/2063
|
|
1,105
|
1,120,223
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
New York–(continued)
|
|||||
|
New York Liberty Development Corp. (Green Bonds);
|
|
|
|
|
|
|
Series 2021 A, Ref. RB (INS - AGI)(e)
|
2.75%
|
11/15/2041
|
|
$1,000
|
$737,116
|
|
Series 2021 A, Ref. RB
|
2.88%
|
11/15/2046
|
|
1,000
|
686,203
|
|
New York Transportation Development Corp. (John F. Kennedy International Airport New
Terminal One)
(Green Bonds); Series 2023, RB(b)
|
6.00%
|
06/30/2054
|
|
3,000
|
3,147,082
|
|
New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green
Bonds);
Series 2024, Ref. RB (INS - AGI)(b)(e)
|
5.25%
|
12/31/2054
|
|
2,000
|
2,007,060
|
|
Triborough Bridge & Tunnel Authority; Series 2021 C-3, RB
|
4.00%
|
05/15/2051
|
|
1,500
|
1,282,287
|
|
|
|
|
|
|
22,070,033
|
|
Oregon–3.68%
|
|||||
|
Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.);
Series 2021, Ref. RB
|
4.00%
|
12/01/2051
|
|
2,000
|
1,434,664
|
|
Oregon (State of); Series 2020 M, VRD GO Bonds(h)
|
1.45%
|
12/01/2044
|
|
400
|
400,000
|
|
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(b)
|
5.50%
|
07/01/2053
|
|
1,000
|
1,031,493
|
|
|
|
|
|
|
2,866,157
|
|
Pennsylvania–2.57%
|
|||||
|
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB
|
4.00%
|
04/01/2050
|
|
2,415
|
2,005,726
|
|
Tennessee–0.13%
|
|||||
|
Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway
Development);
Series 2018, RB(a)
|
5.13%
|
06/01/2036
|
|
100
|
100,552
|
|
Washington–4.49%
|
|||||
|
Washington (State of) Economic Development Finance Authority (Green Bonds); Series
2020 A, RB(a)(b)
|
5.63%
|
12/01/2040
|
|
2,000
|
2,001,468
|
|
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center);
Series 2017, Ref.
RB
|
5.00%
|
08/15/2035
|
|
1,500
|
1,501,506
|
|
|
|
|
|
|
3,502,974
|
|
Wisconsin–4.50%
|
|||||
|
Somers (Village of), WI; Series 2018 B, Ref. RB
|
4.85%
|
06/01/2036
|
|
1,235
|
1,235,184
|
|
Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State
University);
Series 2019 A, RB (INS - AGI)(e)
|
5.00%
|
07/01/2058
|
|
100
|
97,109
|
|
Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB(b)
|
4.00%
|
09/30/2051
|
|
2,540
|
2,002,510
|
|
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
Series 2019, RB(a)
|
5.00%
|
06/15/2039
|
|
100
|
95,456
|
|
Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); Series
2019 A, RB(a)
|
5.50%
|
06/01/2054
|
|
100
|
79,101
|
|
|
|
|
|
|
3,509,360
|
|
TOTAL INVESTMENTS IN SECURITIES(i)–100.29% (Cost $80,501,450)
|
|
78,172,016
|
|||
|
FLOATING RATE NOTE OBLIGATIONS–(0.97)%
|
|
|
|||
|
Note with an interest and fee rate of 2.52% at 05/31/2025 and
a contractual maturity of collateral of 04/01/2047(j)
|
|
|
|
|
(755,000
)
|
|
OTHER ASSETS LESS LIABILITIES–0.68%
|
|
527,830
|
|||
|
NET ASSETS–100.00%
|
|
$77,944,846
|
|||
|
AGI
|
– Assured Guaranty Inc.
|
|
BAM
|
– Build America Mutual Assurance Co.
|
|
CEP
|
– Credit Enhancement Provider
|
|
GNMA
|
– Government National Mortgage Association
|
|
GO
|
– General Obligation
|
|
INS
|
– Insurer
|
|
RB
|
– Revenue Bonds
|
|
Ref.
|
– Refunding
|
|
VRD
|
– Variable Rate Demand
|
|
(a)
|
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these securities at
May 31, 2025 was $9,652,762, which represented 12.38% of the Fund’s Net Assets.
|
|
(b)
|
Security subject to the alternative minimum tax.
|
|
(c)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other
highly rated collateral.
|
|
(d)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity
date reflects such call or put.
|
|
(e)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
|
(f)
|
The issuer is paying less than stated interest, but is not in default on principal
because scheduled principal payments have not yet begun.
|
|
(g)
|
Underlying security related to TOB Trusts entered into by the Fund.
|
|
(h)
|
Demand security payable upon demand by the Fund at specified time intervals no greater
than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect
on May 31, 2025.
|
|
(i)
|
This table provides a listing of those entities that have either issued, guaranteed,
backed or otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity has guaranteed, backed
or otherwise enhanced the credit quality of a security, it is not primarily
responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
|
|
Entity
|
Percent
|
|
Assured Guaranty Inc.
|
5.33
%
|
|
(j)
|
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2025. At May 31, 2025, the Fund’s
investments with a value of $1,038,512 are held by TOB Trusts and serve as collateral
for the $755,000 in the floating rate note obligations outstanding at that
date.
|