|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Municipal Investments 100.6%
|
|
||
|
Alabama 5.0%
|
|
||
|
Alabama, Black Belt Energy Gas District Gas Project Revenue:
|
|
|
|
|
Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, 7/1/2052, GTY: Royal Bank of
Canada, LIQ: Royal Bank of Canada
|
|
665,000
|
672,026
|
|
Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100, 4/1/2053, GTY: Goldman Sachs
Group, Inc.
|
|
2,885,000
|
2,904,514
|
|
Jefferson County, AL, Sewer Revenue, 5.0%, 10/1/2026
|
|
1,500,000
|
1,538,127
|
|
Southeast Alabama, Energy Authority A Cooperative District, Series B-1, 5.0%,
Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs Group, Inc.
|
|
1,365,000
|
1,411,406
|
|
|
|
|
6,526,073
|
|
Alaska 2.5%
|
|
||
|
Alaska, General Obligation, Series A, 5.0%, 8/1/2027
|
|
1,000,000
|
1,049,609
|
|
Alaska, State Borough of Matanuska-Susitna AK Revenue, Department of
Administration, Series 2025-A, 5.0%, 9/1/2032
|
|
2,000,000
|
2,220,738
|
|
|
|
|
3,270,347
|
|
Arizona 1.7%
|
|
||
|
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children
Hospital, Series A, 5.0%, 2/1/2027
|
|
200,000
|
207,033
|
|
Arizona, Industrial Development Authority, Revenue Bonds, TWG Glendale LP, 5.0%,
Mandatory Put 9/1/2026 @ 100, 3/1/2045
|
|
550,000
|
558,506
|
|
Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A,
AMT, 4.125%, Mandatory Put 3/31/2026 @ 100, 9/1/2032
|
|
250,000
|
250,482
|
|
Maricopa County, AZ, Industrial Development Authority, Revenue Bonds, HonorHealth
Obligated Group, Series D, 5.0%, 12/1/2027
|
|
1,150,000
|
1,208,615
|
|
|
|
|
2,224,636
|
|
California 7.2%
|
|
||
|
California, Los Angeles Department of Water & Power Power System Revenue, Series E,
5.0%, 7/1/2029
|
|
1,455,000
|
1,576,020
|
|
California, Municipal Finance Authority Revenue, PRS-California Obligated Group,
Series B-2, 5.5%, 4/1/2029
|
|
2,000,000
|
2,002,189
|
|
California, Municipal Finance Authority, Aldersly Project, Series B, 4.0%, 11/15/2028
|
|
590,000
|
595,292
|
|
California, Municipal Finance Authority, Waste Disposal Revenue, Series A, AMT,
4.125%, Mandatory Put 10/1/2025 @ 100, 10/1/2041, GTY: Waste Management
Holdings
|
|
320,000
|
320,017
|
|
California, State Housing Finance Agency, Multi Family Housing Revene Bonds,
Series V, 5.0%, Mandatory Put 11/1/2026 @ 100, 5/1/2054
|
|
300,000
|
306,057
|
|
California, State Infrastructure & Economic Development Bank Revenue, 1.75%,
Mandatory Put 8/1/2026 @ 100, 8/1/2055
|
|
1,100,000
|
1,080,332
|
|
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, APM Project:
|
|
|
|
|
Series A, AMT, 5.0%, 12/31/2025
|
|
1,000,000
|
1,005,712
|
|
Series A, AMT, 5.0%, 6/30/2026
|
|
500,000
|
505,753
|
|
California State University, University Revenue, Series B-3, 3.125%, Mandatory Put
11/1/2026 @ 100, 11/1/2051
|
|
1,000,000
|
1,002,428
|
|
San Jose City, CA, Multi Family Housing Revenue, Allied 1510 Parkmoor LP,
Series F-2, 5.0%, Mandatory Put 6/1/2026 @ 100, 6/1/2027
|
|
1,000,000
|
1,016,856
|
|
|
|
|
9,410,656
|
|
Colorado 3.0%
|
|
||
|
Colorado, Housing and Finance Authority Revenue Bonds, “I”, Series C-2, 3.125%,
10/1/2027
|
|
1,830,000
|
1,844,064
|
|
Denver City & County, CO, Airport System Revenue, Series A, AMT, 5.0%, 12/1/2026
|
|
2,000,000
|
2,047,015
|
|
|
|
|
3,891,079
|
|
Connecticut 2.2%
|
|
||
|
Connecticut, State Health & Educational Facilities Authority, Series A, 2.8%, Mandatory
Put 2/10/2026 @ 100, 7/1/2048
|
|
1,500,000
|
1,494,587
|
|
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University,
Series A, 2.05% (a), 8/1/2025
|
|
100,000
|
100,000
|
|
Connecticut, State Health & Educational Facilities Authority, Yale University,
Series A-3, 2.95%, Mandatory Put 7/1/2027 @ 100, 7/1/2049
|
|
1,000,000
|
1,000,786
|
|
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program,
Series C-1, 4.0%, 11/15/2047
|
|
180,000
|
180,548
|
|
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%,
11/15/2047
|
|
145,000
|
145,455
|
|
|
|
|
2,921,376
|
|
District of Columbia 0.8%
|
|
||
|
District of Columbia, Housing Finance Agency, ECD Edgewood Commons 5 LP, 5.0%,
Mandatory Put 6/1/2026 @ 100, 6/1/2027
|
|
1,000,000
|
1,004,500
|
|
Florida 3.3%
|
|
||
|
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project
Loan Program, Series A-1, 5.0%, 10/1/2026
|
|
500,000
|
509,230
|
|
Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT,
14.0%, Mandatory Put 7/15/2028 @ 109, 7/15/2032
|
|
500,000
|
300,000
|
|
Florida, Village Community Development District No. 15, Special Assessment Revenue,
144A, 3.75%, 5/1/2029
|
|
500,000
|
501,489
|
|
Miami-Dade County, FL, Housing Finance Authority, Rainbow Village Project, Series
B,
3.55%, Mandatory Put 3/1/2028 @ 100, 3/1/2029
|
|
250,000
|
253,994
|
|
Miami-Dade County, FL, School Board of Miami-Dade County, Certificates of
Participation, Series A, 5.0%, 5/1/2029
|
|
1,235,000
|
1,331,635
|
|
Miami-Dade County, FL, Water & Sewer System Revenue, Series B, 5.0%, 10/1/2027
|
|
500,000
|
527,097
|
|
Venice City, FL, Southwest Florida Retirement Center, Inc. Obligated Group, Series
B-3,
144A, 4.25%, 1/1/2030
|
|
900,000
|
902,405
|
|
|
|
|
4,325,850
|
|
Georgia 2.8%
|
|
||
|
Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe
Power Corp., Series E, 3.6%, Mandatory Put 2/1/2030 @ 100, 11/1/2045
|
|
750,000
|
759,636
|
|
Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier
Revenue, Series A, 2.375%, 1/1/2031
|
|
750,000
|
699,156
|
|
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series C, 4.0%,
Mandatory Put 9/1/2026 @ 100, 3/1/2050, GTY: Citigroup Global Markets
|
|
2,000,000
|
2,004,708
|
|
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power
Co. Plant Scherer Project, Series 2, 3.875%, Mandatory Put 3/6/2026 @ 100,
10/1/2048
|
|
250,000
|
250,985
|
|
|
|
|
3,714,485
|
|
Illinois 2.5%
|
|
||
|
Chicago, Midway International Airport Revenue, Series B, 5.0%, 1/1/2026, INS: BAM
|
|
500,000
|
504,999
|
|
Illinois, General Obligation, Series D, 5.0%, 11/1/2026
|
|
2,000,000
|
2,053,662
|
|
Illinois, State Finance Authority Revenue, Water Revolving Fund - Clean Water
Program, Series C, 5.0%, 7/1/2030 (b)
|
|
640,000
|
702,536
|
|
|
|
|
3,261,197
|
|
Indiana 0.5%
|
|
||
|
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, SIFMA
Municipal Swap Index + 0.3%, 2.59% (c), Mandatory Put 3/1/2027 @ 100, 3/1/2039
|
|
640,000
|
634,024
|
|
Kentucky 3.1%
|
|
||
|
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., Project,
Series A, 3.7%, 8/1/2027
|
|
750,000
|
756,676
|
|
Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes,
“A1A”, Series 2021-1, 1.65%, 3/25/2051
|
|
478,161
|
459,475
|
|
Louisville & Jefferson County, KY, Metropolitan Government Control Revenue,
Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027
|
|
3,000,000
|
2,854,412
|
|
|
|
|
4,070,563
|
|
Louisiana 3.8%
|
|
||
|
Louisiana, Parish of St. John The Baptist LA, Series A-1, 4.05%, Mandatory Put
7/1/2026 @ 100, 6/1/2037, GTY: ConocoPhillips
|
|
2,000,000
|
2,016,975
|
|
Louisiana, Public Facilities Authority, ElementUS Minerals LLC, 144A, 5.0%,
Mandatory Put 11/1/2025 @ 100, 10/1/2043
|
|
3,000,000
|
3,009,276
|
|
|
|
|
5,026,251
|
|
Maryland 0.8%
|
|
||
|
Maryland, State Health & Higher Educational Facilities Authority Revenue, University
of Maryland Medical System Obligated Group, Series 2025B, 5.0%, Mandatory Put
7/1/2031 @ 100, 7/1/2045
|
|
1,000,000
|
1,096,825
|
|
Massachusetts 0.9%
|
|
||
|
Massachusetts, Educational Financing Authority Education Loan Revenue, Series B,
AMT, 2.625%, 7/1/2036
|
|
25,000
|
24,461
|
|
Massachusetts, State Development Finance Agency, GingerCare Living, Inc. Obligated
Group, Series B-3, 144A, 4.75%, 12/1/2029
|
|
1,000,000
|
1,001,891
|
|
Massachusetts, State Development Financing Agency, College of the Holy Cross,
Series A, 2.65% (a), 8/1/2025, LOC: Bank of America NA
|
|
200,000
|
200,000
|
|
|
|
|
1,226,352
|
|
Michigan 7.5%
|
|
||
|
Michigan, Great Lakes Water Authority, Sewage Disposal System Revenue, Series A,
5.0%, 7/1/2027
|
|
2,250,000
|
2,356,019
|
|
Michigan, State Finance Authority Revenue, “A1A”, Series 2021-1, 1.3%, 7/25/2061
|
|
219,500
|
215,906
|
|
Michigan, State Finance Authority Revenue, Beaumont-Spectrum, Series C, SIFMA
Municipal Swap Index + 0.75%, 3.04% (c), Mandatory Put 4/15/2027 @ 100,
4/15/2047
|
|
1,750,000
|
1,744,364
|
|
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp.,
Series D-1, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038
|
|
1,250,000
|
1,180,699
|
|
Michigan, State Finance Authority, Trinity Health Corp. Obligated Group, Series A,
5.0%, 12/1/2026
|
|
2,000,000
|
2,060,253
|
|
Michigan, State Hospital Finance Authority Revenue, Corewell Health Obligated Group,
Series B, 5.0%, Mandatory Put 6/1/2032 @ 100, 8/15/2055
|
|
1,000,000
|
1,081,016
|
|
Michigan, State Housing Development Authority Revenue, Clark Road Family Ltd.
Dividend Housing Association LP, 4.5%, Mandatory Put 4/1/2026 @ 100, 12/1/2042
|
|
1,150,000
|
1,159,878
|
|
|
|
|
9,798,135
|
|
Mississippi 0.4%
|
|
||
|
Lowndes County, MS, Solid Waste Disposal And Pollution Control Refunding Revenue
Bonds, International Company Project, 2.65%, Mandatory Put 4/1/2027 @ 100,
4/1/2037, GTY: International Paper Co.
|
|
500,000
|
493,508
|
|
Missouri 0.6%
|
|
||
|
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back
Notes, “A1A”, Series 2021-1, 1.53%, 1/25/2061
|
|
881,513
|
822,262
|
|
Nebraska 0.9%
|
|
||
|
Douglas County, NE, State Hospital Authority No. 2 Revenue, Children's Hospital
Obligated Group, Series A, 2.7% (a), 8/1/2025, LOC: U.S. Bank NA
|
|
130,000
|
130,000
|
|
Nebraska, Central Plains Energy Project Revenue, Series A-1, 5.0%, Mandatory Put
8/1/2031 @ 100, 8/1/2055, GTY: Royal Bank of Canada
|
|
1,000,000
|
1,062,063
|
|
|
|
|
1,192,063
|
|
New Hampshire 0.3%
|
|
||
|
New Hampshire, State Health and Education Facilities Authority Act Revenue, Trustees
of Dartmouth College, Series A, 3.3%, Mandatory Put 8/3/2027 @ 100, 6/1/2040
|
|
405,000
|
407,223
|
|
New Jersey 4.1%
|
|
||
|
Camden County, NJ, Multi Family Housing Revenue, Northgate I Apartments Project,
5.0%, Mandatory Put 3/1/2026 @ 100, 3/1/2027
|
|
1,000,000
|
1,011,679
|
|
New Jersey, State Economic Development Authority, Series SSS, 5.0%, 6/15/2026
|
|
1,500,000
|
1,532,394
|
|
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue,
Series A, 3.125%, 7/1/2029
|
|
195,000
|
190,902
|
|
New Jersey, State Higher Education Assistance:
|
|
|
|
|
Series A, AMT, 5.0%, 12/1/2025
|
|
575,000
|
578,815
|
|
Series B, AMT, 5.0%, 12/1/2025
|
|
1,000,000
|
1,006,635
|
|
New Jersey, State Turnpike Authority Revenue, Series C, 5.0%, 1/1/2031 (b)
|
|
1,000,000
|
1,099,331
|
|
|
|
|
5,419,756
|
|
New Mexico 0.2%
|
|
||
|
New Mexico, Mortgage Finance Authority, Single Family Mortgage, “I”, Series A-1,
4.0%, 1/1/2049
|
|
250,000
|
251,717
|
|
New York 7.8%
|
|
||
|
New York, Port Authority of New York & New Jersey Revenue, Series 242, AMT, 5.0%,
12/1/2026
|
|
1,000,000
|
1,025,884
|
|
New York, State Dormitory Authority Revenue, Series A, 5.0%, 10/1/2027, INS: AG
|
|
750,000
|
791,134
|
|
New York, State Dormitory Authority Revenue, Northwell Health Obligated Group,
Series A, 5.0%, 5/1/2027
|
|
1,000,000
|
1,039,644
|
|
New York, State Dormitory Authority Revenue, NYU Langone Hospitals Obligated
Group, Series A, 5.0%, 7/1/2028
|
|
500,000
|
534,673
|
|
New York, State Housing Finance Agency Revenue, Series B-2, 3.6%, Mandatory Put
5/1/2029 @ 100, 11/1/2064
|
|
1,000,000
|
1,008,216
|
|
New York, State Transportation Development Corp., Special Facility Revenue, Delta
Air
Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.0%,
1/1/2026
|
|
2,000,000
|
2,009,477
|
|
New York City, NY, General Obligation, Series A, 5.0%, 8/1/2027
|
|
1,000,000
|
1,051,412
|
|
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue,
Series A4, 2.75% (a), 8/1/2025, SPA: JPMorgan Chase Bank NA
|
|
100,000
|
100,000
|
|
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM
|
|
315,000
|
327,108
|
|
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute:
|
|
|
|
|
Series A, 5.0%, 9/1/2025
|
|
300,000
|
300,443
|
|
Series A, 5.0%, 9/1/2027
|
|
500,000
|
519,784
|
|
5.0%, 8/1/2028
|
|
1,000,000
|
1,010,002
|
|
Series A, 5.0%, 9/1/2028
|
|
500,000
|
528,716
|
|
|
|
|
10,246,493
|
|
North Carolina 0.1%
|
|
||
|
North Carolina, State Housing Finance Agency, Home Ownership Revenue, Series 38-B,
4.0%, 7/1/2047
|
|
105,000
|
105,369
|
|
North Dakota 0.2%
|
|
||
|
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance
Program, Series A, 4.0%, 7/1/2047
|
|
215,000
|
215,491
|
|
Ohio 0.9%
|
|
||
|
Hamilton County, OH, Sewer System Revenue, Series B, 5.0%, 12/1/2027
|
|
1,125,000
|
1,190,722
|
|
Oklahoma 2.4%
|
|
||
|
Oklahoma, State Industries Authority Revenue, Oklahoma City Public Schools Project,
5.0%, 4/1/2029
|
|
2,500,000
|
2,686,446
|
|
Oklahoma, State Turnpike Authority Revenue, Series B, 5.0%, 1/1/2032 (b)
|
|
400,000
|
438,147
|
|
|
|
|
3,124,593
|
|
Pennsylvania 7.2%
|
|
||
|
Dauphin County, PA, General Authority, OPMC Obligated Group, Series A, 5.0%,
6/1/2026
|
|
650,000
|
660,202
|
|
Luzerne County, PA, General Obligation, Series A, 5.0%, 12/15/2026, INS: AG
|
|
1,000,000
|
1,032,389
|
|
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds, 5.0%, 6/1/2026
|
|
2,000,000
|
2,033,877
|
|
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC
Obligated Group, Series 2025-A, 5.0%, Mandatory Put 3/15/2032 @ 100, 3/15/2060
|
|
1,500,000
|
1,596,304
|
|
Pennsylvania, State Economic Development Financing Authority Revenue, Waste
Management Inc., Series A-2, 4.6%, Mandatory Put 10/1/2026 @ 100, 10/1/2046,
GTY: Waste Management Holdings
|
|
2,000,000
|
2,007,072
|
|
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue:
|
|
|
|
|
Series 119, AMT, 3.5%, 10/1/2041
|
|
85,000
|
84,973
|
|
Series 122, AMT, 4.0%, 10/1/2046
|
|
1,035,000
|
1,036,210
|
|
Pittsburgh & Allegheny Counties, PA, Sports & Exhibition Authority Revenue, Series
B,
5.0%, 2/1/2029, INS: AG
|
|
875,000
|
937,414
|
|
|
|
|
9,388,441
|
|
South Carolina 1.1%
|
|
||
|
South Carolina, State Jobs-Economic Development Authority Revenue, Bon Secours
Mercy Health, Inc., Series B-2, 5.0%, Mandatory Put 11/1/2032 @ 100, 11/1/2049
|
|
500,000
|
541,951
|
|
South Carolina, State Jobs-Economic Development Authority Revenue, International
Paper Co., Series A, AMT, 4.0%, Mandatory Put 4/1/2026 @ 100, 4/1/2033,
GTY: International Paper Co.
|
|
850,000
|
852,770
|
|
|
|
|
1,394,721
|
|
South Dakota 0.3%
|
|
||
|
South Dakota, Housing Development Authority, Homeownership Mortgage, Series B,
4.0%, 11/1/2047
|
|
325,000
|
325,805
|
|
Texas 15.8%
|
|
||
|
Dallas City, TX, General Obligation, Series B, 5.0%, 2/15/2027
|
|
2,500,000
|
2,592,107
|
|
Fort Bend, TX, Independent School District Variable Rate, Unlimited Tax Building and
Refunding Bonds:
|
|
|
|
|
Series B, 0.875%, Mandatory Put 8/1/2025 @ 100, 8/1/2050
|
|
375,000
|
375,000
|
|
Series B, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2054
|
|
2,500,000
|
2,552,412
|
|
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Baylor College
of Medicine Obligated Group, Series A, 5.0%, Mandatory Put 5/15/2032 @ 100,
11/15/2054
|
|
1,500,000
|
1,610,443
|
|
Harris County, TX, Toll Road Revenue, Series A, 5.0%, 8/15/2027
|
|
1,500,000
|
1,573,648
|
|
Houston, TX, Airport System Revenue:
|
|
|
|
|
Series A, AMT, 5.0%, 7/1/2026
|
|
1,000,000
|
1,020,168
|
|
Series A, AMT, 5.0%, 7/1/2026, INS: AG
|
|
865,000
|
881,498
|
|
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and
Entertainment Facilities Department, 5.0%, 9/1/2026
|
|
1,735,000
|
1,780,236
|
|
New Hope, TX, Cultural Education Facilities Finance Corp. Revenue, Bella Vida
Forefront Living Obligated Group, Series 2025-B3, 4.25%, 10/1/2030
|
|
1,000,000
|
1,002,061
|
|
North Texas, Tollway Authority Revenue, Series A, 5.0%, 1/1/2026
|
|
2,000,000
|
2,020,583
|
|
Texas, Dallas Independent School District, General Obligation:
|
|
|
|
|
Series B, 5.0%, 2/15/2030
|
|
1,000,000
|
1,101,847
|
|
Series A-4, 5.0%, Mandatory Put 2/15/2029 @ 100, 2/15/2055
|
|
1,000,000
|
1,073,040
|
|
Texas, Denton Independent School District, General Obligation, Series B2, 4.0%,
Mandatory Put 8/15/2030 @ 100, 8/15/2055
|
|
700,000
|
722,784
|
|
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%,
12/15/2029, GTY: Macquarie Group Ltd.
|
|
500,000
|
528,167
|
|
Texas, University of Texas Revenue, Financing System, Series A, 5.0%, 8/15/2028
|
|
1,750,000
|
1,879,809
|
|
|
|
|
20,713,803
|
|
Utah 1.3%
|
|
||
|
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2026
|
|
500,000
|
509,034
|
|
Utah, State Housing Corp. Revenue, Series C, 6.5%, 7/1/2055
|
|
1,000,000
|
1,137,240
|
|
|
|
|
1,646,274
|
|
Virginia 4.4%
|
|
||
|
Halifax County, VA, Industrial Development Authority Revenue, Virginia Electric and
Power Co., Series A, 3.8%, Mandatory Put 5/28/2027 @ 100, 12/1/2041
|
|
3,125,000
|
3,172,836
|
|
Virginia, Small Business Financing Authority Revenue Bond, Series B-1, 4.1%,
12/1/2030
|
|
1,500,000
|
1,527,686
|
|
Virginia, Small Business Financing Authority Revenue, Elizabeth River Crossings
OpCo., LLC Project, AMT, 4.0%, 7/1/2029
|
|
1,000,000
|
1,019,414
|
|
|
|
|
5,719,936
|
|
Washington 1.3%
|
|
||
|
Seattle, WA, Seattle Municipal Light & Power Revenue, Series B, SIFMA Municipal
Swap Index + 0.25%, 2.54% (c), Mandatory Put 11/1/2026 @ 100, 5/1/2045
|
|
355,000
|
351,370
|
|
Washington, Energy Northwest Revenue, Bonneville Power Administration, Series B,
5.0%, 7/1/2027
|
|
500,000
|
523,944
|
|
Washington, Klickitat County Public Utility District No 1, Revenue Bonds, 5.0%,
12/1/2026, INS: AG
|
|
785,000
|
808,128
|
|
|
|
|
1,683,442
|
|
West Virginia 0.8%
|
|
||
|
West Virginia, Economic Development Authority Revenue, Commercial Metals Co.,
AMT, 4.625%, Mandatory Put 5/15/2032 @ 100, 4/15/2055
|
|
1,000,000
|
975,189
|
|
Wisconsin 2.9%
|
|
||
|
Wisconsin, Public Finance Authority Revenue, Tax-Exempt Pooled Securities, “A”,
Series 2024-2, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2059
|
|
1,624,796
|
1,631,517
|
|
Wisconsin, State General Obligation, Series 2025-2, 5.0%, 5/1/2027
|
|
2,000,000
|
2,091,544
|
|
Wisconsin, State Housing & Economic Development Authority, Home Ownership
Revenue, Series A, AMT, 3.5%, 3/1/2046
|
|
60,000
|
59,931
|
|
|
|
|
3,782,992
|
|
Total Municipal Investments (Cost $131,620,180)
|
131,502,149
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Open-End Investment Companies 0.0%
|
|
||
|
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.4% (d)
(Cost $39,496)
|
|
39,492
|
39,496
|
|
|
|||
|
|
|
% of Net
Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $131,659,676)
|
100.6
|
131,541,645
|
|
|
Other Assets and Liabilities, Net
|
(0.6
)
|
(751,007
)
|
|
|
Net Assets
|
100.0
|
130,790,638
|
|
|
(a)
|
Variable rate demand notes are securities whose interest rates are reset periodically
(usually daily mode or weekly mode) by
remarketing agents based on current market levels, and are not directly set as a fixed
spread to a reference rate. These securities
may be redeemed at par by the holder through a put or tender feature, and are shown
at their current rates as of July 31, 2025.
Date shown reflects the earlier of demand date or stated maturity date.
|
|
(b)
|
When-issued security.
|
|
(c)
|
Variable or floating rate security. These securities are shown at their current rate
as of July 31, 2025. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(d)
|
Current yield; not a coupon rate.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
AG: Assured Guaranty, Inc.
|
|
AMT: Subject to alternative minimum tax.
|
|
BAM: Build America Mutual
|
|
GTY: Guaranty Agreement
|
|
INS: Insured
|
|
LIQ: Liquidity Facility
|
|
LOC: Letter of Credit
|
|
SIFMA: Securities Industry and Financial Markets Association
|
|
SPA: Standby Bond Purchase Agreement
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Municipal Investments (a)
|
$—
|
$131,502,149
|
$—
|
$131,502,149
|
|
Open-End Investment Companies
|
39,496
|
—
|
—
|
39,496
|
|
Total
|
$39,496
|
$131,502,149
|
$—
|
$131,541,645
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|