|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Municipal Obligations–141.33%(a)
|
|||||
|
Alabama–0.83%
|
|||||
|
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home
for the Aging);
Series 2016, RB
|
5.75%
|
06/01/2045
|
|
$1,000
|
$878,729
|
|
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007,
RB (Acquired 10/18/2010; Cost $739,982)(b)(c)
|
5.50%
|
01/01/2043
|
|
925
|
508,750
|
|
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series
2019 A, Ref.
IDR(d)
|
5.25%
|
05/01/2044
|
|
1,000
|
985,241
|
|
|
|
|
|
|
2,372,720
|
|
American Samoa–0.26%
|
|||||
|
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref.
RB
|
6.63%
|
09/01/2035
|
|
750
|
754,928
|
|
Arizona–1.44%
|
|||||
|
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2022,
RB(d)
|
5.25%
|
07/01/2052
|
|
1,700
|
1,577,418
|
|
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series
2017, Ref.
RB
|
5.00%
|
11/15/2040
|
|
1,500
|
1,088,470
|
|
Pima (County of), AZ Industrial Development Authority (The) (Career Success Schools);
Series 2020,
Ref. RB(d)
|
5.50%
|
05/01/2040
|
|
1,500
|
1,432,901
|
|
|
|
|
|
|
4,098,789
|
|
Arkansas–0.52%
|
|||||
|
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(e)
|
5.45%
|
09/01/2052
|
|
1,500
|
1,493,190
|
|
California–19.33%
|
|||||
|
California (State of); Series 2023, GO Bonds(f)
|
5.25%
|
09/01/2053
|
|
4,000
|
4,218,520
|
|
California (State of) Educational Facilities Authority (Stanford University); Series
2014 U-6, RB(f)
|
5.00%
|
05/01/2045
|
|
3,000
|
3,264,333
|
|
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A,
Ref. COP (INS -
AGI)(g)
|
5.25%
|
11/01/2052
|
|
1,250
|
1,261,499
|
|
California (State of) Pollution Control Financing Authority (Plant Bonds); Series
2012, RB(d)(e)
|
5.00%
|
07/01/2037
|
|
1,000
|
999,929
|
|
California (State of) Statewide Communities Development Authority (Creative Child
Care & Team
Charter); Series 2015, RB(d)
|
6.75%
|
06/01/2045
|
|
700
|
674,416
|
|
California (State of) Statewide Communities Development Authority (Loma Linda University
Medical
Center); Series 2014, RB
|
5.50%
|
12/01/2054
|
|
2,000
|
1,950,958
|
|
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization
Program);
|
|
|
|
|
|
|
Series 2002, RB
|
6.00%
|
05/01/2043
|
|
750
|
765,691
|
|
Series 2006 A, RB(h)
|
0.00%
|
06/01/2046
|
|
10,000
|
2,481,008
|
|
Series 2006 C, RB(d)(h)
|
0.00%
|
06/01/2055
|
|
25,000
|
1,589,460
|
|
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park
Acquisition);
Series 2007 C, Ref. RB
|
6.50%
|
12/15/2047
|
|
835
|
834,958
|
|
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(h)
|
0.00%
|
06/01/2066
|
|
11,800
|
1,270,880
|
|
Long Beach (City of), CA Finance Authority; Series 2023, RB(f)
|
4.00%
|
08/01/2053
|
|
10,000
|
9,056,952
|
|
Poway Unified School District (School Facilities Improvement); Series 2011, GO Bonds(h)
|
0.00%
|
08/01/2039
|
|
8,000
|
4,361,093
|
|
Regents of the University of California Medical Center; Series 2022, RB(f)(i)
|
4.00%
|
05/15/2053
|
|
10,740
|
9,290,517
|
|
Silicon Valley Tobacco Securitization Authority (Santa Clara);
|
|
|
|
|
|
|
Series 2007 A, RB(h)
|
0.00%
|
06/01/2036
|
|
2,000
|
1,086,615
|
|
Series 2007 A, RB(h)
|
0.00%
|
06/01/2041
|
|
5,000
|
1,783,205
|
|
Southern California Logistics Airport Authority; Series 2008 A, RB(h)
|
0.00%
|
12/01/2044
|
|
18,085
|
5,864,774
|
|
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization
Corp.);
Series 2019, Ref. RB(h)
|
0.00%
|
06/01/2054
|
|
3,500
|
703,520
|
|
Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds(f)
|
4.00%
|
08/01/2048
|
|
4,000
|
3,662,762
|
|
|
|
|
|
|
55,121,090
|
|
Colorado–8.97%
|
|||||
|
Chaparral Pointe Metropolitan District; Series 2021, GO Bonds(d)
|
5.00%
|
12/01/2051
|
|
1,350
|
1,151,726
|
|
Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series
2020 A, RB(f)
|
4.00%
|
05/15/2052
|
|
9,900
|
8,518,950
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Colorado–(continued)
|
|||||
|
Denver (City & County of), CO;
|
|
|
|
|
|
|
Series 2022, RB(e)(f)(i)
|
5.00%
|
11/15/2042
|
|
$1,000
|
$1,006,000
|
|
Series 2022, RB(e)(f)(i)
|
5.75%
|
11/15/2045
|
|
2,000
|
2,118,500
|
|
Dominion Water & Sanitation District; Series 2022, Ref. RB
|
5.88%
|
12/01/2052
|
|
2,270
|
2,273,687
|
|
East Bend Metropolitan District; Series 2022, GO Bonds
|
6.50%
|
12/01/2052
|
|
2,600
|
2,455,397
|
|
Gardens on Havana Metropolitan District No. 3 (The); Series 2017 B, RB
|
7.75%
|
12/15/2047
|
|
560
|
560,406
|
|
Haymeadow Metropolitan District No. 1; Series 2025, GO Bonds
|
8.38%
|
12/15/2049
|
|
1,185
|
1,195,915
|
|
Hess Ranch Metropolitan District No. 6; Series 2020 A-2, GO Bonds(j)
|
5.75%
|
12/01/2049
|
|
1,000
|
876,143
|
|
Palisade Metropolitan District No. 2; Series 2024, Ref. RB(d)(j)
|
5.88%
|
12/15/2054
|
|
500
|
459,064
|
|
Remuda Ranch Metropolitan District; Series 2020 A, GO Bonds
|
5.00%
|
12/01/2050
|
|
2,300
|
1,933,733
|
|
Ritoro Metropolitan District; Series 2025, Ref. GO Bonds
|
6.25%
|
12/15/2057
|
|
658
|
644,889
|
|
Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds
|
6.50%
|
06/01/2052
|
|
1,500
|
1,380,971
|
|
Verve Metropolitan District No. 1; Series 2021, Ref. GO Bonds
|
5.00%
|
12/01/2036
|
|
525
|
492,306
|
|
West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds(d)
|
6.50%
|
12/01/2050
|
|
500
|
505,053
|
|
|
|
|
|
|
25,572,740
|
|
Connecticut–0.59%
|
|||||
|
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(b)
|
5.13%
|
10/01/2036
|
|
5,310
|
637,200
|
|
Hamden (Town of), CT (Whitney Center); Series 2022 A, RB
|
7.00%
|
01/01/2053
|
|
1,000
|
1,046,167
|
|
|
|
|
|
|
1,683,367
|
|
Delaware–0.32%
|
|||||
|
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018,
Ref. RB(d)
|
5.25%
|
07/01/2048
|
|
997
|
926,095
|
|
District of Columbia–2.13%
|
|||||
|
Metropolitan Washington Airports Authority; Series 2023 A, Ref. RB(e)(f)(i)
|
5.25%
|
10/01/2048
|
|
6,000
|
6,068,253
|
|
Florida–24.57%
|
|||||
|
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village,
Inc.); Series 2014,
RB (Acquired 02/26/2014-06/30/2014; Cost $888,926)(b)(c)
|
6.38%
|
11/15/2049
|
|
900
|
585,000
|
|
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref.
RB (Acquired 01/25/2022; Cost $1,075,000)(b)(c)(d)
|
5.00%
|
11/15/2061
|
|
1,075
|
771,415
|
|
Broward (County of), FL; Series 2023, RB(f)
|
5.50%
|
01/01/2055
|
|
12,365
|
13,019,785
|
|
Capital Projects Finance Authority (Kissimmee Charter Academy);
|
|
|
|
|
|
|
Series 2024, RB(d)
|
6.50%
|
06/15/2054
|
|
275
|
278,498
|
|
Series 2024, RB(d)
|
6.63%
|
06/15/2059
|
|
445
|
452,586
|
|
Capital Projects Finance Authority (Millenia Orlando); Series 2025 A, RB(d)
|
6.38%
|
01/01/2040
|
|
2,000
|
1,970,096
|
|
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB
|
5.00%
|
12/15/2049
|
|
3,230
|
2,910,085
|
|
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018
A-1, RB
(Acquired 03/09/2020; Cost $258,452)(b)(c)
|
5.00%
|
07/01/2048
|
|
250
|
73,750
|
|
Capital Trust Agency, Inc. (Tallahassee Tapestry);
|
|
|
|
|
|
|
Series 2015, RB (Acquired 08/14/2019; Cost $102,052)(b)(c)(d)
|
6.75%
|
12/01/2035
|
|
100
|
15,000
|
|
Series 2015, RB (Acquired 12/02/2015; Cost $988,260)(b)(c)(d)
|
7.00%
|
12/01/2045
|
|
1,000
|
150,000
|
|
Capital Trust Authority (Central Florida Preparatory School Project); Series 2024,
RB(d)
|
6.63%
|
06/15/2054
|
|
1,000
|
983,809
|
|
Capital Trust Authority (KIPP Miami N Campus);
|
|
|
|
|
|
|
Series 2024 A, RB(d)
|
6.00%
|
06/15/2054
|
|
650
|
655,441
|
|
Series 2024 A, RB(d)
|
6.13%
|
06/15/2060
|
|
800
|
807,317
|
|
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB
(Acquired 12/16/2013-12/19/2013; Cost $882,393)(b)(c)(d)
|
8.25%
|
05/15/2049
|
|
895
|
90
|
|
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
|
|
|
|
|
|
|
Series 2024, Ref. RB(d)(e)(k)
|
12.00%
|
07/15/2028
|
|
2,000
|
2,076,758
|
|
Series 2024, Ref. RB(e)
|
5.00%
|
07/01/2041
|
|
2,000
|
1,837,651
|
|
Series 2024, Ref. RB (INS - AGI)(e)(g)
|
5.25%
|
07/01/2047
|
|
1,000
|
1,003,096
|
|
Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB(d)(k)
|
6.25%
|
06/15/2028
|
|
2,140
|
2,113,091
|
|
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015,
RB(d)
|
6.13%
|
06/15/2046
|
|
985
|
984,968
|
|
Florida Development Finance Corp. (River City Science Academy); Series 2021, RB
|
4.00%
|
07/01/2045
|
|
1,200
|
998,840
|
|
Hillsborough County Industrial Development Authority; Series 2024, RB(f)(i)
|
5.25%
|
11/15/2049
|
|
13,000
|
13,454,799
|
|
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(d)
|
5.38%
|
07/15/2038
|
|
1,300
|
1,240,698
|
|
Lee (County of), FL Industrial Development Authority (Lee County Community Charter
Schools, LLC);
Series 2012, IDR(d)
|
5.75%
|
06/15/2042
|
|
1,200
|
1,178,752
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Florida–(continued)
|
|||||
|
Manatee (County of), FL; Series 2023, Ref. RB(f)
|
4.00%
|
10/01/2053
|
|
$10,000
|
$8,499,563
|
|
Miami-Dade (County of), FL;
|
|
|
|
|
|
|
Series 2009, RB(h)
|
0.00%
|
10/01/2042
|
|
7,900
|
3,554,089
|
|
Series 2017 B, Ref. RB(e)(f)(i)
|
5.00%
|
10/01/2040
|
|
2,000
|
1,996,424
|
|
Series 2022, RB(f)
|
5.00%
|
07/01/2052
|
|
5,000
|
5,020,597
|
|
Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities
Obligated
Group); Series 2024, Ref. RB
|
5.00%
|
08/01/2054
|
|
1,000
|
940,947
|
|
Seminole (County of), FL; Series 2022, RB(f)
|
5.00%
|
10/01/2052
|
|
2,430
|
2,469,696
|
|
|
|
|
|
|
70,042,841
|
|
Idaho–0.41%
|
|||||
|
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017
A, Ref. RB
|
5.25%
|
11/15/2047
|
|
1,600
|
1,181,764
|
|
Illinois–5.50%
|
|||||
|
Chicago (City of), IL; Series 2017 A, Ref. GO Bonds
|
6.00%
|
01/01/2038
|
|
1,500
|
1,526,886
|
|
Chicago (City of), IL Board of Education;
|
|
|
|
|
|
|
Series 2022 B, Ref. GO Bonds
|
4.00%
|
12/01/2040
|
|
1,665
|
1,462,057
|
|
Series 2023 A, GO Bonds
|
6.00%
|
12/01/2049
|
|
1,000
|
1,044,777
|
|
Illinois (State of);
|
|
|
|
|
|
|
Series 2020, GO Bonds
|
5.75%
|
05/01/2045
|
|
1,000
|
1,039,287
|
|
Series 2021 A, GO Bonds
|
5.00%
|
03/01/2046
|
|
500
|
497,606
|
|
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series
2002, RB(e)
|
8.00%
|
06/01/2032
|
|
140
|
140,145
|
|
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series
2015, RB(d)
|
6.00%
|
12/01/2045
|
|
1,000
|
1,001,095
|
|
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
|
|
|
|
|
|
|
Series 2019 A, Ref. RB (Acquired 10/28/2022; Cost $1,265,750)(c)
|
5.00%
|
11/01/2040
|
|
1,525
|
1,021,750
|
|
Series 2019 A, Ref. RB (Acquired 06/02/2022; Cost $956,840)(c)
|
5.00%
|
11/01/2049
|
|
1,000
|
670,000
|
|
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group);
Series 2022,
RB(f)(i)
|
5.00%
|
08/15/2051
|
|
5,375
|
5,375,074
|
|
Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014,
Ref. RB
|
6.13%
|
02/01/2045
|
|
1,140
|
1,139,979
|
|
Illinois (State of) Finance Authority (Villa St. Benedict); Series 2015, Ref. RB
|
6.38%
|
11/15/2043
|
|
775
|
775,451
|
|
|
|
|
|
|
15,694,107
|
|
Indiana–2.22%
|
|||||
|
Indiana (State of) Finance Authority (Irvington Community School);
|
|
|
|
|
|
|
Series 2018 A, Ref. RB(d)
|
5.90%
|
07/01/2038
|
|
1,000
|
984,471
|
|
Series 2018 A, Ref. RB(d)
|
6.00%
|
07/01/2048
|
|
1,000
|
960,973
|
|
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref.
RB
|
5.25%
|
09/01/2044
|
|
3,500
|
3,356,406
|
|
Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel); Series
2023 E, RB
|
6.00%
|
03/01/2053
|
|
1,000
|
1,036,360
|
|
|
|
|
|
|
6,338,210
|
|
Iowa–1.86%
|
|||||
|
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(k)(l)
|
5.00%
|
12/01/2032
|
|
2,000
|
2,249,663
|
|
Iowa (State of) Finance Authority (Northcrest, Inc.); Series 2018 A, RB
|
5.00%
|
03/01/2038
|
|
1,150
|
1,125,245
|
|
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB(h)
|
0.00%
|
06/01/2065
|
|
13,000
|
1,919,638
|
|
|
|
|
|
|
5,294,546
|
|
Kansas–0.34%
|
|||||
|
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB
|
5.75%
|
05/15/2045
|
|
1,000
|
957,391
|
|
Kentucky–0.79%
|
|||||
|
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown
Crossing);
Series 2013 C, RB
|
6.88%
|
07/01/2046
|
|
2,000
|
2,245,623
|
|
Louisiana–0.25%
|
|||||
|
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority;
Series 2015 A, Ref. RB
|
6.25%
|
11/15/2045
|
|
750
|
726,436
|
|
Maine–3.53%
|
|||||
|
Maine Health & Higher Educational Facilities Authority; Series 2023, RB (INS - AGI)(f)(g)(i)
|
4.75%
|
07/01/2053
|
|
10,660
|
10,074,698
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Massachusetts–8.01%
|
|||||
|
Massachusetts (Commonwealth of);
|
|
|
|
|
|
|
Series 2004 A, Ref. GO Bonds (INS - AMBAC)(f)(g)
|
5.50%
|
08/01/2030
|
|
$960
|
$1,063,865
|
|
Series 2023, GO Bonds(f)
|
5.00%
|
10/01/2053
|
|
10,000
|
10,141,949
|
|
Series 2025, GO Bonds(f)
|
5.00%
|
05/01/2053
|
|
10,020
|
10,156,587
|
|
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute
of
Technology); Series 2002 K, RB(f)
|
5.50%
|
07/01/2032
|
|
505
|
588,467
|
|
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.);
Series 2017, Ref. RB(d)
|
5.00%
|
10/01/2057
|
|
1,000
|
895,261
|
|
|
|
|
|
|
22,846,129
|
|
Michigan–0.41%
|
|||||
|
Charyl Stockwell Academy; Series 2015, Ref. RB
|
5.75%
|
10/01/2045
|
|
635
|
563,126
|
|
Michigan Strategic Fund; Series 2016, RB
|
5.00%
|
07/01/2046
|
|
2,705
|
603,215
|
|
|
|
|
|
|
1,166,341
|
|
Minnesota–1.06%
|
|||||
|
Ramsey (City of), MN (Pact Charter School); Series 2022 A, Ref. RB
|
5.00%
|
06/01/2032
|
|
1,500
|
1,454,996
|
|
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB
|
6.88%
|
12/01/2048
|
|
1,000
|
1,000,333
|
|
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy);
Series 2023,
Ref. RB
|
5.50%
|
12/01/2038
|
|
545
|
555,335
|
|
|
|
|
|
|
3,010,664
|
|
Missouri–3.09%
|
|||||
|
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007
A, RB(m)
|
5.50%
|
04/01/2027
|
|
608
|
206,610
|
|
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
|
|
|
|
|
|
|
Series 2017 A, Ref. RB
|
5.25%
|
05/15/2037
|
|
2,250
|
2,148,894
|
|
Series 2017 A, Ref. RB
|
5.25%
|
05/15/2050
|
|
1,250
|
1,038,379
|
|
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village);
|
|
|
|
|
|
|
Series 2016 A, RB
|
5.00%
|
08/15/2046
|
|
2,000
|
1,727,748
|
|
Series 2018 A, Ref. RB
|
5.00%
|
08/15/2042
|
|
855
|
776,810
|
|
Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB(f)
|
5.13%
|
05/01/2052
|
|
1,500
|
1,504,031
|
|
St. Louis (County of), MO Industrial Development Authority (Friendship Village West
County);
Series 2018 A, RB
|
5.13%
|
09/01/2049
|
|
1,500
|
1,392,580
|
|
|
|
|
|
|
8,795,052
|
|
Nevada–1.78%
|
|||||
|
Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail)
(Green Bonds);
Series 2025, RB(d)(e)(k)
|
9.50%
|
01/01/2033
|
|
3,000
|
2,862,763
|
|
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule
Springs Village 1);
Series 2022, RB(d)
|
5.75%
|
06/01/2047
|
|
1,550
|
1,539,203
|
|
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018
C, Ref. RB(d)(h)
|
0.00%
|
07/01/2058
|
|
4,500
|
666,660
|
|
|
|
|
|
|
5,068,626
|
|
New Hampshire–0.35%
|
|||||
|
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A,
RB
|
4.00%
|
10/20/2036
|
|
1,061
|
998,549
|
|
New Jersey–3.60%
|
|||||
|
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
|
|
|
|
|
|
|
Series 1999, RB(e)
|
5.25%
|
09/15/2029
|
|
855
|
855,237
|
|
Series 2012, RB(e)
|
5.75%
|
09/15/2027
|
|
805
|
805,576
|
|
New Jersey (State of) Economic Development Authority (Leap Academy University Charter
School,
Inc.); Series 2014 A, RB(d)
|
6.30%
|
10/01/2049
|
|
1,200
|
1,200,375
|
|
New Jersey (State of) Housing & Mortgage Finance Agency (Riverview Towers Apartments);
Series 2024, RB (CEP - Federal Housing Administration)
|
5.25%
|
12/20/2065
|
|
2,250
|
2,280,636
|
|
New Jersey (State of) Transportation Trust Fund Authority; Series 2023, RB(f)(i)
|
5.25%
|
06/15/2050
|
|
5,000
|
5,110,474
|
|
|
|
|
|
|
10,252,298
|
|
New York–8.49%
|
|||||
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
Series 2009, RB(h)
|
0.00%
|
07/15/2035
|
|
1,475
|
948,617
|
|
Series 2009, RB(h)
|
0.00%
|
07/15/2046
|
|
10,000
|
3,242,409
|
|
Nassau (County of), NY Industrial Development Agency(h)
|
0.00%
|
01/01/2058
|
|
1,479
|
15
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
New York–(continued)
|
|||||
|
New York (City of), NY Transitional Finance Authority; Series 2022, RB(f)
|
5.25%
|
11/01/2048
|
|
$5,000
|
$5,150,946
|
|
New York (State of) Dormitory Authority; Series 2018 E, RB(f)
|
5.00%
|
03/15/2046
|
|
2,250
|
2,265,408
|
|
New York Counties Tobacco Trust IV; Series 2010 A, RB(d)
|
6.25%
|
06/01/2041
|
|
982
|
941,809
|
|
New York Counties Tobacco Trust V; Series 2005 S-2, RB(h)
|
0.00%
|
06/01/2050
|
|
8,100
|
1,199,544
|
|
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB
|
5.75%
|
06/01/2043
|
|
2,000
|
1,936,876
|
|
New York Liberty Development Corp. (3 World Trade Center); Series 2014-3, Ref. RB(d)
|
7.25%
|
11/15/2044
|
|
3,000
|
3,001,661
|
|
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(e)(f)(i)
|
5.00%
|
07/01/2046
|
|
1,750
|
1,703,243
|
|
New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green
Bonds);
Series 2024, Ref. RB(e)
|
5.50%
|
12/31/2060
|
|
1,000
|
1,004,873
|
|
TSASC, Inc.; Series 2016 B, Ref. RB
|
5.00%
|
06/01/2045
|
|
2,000
|
1,764,623
|
|
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General
Aviation
Facilities); Series 2017 A, RB(d)(e)
|
7.00%
|
06/01/2046
|
|
1,000
|
1,036,867
|
|
|
|
|
|
|
24,196,891
|
|
North Carolina–0.39%
|
|||||
|
North Carolina (State of) Medical Care Commission (Salemtowne Project); Series 2018
A, RB
|
5.00%
|
10/01/2043
|
|
1,260
|
1,098,654
|
|
Ohio–3.66%
|
|||||
|
Buckeye Tobacco Settlement Financing Authority;
|
|
|
|
|
|
|
Series 2020 B-2, Ref. RB
|
5.00%
|
06/01/2055
|
|
1,750
|
1,516,530
|
|
Series 2020 B-3, Ref. RB(h)
|
0.00%
|
06/01/2057
|
|
11,600
|
1,116,878
|
|
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB
|
5.00%
|
02/15/2052
|
|
2,000
|
1,834,926
|
|
Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB
|
5.25%
|
11/15/2055
|
|
1,500
|
1,310,807
|
|
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB
|
5.00%
|
02/15/2044
|
|
3,075
|
2,903,323
|
|
Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019,
RB(d)(e)
|
5.00%
|
07/01/2049
|
|
2,000
|
1,754,372
|
|
|
|
|
|
|
10,436,836
|
|
Oklahoma–0.00%
|
|||||
|
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);
Series 2016
A, RB(b)
|
7.00%
|
11/01/2051
|
|
665
|
2,296
|
|
Pennsylvania–5.20%
|
|||||
|
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major
Bridges); Series 2022, RB(e)
|
6.00%
|
06/30/2061
|
|
1,250
|
1,298,179
|
|
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia);
|
|
|
|
|
|
|
Series 2024, RB
|
5.25%
|
07/01/2049
|
|
7,000
|
7,278,894
|
|
Series 2024, RB
|
5.50%
|
07/01/2053
|
|
3,000
|
3,166,451
|
|
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University);
Series 2022, RB
|
5.50%
|
11/01/2060
|
|
3,000
|
3,070,675
|
|
|
|
|
|
|
14,814,199
|
|
Puerto Rico–7.09%
|
|||||
|
Children’s Trust Fund;
|
|
|
|
|
|
|
Series 2002, RB
|
5.50%
|
05/15/2039
|
|
305
|
307,942
|
|
Series 2002, RB
|
5.63%
|
05/15/2043
|
|
1,000
|
1,011,509
|
|
Series 2005 A, RB(h)
|
0.00%
|
05/15/2050
|
|
27,000
|
4,920,853
|
|
Puerto Rico (Commonwealth of); Subseries 2022, RN(h)
|
0.00%
|
11/01/2043
|
|
3,190
|
1,917,987
|
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
|
|
|
|
|
|
Series 2007 TT, RB(b)
|
5.00%
|
07/01/2037
|
|
495
|
271,631
|
|
Series 2007 VV, Ref. RB (INS - NATL)(g)
|
5.25%
|
07/01/2035
|
|
1,000
|
965,426
|
|
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental
Control
Facilities Financing Authority (AES Puerto Rico);
|
|
|
|
|
|
|
Series 2023 A, RB (Acquired 01/08/2020-03/25/2024; Cost $94,206)(c)
|
6.63%
|
01/01/2027
|
|
81
|
80,684
|
|
Series 2023 A, RB (Acquired 01/08/2020-03/25/2024; Cost $739,741)(c)
|
6.63%
|
01/01/2028
|
|
622
|
613,373
|
|
Puerto Rico Sales Tax Financing Corp.;
|
|
|
|
|
|
|
Series 2018 A-1, RB(h)
|
0.00%
|
07/01/2046
|
|
24,150
|
7,752,978
|
|
Series 2018 A-1, RB(h)
|
0.00%
|
07/01/2051
|
|
10,062
|
2,375,392
|
|
|
|
|
|
|
20,217,775
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
South Carolina–1.12%
|
|||||
|
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy
Project);
Series 2018 A, RB(d)
|
5.75%
|
06/15/2039
|
|
$1,500
|
$1,368,086
|
|
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal
Home at
Still Hopes); Series 2018 A, Ref. RB
|
5.00%
|
04/01/2048
|
|
2,000
|
1,820,627
|
|
|
|
|
|
|
3,188,713
|
|
Tennessee–2.94%
|
|||||
|
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB
|
5.63%
|
06/01/2035
|
|
1,000
|
893,377
|
|
Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB(f)
|
6.00%
|
12/01/2054
|
|
5,000
|
5,439,317
|
|
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
|
|
|
|
|
|
|
Series 2013 A, Ref. RB(d)
|
5.50%
|
09/01/2047
|
|
1,600
|
1,355,649
|
|
Series 2016 A, Ref. RB(d)
|
5.00%
|
09/01/2031
|
|
750
|
690,212
|
|
|
|
|
|
|
8,378,555
|
|
Texas–8.92%
|
|||||
|
Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024,
RB(d)
|
5.75%
|
06/01/2043
|
|
1,500
|
1,501,974
|
|
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series
2019, RB
(Acquired 12/17/2019; Cost $1,207,286)(b)(c)(e)
|
7.00%
|
03/01/2039
|
|
1,160
|
928,000
|
|
Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A,
Ref. RB(e)
|
6.63%
|
07/15/2038
|
|
1,000
|
1,002,129
|
|
Hutto (City of), TX; Series 2025, RB(d)
|
5.13%
|
09/01/2045
|
|
300
|
282,199
|
|
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(e)
|
4.63%
|
10/01/2031
|
|
1,500
|
1,498,361
|
|
New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB
|
6.50%
|
10/01/2060
|
|
1,000
|
955,630
|
|
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016,
Ref. RB
|
5.00%
|
07/01/2036
|
|
600
|
594,190
|
|
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
|
|
|
|
|
|
|
Series 2016 A, RB
|
5.50%
|
11/15/2046
|
|
400
|
313,286
|
|
Series 2016 A, RB
|
5.50%
|
11/15/2052
|
|
1,500
|
1,120,601
|
|
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The));
Series 2022, RB
|
5.50%
|
10/01/2027
|
|
945
|
945,034
|
|
North Texas Tollway Authority; Series 2011 B, RB(h)(k)(l)
|
0.00%
|
09/01/2031
|
|
7,000
|
3,598,622
|
|
Port Beaumont Navigation District (Jefferson Gulf Coast Energy); Series 2024, RB(d)(e)
|
5.00%
|
01/01/2039
|
|
1,000
|
968,091
|
|
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB
|
6.00%
|
09/15/2046
|
|
450
|
438,836
|
|
San Antonio (City of), TX; Series 2023 A, Ref. RB(f)
|
5.50%
|
02/01/2050
|
|
5,750
|
6,074,529
|
|
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living
- Ventana);
Series 2017, RB
|
6.75%
|
11/15/2052
|
|
1,000
|
1,012,046
|
|
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017
A, RB (Acquired 12/15/2016; Cost $1,004,781)(b)(c)
|
6.38%
|
02/15/2052
|
|
1,000
|
650,000
|
|
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way
(The));
Series 2024 A, RB
|
5.75%
|
12/01/2054
|
|
659
|
550,944
|
|
Texas (State of) Water Development Board;
|
|
|
|
|
|
|
Series 2022, RB(f)
|
4.80%
|
10/15/2052
|
|
2,000
|
1,971,977
|
|
Series 2022, RB(f)
|
5.00%
|
10/15/2057
|
|
1,000
|
1,013,263
|
|
|
|
|
|
|
25,419,712
|
|
Utah–2.03%
|
|||||
|
Salt Lake City (City of), UT; Series 2017 A, RB(e)(f)
|
5.00%
|
07/01/2047
|
|
3,000
|
2,946,205
|
|
Utah (State of) Charter School Finance Authority (Wallace Stegner Academy); Series
2022 A, RB(d)
|
5.75%
|
06/15/2052
|
|
3,000
|
2,850,598
|
|
|
|
|
|
|
5,796,803
|
|
Virginia–0.71%
|
|||||
|
Ballston Quarter Community Development Authority;
|
|
|
|
|
|
|
Series 2016 A-1, RB
|
5.50%
|
03/01/2046
|
|
376
|
369,124
|
|
Series 2016 A-2, RB(j)
|
7.13%
|
03/01/2059
|
|
902
|
764,333
|
|
Tobacco Settlement Financing Corp.; Series 2007 B-2, RB
|
5.20%
|
06/01/2046
|
|
1,000
|
895,353
|
|
|
|
|
|
|
2,028,810
|
|
Washington–2.28%
|
|||||
|
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB
|
6.25%
|
12/01/2045
|
|
1,000
|
986,971
|
|
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(f)(i)
|
5.00%
|
07/01/2058
|
|
3,225
|
3,039,531
|
|
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A,
RB(d)(k)(l)
|
7.00%
|
07/01/2025
|
|
740
|
741,872
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Washington–(continued)
|
|||||
|
Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities
Northwest); Series 2016 A, Ref. RB(d)
|
5.00%
|
01/01/2051
|
|
$2,000
|
$1,739,813
|
|
|
|
|
|
|
6,508,187
|
|
West Virginia–0.97%
|
|||||
|
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development
District); Series 2019 A, RB(b)(d)(m)
|
5.75%
|
06/01/2042
|
|
1,495
|
1,033,381
|
|
Monongalia (County of), WV Commission Special District (University Town Centre Economic
Opportunity Development District); Series 2017 A, Ref. RB(d)
|
5.75%
|
06/01/2043
|
|
1,000
|
1,005,533
|
|
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
|
|
|
|
|
|
|
Series 2016, RB(b)(d)(e)
|
7.25%
|
02/01/2036
|
|
750
|
525,000
|
|
Series 2018, RB(b)(d)(e)
|
8.75%
|
02/01/2036
|
|
240
|
192,000
|
|
|
|
|
|
|
2,755,914
|
|
Wisconsin–5.37%
|
|||||
|
Wisconsin (State of) Public Finance Authority;
|
|
|
|
|
|
|
Series 2023 A, Ref. RB(d)
|
6.25%
|
10/01/2053
|
|
1,000
|
1,013,727
|
|
Series 2023 B, RB(d)(h)
|
0.00%
|
07/01/2062
|
|
2,000
|
1,455,000
|
|
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series
2017 A, RB
(Acquired 12/01/2017; Cost $1,965,676)(b)(c)(d)
|
6.85%
|
10/01/2047
|
|
2,000
|
200,000
|
|
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series
2022, RB(d)
|
5.88%
|
06/01/2052
|
|
900
|
851,919
|
|
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center);
Series 2017
A, RB (Acquired 04/03/2017; Cost $982,664)(b)(c)(d)
|
6.85%
|
11/01/2046
|
|
1,000
|
550,000
|
|
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2018 A, RB(d)
|
6.13%
|
02/01/2048
|
|
1,170
|
1,142,184
|
|
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center);
Series 2018 A-1,
RB(d)
|
6.25%
|
01/01/2038
|
|
1,000
|
450,000
|
|
Wisconsin (State of) Public Finance Authority (Midtown); Series 2025, RB(d)(h)
|
0.00%
|
12/15/2034
|
|
3,750
|
2,094,418
|
|
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation
Facilities);
Series 2017 A, RB(e)
|
7.25%
|
06/01/2035
|
|
2,500
|
2,611,766
|
|
Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series
2023, RB(d)
|
6.25%
|
07/15/2053
|
|
475
|
487,354
|
|
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2015,
Ref. RB
|
5.88%
|
04/01/2045
|
|
660
|
653,027
|
|
Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB(d)
|
5.38%
|
12/15/2032
|
|
1,202
|
1,201,890
|
|
Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB(d)(h)
|
0.00%
|
12/15/2034
|
|
1,500
|
845,456
|
|
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022
A, RB(d)
|
5.00%
|
06/15/2057
|
|
2,000
|
1,759,503
|
|
|
|
|
|
|
15,316,244
|
|
Total Municipal Obligations (Cost $417,832,587)
|
|
402,944,036
|
|||
|
U.S. Dollar Denominated Bonds & Notes–0.05%
|
|||||
|
Puerto Rico–0.01%
|
|||||
|
AES Puerto Rico, Inc.(m)
|
12.50%
|
03/04/2026
|
|
20
|
19,664
|
|
Texas–0.04%
|
|||||
|
Gladieux Metals Recycling LLC
|
15.00%
|
05/08/2026
|
|
125
|
120,000
|
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $140,394)
|
|
139,664
|
|||
|
|
|
|
Shares
|
|
|
|
Preferred Stocks–0.00%
|
|||||
|
AES Puerto Rico, Inc., Pfd.
(Cost $0)(m)
|
|
|
|
13,681
|
0
|
|
TOTAL INVESTMENTS IN SECURITIES(n)–141.38% (Cost $417,972,981)
|
|
403,083,700
|
|||
|
FLOATING RATE NOTE OBLIGATIONS–(43.38)%
|
|
|
|||
|
Notes with interest and fee rates ranging from 2.49% to 2.70% at 05/31/2025 and
contractual maturities of collateral ranging from 08/01/2030 to 07/01/2058(o)
|
|
|
|
|
(123,680,000
)
|
|
OTHER ASSETS LESS LIABILITIES–2.00%
|
|
5,700,635
|
|||
|
NET ASSETS–100.00%
|
|
$285,104,335
|
|||
|
AGI
|
– Assured Guaranty Inc.
|
|
AMBAC
|
– American Municipal Bond Assurance Corp.
|
|
CEP
|
– Credit Enhancement Provider
|
|
COP
|
– Certificates of Participation
|
|
GO
|
– General Obligation
|
|
IDR
|
– Industrial Development Revenue Bonds
|
|
INS
|
– Insurer
|
|
NATL
|
– National Public Finance Guarantee Corp.
|
|
Pfd.
|
– Preferred
|
|
RB
|
– Revenue Bonds
|
|
Ref.
|
– Refunding
|
|
RN
|
– Revenue Notes
|
|
(a)
|
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
|
|
(b)
|
Defaulted security. Currently, the issuer is in default with respect to principal
and/or interest payments. The aggregate value of these securities at May 31, 2025
was $7,093,513, which represented 2.49% of the Trust’s Net Assets.
|
|
(c)
|
Restricted security. The aggregate value of these securities at May 31, 2025 was $6,817,812, which represented 2.39% of the Trust’s Net Assets.
|
|
(d)
|
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 $68,629,552, which represented 24.07% of the Trust’s Net Assets.
|
|
(e)
|
Security subject to the alternative minimum tax.
|
|
(f)
|
Underlying security related to TOB Trusts entered into by the Trust.
|
|
(g)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
|
(h)
|
Zero coupon bond issued at a discount.
|
|
(i)
|
Security is subject to a reimbursement agreement which may require the Trust to pay
amounts to a counterparty in the event of a significant decline in the market
value of the security underlying the TOB Trusts. In case of a shortfall, the maximum
potential amount of payments the Trust could ultimately be required to make
under the agreement is $45,161,280. However, such shortfall payment would be reduced
by the proceeds from the sale of the security underlying the TOB
Trusts.
|
|
(j)
|
Convertible capital appreciation bond. The interest rate shown represents the coupon
rate at which the bond will accrue at a specified future date.
|
|
(k)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity
date reflects such call or put.
|
|
(l)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other
highly rated collateral.
|
|
(m)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
(n)
|
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
|
|
(o)
|
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
Trust’s investments with a value of $165,285,215 are held by TOB Trusts and serve as collateral for the $123,680,000 in the floating rate note obligations
outstanding at that date.
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Municipal Obligations
|
$—
|
$401,704,045
|
$1,239,991
|
$402,944,036
|
|
U.S. Dollar Denominated Bonds & Notes
|
—
|
120,000
|
19,664
|
139,664
|
|
Preferred Stocks
|
—
|
—
|
0
|
0
|
|
Total Investments in Securities
|
—
|
401,824,045
|
1,259,655
|
403,083,700
|
|
Other Investments - Assets
|
|
|
|
|
|
Investments Matured
|
—
|
1,445,745
|
—
|
1,445,745
|
|
Total Investments
|
$—
|
$403,269,790
|
$1,259,655
|
$404,529,445
|