1
Portfolio
of
Investments
June
30,
2025
NXP
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
101.1%
729691452
MUNICIPAL
BONDS
-
101
.1
%
729691452
ALABAMA
-
0.6%
$
1,450,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.500
%
10/01/53
$
1,487,610
3,000,000
Southeast
Energy
Authority,
Alabama,
A
Cooperative
District
Energy
Supply
Revenue
Bonds
Series
2024A
5
.000
11/01/35
3,102,203
TOTAL
ALABAMA
4,589,813
ARIZONA
-
3.1%
255,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017F
3
.000
07/01/26
253,547
2,350,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017F
5
.000
07/01/47
2,322,992
1,000,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2021A
4
.000
07/01/51
792,853
1,465,000
(a)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Taxable
Series
2019B
5
.000
07/01/54
1,353,625
2,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A
5
.000
01/01/38
2,024,822
1,950,000
McAllister
Academic
Village
LLC,
Arizona,
Revenue
Bonds,
Arizona
State
University
Hassayampa
Academic
Village
Project,
Refunding
Series
2016
5
.000
07/01/37
1,969,250
3,185,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
5
.000
07/01/44
3,205,644
5,000,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
(AMT)
5
.000
07/01/49
4,955,835
3,000,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A
5
.000
08/01/47
3,016,929
2,410,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.000
12/01/37
2,512,944
TOTAL
ARIZONA
22,408,441
ARKANSAS
-
0.4%
500,000
(a)
Arkansas
Development
Finance
Authority,
Charter
School
Revenue
Bonds,
Academy
of
Math
and
Science
-
Little
Rock
Project
Series
2024A
7
.000
07/01/59
447,117
6,555,000
Arkansas
Development
Finance
Authority,
Tobacco
Settlement
Revenue
Bonds,
Arkansas
Cancer
Research
Center
Project,
Series
2006
-
AMBAC
Insured
0
.000
07/01/46
2,188,994
500,000
Pulaski
County,
Arkansas,
Hospital
Revenue
Bonds,
Arkansas
Children's
Hospital,
Series
2023
5
.000
03/01/43
508,077
TOTAL
ARKANSAS
3,144,188
CALIFORNIA
-
15.2%
11,000,000
Alhambra
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Capital
Appreciation
Series
2009B
-
AGC
Insured
0
.000
08/01/41
5,436,804
4,245,000
Anaheim
City
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2007
-
AGM
Insured
0
.000
08/01/31
3,470,742
2,840,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/30
2,401,536
6,740,000
(b)
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured,
(ETM)
0
.000
09/01/35
4,791,637
5,760,000
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
-
AGM
Insured
0
.000
09/01/35
3,930,560
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,175,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B,
(AMT)
5
.250
%
07/01/54
$
1,191,052
120,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
06/01/49
101,874
2,645,000
Cypress
Elementary
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2009A
-
AGM
Insured
0
.000
05/01/34
1,959,399
2,440,000
Eureka
Unified
School
District,
Humboldt
County,
California,
General
Obligation
Bonds,
Series
2002
-
AGM
Insured
0
.000
08/01/27
2,294,582
2,275,000
Folsom
Cordova
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
4,
Series
2007A
-
NPFG
Insured
0
.000
10/01/28
2,064,937
1,000,000
Fresno,
California,
Airport
Revenue
Bonds,
Series
2023A
-
BAM
Insured,
(AMT)
5
.000
07/01/53
985,741
6,080,000
(b)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
-
AMBAC
Insured,
(ETM)
0
.000
06/01/28
5,627,644
6,060,000
Grossmont
Union
High
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Series
2006
-
NPFG
Insured
0
.000
08/01/25
6,045,437
1,495,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007
-
FGIC
Insured
0
.000
08/01/33
1,135,482
4,055,000
Kern
Community
College
District,
California,
General
Obligation
Bonds,
Series
2003A
-
FGIC
Insured
0
.000
03/01/28
3,734,380
3,480,000
(c)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
0
.000
08/01/43
3,349,246
450,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
6
.500
11/01/39
538,402
11,985,000
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2002,
Series
2007C
-
AGM
Insured
0
.000
08/01/32
9,448,076
1,195,000
Palmdale
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2003
-
AGM
Insured
0
.000
08/01/28
1,091,882
3,000,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
of
2004,
Series
2007A
-
NPFG
Insured
0
.000
08/01/25
2,987,649
8,790,000
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999
-
AMBAC
Insured
0
.000
08/01/29
7,676,622
12,240,000
(b)
Placentia-Yorba
Linda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation,
Series
2006
-
FGIC
Insured,
(ETM)
0
.000
10/01/34
8,842,278
1,500,000
Placer
Union
High
School
District,
Placer
County,
California,
General
Obligation
Bonds,
Series
2004C
-
AGM
Insured
0
.000
08/01/32
1,189,096
8,000,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Election
2008
Series
2009A
0
.000
08/01/32
6,364,024
8,000,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Election
2008
Series
2009A
0
.000
08/01/33
6,105,247
3,940,000
Rancho
Mirage
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Combined
Whitewater
and
1984
Project
Areas,
Series
2003A
-
NPFG
Insured
0
.000
04/01/35
2,792,754
2,755,000
Sacramento
City
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2007
-
AGM
Insured
0
.000
07/01/25
2,755,000
3,570,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/48
3,569,255
2,110,000
Sierra
Sands
Unified
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2006A
-
FGIC
Insured
0
.000
11/01/28
1,892,484
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
6,025,000
Simi
Valley
Unified
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2007C
0
.000
%
08/01/30
$
5,189,984
1,150,000
Woodside
Elementary
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2005,
Series
2007
-
AMBAC
Insured
0
.000
10/01/30
990,312
TOTAL
CALIFORNIA
109,954,118
COLORADO
-
9.1%
3,750,000
Arkansas
River
Power
Authority,
Colorado,
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2018A
5
.000
10/01/43
3,687,535
5,625,000
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
-
AGM
Insured
5
.250
12/01/49
5,825,939
150,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
130,432
6,600,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
6,507,971
1,220,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2025A
5
.125
12/01/45
1,225,068
5,000,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2017B
5
.000
12/01/47
4,951,100
2,475,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2020A
4
.000
12/15/37
2,443,484
480,000
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,  Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2024A
-
BAM
Insured
5
.000
12/01/44
485,481
9,000,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
(AMT)
5
.000
11/15/47
9,000,894
2,275,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D,
(AMT)
5
.750
11/15/45
2,410,852
4,400,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/43
4,420,203
8,350,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/29
7,359,409
1,295,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/32
1,016,688
4,475,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
-
NPFG
Insured
0
.000
09/01/33
3,359,651
12,500,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2006A
-
NPFG
Insured
0
.000
09/01/38
6,488,190
1,000,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/33
1,005,124
620,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A
5
.000
12/01/35
622,433
5,000,000
Windy
Gap
Firming
Project
Water
Activity
Enterprise,
Colorado,
Senior
Revenue
Bonds,
Series
2021
5
.000
07/15/51
5,065,151
TOTAL
COLORADO
66,005,605
CONNECTICUT
-
1.1%
2,500,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2022U
4
.000
07/01/52
2,089,597
5,390,000
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2021A
4
.000
05/01/40
5,236,967
750,000
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A
5
.000
03/15/31
759,332
TOTAL
CONNECTICUT
8,085,896
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT
OF
COLUMBIA
-
1.7%
$
1,500,000
(b)
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
(Pre-
refunded
10/01/26)
-
AGC
Insured
6
.500
%
10/01/41
$
1,568,487
2,000,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B
6
.500
10/01/44
2,120,141
5,000,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
(AMT)
5
.250
10/01/53
5,057,808
2,450,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2024A,
(AMT)
5
.250
10/01/49
2,495,106
1,070,000
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Green
Series
2021A
4
.000
07/15/46
946,250
TOTAL
DISTRICT
OF
COLUMBIA
12,187,792
FLORIDA
-
3.0%
1,000,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.000
07/01/41
911,475
1,700,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
-
AGM
Insured,
(AMT)
5
.250
07/01/53
1,698,409
3,000,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.500
07/01/53
2,776,329
3,795,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2025A,
(AMT),
(Mandatory
Put
8/13/25)
8
.250
07/01/57
3,900,596
2,000,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5
.000
10/01/42
2,000,586
1,545,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5
.000
10/01/47
1,535,154
1,565,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
5
.250
11/15/49
1,629,074
1,000,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Health
System
Revenue
Bonds,
BayCare
Health
System
Series
2024C
4
.125
11/15/51
876,840
5,000,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2019A,
(AMT)
5
.000
10/01/49
4,920,901
1,090,000
Orange
County
Health
Facilities
Authority,
Florida,
Revenue
Bonds,
Presbyterian
Retirement
Communities
Project,
Series
2024
5
.000
08/01/54
1,024,816
TOTAL
FLORIDA
21,274,180
GEORGIA
-
1.4%
3,665,000
Brookhaven
Development
Authority,
Georgia,
Revenue
Bonds,
Children's
Healthcare
of
Atlanta,
Inc.
Project,
Series
2019A
4
.000
07/01/49
3,149,611
3,775,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023D,
(Mandatory
Put
12/01/30)
5
.000
05/01/54
3,973,162
1,250,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
5
.250
01/01/49
1,300,920
1,570,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Series
2024A
-
BAM
Insured
5
.250
01/01/54
1,628,917
TOTAL
GEORGIA
10,052,610
GUAM
-
1.2%
7,250,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
7,249,436
1,460,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
5
.000
01/01/46
1,449,800
TOTAL
GUAM
8,699,236
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO
-
1.5%
$
1,600,000
Boise
State
University,
Idaho,
General
Revenue
Bonds,
Series
2023A
5
.000
%
04/01/48
$
1,621,904
1,220,000
Idaho
Housing
&
Finance
Association,
Idaho,
Sales
Tax
Revenue
Bonds,
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2023A
5
.250
08/15/48
1,281,264
2,000,000
(a)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023
5
.625
11/01/43
1,975,913
6,000,000
(a)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023
5
.875
11/01/53
5,884,885
TOTAL
IDAHO
10,763,966
ILLINOIS
-
9.5%
2,050,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
2,079,350
1,790,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017C
5
.000
12/01/30
1,817,095
725,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B
6
.500
12/01/46
732,285
1,500,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2021A
5
.000
12/01/38
1,496,546
3,900,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Series
1999A
-
FGIC
Insured
0
.000
12/01/28
3,420,530
55,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
-
FGIC
Insured
0
.000
12/01/28
48,238
5,500,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2024A
5
.500
01/01/53
5,659,322
1,500,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023C
5
.000
01/01/40
1,522,345
5,000,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
-
AGM
Insured
5
.250
01/01/53
5,075,047
1,190,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
-
AGM
Insured
5
.250
11/01/53
1,206,910
10,000,000
(d)
Illinois
Housing
Development
Authority,
Revenue
Bonds,
Social
Series
2024I,
(UB)
4
.625
04/01/50
9,545,308
2,500,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
4
.000
01/01/46
2,224,389
1,720,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/29
1,466,959
45,000
(b)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
(ETM)
0
.000
06/15/30
38,402
765,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
0
.000
06/15/30
638,909
2,500,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/30
2,046,575
17,195,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/31
13,473,304
1,350,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/35
888,374
15,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/36
9,074,172
2,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/37
1,175,082
9,370,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
06/15/39
4,833,828
TOTAL
ILLINOIS
68,462,970
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
-
1.0%
$
1,600,000
(b)
Indiana
Bond
Bank,
Special
Program
Bonds,
Carmel
Junior
Waterworks
Project,
Series
2008B
-
AGM
Insured,
(ETM)
0
.000
%
06/01/30
$
1,373,754
5,060,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Marion
General
Hospital
Project,
Series
2020A
4
.000
07/01/45
4,460,860
500,000
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024
5
.250
01/01/49
519,845
1,000,000
Zionsville
Community
Schools
Building
Corporation,
Boone
County,
Indiana,
First
Mortgage
Bonds,
Series
2005Z
-
AGM
Insured
0
.000
07/15/28
906,314
TOTAL
INDIANA
7,260,773
IOWA
-
0.2%
1,165,000
(b)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
(Pre-refunded
12/01/32),
(Mandatory
Put
12/01/42)
5
.000
12/01/50
1,321,263
TOTAL
IOWA
1,321,263
KENTUCKY
-
0.1%
805,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
6
.750
07/01/43
901,058
TOTAL
KENTUCKY
901,058
LOUISIANA
-
0.6%
1,870,000
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B
-
AGM
Insured
5
.000
12/01/42
1,883,464
500,000
Louisiana
Publics
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.500
09/01/54
509,359
2,000,000
New
Orleans,
Louisiana,
General
Obligation
Bonds,
Public
Improvement
Series
2024A
5
.000
12/01/53
2,014,101
TOTAL
LOUISIANA
4,406,924
MASSACHUSETTS
-
4.6%
3,000,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5
.000
06/15/49
2,796,581
10,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Series
2016BB-1
4
.000
10/01/46
8,871,477
2,230,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Series
2016BB-1
5
.000
10/01/46
2,245,152
6,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5
.000
12/01/46
6,501,268
920,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019
5
.000
10/01/49
886,113
600,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
3
.625
07/01/37
521,851
3,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015B
4
.000
05/01/45
2,742,315
2,415,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2017A
5
.000
06/01/47
2,425,075
5,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Sustainability  Green
Series
2022A
5
.000
06/01/50
5,051,124
1,000,000
Newburyport,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan,
Refunding
Series
2013
4
.000
01/15/30
1,000,376
480,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2014-1
5
.000
11/01/39
479,979
TOTAL
MASSACHUSETTS
33,521,311
MICHIGAN
-
2.2%
5,000,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Refunding
Series
2024A
5
.000
07/01/54
5,090,993
5,000,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/48
5,021,333
385,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
5
.000
04/15/38
385,866
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
4,000,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2016-I
5
.000
%
04/15/35
$
4,074,756
1,000,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023B
-
AGM
Insured,
(AMT)
5
.500
12/01/48
1,041,546
TOTAL
MICHIGAN
15,614,494
MINNESOTA
-
1.2%
1,340,000
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A
5
.250
01/01/47
1,362,077
1,000,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2024
4
.000
05/01/50
852,756
1,300,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2024
5
.000
05/01/54
1,286,458
3,850,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A
6
.000
09/01/51
3,859,024
1,200,000
(a)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Metro
Deaf
School
Project,
Series
2018A
5
.000
06/15/38
1,121,011
TOTAL
MINNESOTA
8,481,326
MISSOURI
-
3.4%
5,000,000
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A
5
.250
12/01/47
5,168,981
7,000,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
(AMT)
5
.000
03/01/54
6,803,090
5,000,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
-
AMBAC
Insured
0
.000
04/15/30
4,199,541
2,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
5
.000
11/15/38
1,999,972
1,700,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
4
.000
02/15/54
1,407,095
5,560,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2017
5
.000
09/01/48
5,173,803
TOTAL
MISSOURI
24,752,482
NEBRASKA
-
1.5%
3,550,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
4
Revenue
Bonds,
Refunding
Series
2023A-1,
(Mandatory
Put
11/01/29)
5
.000
05/01/54
3,732,805
3,000,000
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Series
2017
5
.000
11/15/47
2,982,783
545,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
4
.125
11/01/36
533,259
2,700,000
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
5
.000
11/01/45
2,658,195
250,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/26
250,157
305,000
Madison
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Faith
Regional
Health
Services
Project,
Series
2018
5
.000
07/01/27
305,154
TOTAL
NEBRASKA
10,462,353
NEVADA
-
0.2%
1,710,000
Carson
City,
Nevada,
Hospital
Revenue
Bonds,
Carson
Tahoe
Regional
Healthcare
Project,
Series
2017A
5
.000
09/01/37
1,711,276
TOTAL
NEVADA
1,711,276
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
JERSEY
-
5.0%
$
3,495,000
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,  Series
2013
5
.000
%
01/01/37
$
3,496,115
940,000
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
-
AGM
Insured,
(AMT)
5
.125
01/01/39
941,700
2,000,000
(b)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
(Pre-refunded
12/15/26)
5
.500
06/15/31
2,082,275
305,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A
-
AGM
Insured
5
.000
07/01/28
305,397
260,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A
-
AGM
Insured
5
.000
07/01/29
260,321
4,900,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AMBAC
Insured
0
.000
12/15/28
4,400,011
35,000,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
-
AGM
Insured
0
.000
12/15/34
24,647,815
TOTAL
NEW
JERSEY
36,133,634
NEW
MEXICO
-
0.3%
1,000,000
Farmington
Municipal
School
District
5,
San
Juan
County,
New
Mexico,
General
Obligation
Bonds,
School
Building
Series
2015
5
.000
09/01/28
1,003,021
1,035,000
University
of
New
Mexico,
Revenue
Bonds,
Refunding
&
Improvement
Subordinate
Lien
Series
2016A
4
.500
06/01/36
1,044,644
TOTAL
NEW
MEXICO
2,047,665
NEW
YORK
-
4.1%
2,500,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.500
10/01/54
2,604,784
1,115,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2024B
5
.000
03/15/49
1,134,312
3,775,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-2
5
.250
06/15/47
3,930,278
10,000,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020A
4
.000
03/15/45
8,954,828
5,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.250
12/31/54
5,007,725
2,500,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Four
Series
2022,
(AMT)
5
.250
08/01/47
2,539,845
5,210,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2024A-1
5
.000
05/15/54
5,307,358
TOTAL
NEW
YORK
29,479,130
NORTH
CAROLINA
-
0.1%
1,000,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2023B,
(AMT)
5
.000
07/01/48
999,806
TOTAL
NORTH
CAROLINA
999,806
OHIO
-
0.6%
4,500,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
3,841,841
250,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
(Mandatory
Put
9/15/21)
3
.375
08/01/29
243,412
TOTAL
OHIO
4,085,253
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
-
0.9%
$
1,230,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.000
%
08/15/38
$
1,238,881
5,000,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2023
5
.500
01/01/53
5,216,165
TOTAL
OKLAHOMA
6,455,046
OREGON
-
4.5%
500,000
Astoria
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Columbia
Memorial
Hospital
Project,
Series
2024
5
.250
08/01/54
485,528
1,505,000
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2017D
5
.000
06/15/36
1,546,863
60,000
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
5
.000
06/15/40
61,315
500,000
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Senior
Living
Revenue
Bonds,
Willamette
View
Project,
Series
2017A
5
.000
11/15/52
445,527
2,000,000
Clackamas
County
School
District
12,
North
Clackamas,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
0
.000
06/15/41
861,469
2,130,000
Medford
Hospital
Facilities
Authority,
Oregon,
Hospital
Revenue
Bonds,
Asante
Health
System,
Refunding
Series
2020A
5
.000
08/15/50
2,073,465
2,000,000
Oregon
Facilities
Authority,
Revenue
Bonds,
Willamette
University,
Refunding
Series
2016B
5
.000
10/01/40
1,979,941
5,000,000
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A
4
.000
07/01/44
4,612,865
3,000,000
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Green
Series
2023-29,
(AMT)
5
.500
07/01/53
3,090,702
11,850,000
(d)
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Green
Series
2024-30A,
(AMT),
(UB)
5
.250
07/01/49
12,084,981
2,500,000
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
5
.000
05/15/46
2,488,232
1,000,000
Washington
Multnomah
&
Yamhill
Counties
School
District
1J
Hillsboro,
Oregon,
General
Obligation
Bonds,
Series
2017
5
.000
06/15/31
1,037,992
1,500,000
Yamhill
County,
Oregon,
Revenue
Bonds,
George
Fox
University
Project,
Refunding
Series
2021
4
.000
12/01/36
1,502,888
TOTAL
OREGON
32,271,768
PENNSYLVANIA
-
4.3%
1,500,000
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B
3
.750
10/01/47
1,192,634
1,000,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2020
5
.000
11/15/45
981,339
65,000
(b)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
State
System
of
Higher
Education,
Series
2016AT-1,
(Pre-refunded
6/15/26)
5
.000
06/15/31
66,106
755,000
(b)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
State
System
of
Higher
Education,
Series
2016AT-1,
(ETM)
5
.000
06/15/31
829,279
4,180,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
State
System
of
Higher
Education,
Series
2016AT-1
5
.000
06/15/31
4,254,325
1,500,000
(d)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-1,
(UB)
5
.250
11/01/48
1,534,456
1,500,000
(d)
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2024B-2,
(UB)
5
.000
11/01/54
1,504,431
10,000,000
(d)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-147A,
(UB)
4
.700
10/01/49
9,665,384
6,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2018A-2
5
.000
12/01/48
6,007,058
5,000,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2024C
5
.250
09/01/54
5,168,939
TOTAL
PENNSYLVANIA
31,203,951
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO
RICO
-
2.3%
$
21,600,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
%
07/01/46
$
6,881,648
2,550,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
2,347,867
4,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
3,757,343
3,624,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
3,307,654
500,206
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022
0
.000
11/01/51
316,380
TOTAL
PUERTO
RICO
16,610,892
SOUTH
CAROLINA
-
0.3%
1,940,000
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2018,
(AMT)
5
.000
07/01/48
1,916,175
TOTAL
SOUTH
CAROLINA
1,916,175
SOUTH
DAKOTA
-
0.1%
1,000,000
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015
5
.000
11/01/35
1,002,929
TOTAL
SOUTH
DAKOTA
1,002,929
TENNESSEE
-
1.4%
4,695,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
-
AGM
Insured
5
.250
07/01/56
4,814,634
5,000,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/49
4,914,927
TOTAL
TENNESSEE
9,729,561
TEXAS
-
7.7%
1,160,000
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
5
.000
12/01/45
1,148,140
480,000
(b)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/30
402,526
2,935,000
(b)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured,
(ETM)
0
.000
11/15/30
2,461,280
1,405,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/32
1,025,587
465,000
(b)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
(Pre-refunded
11/15/31)
-
NPFG
Insured
0
.000
11/15/36
276,404
2,045,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/36
1,126,799
10,315,000
(b)
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
(Pre-refunded
11/15/31)
-
NPFG
Insured
0
.000
11/15/41
4,485,537
2,165,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
-
NPFG
Insured
0
.000
11/15/41
836,344
3,045,000
Harris
County-Houston
Sports
Authority,
Texas,
Special
Revenue
Bonds,
Refunding
Senior
Lien
Series
2001A
-
NPFG
Insured
0
.000
11/15/34
1,929,326
8,110,000
Harris
County-Houston
Sports
Authority,
Texas,
Special
Revenue
Bonds,
Refunding
Senior
Lien
Series
2001A
-
NPFG
Insured
0
.000
11/15/38
3,882,352
5,325,000
Irving
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/41
5,573,365
2,500,000
(e)
Klein
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Schoolhouse
Series
2025
5
.000
08/01/49
2,556,620
2,500,000
(e)
Klein
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Refunding
Schoolhouse
Series
2025
5
.000
08/01/50
2,551,676
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
13,410,000
Lamar
Consolidated
Independent
School
District,
Fort
Bend
County,
Texas,
General
Obligation
Bonds,
Schoolhouse
Series
2023A
5
.000
%
02/15/53
$
13,628,866
1,500,000
Midland
Independent
School
District,
Midland
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024
5
.000
02/15/50
1,508,577
430,000
(a)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4
.625
10/01/31
430,689
4,855,000
Northwest
Independent
School
District,
Denton,
Tarrant
and
Wise
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/15/48
4,952,754
3,845,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Cook
Childrens
Medical
Center,
Series
2025
5
.250
12/01/49
3,981,936
200,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Scott
&
White
Healthcare
Project,
Series
2016A
4
.000
11/15/42
184,425
2,410,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
-
AMBAC
Insured
0
.000
08/15/25
2,400,268
TOTAL
TEXAS
55,343,471
UTAH
-
1.1%
1,000,000
Downtown
Revitalization
Public
Infrastructure
District,
Utah,
Sales
Tax
Revenue
Bonds,
SEG
Redevelopment
Project,
Second
Lien
Series
2025B
5
.250
06/01/45
1,038,041
2,095,000
Millard
School
District,
Utah,
Lease
Revenue
Bonds
Local
Building
Authority
Series
2024
-
BAM
Insured
5
.000
05/15/49
2,129,229
5,000,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2021A,
(AMT)
5
.000
07/01/46
4,947,711
TOTAL
UTAH
8,114,981
VIRGIN
ISLANDS
-
0.2%
1,645,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/39
1,616,214
TOTAL
VIRGIN
ISLANDS
1,616,214
WASHINGTON
-
4.1%
5,000,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2019,
(AMT)
5
.000
04/01/44
4,952,815
3,485,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Series
2021C,
(AMT)
5
.000
08/01/46
3,437,698
1,285,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
-
BAM
Insured
4
.000
08/01/44
1,156,807
4,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
5
.000
10/01/32
4,008,532
5,000,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D
5
.000
10/01/38
5,001,768
8,390,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series
2021B
4
.000
07/01/58
6,981,779
2,060,000
(b)
Washington
State,
General
Obligation
Bonds,
Various
Purpose
Series
2016A-1,
(Pre-refunded
8/01/25)
5
.000
08/01/39
2,063,171
2,115,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2003F
-
NPFG
Insured
0
.000
12/01/27
1,972,178
TOTAL
WASHINGTON
29,574,748
WISCONSIN
-
1.3%
3,290,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
5
.000
06/01/39
3,293,050
985,000
(b)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A,
(Pre-refunded
5/15/26)
4
.000
11/15/46
993,268
1,015,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
4
.000
11/15/46
881,236
Portfolio
of
Investments
June
30,
2025
(continued)
NXP
12
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
3,855,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2016
5
.000
%
12/01/41
$
3,876,599
TOTAL
WISCONSIN
9,044,153
TOTAL
MUNICIPAL
BONDS
(Cost
$707,931,442)
729,691,452
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$707,931,442)
729,691,452
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.3%
9200000
MUNICIPAL
BONDS
-
1
.3
%
9200000
ALABAMA
-
0.3%
2,200,000
(a),(f)
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Tender
Option
Bond
Trust
Series
2022-XM1080
2
.700
02/01/28
2,200,000
TOTAL
ALABAMA
2,200,000
MINNESOTA
-
0.6%
4,000,000
(f)
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2025C
3
.550
11/15/64
4,000,000
TOTAL
MINNESOTA
4,000,000
WISCONSIN
-
0.4%
3,000,000
(f)
Public
Finance
Authority
of
Wisconsin,
Health
Care
System
Revenue
Bonds,
Cone
Health,
Refunding
Series
2023B
4
.000
10/01/55
3,000,000
TOTAL
WISCONSIN
3,000,000
TOTAL
MUNICIPAL
BONDS
(Cost
$9,200,000)
9,200,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$9,200,000)
9,200,000
TOTAL
INVESTMENTS
-
102
.4
%
(Cost
$
717,131,442
)
738,891,452
BORROWINGS
-
0.0%
(g)
(
105,740
)
FLOATING
RATE
OBLIGATIONS
-
(3.9)%
(
27,880,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  1.5%
10,651,909
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
721,557,621
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$18,106,689
or
2.5%
of
Total
Investments.
(b)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(e)
When-issued
or
delayed
delivery
security.
(f)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(g)
Borrowings
as
a
percentage
of
Total
Investments
is
0.0%.
13
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NXP
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
$
729,691,452
$
$
729,691,452
Short-Term
Investments:
Municipal
Bonds
9,200,000
9,200,000
Total
$
$
738,891,452
$
$
738,891,452