| Principal Amount | Value | |
| Long-Term Bonds 31.2% | ||
| Asset-Backed Securities 0.4% | ||
| Other Asset-Backed Securities 0.4% | ||
| Carlyle Global Market Strategies CLO Ltd. | ||
| Series 2013-3A, Class A2R | ||
| 5.979% (3 Month SOFR + 1.662%), due 10/15/30 (a)(b) | $ 1,100,000 | $ 1,102,695 |
| Invesco US CLO Ltd. | ||
| Series 2024-3A, Class A | ||
| 5.835% (3 Month SOFR + 1.51%), due 7/20/37 (a)(b) | 444,444 | 446,213 |
| Store Master Funding I-VII XIV XIX XX | ||
| Series 2021-1A, Class A1 | ||
| 2.12%, due 6/20/51 (a) | 302,446 | 279,278 |
| 1,828,186 | ||
| Total Asset-Backed Securities (Cost $1,843,648) | 1,828,186 | |
| Corporate Bonds 12.7% | ||
| Aerospace & Defense 0.3% | ||
| BAE Systems plc | ||
| 5.125%, due 3/26/29 (a) | 850,000 | 869,555 |
| Boeing Co. (The) | ||
| 6.528%, due 5/1/34 | 190,000 | 206,798 |
| General Electric Co. | ||
| 4.90%, due 1/29/36 | 350,000 | 348,819 |
| 1,425,172 | ||
| Auto Manufacturers 0.6% | ||
| Daimler Truck Finance North America LLC | ||
| 5.25%, due 1/13/30 (a) | 325,000 | 332,050 |
| Ford Motor Credit Co. LLC | ||
| 5.875%, due 11/7/29 | 305,000 | 305,861 |
| General Motors Financial Co., Inc. | ||
| 6.05%, due 10/10/25 | 595,000 | 596,338 |
| Hyundai Capital America | ||
| 4.875%, due 6/23/27 (a) | 1,280,000 | 1,284,107 |
| 2,518,356 | ||
| Banks 4.1% | ||
| ABN AMRO Bank NV | ||
| 6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | 400,000 | 407,276 |
| Bank of America Corp. (c) | ||
| 1.734%, due 7/22/27 | 1,040,000 | 1,011,416 |
| 2.087%, due 6/14/29 | 865,000 | 809,839 |
| 5.202%, due 4/25/29 | 660,000 | 672,305 |
| 5.511%, due 1/24/36 | 180,000 | 184,450 |
| 5.518%, due 10/25/35 | 505,000 | 505,485 |
| Bank of New York Mellon Corp. (The) | ||
| 6.474%, due 10/25/34 (c) | 175,000 | 192,772 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Barclays plc | ||
| 7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | $ 405,000 | $ 428,317 |
| BNP Paribas SA | ||
| 5.786%, due 1/13/33 (a)(c) | 460,000 | 477,325 |
| Citigroup, Inc. | ||
| 5.592% (5 Year Treasury Constant Maturity Rate + 1.28%), due 11/19/34 (b) | 195,000 | 197,528 |
| 5.61%, due 9/29/26 (c) | 1,050,000 | 1,051,280 |
| 6.174%, due 5/25/34 (c) | 410,000 | 428,762 |
| Citizens Financial Group, Inc. | ||
| 6.645%, due 4/25/35 (c) | 265,000 | 286,789 |
| Credit Agricole SA | ||
| 5.862%, due 1/9/36 (a)(c) | 360,000 | 372,297 |
| Goldman Sachs Group, Inc. (The) (c) | ||
| 5.016%, due 10/23/35 | 190,000 | 187,401 |
| 5.218%, due 4/23/31 | 700,000 | 715,773 |
| 6.484%, due 10/24/29 | 345,000 | 364,735 |
| HSBC Holdings plc (c) | ||
| 6.547%, due 6/20/34 | 330,000 | 350,228 |
| 7.39%, due 11/3/28 | 470,000 | 497,224 |
| Huntington Bancshares, Inc. | ||
| 5.272%, due 1/15/31 (c) | 550,000 | 561,466 |
| JPMorgan Chase & Co. (c) | ||
| 5.103%, due 4/22/31 | 955,000 | 976,655 |
| 5.572%, due 4/22/36 | 500,000 | 516,340 |
| 5.576%, due 7/23/36 | 700,000 | 709,069 |
| KeyCorp | ||
| 5.121%, due 4/4/31 (c) | 540,000 | 545,799 |
| Morgan Stanley (c) | ||
| 5.32%, due 7/19/35 | 185,000 | 187,328 |
| 5.656%, due 4/18/30 | 310,000 | 321,232 |
| Morgan Stanley Private Bank NA | ||
| 4.734%, due 7/18/31 (c) | 835,000 | 838,764 |
| PNC Financial Services Group, Inc. (The) (c) | ||
| 5.373%, due 7/21/36 | 20,000 | 20,207 |
| 6.615%, due 10/20/27 | 545,000 | 557,881 |
| Toronto-Dominion Bank (The) | ||
| 5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | 335,000 | 336,786 |
| Truist Bank | ||
| 4.632% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | 250,000 | 247,947 |
| Truist Financial Corp. | ||
| 5.122%, due 1/26/34 (c) | 160,000 | 160,053 |
| U.S. Bancorp | ||
| 6.787%, due 10/26/27 (c) | 385,000 | 395,109 |
| UBS Group AG (a) | ||
| 5.428% (1 Year Treasury Constant Maturity Rate + 1.52%), due 2/8/30 (b) | 340,000 | 348,584 |
| 6.442%, due 8/11/28 (c) | 550,000 | 569,221 |
| 6.60% (5 Year SOFR + 3.122%), due 8/5/30 (b)(d) | 200,000 | 200,000 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Wells Fargo & Co. (c) | ||
| 4.97%, due 4/23/29 | $ 595,000 | $ 601,982 |
| 5.15%, due 4/23/31 | 515,000 | 525,525 |
| 5.605%, due 4/23/36 | 190,000 | 195,691 |
| 17,956,841 | ||
| Beverages 0.1% | ||
| Constellation Brands, Inc. | ||
| 4.90%, due 5/1/33 | 345,000 | 341,946 |
| Keurig Dr Pepper, Inc. | ||
| 4.60%, due 5/15/30 | 155,000 | 154,962 |
| 496,908 | ||
| Biotechnology 0.1% | ||
| Amgen, Inc. | ||
| 5.15%, due 3/2/28 | 300,000 | 305,501 |
| 5.25%, due 3/2/30 | 310,000 | 318,488 |
| 623,989 | ||
| Commercial Services 0.1% | ||
| Global Payments, Inc. | ||
| 2.15%, due 1/15/27 | 400,000 | 386,405 |
| Computers 0.1% | ||
| Hewlett Packard Enterprise Co. | ||
| 4.55%, due 10/15/29 | 270,000 | 268,417 |
| Diversified Financial Services 0.6% | ||
| AerCap Ireland Capital DAC | ||
| 4.625%, due 9/10/29 | 530,000 | 528,448 |
| Ally Financial, Inc. | ||
| 6.992%, due 6/13/29 (c) | 430,000 | 452,146 |
| Ares Management Corp. | ||
| 6.375%, due 11/10/28 | 425,000 | 447,501 |
| Blackstone Holdings Finance Co. LLC | ||
| 5.90%, due 11/3/27 (a) | 605,000 | 622,118 |
| Capital One Financial Corp. | ||
| 6.183%, due 1/30/36 (c) | 335,000 | 343,914 |
| Charles Schwab Corp. (The) | ||
| 6.196%, due 11/17/29 (c) | 470,000 | 495,997 |
| 2,890,124 | ||
| Electric 1.8% | ||
| Arizona Public Service Co. | ||
| 5.55%, due 8/1/33 | 415,000 | 426,178 |
| Duke Energy Carolinas LLC | ||
| 4.95%, due 1/15/33 | 195,000 | 197,500 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| Duke Energy Corp. | ||
| 2.45%, due 6/1/30 | $ 240,000 | $ 217,427 |
| 4.50%, due 8/15/32 | 140,000 | 137,049 |
| Duke Energy Ohio, Inc. | ||
| 5.25%, due 4/1/33 | 70,000 | 71,396 |
| 5.30%, due 6/15/35 | 700,000 | 708,908 |
| Entergy Arkansas LLC | ||
| 5.15%, due 1/15/33 | 220,000 | 224,905 |
| Entergy Louisiana LLC | ||
| 5.15%, due 9/15/34 | 375,000 | 377,339 |
| Florida Power & Light Co. | ||
| 5.05%, due 4/1/28 | 640,000 | 652,879 |
| Georgia Power Co. | ||
| 4.65%, due 5/16/28 | 755,000 | 761,451 |
| National Rural Utilities Cooperative Finance Corp. | ||
| 5.05%, due 9/15/28 | 330,000 | 336,233 |
| Pacific Gas and Electric Co. | ||
| 5.45%, due 6/15/27 | 400,000 | 405,043 |
| 6.10%, due 1/15/29 | 240,000 | 248,216 |
| 6.15%, due 1/15/33 | 850,000 | 882,786 |
| 6.40%, due 6/15/33 | 110,000 | 116,060 |
| PECO Energy Co. | ||
| 4.90%, due 6/15/33 | 310,000 | 313,265 |
| Public Service Co. of Oklahoma | ||
| 5.45%, due 1/15/36 | 305,000 | 306,137 |
| Southern California Edison Co. | ||
| 5.30%, due 3/1/28 | 380,000 | 384,110 |
| Southern Co. (The) | ||
| 5.15%, due 10/6/25 | 220,000 | 220,065 |
| 5.70%, due 10/15/32 | 100,000 | 104,815 |
| Virginia Electric and Power Co. | ||
| 5.05%, due 8/15/34 | 375,000 | 375,475 |
| Xcel Energy, Inc. | ||
| 5.50%, due 3/15/34 | 290,000 | 294,444 |
| 7,761,681 | ||
| Electronics 0.1% | ||
| Amphenol Corp. | ||
| 5.00%, due 1/15/35 | 370,000 | 371,697 |
| Environmental Control 0.1% | ||
| Waste Connections, Inc. | ||
| 2.60%, due 2/1/30 | 445,000 | 412,005 |
| Food 0.0% ‡ | ||
| Kraft Heinz Foods Co. | ||
| 3.75%, due 4/1/30 | 130,000 | 124,193 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Forest Products & Paper 0.1% | ||
| Georgia-Pacific LLC | ||
| 4.95%, due 6/30/32 (a) | $ 480,000 | $ 483,282 |
| Gas 0.2% | ||
| CenterPoint Energy Resources Corp. | ||
| 1.75%, due 10/1/30 | 550,000 | 478,709 |
| Southwest Gas Corp. | ||
| 5.45%, due 3/23/28 | 220,000 | 224,748 |
| 703,457 | ||
| Healthcare-Products 0.1% | ||
| Solventum Corp. | ||
| 5.45%, due 2/25/27 | 605,000 | 614,383 |
| Healthcare-Services 0.1% | ||
| HCA, Inc. | ||
| 3.625%, due 3/15/32 | 360,000 | 331,326 |
| Home Furnishings 0.1% | ||
| Leggett & Platt, Inc. | ||
| 4.40%, due 3/15/29 | 643,000 | 627,846 |
| Insurance 0.8% | ||
| Corebridge Global Funding (a) | ||
| 5.20%, due 1/12/29 | 545,000 | 554,711 |
| 5.20%, due 6/24/29 | 325,000 | 331,260 |
| Equitable America Global Funding | ||
| 4.95%, due 6/9/30 (a) | 575,000 | 579,576 |
| GA Global Funding Trust | ||
| 5.40%, due 1/13/30 (a) | 645,000 | 660,110 |
| Lincoln Financial Global Funding | ||
| 5.30%, due 1/13/30 (a) | 430,000 | 440,545 |
| RGA Global Funding | ||
| 6.00%, due 11/21/28 (a) | 800,000 | 833,783 |
| 3,399,985 | ||
| Internet 0.1% | ||
| Amazon.com, Inc. | ||
| 2.10%, due 5/12/31 | 430,000 | 380,680 |
| Investment Companies 0.1% | ||
| Blackstone Private Credit Fund | ||
| 7.05%, due 9/29/25 | 420,000 | 421,344 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Media 0.3% | ||
| Charter Communications Operating LLC | ||
| 2.80%, due 4/1/31 | $ 765,000 | $ 677,719 |
| 6.384%, due 10/23/35 | 370,000 | 382,508 |
| Paramount Global | ||
| 4.20%, due 5/19/32 | 340,000 | 311,730 |
| 1,371,957 | ||
| Mining 0.0% ‡ | ||
| Newmont Corp. | ||
| 5.35%, due 3/15/34 | 195,000 | 199,592 |
| Oil & Gas 0.4% | ||
| EOG Resources, Inc. | ||
| 4.40%, due 7/15/28 | 850,000 | 852,416 |
| 5.00%, due 7/15/32 | 220,000 | 221,653 |
| Occidental Petroleum Corp. | ||
| 5.20%, due 8/1/29 | 535,000 | 536,302 |
| 1,610,371 | ||
| Pharmaceuticals 0.2% | ||
| AbbVie, Inc. | ||
| 5.05%, due 3/15/34 | 385,000 | 389,860 |
| Merck & Co., Inc. | ||
| 2.15%, due 12/10/31 | 230,000 | 199,794 |
| Pfizer Investment Enterprises Pte. Ltd. | ||
| 4.75%, due 5/19/33 | 210,000 | 208,736 |
| 798,390 | ||
| Pipelines 0.5% | ||
| Columbia Pipelines Operating Co. LLC | ||
| 5.927%, due 8/15/30 (a) | 270,000 | 284,152 |
| Energy Transfer LP | ||
| 3.75%, due 5/15/30 | 185,000 | 177,287 |
| 5.75%, due 2/15/33 | 205,000 | 212,276 |
| MPLX LP | ||
| 5.50%, due 6/1/34 | 385,000 | 385,396 |
| Targa Resources Corp. | ||
| 5.50%, due 2/15/35 | 260,000 | 259,849 |
| Targa Resources Partners LP | ||
| 5.50%, due 3/1/30 | 755,000 | 766,124 |
| 2,085,084 | ||
| Real Estate Investment Trusts 0.3% | ||
| American Tower Corp. | ||
| 2.10%, due 6/15/30 | 660,000 | 585,730 |
| CubeSmart LP | ||
| 2.25%, due 12/15/28 | 340,000 | 316,026 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Real Estate Investment Trusts | ||
| Simon Property Group LP | ||
| 1.75%, due 2/1/28 | $ 425,000 | $ 399,679 |
| 1,301,435 | ||
| Retail 0.2% | ||
| Home Depot, Inc. (The) | ||
| 1.875%, due 9/15/31 | 385,000 | 330,680 |
| 4.95%, due 6/25/34 | 180,000 | 181,446 |
| Lowe's Cos., Inc. | ||
| 4.80%, due 4/1/26 | 310,000 | 310,314 |
| 5.00%, due 4/15/33 | 205,000 | 206,508 |
| 5.15%, due 7/1/33 | 105,000 | 106,563 |
| 1,135,511 | ||
| Semiconductors 0.3% | ||
| Broadcom, Inc. | ||
| 2.60%, due 2/15/33 (a) | 120,000 | 102,648 |
| 5.05%, due 4/15/30 | 460,000 | 469,997 |
| Intel Corp. | ||
| 5.125%, due 2/10/30 | 290,000 | 294,296 |
| 5.15%, due 2/21/34 | 200,000 | 197,826 |
| QUALCOMM, Inc. | ||
| 2.15%, due 5/20/30 | 490,000 | 444,084 |
| 1,508,851 | ||
| Software 0.2% | ||
| Oracle Corp. | ||
| 2.95%, due 4/1/30 | 500,000 | 465,215 |
| 4.30%, due 7/8/34 | 300,000 | 282,009 |
| 5.50%, due 8/3/35 | 175,000 | 177,456 |
| 924,680 | ||
| Telecommunications 0.4% | ||
| AT&T, Inc. | ||
| 2.25%, due 2/1/32 | 415,000 | 356,160 |
| 4.35%, due 3/1/29 | 955,000 | 952,251 |
| Verizon Communications, Inc. | ||
| 2.10%, due 3/22/28 | 340,000 | 321,364 |
| 1,629,775 | ||
| Transportation 0.3% | ||
| JB Hunt Transport Services, Inc. | ||
| 4.90%, due 3/15/30 | 425,000 | 430,884 |
| Union Pacific Corp. | ||
| 2.80%, due 2/14/32 | 245,000 | 220,242 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Transportation | ||
| United Parcel Service, Inc. | ||
| 4.45%, due 4/1/30 | $ 220,000 | $ 221,435 |
| 5.15%, due 5/22/34 | 375,000 | 382,622 |
| 1,255,183 | ||
| Total Corporate Bonds (Cost $55,087,798) | 56,018,920 | |
| Mortgage-Backed Securities 0.3% | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2% | ||
| Citigroup Commercial Mortgage Trust | ||
| Series 2020-GC46, Class A5 | ||
| 2.717%, due 2/15/53 | 1,000,000 | 912,575 |
| Whole Loan (Collateralized Mortgage Obligation) 0.1% | ||
| BRAVO Residential Funding Trust | ||
| Series 2023-NQM8, Class A1 | ||
| 6.394%, due 10/25/63 (a)(e) | 357,216 | 359,273 |
| Total Mortgage-Backed Securities (Cost $1,383,802) | 1,271,848 | |
| U.S. Government & Federal Agencies 17.8% | ||
| United States Treasury Bonds 0.2% | ||
| U.S. Treasury Bonds | ||
| 4.75%, due 5/15/55 | 1,135,000 | 1,110,172 |
| United States Treasury Notes 17.6% | ||
| U.S. Treasury Notes | ||
| 3.875%, due 3/31/27 | 33,350,000 | 33,283,561 |
| 3.875%, due 7/15/28 | 15,500,000 | 15,495,156 |
| 3.875%, due 7/31/30 | 11,250,000 | 11,209,570 |
| 4.00%, due 6/30/32 | 13,725,000 | 13,613,484 |
| 4.25%, due 5/15/35 | 3,900,000 | 3,865,875 |
| 77,467,646 | ||
| Total U.S. Government & Federal Agencies (Cost $78,747,871) | 78,577,818 | |
| Total Long-Term Bonds (Cost $137,063,119) | 137,696,772 | |
| Shares | ||
| Common Stocks 58.9% | ||
| Aerospace & Defense 1.2% | ||
| L3Harris Technologies, Inc. | 19,124 | 5,255,658 |
| Shares | Value | |
| Common Stocks | ||
| Automobile Components 0.9% | ||
| Gentex Corp. | 141,957 | $ 3,750,504 |
| Banks 5.1% | ||
| JPMorgan Chase & Co. | 35,370 | 10,478,009 |
| M&T Bank Corp. | 20,029 | 3,779,472 |
| PNC Financial Services Group, Inc. (The) | 21,659 | 4,121,058 |
| Regions Financial Corp. | 161,080 | 4,080,156 |
| 22,458,695 | ||
| Beverages 0.8% | ||
| Keurig Dr Pepper, Inc. | 101,569 | 3,316,228 |
| Biotechnology 1.2% | ||
| Gilead Sciences, Inc. | 46,187 | 5,186,338 |
| Building Products 0.9% | ||
| Johnson Controls International plc | 36,607 | 3,843,735 |
| Capital Markets 5.5% | ||
| Ares Management Corp. | 14,786 | 2,743,247 |
| KKR & Co., Inc. | 34,115 | 5,000,577 |
| LPL Financial Holdings, Inc. | 10,139 | 4,012,306 |
| Morgan Stanley | 31,191 | 4,443,470 |
| Nasdaq, Inc. | 38,529 | 3,707,260 |
| Raymond James Financial, Inc. | 26,430 | 4,417,246 |
| 24,324,106 | ||
| Chemicals 0.6% | ||
| Axalta Coating Systems Ltd. (f) | 89,537 | 2,535,688 |
| Communications Equipment 2.2% | ||
| Cisco Systems, Inc. | 90,326 | 6,149,394 |
| F5, Inc. (f) | 10,916 | 3,421,293 |
| 9,570,687 | ||
| Consumer Staples Distribution & Retail 1.0% | ||
| U.S. Foods Holding Corp. (f) | 51,423 | 4,285,079 |
| Diversified Consumer Services 0.7% | ||
| H&R Block, Inc. | 58,606 | 3,184,650 |
| Electric Utilities 1.0% | ||
| American Electric Power Co., Inc. | 37,306 | 4,220,801 |
| Electrical Equipment 1.0% | ||
| Emerson Electric Co. | 30,903 | 4,496,695 |
| Shares | Value | |
| Common Stocks | ||
| Electronic Equipment, Instruments & Components 0.8% | ||
| Corning, Inc. | 52,348 | $ 3,310,487 |
| Food Products 1.0% | ||
| Archer-Daniels-Midland Co. | 77,499 | 4,198,896 |
| Gas Utilities 0.9% | ||
| Atmos Energy Corp. | 26,311 | 4,102,411 |
| Ground Transportation 0.6% | ||
| Knight-Swift Transportation Holdings, Inc. | 66,208 | 2,813,840 |
| Health Care Equipment & Supplies 0.8% | ||
| Boston Scientific Corp. (f) | 34,653 | 3,635,793 |
| Health Care Providers & Services 2.0% | ||
| Elevance Health, Inc. | 13,421 | 3,799,217 |
| UnitedHealth Group, Inc. | 20,197 | 5,040,363 |
| 8,839,580 | ||
| Hotels, Restaurants & Leisure 0.5% | ||
| Starbucks Corp. | 26,913 | 2,399,563 |
| Industrial Conglomerates 0.7% | ||
| 3M Co. | 21,860 | 3,261,949 |
| Insurance 4.4% | ||
| American International Group, Inc. | 60,683 | 4,710,821 |
| Chubb Ltd. | 13,354 | 3,552,698 |
| Everest Group Ltd. | 8,219 | 2,759,940 |
| Marsh & McLennan Cos., Inc. | 20,883 | 4,159,894 |
| MetLife, Inc. | 56,944 | 4,324,897 |
| 19,508,250 | ||
| Interactive Media & Services 2.3% | ||
| Alphabet, Inc., Class C | 52,845 | 10,191,687 |
| IT Services 0.8% | ||
| Amdocs Ltd. | 43,099 | 3,678,931 |
| Machinery 1.7% | ||
| Middleby Corp. (The) (f) | 22,845 | 3,317,094 |
| PACCAR, Inc. | 42,529 | 4,200,164 |
| 7,517,258 | ||
| Shares | Value | |
| Common Stocks | ||
| Metals & Mining 0.8% | ||
| Freeport-McMoRan, Inc. | 84,274 | $ 3,391,186 |
| Multi-Utilities 1.9% | ||
| Sempra | 57,887 | 4,728,210 |
| WEC Energy Group, Inc. | 34,973 | 3,814,855 |
| 8,543,065 | ||
| Oil, Gas & Consumable Fuels 4.7% | ||
| Antero Resources Corp. (f) | 125,622 | 4,387,977 |
| ConocoPhillips | 47,400 | 4,519,116 |
| Coterra Energy, Inc. | 159,553 | 3,891,498 |
| Marathon Petroleum Corp. | 23,148 | 3,939,558 |
| Targa Resources Corp. | 24,518 | 4,080,040 |
| 20,818,189 | ||
| Personal Care Products 1.5% | ||
| Kenvue, Inc. | 162,121 | 3,475,874 |
| Unilever plc, Sponsored ADR (United Kingdom) | 51,823 | 3,028,018 |
| 6,503,892 | ||
| Pharmaceuticals 5.3% | ||
| AstraZeneca plc, Sponsored ADR (United Kingdom) | 41,837 | 3,057,866 |
| Johnson & Johnson | 46,090 | 7,592,867 |
| Merck & Co., Inc. | 75,366 | 5,887,592 |
| Pfizer, Inc. | 196,845 | 4,584,520 |
| Roche Holding AG | 7,848 | 2,462,496 |
| 23,585,341 | ||
| Semiconductors & Semiconductor Equipment 1.6% | ||
| Broadcom, Inc. | 11,400 | 3,348,180 |
| NXP Semiconductors NV (Netherlands) | 18,290 | 3,909,853 |
| 7,258,033 | ||
| Software 0.7% | ||
| Adobe, Inc. (f) | 8,035 | 2,874,039 |
| Specialized REITs 1.7% | ||
| Crown Castle, Inc. | 38,114 | 4,005,400 |
| Gaming and Leisure Properties, Inc. | 80,898 | 3,687,331 |
| 7,692,731 | ||
| Specialty Retail 1.5% | ||
| Dick's Sporting Goods, Inc. | 16,337 | 3,455,439 |
| Industria de Diseno Textil SA, ADR (Spain) | 252,097 | 3,002,475 |
| 6,457,914 | ||
| Shares | Value | ||
| Common Stocks | |||
| Technology Hardware, Storage & Peripherals 0.6% | |||
| NetApp, Inc. | 26,865 | $ 2,797,452 | |
| Total Common Stocks (Cost $211,574,872) | 259,809,351 | ||
| Exchange-Traded Funds 8.6% | |||
| iShares Intermediate Government/Credit Bond ETF (g) | 159,088 | 16,923,782 | |
| Vanguard Intermediate-Term Treasury ETF | 263,930 | 15,666,885 | |
| Vanguard Russell 1000 Value | 58,774 | 5,042,809 | |
| Total Exchange-Traded Funds (Cost $36,428,780) | 37,633,476 | ||
| Short-Term Investment 0.5% | |||
| Affiliated Investment Company 0.5% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (h) | 2,352,422 | 2,352,422 | |
| Total Short-Term Investment (Cost $2,352,422) | 2,352,422 | ||
| Total Investments (Cost $387,419,193) | 99.2% | 437,492,021 | |
| Other Assets, Less Liabilities | 0.8 | 3,422,078 | |
| Net Assets | 100.0% | $ 440,914,099 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (e) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Non-income producing security. |
| (g) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $1,063,800. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,085,927. |
| (h) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 4,134 | $ 39,531 | $ (41,313) | $ — | $ — | $ 2,352 | $ 114 | $ — | 2,352 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 5 Year Notes | 85 | September 2025 | $ 9,157,899 | $ 9,194,609 | $ 36,710 |
| U.S. Treasury 10 Year Notes | 11 | September 2025 | 1,225,349 | 1,221,688 | (3,661) |
| Total Long Contracts | 33,049 | ||||
| Short Contracts | |||||
| U.S. Treasury 2 Year Notes | (11) | September 2025 | (2,278,872) | (2,276,828) | 2,044 |
| U.S. Treasury 10 Year Ultra Bonds | (31) | September 2025 | (3,478,883) | (3,505,422) | (26,539) |
| Total Short Contracts | (24,495) | ||||
| Net Unrealized Appreciation | $ 8,554 |
| 1. | As of July 31, 2025, cash in the amount of $76,937 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| REIT—Real Estate Investment Trust |
| SOFR—Secured Overnight Financing Rate |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 1,828,186 | $ — | $ 1,828,186 | |||
| Corporate Bonds | — | 56,018,920 | — | 56,018,920 | |||
| Mortgage-Backed Securities | — | 1,271,848 | — | 1,271,848 | |||
| U.S. Government & Federal Agencies | — | 78,577,818 | — | 78,577,818 | |||
| Total Long-Term Bonds | — | 137,696,772 | — | 137,696,772 | |||
| Common Stocks | |||||||
| Pharmaceuticals | 21,122,845 | 2,462,496 | — | 23,585,341 | |||
| All Other Industries | 236,224,010 | — | — | 236,224,010 | |||
| Total Common Stocks | 257,346,855 | 2,462,496 | — | 259,809,351 | |||
| Exchange-Traded Funds | 37,633,476 | — | — | 37,633,476 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 2,352,422 | — | — | 2,352,422 | |||
| Total Investments in Securities | 297,332,753 | 140,159,268 | — | 437,492,021 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 38,754 | — | — | 38,754 | |||
| Total Investments in Securities and Other Financial Instruments | $ 297,371,507 | $ 140,159,268 | $ — | $ 437,530,775 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (30,200) | $ — | $ — | $ (30,200) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 94.9% | ||
| Brazil 3.4% | ||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 24,000 | $ 464,223 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household Durables) | 50,000 | 218,946 |
| Inter & Co., Inc., Class A (Banks) (a) | 82,000 | 536,280 |
| MercadoLibre, Inc. (Broadline Retail) (b) | 220 | 522,256 |
| NU Holdings Ltd., Class A (Banks) (b) | 40,000 | 488,800 |
| Rede D'Or Sao Luiz SA (Health Care Providers & Services) (c) | 85,000 | 493,343 |
| TOTVS SA (Software) | 132,000 | 1,028,033 |
| 3,751,881 | ||
| Chile 0.6% | ||
| Antofagasta plc (Metals & Mining) | 28,000 | 691,857 |
| China 29.1% | ||
| Agricultural Bank of China Ltd., Class H (Banks) | 920,000 | 603,773 |
| Akeso, Inc. (Biotechnology) (b)(c) | 62,000 | 1,203,867 |
| Alibaba Group Holding Ltd. (Broadline Retail) | 198,000 | 2,920,671 |
| APT Medical, Inc., Class A (Health Care Equipment & Supplies) | 12,000 | 475,076 |
| Bank of Jiangsu Co. Ltd., Class A (Banks) | 540,960 | 848,761 |
| BYD Co. Ltd., Class H (Automobiles) | 54,000 | 794,379 |
| China Hongqiao Group Ltd. (Metals & Mining) | 420,000 | 1,113,561 |
| China Life Insurance Co. Ltd., Class H (Insurance) | 402,000 | 1,165,857 |
| China Merchants Bank Co. Ltd., Class H (Banks) | 300,000 | 1,949,807 |
| China State Construction International Holdings Ltd. (Construction & Engineering) | 460,000 | 705,608 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H (Banks) | 500,000 | 396,960 |
| CMOC Group Ltd., Class H (Metals & Mining) | 1,140,000 | 1,288,245 |
| Geely Automobile Holdings Ltd. (Automobiles) | 220,000 | 495,682 |
| Laopu Gold Co. Ltd., Class H (Textiles, Apparel & Luxury Goods) | 2,200 | 197,762 |
| Mao Geping Cosmetics Co. Ltd., Class H (Personal Care Products) (a) | 10,000 | 126,472 |
| Meituan (Hotels, Restaurants & Leisure) (b)(c) | 32,000 | 495,969 |
| NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 17,005 | 791,328 |
| NetEase, Inc. (Entertainment) | 24,000 | 626,142 |
| PDD Holdings, Inc., ADR (Broadline Retail) (b) | 3,500 | 397,075 |
| PICC Property & Casualty Co. Ltd., Class H (Insurance) | 585,000 | 1,216,850 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 96,000 | 660,174 |
| Pop Mart International Group Ltd. (Specialty Retail) (c) | 24,000 | 752,109 |
| Shanjin International Gold Co. Ltd., Class A (Metals & Mining) | 232,000 | 576,613 |
| Sieyuan Electric Co. Ltd., Class A (Electrical Equipment) | 54,000 | 586,015 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 92,000 | 6,449,237 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A (Electronic Equipment, Instruments & Components) | 90,000 | 697,811 |
| Xiaomi Corp., Class B (Technology Hardware, Storage & Peripherals) (b)(c) | 342,000 | 2,286,922 |
| Zhejiang China Commodities City Group Co. Ltd., Class A (Distributors) | 320,000 | 949,492 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A (Electrical Equipment) | 150,000 | 916,018 |
| 31,688,236 | ||
| Greece 2.1% | ||
| Alpha Bank SA (Banks) | 330,000 | 1,240,040 |
| Piraeus Financial Holdings SA (Banks) (b) | 132,000 | 1,017,788 |
| 2,257,828 | ||
| Shares | Value | |
| Common Stocks | ||
| Hong Kong 1.5% | ||
| AIA Group Ltd. (Insurance) | 96,000 | $ 898,222 |
| Futu Holdings Ltd., ADR (Capital Markets) | 5,000 | 768,400 |
| 1,666,622 | ||
| Hungary 1.2% | ||
| OTP Bank Nyrt. (Banks) | 15,600 | 1,264,983 |
| India 14.5% | ||
| 360 ONE WAM Ltd. (Capital Markets) | 38,000 | 454,008 |
| AU Small Finance Bank Ltd. (Banks) (c) | 30,000 | 252,230 |
| Bajaj Finance Ltd. (Consumer Finance) | 80,000 | 800,745 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) | 84,000 | 1,831,142 |
| Coromandel International Ltd. (Chemicals) | 24,000 | 732,392 |
| Divi's Laboratories Ltd. (Life Sciences Tools & Services) | 12,600 | 946,212 |
| Eicher Motors Ltd. (Automobiles) | 3,600 | 224,047 |
| HDFC Bank Ltd. (Banks) | 96,000 | 2,204,811 |
| ICICI Bank Ltd. (Banks) | 120,000 | 2,026,107 |
| InterGlobe Aviation Ltd. (Passenger Airlines) (b)(c) | 13,200 | 887,214 |
| Max Healthcare Institute Ltd. (Health Care Providers & Services) | 80,000 | 1,130,055 |
| Navin Fluorine International Ltd. (Chemicals) | 16,400 | 939,249 |
| NHPC Ltd. (Independent Power and Renewable Electricity Producers) | 700,000 | 660,243 |
| PB Fintech Ltd. (Insurance) (b) | 36,000 | 742,269 |
| Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 74,000 | 1,168,023 |
| Siemens Energy India Ltd. (Electrical Equipment) (b) | 18,000 | 665,331 |
| Siemens Ltd. (Industrial Conglomerates) | 5,000 | 172,486 |
| 15,836,564 | ||
| Mexico 2.0% | ||
| Gentera SAB de CV (Consumer Finance) | 700,000 | 1,581,818 |
| Industrias Penoles SAB de CV (Metals & Mining) (b) | 22,000 | 579,884 |
| 2,161,702 | ||
| Nigeria 0.3% | ||
| Airtel Africa plc (Wireless Telecommunication Services) (c) | 120,000 | 323,017 |
| Peru 2.3% | ||
| Cia de Minas Buenaventura SAA, ADR (Metals & Mining) | 50,000 | 850,500 |
| Credicorp Ltd. (Banks) | 5,200 | 1,232,400 |
| Intercorp Financial Services, Inc. (Banks) | 11,276 | 406,613 |
| 2,489,513 | ||
| Poland 1.2% | ||
| Dino Polska SA (Consumer Staples Distribution & Retail) (b)(c) | 68,000 | 897,356 |
| Powszechny Zaklad Ubezpieczen SA (Insurance) | 24,000 | 402,103 |
| 1,299,459 | ||
| Republic of Korea 10.1% | ||
| Classys, Inc. (Health Care Equipment & Supplies) | 14,000 | 580,251 |
| Shares | Value | |
| Common Stocks | ||
| Republic of Korea | ||
| Cosmax, Inc. (Personal Care Products) | 3,000 | $ 541,262 |
| Doosan Co. Ltd. (Industrial Conglomerates) | 1,000 | 428,977 |
| Hana Financial Group, Inc. (Banks) | 10,000 | 612,301 |
| Hansol Chemical Co. Ltd. (Chemicals) | 6,400 | 833,205 |
| Hyosung Heavy Industries Corp. (Electrical Equipment) | 1,500 | 1,320,521 |
| Hyundai Rotem Co. Ltd. (Machinery) | 3,400 | 493,903 |
| KB Financial Group, Inc. (Banks) | 19,000 | 1,511,050 |
| Samsung C&T Corp. (Industrial Conglomerates) | 8,000 | 966,489 |
| Samsung Heavy Industries Co. Ltd. (Machinery) (b) | 108,000 | 1,475,800 |
| Samyang Foods Co. Ltd. (Food Products) | 600 | 619,350 |
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 8,400 | 1,628,987 |
| 11,012,096 | ||
| Russia 0.0% ‡ | ||
| Magnit PJSC (Consumer Staples Distribution & Retail) (d)(e) | 6,769 | — |
| Saudi Arabia 1.1% | ||
| Al Rajhi Bank (Banks) | 36,000 | 906,385 |
| Dr. Sulaiman Al Habib Medical Services Group Co. (Health Care Providers & Services) | 4,000 | 278,602 |
| 1,184,987 | ||
| Singapore 0.4% | ||
| Sea Ltd., ADR (Entertainment) (b) | 2,800 | 438,620 |
| South Africa 4.6% | ||
| Gold Fields Ltd. (Metals & Mining) | 32,000 | 776,742 |
| MTN Group Ltd. (Wireless Telecommunication Services) | 138,000 | 1,161,679 |
| Naspers Ltd., Class N (Broadline Retail) | 4,300 | 1,330,771 |
| Northam Platinum Holdings Ltd. (Metals & Mining) (a) | 84,000 | 966,917 |
| Valterra Platinum Ltd. (Metals & Mining) | 16,000 | 720,025 |
| 4,956,134 | ||
| Taiwan 17.8% | ||
| Accton Technology Corp. (Communications Equipment) | 44,000 | 1,306,894 |
| Asia Vital Components Co. Ltd. (Technology Hardware, Storage & Peripherals) | 27,000 | 829,561 |
| ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,000 | 607,502 |
| CTBC Financial Holding Co. Ltd. (Banks) | 600,000 | 822,582 |
| E.Sun Financial Holding Co. Ltd. (Banks) | 1,090,816 | 1,162,299 |
| Elite Material Co. Ltd. (Electronic Equipment, Instruments & Components) | 38,400 | 1,413,296 |
| King Slide Works Co. Ltd. (Technology Hardware, Storage & Peripherals) | 11,200 | 993,941 |
| MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 6,400 | 292,001 |
| Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 24,000 | 458,756 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 282,000 | 10,893,153 |
| Wiwynn Corp. (Technology Hardware, Storage & Peripherals) | 7,000 | 644,596 |
| 19,424,581 | ||
| Turkey 2.0% | ||
| Aselsan Elektronik Sanayi ve Ticaret A/S (Aerospace & Defense) | 260,000 | 1,195,733 |
| Shares | Value | ||
| Common Stocks | |||
| Turkey | |||
| Turkiye Garanti Bankasi A/S (Banks) | 160,000 | $ 562,512 | |
| Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels) | 100,000 | 415,484 | |
| 2,173,729 | |||
| United Kingdom 0.4% | |||
| Anglogold Ashanti plc (Metals & Mining) | 10,000 | 454,175 | |
| United States 0.3% | |||
| Laureate Education, Inc. (Diversified Consumer Services) (b) | 15,000 | 339,000 | |
| Total Common Stocks (Cost $77,512,511) | 103,414,984 | ||
| Preferred Stocks 4.2% | |||
| Brazil 0.7% | |||
| Itau Unibanco Holding SA (Banks) | 112,000 | 703,256 | |
| Colombia 0.6% | |||
| Grupo Cibest SA, ADR (Banks) | 16,000 | 694,720 | |
| Republic of Korea 2.9% | |||
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 1.88% | 76,000 | 3,136,427 | |
| Total Preferred Stocks (Cost $4,370,999) | 4,534,403 | ||
| Short-Term Investment 0.7% | |||
| Unaffiliated Investment Company 0.7% | |||
| United States 0.7% | |||
| Invesco Government & Agency Portfolio, 4.342% (f)(g) | 821,564 | 821,564 | |
| Total Short-Term Investment (Cost $821,564) | 821,564 | ||
| Total Investments (Cost $82,705,074) | 99.8% | 108,770,951 | |
| Other Assets, Less Liabilities | 0.2 | 191,460 | |
| Net Assets | 100.0% | $ 108,962,411 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $784,987; the total market value of collateral held by the Fund was $965,164. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $143,600. The Fund received cash collateral with a value of $821,564. |
| (b) | Non-income producing security. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Current yield as of July 31, 2025. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Chile | $ — | $ 691,857 | $ — | $ 691,857 | |||
| China | 397,075 | 31,291,161 | — | 31,688,236 | |||
| Greece | — | 2,257,828 | — | 2,257,828 | |||
| Hong Kong | 768,400 | 898,222 | — | 1,666,622 | |||
| Hungary | — | 1,264,983 | — | 1,264,983 | |||
| India | — | 15,836,564 | — | 15,836,564 | |||
| Nigeria | — | 323,017 | — | 323,017 | |||
| Poland | — | 1,299,459 | — | 1,299,459 | |||
| Republic of Korea | — | 11,012,096 | — | 11,012,096 | |||
| Saudi Arabia | — | 1,184,987 | — | 1,184,987 | |||
| South Africa | — | 4,956,134 | — | 4,956,134 | |||
| Taiwan | — | 19,424,581 | — | 19,424,581 | |||
| Turkey | — | 2,173,729 | — | 2,173,729 | |||
| United Kingdom | — | 454,175 | — | 454,175 | |||
| All Other Countries | 9,180,716 | — | — | 9,180,716 | |||
| Total Common Stocks | 10,346,191 | 93,068,793 | — | 103,414,984 | |||
| Preferred Stocks | 1,397,976 | 3,136,427 | — | 4,534,403 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 821,564 | — | — | 821,564 | |||
| Total Investments in Securities | $ 12,565,731 | $ 96,205,220 | $ — | $ 108,770,951 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 89.7% | |||
| Equity Funds 38.1% | |||
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | 469,647 | $ 5,536,809 | |
| NYLI Candriam International Equity ETF | 174,170 | 5,633,738 | |
| NYLI Candriam U.S. Large Cap Equity ETF | 221,895 | 11,063,307 | |
| NYLI Candriam U.S. Mid Cap Equity ETF | 238,199 | 7,828,887 | |
| NYLI Epoch Capital Growth Fund Class I | 80,766 | 1,275,018 | |
| NYLI Epoch International Choice Fund Class I | 141,500 | 6,228,573 | |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | 433,116 | 9,736,700 | |
| NYLI Fiera SMID Growth Fund Class R6 | 465,727 | 7,812,612 | |
| NYLI FTSE International Equity Currency Neutral ETF | 248,188 | 7,309,137 | |
| NYLI MacKay Convertible Fund Class I | 366,345 | 7,344,476 | |
| NYLI PineStone International Equity Fund Class R6 | 268,032 | 4,498,785 | |
| NYLI PineStone U.S. Equity Fund Class R6 | 516,381 | 10,254,251 | |
| NYLI Winslow Large Cap Growth ETF (a) | 212,952 | 11,207,174 | |
| NYLI WMC Enduring Capital Fund Class R6 | 233,863 | 9,279,725 | |
| NYLI WMC Growth Fund Class R6 (a) | 203,942 | 11,575,940 | |
| NYLI WMC International Research Equity Fund Class I | 683,435 | 6,218,851 | |
| NYLI WMC Small Companies Fund Class I (a) | 249,641 | 6,479,341 | |
| NYLI WMC Value Fund Class R6 | 280,439 | 9,365,722 | |
| Total Equity Funds (Cost $101,892,964) | 138,649,046 | ||
| Fixed Income Funds 51.6% | |||
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | 931,572 | 7,353,181 | |
| NYLI Floating Rate Fund Class R6 (a) | 2,070,962 | 18,244,140 | |
| NYLI MacKay Core Plus Bond ETF (a) | 1,843,680 | 38,893,167 | |
| NYLI MacKay High Income ETF (a) | 228,804 | 6,032,417 | |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 1,157,140 | 6,013,771 | |
| NYLI MacKay Securitized Income ETF (a) | 1,168,220 | 30,180,029 | |
| NYLI MacKay Short Duration High Income Fund Class I | 843,607 | 8,020,176 | |
| NYLI MacKay Total Return Bond Fund Class R6 (a) | 4,265,741 | 39,013,189 | |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 (a) | 3,995,227 | 30,394,886 | |
| NYLI Short Term Bond Fund Class I (a) | 398,889 | 3,640,623 | |
| Total Fixed Income Funds (Cost $188,382,822) | 187,785,579 | ||
| Total Affiliated Investment Companies (Cost $290,275,786) | 326,434,625 | ||
| Short-Term Investment 10.0% | |||
| Affiliated Investment Company 10.0% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 36,429,873 | 36,429,873 | |
| Total Short-Term Investment (Cost $36,429,873) | 10.0% | 36,429,873 | |
| Total Investments (Cost $326,705,659) | 99.7% | 362,864,498 | |
| Other Assets, Less Liabilities | 0.3 | 1,200,419 | |
| Net Assets | 100.0% | $ 364,064,917 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of July 31, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI 500 International ETF | $ 197 | $ — | $ (192) | $ 46 | $ (51) | $ — | $ — | $ — | — |
| NYLI Candriam Emerging Markets Debt Fund Class I | — | 7,946 | (664) | (4) | 75 | 7,353 | 208 | — | 932 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | 5,771 | 146 | (993) | 110 | 503 | 5,537 | 40 | — | 470 |
| NYLI Candriam International Equity ETF | 5,861 | 318 | (1,088) | 35 | 508 | 5,634 | 130 | — | 174 |
| NYLI Candriam U.S. Large Cap Equity ETF | 10,869 | 642 | (1,113) | 37 | 628 | 11,063 | 92 | — | 222 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 8,520 | 746 | (1,556) | 91 | 28 | 7,829 | 76 | — | 238 |
| NYLI CBRE NextGen Real Estate ETF | 1,568 | — | (1,547) | 117 | (138) | — | — | — | — |
| NYLI Epoch Capital Growth Fund Class I | 1,345 | 62 | (160) | 13 | 15 | 1,275 | 8 | 52 | 81 |
| NYLI Epoch International Choice Fund Class I | 6,021 | 682 | (1,038) | 11 | 553 | 6,229 | 98 | — | 142 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | 10,008 | 1,019 | (874) | (56) | (360) | 9,737 | 196 | 734 | 433 |
| NYLI Fiera SMID Growth Fund Class R6 | 8,656 | 1,162 | (1,967) | 47 | (85) | 7,813 | — | 220 | 466 |
| NYLI Floating Rate Fund Class R6 | 19,442 | 1,275 | (2,311) | (69) | (93) | 18,244 | 1,017 | — | 2,071 |
| NYLI FTSE International Equity Currency Neutral ETF | 7,609 | 96 | (1,130) | 311 | 423 | 7,309 | 178 | 4 | 248 |
| NYLI MacKay Convertible Fund Class I | 7,688 | 372 | (971) | 37 | 218 | 7,344 | 235 | 138 | 366 |
| NYLI MacKay Core Plus Bond ETF (a) | 41,101 | 768 | (2,835) | (165) | 24 | 38,893 | 1,610 | — | 1,844 |
| NYLI MacKay High Income ETF (b) | 6,378 | 48 | (301) | 1 | (94) | 6,032 | 338 | 84 | 229 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 6,389 | 329 | (696) | 6 | (14) | 6,014 | 293 | — | 1,157 |
| NYLI MacKay Securitized Income ETF | 31,802 | 734 | (2,335) | 23 | (44) | 30,180 | 1,318 | 67 | 1,168 |
| NYLI MacKay Short Duration High Income Fund Class I | 16,295 | 503 | (8,768) | (87) | 77 | 8,020 | 503 | — | 844 |
| NYLI MacKay Total Return Bond Fund Class R6 | 41,050 | 1,888 | (3,938) | (698) | 711 | 39,013 | 1,562 | — | 4,266 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | 31,867 | 1,465 | (3,109) | (34) | 205 | 30,394 | 1,065 | — | 3,995 |
| NYLI PineStone International Equity Fund Class R6 | 4,934 | 865 | (1,262) | 34 | (72) | 4,499 | 36 | — | 268 |
| NYLI PineStone U.S. Equity Fund Class R6 | 10,255 | 475 | (819) | (23) | 366 | 10,254 | 60 | 103 | 516 |
| NYLI Short Term Bond Fund Class I | 3,867 | 196 | (428) | —(c) | 6 | 3,641 | 126 | — | 399 |
| NYLI U.S. Government Liquidity Fund | 37,865 | 52,894 | (54,329) | — | — | 36,430 | 1,143 | — | 36,430 |
| NYLI Winslow Large Cap Growth ETF | 8,475 | 3,174 | (2,023) | 1 | 1,580 | 11,207 | — | 150 | 213 |
| NYLI Winslow Large Cap Growth Fund Class R6 | 2,884 | 279 | (3,155) | 1,767 | (1,775) | — | — | 280 | — |
| NYLI WMC Enduring Capital Fund Class R6 | 9,540 | 591 | (1,042) | (7) | 198 | 9,280 | 54 | — | 234 |
| NYLI WMC Growth Fund Class R6 | 10,961 | 1,006 | (1,794) | 100 | 1,303 | 11,576 | — | 423 | 204 |
| NYLI WMC International Research Equity Fund Class I | 6,450 | 239 | (1,331) | 73 | 788 | 6,219 | 115 | — | 683 |
| NYLI WMC Small Companies Fund Class I | 7,524 | 1,463 | (2,812) | 204 | 100 | 6,479 | 25 | — | 250 |
| NYLI WMC Value Fund Class R6 | 9,651 | 529 | (686) | (24) | (104) | 9,366 | 153 | 320 | 280 |
| $380,843 | $81,912 | $(107,267) | $1,897 | $5,479 | $362,864 | $10,679 | $2,575 |
| (a) | Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF. |
| (b) | Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF. |
| (c) | Less than $500. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Artificial Intelligence (AI) Basket | 1 day FEDF plus 0.35% | 12/1/25 | Daily | 16,014 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.48% | 12/1/25 | Daily | 6,287 | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF plus 0.00% | 12/1/25 | Daily | (7,275) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 7,286 | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.10% | 4/8/26 | Daily | (15,738) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.35% | 12/1/25 | Daily | (6,407) | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.85% | 12/1/25 | Daily | 2,417 | — |
| Citibank NA | S&P Small Cap 600 Total Return Index | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 18,039 | — |
| $ — |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Adobe Inc. | 1,532 | 200,838 | — | 1.25 |
| Advanced Micro Devices Inc. | 2,097 | 274,914 | — | 1.72 |
| Alphabet Inc. | 1,803 | 236,435 | — | 1.48 |
| Amazon.com Inc. | 1,752 | 229,660 | — | 1.43 |
| Amdocs Ltd. | 1,534 | 201,101 | — | 1.26 |
| American Tower Corp. | 1,544 | 202,487 | — | 1.26 |
| Amphenol Corp. | 1,777 | 233,029 | — | 1.46 |
| Applied Materials Inc. | 1,617 | 212,033 | — | 1.32 |
| AppLovin Corp. | 1,808 | 237,009 | — | 1.48 |
| Arista Networks Inc. | 1,997 | 261,823 | — | 1.64 |
| Astera Labs Inc. | 2,516 | 329,857 | — | 2.06 |
| Autodesk Inc. | 1,603 | 210,225 | — | 1.31 |
| Automatic Data Processing Inc. | 1,639 | 214,956 | — | 1.34 |
| Best Buy Co Inc. | 1,565 | 205,233 | — | 1.28 |
| Booking Holdings Inc. | 1,566 | 205,397 | — | 1.28 |
| CCC Intelligent Solutions Holdings Inc. | 1,703 | 223,356 | — | 1.39 |
| Ciena Corp. | 1,895 | 248,427 | — | 1.55 |
| Cognex Corp. | 2,097 | 274,973 | — | 1.72 |
| Cognizant Technology Solutions Corp. | 1,501 | 196,769 | — | 1.23 |
| Coherent Corp. | 2,000 | 262,176 | — | 1.64 |
| Comcast Corp. | 1,519 | 199,166 | — | 1.24 |
| Corning Inc. | 1,980 | 259,569 | — | 1.62 |
| Corteva Inc. | 1,584 | 207,694 | — | 1.30 |
| Crown Castle Inc. | 1,677 | 219,900 | — | 1.37 |
| Dell Technologies Inc. | 1,786 | 234,242 | — | 1.46 |
| Docusign Inc. | 1,605 | 210,413 | — | 1.31 |
| DoorDash Inc. | 1,655 | 217,063 | — | 1.36 |
| Eaton Corp Plc | 1,771 | 232,277 | — | 1.45 |
| eBay Inc. | 2,003 | 262,663 | — | 1.64 |
| EPAM Systems Inc. | 1,470 | 192,715 | — | 1.20 |
| ExlService Holdings Inc. | 1,616 | 211,886 | — | 1.32 |
| Expedia Group Inc. | 1,740 | 228,088 | — | 1.42 |
| Fidelity National Information Services Inc. | 1,594 | 209,059 | — | 1.31 |
| Fiserv Inc. | 1,326 | 173,914 | — | 1.09 |
| GoDaddy Inc. | 1,469 | 192,644 | — | 1.20 |
| Hims & Hers Health Inc. | 2,205 | 289,118 | — | 1.81 |
| HP Inc. | 1,657 | 217,265 | — | 1.36 |
| Informatica Inc. | 1,661 | 217,854 | — | 1.36 |
| Maplebear Inc. | 1,746 | 228,937 | — | 1.43 |
| Mastercard Inc. | 1,658 | 217,415 | — | 1.36 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Match Group Inc. | 1,776 | 232,889 | — | 1.45 |
| McKesson Corp. | 1,549 | 203,088 | — | 1.27 |
| Micron Technology Inc. | 1,458 | 191,117 | — | 1.19 |
| MKS Instruments Inc. | 1,588 | 208,174 | — | 1.30 |
| Monolithic Power Systems Inc. | 1,597 | 209,401 | — | 1.31 |
| Moody's Corp. | 1,695 | 222,238 | — | 1.39 |
| MSCI Inc. | 1,601 | 209,869 | — | 1.31 |
| Nasdaq Inc. | 1,767 | 231,705 | — | 1.45 |
| NetApp Inc. | 1,601 | 209,964 | — | 1.31 |
| Northrop Grumman Corp. | 1,889 | 247,653 | — | 1.55 |
| nVent Electric Plc | 1,779 | 233,252 | — | 1.46 |
| NVIDIA Corp. | 1,869 | 245,088 | — | 1.53 |
| PayPal Holdings Inc. | 1,519 | 199,117 | — | 1.24 |
| Pegasystems Inc. | 1,789 | 234,636 | — | 1.47 |
| Pinterest Inc. | 1,769 | 231,935 | — | 1.45 |
| PTC Inc. | 2,049 | 268,651 | — | 1.68 |
| Q2 Holdings, Inc. | 1,427 | 187,096 | — | 1.17 |
| QUALCOMM Inc. | 1,520 | 199,265 | — | 1.24 |
| Reddit Inc. | 1,759 | 230,689 | — | 1.44 |
| S&P Global Inc. | 1,717 | 225,183 | — | 1.41 |
| Salesforce Inc. | 1,562 | 204,811 | — | 1.28 |
| SBA Communications Corp. | 1,568 | 205,610 | — | 1.28 |
| Seagate Technology Holdings Plc | 1,787 | 234,278 | — | 1.46 |
| SS&C Technologies Holdings Inc. | 1,694 | 222,084 | — | 1.39 |
| Uber Technologies Inc. | 1,550 | 203,301 | — | 1.27 |
| Upstart Holdings Inc. | 2,097 | 274,957 | — | 1.72 |
| Vertiv Holdings Co. | 1,884 | 246,975 | — | 1.54 |
| Visa Inc. | 1,604 | 210,346 | — | 1.31 |
| Western Digital Corp. | 2,041 | 267,668 | — | 1.67 |
| Zebra Technologies Corp. | 1,791 | 234,873 | — | 1.47 |
| Zoom Communications Inc. | 1,565 | 205,192 | — | 1.28 |
| 1. | As of July 31, 2025, cash in the amount $1,250,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2025. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 138,649,046 | $ — | $ — | $ 138,649,046 | |||
| Fixed Income Funds | 187,785,579 | — | — | 187,785,579 | |||
| Total Affiliated Investment Companies | 326,434,625 | — | — | 326,434,625 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 36,429,873 | — | — | 36,429,873 | |||
| Total Investments in Securities | $ 362,864,498 | $ — | $ — | $ 362,864,498 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.5% | ||
| Australia 1.7% | ||
| Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure) | 30,163 | $ 1,345,251 |
| Pro Medicus Ltd. (Health Care Technology) | 5,615 | 1,144,882 |
| 2,490,133 | ||
| Canada 1.5% | ||
| Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | 28,816 | 1,497,367 |
| Constellation Software, Inc. (Software) | 210 | 724,494 |
| 2,221,861 | ||
| China 1.0% | ||
| BYD Co. Ltd., Class H (Automobiles) | 103,500 | 1,522,560 |
| Denmark 0.6% | ||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 18,075 | 834,310 |
| France 2.6% | ||
| Gaztransport Et Technigaz SA (Oil, Gas & Consumable Fuels) | 8,249 | 1,545,777 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | 421 | 1,028,518 |
| Sartorius Stedim Biotech (Life Sciences Tools & Services) | 6,303 | 1,262,423 |
| 3,836,718 | ||
| Indonesia 0.4% | ||
| Bank Central Asia Tbk. PT (Banks) | 1,161,900 | 579,577 |
| Ireland 0.6% | ||
| Accenture plc, Class A (IT Services) | 3,309 | 883,834 |
| Italy 0.5% | ||
| Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | 11,279 | 647,923 |
| Japan 4.8% | ||
| BayCurrent, Inc. (Professional Services) | 19,400 | 1,108,223 |
| Disco Corp. (Semiconductors & Semiconductor Equipment) | 4,300 | 1,281,046 |
| Hoya Corp. (Health Care Equipment & Supplies) | 16,500 | 2,085,539 |
| Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 10,100 | 1,028,243 |
| Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 8,700 | 1,558,036 |
| 7,061,087 | ||
| Mexico 2.2% | ||
| Grupo Financiero Banorte SAB de CV, Class O (Banks) | 139,822 | 1,246,057 |
| Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 639,422 | 1,884,880 |
| 3,130,937 | ||
| Netherlands 1.7% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 1,028 | 713,335 |
| BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 13,099 | 1,764,710 |
| 2,478,045 | ||
| Shares | Value | |
| Common Stocks | ||
| Portugal 0.9% | ||
| Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | 51,046 | $ 1,243,921 |
| Singapore 0.7% | ||
| Singapore Exchange Ltd. (Capital Markets) | 80,300 | 986,029 |
| South Africa 1.1% | ||
| FirstRand Ltd. (Financial Services) | 378,436 | 1,602,432 |
| Spain 2.1% | ||
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 15,179 | 1,218,499 |
| Industria de Diseno Textil SA (Specialty Retail) | 38,076 | 1,820,329 |
| 3,038,828 | ||
| Sweden 1.9% | ||
| Atlas Copco AB, Class B (Machinery) | 39,225 | 527,876 |
| Evolution AB (Hotels, Restaurants & Leisure) | 25,548 | 2,269,886 |
| 2,797,762 | ||
| Switzerland 1.8% | ||
| EMS-Chemie Holding AG (Chemicals) | 1,003 | 790,108 |
| Partners Group Holding AG (Capital Markets) | 1,408 | 1,888,061 |
| 2,678,169 | ||
| Taiwan 1.6% | ||
| eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment) | 16,000 | 1,085,077 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 32,000 | 1,236,103 |
| 2,321,180 | ||
| Thailand 1.4% | ||
| Fabrinet (Electronic Equipment, Instruments & Components) (a) | 6,262 | 2,027,197 |
| United Kingdom 4.1% | ||
| AstraZeneca plc (Pharmaceuticals) | 9,644 | 1,406,600 |
| Auto Trader Group plc (Interactive Media & Services) (b) | 61,928 | 683,495 |
| Games Workshop Group plc (Leisure Products) | 3,463 | 743,071 |
| Hikma Pharmaceuticals plc (Pharmaceuticals) | 27,040 | 699,642 |
| Howden Joinery Group plc (Trading Companies & Distributors) | 90,456 | 1,049,123 |
| Rightmove plc (Interactive Media & Services) | 134,366 | 1,449,045 |
| 6,030,976 | ||
| United States 66.3% | ||
| AbbVie, Inc. (Biotechnology) | 7,953 | 1,503,276 |
| Alphabet, Inc., Class A (Interactive Media & Services) | 8,714 | 1,672,217 |
| Ameriprise Financial, Inc. (Capital Markets) | 4,385 | 2,272,263 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 6,902 | 1,432,648 |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 8,455 | 1,522,407 |
| AppLovin Corp., Class A (Software) (a) | 1,214 | 474,310 |
| Arista Networks, Inc. (Communications Equipment) (a) | 21,837 | 2,690,755 |
| Shares | Value | |
| Common Stocks | ||
| United States | ||
| Automatic Data Processing, Inc. (Professional Services) | 4,903 | $ 1,517,478 |
| Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 129 | 710,024 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 11,004 | 3,231,875 |
| Chemed Corp. (Health Care Providers & Services) | 3,858 | 1,590,653 |
| Copart, Inc. (Commercial Services & Supplies) (a) | 28,262 | 1,281,116 |
| Corcept Therapeutics, Inc. (Pharmaceuticals) (a) | 10,081 | 677,141 |
| Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 2,136 | 2,007,071 |
| CSL Ltd. (Biotechnology) | 6,853 | 1,186,770 |
| Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (a) | 14,361 | 1,524,707 |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 2,937 | 1,360,448 |
| Donaldson Co., Inc. (Machinery) | 9,936 | 715,094 |
| Eagle Materials, Inc. (Construction Materials) | 5,987 | 1,342,824 |
| Electronic Arts, Inc. (Entertainment) | 7,541 | 1,149,927 |
| Eli Lilly & Co. (Pharmaceuticals) | 1,885 | 1,395,032 |
| EMCOR Group, Inc. (Construction & Engineering) | 3,463 | 2,172,998 |
| Encompass Health Corp. (Health Care Providers & Services) | 9,078 | 999,579 |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | 12,800 | 1,487,872 |
| Fastenal Co. (Trading Companies & Distributors) | 48,270 | 2,226,695 |
| Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 4,037 | 900,797 |
| Gentex Corp. (Automobile Components) | 39,977 | 1,056,192 |
| HCA Healthcare, Inc. (Health Care Providers & Services) | 2,516 | 890,639 |
| Hess Midstream LP, Class A (Oil, Gas & Consumable Fuels) | 36,539 | 1,590,543 |
| IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a) | 2,799 | 1,495,534 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,707 | 1,500,504 |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 24,378 | 2,312,010 |
| LPL Financial Holdings, Inc. (Capital Markets) | 7,088 | 2,804,934 |
| Magnolia Oil & Gas Corp., Class A (Oil, Gas & Consumable Fuels) | 57,478 | 1,369,126 |
| Manhattan Associates, Inc. (Software) (a) | 2,524 | 554,422 |
| Marsh & McLennan Cos., Inc. (Insurance) | 3,285 | 654,372 |
| Mastercard, Inc., Class A (Financial Services) | 3,706 | 2,099,338 |
| Medpace Holdings, Inc. (Life Sciences Tools & Services) (a) | 1,666 | 711,715 |
| Meta Platforms, Inc., Class A (Interactive Media & Services) | 4,377 | 3,385,347 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 1,359 | 1,676,571 |
| Microsoft Corp. (Software) | 4,345 | 2,318,057 |
| Monster Beverage Corp. (Beverages) (a) | 40,390 | 2,372,912 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 12,161 | 1,266,325 |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 16,326 | 2,903,906 |
| O'Reilly Automotive, Inc. (Specialty Retail) (a) | 11,287 | 1,109,738 |
| PACCAR, Inc. (Machinery) | 14,280 | 1,410,293 |
| Paychex, Inc. (Professional Services) | 16,473 | 2,377,548 |
| QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 14,353 | 2,106,446 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 2,702 | 1,473,833 |
| Rollins, Inc. (Commercial Services & Supplies) | 14,580 | 834,997 |
| Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels) | 1,092 | 1,057,198 |
| TJX Cos., Inc. (The) (Specialty Retail) | 11,424 | 1,422,631 |
| TKO Group Holdings, Inc. (Entertainment) | 6,489 | 1,090,217 |
| Uber Technologies, Inc. (Ground Transportation) (a) | 11,861 | 1,040,803 |
| Ulta Beauty, Inc. (Specialty Retail) (a) | 3,843 | 1,979,183 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| Union Pacific Corp. (Ground Transportation) | 4,240 | $ 941,153 | |
| VeriSign, Inc. (IT Services) | 5,235 | 1,407,534 | |
| Verisk Analytics, Inc. (Professional Services) | 4,159 | 1,159,155 | |
| Visa, Inc., Class A (Financial Services) | 5,000 | 1,727,350 | |
| Waters Corp. (Life Sciences Tools & Services) (a) | 2,193 | 633,251 | |
| West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 4,199 | 1,004,653 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 13,390 | 1,930,168 | |
| Zoetis, Inc. (Pharmaceuticals) | 13,625 | 1,986,389 | |
| 96,700,964 | |||
| Total Common Stocks (Cost $100,125,717) | 145,114,443 | ||
| Number of Warrants | |||
| Warrants 0.0% ‡ | |||
| Canada 0.0% ‡ | |||
| Constellation Software, Inc. (Software) | |||
| Expires 3/31/40 (a)(c)(d) | 721 | — | |
| Total Warrants (Cost $0) | — | ||
| Shares | |||
| Short-Term Investment 1.2% | |||
| Affiliated Investment Company 1.2% | |||
| United States 1.2% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (e) | 1,763,950 | 1,763,950 | |
| Total Short-Term Investment (Cost $1,763,950) | 1,763,950 | ||
| Total Investments (Cost $101,889,667) | 100.7% | 146,878,393 | |
| Other Assets, Less Liabilities | (0.7) | (962,431) | |
| Net Assets | 100.0% | $ 145,915,962 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 250 | $ 35,806 | $ (34,292) | $ — | $ — | $ 1,764 | $ 34 | $ — | 1,764 |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Australia | $ — | $ 2,490,133 | $ — | $ 2,490,133 | |||
| China | — | 1,522,560 | — | 1,522,560 | |||
| Denmark | — | 834,310 | — | 834,310 | |||
| France | — | 3,836,718 | — | 3,836,718 | |||
| Indonesia | — | 579,577 | — | 579,577 | |||
| Italy | — | 647,923 | — | 647,923 | |||
| Japan | — | 7,061,087 | — | 7,061,087 | |||
| Netherlands | — | 2,478,045 | — | 2,478,045 | |||
| Portugal | — | 1,243,921 | — | 1,243,921 | |||
| Singapore | — | 986,029 | — | 986,029 | |||
| South Africa | — | 1,602,432 | — | 1,602,432 | |||
| Spain | — | 3,038,828 | — | 3,038,828 | |||
| Sweden | — | 2,797,762 | — | 2,797,762 | |||
| Switzerland | — | 2,678,169 | — | 2,678,169 | |||
| Taiwan | — | 2,321,180 | — | 2,321,180 | |||
| United Kingdom | — | 6,030,976 | — | 6,030,976 | |||
| United States | 94,613,397 | 2,087,567 | — | 96,700,964 | |||
| All Other Countries | 8,263,829 | — | — | 8,263,829 | |||
| Total Common Stocks | 102,877,226 | 42,237,217 | — | 145,114,443 | |||
| Warrants | — | — | — | — | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 1,763,950 | — | — | 1,763,950 | |||
| Total Investments in Securities | $ 104,641,176 | $ 42,237,217 | $ — | $ 146,878,393 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 97.9% | ||
| Austria 0.7% | ||
| BAWAG Group AG (Banks) (a) | 46,582 | $ 5,860,644 |
| Canada 4.3% | ||
| Manulife Financial Corp. (Insurance) | 330,505 | 10,225,714 |
| Nutrien Ltd. (Chemicals) | 112,980 | 6,701,973 |
| Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure) | 121,695 | 8,258,223 |
| Rogers Communications, Inc., Class B (Wireless Telecommunication Services) | 130,298 | 4,352,043 |
| Royal Bank of Canada (Banks) (b) | 33,497 | 4,298,089 |
| 33,836,042 | ||
| France 4.7% | ||
| AXA SA (Insurance) | 136,004 | 6,609,740 |
| Cie Generale des Etablissements Michelin SCA (Automobile Components) | 118,755 | 4,228,453 |
| Orange SA (Diversified Telecommunication Services) | 448,407 | 6,817,977 |
| Sanofi SA (Pharmaceuticals) | 94,063 | 8,547,475 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 88,623 | 5,266,086 |
| Vinci SA (Construction & Engineering) | 37,721 | 5,224,317 |
| 36,694,048 | ||
| Germany 4.2% | ||
| Allianz SE (Registered) (Insurance) | 17,155 | 6,794,168 |
| Deutsche Post AG (Air Freight & Logistics) | 123,332 | 5,548,290 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 272,931 | 9,782,292 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | 6,550 | 4,303,158 |
| Siemens AG (Registered) (Industrial Conglomerates) | 26,360 | 6,759,820 |
| 33,187,728 | ||
| Hong Kong 0.9% | ||
| AIA Group Ltd. (Insurance) | 726,400 | 6,796,547 |
| Italy 1.7% | ||
| Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services) | 354,598 | 4,188,315 |
| Snam SpA (Gas Utilities) | 971,270 | 5,619,078 |
| Terna - Rete Elettrica Nazionale (Electric Utilities) | 406,129 | 3,911,755 |
| 13,719,148 | ||
| Japan 1.7% | ||
| Astellas Pharma, Inc. (Pharmaceuticals) | 450,900 | 4,692,485 |
| NHK Spring Co. Ltd. (Automobile Components) | 378,700 | 4,274,756 |
| Toyota Motor Corp. (Automobiles) | 255,700 | 4,567,740 |
| 13,534,981 | ||
| Norway 0.6% | ||
| Equinor ASA (Oil, Gas & Consumable Fuels) | 168,029 | 4,317,536 |
| Republic of Korea 1.6% | ||
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 5,781 | 7,229,838 |
| Shares | Value | |
| Common Stocks | ||
| Republic of Korea | ||
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 133,703 | $ 5,405,692 |
| 12,635,530 | ||
| Taiwan 1.7% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 53,827 | 13,005,680 |
| United Kingdom 6.3% | ||
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 101,436 | 7,413,957 |
| BAE Systems plc (Aerospace & Defense) | 250,382 | 5,959,601 |
| Coca-Cola Europacific Partners plc (Beverages) | 107,029 | 10,373,251 |
| Imperial Brands plc (Tobacco) | 212,566 | 8,286,571 |
| Lloyds Banking Group plc (Banks) | 4,416,648 | 4,524,890 |
| Schroders plc (Capital Markets) | 844,542 | 4,348,241 |
| Segro plc (Industrial REITs) | 492,443 | 4,198,287 |
| Unilever plc (Personal Care Products) | 82,710 | 4,810,596 |
| 49,915,394 | ||
| United States 69.5% | ||
| AbbVie, Inc. (Biotechnology) | 67,467 | 12,752,612 |
| American Electric Power Co., Inc. (Electric Utilities) | 62,846 | 7,110,396 |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 44,037 | 9,892,031 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 30,515 | 6,333,999 |
| AT&T, Inc. (Diversified Telecommunication Services) | 334,371 | 9,165,109 |
| Bank of America Corp. (Banks) | 189,772 | 8,970,522 |
| Best Buy Co., Inc. (Specialty Retail) | 64,685 | 4,208,406 |
| BlackRock, Inc. (Capital Markets) | 4,219 | 4,666,256 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 94,716 | 4,102,150 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 64,291 | 18,882,267 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 28,361 | 4,300,662 |
| Cisco Systems, Inc. (Communications Equipment) | 229,222 | 15,605,434 |
| Coca-Cola Co. (The) (Beverages) | 92,763 | 6,297,680 |
| Columbia Banking System, Inc. (Banks) | 182,217 | 4,336,765 |
| Cummins, Inc. (Machinery) | 22,534 | 8,283,949 |
| CVS Health Corp. (Health Care Providers & Services) | 163,131 | 10,130,435 |
| Dell Technologies, Inc., Class C (Technology Hardware, Storage & Peripherals) | 102,581 | 13,611,473 |
| Duke Energy Corp. (Electric Utilities) | 39,054 | 4,750,529 |
| Eaton Corp. plc (Electrical Equipment) | 15,581 | 5,994,322 |
| Eli Lilly & Co. (Pharmaceuticals) | 5,336 | 3,949,014 |
| Emerson Electric Co. (Electrical Equipment) | 42,545 | 6,190,723 |
| Entergy Corp. (Electric Utilities) | 96,688 | 8,743,496 |
| Essential Utilities, Inc. (Water Utilities) | 119,279 | 4,389,467 |
| General Dynamics Corp. (Aerospace & Defense) | 14,426 | 4,495,286 |
| GSK plc (Pharmaceuticals) | 291,299 | 5,365,023 |
| Hasbro, Inc. (Leisure Products) | 115,071 | 8,648,736 |
| Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 606,138 | 12,540,995 |
| Home Depot, Inc. (The) (Specialty Retail) | 17,294 | 6,355,718 |
| Honeywell International, Inc. (Industrial Conglomerates) | 19,260 | 4,282,461 |
| International Business Machines Corp. (IT Services) | 54,794 | 13,871,101 |
| Shares | Value | |
| Common Stocks | ||
| United States | ||
| Iron Mountain, Inc. (Specialized REITs) | 84,524 | $ 8,229,257 |
| Johnson & Johnson (Pharmaceuticals) | 38,769 | 6,386,805 |
| JPMorgan Chase & Co. (Banks) | 34,798 | 10,308,560 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 9,997 | 8,787,663 |
| Lazard, Inc. (Capital Markets) | 166,181 | 8,638,088 |
| Linde plc (Chemicals) | 16,067 | 7,394,997 |
| Lockheed Martin Corp. (Aerospace & Defense) | 11,875 | 4,999,137 |
| LyondellBasell Industries NV, Class A (Chemicals) | 113,677 | 6,585,309 |
| McCormick & Co., Inc. (Non-Voting) (Food Products) | 78,880 | 5,571,294 |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | 23,794 | 7,139,866 |
| Medtronic plc (Health Care Equipment & Supplies) | 81,524 | 7,356,726 |
| Merck & Co., Inc. (Pharmaceuticals) | 53,458 | 4,176,139 |
| Meta Platforms, Inc., Class A (Interactive Media & Services) | 13,464 | 10,413,596 |
| MetLife, Inc. (Insurance) | 120,316 | 9,138,000 |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 100,810 | 6,813,748 |
| Microsoft Corp. (Software) | 37,471 | 19,990,778 |
| Mondelez International, Inc., Class A (Food Products) | 109,964 | 7,113,571 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 90,480 | 4,750,200 |
| MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors) | 97,495 | 8,445,017 |
| Nestle SA (Registered) (Food Products) | 46,187 | 4,027,970 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 65,227 | 6,792,088 |
| NextEra Energy, Inc. (Electric Utilities) | 105,291 | 7,481,978 |
| NiSource, Inc. (Multi-Utilities) | 154,386 | 6,553,686 |
| Novartis AG (Registered) (Pharmaceuticals) | 73,932 | 8,368,826 |
| Omnicom Group, Inc. (Media) | 58,586 | 4,221,121 |
| Paychex, Inc. (Professional Services) | 41,209 | 5,947,695 |
| PepsiCo, Inc. (Beverages) | 35,017 | 4,829,545 |
| Pfizer, Inc. (Pharmaceuticals) | 178,624 | 4,160,153 |
| Philip Morris International, Inc. (Tobacco) | 60,971 | 10,002,293 |
| Pinnacle West Capital Corp. (Electric Utilities) | 46,475 | 4,211,565 |
| Realty Income Corp. (Retail REITs) | 76,017 | 4,266,834 |
| Regions Financial Corp. (Banks) | 177,645 | 4,499,748 |
| Roche Holding AG (Pharmaceuticals) | 14,148 | 4,439,271 |
| RTX Corp. (Aerospace & Defense) | 46,352 | 7,303,685 |
| Salesforce, Inc. (Software) | 33,065 | 8,541,681 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 49,185 | 8,905,436 |
| Toro Co. (The) (Machinery) | 77,955 | 5,788,159 |
| Truist Financial Corp. (Banks) | 97,362 | 4,255,693 |
| U.S. Bancorp (Banks) | 132,020 | 5,935,619 |
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | 50,577 | 4,357,714 |
| Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 26,735 | 4,017,201 |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | 191,583 | 8,192,089 |
| VICI Properties, Inc. (Specialized REITs) | 208,198 | 6,787,255 |
| Walmart, Inc. (Consumer Staples Distribution & Retail) | 87,507 | 8,573,936 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| WEC Energy Group, Inc. (Multi-Utilities) | 45,271 | $ 4,938,161 | |
| 547,865,170 | |||
| Total Common Stocks (Cost $509,820,321) | 771,368,448 | ||
| Short-Term Investments 1.8% | |||
| Affiliated Investment Company 1.3% | |||
| United States 1.3% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (c) | 10,261,357 | 10,261,357 | |
| Unaffiliated Investment Company 0.5% | |||
| United States 0.5% | |||
| Invesco Government & Agency Portfolio, 4.342% (c)(d) | 4,104,378 | 4,104,378 | |
| Total Short-Term Investments (Cost $14,365,735) | 14,365,735 | ||
| Total Investments (Cost $524,186,056) | 99.7% | 785,734,183 | |
| Other Assets, Less Liabilities | 0.3 | 2,733,118 | |
| Net Assets | 100.0% | $ 788,467,301 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $3,868,113. The Fund received cash collateral with a value of $4,104,378. |
| (c) | Current yield as of July 31, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 2,876 | $ 88,549 | $ (81,164) | $ — | $ — | $ 10,261 | $ 285 | $ — | 10,261 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Austria | $ — | $ 5,860,644 | $ — | $ 5,860,644 | |||
| France | — | 36,694,048 | — | 36,694,048 | |||
| Germany | — | 33,187,728 | — | 33,187,728 | |||
| Hong Kong | — | 6,796,547 | — | 6,796,547 | |||
| Italy | — | 13,719,148 | — | 13,719,148 | |||
| Japan | — | 13,534,981 | — | 13,534,981 | |||
| Norway | — | 4,317,536 | — | 4,317,536 | |||
| Republic of Korea | — | 12,635,530 | — | 12,635,530 | |||
| United Kingdom | 17,787,208 | 32,128,186 | — | 49,915,394 | |||
| United States | 525,664,080 | 22,201,090 | — | 547,865,170 | |||
| All Other Countries | 46,841,722 | — | — | 46,841,722 | |||
| Total Common Stocks | 590,293,010 | 181,075,438 | — | 771,368,448 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 10,261,357 | — | — | 10,261,357 | |||
| Unaffiliated Investment Company | 4,104,378 | — | — | 4,104,378 | |||
| Total Short-Term Investments | 14,365,735 | — | — | 14,365,735 | |||
| Total Investments in Securities | $ 604,658,745 | $ 181,075,438 | $ — | $ 785,734,183 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 96.3% | ||
| Finland 4.0% | ||
| Nordea Bank Abp (Banks) | 688,168 | $ 10,032,708 |
| France 13.9% | ||
| Airbus SE (Aerospace & Defense) | 25,991 | 5,204,472 |
| AXA SA (Insurance) | 145,424 | 7,067,549 |
| BNP Paribas SA (Banks) | 91,779 | 8,360,947 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 7,644 | 4,110,050 |
| Sanofi SA (Pharmaceuticals) | 38,329 | 3,482,944 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 110,218 | 6,549,286 |
| 34,775,248 | ||
| Germany 10.1% | ||
| Deutsche Post AG (Air Freight & Logistics) | 207,790 | 9,347,770 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) (a) | 120,701 | 4,326,120 |
| Siemens AG (Registered) (Industrial Conglomerates) | 18,463 | 4,734,695 |
| Vonovia SE (Real Estate Management & Development) | 215,109 | 6,695,166 |
| 25,103,751 | ||
| Japan 22.6% | ||
| Asahi Group Holdings Ltd. (Beverages) | 501,400 | 6,351,740 |
| Hitachi Ltd. (Industrial Conglomerates) | 170,700 | 5,244,122 |
| Hoya Corp. (Health Care Equipment & Supplies) | 30,500 | 3,855,088 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 26,800 | 9,689,563 |
| Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 59,500 | 6,057,472 |
| Mitsubishi UFJ Financial Group, Inc. (Banks) | 771,200 | 10,682,039 |
| Nissan Chemical Corp. (Chemicals) | 142,700 | 4,648,344 |
| Sony Group Corp. (Household Durables) | 242,500 | 5,868,670 |
| Suzuki Motor Corp. (Automobiles) | 359,200 | 3,938,249 |
| 56,335,287 | ||
| Netherlands 4.9% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 3,284 | 2,278,787 |
| NN Group NV (Insurance) | 148,754 | 10,006,501 |
| 12,285,288 | ||
| Republic of Korea 4.2% | ||
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 8,276 | 10,350,137 |
| Sweden 1.7% | ||
| Epiroc AB, Class A (Machinery) | 207,781 | 4,209,358 |
| Taiwan 4.3% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 44,330 | 10,711,014 |
| United Kingdom 24.6% | ||
| Ashtead Group plc (Trading Companies & Distributors) | 30,349 | 2,030,152 |
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 150,498 | 10,999,899 |
| Shares | Value | ||
| Common Stocks | |||
| United Kingdom | |||
| Beazley plc (Insurance) | 468,498 | $ 5,520,022 | |
| Coca-Cola Europacific Partners plc (Beverages) | 56,266 | 5,453,301 | |
| Compass Group plc (Hotels, Restaurants & Leisure) | 188,184 | 6,613,964 | |
| Lloyds Banking Group plc (Banks) | 9,160,540 | 9,385,043 | |
| RELX plc (Professional Services) | 136,752 | 7,088,189 | |
| Severn Trent plc (Water Utilities) | 166,177 | 5,824,823 | |
| Unilever plc (Personal Care Products) | 148,329 | 8,627,142 | |
| 61,542,535 | |||
| United States 6.0% | |||
| BP plc (Oil, Gas & Consumable Fuels) | 253,808 | 1,359,985 | |
| CSL Ltd. (Biotechnology) | 34,616 | 5,994,632 | |
| Linde plc (Chemicals) | 16,665 | 7,670,233 | |
| 15,024,850 | |||
| Total Common Stocks (Cost $215,422,876) | 240,370,176 | ||
| Short-Term Investments 2.6% | |||
| Affiliated Investment Company 2.5% | |||
| United States 2.5% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 6,402,862 | 6,402,862 | |
| Unaffiliated Investment Company 0.1% | |||
| United States 0.1% | |||
| Invesco Government & Agency Portfolio, 4.342% (b)(c) | 165,550 | 165,550 | |
| Total Short-Term Investments (Cost $6,568,412) | 6,568,412 | ||
| Total Investments (Cost $221,991,288) | 98.9% | 246,938,588 | |
| Other Assets, Less Liabilities | 1.1 | 2,798,066 | |
| Net Assets | 100.0% | $ 249,736,654 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $154,119. The Fund received cash collateral with a value of $165,550. |
| (b) | Current yield as of July 31, 2025. |
| (c) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 2,241 | $ 81,926 | $ (77,764) | $ — | $ — | $ 6,403 | $ 168 | $ — | 6,403 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Finland | $ — | $ 10,032,708 | $ — | $ 10,032,708 | |||
| France | — | 34,775,248 | — | 34,775,248 | |||
| Germany | — | 25,103,751 | — | 25,103,751 | |||
| Japan | — | 56,335,287 | — | 56,335,287 | |||
| Netherlands | — | 12,285,288 | — | 12,285,288 | |||
| Republic of Korea | — | 10,350,137 | — | 10,350,137 | |||
| Sweden | — | 4,209,358 | — | 4,209,358 | |||
| United Kingdom | 16,453,200 | 45,089,335 | — | 61,542,535 | |||
| United States | 7,670,233 | 7,354,617 | — | 15,024,850 | |||
| All Other Countries | 10,711,014 | — | — | 10,711,014 | |||
| Total Common Stocks | 34,834,447 | 205,535,729 | — | 240,370,176 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 6,402,862 | — | — | 6,402,862 | |||
| Unaffiliated Investment Company | 165,550 | — | — | 165,550 | |||
| Total Short-Term Investments | 6,568,412 | — | — | 6,568,412 | |||
| Total Investments in Securities | $ 41,402,859 | $ 205,535,729 | $ — | $ 246,938,588 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 97.9% | ||
| Aerospace & Defense 2.8% | ||
| General Dynamics Corp. | 33,310 | $ 10,379,729 |
| Lockheed Martin Corp. | 18,407 | 7,748,979 |
| RTX Corp. | 76,808 | 12,102,637 |
| 30,231,345 | ||
| Air Freight & Logistics 0.6% | ||
| United Parcel Service, Inc., Class B | 79,596 | 6,857,991 |
| Banks 10.0% | ||
| Bank of America Corp. | 500,758 | 23,670,831 |
| Columbia Banking System, Inc. | 404,394 | 9,624,577 |
| JPMorgan Chase & Co. | 90,352 | 26,765,876 |
| Regions Financial Corp. | 382,113 | 9,678,922 |
| Truist Financial Corp. | 198,522 | 8,677,397 |
| U.S. Bancorp | 317,583 | 14,278,532 |
| Wells Fargo & Co. | 184,978 | 14,914,776 |
| 107,610,911 | ||
| Beverages 2.5% | ||
| Coca-Cola Co. (The) | 96,623 | 6,559,735 |
| Coca-Cola Europacific Partners plc | 142,441 | 13,805,382 |
| PepsiCo, Inc. | 48,141 | 6,639,607 |
| 27,004,724 | ||
| Biotechnology 3.3% | ||
| AbbVie, Inc. | 117,486 | 22,207,204 |
| Amgen, Inc. | 21,063 | 6,215,691 |
| Gilead Sciences, Inc. | 67,193 | 7,545,102 |
| 35,967,997 | ||
| Capital Markets 3.1% | ||
| BlackRock, Inc. | 13,688 | 15,139,065 |
| CME Group, Inc. | 31,431 | 8,746,618 |
| Lazard, Inc. | 191,705 | 9,964,826 |
| 33,850,509 | ||
| Chemicals 3.3% | ||
| Linde plc | 23,717 | 10,915,986 |
| LyondellBasell Industries NV, Class A | 138,411 | 8,018,149 |
| Nutrien Ltd. | 182,532 | 10,827,798 |
| PPG Industries, Inc. | 54,485 | 5,748,168 |
| 35,510,101 | ||
| Commercial Services & Supplies 0.7% | ||
| Republic Services, Inc. | 35,158 | 8,109,193 |
| Communications Equipment 1.4% | ||
| Cisco Systems, Inc. | 218,726 | 14,890,866 |
| Shares | Value | |
| Common Stocks | ||
| Consumer Staples Distribution & Retail 1.8% | ||
| Walmart, Inc. | 195,265 | $ 19,132,065 |
| Diversified Telecommunication Services 2.4% | ||
| AT&T, Inc. | 455,144 | 12,475,497 |
| Verizon Communications, Inc. | 326,180 | 13,947,457 |
| 26,422,954 | ||
| Electric Utilities 6.3% | ||
| Alliant Energy Corp. | 110,995 | 7,215,785 |
| American Electric Power Co., Inc. | 133,702 | 15,127,044 |
| Duke Energy Corp. | 58,481 | 7,113,629 |
| Entergy Corp. | 166,196 | 15,029,104 |
| NextEra Energy, Inc. | 159,333 | 11,322,203 |
| OGE Energy Corp. | 130,908 | 5,945,841 |
| Pinnacle West Capital Corp. | 66,741 | 6,048,070 |
| 67,801,676 | ||
| Electrical Equipment 4.0% | ||
| Eaton Corp. plc | 45,096 | 17,349,333 |
| Emerson Electric Co. | 113,999 | 16,587,995 |
| Hubbell, Inc. | 20,605 | 9,014,275 |
| 42,951,603 | ||
| Food Products 1.2% | ||
| McCormick & Co., Inc. (Non-Voting) | 85,193 | 6,017,182 |
| Mondelez International, Inc., Class A | 110,205 | 7,129,161 |
| 13,146,343 | ||
| Health Care Equipment & Supplies 1.6% | ||
| Medtronic plc | 195,284 | 17,622,428 |
| Health Care Providers & Services 2.5% | ||
| CVS Health Corp. | 283,892 | 17,629,693 |
| UnitedHealth Group, Inc. | 36,092 | 9,007,120 |
| 26,636,813 | ||
| Hotels, Restaurants & Leisure 1.7% | ||
| McDonald's Corp. | 38,963 | 11,691,628 |
| Vail Resorts, Inc. | 43,363 | 6,515,724 |
| 18,207,352 | ||
| Household Products 1.8% | ||
| Colgate-Palmolive Co. | 81,999 | 6,875,616 |
| Procter & Gamble Co. (The) | 80,275 | 12,078,979 |
| 18,954,595 | ||
| Industrial Conglomerates 1.0% | ||
| Honeywell International, Inc. | 48,627 | 10,812,213 |
| Shares | Value | |
| Common Stocks | ||
| Industrial REITs 0.8% | ||
| Prologis, Inc. | 85,628 | $ 9,143,358 |
| Insurance 4.6% | ||
| Marsh & McLennan Cos., Inc. | 60,108 | 11,973,514 |
| MetLife, Inc. | 299,442 | 22,742,620 |
| Travelers Cos., Inc. (The) | 56,780 | 14,776,427 |
| 49,492,561 | ||
| Interactive Media & Services 1.2% | ||
| Meta Platforms, Inc., Class A | 16,778 | 12,976,776 |
| IT Services 1.4% | ||
| International Business Machines Corp. | 61,421 | 15,548,726 |
| Leisure Products 1.3% | ||
| Hasbro, Inc. | 182,116 | 13,687,839 |
| Machinery 3.1% | ||
| Cummins, Inc. | 53,630 | 19,715,461 |
| Snap-on, Inc. | 22,486 | 7,222,278 |
| Toro Co. (The) | 91,613 | 6,802,265 |
| 33,740,004 | ||
| Media 1.7% | ||
| Comcast Corp., Class A | 337,653 | 11,220,209 |
| Omnicom Group, Inc. | 104,382 | 7,520,723 |
| 18,740,932 | ||
| Multi-Utilities 2.4% | ||
| Ameren Corp. | 59,126 | 5,979,412 |
| CMS Energy Corp. | 92,948 | 6,859,562 |
| NiSource, Inc. | 137,635 | 5,842,606 |
| WEC Energy Group, Inc. | 67,811 | 7,396,824 |
| 26,078,404 | ||
| Oil, Gas & Consumable Fuels 4.3% | ||
| Chevron Corp. | 105,381 | 15,979,975 |
| Enterprise Products Partners LP | 372,682 | 11,549,415 |
| MPLX LP | 220,654 | 11,584,335 |
| TotalEnergies SE, Sponsored ADR (a) | 119,947 | 7,142,844 |
| 46,256,569 | ||
| Pharmaceuticals 5.2% | ||
| Bristol-Myers Squibb Co. | 144,084 | 6,240,278 |
| Eli Lilly & Co. | 14,243 | 10,540,817 |
| Johnson & Johnson | 128,821 | 21,221,972 |
| Merck & Co., Inc. | 148,552 | 11,604,882 |
| Shares | Value | |
| Common Stocks | ||
| Pharmaceuticals | ||
| Pfizer, Inc. | 269,604 | $ 6,279,077 |
| 55,887,026 | ||
| Professional Services 0.5% | ||
| Paychex, Inc. | 38,932 | 5,619,056 |
| Retail REITs 0.6% | ||
| Realty Income Corp. | 107,582 | 6,038,578 |
| Semiconductors & Semiconductor Equipment 5.7% | ||
| Analog Devices, Inc. | 47,495 | 10,668,802 |
| Broadcom, Inc. | 85,368 | 25,072,582 |
| KLA Corp. | 10,176 | 8,945,009 |
| Microchip Technology, Inc. | 115,421 | 7,801,306 |
| Texas Instruments, Inc. | 49,639 | 8,987,637 |
| 61,475,336 | ||
| Software 2.7% | ||
| Microsoft Corp. | 38,408 | 20,490,668 |
| Salesforce, Inc. | 32,342 | 8,354,909 |
| 28,845,577 | ||
| Specialized REITs 2.5% | ||
| American Tower Corp. | 28,500 | 5,939,115 |
| Iron Mountain, Inc. | 103,106 | 10,038,400 |
| VICI Properties, Inc. | 323,849 | 10,557,478 |
| 26,534,993 | ||
| Specialty Retail 1.4% | ||
| Best Buy Co., Inc. | 88,625 | 5,765,943 |
| Home Depot, Inc. (The) | 26,299 | 9,665,145 |
| 15,431,088 | ||
| Technology Hardware, Storage & Peripherals 3.4% | ||
| Apple, Inc. | 35,191 | 7,304,596 |
| Dell Technologies, Inc., Class C | 98,446 | 13,062,800 |
| Hewlett Packard Enterprise Co. | 343,172 | 7,100,229 |
| NetApp, Inc. | 90,935 | 9,469,061 |
| 36,936,686 | ||
| Tobacco 1.4% | ||
| Philip Morris International, Inc. | 94,162 | 15,447,276 |
| Trading Companies & Distributors 1.1% | ||
| MSC Industrial Direct Co., Inc., Class A (a) | 131,878 | 11,423,272 |
| Shares | Value | ||
| Common Stocks | |||
| Water Utilities 0.6% | |||
| Essential Utilities, Inc. | 163,569 | $ 6,019,339 | |
| Total Common Stocks (Cost $695,534,698) | 1,057,045,075 | ||
| Short-Term Investments 2.1% | |||
| Affiliated Investment Company 2.0% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 22,218,586 | 22,218,586 | |
| Unaffiliated Investment Company 0.1% | |||
| Invesco Government & Agency Portfolio, 4.342% (b)(c) | 804,224 | 804,224 | |
| Total Short-Term Investments (Cost $23,022,810) | 23,022,810 | ||
| Total Investments (Cost $718,557,508) | 100.0% | 1,080,067,885 | |
| Other Assets, Less Liabilities | (0.0)‡ | (330,250) | |
| Net Assets | 100.0% | $ 1,079,737,635 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $1,374,123; the total market value of collateral held by the Fund was $1,408,647. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $604,423. The Fund received cash collateral with a value of $804,224. |
| (b) | Current yield as of July 31, 2025. |
| (c) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 28,354 | $ 86,351 | $ (92,486) | $ — | $ — | $ 22,219 | $ 561 | $ — | 22,219 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 1,057,045,075 | $ — | $ — | $ 1,057,045,075 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 22,218,586 | — | — | 22,218,586 | |||
| Unaffiliated Investment Company | 804,224 | — | — | 804,224 | |||
| Total Short-Term Investments | 23,022,810 | — | — | 23,022,810 | |||
| Total Investments in Securities | $ 1,080,067,885 | $ — | $ — | $ 1,080,067,885 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 96.3% | |||
| Equity Funds 96.3% | |||
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | 1,957,351 | $ 23,075,798 | |
| NYLI Candriam International Equity ETF (a) | 614,793 | 19,886,217 | |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | 667,134 | 33,262,167 | |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | 985,093 | 32,377,052 | |
| NYLI Epoch Capital Growth Fund Class I | 101,040 | 1,595,083 | |
| NYLI Epoch International Choice Fund Class I (a) | 492,101 | 21,661,435 | |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | 1,422,401 | 31,976,418 | |
| NYLI Fiera SMID Growth Fund Class R6 (a) | 1,942,556 | 32,586,578 | |
| NYLI FTSE International Equity Currency Neutral ETF | 310,488 | 9,143,872 | |
| NYLI PineStone International Equity Fund Class R6 | 976,980 | 16,398,113 | |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | 1,620,335 | 32,176,453 | |
| NYLI Winslow Large Cap Growth ETF (a) | 461,404 | 24,282,631 | |
| NYLI Winslow Large Cap Growth Fund Class R6 | 623,843 | 8,455,884 | |
| NYLI WMC Enduring Capital Fund Class R6 (a) | 799,360 | 31,718,669 | |
| NYLI WMC Growth Fund Class R6 (a) | 584,090 | 33,153,530 | |
| NYLI WMC International Research Equity Fund Class I (a) | 2,376,995 | 21,629,228 | |
| NYLI WMC Small Companies Fund Class I (a) | 1,218,169 | 31,617,090 | |
| NYLI WMC Value Fund Class R6 (a) | 964,422 | 32,208,421 | |
| Total Affiliated Investment Companies (Cost $326,824,170) | 437,204,639 | ||
| Short-Term Investment 3.4% | |||
| Affiliated Investment Company 3.4% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 15,161,328 | 15,161,328 | |
| Total Short-Term Investment (Cost $15,161,328) | 3.4% | 15,161,328 | |
| Total Investments (Cost $341,985,498) | 99.7% | 452,365,967 | |
| Other Assets, Less Liabilities | 0.3 | 1,539,602 | |
| Net Assets | 100.0% | $ 453,905,569 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of July 31, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI 500 International ETF | $ 8,333 | $ — | $ (8,136) | $ 1,596 | $ (1,793) | $ — | $ 451 | $ — | — |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | 22,689 | 1,167 | (3,255) | 184 | 2,291 | 23,076 | 634 | 2,403 | 1,957 |
| NYLI Candriam International Equity ETF | 18,324 | 3,229 | (3,497) | 83 | 1,747 | 19,886 | 277 | — | 615 |
| NYLI Candriam U.S. Large Cap Equity ETF | 32,794 | 1,255 | (2,720) | 366 | 1,567 | 33,262 | 220 | 5 | 667 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 33,388 | 1,914 | (3,319) | 196 | 198 | 32,377 | — | — | 985 |
| NYLI CBRE NextGen Real Estate ETF | 1,582 | — | (1,561) | 120 | (141) | — | — | 203 | — |
| NYLI Epoch Capital Growth Fund Class I | 1,608 | 75 | (119) | 2 | 29 | 1,595 | — | 2,907 | 101 |
| NYLI Epoch International Choice Fund Class I | 18,797 | 4,352 | (3,426) | (16) | 1,954 | 21,661 | 523 | 1,094 | 492 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | 32,832 | 3,085 | (2,533) | (167) | (1,241) | 31,976 | 188 | 321 | 1,422 |
| NYLI Fiera SMID Growth Fund Class R6 | 33,301 | 4,403 | (4,856) | 63 | (324) | 32,587 | — | — | 1,943 |
| NYLI FTSE International Equity Currency Neutral ETF | 9,046 | 544 | (1,327) | 261 | 620 | 9,144 | — | — | 310 |
| NYLI PineStone International Equity Fund Class R6 | 15,889 | 4,804 | (4,119) | 58 | (234) | 16,398 | — | 916 | 977 |
| NYLI PineStone U.S. Equity Fund Class R6 | 32,232 | 1,141 | (2,238) | (96) | 1,137 | 32,176 | 119 | — | 1,620 |
| NYLI U.S. Government Liquidity Fund | 15,410 | 65,071 | (65,320) | — | — | 15,161 | — | 1,233 | 15,161 |
| NYLI Winslow Large Cap Growth ETF | 12,926 | 8,314 | — | — | 3,043 | 24,283 | 317 | — | 461 |
| NYLI Winslow Large Cap Growth Fund Class R6 | 19,825 | 2,907 | (13,944) | 3,741 | (4,073) | 8,456 | 365 | — | 624 |
| NYLI WMC Enduring Capital Fund Class R6 | 32,259 | 2,470 | (3,630) | 147 | 473 | 31,719 | 10 | 64 | 799 |
| NYLI WMC Growth Fund Class R6 | 32,365 | 1,671 | (4,770) | 462 | 3,426 | 33,154 | 158 | — | 584 |
| NYLI WMC International Research Equity Fund Class I | 20,040 | 2,778 | (4,077) | 145 | 2,743 | 21,629 | 126 | — | 2,377 |
| NYLI WMC Small Companies Fund Class I | 33,567 | 4,696 | (7,963) | 809 | 508 | 31,617 | 478 | — | 1,218 |
| NYLI WMC Value Fund Class R6 | 32,978 | 1,859 | (2,153) | (90) | (385) | 32,209 | 183 | — | 964 |
| $460,185 | $115,735 | $(142,963) | $7,864 | $11,545 | $452,366 | $4,049 | $9,146 |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Artificial Intelligence (AI) Basket | 1 day FEDF plus 0.35% | 12/1/25 | Daily | 19,584 | $ — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF plus 0.00% | 12/1/25 | Daily | (9,092) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 8,996 | — |
| JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short Index | 1 day FEDF minus 0.13% - plus 0.13% | 6/18/26 | Daily | (9,862) | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.10% | 4/8/26 | Daily | (19,076) | — |
| Citibank NA | S&P 500 Communication Services | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 4,925 | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.35% | 12/1/25 | Daily | (3,253) | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.85% | 12/1/25 | Daily | 3,631 | — |
| Citibank NA | S&P Small Cap 600 Total Return Index | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 22,562 | — |
| $ — |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Adobe Inc. | 1,873 | 245,621 | — | 1.25 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Advanced Micro Devices Inc. | 2,564 | 336,213 | — | 1.72 |
| Alphabet Inc. | 2,205 | 289,154 | — | 1.48 |
| Amazon.com Inc. | 2,142 | 280,869 | — | 1.43 |
| Amdocs Ltd. | 1,876 | 245,942 | — | 1.26 |
| American Tower Corp. | 1,889 | 247,637 | — | 1.26 |
| Amphenol Corp. | 2,173 | 284,989 | — | 1.46 |
| Applied Materials Inc. | 1,978 | 259,311 | — | 1.32 |
| AppLovin Corp. | 2,211 | 289,856 | — | 1.48 |
| Arista Networks Inc. | 2,442 | 320,203 | — | 1.64 |
| Astera Labs Inc. | 3,077 | 403,407 | — | 2.06 |
| Autodesk Inc. | 1,961 | 257,100 | — | 1.31 |
| Automatic Data Processing Inc. | 2,005 | 262,886 | — | 1.34 |
| Best Buy Co Inc. | 1,914 | 250,995 | — | 1.28 |
| Booking Holdings Inc. | 1,916 | 251,195 | — | 1.28 |
| CCC Intelligent Solutions Holdings Inc. | 2,083 | 273,159 | — | 1.39 |
| Ciena Corp. | 2,317 | 303,821 | — | 1.55 |
| Cognex Corp. | 2,565 | 336,286 | — | 1.72 |
| Cognizant Technology Solutions Corp. | 1,835 | 240,644 | — | 1.23 |
| Coherent Corp. | 2,445 | 320,634 | — | 1.64 |
| Comcast Corp. | 1,858 | 243,575 | — | 1.24 |
| Corning Inc. | 2,421 | 317,446 | — | 1.62 |
| Corteva Inc. | 1,937 | 254,005 | — | 1.30 |
| Crown Castle Inc. | 2,051 | 268,932 | — | 1.37 |
| Dell Technologies Inc. | 2,185 | 286,472 | — | 1.46 |
| Docusign Inc. | 1,963 | 257,330 | — | 1.31 |
| DoorDash Inc. | 2,025 | 265,463 | — | 1.36 |
| Eaton Corp Plc | 2,166 | 284,069 | — | 1.45 |
| eBay Inc. | 2,450 | 321,230 | — | 1.64 |
| EPAM Systems Inc. | 1,797 | 235,686 | — | 1.20 |
| ExlService Holdings Inc. | 1,976 | 259,131 | — | 1.32 |
| Expedia Group Inc. | 2,127 | 278,946 | — | 1.42 |
| Fidelity National Information Services Inc. | 1,950 | 255,674 | — | 1.31 |
| Fiserv Inc. | 1,622 | 212,693 | — | 1.09 |
| GoDaddy Inc. | 1,797 | 235,599 | — | 1.20 |
| Hims & Hers Health Inc. | 2,697 | 353,584 | — | 1.81 |
| HP Inc. | 2,026 | 265,709 | — | 1.36 |
| Informatica Inc. | 2,032 | 266,430 | — | 1.36 |
| Maplebear Inc. | 2,135 | 279,984 | — | 1.43 |
| Mastercard Inc. | 2,028 | 265,893 | — | 1.36 |
| Match Group Inc. | 2,172 | 284,817 | — | 1.45 |
| McKesson Corp. | 1,894 | 248,372 | — | 1.27 |
| Micron Technology Inc. | 1,783 | 233,732 | — | 1.19 |
| MKS Instruments Inc. | 1,942 | 254,592 | — | 1.30 |
| Monolithic Power Systems Inc. | 1,953 | 256,093 | — | 1.31 |
| Moody's Corp. | 2,073 | 271,791 | — | 1.39 |
| MSCI Inc. | 1,957 | 256,665 | — | 1.31 |
| Nasdaq Inc. | 2,161 | 283,369 | — | 1.45 |
| NetApp Inc. | 1,958 | 256,781 | — | 1.31 |
| Northrop Grumman Corp. | 2,310 | 302,874 | — | 1.55 |
| nVent Electric Plc | 2,176 | 285,262 | — | 1.46 |
| NVIDIA Corp. | 2,286 | 299,736 | — | 1.53 |
| PayPal Holdings Inc. | 1,857 | 243,515 | — | 1.24 |
| Pegasystems Inc. | 2,188 | 286,954 | — | 1.47 |
| Pinterest Inc. | 2,163 | 283,651 | — | 1.45 |
| PTC Inc. | 2,506 | 328,554 | — | 1.68 |
| Q2 Holdings, Inc. | 1,745 | 228,814 | — | 1.17 |
| QUALCOMM Inc. | 1,859 | 243,696 | — | 1.24 |
| Reddit Inc. | 2,152 | 282,127 | — | 1.44 |
| S&P Global Inc. | 2,100 | 275,393 | — | 1.41 |
| Salesforce Inc. | 1,910 | 250,479 | — | 1.28 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| SBA Communications Corp. | 1,918 | 251,456 | — | 1.28 |
| Seagate Technology Holdings Plc | 2,185 | 286,516 | — | 1.46 |
| SS&C Technologies Holdings Inc. | 2,071 | 271,604 | — | 1.39 |
| Uber Technologies Inc. | 1,896 | 248,632 | — | 1.27 |
| Upstart Holdings Inc. | 2,565 | 336,266 | — | 1.72 |
| Vertiv Holdings Co. | 2,304 | 302,044 | — | 1.54 |
| Visa Inc. | 1,962 | 257,247 | — | 1.31 |
| Western Digital Corp. | 2,497 | 327,351 | — | 1.67 |
| Zebra Technologies Corp. | 2,191 | 287,244 | — | 1.47 |
| Zoom Communications Inc. | 1,914 | 250,945 | — | 1.28 |
| 1. | As of July 31, 2025, cash in the amount $1,550,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2025. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 437,204,639 | $ — | $ — | $ 437,204,639 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 15,161,328 | — | — | 15,161,328 | |||
| Total Investments in Securities | $ 452,365,967 | $ — | $ — | $ 452,365,967 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.6% | ||
| Aerospace & Defense 5.0% | ||
| BWX Technologies, Inc. | 59,537 | $ 9,045,456 |
| Curtiss-Wright Corp. | 16,862 | 8,266,090 |
| 17,311,546 | ||
| Automobile Components 3.1% | ||
| Dorman Products, Inc. (a) | 35,578 | 4,291,419 |
| Modine Manufacturing Co. (a) | 27,581 | 3,711,299 |
| Patrick Industries, Inc. | 29,780 | 2,895,807 |
| 10,898,525 | ||
| Banks 2.6% | ||
| Cullen | 25,599 | 3,261,569 |
| Wintrust Financial Corp. | 43,799 | 5,605,396 |
| 8,866,965 | ||
| Biotechnology 13.7% | ||
| Argenx SE, ADR (a) | 16,668 | 11,173,061 |
| Avidity Biosciences, Inc. (a) | 78,882 | 2,895,758 |
| Biohaven Ltd. (a) | 56,506 | 853,241 |
| Crinetics Pharmaceuticals, Inc. (a) | 46,781 | 1,337,469 |
| Ideaya Biosciences, Inc. (a) | 159,006 | 3,871,796 |
| Immunocore Holdings plc, ADR (a) | 85,673 | 2,807,504 |
| Insmed, Inc. (a) | 69,204 | 7,424,205 |
| Madrigal Pharmaceuticals, Inc. (a) | 13,475 | 4,076,322 |
| Neurocrine Biosciences, Inc. (a) | 51,895 | 6,654,496 |
| Summit Therapeutics, Inc. (a)(b) | 88,939 | 2,345,321 |
| Vaxcyte, Inc. (a) | 36,076 | 1,224,780 |
| Viking Therapeutics, Inc. (a)(b) | 27,021 | 880,074 |
| Xenon Pharmaceuticals, Inc. (a) | 55,994 | 1,710,057 |
| 47,254,084 | ||
| Broadline Retail 1.2% | ||
| Etsy, Inc. (a) | 70,537 | 4,110,191 |
| Building Products 3.6% | ||
| Builders FirstSource, Inc. (a) | 42,485 | 5,401,118 |
| CSW Industrials, Inc. | 5,015 | 1,301,292 |
| Lennox International, Inc. | 9,374 | 5,708,766 |
| 12,411,176 | ||
| Capital Markets 4.6% | ||
| Houlihan Lokey, Inc. | 28,566 | 5,446,394 |
| Piper Sandler Cos. | 8,595 | 2,710,175 |
| Stifel Financial Corp. | 68,292 | 7,793,483 |
| 15,950,052 | ||
| Chemicals 1.0% | ||
| Avient Corp. | 64,704 | 2,042,705 |
| Shares | Value | |
| Common Stocks | ||
| Chemicals | ||
| Cabot Corp. | 17,508 | $ 1,263,728 |
| 3,306,433 | ||
| Construction & Engineering 3.4% | ||
| Comfort Systems USA, Inc. | 6,317 | 4,442,746 |
| EMCOR Group, Inc. | 11,462 | 7,192,290 |
| 11,635,036 | ||
| Consumer Staples Distribution & Retail 0.7% | ||
| Sprouts Farmers Market, Inc. (a) | 15,958 | 2,418,275 |
| Diversified Consumer Services 3.4% | ||
| Bright Horizons Family Solutions, Inc. (a) | 33,971 | 3,842,120 |
| Frontdoor, Inc. (a) | 79,528 | 4,652,388 |
| Stride, Inc. (a) | 25,125 | 3,221,779 |
| 11,716,287 | ||
| Electrical Equipment 1.8% | ||
| Hubbell, Inc. | 14,350 | 6,277,838 |
| Financial Services 2.9% | ||
| Equitable Holdings, Inc. | 62,331 | 3,200,697 |
| Payoneer Global, Inc. (a) | 174,562 | 1,146,872 |
| Toast, Inc., Class A (a) | 117,714 | 5,749,152 |
| 10,096,721 | ||
| Ground Transportation 0.5% | ||
| Knight-Swift Transportation Holdings, Inc. | 44,061 | 1,872,593 |
| Health Care Equipment & Supplies 0.8% | ||
| Globus Medical, Inc., Class A (a) | 32,331 | 1,701,581 |
| PROCEPT BioRobotics Corp. (a) | 22,093 | 1,071,731 |
| 2,773,312 | ||
| Health Care Providers & Services 1.3% | ||
| Molina Healthcare, Inc. (a) | 15,415 | 2,433,566 |
| Option Care Health, Inc. (a) | 67,660 | 1,985,821 |
| 4,419,387 | ||
| Hotels, Restaurants & Leisure 6.1% | ||
| Expedia Group, Inc. | 33,715 | 6,076,117 |
| Hyatt Hotels Corp., Class A | 29,248 | 4,123,091 |
| Planet Fitness, Inc., Class A (a) | 35,675 | 3,895,353 |
| Wingstop, Inc. | 19,003 | 7,170,592 |
| 21,265,153 | ||
| Household Durables 1.5% | ||
| TopBuild Corp. (a) | 13,698 | 5,074,150 |
| Shares | Value | |
| Common Stocks | ||
| Insurance 0.9% | ||
| Baldwin Insurance Group, Inc. (The) (a)(b) | 83,278 | $ 3,067,962 |
| IT Services 3.2% | ||
| EPAM Systems, Inc. (a) | 19,996 | 3,153,569 |
| GoDaddy, Inc., Class A (a) | 23,811 | 3,847,382 |
| MongoDB, Inc. (a) | 16,425 | 3,907,343 |
| 10,908,294 | ||
| Machinery 4.4% | ||
| Lincoln Electric Holdings, Inc. | 25,320 | 6,165,420 |
| Mueller Industries, Inc. | 49,597 | 4,234,096 |
| Nordson Corp. | 22,245 | 4,765,101 |
| 15,164,617 | ||
| Oil, Gas & Consumable Fuels 1.9% | ||
| EQT Corp. | 120,822 | 6,494,182 |
| Professional Services 0.4% | ||
| Upwork, Inc. (a) | 110,586 | 1,322,609 |
| Semiconductors & Semiconductor Equipment 4.7% | ||
| Entegris, Inc. | 71,937 | 5,644,177 |
| Lattice Semiconductor Corp. (a) | 83,738 | 4,172,664 |
| MACOM Technology Solutions Holdings, Inc. (a) | 30,935 | 4,242,426 |
| Power Integrations, Inc. | 48,819 | 2,368,698 |
| 16,427,965 | ||
| Software 19.5% | ||
| Appfolio, Inc., Class A (a) | 18,014 | 4,816,583 |
| Confluent, Inc., Class A (a) | 104,805 | 1,857,669 |
| CyberArk Software Ltd. (a) | 13,935 | 5,733,834 |
| Docusign, Inc. (a) | 61,097 | 4,621,377 |
| Dolby Laboratories, Inc., Class A | 68,836 | 5,186,104 |
| Elastic NV (a) | 35,627 | 2,981,980 |
| Gitlab, Inc., Class A (a) | 119,931 | 5,254,177 |
| JFrog Ltd. (a) | 177,346 | 7,698,590 |
| Klaviyo, Inc., Class A (a) | 129,654 | 4,032,239 |
| Monday.com Ltd. (a) | 14,226 | 3,731,338 |
| Pegasystems, Inc. | 87,195 | 5,119,218 |
| Procore Technologies, Inc. (a) | 72,106 | 5,164,953 |
| Rubrik, Inc., Class A (a) | 39,710 | 3,770,465 |
| Tyler Technologies, Inc. (a) | 12,616 | 7,374,809 |
| 67,343,336 | ||
| Specialty Retail 4.9% | ||
| Boot Barn Holdings, Inc. (a) | 22,932 | 3,942,011 |
| Chewy, Inc., Class A (a) | 166,069 | 6,094,732 |
| Murphy USA, Inc. | 11,043 | 4,002,867 |
| Shares | Value | ||
| Common Stocks | |||
| Specialty Retail | |||
| National Vision Holdings, Inc. (a) | 117,761 | $ 2,856,882 | |
| 16,896,492 | |||
| Textiles, Apparel & Luxury Goods 1.0% | |||
| On Holding AG, Class A (a) | 74,370 | 3,612,151 | |
| Trading Companies & Distributors 1.5% | |||
| Applied Industrial Technologies, Inc. | 19,044 | 5,170,446 | |
| Total Common Stocks (Cost $307,671,396) | 344,065,778 | ||
| Short-Term Investments 1.3% | |||
| Affiliated Investment Company 0.6% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (c) | 1,912,412 | 1,912,412 | |
| Unaffiliated Investment Companies 0.7% | |||
| Dreyfus Treasury Obligations Cash Management Fund, 4.313% (c)(d) | 1,000,000 | 1,000,000 | |
| Invesco Government & Agency Portfolio, 4.342% (c)(d) | 1,509,973 | 1,509,973 | |
| 2,509,973 | |||
| Total Short-Term Investments (Cost $4,422,385) | 4,422,385 | ||
| Total Investments (Cost $312,093,781) | 100.9% | 348,488,163 | |
| Other Assets, Less Liabilities | (0.9) | (3,068,161) | |
| Net Assets | 100.0% | $ 345,420,002 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $5,006,977; the total market value of collateral held by the Fund was $5,165,324. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,655,351. The Fund received cash collateral with a value of $2,509,973. |
| (c) | Current yield as of July 31, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 6,715 | $ 94,745 | $ (99,548) | $ — | $ — | $ 1,912 | $ 177 | $ — | 1,912 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 344,065,778 | $ — | $ — | $ 344,065,778 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 1,912,412 | — | — | 1,912,412 | |||
| Unaffiliated Investment Companies | 2,509,973 | — | — | 2,509,973 | |||
| Total Short-Term Investments | 4,422,385 | — | — | 4,422,385 | |||
| Total Investments in Securities | $ 348,488,163 | $ — | $ — | $ 348,488,163 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 98.9% | ||
| Asset-Backed Securities 2.9% | ||
| Other Asset-Backed Securities 2.9% | ||
| 720 East CLO IV Ltd. (a)(b) | ||
| Series 2024-1A, Class B | ||
| 6.318% (3 Month SOFR + 2.00%), due 4/15/37 | $ 787,500 | $ 789,388 |
| Series 2024-1A, Class D | ||
| 8.168% (3 Month SOFR + 3.85%), due 4/15/37 | 1,250,000 | 1,258,869 |
| 720 East CLO VI Ltd. (a)(b) | ||
| Series 2024-3A, Class B | ||
| 5.975% (3 Month SOFR + 1.65%), due 1/20/38 | 694,433 | 696,107 |
| Series 2024-3A, Class D2 | ||
| 8.425% (3 Month SOFR + 4.10%), due 1/20/38 | 1,250,000 | 1,255,396 |
| AIMCO CLO 16 Ltd. | ||
| Series 2021-16A, Class D2R | ||
| 8.522% (3 Month SOFR + 4.20%), due 7/17/37 (a)(b) | 4,000,000 | 4,015,864 |
| AIMCO CLO 20 Ltd. (a)(b) | ||
| Series 2023-20A, Class B1 | ||
| 6.518% (3 Month SOFR + 2.20%), due 10/16/36 | 1,500,000 | 1,502,844 |
| Series 2023-20A, Class D | ||
| 8.318% (3 Month SOFR + 4.00%), due 10/16/36 | 1,276,785 | 1,282,326 |
| Ballyrock CLO 23 Ltd. | ||
| Series 2023-23A, Class C1R | ||
| 8.068% (3 Month SOFR + 3.75%), due 4/25/38 (a)(b) | 2,000,000 | 2,042,200 |
| Elmwood CLO 35 Ltd. (a)(b) | ||
| Series 2024-11A, Class B | ||
| 5.979% (3 Month SOFR + 1.65%), due 10/18/37 | 1,000,000 | 1,003,549 |
| Series 2024-11A, Class D2 | ||
| 8.329% (3 Month SOFR + 4.00%), due 10/18/37 | 600,000 | 602,971 |
| Empower CLO Ltd. (a)(b) | ||
| Series 2022-1A, Class BR | ||
| 6.075% (3 Month SOFR + 1.75%), due 10/20/37 | 1,250,000 | 1,250,861 |
| Series 2023-2A, Class B | ||
| 7.068% (3 Month SOFR + 2.75%), due 7/15/36 | 1,250,000 | 1,254,401 |
| Series 2022-1A, Class D1R | ||
| 7.325% (3 Month SOFR + 3.00%), due 10/20/37 | 1,250,000 | 1,252,426 |
| Series 2023-2A, Class D | ||
| 9.718% (3 Month SOFR + 5.40%), due 7/15/36 | 1,250,000 | 1,257,273 |
| Galaxy 32 CLO Ltd. (a)(b) | ||
| Series 2023-32A, Class B | ||
| 6.625% (3 Month SOFR + 2.30%), due 10/20/36 | 1,500,000 | 1,502,924 |
| Series 2023-32A, Class D | ||
| 8.625% (3 Month SOFR + 4.30%), due 10/20/36 | 1,500,000 | 1,510,166 |
| Magnetite XXXI Ltd. (a)(b) | ||
| Series 2021-31A, Class B | ||
| 6.229% (3 Month SOFR + 1.912%), due 7/15/34 | 2,500,000 | 2,503,705 |
| Series 2021-31A, Class E | ||
| 10.579% (3 Month SOFR + 6.262%), due 7/15/34 | 2,500,000 | 2,514,777 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| OHA Credit Funding 16 Ltd. (a)(b) | ||
| Series 2023-16A, Class B | ||
| 6.575% (3 Month SOFR + 2.25%), due 10/20/36 | $ 1,500,000 | $ 1,503,491 |
| Series 2023-16A, Class D | ||
| 8.325% (3 Month SOFR + 4.00%), due 10/20/36 | 1,500,000 | 1,506,686 |
| Palmer Square CLO Ltd. (a)(b) | ||
| Series 2024-1A, Class B | ||
| 6.318% (3 Month SOFR + 2.00%), due 4/15/37 | 1,250,000 | 1,254,573 |
| Series 2022-2A, Class D1R | ||
| 7.325% (3 Month SOFR + 3.00%), due 7/20/37 | 1,875,000 | 1,882,461 |
| Series 2024-1A, Class D | ||
| 7.718% (3 Month SOFR + 3.40%), due 4/15/37 | 1,250,000 | 1,256,441 |
| Series 2022-2A, Class D2R | ||
| 8.525% (3 Month SOFR + 4.20%), due 7/20/37 | 1,875,000 | 1,883,475 |
| Rockland Park CLO Ltd. (a)(b) | ||
| Series 2021-1A, Class B | ||
| 6.237% (3 Month SOFR + 1.912%), due 4/20/34 | 2,500,000 | 2,500,000 |
| Series 2021-1A, Class E | ||
| 10.837% (3 Month SOFR + 6.512%), due 4/20/34 | 2,500,000 | 2,500,000 |
| Sixth Street CLO 27 Ltd. (a)(b) | ||
| Series 2024-27A, Class B | ||
| 5.972% (3 Month SOFR + 1.65%), due 1/17/38 | 1,875,000 | 1,879,931 |
| Series 2024-27A, Class D2 | ||
| 8.322% (3 Month SOFR + 4.00%), due 1/17/38 | 1,875,000 | 1,879,198 |
| Total Asset-Backed Securities (Cost $45,358,718) | 45,542,303 | |
| Corporate Bonds 10.0% | ||
| Aerospace & Defense 0.1% | ||
| Spirit AeroSystems, Inc. | ||
| 9.375%, due 11/30/29 (a) | 250,000 | 264,160 |
| TransDigm, Inc. | ||
| 7.125%, due 12/1/31 (a) | 1,000,000 | 1,041,246 |
| 1,305,406 | ||
| Airlines 0.4% | ||
| JetBlue Airways Corp. | ||
| 9.875%, due 9/20/31 (a) | 2,800,000 | 2,707,180 |
| United Airlines, Inc. | ||
| 4.375%, due 4/15/26 (a) | 800,000 | 795,247 |
| VistaJet Malta Finance plc | ||
| 9.50%, due 6/1/28 (a) | 2,000,000 | 2,049,998 |
| 5,552,425 | ||
| Auto Manufacturers 0.3% | ||
| Ford Motor Co. | ||
| 6.10%, due 8/19/32 | 1,900,000 | 1,903,145 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers | ||
| Ford Motor Credit Co. LLC | ||
| 7.35%, due 11/4/27 | $ 2,000,000 | $ 2,071,820 |
| 3,974,965 | ||
| Auto Parts & Equipment 0.4% | ||
| Adient Global Holdings Ltd. (a) | ||
| 7.50%, due 2/15/33 | 2,600,000 | 2,651,379 |
| 8.25%, due 4/15/31 | 1,000,000 | 1,045,283 |
| American Axle & Manufacturing, Inc. | ||
| 6.875%, due 7/1/28 | 2,000,000 | 1,992,330 |
| 5,688,992 | ||
| Building Materials 0.6% | ||
| CP Atlas Buyer, Inc. | ||
| 9.75%, due 7/15/30 (a) | 2,700,000 | 2,724,246 |
| JELD-WEN, Inc. | ||
| 4.875%, due 12/15/27 (a) | 780,000 | 739,969 |
| Masterbrand, Inc. | ||
| 7.00%, due 7/15/32 (a) | 1,000,000 | 1,016,239 |
| Quikrete Holdings, Inc. | ||
| 6.75%, due 3/1/33 (a) | 1,500,000 | 1,538,436 |
| Wilsonart LLC | ||
| 11.00%, due 8/15/32 (a) | 3,000,000 | 2,760,714 |
| 8,779,604 | ||
| Chemicals 0.9% | ||
| ASP Unifrax Holdings, Inc. | ||
| 7.10% (5.85% Cash and 1.25% PIK), due 9/30/29 (a)(c) | 552,647 | 285,381 |
| Celanese US Holdings LLC | ||
| 6.75%, due 4/15/33 | 2,900,000 | 2,924,902 |
| INEOS Finance plc | ||
| 7.50%, due 4/15/29 (a) | 1,250,000 | 1,240,785 |
| INEOS Quattro Finance 2 plc | ||
| 9.625%, due 3/15/29 (a) | 1,330,000 | 1,354,233 |
| NOVA Chemicals Corp. | ||
| 7.00%, due 12/1/31 (a) | 1,950,000 | 2,035,610 |
| Olympus Water US Holding Corp. (a) | ||
| 7.25%, due 6/15/31 | 1,640,000 | 1,674,850 |
| 9.75%, due 11/15/28 | 3,500,000 | 3,669,137 |
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (a) | 660,000 | 656,346 |
| WR Grace Holdings LLC | ||
| 5.625%, due 8/15/29 (a) | 700,000 | 645,347 |
| 14,486,591 | ||
| Commercial Services 0.9% | ||
| Allied Universal Holdco LLC | ||
| 7.875%, due 2/15/31 (a) | 1,190,000 | 1,247,878 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Commercial Services | ||
| Avis Budget Car Rental LLC (a) | ||
| 8.00%, due 2/15/31 | $ 2,500,000 | $ 2,552,825 |
| 8.25%, due 1/15/30 | 2,000,000 | 2,058,070 |
| Champions Financing, Inc. | ||
| 8.75%, due 2/15/29 (a) | 3,150,000 | 2,916,628 |
| Clarivate Science Holdings Corp. (a) | ||
| 3.875%, due 7/1/28 | 700,000 | 669,117 |
| 4.875%, due 7/1/29 | 700,000 | 655,580 |
| Prime Security Services Borrower LLC | ||
| 6.25%, due 1/15/28 (a) | 1,000,000 | 999,928 |
| Sotheby's | ||
| 7.375%, due 10/15/27 (a) | 1,500,000 | 1,469,768 |
| WEX, Inc. | ||
| 6.50%, due 3/15/33 (a) | 1,600,000 | 1,620,525 |
| 14,190,319 | ||
| Computers 0.0% ‡ | ||
| Amentum Holdings, Inc. | ||
| 7.25%, due 8/1/32 (a) | 510,000 | 527,581 |
| Distribution & Wholesale 0.1% | ||
| Velocity Vehicle Group LLC | ||
| 8.00%, due 6/1/29 (a) | 1,170,000 | 1,183,826 |
| Diversified Financial Services 0.8% | ||
| Azorra Finance Ltd. | ||
| 7.75%, due 4/15/30 (a) | 1,250,000 | 1,301,898 |
| Focus Financial Partners LLC | ||
| 6.75%, due 9/15/31 (a) | 2,000,000 | 2,043,828 |
| GGAM Finance Ltd. (a) | ||
| 6.875%, due 4/15/29 | 840,000 | 865,378 |
| 7.75%, due 5/15/26 | 1,625,000 | 1,635,855 |
| 8.00%, due 2/15/27 | 1,250,000 | 1,287,180 |
| Jane Street Group | ||
| 7.125%, due 4/30/31 (a) | 3,500,000 | 3,614,889 |
| TrueNoord Capital DAC | ||
| 8.75%, due 3/1/30 (a) | 2,300,000 | 2,385,408 |
| 13,134,436 | ||
| Electric 0.3% | ||
| Lightning Power LLC | ||
| 7.25%, due 8/15/32 (a) | 980,000 | 1,024,559 |
| Vistra Operations Co. LLC | ||
| 5.00%, due 7/31/27 (a) | 1,500,000 | 1,491,963 |
| XPLR Infrastructure Operating Partners LP | ||
| 8.625%, due 3/15/33 (a) | 1,450,000 | 1,535,802 |
| 4,052,324 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Engineering & Construction 0.1% | ||
| Brand Industrial Services, Inc. | ||
| 10.375%, due 8/1/30 (a) | $ 1,500,000 | $ 1,361,479 |
| Entertainment 0.2% | ||
| Great Canadian Gaming Corp. | ||
| 8.75%, due 11/15/29 (a) | 1,400,000 | 1,370,745 |
| Light & Wonder International, Inc. | ||
| 7.00%, due 5/15/28 (a) | 1,350,000 | 1,351,424 |
| 2,722,169 | ||
| Environmental Control 0.1% | ||
| GFL Environmental, Inc. | ||
| 4.75%, due 6/15/29 (a) | 1,000,000 | 977,731 |
| Food 0.0% ‡ | ||
| Post Holdings, Inc. | ||
| 5.50%, due 12/15/29 (a) | 240,000 | 237,920 |
| US Foods, Inc. | ||
| 7.25%, due 1/15/32 (a) | 500,000 | 520,931 |
| 758,851 | ||
| Forest Products & Paper 0.1% | ||
| Magnera Corp. | ||
| 7.25%, due 11/15/31 (a) | 2,250,000 | 2,117,812 |
| Healthcare-Products 0.0% ‡ | ||
| Medline Borrower LP | ||
| 5.25%, due 10/1/29 (a) | 470,000 | 460,817 |
| Healthcare-Services 0.4% | ||
| Concentra Health Services, Inc. | ||
| 6.875%, due 7/15/32 (a) | 1,500,000 | 1,541,235 |
| Fortrea Holdings, Inc. | ||
| 7.50%, due 7/1/30 (a) | 840,000 | 768,009 |
| LifePoint Health, Inc. (a) | ||
| 8.375%, due 2/15/32 | 1,250,000 | 1,329,868 |
| 10.00%, due 6/1/32 | 2,000,000 | 2,076,268 |
| 5,715,380 | ||
| Housewares 0.2% | ||
| Newell Brands, Inc. | ||
| 8.50%, due 6/1/28 (a) | 2,500,000 | 2,619,684 |
| Insurance 0.3% | ||
| Acrisure LLC | ||
| 8.25%, due 2/1/29 (a) | 1,110,000 | 1,148,679 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Insurance | ||
| Panther Escrow Issuer LLC | ||
| 7.125%, due 6/1/31 (a) | $ 4,000,000 | $ 4,136,390 |
| 5,285,069 | ||
| Internet 0.1% | ||
| Gen Digital, Inc. | ||
| 6.75%, due 9/30/27 (a) | 1,320,000 | 1,341,687 |
| Iron & Steel 0.0% ‡ | ||
| Carpenter Technology Corp. | ||
| 6.375%, due 7/15/28 | 630,000 | 632,411 |
| Machinery-Diversified 0.1% | ||
| GrafTech Finance, Inc. | ||
| 4.625%, due 12/23/29 (a) | 430,000 | 305,438 |
| GrafTech Global Enterprises, Inc. | ||
| 9.875%, due 12/23/29 (a) | 2,100,000 | 1,848,063 |
| 2,153,501 | ||
| Media 0.7% | ||
| Gray Media, Inc. | ||
| 10.50%, due 7/15/29 (a) | 1,940,000 | 2,099,467 |
| Radiate Holdco LLC | ||
| 4.50%, due 9/15/26 (a) | 730,000 | 664,300 |
| Univision Communications, Inc. (a) | ||
| 8.00%, due 8/15/28 | 4,456,000 | 4,577,725 |
| 8.50%, due 7/31/31 | 3,250,000 | 3,300,602 |
| 10,642,094 | ||
| Mining 0.1% | ||
| Novelis Corp. | ||
| 6.875%, due 1/30/30 (a) | 1,300,000 | 1,339,580 |
| Oil & Gas 0.3% | ||
| Civitas Resources, Inc. | ||
| 8.625%, due 11/1/30 (a) | 2,270,000 | 2,315,933 |
| SM Energy Co. (a) | ||
| 6.75%, due 8/1/29 | 1,350,000 | 1,351,067 |
| 7.00%, due 8/1/32 | 1,350,000 | 1,336,799 |
| 5,003,799 | ||
| Oil & Gas Services 0.1% | ||
| Star Holding LLC | ||
| 8.75%, due 8/1/31 (a) | 990,000 | 970,125 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Packaging & Containers 0.5% | ||
| Ardagh Metal Packaging Finance USA LLC | ||
| 4.00%, due 9/1/29 (a) | $ 600,000 | $ 546,509 |
| Clydesdale Acquisition Holdings, Inc. | ||
| 8.75%, due 4/15/30 (a) | 900,000 | 918,520 |
| LABL, Inc. | ||
| 8.625%, due 10/1/31 (a) | 3,000,000 | 2,491,816 |
| Mauser Packaging Solutions Holding Co. | ||
| 7.875%, due 4/15/27 (a) | 1,500,000 | 1,513,089 |
| Trident TPI Holdings, Inc. | ||
| 12.75%, due 12/31/28 (a) | 1,180,000 | 1,262,357 |
| Trivium Packaging Finance BV | ||
| 8.25%, due 7/15/30 (a) | 1,500,000 | 1,579,560 |
| 8,311,851 | ||
| Pharmaceuticals 0.2% | ||
| 1261229 BC Ltd. | ||
| 10.00%, due 4/15/32 (a) | 750,000 | 763,567 |
| Endo Finance Holdings, Inc. | ||
| 8.50%, due 4/15/31 (a) | 1,737,000 | 1,847,876 |
| Organon & Co. | ||
| 5.125%, due 4/30/31 (a) | 1,400,000 | 1,211,162 |
| 3,822,605 | ||
| Pipelines 0.1% | ||
| Global Partners LP | ||
| 8.25%, due 1/15/32 (a) | 1,000,000 | 1,048,510 |
| NGL Energy Operating LLC | ||
| 8.125%, due 2/15/29 (a) | 1,000,000 | 989,578 |
| 2,038,088 | ||
| Real Estate 0.1% | ||
| Anywhere Real Estate Group LLC | ||
| 5.75%, due 1/15/29 (a) | 1,670,000 | 1,486,650 |
| Real Estate Investment Trusts 0.3% | ||
| MPT Operating Partnership LP | ||
| 8.50%, due 2/15/32 (a) | 2,470,000 | 2,567,330 |
| RHP Hotel Properties LP | ||
| 4.75%, due 10/15/27 | 300,000 | 296,769 |
| 7.25%, due 7/15/28 (a) | 1,100,000 | 1,134,360 |
| 3,998,459 | ||
| Retail 0.3% | ||
| Global Auto Holdings Ltd. | ||
| 8.375%, due 1/15/29 (a) | 2,500,000 | 2,326,238 |
| LBM Acquisition LLC | ||
| 6.25%, due 1/15/29 (a) | 2,000,000 | 1,755,000 |
| 4,081,238 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Software 0.4% | ||
| Central Parent LLC | ||
| 8.00%, due 6/15/29 (a) | $ 1,500,000 | $ 1,272,465 |
| Cloud Software Group, Inc. | ||
| 8.25%, due 6/30/32 (a) | 1,670,000 | 1,778,268 |
| Rocket Software, Inc. | ||
| 9.00%, due 11/28/28 (a) | 3,500,000 | 3,611,839 |
| 6,662,572 | ||
| Telecommunications 0.3% | ||
| CommScope LLC | ||
| 9.50%, due 12/15/31 (a) | 1,474,000 | 1,552,218 |
| Zegona Finance plc | ||
| 8.625%, due 7/15/29 (a) | 3,000,000 | 3,193,500 |
| 4,745,718 | ||
| Transportation 0.1% | ||
| Stonepeak Nile Parent LLC | ||
| 7.25%, due 3/15/32 (a) | 1,670,000 | 1,754,073 |
| Trucking & Leasing 0.1% | ||
| FTAI Aviation Investors LLC | ||
| 7.00%, due 6/15/32 (a) | 1,150,000 | 1,190,953 |
| Total Corporate Bonds (Cost $154,384,775) | 155,070,865 | |
| Loan Assignments 86.0% | ||
| Aerospace & Defense 2.6% | ||
| AAdvantage Loyalty IP Ltd. | ||
| First Lien 2025 Incremental Term Loan | ||
| 7.575% (3 Month SOFR + 3.25%), due 5/28/32 (b) | 2,793,000 | 2,807,663 |
| Arcline FM Holdings LLC | ||
| First Lien 2025 New Term Loan | ||
| 7.578% (6 Month SOFR + 3.50%), due 6/24/30 (b) | 4,737,301 | 4,763,948 |
| Asplundh Tree Expert LLC | ||
| First Lien 2021 Refinancing Term Loan | ||
| 6.206% (1 Month SOFR + 1.75%), due 9/6/27 (b) | 3,573,820 | 3,579,777 |
| Chromalloy Corp. | ||
| First Lien Term Loan | ||
| 8.042% (3 Month SOFR + 3.75%), due 3/27/31 (b) | 5,217,462 | 5,230,506 |
| Cobham Ultra SeniorCo SARL | ||
| First Lien USD Facility Term Loan B | ||
| 8.177% (6 Month SOFR + 3.50%), due 8/3/29 (b) | 3,302,784 | 3,305,261 |
| Dynasty Acquisition Co., Inc. (b) | ||
| First Lien Initial Term Loan B1 | ||
| 6.356% (1 Month SOFR + 2.00%), due 10/31/31 | 744,850 | 746,479 |
| First Lien Initial Term Loan B2 | ||
| 6.356% (1 Month SOFR + 2.00%), due 10/31/31 | 283,315 | 283,935 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Aerospace & Defense | ||
| Engineering Research and Consulting LLC | ||
| First Lien Term Loan B | ||
| 9.285% (6 Month SOFR + 5.00%), due 8/15/31 (b) | $ 2,388,000 | $ 2,340,240 |
| Goat Holdco LLC | ||
| First Lien Term Loan B | ||
| 7.356% (1 Month SOFR + 3.00%), due 1/27/32 (b) | 4,325,000 | 4,328,088 |
| Kaman Corp. (b) | ||
| First Lien Delayed Term Loan | ||
| 7.078% (3 Month SOFR + 2.75%), due 2/26/32 | 16,552 | 16,557 |
| First Lien Initial Term Loan | ||
| 7.083% (3 Month SOFR + 2.75%), due 2/26/32 | 1,827,587 | 1,828,157 |
| SkyMiles IP Ltd. | ||
| First Lien Initial Term Loan | ||
| 8.075% (3 Month SOFR + 3.75%), due 10/20/27 (b) | 1,466,545 | 1,471,357 |
| TransDigm, Inc. (b) | ||
| First Lien Tranche Term Loan L | ||
| 6.796% (3 Month SOFR + 2.50%), due 1/19/32 | 992,500 | 995,416 |
| First Lien Facility Tranche Term Loan I | ||
| 7.046% (3 Month SOFR + 2.75%), due 8/24/28 | 4,928,622 | 4,945,429 |
| First Lien Tranche Term Loan K | ||
| 7.046% (3 Month SOFR + 2.75%), due 3/22/30 | 3,308,328 | 3,319,990 |
| 39,962,803 | ||
| Animal Food 0.3% | ||
| Alltech, Inc. | ||
| First Lien Term Loan B2 | ||
| 8.721% (1 Month SOFR + 4.25%), due 8/13/30 (b) | 4,424,102 | 4,435,163 |
| Automobile 2.8% | ||
| American Auto Auction Group LLC | ||
| First Lien Refinancing Term Loan | ||
| 8.83% (3 Month SOFR + 4.50%), due 5/28/32 (b) | 5,791,310 | 5,831,126 |
| Autokiniton US Holdings, Inc. | ||
| First Lien Term Loan B | ||
| 8.471% (1 Month SOFR + 4.00%), due 4/6/28 (b) | 3,972,948 | 3,833,895 |
| Clarios Global LP (b) | ||
| First Lien 2024 Dollar Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 5/6/30 | 6,380,437 | 6,380,437 |
| First Lien Amendment No. 6 Dollar Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/28/32 | 4,500,000 | 4,501,877 |
| First Brands Group LLC (b) | ||
| First Lien 2021 Term Loan | ||
| 9.57% (3 Month SOFR + 5.00%), due 3/30/27 | 1,309,402 | 1,277,757 |
| First Lien 2022-II Incremental Term Loan | ||
| 9.57% (3 Month SOFR + 5.00%), due 3/30/27 | 4,157,488 | 4,057,014 |
| Gates Corp. | ||
| First Lien Initial Dollar Term Loan B5 | ||
| 6.106% (1 Month SOFR + 1.75%), due 6/4/31 (b) | 6,451,250 | 6,440,496 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Automobile | ||
| Mavis Tire Express Services Topco Corp. | ||
| First Lien 2025 Incremental Term Loan | ||
| 7.333% (3 Month SOFR + 3.00%), due 5/4/28 (b) | $ 5,243,780 | $ 5,249,396 |
| Wand NewCo 3, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 1/30/31 (b) | 6,141,708 | 6,129,645 |
| 43,701,643 | ||
| Banking 0.6% | ||
| Edelman Financial Engines Center LLC (The) | ||
| First Lien Initial Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 4/7/28 (b) | 5,513,022 | 5,519,053 |
| Jane Street Group LLC | ||
| First Lien Extended Term Loan | ||
| 6.333% (3 Month SOFR + 2.00%), due 12/15/31 (b) | 3,489,583 | 3,473,591 |
| 8,992,644 | ||
| Beverage, Food & Tobacco 1.8% | ||
| CHG PPC Parent LLC | ||
| First Lien 2021-1 US Term Loan | ||
| 7.471% (1 Month SOFR + 3.00%), due 12/8/28 (b) | 4,174,413 | 4,177,022 |
| Clover Holdings 2 LLC | ||
| First Lien Initial Floating Rate Term Loan | ||
| 8.057% (3 Month SOFR + 4.00%), due 12/9/31 (b) | 3,022,727 | 3,019,892 |
| Froneri International Ltd. (b) | ||
| First Lien Facility Term Loan B4 | ||
| 6.197% (6 Month SOFR + 2.00%), due 9/30/31 | 2,879,645 | 2,853,098 |
| First Lien Term Loan | ||
| 6.594% (1 Year SOFR + 2.50%), due 7/16/32 | 4,500,000 | 4,483,827 |
| Naked Juice LLC (b) | ||
| First Lien Third Out Term Loan | ||
| 5.396% (5.00% PIK) (3 Month SOFR + 1.00%), due 1/24/30 (c) | 308,776 | 138,949 |
| First Lien Second Out Term Loan | ||
| 7.646% (3 Month SOFR + 3.25%), due 1/24/29 | 305,039 | 229,542 |
| First Lien First Out Term Loan | ||
| 9.796% (3 Month SOFR + 5.50%), due 1/24/29 | 1,057,931 | 1,052,642 |
| Pegasus Bidco BV | ||
| First Lien 2024-2 Dollar Term Loan | ||
| 7.576% (3 Month SOFR + 3.25%), due 7/12/29 (b) | 4,290,905 | 4,292,694 |
| Primo Brands Corp. | ||
| First Lien 2025 Refinancing Term Loan | ||
| 6.546% (3 Month SOFR + 2.25%), due 3/31/28 (b) | 4,726,678 | 4,736,523 |
| Sazerac Co., Inc. | ||
| First Lien Incremental Term Loan B1 | ||
| 6.84% (1 Month SOFR + 2.50%), due 6/25/32 (b) | 2,500,000 | 2,507,500 |
| 27,491,689 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Broadcasting & Entertainment 1.5% | ||
| Creative Artists Agency LLC | ||
| First Lien Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 10/1/31 (b) | $ 6,707,779 | $ 6,713,366 |
| Altice France SA | ||
| First Lien Term Loan B14 | ||
| 9.818% (3 Month SOFR + 5.50%), due 8/15/28 (b) | 3,522,591 | 3,276,010 |
| Charter Communications Operating LLC | ||
| First Lien Term Loan B5 | ||
| 6.541% (3 Month SOFR + 2.25%), due 12/15/31 (b) | 3,990,000 | 3,985,635 |
| CMG Media Corp. | ||
| First Lien Facility Term Loan | ||
| 7.896% (3 Month SOFR + 3.50%), due 6/18/29 (b) | 2,538,262 | 2,476,920 |
| Gray Media, Inc. | ||
| First Lien Term Loan D | ||
| 7.443% (1 Month SOFR + 3.00%), due 12/1/28 (b) | 1,231,349 | 1,227,392 |
| Univision Communications, Inc. (b) | ||
| First Lien Initial Term Loan | ||
| 7.721% (1 Month SOFR + 3.25%), due 1/31/29 | 4,358,478 | 4,325,789 |
| First Lien 2022 Incremental Term Loan | ||
| 8.546% (3 Month SOFR + 4.25%), due 6/25/29 | 909,375 | 910,512 |
| 22,915,624 | ||
| Buildings & Real Estate 1.5% | ||
| LSF12 Crown US Commercial Bidco LLC | ||
| First Lien 2025 Refinancing Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 12/2/31 (b) | 4,050,000 | 4,077,844 |
| AllSpring Buyer LLC | ||
| First Lien 2024 Specified Refinancing Term Loan | ||
| 7.313% (3 Month SOFR + 3.00%), due 11/1/30 (b) | 3,618,705 | 3,627,751 |
| Core & Main LP | ||
| First Lien Tranche Term Loan D | ||
| 6.27% (6 Month SOFR + 2.00%), due 7/27/28 (b) | 4,532,831 | 4,532,831 |
| Cornerstone Building Brands, Inc. | ||
| First Lien New Term Loan B | ||
| 7.692% (1 Month SOFR + 3.25%), due 4/12/28 (b) | 4,321,105 | 3,936,526 |
| WEC US Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.579% (1 Month SOFR + 2.25%), due 1/27/31 (b) | 2,929,210 | 2,930,432 |
| Wilsonart LLC | ||
| First Lien Initial Term Loan | ||
| 8.546% (3 Month SOFR + 4.25%), due 8/5/31 (b) | 3,470,019 | 3,378,931 |
| 22,484,315 | ||
| Capital Equipment 0.9% | ||
| AZZ, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 5/14/29 (b) | 1,338,077 | 1,339,582 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Capital Equipment | ||
| CPM Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.829% (1 Month SOFR + 4.50%), due 9/28/28 (b) | $ 1,965,050 | $ 1,928,206 |
| Crosby US Acquisition Corp. | ||
| First Lien Amendment No. 4 Replacement Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 8/16/29 (b) | 2,375,267 | 2,384,599 |
| Discovery Energy Holding Corp. | ||
| First Lien Initial Dollar Term Loan | ||
| 8.046% (3 Month SOFR + 3.75%), due 5/1/31 (b) | 5,258,833 | 5,281,840 |
| EMRLD Borrower LP | ||
| First Lien Second Amendment Incremental Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 8/4/31 (b) | 1,989,975 | 1,989,975 |
| MIWD Holdco II LLC | ||
| First Lien 2024 Incremental Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 3/28/31 (b) | 1,620,000 | 1,620,760 |
| 14,544,962 | ||
| Cargo Transport 0.2% | ||
| Stonepeak Nile Parent LLC | ||
| First Lien Initial Term Loan | ||
| 7.079% (3 Month SOFR + 2.75%), due 4/9/32 (b) | 2,678,571 | 2,683,594 |
| Chemicals, Plastics & Rubber 6.3% | ||
| Aruba Investments Holdings LLC (b) | ||
| First Lien Initial Dollar Term Loan | ||
| 8.456% (1 Month SOFR + 4.00%), due 11/24/27 | 1,262,147 | 1,211,661 |
| First Lien 2022 Incremental Term Loan | ||
| 9.106% (1 Month SOFR + 4.75%), due 11/24/27 (d)(e) | 1,462,500 | 1,404,000 |
| Bakelite US Holdco, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.046% (3 Month SOFR + 3.75%), due 12/23/31 (b) | 3,975,012 | 3,953,897 |
| Clydesdale Acquisition Holdings, Inc. (b) | ||
| First Lien Term Loan B | ||
| 7.531% (1 Month SOFR + 3.175%), due 4/13/29 | 4,054,416 | 4,052,725 |
| First Lien 2025 Incremental Closing Date Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 4/1/32 | 4,009,897 | 4,006,276 |
| First Lien 2025 Incremental Delayed Commitment Draw Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 4/1/32 | 2,103 | 2,101 |
| Fortis 333, Inc. | ||
| First Lien Dollar Term Loan B | ||
| 7.796% (3 Month SOFR + 3.50%), due 3/29/32 (b) | 6,600,001 | 6,538,126 |
| Glatfelter Corp. | ||
| First Lien Term Loan | ||
| 8.583% (3 Month SOFR + 4.25%), due 11/4/31 (b) | 4,149,150 | 4,116,737 |
| INEOS US Finance LLC | ||
| First Lien 2030 Dollar Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 2/18/30 (b) | 3,307,043 | 3,081,062 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals, Plastics & Rubber | ||
| INEOS US Petrochem LLC | ||
| First Lien New Term Loan B1 | ||
| 8.706% (1 Month SOFR + 4.25%), due 4/2/29 (b) | $ 3,436,401 | $ 3,161,489 |
| Innophos Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.721% (1 Month SOFR + 4.25%), due 3/16/29 (b) | 6,718,055 | 6,732,755 |
| Jazz Financing Lux SARL | ||
| First Lien Dollar Tranche Term Loan B2 | ||
| 6.606% (1 Month SOFR + 2.25%), due 5/5/28 (b) | 3,638,697 | 3,650,319 |
| Koppers, Inc. | ||
| First Lien 2023 Term Loan B2 | ||
| 6.85% (1 Month SOFR + 2.50%), due 4/10/30 (b) | 4,410,645 | 4,425,809 |
| Lonza Group AG | ||
| First Lien USD Facility Term Loan B | ||
| 8.321% (3 Month SOFR + 3.925%), due 7/3/28 (b) | 3,269,946 | 2,905,347 |
| Nouryon Finance BV (b) | ||
| First Lien November 2024 Dollar Term Loan B1 | ||
| 7.51% (3 Month SOFR + 3.25%), due 4/3/28 | 6,191,906 | 6,188,036 |
| First Lien November 2024 Dollar Term Loan B2 | ||
| 7.55% (3 Month SOFR + 3.25%), due 4/3/28 | 1,231,336 | 1,231,336 |
| Olympus Water US Holding Corp. (b) | ||
| First Lien Dollar Term Loan B6 | ||
| 7.296% (3 Month SOFR + 3.00%), due 6/23/31 | 2,942,770 | 2,931,208 |
| First Lien Term Loan B | ||
| 7.568% (1 Year SOFR + 3.25%), due 7/23/32 | 1,000,000 | 996,000 |
| OQ Chemicals International Holding GmbH | ||
| First Lien Tranche Term Loan B2 | ||
| 8.636% (3 Month SOFR + 4.25%), due 4/8/31 (b) | 3,496,067 | 3,286,303 |
| Pasadena Performance Products LLC | ||
| First Lien Term Loan B | ||
| 7.796% (3 Month SOFR + 3.50%), due 3/1/32 (b) | 1,995,000 | 2,008,716 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 7.28% - 7.324% | ||
| (3 Month SOFR + 3.00%), due 1/31/29 (b) | 7,631,323 | 7,638,741 |
| Sparta US HoldCo LLC | ||
| First Lien Term Loan | ||
| 7.322% (1 Month SOFR + 3.00%), due 8/2/30 (b) | 2,026,500 | 1,997,369 |
| TricorBraun Holdings, Inc. | ||
| First Lien Closing Date Initial Term Loan | ||
| 7.721% (1 Month SOFR + 3.25%), due 3/3/28 (b) | 5,716,982 | 5,714,838 |
| Tronox Finance LLC | ||
| First Lien 2024 Term Loan B2 | ||
| 6.549% (3 Month SOFR + 2.25%), due 4/4/29 (b) | 3,518,914 | 3,219,806 |
| Vibrantz Technologies, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.728% (3 Month SOFR + 4.25%), due 4/23/29 (b) | 5,835,000 | 4,903,483 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals, Plastics & Rubber | ||
| Windsor Holdings III LLC | ||
| First Lien 2025 Refinancing Term Loan B | ||
| 7.103% (1 Month SOFR + 2.75%), due 8/1/30 (b) | $ 4,915,524 | $ 4,900,163 |
| WR Grace Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 7.546% (3 Month SOFR + 3.25%), due 9/22/28 (b) | 3,377,500 | 3,376,091 |
| 97,634,394 | ||
| Commercial Services 0.4% | ||
| Champions Financing, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.08% (3 Month SOFR + 4.75%), due 2/6/29 (b) | 1,984,963 | 1,824,512 |
| Prime Security Services Borrower LLC | ||
| First Lien 2024-1 Refinancing Term Loan B1 | ||
| 6.129% (6 Month SOFR + 2.00%), due 10/15/30 (b) | 4,950,156 | 4,949,270 |
| 6,773,782 | ||
| Construction & Buildings 0.2% | ||
| QXO Building Products, Inc. | ||
| First Lien Term Loan B | ||
| 7.296% (3 Month SOFR + 3.00%), due 4/30/32 (b) | 1,322,222 | 1,333,626 |
| Star Holding LLC | ||
| First Lien Term Loan B | ||
| 8.856% (1 Month SOFR + 4.50%), due 7/18/31 (b) | 1,389,500 | 1,365,184 |
| 2,698,810 | ||
| Consumer Durables 0.1% | ||
| SWF Holdings I Corp. (b) | ||
| First Lien Initial Tranche Term Loan A2 | ||
| 8.471% (1 Month SOFR + 4.00%), due 10/6/28 | 1,024,626 | 783,839 |
| First Lien Tranche Term Loan A1 | ||
| 8.856% (1 Month SOFR + 4.50%), due 12/19/29 | 642,857 | 641,250 |
| 1,425,089 | ||
| Containers, Packaging & Glass 1.7% | ||
| Alliance Laundry Systems LLC | ||
| First Lien Initial Term Loan B | ||
| 6.858% (1 Month SOFR + 2.50%), due 8/19/31 (b) | 2,571,429 | 2,570,511 |
| Altium Packaging LLC | ||
| First Lien 2024 Refinancing Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 6/11/31 (b) | 712,483 | 710,108 |
| Charter Next Generation, Inc. | ||
| First Lien 2024 Replacement Term Loan | ||
| 7.086% (1 Month SOFR + 2.75%), due 11/29/30 (b) | 5,896,134 | 5,905,963 |
| Graham Packaging Co., Inc. | ||
| First Lien Initial Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 8/4/27 (b) | 3,726,843 | 3,731,114 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Containers, Packaging & Glass | ||
| Mauser Packaging Solutions Holding Co. | ||
| First Lien Initial Facility Term Loan | ||
| 7.322% (1 Month SOFR + 3.00%), due 4/15/27 (b) | $ 179,208 | $ 179,152 |
| ProAmpac PG Borrower LLC | ||
| First Lien 2024 Term Loan B 8.318% - 8.324% | ||
| (3 Month SOFR + 4.00%), due 9/15/28 (b) | 4,611,709 | 4,624,677 |
| RLG Holdings LLC | ||
| First Lien Closing Date Initial Term Loan | ||
| 8.721% (1 Month SOFR + 4.25%), due 7/7/28 (b) | 4,825,000 | 4,131,406 |
| Trident TPI Holdings, Inc. | ||
| First Lien Tranche Term Loan B7 | ||
| 8.046% (3 Month SOFR + 3.75%), due 9/15/28 (b) | 5,002,679 | 4,892,620 |
| 26,745,551 | ||
| Diversified/Conglomerate Manufacturing 1.9% | ||
| Allied Universal Holdco LLC | ||
| First Lien Initial US Dollar Term Loan | ||
| 8.206% (1 Month SOFR + 3.75%), due 5/12/28 (b) | 10,805,780 | 10,824,020 |
| Filtration Group Corp. | ||
| First Lien 2025 Incremental Dollar Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 10/23/28 (b) | 5,624,518 | 5,630,542 |
| GYP Holdings III Corp. | ||
| First Lien Term Loan B | ||
| 6.606% (1 Month SOFR + 2.25%), due 5/13/30 (b) | 560,820 | 559,418 |
| Iron Mountain, Inc. | ||
| First Lien Amendment No. 1 Incremental Term Loan | ||
| 6.356% (1 Month SOFR + 2.00%), due 1/31/31 (b) | 1,635,591 | 1,634,056 |
| LTI Holdings, Inc. | ||
| First Lien 2024 Term Loan | ||
| 8.606% (1 Month SOFR + 4.25%), due 7/29/29 (b) | 3,573,000 | 3,575,233 |
| Quikrete Holdings, Inc. (b) | ||
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 4/14/31 | 2,890,305 | 2,887,898 |
| First Lien Term Loan B3 | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/10/32 | 3,990,000 | 3,986,122 |
| 29,097,289 | ||
| Diversified/Conglomerate Service 1.6% | ||
| Applied Systems, Inc. | ||
| First Lien Term Loan B | ||
| 6.796% (3 Month SOFR + 2.50%), due 2/24/31 (b) | 5,383,577 | 5,385,822 |
| Blackhawk Network Holdings, Inc. | ||
| First Lien Term Loan B2 | ||
| 8.356% (1 Month SOFR + 4.00%), due 3/12/29 (b) | 4,950,125 | 4,967,802 |
| Genesys Cloud Services, Inc. | ||
| First Lien 2025 Dollar Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 1/30/32 (b) | 7,960,000 | 7,948,060 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Diversified/Conglomerate Service | ||
| MKS, Inc. | ||
| First Lien 2025-1 Dollar Term Loan B | ||
| 6.353% (1 Month SOFR + 2.00%), due 8/17/29 (b) | $ 2,226,149 | $ 2,221,512 |
| TruGreen LP | ||
| First Lien Term Loan B | ||
| 8.456% (1 Month SOFR + 4.00%), due 11/2/27 (b) | 5,214,365 | 5,012,308 |
| 25,535,504 | ||
| Ecological 0.5% | ||
| Discovery Purchaser Corp. | ||
| First Lien Term Loan | ||
| 8.082% (3 Month SOFR + 3.75%), due 10/4/29 (b) | 3,491,250 | 3,486,886 |
| GFL Environmental Services, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.824% (3 Month SOFR + 2.50%), due 3/3/32 (b) | 4,200,000 | 4,200,000 |
| 7,686,886 | ||
| Electronics 5.6% | ||
| Camelot US Acquisition LLC (b) | ||
| First Lien Incremental Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/31/31 | 3,687,730 | 3,683,120 |
| First Lien Incremental Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 1/31/31 | 1,500,000 | 1,505,625 |
| Castle U.S. Holding Corp. (b) | ||
| First Lien Second Out Dollar Term Loan B1 | ||
| 8.842% (3 Month SOFR + 4.25%), due 5/31/30 | 151,278 | 83,392 |
| First Lien Second Out Dollar Term Loan B2 | ||
| 9.092% (3 Month SOFR + 4.50%), due 5/31/30 | 2,360,485 | 1,292,366 |
| First Lien Initial First Out Dollar Term Loan | ||
| 10.33% (1.00% PIK) (3 Month SOFR + 6.00%), due 4/29/30 (c) | 976,447 | 982,550 |
| CommScope, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.606% (1 Month SOFR + 5.25%), due 12/18/29 (b) | 6,059,368 | 6,146,472 |
| CoreLogic, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.971% (1 Month SOFR + 3.50%), due 6/2/28 (b) | 7,292,249 | 7,260,345 |
| Eagle Parent Corp. | ||
| First Lien Initial Term Loan | ||
| 8.546% (3 Month SOFR + 4.25%), due 4/2/29 (b) | 2,731,445 | 2,721,202 |
| Epicor Software Corp. | ||
| First Lien Term Loan E | ||
| 7.106% (1 Month SOFR + 2.75%), due 5/30/31 (b) | 7,208,165 | 7,220,556 |
| Flexera Software LLC | ||
| First Lien Term Loan B3 | ||
| 7.31% (3 Month SOFR + 3.00%), due 3/3/28 (b) | 4,637,362 | 4,630,406 |
| Gainwell Acquisition Corp. | ||
| First Lien Term Loan B | ||
| 8.396% (3 Month SOFR + 4.00%), due 10/1/27 (b) | 2,053,736 | 2,017,796 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| ION Trading Finance Ltd. | ||
| First Lien 2024 Dollar Term Loan B | ||
| 7.796% (3 Month SOFR + 3.50%), due 4/3/28 (b) | $ 2,764,285 | $ 2,760,830 |
| MH Sub I LLC (b) | ||
| First Lien Term Loan | ||
| 8.606% (1 Month SOFR + 4.25%), due 5/3/28 | 6,080,425 | 5,780,964 |
| First Lien 2024 December New Term Loan | ||
| 8.606% (1 Month SOFR + 4.25%), due 12/31/31 | 4,436,952 | 3,944,450 |
| Project Alpha Intermediate Holding, Inc. (b) | ||
| First Lien Second Amendment Refinancing Term Loan | ||
| 7.546% (3 Month SOFR + 3.25%), due 10/28/30 | 6,418,994 | 6,429,020 |
| Second Lien Initial Term Loan | ||
| 9.296% (3 Month SOFR + 5.00%), due 5/9/33 | 1,000,000 | 998,125 |
| Proofpoint, Inc. (b) | ||
| First Lien Term Loan | ||
| 6.785% (1 Year SOFR + 3.00%), due 8/31/28 | 2,000,000 | 2,002,500 |
| First Lien Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 8/31/28 | 9,366,322 | 9,378,030 |
| Rocket Software, Inc. | ||
| First Lien Term Loan | ||
| 8.106% (1 Month SOFR + 3.75%), due 11/28/28 (b) | 5,081,351 | 5,089,288 |
| Sharp Services LLC | ||
| First Lien Term Loan B | ||
| 7.546% (3 Month SOFR + 3.25%), due 1/2/29 (b) | 5,032,691 | 5,057,854 |
| SS&C Technologies, Inc. | ||
| First Lien Term Loan B8 | ||
| 6.356% (1 Month SOFR + 2.00%), due 5/9/31 (b) | 3,615,901 | 3,626,297 |
| Vertiv Group Corp. | ||
| First Lien Amendment No. 5 Term Loan B3 | ||
| 6.101% (1 Month SOFR + 1.75%), due 3/2/27 (b) | 3,707,271 | 3,704,375 |
| 86,315,563 | ||
| Energy (Electricity) 0.8% | ||
| Cogentrix Finance Holdco I LLC | ||
| First Lien Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 2/13/32 (b) | 3,740,625 | 3,740,625 |
| Lightning Power LLC | ||
| First Lien Initial Term Loan B | ||
| 6.546% (3 Month SOFR + 2.25%), due 8/18/31 (b) | 3,471,263 | 3,470,721 |
| Reworld Holding Corp. (b) | ||
| First Lien Term Loan B | ||
| 6.59% (1 Month SOFR + 2.25%), due 11/30/28 | 4,895,101 | 4,901,220 |
| First Lien Term Loan C | ||
| 6.59% (1 Month SOFR + 2.25%), due 11/30/28 | 377,966 | 378,438 |
| 12,491,004 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Entertainment 1.6% | ||
| Alterra Mountain Co. | ||
| First Lien Commitment Term Loan B8 | ||
| 6.853% (1 Month SOFR + 2.50%), due 5/31/30 (b) | $ 3,479,057 | $ 3,479,057 |
| Alterra Mountain Co. | ||
| First Lien Term Loan B9 | ||
| 6.853% (1 Month SOFR + 2.50%), due 8/17/28 (b) | 3,769,438 | 3,774,150 |
| Delta 2 (Lux) SARL (b) | ||
| First Lien Incremental Term Loan | ||
| 6.291% (3 Month SOFR + 2.00%), due 9/30/31 | 666,666 | 666,666 |
| First Lien Term Loan B | ||
| 6.296% (3 Month SOFR + 2.00%), due 9/30/31 | 1,333,333 | 1,333,333 |
| Endeavor Operating Co. LLC | ||
| First Lien Term Loan B | ||
| 7.356% (1 Month SOFR + 3.00%), due 3/24/32 (b) | 4,000,000 | 3,995,000 |
| Fertitta Entertainment LLC | ||
| First Lien Initial Term Loan B | ||
| 7.577% (1 Month SOFR + 3.25%), due 1/29/29 (b) | 4,863,216 | 4,865,039 |
| Great Canadian Gaming Corp. | ||
| First Lien Term Loan B | ||
| 9.074% (3 Month SOFR + 4.75%), due 11/1/29 (b) | 1,550,274 | 1,511,517 |
| J&J Ventures Gaming LLC | ||
| First Lien 2025 Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 4/26/30 (b) | 5,288,450 | 5,235,566 |
| 24,860,328 | ||
| Finance 7.8% | ||
| AAdvantage Loyalty IP Ltd. | ||
| First Lien Term Loan | ||
| 6.575% (3 Month SOFR + 2.25%), due 4/20/28 (b) | 3,221,925 | 3,212,143 |
| ADMI Corp. (b) | ||
| First Lien Amendment No. 4 Refinancing Term Loan | ||
| 7.846% (1 Month SOFR + 3.375%), due 12/23/27 | 909,254 | 847,879 |
| First Lien Amendment No. 5 Term Loan | ||
| 8.221% (1 Month SOFR + 3.75%), due 12/23/27 | 3,609,375 | 3,374,766 |
| AlixPartners LLP | ||
| First Lien Initial Dollar Term Loan | ||
| 6.971% (1 Month SOFR + 2.50%), due 2/4/28 (b) | 2,308,023 | 2,308,023 |
| Ascensus Holdings, Inc. | ||
| First Lien 2024 Term Loan B | ||
| 7.356% (1 Month SOFR + 3.00%), due 8/2/28 (b) | 6,796,408 | 6,790,747 |
| Azorra SOAR Finance Ltd. | ||
| First Lien Initial Term Loan | ||
| 7.818% (3 Month SOFR + 3.50%), due 10/18/29 (b) | 2,977,500 | 2,977,500 |
| Belron Finance 2019 LLC | ||
| First Lien 2031 Dollar Incremental Term Loan | ||
| 6.742% (3 Month SOFR + 2.50%), due 10/16/31 (b) | 6,107,692 | 6,121,056 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| Boost Newco Borrower LLC | ||
| First Lien Term Loan B2 | ||
| 6.296% (3 Month SOFR + 2.00%), due 1/31/31 (b) | $ 4,975,031 | $ 4,976,897 |
| Boxer Parent Co., Inc. | ||
| First Lien 2031 Replacement Dollar Term Loan | ||
| 7.333% (3 Month SOFR + 3.00%), due 7/30/31 (b) | 6,304,884 | 6,301,927 |
| Covia Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 7.548% (3 Month SOFR + 3.25%), due 2/13/32 (b) | 2,700,000 | 2,706,750 |
| Deerfield Dakota Holding LLC | ||
| First Lien Initial Dollar Term Loan | ||
| 8.046% (3 Month SOFR + 3.75%), due 4/9/27 (b) | 5,200,612 | 5,144,273 |
| Focus Financial Partners LLC | ||
| First Lien Incremental Tranche Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 9/15/31 (b) | 1,393,000 | 1,393,000 |
| GC Ferry Acquisition I, Inc. | ||
| First Lien Term Loan | ||
| 7.566% (1 Year SOFR + 3.50%), due 6/2/32 (b) | 3,000,000 | 2,955,000 |
| GTCR Everest Borrower LLC | ||
| First Lien Term Loan B | ||
| 7.064% (1 Year SOFR + 2.75%), due 9/5/31 (b) | 1,146,250 | 1,146,366 |
| LBM Acquisition LLC | ||
| First Lien Amendment No. 3 Incremental Term Loan | ||
| 8.19% (1 Month SOFR + 3.75%), due 6/6/31 (b) | 5,568,106 | 5,195,739 |
| Leia Finco US LLC | ||
| First Lien Initial Term Loan | ||
| 7.57% (3 Month SOFR + 3.25%), due 10/9/31 (b) | 1,795,500 | 1,798,867 |
| LSF11 Trinity Bidco, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.349% (1 Month SOFR + 3.00%), due 6/14/30 (b) | 5,622,530 | 5,622,530 |
| MX Holdings US, Inc. | ||
| First Lien Senior USD Facility Term Loan B | ||
| 6.577% (1 Month SOFR + 2.25%), due 3/17/32 (b) | 2,057,143 | 2,064,857 |
| Newfold Digital Holdings Group, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.942% (1 Month SOFR + 3.50%), due 2/10/28 (b) | 5,517,041 | 2,813,691 |
| Onex TSG Intermediate Corp. | ||
| First Lien Initial Term Loan | ||
| 9.344% (3 Month SOFR + 4.75%), due 2/28/28 (b) | 2,860,408 | 2,862,196 |
| Orbit Private Holdings I Ltd. | ||
| First Lien 2024 Refinancing Term Loan | ||
| 7.916% (6 Month SOFR + 3.75%), due 12/11/28 (b) | 4,994,819 | 5,022,914 |
| Osaic Holdings, Inc. | ||
| First Lien Term Loan | ||
| 7.384% (1 Year SOFR + 3.50%), due 7/19/32 (b) | 6,000,000 | 6,000,000 |
| Park River Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.802% (3 Month SOFR + 3.25%), due 12/28/27 (b) | 4,448,552 | 4,372,290 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| Peraton Corp. | ||
| First Lien Term Loan B | ||
| 8.206% (1 Month SOFR + 3.75%), due 2/1/28 (b) | $ 5,869,800 | $ 5,215,317 |
| Pluto Acquisition I, Inc. (b) | ||
| First Lien Tranche Term Loan B | ||
| 8.299% (3 Month SOFR + 4.00%), due 9/20/28 | 2,681,852 | 2,266,165 |
| First Lien Term Loan A | ||
| 9.821% (3 Month SOFR + 5.50%), due 6/20/28 | 1,860,294 | 1,878,897 |
| RealPage, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.557% (3 Month SOFR + 3.00%), due 4/24/28 (b) | 5,417,265 | 5,408,804 |
| RealTruck Group, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.221% (1 Month SOFR + 3.75%), due 1/31/28 (b) | 3,783,829 | 3,481,123 |
| Russell Investments US Institutional Holdco, Inc. | ||
| First Lien 2027 Commitment Term Loan | ||
| 9.308% (1.50% PIK) (3 Month SOFR + 5.00%), due 5/28/27 (b)(c) | 5,640,513 | 5,433,457 |
| Spa Holdings 3 Oy | ||
| First Lien USD Facility Term Loan B | ||
| 8.307% (3 Month SOFR + 3.75%), due 2/4/28 (b) | 3,066,686 | 3,070,520 |
| WCG Intermediate Corp. | ||
| First Lien 2025 Refinancing Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 2/25/32 (b) | 6,500,000 | 6,497,972 |
| WIN Waste Innovations Holdings, Inc. | ||
| First Lien New Term Loan B | ||
| 7.221% (1 Month SOFR + 2.75%), due 3/24/28 (b) | 2,198,608 | 2,194,760 |
| 121,456,426 | ||
| Healthcare 1.9% | ||
| AHP Health Partners, Inc. | ||
| First Lien 2024 Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 8/24/28 (b) | 1,727,778 | 1,729,217 |
| Chariot Buyer LLC (b) | ||
| First Lien Term Loan B | ||
| 7.319% (1 Year SOFR + 3.00%), due 7/22/32 | 500,000 | 499,896 |
| First Lien Initial Term Loan | ||
| 7.706% (1 Month SOFR + 3.25%), due 11/3/28 | 6,951,311 | 6,953,480 |
| ICU Medical, Inc. | ||
| First Lien Tranche Term Loan B | ||
| 6.946% (3 Month SOFR + 2.50%), due 1/8/29 (b) | 4,058,677 | 4,058,677 |
| LSCS Holdings, Inc. | ||
| First Lien Term Loan | ||
| 8.796% (3 Month SOFR + 4.50%), due 2/20/32 (b) | 4,644,360 | 4,632,749 |
| Medical Solutions Holdings, Inc. | ||
| First Lien Term Loan | ||
| 7.908% (3 Month SOFR + 3.50%), due 11/1/28 (b) | 1,992,070 | 1,078,208 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare | ||
| Medline Borrower LP | ||
| First Lien Dollar Incremental Term Loan | ||
| 6.577% (1 Month SOFR + 2.25%), due 10/23/28 (b) | $ 9,360,864 | $ 9,360,864 |
| US Anesthesia Partners, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.687% (1 Month SOFR + 4.25%), due 10/2/28 (b) | 1,866,369 | 1,845,955 |
| 30,159,046 | ||
| Healthcare & Pharmaceuticals 1.7% | ||
| Paradigm Parent LLC | ||
| First Lien Initial Term Loan | ||
| 8.822% (3 Month SOFR + 4.50%), due 4/16/32 (b) | 1,500,000 | 1,364,532 |
| 1261229 BC Ltd. | ||
| First Lien Initial Term Loan | ||
| 10.606% (1 Month SOFR + 6.25%), due 10/8/30 (b) | 3,500,000 | 3,423,438 |
| Bausch + Lomb Corp. | ||
| First Lien Third Amendment Term Loan | ||
| 8.606% (1 Month SOFR + 4.25%), due 1/15/31 (b) | 3,684,587 | 3,696,867 |
| Concentra Health Services, Inc. | ||
| First Lien Tranche Term Loan B1 | ||
| 6.356% (1 Month SOFR + 2.00%), due 7/28/31 (b) | 932,818 | 936,317 |
| Embecta Corp. | ||
| First Lien Initial Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 3/30/29 (b) | 4,074,313 | 4,055,795 |
| Owens & Minor, Inc. | ||
| First Lien Initial Term Loan B1 | ||
| 8.206% (1 Month SOFR + 3.75%), due 3/29/29 (b) | 2,406,667 | 2,400,650 |
| Pediatric Associates Holding Co. LLC | ||
| First Lien Initial Term Loan | ||
| 7.82% (3 Month SOFR + 3.25%), due 12/29/28 (b) | 3,266,203 | 2,849,762 |
| Phoenix Newco, Inc. | ||
| First Lien Sixth Amendment Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 11/15/28 (b) | 5,562,334 | 5,568,419 |
| Physician Partners LLC (b)(c) | ||
| First Lien Initial Tranche Term Loan B1 | ||
| 5.946% (2.50% PIK) (3 Month SOFR + 1.50%), due 12/31/29 | 1,347,841 | 643,969 |
| First Lien Tranche Term Loan C | ||
| 9.946% (4.00% PIK) (3 Month SOFR + 5.50%), due 12/31/30 | 840,091 | 168,018 |
| Surgery Center Holdings, Inc. | ||
| First Lien 2024 Refinancing Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 12/19/30 (b) | 530,781 | 532,108 |
| 25,639,875 | ||
| Healthcare, Education & Childcare 3.0% | ||
| Agiliti Health, Inc. | ||
| First Lien Term Loan 7.216% - 7.291% | ||
| (3 Month SOFR + 3.00%, 6 Month SOFR + 3.00%), due 5/1/30 (b) | 4,760,312 | 4,611,553 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare, Education & Childcare | ||
| Amneal Pharmaceuticals LLC (b) | ||
| First Lien Term Loan B | ||
| 7.634% (1 Year SOFR + 3.75%), due 8/2/32 | $ 6,000,000 | $ 5,992,500 |
| First Lien Term Loan | ||
| 9.856% (1 Month SOFR + 5.50%), due 5/4/28 | 6,629,958 | 6,741,838 |
| AthenaHealth Group, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 2/15/29 (b) | 10,725,934 | 10,704,868 |
| Ecovyst Catalyst Technologies LLC | ||
| First Lien Second Amendment Term Loan | ||
| 6.308% (3 Month SOFR + 2.00%), due 6/12/31 (b) | 1,910,743 | 1,899,757 |
| Elanco Animal Health, Inc. | ||
| First Lien Term Loan | ||
| 6.179% (1 Month SOFR + 1.75%), due 8/2/27 (b) | 1,552,093 | 1,550,369 |
| Journey Personal Care Corp. | ||
| First Lien Term Loan B | ||
| 8.046% (3 Month SOFR + 3.75%), due 3/1/28 (b) | 4,813,471 | 4,717,201 |
| Mallinckrodt plc | ||
| First Lien Second Out Term Loan | ||
| 14.00% (1 Month SOFR + 9.50%), due 11/14/28 (b) | 552,988 | 568,541 |
| National Mentor Holdings, Inc. (b) | ||
| First Lien Initial Term Loan 8.146% - 8.195% | ||
| (1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | 2,103,935 | 2,047,392 |
| First Lien Initial Term Loan C | ||
| 8.146% (3 Month SOFR + 3.75%), due 3/2/28 | 79,651 | 77,510 |
| Organon & Co. | ||
| First Lien 2024 Refinancing Dollar Term Loan | ||
| 6.599% (1 Month SOFR + 2.25%), due 5/19/31 (b) | 4,353,831 | 4,197,820 |
| Petco Health & Wellness Co., Inc. | ||
| First Lien Initial Term Loan | ||
| 7.807% (3 Month SOFR + 3.25%), due 3/3/28 (b) | 1,534,215 | 1,434,969 |
| Select Medical Corp. | ||
| First Lien Tranche Term Loan B2 | ||
| 6.356% (1 Month SOFR + 2.00%), due 12/3/31 (b) | 415,560 | 414,522 |
| Sound Inpatient Physicians Holdings LLC (b)(c) | ||
| First Lien PIK Term Loan B | ||
| 8.057% (1.50% PIK) (3 Month SOFR + 3.50%), due 6/28/28 | 1,650,622 | 1,532,877 |
| First Lien Tranche Term Loan A | ||
| 10.057% (1.00% PIK) (3 Month SOFR + 5.50%), due 6/28/28 | 334,725 | 347,816 |
| 46,839,533 | ||
| High Tech Industries 3.6% | ||
| Altar Bidco, Inc. | ||
| First Lien Term Loan B | ||
| 7.078% (1 Year SOFR + 3.10%), due 2/1/29 (b) | 3,990,255 | 3,984,270 |
| Altera Corp. | ||
| First Lien Term Loan B | ||
| 7.066% (1 Year SOFR + 3.00%), due 6/18/32 (b) | 2,960,000 | 2,963,700 |
| Principal Amount | Value | |
| Loan Assignments | ||
| High Tech Industries | ||
| Central Parent LLC | ||
| First Lien 2024 Refinancing Term Loan | ||
| 7.546% (3 Month SOFR + 3.25%), due 7/6/29 (b) | $ 1,985,000 | $ 1,612,812 |
| Clearwater Analytics LLC | ||
| First Lien Initial Term Loan | ||
| 6.46% (6 Month SOFR + 2.25%), due 4/21/32 (b) | 4,000,000 | 4,002,500 |
| Hanesbrands, Inc. | ||
| First Lien Initial Trance Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 3/8/32 (b) | 4,036,071 | 4,041,116 |
| Javelin Buyer, Inc. | ||
| First Lien Term Loan | ||
| 7.333% (3 Month SOFR + 3.00%), due 12/5/31 (b) | 1,197,000 | 1,195,130 |
| KnowBe4, Inc. | ||
| First Lien Term Loan | ||
| 8.068% (3 Month SOFR + 3.75%), due 7/23/32 (b) | 2,916,667 | 2,916,667 |
| Modena Buyer LLC | ||
| First Lien Initial Term Loan | ||
| 8.808% (3 Month SOFR + 4.50%), due 7/1/31 (b) | 3,473,750 | 3,403,191 |
| NAB Holdings LLC | ||
| First Lien 2025 Refinancing Term Loan | ||
| 6.796% (3 Month SOFR + 2.50%), due 11/24/28 (b) | 121,982 | 120,518 |
| Neon Maple US Debt MergerSub, Inc. | ||
| First Lien Tranche Term Loan B1 | ||
| TBD, due 11/17/31 | 5,087,250 | 5,087,250 |
| Open Text Corp. | ||
| First Lien Term Loan B | ||
| 6.106% (1 Month SOFR + 1.75%), due 1/31/30 (b) | 1,617,746 | 1,617,562 |
| Plusgrade, Inc. | ||
| First Lien 2025 Replacement Initial Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 3/3/31 (b) | 3,362,079 | 3,315,850 |
| Sandisk Corp. | ||
| First Lien Term Loan B | ||
| 7.321% (3 Month SOFR + 3.00%), due 2/21/32 (b) | 7,125,000 | 7,098,281 |
| Scientific Games Holdings LP | ||
| First Lien 2024 Refinancing Dollar Term Loan | ||
| 7.286% (3 Month SOFR + 3.00%), due 4/4/29 (b) | 4,259,557 | 4,256,009 |
| Shift4 Payments LLC | ||
| First Lien Amendment No. 2 Term Loan | ||
| 7.048% (3 Month SOFR + 2.75%), due 6/30/32 (b) | 450,000 | 453,094 |
| Sophos Holdings LLC | ||
| First Lien Dollar Tranche Term Loan | ||
| 7.971% (1 Month SOFR + 3.50%), due 3/5/27 (b) | 3,948,295 | 3,955,442 |
| Star Parent, Inc. | ||
| First Lien Term Loan | ||
| 8.296% (3 Month SOFR + 4.00%), due 9/27/30 (b) | 4,443,750 | 4,393,758 |
| Principal Amount | Value | |
| Loan Assignments | ||
| High Tech Industries | ||
| Viavi Solutions, Inc. | ||
| First Lien Term Loan B | ||
| 6.325% (1 Year SOFR + 2.50%), due 6/11/32 (b) | $ 2,000,000 | $ 2,006,250 |
| 56,423,400 | ||
| Hotel, Gaming & Leisure 1.6% | ||
| Bingo Holdings I LLC | ||
| First Lien Term Loan | ||
| 9.046% (3 Month SOFR + 4.75%), due 6/11/32 (b) | 5,107,143 | 5,111,397 |
| Flutter Financing BV (b) | ||
| First Lien 2024 Refinancing Term Loan B | ||
| 6.046% (3 Month SOFR + 1.75%), due 12/2/30 | 2,955,000 | 2,935,299 |
| First Lien Third Amendment Term Loan B | ||
| 6.296% (3 Month SOFR + 2.00%), due 6/4/32 | 875,000 | 873,906 |
| Hilton Domestic Operating Co., Inc. | ||
| First Lien Term Loan B4 | ||
| 6.102% (1 Month SOFR + 1.75%), due 11/8/30 (b) | 1,720,157 | 1,722,006 |
| Ontario Gaming GTA LP | ||
| First Lien Term Loan B | ||
| 8.546% (3 Month SOFR + 4.25%), due 8/1/30 (b) | 2,294,555 | 2,274,478 |
| Tacala Investment Corp. | ||
| First Lien Amendment No. 2 Replacement Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 1/31/31 (b) | 4,575,010 | 4,597,885 |
| Voyager Parent LLC | ||
| First Lien Term Loan B | ||
| 9.041% (3 Month SOFR + 4.75%), due 7/1/32 (b) | 7,500,000 | 7,497,660 |
| 25,012,631 | ||
| Hotels, Motels, Inns & Gaming 3.0% | ||
| Aimbridge Acquisition Co., Inc. (b) | ||
| First Lien FLFO Term Loan | ||
| 9.958% (1 Month SOFR + 5.50%), due 3/11/30 | 511,178 | 508,622 |
| First Lien Second Out Term Loan | ||
| 11.958% (6.00% PIK) (1 Month SOFR + 7.614%), due 3/11/30 (c) | 521,911 | 516,692 |
| Caesars Entertainment, Inc. (b) | ||
| First Lien 2023 Incremental Term Loan B | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/6/30 | 1,716,750 | 1,715,677 |
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/6/31 | 2,073,750 | 2,071,805 |
| Entain plc (b) | ||
| First Lien USD Facility Term Loan B | ||
| 6.666% (6 Month SOFR + 2.50%), due 3/29/27 | 4,628,659 | 4,628,659 |
| First Lien Facility Term Loan B3 | ||
| 7.016% (6 Month SOFR + 2.75%), due 10/31/29 | 1,564,213 | 1,564,772 |
| Golden Entertainment, Inc. | ||
| First Lien Facility Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 5/27/30 (b) | 1,837,500 | 1,832,906 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Hotels, Motels, Inns & Gaming | ||
| Light & Wonder International, Inc. | ||
| First Lien Term Loan B2 | ||
| 6.593% (1 Month SOFR + 2.25%), due 4/16/29 (b) | $ 5,843,679 | $ 5,843,679 |
| Oceankey US II Corp. | ||
| First Lien Initial Term Loan | ||
| 7.956% (1 Month SOFR + 3.50%), due 12/15/28 (b) | 4,009,306 | 4,013,066 |
| Penn Entertainment, Inc. | ||
| First Lien Term Loan B | ||
| 6.856% (1 Month SOFR + 2.50%), due 5/3/29 (b) | 1,940,000 | 1,943,638 |
| Station Casinos LLC | ||
| First Lien Facility Term Loan B | ||
| 6.356% (1 Month SOFR + 2.00%), due 3/14/31 (b) | 4,440,038 | 4,443,736 |
| Travel + Leisure Co. | ||
| First Lien 2024 Incremental Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 12/14/29 (b) | 3,726,266 | 3,734,806 |
| UFC Holdings LLC | ||
| First Lien Term Loan B4 | ||
| 6.571% (3 Month SOFR + 2.25%), due 11/21/31 (b) | 7,338,125 | 7,355,737 |
| Whatabrands LLC | ||
| First Lien 2024-2 Refinancing Term Loan B | ||
| 6.856% (1 Month SOFR + 2.50%), due 8/3/28 (b) | 6,438,669 | 6,437,465 |
| 46,611,260 | ||
| Insurance 3.8% | ||
| Acrisure LLC (b) | ||
| First Lien Term Loan B6 | ||
| 7.356% (1 Month SOFR + 3.00%), due 11/6/30 | 3,275,291 | 3,269,150 |
| First Lien 2025 Refinancing Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 6/21/32 | 2,931,590 | 2,927,926 |
| Alera Group, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 5/31/32 (b) | 5,333,333 | 5,356,667 |
| Alliant Holdings Intermediate LLC | ||
| First Lien Initial Term Loan | ||
| 7.103% (1 Month SOFR + 2.75%), due 9/19/31 (b) | 3,172,105 | 3,170,319 |
| AssuredPartners, Inc. | ||
| First Lien 2024 Term Loan | ||
| 7.858% (1 Month SOFR + 3.50%), due 2/14/31 (b) | 6,912,500 | 6,923,608 |
| Asurion LLC (b) | ||
| First Lien New Term Loan B13 | ||
| 8.577% (1 Month SOFR + 4.25%), due 9/19/30 | 1,171,681 | 1,146,294 |
| First Lien New Term Loan B12 | ||
| 8.606% (1 Month SOFR + 4.25%), due 9/19/30 | 2,954,537 | 2,903,572 |
| First Lien New Term Loan B11 | ||
| 8.706% (1 Month SOFR + 4.25%), due 8/21/28 | 3,219,875 | 3,189,019 |
| Second Lien New Term Loan B3 | ||
| 9.721% (1 Month SOFR + 5.25%), due 1/31/28 | 2,200,000 | 2,110,350 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Insurance | ||
| Asurion LLC (b) | ||
| Second Lien New Term Loan B4 | ||
| 9.721% (1 Month SOFR + 5.25%), due 1/19/29 | $ 3,500,000 | $ 3,281,978 |
| BroadStreet Partners, Inc. | ||
| First Lien 2024 Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 6/16/31 (b) | 5,620,130 | 5,622,766 |
| Goosehead Insurance Holdings LLC | ||
| First Lien Term Loan B | ||
| 7.336% (1 Month SOFR + 3.00%), due 1/8/32 (b) | 1,496,250 | 1,496,250 |
| HUB International Ltd. | ||
| First Lien 2025 Incremental Term Loan | ||
| 6.825% (3 Month SOFR + 2.50%), due 6/20/30 (b) | 2,000,000 | 2,002,000 |
| Ryan Specialty LLC | ||
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 9/15/31 (b) | 1,877,118 | 1,872,425 |
| Sedgwick Claims Management Services, Inc. | ||
| First Lien 2024 Term Loan | ||
| 7.327% (1 Month SOFR + 3.00%), due 7/31/31 (b) | 6,092,663 | 6,097,738 |
| Trucordia Insurance Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 6/17/32 (b) | 4,000,000 | 3,995,000 |
| Truist Insurance Holdings LLC | ||
| First Lien Term Loan B | ||
| 7.046% (3 Month SOFR + 2.75%), due 5/6/31 (b) | 1,838,710 | 1,837,560 |
| USI, Inc. | ||
| First Lien 2024 Term Loan D | ||
| 6.546% (3 Month SOFR + 2.25%), due 11/21/29 (b) | 2,000,000 | 1,997,916 |
| 59,200,538 | ||
| Leisure, Amusement, Motion Pictures & Entertainment 0.6% | ||
| Bombardier Recreational Products, Inc. | ||
| First Lien 2024 Extended Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/22/31 (b) | 3,108,544 | 3,110,487 |
| Marriott Ownership Resorts, Inc. | ||
| First Lien 2024 Incremental Term Loan | ||
| 6.606% (1 Month SOFR + 2.25%), due 4/1/31 (b) | 2,881,327 | 2,883,728 |
| Tripadvisor, Inc. | ||
| First Lien Initial Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 7/8/31 (b) | 3,135,367 | 3,127,528 |
| 9,121,743 | ||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7% | ||
| Advanced Drainage Systems, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.704% (1 Month SOFR + 2.25%), due 7/31/26 (b) | 439,018 | 440,298 |
| Columbus McKinnon Corp. | ||
| First Lien Initial Term Loan | ||
| 6.796% (3 Month SOFR + 2.50%), due 5/15/28 (b) | 4,698,395 | 4,680,776 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) | ||
| Husky Injection Molding Systems Ltd. | ||
| First Lien Amendment No. 5 Refinancing Term Loan 8.666% - 8.796% | ||
| (3 Month SOFR + 4.50%, 6 Month SOFR + 4.50%), due 2/15/29 (b) | $ 5,324,089 | $ 5,317,434 |
| 10,438,508 | ||
| Manufacturing 1.7% | ||
| Chart Industries, Inc. | ||
| First Lien Amendment No. 7 Term Loan | ||
| 6.792% (3 Month SOFR + 2.50%), due 3/15/30 (b) | 2,646,399 | 2,650,811 |
| Coherent Corp. | ||
| First Lien Term Loan B2 | ||
| 6.356% (1 Month SOFR + 2.00%), due 7/2/29 (b) | 4,718,242 | 4,725,612 |
| FCG Acquisitions, Inc. | ||
| First Lien Amendment No. 11 Term Loan | ||
| 7.546% (3 Month SOFR + 3.25%), due 3/31/28 (b) | 4,064,311 | 4,064,310 |
| Madison IAQ LLC (b) | ||
| First Lien Initial Term Loan | ||
| 6.702% (6 Month SOFR + 2.50%), due 6/21/28 | 2,707,391 | 2,708,745 |
| First Lien 2025 Incremental Term Loan | ||
| 7.452% (6 Month SOFR + 3.25%), due 5/6/32 | 3,000,000 | 3,005,001 |
| Pro Mach Group, Inc. | ||
| First Lien Amendment No. 5 Refinancing Term Loan | ||
| 7.077% (1 Month SOFR + 2.75%), due 8/31/28 (b) | 6,763,603 | 6,779,301 |
| Rexnord LLC | ||
| First Lien Term Loan B | ||
| 6.471% (1 Month SOFR + 2.00%), due 10/4/28 (b) | 1,877,829 | 1,879,003 |
| 25,812,783 | ||
| Media 1.2% | ||
| Apple Bidco LLC | ||
| First Lien Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 9/23/31 (b) | 3,980,000 | 3,989,238 |
| Cogeco Financing 2 LP | ||
| First Lien Term Loan B | ||
| 6.971% (1 Month SOFR + 2.50%), due 9/1/28 (b) | 4,050,851 | 4,033,128 |
| Mission Broadcasting, Inc. | ||
| First Lien Term Loan B4 | ||
| 6.943% (1 Month SOFR + 2.50%), due 6/2/28 (b) | 1,344,000 | 1,340,079 |
| Radiate Holdco LLC | ||
| First Lien First Out Term Loan | ||
| 7.971% (1 Month SOFR + 5.00%), due 9/25/29 (b) | 3,218,167 | 2,782,373 |
| Sinclair Television Group, Inc. | ||
| First Lien Term Loan B7 | ||
| 8.556% (1 Month SOFR + 4.10%), due 12/31/30 (b) | 1,410,716 | 1,297,859 |
| Virgin Media Bristol LLC | ||
| First Lien Facility Term Loan Y | ||
| 7.373% (6 Month SOFR + 3.175%), due 3/31/31 (b) | 5,166,667 | 5,053,646 |
| 18,496,323 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Mining, Steel, Iron & Non-Precious Metals 1.0% | ||
| American Rock Salt Co. LLC (b) | ||
| First Lien Initial Term Loan | ||
| 8.594% (3 Month SOFR + 4.00%), due 6/9/28 | $ 3,353,742 | $ 2,540,459 |
| First Lien First Out Term Loan | ||
| 11.594% (3 Month SOFR + 7.00%), due 6/11/28 | 1,680,500 | 1,680,500 |
| Arsenal AIC Parent LLC | ||
| First Lien 2025 Refinancing Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 8/19/30 (b) | 2,526,717 | 2,527,771 |
| GrafTech Global Enterprises, Inc. | ||
| First Lien Initial Term Loan | ||
| 10.351% (1 Month SOFR + 6.00%), due 12/21/29 (b) | 3,196,845 | 3,260,783 |
| MRC Global (US), Inc. | ||
| First Lien Term Loan | ||
| 7.796% (3 Month SOFR + 3.50%), due 10/29/31 (b) | 1,795,500 | 1,786,522 |
| Zekelman Industries, Inc. | ||
| First Lien 2024 Term Loan | ||
| 6.578% (1 Month SOFR + 2.25%), due 1/24/31 (b) | 3,936,646 | 3,936,646 |
| 15,732,681 | ||
| Oil & Gas 2.0% | ||
| Compass Power Generation LLC | ||
| First Lien Tranche Term Loan B4 | ||
| 7.577% (1 Month SOFR + 3.25%), due 4/16/29 (b) | 1,886,083 | 1,891,977 |
| Element Materials Technology Group US Holdings, Inc. | ||
| First Lien Initial USD Term Loan B | ||
| 8.046% (3 Month SOFR + 3.75%), due 6/22/29 (b) | 2,730,000 | 2,732,274 |
| Fleet Midco I Ltd. | ||
| First Lien Term Loan B2 | ||
| 6.805% (6 Month SOFR + 2.50%), due 2/21/31 (b) | 6,351,173 | 6,359,112 |
| GIP Pilot Acquisition Partners LP | ||
| First Lien Initial Term Loan | ||
| 6.286% (3 Month SOFR + 2.00%), due 10/4/30 (b) | 1,351,218 | 1,349,529 |
| Hilcorp Energy I LP | ||
| First Lien Initial Term Loan | ||
| 6.343% (1 Month SOFR + 2.00%), due 2/6/30 (b) | 3,420,000 | 3,422,137 |
| NGL Energy Operating LLC | ||
| First Lien Initial Term Loan | ||
| 8.106% (1 Month SOFR + 3.75%), due 2/3/31 (b) | 790,000 | 787,531 |
| Oryx Midstream Services Permian Basin LLC | ||
| First Lien Initial Term Loan | ||
| 6.603% (1 Month SOFR + 2.25%), due 10/5/28 (b) | 3,823,727 | 3,829,302 |
| Prairie Acquiror LP | ||
| First Lien Term Loan B4 | ||
| 8.105% (1 Month SOFR + 3.75%), due 8/1/29 (b) | 3,201,531 | 3,217,539 |
| TransMontaigne Operating Co. LP | ||
| First Lien Tranche Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 11/17/28 (b) | 4,825,000 | 4,835,051 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Oil & Gas | ||
| Traverse Midstream Partners LLC | ||
| First Lien Advance Term Loan | ||
| 7.308% (3 Month SOFR + 3.00%), due 2/16/28 (b) | $ 2,890,791 | $ 2,894,405 |
| 31,318,857 | ||
| Packaging 0.6% | ||
| Berlin Packaging LLC | ||
| First Lien 2025 Replacement Term Loan 7.541% - 7.604% | ||
| (3 Month SOFR + 3.25%), due 6/9/31 (b) | 6,082,018 | 6,092,334 |
| LABL, Inc. | ||
| First Lien Term Loan B | ||
| 9.456% (1 Month SOFR + 5.00%), due 10/30/28 (b) | 3,101,644 | 2,801,172 |
| 8,893,506 | ||
| Personal & Nondurable Consumer Products 1.5% | ||
| ABG Intermediate Holdings 2 LLC (b) | ||
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 12/21/28 | 6,896,048 | 6,886,194 |
| First Lien 2025 Delayed Draw Term Loan | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/13/32 | 1,596,000 | 1,591,345 |
| Foundation Building Materials, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.791% (3 Month SOFR + 3.25%), due 1/31/28 (b) | 5,019,443 | 4,898,440 |
| First Lien Term Loan | ||
| 8.308%, due 1/29/31 | 3,558,341 | 3,429,351 |
| Hunter Douglas, Inc. | ||
| First Lien Tranche Term Loan B1 | ||
| 7.546% (3 Month SOFR + 3.25%), due 1/16/32 (b) | 3,384,566 | 3,378,924 |
| Leslie's Poolmart, Inc. | ||
| First Lien Term Loan B | ||
| 7.221% (1 Month SOFR + 2.75%), due 3/9/28 (b) | 1,978,814 | 945,192 |
| Perrigo Investments LLC | ||
| First Lien 2024 Refinancing Term Loan B | ||
| 6.356% (1 Month SOFR + 2.00%), due 4/20/29 (b) | 2,071,001 | 2,076,178 |
| 23,205,624 | ||
| Personal & Nondurable Consumer Products (Manufacturing Only) 0.8% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| First Lien Term Loan B | ||
| 6.106% (1 Month SOFR + 1.75%), due 1/31/31 (b) | 2,600,211 | 2,605,573 |
| SRAM LLC | ||
| First Lien Initial Term Loan | ||
| 6.356% (1 Month SOFR + 2.00%), due 2/27/32 (b) | 4,396,635 | 4,374,651 |
| Varsity Brands, Inc. | ||
| First Lien Term Loan B | ||
| 7.58% (3 Month SOFR + 3.25%), due 8/26/31 (b) | 5,386,500 | 5,398,286 |
| 12,378,510 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services 0.7% | ||
| Aramark Services, Inc. | ||
| First Lien Term Loan B7 | ||
| 6.356% (1 Month SOFR + 2.00%), due 4/6/28 (b) | $ 2,551,889 | $ 2,552,527 |
| IRB Holding Corp. | ||
| First Lien 2024 Second Replacement Term Loan B | ||
| 6.856% (1 Month SOFR + 2.50%), due 12/15/27 (b) | 6,551,281 | 6,547,592 |
| KFC Holding Co. | ||
| First Lien 2021 Term Loan B | ||
| 6.214% (1 Month SOFR + 1.75%), due 3/15/28 (b) | 2,122,859 | 2,132,811 |
| 11,232,930 | ||
| Pharmaceuticals 0.2% | ||
| Padagis LLC | ||
| First Lien Term Loan B | ||
| 9.29% (3 Month SOFR + 4.75%), due 7/6/28 (b) | 3,965,529 | 3,608,631 |
| Retail 0.4% | ||
| Great Outdoors Group LLC | ||
| First Lien Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 1/23/32 (b) | 5,940,067 | 5,937,097 |
| Retail Store 1.0% | ||
| Harbor Freight Tools USA, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.606% (1 Month SOFR + 2.25%), due 6/11/31 (b) | 3,402,519 | 3,326,908 |
| PetSmart LLC | ||
| First Lien Initial Term Loan | ||
| 8.206% (1 Month SOFR + 3.75%), due 2/11/28 (b) | 3,340,274 | 3,333,317 |
| White Cap Supply Holdings LLC | ||
| First Lien Facility Tranche Term Loan C | ||
| 7.577% (1 Month SOFR + 3.25%), due 10/19/29 (b) | 9,306,201 | 9,288,221 |
| 15,948,446 | ||
| Services: Business 4.9% | ||
| CHG Healthcare Services, Inc. | ||
| First Lien Amendment No. 7 Refinancing Term Loan 7.046% - 7.104% | ||
| (3 Month SOFR + 2.75%), due 9/29/28 (b) | 5,976,134 | 5,974,890 |
| Amentum Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.606% (1 Month SOFR + 2.25%), due 9/29/31 (b) | 3,212,788 | 3,192,709 |
| Beach Acquisition Bidco LLC | ||
| First Lien Term Loan B | ||
| 7.316% (1 Year SOFR + 3.25%), due 6/25/32 (b) | 4,400,000 | 4,425,665 |
| Brown Group Holding LLC (b) | ||
| First Lien Incremental Term Loan B2 6.78% - 6.833% | ||
| (1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 7/1/31 | 1,184,758 | 1,186,608 |
| First Lien Initial Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 7/1/31 | 4,778,055 | 4,780,616 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Services: Business | ||
| ConnectWise LLC | ||
| First Lien Initial Term Loan | ||
| 8.057% (3 Month SOFR + 3.50%), due 9/29/28 (b) | $ 3,869,897 | $ 3,879,572 |
| Examworks Bidco, Inc. | ||
| First Lien Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 11/1/28 (b) | 5,948,147 | 5,958,770 |
| Fortrea Holdings, Inc. | ||
| First Lien Initial Term Loan B | ||
| 8.058% (1 Month SOFR + 3.75%), due 7/1/30 (b) | 383,298 | 347,843 |
| Grant Thornton Advisors LLC (b) | ||
| First Lien 2025 Incremental Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 6/2/31 | 2,732,441 | 2,733,581 |
| First Lien 2025-2 Incremental Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 6/2/31 | 1,350,000 | 1,350,844 |
| ICON Luxembourg SARL | ||
| First Lien Repriced Lux Term Loan | ||
| 6.296% (3 Month SOFR + 2.00%), due 7/3/28 (b) | 776,297 | 780,286 |
| Inizio Group Ltd. | ||
| First Lien Initial Dollar Term Loan | ||
| 8.646% (3 Month SOFR + 4.25%), due 8/21/28 (b) | 4,577,000 | 4,439,690 |
| Mitchell International, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 6/17/31 (b) | 4,962,500 | 4,964,048 |
| MPH Acquisition Holdings LLC (b) | ||
| First Lien Exchange First Out Term Loan | ||
| 8.058% (3 Month SOFR + 3.75%), due 12/31/30 | 305,797 | 304,268 |
| First Lien Second Out Term Loan | ||
| 9.17% (3 Month SOFR + 4.60%), due 12/31/30 | 2,534,865 | 2,259,198 |
| Orion US Finco | ||
| First Lien Term Loan | ||
| 7.325% (1 Year SOFR + 3.50%), due 5/21/32 (b) | 5,000,000 | 5,023,125 |
| OVG Business Services LLC | ||
| First Lien Initial Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 6/25/31 (b) | 2,357,187 | 2,339,509 |
| Plano HoldCo, Inc. | ||
| First Lien Closing Date Term Loan | ||
| 7.796% (3 Month SOFR + 3.50%), due 10/2/31 (b) | 2,294,250 | 2,196,744 |
| PRA Health Sciences, Inc. | ||
| First Lien Term Loan B | ||
| 6.296% (3 Month SOFR + 2.00%), due 7/3/28 (b) | 193,415 | 194,409 |
| Project Boost Purchaser LLC | ||
| First Lien Initial Term Loan | ||
| 7.068% (3 Month SOFR + 3.00%), due 7/16/31 (b) | 5,769,895 | 5,772,987 |
| Prometric Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.077% (1 Month SOFR + 3.75%), due 6/25/32 (b) | 2,700,000 | 2,715,188 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Services: Business | ||
| Raven Acquisition Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 11/19/31 (b) | $ 2,234,399 | $ 2,233,999 |
| Ryan LLC | ||
| First Lien Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 11/14/30 (b) | 3,334,214 | 3,332,130 |
| Soliant Lower Intermediate LLC | ||
| First Lien Initial Term Loan | ||
| 8.002% (3 Month SOFR + 3.75%), due 7/18/31 (b) | 981,996 | 973,404 |
| Vestis Corp. | ||
| First Lien Term Loan B1 | ||
| 6.58% (3 Month SOFR + 2.25%), due 2/24/31 (b) | 2,161,250 | 2,056,790 |
| WMB Holdings, Inc. | ||
| First Lien USD Tranche Term Loan B | ||
| 6.356% (1 Month SOFR + 2.00%), due 11/5/29 (b) | 2,698,698 | 2,690,265 |
| 76,107,138 | ||
| Services: Consumer 0.7% | ||
| Nielsen Consumer LLC | ||
| First Lien Eleventh Amendment Dollar Refinancing Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 3/6/28 (b) | 8,391,651 | 8,396,895 |
| Planet US Buyer LLC | ||
| First Lien Term Loan | ||
| 7.33% (3 Month SOFR + 3.00%), due 2/7/31 (b) | 2,477,482 | 2,488,321 |
| 10,885,216 | ||
| Software 5.0% | ||
| ECI Macola/Max Holding LLC | ||
| First Lien 2025 Repricing Term Loan | ||
| 7.068% (3 Month SOFR + 2.75%), due 5/9/30 (b) | 3,343,964 | 3,350,930 |
| VS Buyer LLC | ||
| First Lien 2025-1 Initial Term Loans | ||
| 6.56% (3 Month SOFR + 2.25%), due 4/14/31 (b) | 3,545,140 | 3,549,572 |
| Cloud Software Group, Inc. (b) | ||
| First Lien Initial Dollar Facility Term Loan B | ||
| 7.796% (3 Month SOFR + 3.50%), due 3/30/29 | 5,585,720 | 5,594,444 |
| First Lien Incremental Term Loan B | ||
| 8.046% (3 Month SOFR + 3.75%), due 3/21/31 | 2,239,629 | 2,246,803 |
| Cloudera, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.206% (1 Month SOFR + 3.75%), due 10/9/28 (b) | 2,455,471 | 2,352,137 |
| Cornerstone OnDemand, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.221% (1 Month SOFR + 3.75%), due 10/16/28 (b) | 2,532,376 | 2,389,930 |
| Cotiviti, Inc. (b) | ||
| First Lien New Term Loan B | ||
| 7.079% (1 Month SOFR + 2.75%), due 5/1/31 | 5,740,124 | 5,725,773 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Software | ||
| Cotiviti, Inc. (b) | ||
| First Lien Amendment No. 2 Term Loan | ||
| 7.104% (1 Month SOFR + 2.75%), due 3/26/32 | $ 3,750,000 | $ 3,740,625 |
| Delta Topco, Inc. | ||
| First Lien Fourth Amendment Refinancing Term Loan | ||
| 7.074% (3 Month SOFR + 2.75%), due 11/30/29 (b) | 1,272,889 | 1,269,479 |
| DS Admiral Bidco LLC | ||
| First Lien Initial Term Loan | ||
| 8.546% (3 Month SOFR + 4.25%), due 6/26/31 (b) | 2,977,282 | 2,960,535 |
| Ellucian Holdings, Inc. | ||
| First Lien Term Loan B1 | ||
| 7.077% (1 Month SOFR + 2.75%), due 10/9/29 (b) | 3,268,765 | 3,270,399 |
| Gen Digital, Inc. | ||
| First Lien Term Loan B | ||
| 6.106% (1 Month SOFR + 1.75%), due 9/12/29 (b) | 3,264,648 | 3,260,568 |
| Informatica LLC | ||
| First Lien Term Loan B | ||
| 6.606% (1 Month SOFR + 2.25%), due 10/27/28 (b) | 3,661,598 | 3,673,040 |
| Isolved, Inc. | ||
| First Lien Term Loan B3 | ||
| 7.066% (1 Month SOFR + 2.75%), due 10/14/30 (b) | 580,908 | 582,118 |
| McAfee Corp. | ||
| First Lien Tranche Term Loan B1 | ||
| 7.327% (1 Month SOFR + 3.00%), due 3/1/29 (b) | 6,873,561 | 6,590,026 |
| Mitnick Corp. Purchaser, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.908% (3 Month SOFR + 4.50%), due 5/2/29 (b) | 1,926,535 | 1,335,730 |
| Opal LLC | ||
| First Lien Facility Term Loan B2 | ||
| 7.435% (6 Month SOFR + 3.25%), due 4/23/32 (b) | 7,000,000 | 7,026,250 |
| Sovos Compliance LLC | ||
| First Lien Amendment No. 2 Replacement Term Loan | ||
| 8.356% (1 Month SOFR + 4.00%), due 8/13/29 (b) | 2,880,401 | 2,881,842 |
| Starlight Parent LLC | ||
| First Lien Initial Term Loan | ||
| 8.34% (1 Month SOFR + 4.00%), due 4/16/32 (b) | 5,250,000 | 5,184,375 |
| UKG, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.32% (3 Month SOFR + 3.00%), due 2/10/31 (b) | 8,751,677 | 8,751,677 |
| Vision Solutions, Inc. | ||
| First Lien New Term Loan B | ||
| 8.57% (3 Month SOFR + 4.00%), due 4/24/28 (b) | 2,696,661 | 2,604,808 |
| 78,341,061 | ||
| Telecommunications 2.6% | ||
| WS Audiology A/S | ||
| First Lien Facility Term Loan B8 | ||
| 7.81% (3 Month SOFR + 3.50%), due 2/28/29 (b) | 3,000,000 | 3,018,750 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Telecommunications | ||
| Avaya, Inc. | ||
| First Lien Exit Term Loan | ||
| 11.856% (1 Month SOFR + 7.50%), due 8/1/28 (b) | $ 423,420 | $ 330,268 |
| Azalea Topco, Inc. | ||
| First Lien 2025 Refinancing Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 4/30/31 (b) | 3,544,643 | 3,541,793 |
| Cablevision Lightpath LLC | ||
| First Lien 2025 Refinancing Term Loan | ||
| 7.342% (1 Month SOFR + 3.00%), due 11/30/27 (b) | 3,940,381 | 3,942,844 |
| Connect Finco SARL | ||
| First Lien First Amendment Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 12/11/26 (b) | 1,117,801 | 1,115,006 |
| CSC Holdings LLC | ||
| First Lien Term Loan B5 | ||
| 9.00% (PRIME + 1.50%), due 4/15/27 (b) | 4,317,011 | 4,249,061 |
| Cushman & Wakefield US Borrower LLC | ||
| First Lien 2025-1 Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/31/30 (b) | 4,075,366 | 4,090,648 |
| First Lien 2025-2 Term Loan | ||
| 7.106%, due 1/31/30 | 197,396 | 198,383 |
| Frontier Communications Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 6.792% (6 Month SOFR + 2.50%), due 7/1/31 (b) | 3,283,520 | 3,275,312 |
| Gogo Intermediate Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 8.221% (1 Month SOFR + 3.75%), due 5/1/28 (b) | 5,368,927 | 5,320,607 |
| Level 3 Financing, Inc. | ||
| First Lien Commitment Term Loan B3 | ||
| 8.606% (1 Month SOFR + 4.25%), due 3/29/32 (b) | 1,400,000 | 1,405,600 |
| Lumen Technologies, Inc. (b) | ||
| First Lien Term Loan B1 | ||
| 6.821% (1 Month SOFR + 2.35%), due 4/16/29 | 1,445,948 | 1,436,911 |
| First Lien Term Loan B2 | ||
| 6.821% (1 Month SOFR + 2.35%), due 4/15/30 | 1,445,948 | 1,436,007 |
| Zayo Group Holdings, Inc. (b) | ||
| First Lien Initial Dollar Term Loan | ||
| 7.471% (1 Month SOFR + 3.00%), due 3/9/27 | 6,075,109 | 5,865,518 |
| First Lien 2022 Incremental Term Loan | ||
| 8.531% (1 Month SOFR + 4.175%), due 3/9/27 | 992,308 | 959,231 |
| 40,185,939 | ||
| Utilities 0.6% | ||
| Astoria Energy LLC | ||
| First Lien Advance Term Loan B | ||
| 7.071% (1 Month SOFR + 2.75%), due 6/16/32 (b) | 2,566,667 | 2,573,083 |
| Edgewater Generation LLC | ||
| First Lien 2025 Refinancing Term Loan | ||
| 7.356% (1 Month SOFR + 3.00%), due 8/1/30 (b) | 4,002,872 | 4,015,382 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Utilities | ||
| Hamilton Projects Acquiror LLC | ||
| First Lien Initial Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 5/30/31 (b) | $ 2,558,036 | $ 2,561,233 |
| 9,149,698 | ||
| Water 0.5% | ||
| AI Aqua Merger Sub, Inc. | ||
| First Lien 2025 Refinancing Term Loan B | ||
| 7.322% (1 Month SOFR + 3.00%), due 7/31/28 (b) | 7,687,602 | 7,679,369 |
| Total Loan Assignments (Cost $1,347,247,004) | 1,334,293,406 | |
| Total Long-Term Bonds (Cost $1,546,990,497) | 1,534,906,574 | |
| Shares | ||
| Affiliated Investment Company 0.4% | ||
| Fixed Income Fund 0.4% | ||
| NYLI MacKay High Yield Corporate Bond Fund Class I | 1,299,065 | 6,775,924 |
| Total Affiliated Investment Company (Cost $7,308,299) | 6,775,924 | |
| Common Stocks 0.2% | ||
| Automobile Components 0.0% ‡ | ||
| Millennium Corporate Trust (d)(e)(f) | 4,973 | — |
| Millennium Industries Corp. (d)(e)(f) | 5,298 | — |
| — | ||
| Communications Equipment 0.0% ‡ | ||
| Avaya, Inc. (d)(e)(f) | 40,688 | 274,644 |
| Hotels, Restaurants & Leisure 0.1% | ||
| Aimbridge Acquisition Co., Inc. (d)(e)(f) | 28,438 | 1,834,251 |
| Machinery 0.0% ‡ | ||
| Ameriforge Group, Inc. (d)(e)(f) | 60,753 | 2,430 |
| Technology Hardware, Storage & Peripherals 0.1% | ||
| Diebold Nixdorf, Inc. (f) | 11,878 | 668,613 |
| Total Common Stocks (Cost $4,878,440) | 2,779,938 | |
| Number of Warrants | Value | ||
| Warrants 0.0% ‡ | |||
| Capital Markets 0.0% ‡ | |||
| THAIHOT Investment Co. Ltd. | |||
| Expires 10/13/27 (d)(e)(f)(g) | 26 | $ 0 | |
| Total Warrants (Cost $0) | 0 | ||
| Principal Amount | |||
| Short-Term Investments 4.4% | |||
| U.S. Treasury Debt 4.4% | |||
| U.S. Treasury Bills (h) | |||
| 3.92%, due 8/12/25 | $ 2,876,000 | 2,872,243 | |
| 4.276%, due 9/16/25 | 3,721,000 | 3,700,712 | |
| 4.279%, due 9/4/25 | 8,998,000 | 8,961,654 | |
| 4.286%, due 9/23/25 | 50,129,000 | 49,812,578 | |
| 4.293%, due 8/26/25 | 2,840,000 | 2,831,523 | |
| Total Short-Term Investments (Cost $68,181,236) | 68,178,710 | ||
| Total Investments (Cost $1,627,358,472) | 103.9% | 1,612,641,146 | |
| Other Assets, Less Liabilities | (3.9) | (60,819,264) | |
| Net Assets | 100.0% | $ 1,551,821,882 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (d) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $3,515,325, which represented 0.2% of the Fund’s net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Non-income producing security. |
| (g) | Less than $1. |
| (h) | Interest rate shown represents yield to maturity. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI MacKay High Yield Corporate Bond Fund Class I | $ 6,782 | $ — | $ — | $ — | $ (6) | $ 6,776 | $ 315 | $ — | 1,299 |
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| SOFR—Secured Overnight Financing Rate |
| TBD—To Be Determined |
| USD—United States Dollar |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 45,542,303 | $ — | $ 45,542,303 | |||
| Corporate Bonds | — | 155,070,865 | — | 155,070,865 | |||
| Loan Assignments | — | 1,332,889,406 | 1,404,000 | 1,334,293,406 | |||
| Total Long-Term Bonds | — | 1,533,502,574 | 1,404,000 | 1,534,906,574 | |||
| Affiliated Investment Company | |||||||
| Fixed Income Fund | 6,775,924 | — | — | 6,775,924 | |||
| Common Stocks | 668,613 | — | 2,111,325 | 2,779,938 | |||
| Warrants (b) | — | — | 0 | 0 | |||
| Short-Term Investments | |||||||
| U.S. Treasury Debt | — | 68,178,710 | — | 68,178,710 | |||
| Total Investments in Securities | $ 7,444,537 | $ 1,601,681,284 | $ 3,515,325 | $ 1,612,641,146 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | Less than $1. |
| Shares | Value | |
| Affiliated Investment Companies 90.2% | ||
| Equity Funds 78.6% | ||
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | 2,496,084 | $ 29,427,086 |
| NYLI Candriam International Equity ETF (a) | 899,747 | 29,103,396 |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | 967,282 | 48,227,036 |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | 1,404,188 | 46,151,447 |
| NYLI Epoch Capital Growth Fund Class I | 184,191 | 2,907,756 |
| NYLI Epoch International Choice Fund Class I (a) | 721,573 | 31,762,410 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | 2,045,904 | 45,993,156 |
| NYLI Fiera SMID Growth Fund Class R6 (a) | 2,768,705 | 46,445,297 |
| NYLI FTSE International Equity Currency Neutral ETF | 565,478 | 16,653,327 |
| NYLI MacKay Convertible Fund Class I | 834,634 | 16,732,733 |
| NYLI PineStone International Equity Fund Class R6 (a) | 1,423,731 | 23,896,611 |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | 2,334,971 | 46,367,622 |
| NYLI Winslow Large Cap Growth ETF (a) | 836,606 | 44,028,650 |
| NYLI Winslow Large Cap Growth Fund Class R6 | 246,120 | 3,336,028 |
| NYLI WMC Enduring Capital Fund Class R6 (a) | 1,148,084 | 45,556,080 |
| NYLI WMC Growth Fund Class R6 (a) | 845,365 | 47,983,744 |
| NYLI WMC International Research Equity Fund Class I (a) | 3,486,073 | 31,721,172 |
| NYLI WMC Small Companies Fund Class I (a) | 1,728,928 | 44,873,632 |
| NYLI WMC Value Fund Class R6 (a) | 1,384,577 | 46,240,154 |
| Total Equity Funds (Cost $482,905,386) | 647,407,337 | |
| Fixed Income Funds 11.6% | ||
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | 2,122,556 | 16,753,972 |
| NYLI Floating Rate Fund Class R6 (a) | 2,359,215 | 20,783,500 |
| NYLI MacKay Core Plus Bond ETF | 331,631 | 6,995,889 |
| NYLI MacKay High Income ETF (a) | 410,726 | 10,828,791 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 2,077,206 | 10,795,445 |
| NYLI MacKay Securitized Income ETF | 210,132 | 5,428,592 |
| NYLI MacKay Short Duration High Income Fund Class I | 349,470 | 3,322,412 |
| NYLI MacKay Total Return Bond Fund Class R6 | 767,298 | 7,017,474 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | 718,637 | 5,467,243 |
| NYLI Short Term Bond Fund Class I (a) | 908,828 | 8,294,780 |
| Total Fixed Income Funds (Cost $92,925,894) | 95,688,098 | |
| Total Affiliated Investment Companies (Cost $575,831,280) | 743,095,435 | |
| Shares | Value | ||
| Short-Term Investment 9.5% | |||
| Affiliated Investment Company 9.5% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (a)(b) | 78,594,803 | $ 78,594,803 | |
| Total Short-Term Investment (Cost $78,594,803) | 9.5% | 78,594,803 | |
| Total Investments (Cost $654,426,083) | 99.7% | 821,690,238 | |
| Other Assets, Less Liabilities | 0.3 | 2,543,580 | |
| Net Assets | 100.0% | $ 824,233,818 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of July 31, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI 500 International ETF | $ 9,801 | $ — | $ (9,570) | $ 1,822 | $ (2,053) | $ — | $ — | $ — | — |
| NYLI Candriam Emerging Markets Debt Fund Class I | — | 18,001 | (1,403) | (7) | 163 | 16,754 | 466 | — | 2,123 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | 29,110 | 1,761 | (4,622) | 362 | 2,816 | 29,427 | 203 | — | 2,496 |
| NYLI Candriam International Equity ETF | 27,291 | 4,410 | (5,322) | 159 | 2,565 | 29,103 | 664 | — | 900 |
| NYLI Candriam U.S. Large Cap Equity ETF | 47,070 | 653 | (2,308) | 106 | 2,706 | 48,227 | 406 | — | 967 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 47,903 | 1,764 | (4,039) | 244 | 279 | 46,151 | 427 | — | 1,404 |
| NYLI CBRE NextGen Real Estate ETF | 3,285 | — | (3,241) | 249 | (293) | — | — | — | — |
| NYLI Epoch Capital Growth Fund Class I | 2,947 | 134 | (232) | 9 | 50 | 2,908 | 18 | 117 | 184 |
| NYLI Epoch International Choice Fund Class I | 27,979 | 5,763 | (4,838) | —(a) | 2,858 | 31,762 | 470 | — | 722 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | 46,826 | 4,806 | (3,665) | (196) | (1,778) | 45,993 | 913 | 3,437 | 2,046 |
| NYLI Fiera SMID Growth Fund Class R6 | 47,945 | 6,215 | (7,345) | 14 | (384) | 46,445 | — | 1,300 | 2,769 |
| NYLI Floating Rate Fund Class R6 | 21,541 | 2,084 | (2,660) | (80) | (101) | 20,784 | 1,136 | — | 2,359 |
| NYLI FTSE International Equity Currency Neutral ETF | 16,690 | 856 | (2,522) | 543 | 1,086 | 16,653 | 402 | 8 | 565 |
| NYLI MacKay Convertible Fund Class I | 17,035 | 899 | (1,755) | 28 | 526 | 16,733 | 529 | 310 | 835 |
| NYLI MacKay Core Plus Bond ETF (b) | 7,190 | 530 | (701) | —(a) | (23) | 6,996 | 284 | — | 332 |
| NYLI MacKay High Income ETF (c) | 11,136 | 685 | (827) | (21) | (144) | 10,829 | 595 | 150 | 411 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 11,155 | 932 | (1,278) | (1) | (13) | 10,795 | 516 | — | 2,077 |
| NYLI MacKay Securitized Income ETF | 5,563 | 440 | (571) | (3) | —(a) | 5,429 | 232 | 12 | 210 |
| NYLI MacKay Short Duration High Income Fund Class I | 20,633 | 659 | (18,009) | 193 | (154) | 3,322 | 428 | — | 349 |
| NYLI MacKay Total Return Bond Fund Class R6 | 7,182 | 669 | (837) | 4 | (1) | 7,017 | 276 | — | 767 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | 5,575 | 513 | (653) | (3) | 35 | 5,467 | 188 | — | 719 |
| NYLI PineStone International Equity Fund Class R6 | 23,968 | 6,257 | (6,094) | 95 | (329) | 23,897 | 176 | — | 1,424 |
| NYLI PineStone U.S. Equity Fund Class R6 | 45,962 | 2,489 | (3,609) | (108) | 1,634 | 46,368 | 270 | 460 | 2,335 |
| NYLI Short Term Bond Fund Class I | 8,569 | 815 | (1,100) | (3) | 14 | 8,295 | 282 | — | 909 |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 84,048 | $ 114,814 | $ (120,267) | $ — | $ — | $ 78,595 | $ 2,547 | $ — | 78,595 |
| NYLI Winslow Large Cap Growth ETF | 22,904 | 15,602 | — | — | 5,523 | 44,029 | — | 370 | 837 |
| NYLI Winslow Large Cap Growth Fund Class R6 | 24,686 | 3,430 | (23,981) | 9,102 | (9,901) | 3,336 | — | 3,430 | 246 |
| NYLI WMC Enduring Capital Fund Class R6 | 45,984 | 3,293 | (4,601) | 112 | 768 | 45,556 | 262 | — | 1,148 |
| NYLI WMC Growth Fund Class R6 | 46,478 | 2,507 | (6,775) | 747 | 5,027 | 47,984 | — | 1,781 | 845 |
| NYLI WMC International Research Equity Fund Class I | 29,835 | 3,353 | (5,759) | 271 | 4,021 | 31,721 | 544 | — | 3,486 |
| NYLI WMC Small Companies Fund Class I | 47,843 | 3,988 | (8,590) | 936 | 697 | 44,874 | 178 | — | 1,729 |
| NYLI WMC Value Fund Class R6 | 47,011 | 2,461 | (2,564) | (109) | (559) | 46,240 | 749 | 1,566 | 1,385 |
| $841,145 | $210,783 | $(259,738) | $14,465 | $15,035 | $821,690 | $13,161 | $12,941 |
| (a) | Less than $500. |
| (b) | Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF. |
| (c) | Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Artificial Intelligence (AI) Basket | 1 day FEDF plus 0.35% | 12/1/25 | Daily | 35,989 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.47% | 12/1/25 | Daily | 13,926 | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF plus 0.00% | 12/1/25 | Daily | (16,471) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 16,411 | — |
| JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short Index | 1 day FEDF minus 0.13% - plus 0.13% | 6/18/26 | Daily | (12,808) | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.10% | 4/8/26 | Daily | (35,850) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.35% | 12/1/25 | Daily | (7,739) | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.85% | 12/1/25 | Daily | 8,266 | — |
| Citibank NA | S&P Small Cap 600 Total Return Index | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 41,095 | — |
| $ — |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Adobe Inc. | 3,442 | 451,356 | — | 1.25 |
| Advanced Micro Devices Inc. | 4,712 | 617,831 | — | 1.72 |
| Alphabet Inc. | 4,052 | 531,354 | — | 1.48 |
| Amazon.com Inc. | 3,936 | 516,129 | — | 1.43 |
| Amdocs Ltd. | 3,447 | 451,947 | — | 1.26 |
| American Tower Corp. | 3,471 | 455,061 | — | 1.26 |
| Amphenol Corp. | 3,994 | 523,700 | — | 1.46 |
| Applied Materials Inc. | 3,634 | 476,514 | — | 1.32 |
| AppLovin Corp. | 4,062 | 532,644 | — | 1.48 |
| Arista Networks Inc. | 4,488 | 588,410 | — | 1.64 |
| Astera Labs Inc. | 5,654 | 741,306 | — | 2.06 |
| Autodesk Inc. | 3,603 | 472,451 | — | 1.31 |
| Automatic Data Processing Inc. | 3,684 | 483,083 | — | 1.34 |
| Best Buy Co Inc. | 3,518 | 461,233 | — | 1.28 |
| Booking Holdings Inc. | 3,520 | 461,601 | — | 1.28 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| CCC Intelligent Solutions Holdings Inc. | 3,828 | 501,962 | — | 1.39 |
| Ciena Corp. | 4,258 | 558,306 | — | 1.55 |
| Cognex Corp. | 4,713 | 617,964 | — | 1.72 |
| Cognizant Technology Solutions Corp. | 3,373 | 442,211 | — | 1.23 |
| Coherent Corp. | 4,494 | 589,203 | — | 1.64 |
| Comcast Corp. | 3,414 | 447,597 | — | 1.24 |
| Corning Inc. | 4,449 | 583,344 | — | 1.62 |
| Corteva Inc. | 3,560 | 466,764 | — | 1.30 |
| Crown Castle Inc. | 3,769 | 494,194 | — | 1.37 |
| Dell Technologies Inc. | 4,015 | 526,425 | — | 1.46 |
| Docusign Inc. | 3,606 | 472,874 | — | 1.31 |
| DoorDash Inc. | 3,720 | 487,819 | — | 1.36 |
| Eaton Corp Plc | 3,981 | 522,010 | — | 1.45 |
| eBay Inc. | 4,502 | 590,297 | — | 1.64 |
| EPAM Systems Inc. | 3,303 | 433,100 | — | 1.20 |
| ExlService Holdings Inc. | 3,632 | 476,184 | — | 1.32 |
| Expedia Group Inc. | 3,909 | 512,595 | — | 1.42 |
| Fidelity National Information Services Inc. | 3,583 | 469,830 | — | 1.31 |
| Fiserv Inc. | 2,981 | 390,847 | — | 1.09 |
| GoDaddy Inc. | 3,302 | 432,941 | — | 1.20 |
| Hims & Hers Health Inc. | 4,955 | 649,752 | — | 1.81 |
| HP Inc. | 3,724 | 488,272 | — | 1.36 |
| Informatica Inc. | 3,734 | 489,595 | — | 1.36 |
| Maplebear Inc. | 3,924 | 514,504 | — | 1.43 |
| Mastercard Inc. | 3,726 | 488,609 | — | 1.36 |
| Match Group Inc. | 3,992 | 523,385 | — | 1.45 |
| McKesson Corp. | 3,481 | 456,412 | — | 1.27 |
| Micron Technology Inc. | 3,276 | 429,509 | — | 1.19 |
| MKS Instruments Inc. | 3,568 | 467,843 | — | 1.30 |
| Monolithic Power Systems Inc. | 3,589 | 470,600 | — | 1.31 |
| Moody's Corp. | 3,809 | 499,448 | — | 1.39 |
| MSCI Inc. | 3,597 | 471,652 | — | 1.31 |
| Nasdaq Inc. | 3,971 | 520,723 | — | 1.45 |
| NetApp Inc. | 3,599 | 471,865 | — | 1.31 |
| Northrop Grumman Corp. | 4,245 | 556,566 | — | 1.55 |
| nVent Electric Plc | 3,998 | 524,202 | — | 1.46 |
| NVIDIA Corp. | 4,201 | 550,800 | — | 1.53 |
| PayPal Holdings Inc. | 3,413 | 447,488 | — | 1.24 |
| Pegasystems Inc. | 4,022 | 527,312 | — | 1.47 |
| Pinterest Inc. | 3,975 | 521,242 | — | 1.45 |
| PTC Inc. | 4,605 | 603,756 | — | 1.68 |
| Q2 Holdings, Inc. | 3,207 | 420,472 | — | 1.17 |
| QUALCOMM Inc. | 3,415 | 447,820 | — | 1.24 |
| Reddit Inc. | 3,954 | 518,442 | — | 1.44 |
| S&P Global Inc. | 3,860 | 506,066 | — | 1.41 |
| Salesforce Inc. | 3,510 | 460,284 | — | 1.28 |
| SBA Communications Corp. | 3,524 | 462,079 | — | 1.28 |
| Seagate Technology Holdings Plc | 4,015 | 526,506 | — | 1.46 |
| SS&C Technologies Holdings Inc. | 3,806 | 499,103 | — | 1.39 |
| Uber Technologies Inc. | 3,485 | 456,890 | — | 1.27 |
| Upstart Holdings Inc. | 4,713 | 617,928 | — | 1.72 |
| Vertiv Holdings Co. | 4,233 | 555,042 | — | 1.54 |
| Visa Inc. | 3,605 | 472,722 | — | 1.31 |
| Western Digital Corp. | 4,588 | 601,546 | — | 1.67 |
| Zebra Technologies Corp. | 4,026 | 527,844 | — | 1.47 |
| Zoom Communications Inc. | 3,517 | 461,140 | — | 1.28 |
| 1. | As of July 31, 2025, cash in the amount $2,650,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2025. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 647,407,337 | $ — | $ — | $ 647,407,337 | |||
| Fixed Income Funds | 95,688,098 | — | — | 95,688,098 | |||
| Total Affiliated Investment Companies | 743,095,435 | — | — | 743,095,435 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 78,594,803 | — | — | 78,594,803 | |||
| Total Investments in Securities | $ 821,690,238 | $ — | $ — | $ 821,690,238 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 100.3% | ||
| Long-Term Municipal Bonds 99.3% | ||
| Education 10.7% | ||
| Arizona Board of Regents, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.125%, due 8/1/39 | $ 1,000,000 | $ 848,742 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/28 | 1,000,000 | 1,047,769 |
| Series A | ||
| 5.00%, due 11/1/29 | 1,000,000 | 1,061,625 |
| Series A | ||
| 5.00%, due 11/1/49 | 1,335,000 | 1,263,019 |
| Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds | ||
| 5.00%, due 7/1/49 (a) | 175,000 | 150,160 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds | ||
| Series A | ||
| 3.75%, due 12/15/29 (a) | 355,000 | 350,198 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Academies Projects, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/41 | 1,225,000 | 1,209,118 |
| Series A | ||
| 5.00%, due 7/1/44 | 3,240,000 | 3,129,232 |
| Series A | ||
| 5.00%, due 7/1/46 | 500,000 | 488,929 |
| Maricopa County Industrial Development Authority, Creighton University Project, Revenue Bonds | ||
| 5.00%, due 7/1/47 | 2,500,000 | 2,455,740 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Obligated Group, Revenue Bonds | ||
| Insured: SD CRED PROG | ||
| 4.00%, due 7/1/33 | 700,000 | 693,176 |
| Student & Academic Services LLC, Northern Arizona Capital Facilities Finance Corp., Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/43 | 2,050,000 | 2,091,128 |
| 14,788,836 | ||
| General 1.9% | ||
| Buckeye Jackrabbit Trail Sanitary Sewer Improvement District, Special Assessment | ||
| 6.25%, due 1/1/29 | 96,000 | 97,233 |
| City of Goodyear, McDowell Road Commercial Corridor Improvement District, Special Assessment | ||
| Insured: BAM | ||
| 3.25%, due 1/1/27 | 805,000 | 811,344 |
| City of Tempe, Pier at Town Lake Improvement District, Special Assessment | ||
| 5.00%, due 1/1/29 | 1,000,000 | 1,001,601 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 1,023,142 | 645,859 |
| 2,556,037 | ||
| General Obligation 26.5% | ||
| City of Buckeye, Unlimited General Obligation | ||
| 5.00%, due 7/1/37 | 750,000 | 826,082 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| City of Buckeye, Unlimited General Obligation | ||
| 5.00%, due 7/1/38 | $ 1,000,000 | $ 1,088,845 |
| 5.00%, due 7/1/41 | 1,085,000 | 1,146,682 |
| City of Glendale, Unlimited General Obligation | ||
| 5.00%, due 7/1/41 | 1,250,000 | 1,322,769 |
| City of Goodyear, Unlimited General Obligation | ||
| 3.00%, due 7/1/40 | 2,000,000 | 1,659,612 |
| City of Lake Havasu City, Wastewater System, Limited General Obligation, Senior Lien | ||
| 5.00%, due 7/1/42 | 1,200,000 | 1,258,930 |
| City of Lake Havasu City, Wastewater System, Unlimited General Obligation, Senior Lien | ||
| 5.00%, due 7/1/31 | 375,000 | 418,899 |
| 5.00%, due 7/1/39 | 1,300,000 | 1,405,081 |
| City of Mesa, Unlimited General Obligation | ||
| 5.00%, due 7/1/43 | 1,500,000 | 1,561,425 |
| City of Peoria, Unlimited General Obligation | ||
| 2.00%, due 7/15/35 | 1,250,000 | 1,024,803 |
| 2.00%, due 7/15/36 | 3,235,000 | 2,566,477 |
| 2.00%, due 7/15/39 | 2,000,000 | 1,428,827 |
| Series A | ||
| 3.375%, due 7/15/32 | 1,180,000 | 1,177,162 |
| City of Tempe, Unlimited General Obligation | ||
| 5.00%, due 7/1/44 | 1,750,000 | 1,816,518 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 1,329,857 | 827,836 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/41 | 1,705,000 | 1,487,185 |
| Estrella Mountain Ranch Community Facilities District, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 7/15/32 | 155,000 | 160,649 |
| Goodyear Community Facilities Utilities District No. 1, Limited General Obligation | ||
| 4.00%, due 7/15/28 | 500,000 | 500,342 |
| Maricopa County Elementary School District No. 59, Unlimited General Obligation | ||
| 5.00%, due 7/1/26 | 1,120,000 | 1,144,639 |
| Maricopa County Special Health Care District, Maricopa Integrated Health System, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 7/1/32 | 3,000,000 | 3,143,403 |
| Series C | ||
| 5.00%, due 7/1/34 | 1,500,000 | 1,557,334 |
| Maricopa County Unified School District No. 48, Unlimited General Obligation | ||
| Series C, Insured: BAM | ||
| 3.00%, due 7/1/34 | 2,350,000 | 2,178,012 |
| Maricopa County Union High School District No. 210, Phoenix, Project of 2023, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 7/1/32 | 2,500,000 | 2,830,201 |
| Maricopa County Union High School District No. 216, Agua Fria, Project of 2023 and 2024, Unlimited General Obligation | ||
| 5.00%, due 7/1/33 | 500,000 | 567,529 |
| 5.00%, due 7/1/44 | 1,000,000 | 1,027,642 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Mystic Lake Pleasant Heights Community Facilities District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 3.00%, due 7/15/28 | $ 295,000 | $ 294,840 |
| Pima County Unified School District No. 1, Tucson, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 5.00%, due 7/1/42 | 1,100,000 | 1,141,920 |
| Yuma County Library District, Limited General Obligation | ||
| 4.00%, due 7/1/29 | 1,000,000 | 1,000,911 |
| 36,564,555 | ||
| Hospital 6.5% | ||
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 2/1/45 | 1,000,000 | 738,163 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Mayo/Brooks Rehabilitation Facility, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/31/44 | 2,000,000 | 2,026,701 |
| Maricopa County Industrial Development Authority, Banner Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/32 | 1,520,000 | 1,557,505 |
| Series A-1 | ||
| 5.00%, due 1/1/53 (b) | 2,000,000 | 2,027,670 |
| Maricopa County Industrial Development Authority, HonorHealth Obligated Group, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 12/1/45 | 2,695,000 | 2,651,039 |
| 9,001,078 | ||
| Housing 0.5% | ||
| Industrial Development Authority of the City of Phoenix Arizona (The), Downtown Phoenix Student Housing LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 750,000 | 726,372 |
| Other Revenue 46.4% | ||
| Arizona Industrial Development Authority, Revenue Bonds | ||
| Insured: FNMA | ||
| 2.12%, due 7/1/37 | 4,611,676 | 3,553,098 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 4.70%, due 10/1/40 | 1,000,000 | 990,244 |
| Arizona Industrial Development Authority, Ironwood Ranch Apartments LP, Revenue Bonds | ||
| 5.00%, due 2/1/58 (b) | 2,000,000 | 2,041,356 |
| Arizona Industrial Development Authority, Senior Living Project, Revenue Bonds, Second Tier | ||
| Series B | ||
| 5.125%, due 1/1/59 | 3,163,712 | 2,437,006 |
| Arizona Industrial Development Authority, Single Family Mortgage, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 10/1/55 | 1,000,000 | 1,111,308 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (b) | $ 1,350,000 | $ 1,409,266 |
| Chandler Industrial Development Authority, Intel Corp. Project, Revenue Bonds (b)(c) | ||
| Series 1 | ||
| 5.00%, due 9/1/42 | 500,000 | 508,635 |
| Series 2 | ||
| 5.00%, due 9/1/52 | 5,805,000 | 5,905,905 |
| City of Buckeye, Excise Tax, Revenue Bonds | ||
| 4.00%, due 7/1/36 | 400,000 | 400,758 |
| City of Cottonwood, Pledged, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 7/1/30 | 500,000 | 500,768 |
| City of Flagstaff, Pledged, Revenue Bonds | ||
| 4.25%, due 7/1/33 | 1,395,000 | 1,407,828 |
| City of Glendale, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/32 | 500,000 | 563,368 |
| 5.00%, due 7/1/33 | 600,000 | 679,233 |
| City of Mesa, Utility System, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 5.00%, due 7/1/36 | 1,000,000 | 1,109,481 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.00%, due 7/1/33 (c) | 1,300,000 | 1,350,702 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/26 (c) | 3,825,000 | 3,896,905 |
| County of Pinal, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 8/1/34 | 250,000 | 282,654 |
| Insured: BAM | ||
| 5.00%, due 8/1/43 | 1,000,000 | 1,035,551 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 214,456 | 206,233 |
| Greater Arizona Development Authority, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/1/28 | 305,000 | 305,000 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Broadway Farms at Hurley Station Phase I Project, Revenue Bonds | ||
| 3.10%, due 2/1/59 (b) | 2,500,000 | 2,502,807 |
| Industrial Development Authority of the County of Pima (The), Revenue Bonds | ||
| Series D-1, Insured: GNMA | ||
| 5.50%, due 7/1/55 | 2,000,000 | 2,165,488 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds | ||
| Series B, Insured: GNMA | ||
| 6.00%, due 9/1/56 | 1,000,000 | 1,104,892 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 3/1/55 | 2,000,000 | 2,226,760 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds | ||
| Series A, Insured: GNMA | ||
| 6.50%, due 3/1/55 | $ 1,055,000 | $ 1,178,955 |
| Maricopa County & Phoenix Industrial Development Authorities, Single Family Mortgage, Revenue Bonds | ||
| Series A, Insured: GNMA | ||
| 5.75%, due 3/1/56 | 1,500,000 | 1,647,836 |
| Maricopa County Pollution Control Corp., Southern California Edison Co., Revenue Bonds | ||
| Series A | ||
| 2.40%, due 6/1/35 | 3,200,000 | 2,570,087 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/39 | 1,600,000 | 1,597,386 |
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (b) | 1,400,000 | 1,460,284 |
| Nogales Municipal Development Authority, Inc., City of Nogales, Revenue Bonds | ||
| Insured: AG | ||
| 4.00%, due 6/1/39 | 2,000,000 | 1,937,063 |
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 10/1/33 (a)(c)(d) | 1,500,000 | 1,544,477 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.329%, due 7/1/40 | 1,248,000 | 1,161,627 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 4.55%, due 7/1/40 | 547,000 | 517,344 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/44 | 2,000,000 | 2,073,095 |
| Salt Verde Financial Corp., Revenue Bonds | ||
| Series 1 | ||
| 5.25%, due 12/1/28 | 3,000,000 | 3,161,146 |
| State of Arizona, State of Arizona Department of Revenue, Revenue Bonds | ||
| Series B, Insured: BHAC-CR | ||
| 5.50%, due 7/1/27 (d) | 2,000,000 | 2,113,230 |
| Territory of Guam, Revenue Bonds | ||
| Series G | ||
| 5.00%, due 1/1/31 (e) | 1,000,000 | 1,077,426 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 800,000 | 769,489 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/54 (b) | 1,350,000 | 1,437,188 |
| Tucson Industrial Development Authority, Revenue Bonds | ||
| Series A-1, Insured: GNMA | ||
| 5.50%, due 1/1/56 | 2,000,000 | 2,171,727 |
| 64,113,606 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation 0.8% | ||
| Antonio B Won Pat International Airport Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/34 (c) | $ 100,000 | $ 104,124 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/28 (c) | 1,000,000 | 1,059,214 |
| 1,163,338 | ||
| Utility 2.2% | ||
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds | ||
| Series A | ||
| 3.60%, due 2/1/40 | 3,465,000 | 2,995,308 |
| Water & Sewer 3.8% | ||
| City of Glendale, Water & Sewer, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/34 | 650,000 | 732,122 |
| 5.00%, due 7/1/35 | 375,000 | 421,198 |
| 5.00%, due 7/1/38 | 875,000 | 950,489 |
| 5.00%, due 7/1/41 | 1,480,000 | 1,561,689 |
| City of Goodyear, Water & Sewer, Revenue Bonds, Sub. Lien | ||
| Insured: AG | ||
| 5.00%, due 7/1/42 | 1,500,000 | 1,563,851 |
| 5,229,349 | ||
| Total Long-Term Municipal Bonds (Cost $138,387,296) | 137,138,479 | |
| Short-Term Municipal Notes 1.0% | ||
| Hospital 1.0% | ||
| Arizona Health Facilities Authority, Banner Health, Revenue Bonds | ||
| Series C | ||
| 2.80%, due 1/1/46 (f) | 740,000 | 740,000 |
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds | ||
| 2.75%, due 2/1/48 (f) | 250,000 | 250,000 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Mayo Clinic, Revenue Bonds | ||
| Series B | ||
| 2.15%, due 11/15/52 (f) | 300,000 | 300,000 |
| 1,290,000 | ||
| Total Short-Term Municipal Notes (Cost $1,290,000) | 1,290,000 | |
| Total Municipal Bonds (Cost $139,677,296) | 138,428,479 | |
| Shares | Value | ||
| Short-Term Investment 0.1% | |||
| Unaffiliated Investment Company 0.1% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (g) | 171,496 | $ 171,496 | |
| Total Short-Term Investment (Cost $171,496) | 171,496 | ||
| Total Investments (Cost $139,848,792) | 100.4% | 138,599,975 | |
| Other Assets, Less Liabilities | (0.4) | (515,674) | |
| Net Assets | 100.0% | $ 138,084,301 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Interest on these securities was subject to alternative minimum tax. |
| (d) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (e) | Delayed delivery security. |
| (f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (g) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (70) | September 2025 | $ (7,871,930) | $ (7,915,469) | $ (43,539) |
| U.S. Treasury Long Bonds | (15) | September 2025 | (1,680,994) | (1,712,812) | (31,818) |
| Net Unrealized Depreciation | $ (75,357) |
| 1. | As of July 31, 2025, cash in the amount of $234,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| BHAC—Berkshire Hathaway Assurance Corp. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| SD CRED PROG—School District Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 137,138,479 | $ — | $ 137,138,479 | |||
| Short-Term Municipal Notes | — | 1,290,000 | — | 1,290,000 | |||
| Total Municipal Bonds | — | 138,428,479 | — | 138,428,479 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 171,496 | — | — | 171,496 | |||
| Total Investments in Securities | $ 171,496 | $ 138,428,479 | $ — | $ 138,599,975 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (75,357) | $ — | $ — | $ (75,357) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 97.4% | ||
| Long-Term Municipal Bonds 93.1% | ||
| Certificate of Participation/Lease 0.5% | ||
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
| Series A, Insured: AG | ||
| 5.25%, due 11/1/52 | $ 6,380,000 | $ 6,383,825 |
| Education 6.9% | ||
| California Educational Facilities Authority, University of Southern California, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/55 | 12,500,000 | 12,735,320 |
| California Educational Facilities Authority, University of the Pacific, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 11/1/50 | 2,750,000 | 2,429,426 |
| California Enterprise Development Authority, Campbell Hall Episcopal Project, Revenue Bonds | ||
| Series B | ||
| 3.50%, due 8/1/40 | 750,000 | 670,882 |
| Series A | ||
| 4.00%, due 8/1/40 | 3,500,000 | 3,276,849 |
| California Infrastructure & Economic Development Bank, Harvard-Westlake School, Revenue Bonds | ||
| 5.00%, due 6/1/39 | 5,000,000 | 5,448,830 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 (a) | 2,540,000 | 2,110,000 |
| California Municipal Finance Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/35 (a) | 1,250,000 | 1,289,480 |
| California Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 5/1/36 | 1,030,000 | 1,030,361 |
| Series A | ||
| 5.00%, due 5/1/46 | 1,325,000 | 1,249,757 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 (a) | 1,300,000 | 1,241,330 |
| California Municipal Finance Authority, Claremont Graduate University, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 10/1/54 (a) | 1,380,000 | 1,171,851 |
| California Municipal Finance Authority, University of San Diego, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | 3,065,000 | 3,125,044 |
| Series A | ||
| 5.00%, due 10/1/49 | 4,440,000 | 4,482,678 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (a) | 1,000,000 | 1,019,315 |
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 8/1/27 | 475,000 | 475,255 |
| 5.00%, due 8/1/28 | 650,000 | 650,329 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 8/1/46 | $ 1,695,000 | $ 1,546,115 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/37 | 1,485,000 | 1,493,973 |
| Series A | ||
| 5.00%, due 10/1/50 | 3,000,000 | 2,723,414 |
| California School Finance Authority, Grimmway Schools Obligated Group, Revenue Bonds (a) | ||
| Series A | ||
| 4.25%, due 7/1/28 | 900,000 | 902,347 |
| Series A | ||
| 5.00%, due 7/1/46 | 750,000 | 695,828 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/37 | 500,000 | 500,489 |
| Series A | ||
| 5.00%, due 7/1/49 | 500,000 | 457,054 |
| California School Finance Authority, Partnerships to Uplift Communities, Revenue Bonds | ||
| 5.50%, due 8/1/47 (a) | 525,000 | 508,225 |
| California School Finance Authority, Rex & Margaret Fortune School of Education, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/54 | 1,350,000 | 1,175,734 |
| Series A | ||
| 5.125%, due 6/1/59 | 1,500,000 | 1,313,955 |
| California School Finance Authority, Teach Public Schools, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/39 | 740,000 | 707,735 |
| Series A | ||
| 5.00%, due 6/1/58 | 600,000 | 513,289 |
| California State University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/34 | 2,500,000 | 2,901,896 |
| Series A | ||
| 5.00%, due 11/1/35 | 2,000,000 | 2,317,043 |
| Series A | ||
| 5.00%, due 11/1/36 | 2,000,000 | 2,272,222 |
| Series A | ||
| 5.00%, due 11/1/42 | 2,000,000 | 2,110,837 |
| California State University, Systemwide, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 11/1/55 | 11,000,000 | 11,641,795 |
| University of California, Revenue Bonds | ||
| Series BS | ||
| 5.00%, due 5/15/37 | 8,150,000 | 8,953,037 |
| 85,141,695 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General 2.1% | ||
| California Municipal Finance Authority, Special Tax | ||
| Series B | ||
| 4.00%, due 9/1/43 | $ 1,070,000 | $ 922,498 |
| Series B | ||
| 4.00%, due 9/1/50 | 3,150,000 | 2,557,762 |
| Series B | ||
| 5.125%, due 9/1/55 | 1,725,000 | 1,631,889 |
| California Statewide Communities Development Authority, Special Assessment | ||
| Series A | ||
| 4.00%, due 9/2/50 | 1,000,000 | 795,632 |
| California Statewide Communities Development Authority, Community Facilities District No. 2021-02, Special Tax | ||
| 5.00%, due 9/1/53 | 1,000,000 | 967,663 |
| California Statewide Communities Development Authority, Statewide Community Infrastructure Program, Special Assessment | ||
| Series C-1 | ||
| 5.00%, due 9/2/44 | 3,175,000 | 3,144,913 |
| Series D | ||
| 5.50%, due 9/2/53 | 1,000,000 | 983,036 |
| City of Palm Desert, University Park, Special Tax | ||
| 3.00%, due 9/1/31 | 215,000 | 204,377 |
| 4.00%, due 9/1/41 | 450,000 | 404,824 |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
| 5.25%, due 9/1/55 | 1,500,000 | 1,494,660 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 6,349,793 | 4,008,307 |
| (zero coupon), due 11/1/51 | 7,020,142 | 3,852,303 |
| Folsom Ranch Financing Authority, Community Facilities District No. 19, Special Tax | ||
| 5.00%, due 9/1/39 | 1,130,000 | 1,128,369 |
| Mountain View Shoreline Regional Park Community, Tax Allocation | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/1/36 | 1,645,000 | 1,706,197 |
| Romoland School District, Community Facilities District No. 2017-1 Improvement Area 2, Special Tax | ||
| 5.00%, due 9/1/54 | 1,600,000 | 1,551,732 |
| Tracy Community Facilities District, Community Facilities District No. 2016-01 Improvement Area No. 2, Special Tax | ||
| 5.75%, due 9/1/48 | 1,000,000 | 1,034,742 |
| 26,388,904 | ||
| General Obligation 25.1% | ||
| Alhambra Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 4.25%, due 8/1/43 | 2,000,000 | 1,959,686 |
| Series B | ||
| 5.25%, due 8/1/48 | 3,000,000 | 3,127,781 |
| Alum Rock Union Elementary School District, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/26 | 3,095,000 | 3,173,540 |
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/27 | 3,575,000 | 3,755,933 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Alum Rock Union Elementary School District, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/28 | $ 2,360,000 | $ 2,537,317 |
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/31 | 2,240,000 | 2,515,776 |
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/38 | 1,220,000 | 1,321,596 |
| Anaheim Union High School District, Election os 2024, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/36 | 2,075,000 | 2,316,799 |
| Cabrillo Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series B, Insured: AG-CR | ||
| 5.00%, due 8/1/50 | 3,150,000 | 3,177,628 |
| Carlsbad Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/46 | 1,000,000 | 737,469 |
| Ceres Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| (zero coupon), due 8/1/37 | 500,000 | 281,588 |
| Chaffey Community College District, Election of 2018, Unlimited General Obligation | ||
| Series B-1 | ||
| 5.50%, due 6/1/49 | 7,000,000 | 7,538,572 |
| Chaffey Joint Union High School District, Election of 2012, Unlimited General Obligation | ||
| Series H | ||
| 5.00%, due 8/1/49 | 3,000,000 | 3,114,212 |
| Series C | ||
| 5.25%, due 8/1/47 | 3,500,000 | 3,535,751 |
| City of Berkeley, Unlimited General Obligation | ||
| 2.00%, due 9/1/39 | 1,560,000 | 1,090,627 |
| 2.00%, due 9/1/40 | 1,590,000 | 1,075,664 |
| Clovis Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/48 | 6,385,000 | 5,587,552 |
| Series B | ||
| 5.25%, due 8/1/41 | 1,100,000 | 1,158,207 |
| Series B | ||
| 5.25%, due 8/1/42 | 1,000,000 | 1,044,915 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 4,518,200 | 2,812,580 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/33 | 10,000,000 | 9,757,927 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 3,350,000 | 3,197,519 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 8,000,000 | 8,247,306 |
| Series A-1 | ||
| 5.625%, due 7/1/29 | 2,000,000 | 2,118,144 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 5.75%, due 7/1/31 | $ 1,800,000 | $ 1,955,161 |
| Cupertino Union School District, Election of 2024, Unlimited General Obligation | ||
| Series A | ||
| 5.75%, due 8/1/41 | 1,260,000 | 1,443,666 |
| Series A | ||
| 5.75%, due 8/1/45 | 1,165,000 | 1,297,420 |
| Series A | ||
| 5.75%, due 8/1/50 | 1,500,000 | 1,651,791 |
| Denair Unified School District, Election of 2007, Unlimited General Obligation | ||
| Insured: AG | ||
| (zero coupon), due 8/1/41 | 4,260,000 | 1,914,999 |
| Desert Community College District, Unlimited General Obligation | ||
| 4.00%, due 8/1/43 | 2,000,000 | 1,859,248 |
| El Monte Union High School District, Election of 2018, Unlimited General Obligation | ||
| Series D | ||
| 5.25%, due 6/1/44 | 350,000 | 370,126 |
| Series D | ||
| 5.25%, due 6/1/45 | 500,000 | 526,348 |
| Elk Grove Unified School District, Unlimited General Obligation | ||
| 2.00%, due 8/1/40 | 3,690,000 | 2,497,300 |
| Fullerton Joint Union High School District, Election of 2024, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/43 | 3,830,000 | 3,523,831 |
| Glendale Community College District, Election of 2016, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/47 | 4,500,000 | 3,185,062 |
| Grossmont Healthcare District, Unlimited General Obligation | ||
| Series F | ||
| 5.00%, due 7/15/26 | 895,000 | 917,439 |
| Series F | ||
| 5.00%, due 7/15/27 | 875,000 | 919,999 |
| Hayward Unified School District, Election of 2024, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/1/41 | 845,000 | 890,530 |
| Series A, Insured: AG | ||
| 5.00%, due 8/1/43 | 1,100,000 | 1,140,823 |
| Healdsburg Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 4.60%, due 8/1/37 (b) | 4,405,000 | 4,473,459 |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/34 | 1,000,000 | 1,126,469 |
| Series B | ||
| 5.00%, due 8/1/35 | 1,000,000 | 1,125,744 |
| Series B | ||
| 5.50%, due 8/1/39 | 2,300,000 | 2,567,170 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Kern Community College District, Election of 2016, Unlimited General Obligation | ||
| Series C | ||
| 3.00%, due 8/1/46 | $ 5,000,000 | $ 3,730,021 |
| Series D | ||
| 5.25%, due 8/1/33 | 1,000,000 | 1,156,310 |
| Series D | ||
| 5.25%, due 8/1/34 | 700,000 | 794,526 |
| Series D | ||
| 5.25%, due 8/1/38 | 2,000,000 | 2,181,620 |
| Series D | ||
| 5.25%, due 8/1/39 | 1,400,000 | 1,518,011 |
| Series D | ||
| 5.25%, due 8/1/40 | 2,200,000 | 2,364,725 |
| Long Beach Unified School District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/50 | 12,550,000 | 10,977,538 |
| Los Angeles Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 7/1/26 | 6,500,000 | 6,664,494 |
| Series QRR | ||
| 5.25%, due 7/1/40 | 3,500,000 | 3,817,112 |
| Series QRR | ||
| 5.25%, due 7/1/47 | 7,500,000 | 7,785,021 |
| Series QRR | ||
| 5.25%, due 7/1/49 | 7,500,000 | 7,798,322 |
| Los Banos Unified School District, Election of 2018, Unlimited General Obligation | ||
| 5.25%, due 8/1/49 | 2,500,000 | 2,572,117 |
| Montebello Unified School District, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| 5.50%, due 8/1/47 | 1,500,000 | 1,553,733 |
| Needles Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| (zero coupon), due 8/1/45 (b) | 1,250,000 | 1,013,955 |
| Oakland Unified School District, Alameda County, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 5.25%, due 8/1/39 | 2,240,000 | 2,440,635 |
| Series A, Insured: AG | ||
| 5.25%, due 8/1/40 | 1,600,000 | 1,727,493 |
| Series A, Insured: AG | ||
| 5.25%, due 8/1/43 | 3,000,000 | 3,155,180 |
| Ocean View School District of Orange County, Unlimited General Obligation | ||
| Series C, Insured: AG | ||
| 3.00%, due 8/1/47 | 3,040,000 | 2,209,463 |
| Ojai Unified School District, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| 5.25%, due 8/1/48 | 1,100,000 | 1,136,442 |
| Series B, Insured: AG | ||
| 5.50%, due 8/1/53 | 1,750,000 | 1,825,814 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Oxnard Union High School District, Unlimited General Obligation | ||
| Series C | ||
| 3.50%, due 8/1/45 | $ 1,250,000 | $ 1,025,097 |
| Pajaro Valley Health Care District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 9/1/46 | 1,000,000 | 959,178 |
| Series A | ||
| 5.00%, due 9/1/54 | 4,500,000 | 4,179,998 |
| Palm Springs Unified School District, Election of 2016, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/43 | 1,630,000 | 1,727,714 |
| Palomar Community College District, Election of 2006, Unlimited General Obligation | ||
| Series B | ||
| 6.20%, due 8/1/39 (b) | 2,000,000 | 2,362,613 |
| Peralta Community College District, Unlimited General Obligation | ||
| 5.00%, due 8/1/27 | 1,380,000 | 1,454,553 |
| 5.00%, due 8/1/28 | 1,125,000 | 1,214,614 |
| 5.00%, due 8/1/29 | 1,925,000 | 2,123,369 |
| Series B | ||
| 5.50%, due 8/1/52 | 2,000,000 | 2,083,790 |
| Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/40 | 1,960,000 | 2,040,557 |
| Series A, Insured: BAM | ||
| 5.50%, due 8/1/52 | 4,500,000 | 4,659,061 |
| San Bernardino Community College District, Election of 2018, Unlimited General Obligation | ||
| Series B | ||
| 4.125%, due 8/1/49 | 5,000,000 | 4,515,998 |
| San Diego Unified School District, Unlimited General Obligation | ||
| Series R-2 | ||
| (zero coupon), due 7/1/41 (b) | 4,360,000 | 4,231,204 |
| San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
| Series B-4 | ||
| 5.00%, due 7/1/40 | 205,000 | 220,769 |
| San Diego Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series F-2 | ||
| 5.00%, due 7/1/40 | 3,020,000 | 3,226,678 |
| San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation | ||
| Series D-1 | ||
| 5.25%, due 8/1/47 | 5,750,000 | 6,024,399 |
| San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 9/1/39 | 3,000,000 | 3,249,922 |
| San Juan Unified School District, Election of 2016, Unlimited General Obligation | ||
| 5.00%, due 8/1/36 | 1,500,000 | 1,619,610 |
| 5.00%, due 8/1/38 | 1,800,000 | 1,919,269 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| San Leandro Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B | ||
| 5.25%, due 8/1/48 | $ 8,675,000 | $ 8,952,959 |
| San Mateo Foster City School District, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/48 | 5,500,000 | 4,867,910 |
| Series B | ||
| 5.00%, due 8/1/40 | 1,000,000 | 1,072,971 |
| Series B | ||
| 5.00%, due 8/1/41 | 1,150,000 | 1,223,218 |
| San Rafael City High School District, Election of 2022, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 8/1/52 | 4,250,000 | 4,359,074 |
| Santa Barbara Unified School District, Election of 2010, Unlimited General Obligation | ||
| Series A | ||
| 7.00%, due 8/1/36 (b) | 1,000,000 | 1,270,485 |
| Santa Clara Unified School District, Election of 2018, Unlimited General Obligation | ||
| 3.25%, due 7/1/44 | 5,000,000 | 4,022,579 |
| Savanna School District, Election of 2008, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| (zero coupon), due 2/1/52 (b) | 3,080,000 | 2,367,682 |
| South San Francisco Unified School District, Unlimited General Obligation | ||
| 4.00%, due 9/1/52 | 10,000,000 | 8,637,170 |
| State Center Community College District, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 8/1/47 | 4,750,000 | 4,848,966 |
| State of California, Unlimited General Obligation | ||
| 5.00%, due 8/1/37 | 2,180,000 | 2,404,775 |
| 5.00%, due 4/1/42 | 5,125,000 | 5,193,548 |
| 5.50%, due 8/1/49 | 4,000,000 | 4,274,633 |
| 5.50%, due 8/1/54 | 250,000 | 266,390 |
| 7.30%, due 10/1/39 | 1,500,000 | 1,723,260 |
| State of California, Various Purpose, Unlimited General Obligation | ||
| 4.00%, due 10/1/36 | 1,000,000 | 1,011,003 |
| 4.00%, due 10/1/37 | 4,445,000 | 4,462,666 |
| 4.00%, due 11/1/38 | 4,775,000 | 4,739,458 |
| 4.00%, due 10/1/39 | 3,500,000 | 3,391,512 |
| Stockton Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.00%, due 8/1/27 | 510,000 | 536,323 |
| Stockton Unified School District, Election of 2022, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/33 | 1,550,000 | 1,776,453 |
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/36 | 1,405,000 | 1,600,767 |
| Ukiah Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| 5.50%, due 8/1/53 | 2,500,000 | 2,648,634 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Washington Township Health Care District, Unlimited General Obligation | ||
| Series B | ||
| 5.25%, due 8/1/36 | $ 500,000 | $ 557,317 |
| Series B | ||
| 5.25%, due 8/1/40 | 880,000 | 951,371 |
| Series B | ||
| 5.25%, due 8/1/48 | 500,000 | 525,049 |
| Series B | ||
| 5.50%, due 8/1/53 | 2,000,000 | 2,100,171 |
| West Contra Costa Unified School District, Unlimited General Obligation | ||
| Series D, Insured: NATL-RE | ||
| (zero coupon), due 8/1/26 | 2,850,000 | 2,764,308 |
| Series A | ||
| 5.00%, due 8/1/30 | 3,900,000 | 4,326,207 |
| 310,708,458 | ||
| Hospital 5.9% | ||
| California Health Facilities Financing Authority, Adventist Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/1/33 | 3,780,000 | 3,722,449 |
| Series A | ||
| 5.25%, due 12/1/41 | 850,000 | 862,557 |
| Series A | ||
| 5.25%, due 12/1/43 | 1,805,000 | 1,804,134 |
| California Health Facilities Financing Authority, Cedars-Sinai Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/40 | 5,000,000 | 4,740,867 |
| Series A, Insured: BAM | ||
| 4.00%, due 8/15/48 | 4,145,000 | 3,734,724 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/47 | 1,500,000 | 1,414,361 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/54 | 1,000,000 | 980,935 |
| California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds | ||
| 5.00%, due 2/1/47 | 6,500,000 | 6,500,824 |
| California Health Facilities Financing Authority, Scripps Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/37 | 5,550,000 | 6,051,797 |
| California Infrastructure & Economic Development Bank, Adventist Health Energy Projects, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/54 | 9,000,000 | 8,723,669 |
| California Infrastructure & Economic Development Bank, PIH Health Energy Projects, Revenue Bonds | ||
| Series B | ||
| 5.889%, due 12/1/45 (a) | 4,500,000 | 4,376,903 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| California Infrastructure & Economic Development Bank, Roseville Sustainable Energy Partner LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/38 | $ 1,785,000 | $ 1,884,499 |
| Series A | ||
| 5.00%, due 7/1/39 | 9,040,000 | 9,445,929 |
| California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/54 (a) | 1,000,000 | 886,224 |
| Series A | ||
| 5.50%, due 12/1/45 | 1,500,000 | 1,454,055 |
| California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/15/51 | 5,925,000 | 5,142,016 |
| California Public Finance Authority, PIH Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/32 | 1,180,000 | 1,293,537 |
| Series A | ||
| 5.00%, due 6/1/37 | 1,220,000 | 1,277,454 |
| California Statewide Communities Development Authority, Adventist Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/1/35 | 600,000 | 601,710 |
| California Statewide Communities Development Authority, Enloe Medical Center Obligated Group, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/15/42 | 1,000,000 | 1,019,969 |
| Series A, Insured: AG | ||
| 5.25%, due 8/15/52 | 3,000,000 | 3,022,995 |
| California Statewide Communities Development Authority, John Muir Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/40 | 2,000,000 | 2,155,008 |
| Washington Township Health Care District, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/36 | 1,380,000 | 1,271,815 |
| Series A | ||
| 5.00%, due 7/1/41 | 400,000 | 390,561 |
| Series A | ||
| 5.00%, due 7/1/42 | 380,000 | 366,793 |
| Series A | ||
| 5.00%, due 7/1/43 | 300,000 | 286,867 |
| Series A | ||
| 5.75%, due 7/1/48 | 300,000 | 310,239 |
| 73,722,891 | ||
| Housing 1.2% | ||
| California Community College Financing Authority, Orange Coast College Project, Revenue Bonds | ||
| 5.00%, due 5/1/27 | 280,000 | 290,564 |
| 5.00%, due 5/1/28 | 250,000 | 264,480 |
| 5.00%, due 5/1/29 | 1,470,000 | 1,552,692 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Housing | ||
| California Municipal Finance Authority, P3 Claremont Holdings LLC, Claremont Colleges Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 (a) | $ 1,000,000 | $ 911,288 |
| California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/37 | 1,320,000 | 1,270,395 |
| California School Finance Authority, Sonoma County Junior College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/36 (a) | 2,000,000 | 1,844,707 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
| 5.00%, due 5/15/50 | 3,500,000 | 3,425,146 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/61 (a) | 7,000,000 | 5,845,057 |
| 15,404,329 | ||
| Other Revenue 22.6% | ||
| Alameda County Transportation Commission, Measure BB, Revenue Bonds, Senior Lien | ||
| Series BB | ||
| 5.00%, due 3/1/45 | 2,500,000 | 2,598,962 |
| California Community Choice Financing Authority, Revenue Bonds | ||
| Series E | ||
| 5.00%, due 2/1/55 (c) | 16,900,000 | 17,939,997 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 2/1/52 (c) | 4,725,000 | 4,697,974 |
| Series A | ||
| 4.00%, due 10/1/52 (c) | 4,400,000 | 4,433,135 |
| Series E-2 | ||
| 4.591%, due 2/1/54 | 4,250,000 | 4,276,277 |
| Series A | ||
| 5.00%, due 5/1/54 (c) | 9,000,000 | 9,517,981 |
| Series D | ||
| 5.00%, due 2/1/55 (c) | 12,550,000 | 13,362,139 |
| Series C | ||
| 5.25%, due 1/1/54 (c) | 7,325,000 | 7,646,570 |
| Series F | ||
| 5.50%, due 10/1/54 (c) | 7,205,000 | 7,693,247 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 4.00%, due 2/1/56 (a) | 6,285,000 | 4,888,202 |
| California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (a) | 2,700,000 | 1,720,263 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (a) | 500,000 | 319,618 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/34 | $ 300,000 | $ 292,353 |
| Series A | ||
| 4.00%, due 6/1/36 | 300,000 | 287,483 |
| Series A | ||
| 4.00%, due 6/1/37 | 275,000 | 259,337 |
| Series A | ||
| 4.00%, due 6/1/38 | 275,000 | 256,592 |
| Series A | ||
| 4.00%, due 6/1/39 | 350,000 | 323,921 |
| Series A | ||
| 4.00%, due 6/1/49 | 2,500,000 | 2,062,912 |
| California Infrastructure & Economic Development Bank, California Academy of Sciences, Revenue Bonds | ||
| Series A | ||
| 3.25%, due 8/1/29 | 2,000,000 | 2,021,732 |
| California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/47 | 5,000,000 | 5,193,951 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds | ||
| Series B-2 | ||
| 3.00%, due 10/1/47 (c) | 3,295,000 | 3,308,624 |
| California Infrastructure & Economic Development Bank, Los Angeles County Museum of Natural History Foundation, Revenue Bonds | ||
| 3.00%, due 7/1/50 | 3,735,000 | 2,516,885 |
| California Municipal Finance Authority, Revenue Bonds | ||
| Series 1, Class A-1 | ||
| 3.536%, due 2/20/41 (c) | 4,995,914 | 4,406,326 |
| California Municipal Finance Authority, HumanGood California Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/36 | 1,150,000 | 1,226,765 |
| Series A | ||
| 5.25%, due 10/1/44 | 1,505,000 | 1,535,701 |
| Series A | ||
| 5.25%, due 10/1/45 | 1,115,000 | 1,133,752 |
| California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/37 | 2,085,000 | 2,166,963 |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds | ||
| Series A | ||
| 4.375%, due 9/1/53 (c)(d) | 5,000,000 | 4,970,774 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (d) | 8,500,000 | 8,356,466 |
| California State Public Works Board, May Lee State Office Complex, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/45 | 3,245,000 | 3,342,090 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/1/44 | $ 3,735,000 | $ 3,805,132 |
| Series D | ||
| 5.00%, due 11/1/46 | 5,000,000 | 5,116,988 |
| California Statewide Communities Development Authority, Front Porch Communities & Services Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/42 | 2,000,000 | 1,758,236 |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds | ||
| Series A | ||
| 6.00%, due 5/1/43 | 1,230,000 | 1,256,443 |
| City of Sacramento, Convention Center Complex, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/48 | 4,200,000 | 4,095,949 |
| City of Victorville, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/38 | 1,115,000 | 1,190,810 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (a) | 2,000,000 | 1,272,112 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 4,516,638 | 2,055,070 |
| CSCDA Community Improvement Authority, Acacia on Santa Rosa Creek, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 10/1/56 (a) | 2,000,000 | 1,554,129 |
| CSCDA Community Improvement Authority, Dublin, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 2/1/57 (a) | 1,250,000 | 817,098 |
| Del Mar Race Track Authority, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,000,000 | 1,003,068 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, Second Lien | ||
| Series B, Insured: AG | ||
| 5.50%, due 6/1/50 | 3,175,000 | 3,311,622 |
| Series B, Insured: AG | ||
| 5.50%, due 6/1/55 | 3,230,000 | 3,360,836 |
| Imperial Irrigation District, Electric System, Revenue Bonds | ||
| 5.00%, due 11/1/41 | 1,655,000 | 1,709,691 |
| Indio Finance Authority, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.25%, due 11/1/42 | 1,500,000 | 1,590,841 |
| Los Angeles County Facilities 2, Inc., Vermont Corridor Site 2, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/1/57 | 7,000,000 | 7,176,800 |
| Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/43 | 4,000,000 | 4,039,632 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Los Angeles County Public Works Financing Authority, Revenue Bonds | ||
| Series H | ||
| 5.50%, due 12/1/53 | $ 6,125,000 | $ 6,472,193 |
| Los Angeles County Public Works Financing Authority, County of Los Angeles, Revenue Bonds | ||
| Series H | ||
| 5.50%, due 12/1/49 | 10,005,000 | 10,610,180 |
| Los Angeles County Public Works Financing Authority, Lease Revenue Funding Bonds, Revenue Bonds | ||
| Series G | ||
| 5.00%, due 12/1/41 | 5,965,000 | 6,207,536 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 4,310,000 | 4,419,303 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,206,450 |
| Series A | ||
| 5.00%, due 10/1/39 | 3,495,000 | 3,489,289 |
| M-S-R Energy Authority, Revenue Bonds | ||
| Series A | ||
| 6.50%, due 11/1/39 | 5,310,000 | 6,285,741 |
| Series C | ||
| 7.00%, due 11/1/34 | 5,860,000 | 6,960,560 |
| M-S-R Energy Authority, Santa Clara, Revenue Bonds | ||
| Series B | ||
| 7.00%, due 11/1/34 | 950,000 | 1,128,418 |
| Municipal Improvement Corp. of Los Angeles, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/43 | 1,000,000 | 1,050,002 |
| New Hampshire Business Finance Authority, Revenue Bonds | ||
| Series 4, Class A | ||
| 3.925%, due 7/20/39 (c) | 4,978,198 | 4,583,576 |
| Northern California Power Agency, Revenue Bonds | ||
| Series B | ||
| 7.311%, due 6/1/40 | 5,645,000 | 6,288,830 |
| Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 | 4,750,000 | 4,856,213 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/46 | 12,530,000 | 3,899,212 |
| Series A-1 | ||
| (zero coupon), due 7/1/51 | 5,390,000 | 1,241,847 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 4,659,000 | 4,336,555 |
| Series A-2B | ||
| 4.55%, due 7/1/40 | 1,871,000 | 1,769,563 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 5,866,000 | 5,265,190 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.784%, due 7/1/58 | $ 4,707,000 | $ 4,155,673 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/58 | 2,991,078 | 2,737,783 |
| San Diego Public Facilities Financing Authority, Capital Improvement Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/15/41 | 1,500,000 | 1,605,018 |
| South Bayside Waste Management Authority, Green Bond, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 9/1/40 | 2,435,000 | 2,486,676 |
| Southern California Public Power Authority, National Gas Project, Revenue Bonds | ||
| Series A | ||
| 4.51%, due 11/1/38 | 2,500,000 | 2,400,141 |
| Stockton Public Financing Authority, Water Revenue, Green Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 10/1/34 | 1,500,000 | 1,571,490 |
| Territory of Guam, Revenue Bonds | ||
| Series G | ||
| 5.00%, due 1/1/34 (e) | 4,800,000 | 5,172,572 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/27 | 2,000,000 | 2,006,091 |
| Series D | ||
| 5.00%, due 11/15/33 | 2,630,000 | 2,633,173 |
| Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/49 | 3,000,000 | 2,482,579 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (a) | 1,500,000 | 1,500,345 |
| Series A | ||
| 5.00%, due 10/1/32 | 1,050,000 | 1,048,241 |
| 279,741,889 | ||
| Transportation 13.4% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 10/1/36 | 3,000,000 | 1,869,179 |
| Bay Area Toll Authority, Revenue Bonds | ||
| Series F-1 | ||
| 5.00%, due 4/1/48 | 5,465,000 | 5,626,217 |
| Burbank-Glendale-Pasadena Airport Authority, Brick Campaign, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.25%, due 7/1/54 (d) | 6,000,000 | 6,041,305 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.25%, due 7/1/44 (d) | $ 4,250,000 | $ 4,335,383 |
| City of Long Beach, Airport, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 6/1/33 | 550,000 | 615,932 |
| Series A, Insured: AG | ||
| 5.00%, due 6/1/34 | 410,000 | 455,281 |
| Series A, Insured: AG | ||
| 5.00%, due 6/1/36 | 800,000 | 872,562 |
| Series A, Insured: AG | ||
| 5.00%, due 6/1/38 | 750,000 | 804,241 |
| Series A, Insured: AG | ||
| 5.00%, due 6/1/39 | 500,000 | 532,262 |
| City of Long Beach, Alamitos Bay Marina Project, Revenue Bonds | ||
| 5.00%, due 5/15/26 | 1,245,000 | 1,268,355 |
| 5.00%, due 5/15/27 | 1,265,000 | 1,318,989 |
| 5.00%, due 5/15/28 | 1,430,000 | 1,522,244 |
| 5.00%, due 5/15/29 | 1,000,000 | 1,083,441 |
| 5.00%, due 5/15/30 | 1,000,000 | 1,096,222 |
| 5.00%, due 5/15/31 | 1,550,000 | 1,711,253 |
| 5.00%, due 5/15/32 | 1,000,000 | 1,111,380 |
| 5.00%, due 5/15/41 | 1,000,000 | 1,045,645 |
| 5.00%, due 5/15/42 | 1,200,000 | 1,241,851 |
| City of Los Angeles, Department of Airports, Revenue Bonds | ||
| Series F | ||
| 5.00%, due 5/15/29 (d) | 9,095,000 | 9,745,277 |
| Series D | ||
| 5.00%, due 5/15/30 (d) | 3,000,000 | 3,187,133 |
| Series B | ||
| 5.00%, due 5/15/34 (d) | 4,625,000 | 4,749,056 |
| Series D | ||
| 5.00%, due 5/15/42 | 9,000,000 | 9,599,591 |
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien (d) | ||
| Series C | ||
| 5.00%, due 5/15/29 | 5,000,000 | 5,363,057 |
| Series G | ||
| 5.50%, due 5/15/35 | 1,750,000 | 1,904,738 |
| Series G | ||
| 5.50%, due 5/15/39 | 1,375,000 | 1,453,454 |
| Series G | ||
| 5.50%, due 5/15/40 | 4,000,000 | 4,196,037 |
| Series H | ||
| 5.50%, due 5/15/47 | 4,100,000 | 4,189,622 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.50%, due 1/15/31 (b) | 2,000,000 | 2,291,687 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | $ 5,270,000 | $ 4,864,071 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 12/31/54 (d) | 9,925,000 | 9,732,014 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 6/30/54 (d) | 1,175,000 | 1,112,783 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/1/30 (d) | 1,855,000 | 1,992,913 |
| Oklahoma Turnpike Authority, Revenue Bonds | ||
| 5.50%, due 1/1/53 | 5,000,000 | 5,188,506 |
| Ontario International Airport Authority, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 5/15/51 | 1,000,000 | 872,138 |
| Port of Oakland, Revenue Bonds (d) | ||
| Series H | ||
| 5.00%, due 5/1/29 | 5,000 | 5,434 |
| Series H | ||
| 5.00%, due 5/1/29 | 1,895,000 | 2,016,146 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (d) | ||
| Series B | ||
| 5.00%, due 7/1/30 | 2,200,000 | 2,388,007 |
| Series B | ||
| 5.00%, due 7/1/31 | 3,500,000 | 3,810,201 |
| Series B | ||
| 5.25%, due 7/1/36 | 3,370,000 | 3,646,868 |
| Series B | ||
| 5.25%, due 7/1/58 | 6,000,000 | 6,029,263 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (d) | ||
| Series C | ||
| 5.00%, due 5/1/30 | 4,000,000 | 4,327,400 |
| Series E | ||
| 5.00%, due 5/1/50 | 3,460,000 | 3,386,053 |
| Series A | ||
| 5.25%, due 5/1/42 | 5,000,000 | 5,171,993 |
| Series A | ||
| 5.25%, due 5/1/44 | 6,340,000 | 6,478,778 |
| Series A | ||
| 5.50%, due 5/1/55 | 7,000,000 | 7,226,851 |
| Series C | ||
| 5.75%, due 5/1/48 | 14,300,000 | 14,890,065 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | 3,150,000 | 3,150,153 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/49 | $ 620,000 | $ 619,998 |
| 166,141,029 | ||
| Utilities 4.8% | ||
| City of Riverside, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/41 | 550,000 | 587,980 |
| Series A | ||
| 5.00%, due 10/1/42 | 515,000 | 545,266 |
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/27 | 1,230,000 | 1,281,064 |
| Series A | ||
| 5.00%, due 10/1/33 | 1,000,000 | 1,019,436 |
| Series A | ||
| 5.00%, due 10/1/40 | 1,000,000 | 996,172 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 3,000,000 | 3,158,994 |
| Series A | ||
| 5.00%, due 7/1/30 | 1,000,000 | 1,096,448 |
| Series A | ||
| 5.00%, due 7/1/31 | 1,500,000 | 1,657,524 |
| Series A | ||
| 5.00%, due 7/1/32 | 1,500,000 | 1,666,316 |
| Series A | ||
| 5.00%, due 7/1/33 | 1,900,000 | 2,117,029 |
| Series B | ||
| 5.25%, due 7/1/53 | 8,055,000 | 8,177,945 |
| Series D | ||
| 5.25%, due 7/1/54 | 5,500,000 | 5,596,881 |
| Modesto Irrigation District, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 1,690,000 | 1,691,973 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AG | ||
| 4.25%, due 7/1/27 | 460,000 | 454,307 |
| Series XX | ||
| 5.25%, due 7/1/40 (f)(g) | 1,000,000 | 548,750 |
| Sacramento Municipal Utility District, Revenue Bonds | ||
| Series H | ||
| 5.00%, due 8/15/38 | 4,340,000 | 4,618,231 |
| Series M | ||
| 5.00%, due 11/15/44 | 2,750,000 | 2,863,366 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utilities | ||
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds | ||
| Series 1 | ||
| 5.00%, due 7/1/32 | $ 1,000,000 | $ 1,114,159 |
| Series 1 | ||
| 5.00%, due 7/1/34 | 650,000 | 723,114 |
| Series 1 | ||
| 5.00%, due 7/1/36 | 1,450,000 | 1,561,056 |
| Series 1, Insured: BAM | ||
| 5.00%, due 7/1/37 | 915,000 | 992,827 |
| Series 1, Insured: BAM | ||
| 5.00%, due 7/1/38 | 1,175,000 | 1,259,413 |
| Series 2 | ||
| 5.00%, due 7/1/53 (c) | 2,000,000 | 2,114,237 |
| Series 1, Insured: BAM | ||
| 5.25%, due 7/1/46 | 5,855,000 | 6,046,560 |
| Series 1, Insured: BAM | ||
| 5.25%, due 7/1/49 | 7,500,000 | 7,714,046 |
| 59,603,094 | ||
| Water & Sewer 10.6% | ||
| California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds | ||
| 4.00%, due 10/1/40 | 3,500,000 | 3,485,759 |
| 4.00%, due 10/1/45 | 5,250,000 | 4,787,765 |
| City of Los Angeles, Wastewater System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/31 | 4,000,000 | 4,541,101 |
| Series A | ||
| 5.00%, due 6/1/33 | 5,000,000 | 5,786,594 |
| Series C | ||
| 5.00%, due 6/1/34 | 4,500,000 | 5,213,393 |
| Series C | ||
| 5.00%, due 6/1/35 | 4,500,000 | 5,209,094 |
| Series A | ||
| 5.00%, due 6/1/43 | 5,130,000 | 5,413,740 |
| City of Oxnard, Wastewater, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 6/1/32 | 1,920,000 | 1,944,103 |
| Insured: BAM | ||
| 4.00%, due 6/1/34 | 2,080,000 | 2,092,027 |
| Insured: BAM | ||
| 5.00%, due 6/1/30 | 1,340,000 | 1,431,556 |
| City of San Francisco, Public Utilities Commission Water, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/32 | 5,000,000 | 5,742,664 |
| Series A | ||
| 5.00%, due 11/1/36 | 1,000,000 | 1,135,957 |
| Series A | ||
| 5.00%, due 11/1/39 | 1,000,000 | 1,102,631 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| City of San Francisco, Public Utilities Commission Water, Revenue Bonds | ||
| Series F | ||
| 5.00%, due 11/1/39 | $ 4,000,000 | $ 4,546,056 |
| Series A | ||
| 5.00%, due 11/1/40 | 750,000 | 819,997 |
| Series A | ||
| 5.00%, due 11/1/43 | 400,000 | 421,318 |
| Series A | ||
| 5.25%, due 11/1/48 | 4,000,000 | 4,157,761 |
| East Bay Municipal Utility District, Water System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/36 | 3,000,000 | 3,461,810 |
| Series A | ||
| 5.00%, due 6/1/37 | 3,000,000 | 3,299,388 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,800,000 | 1,962,986 |
| Series A | ||
| 5.00%, due 6/1/49 | 5,000,000 | 5,164,071 |
| East County Advanced Water Purification Joint Powers Authority, Revenue Bonds | ||
| Series A-1 | ||
| 3.125%, due 9/1/26 | 2,550,000 | 2,559,604 |
| Guam Government Waterworks Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 780,000 | 850,229 |
| Series A | ||
| 5.50%, due 7/1/44 | 1,000,000 | 1,034,601 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/50 | 2,500,000 | 2,381,231 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 5.00%, due 7/1/37 | 1,000,000 | 1,061,626 |
| Series B | ||
| 5.00%, due 7/1/46 | 1,575,000 | 1,581,295 |
| Series A | ||
| 5.25%, due 7/1/53 | 1,000,000 | 1,017,415 |
| Metropolitan Water District of Southern California, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/36 | 2,000,000 | 2,293,235 |
| Oxnard Financing Authority, Waste Water, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 6/1/34 | 1,000,000 | 1,001,568 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/33 (a) | 1,330,000 | 1,388,408 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.00%, due 7/1/35 | 8,000,000 | 8,247,046 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.00%, due 7/1/37 | $ 4,800,000 | $ 4,945,840 |
| Series A | ||
| 5.00%, due 7/1/47 | 16,295,000 | 15,354,146 |
| San Diego County Water Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/52 | 2,065,000 | 2,099,677 |
| San Diego Public Facilities Financing Authority, Sewer Utility, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/43 | 1,525,000 | 1,611,101 |
| San Francisco City & County Public Utilities Commission, Wastewater, Revenue Bonds | ||
| Series A | ||
| 1.00%, due 10/1/25 | 10,000,000 | 9,956,951 |
| Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds | ||
| 4.00%, due 8/1/36 | 2,025,000 | 2,025,046 |
| 131,128,790 | ||
| Total Long-Term Municipal Bonds (Cost $1,164,863,794) | 1,154,364,904 | |
| Short-Term Municipal Notes 4.3% | ||
| General 0.8% | ||
| Nuveen California AMT-Free Quality Municipal Income Fund | ||
| Series A | ||
| 2.74%, due 10/1/47 (a)(h) | 10,100,000 | 10,100,000 |
| Hospital 1.2% | ||
| California Health Facilities Financing Authority, Adventist Health System, Revenue Bonds | ||
| Series B | ||
| 2.15%, due 3/1/41 (h) | 15,000,000 | 15,000,000 |
| Other Revenue 0.3% | ||
| California Municipal Finance Authority, Rancho Colus LP, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 8/1/26 (h) | 3,360,000 | 3,360,000 |
| Transportation 1.5% | ||
| Bay Area Toll Authority, Revenue Bonds (h) | ||
| Series E | ||
| 2.20%, due 4/1/59 | 10,000,000 | 10,000,000 |
| Series B | ||
| 2.25%, due 4/1/55 | 9,050,000 | 9,050,000 |
| 19,050,000 | ||
| Principal Amount | Value | ||
| Short-Term Municipal Notes | |||
| Utility 0.3% | |||
| Tender Option Bond Trust Receipts, Revenue Bonds | |||
| Insured: BAM | |||
| 2.44%, due 7/1/46 (a)(h) | $ 3,320,000 | $ 3,320,000 | |
| Water & Sewer 0.2% | |||
| Anaheim Housing & Public Improvements Authority, Water System Project, Revenue Bonds, Second Lien | |||
| Series A | |||
| 2.60%, due 10/1/54 (h) | 670,000 | 670,000 | |
| Metropolitan Water District of Southern California, Revenue Bonds | |||
| Series B-1 | |||
| 1.54%, due 7/1/47 (h) | 2,300,000 | 2,300,000 | |
| 2,970,000 | |||
| Total Short-Term Municipal Notes (Cost $53,800,000) | 53,800,000 | ||
| Total Municipal Bonds (Cost $1,218,663,794) | 1,208,164,904 | ||
| Shares | |||
| Short-Term Investment 3.3% | |||
| Unaffiliated Investment Company 3.3% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (i) | 41,337,606 | 41,337,606 | |
| Total Short-Term Investment (Cost $41,337,606) | 41,337,606 | ||
| Total Investments (Cost $1,260,001,400) | 100.7% | 1,249,502,510 | |
| Other Assets, Less Liabilities | (0.7) | (8,992,867) | |
| Net Assets | 100.0% | $ 1,240,509,643 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Interest on these securities was subject to alternative minimum tax. |
| (e) | Delayed delivery security. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury Long Bonds | (500) | September 2025 | $ (56,033,133) | $ (57,093,750) | $ (1,060,617) |
| 1. | As of July 31, 2025, cash in the amount of $1,850,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| HUD—Housing and Urban Development |
| NATL-RE—National Public Finance Guarantee Corp. |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,154,364,904 | $ — | $ 1,154,364,904 | |||
| Short-Term Municipal Notes | — | 53,800,000 | — | 53,800,000 | |||
| Total Municipal Bonds | — | 1,208,164,904 | — | 1,208,164,904 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 41,337,606 | — | — | 41,337,606 | |||
| Total Investments in Securities | $ 41,337,606 | $ 1,208,164,904 | $ — | $ 1,249,502,510 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (1,060,617) | $ — | $ — | $ (1,060,617) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 99.7% | ||
| Long-Term Municipal Bonds 99.7% | ||
| Certificate of Participation/Lease 14.5% | ||
| Adams & Arapahoe Counties Joint School District 28J, Aurora, Certificate of Participation | ||
| Insured: BAM | ||
| 5.00%, due 12/1/33 | $ 175,000 | $ 194,423 |
| Insured: BAM | ||
| 5.00%, due 12/1/34 | 300,000 | 328,510 |
| Insured: BAM | ||
| 5.25%, due 12/1/43 | 650,000 | 672,221 |
| Adams County School District No. 1, Certificate of Participation | ||
| Insured: BAM | ||
| 5.00%, due 12/1/36 | 1,335,000 | 1,425,703 |
| City of Boulder, Certificate of Participation | ||
| 5.00%, due 11/1/42 | 1,445,000 | 1,508,103 |
| City of Fort Lupton, Certificate of Participation | ||
| 5.00%, due 12/1/33 | 500,000 | 532,793 |
| City of Westminster, Municipal Courthouse Project, Certificate of Participation | ||
| 5.00%, due 12/1/37 | 500,000 | 532,265 |
| Colorado Higher Education, Certificate of Participation | ||
| Series A | ||
| 5.00%, due 11/1/26 | 1,690,000 | 1,738,752 |
| Foothills Park & Recreation District, Certificate of Participation | ||
| Insured: AG | ||
| 5.00%, due 12/1/26 | 1,380,000 | 1,390,513 |
| Rangeview Library District, Certificate of Participation | ||
| Insured: AG | ||
| 5.00%, due 12/15/27 | 1,515,000 | 1,528,453 |
| Regional Transportation District, Certificate of Participation | ||
| 5.00%, due 6/1/40 | 1,500,000 | 1,597,950 |
| Town of Castle Rock, Certificate of Participation | ||
| 5.25%, due 12/1/42 | 1,125,000 | 1,179,415 |
| Town of Frederick, Public Works Facility Project (The), Certificate of Participation | ||
| 5.00%, due 12/1/34 | 525,000 | 581,210 |
| 5.00%, due 12/1/35 | 500,000 | 551,056 |
| 5.00%, due 12/1/41 | 1,250,000 | 1,315,944 |
| 15,077,311 | ||
| Education 4.2% | ||
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/31 (a) | 500,000 | 477,260 |
| Colorado Educational & Cultural Facilities Authority, Roosevelt Charter Academy Project, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 7/1/45 | 450,000 | 447,343 |
| Colorado Educational & Cultural Facilities Authority, Skyview Academy, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 7/1/44 | 1,500,000 | 1,308,193 |
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 7/1/38 | 330,000 | 343,469 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Colorado Educational & Cultural Facilities Authority, University of Denver, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 5.25%, due 3/1/26 | $ 1,000,000 | $ 1,014,687 |
| Colorado School of Mines, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 12/1/38 | 700,000 | 748,495 |
| 4,339,447 | ||
| General 0.5% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 761,723 | 480,838 |
| General Obligation 26.8% | ||
| Adams 12 Five Star Schools, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.25%, due 12/15/44 | 1,350,000 | 1,420,563 |
| Insured: State Aid Withholding | ||
| 5.50%, due 12/15/31 | 1,000,000 | 1,086,279 |
| Adams County School District No. 14, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.00%, due 12/1/34 | 1,250,000 | 1,408,077 |
| Insured: State Aid Withholding | ||
| 5.50%, due 12/1/35 | 1,230,000 | 1,419,544 |
| Arapahoe County Water & Wastewater Public Improvement District, Unlimited General Obligation | ||
| 5.00%, due 12/1/25 | 1,020,000 | 1,022,010 |
| Baseline Metropolitan District No. 1, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 4.25%, due 12/1/54 | 1,925,000 | 1,727,926 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/32 | 1,050,000 | 1,143,898 |
| Boulder Larimer & Weld Counties, St. Vrain Valley School District Re-1J, Unlimited General Obligation | ||
| Series C, Insured: State Aid Withholding | ||
| 5.00%, due 12/15/28 | 2,000,000 | 2,068,848 |
| Canyons Metropolitan District No. 5, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/49 | 1,000,000 | 969,988 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 1,027,428 | 639,574 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/41 | 1,370,000 | 1,194,982 |
| Denver City & County School District No. 1, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.00%, due 12/1/43 | 1,350,000 | 1,032,184 |
| Series C, Insured: State Aid Withholding | ||
| 5.50%, due 12/1/47 | 2,000,000 | 2,119,953 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Larimer Weld & Boulder County School District R-2J, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.00%, due 12/15/35 | $ 2,000,000 | $ 2,084,697 |
| Mesa County Valley School District No. 51, Grand Junction, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.25%, due 12/1/42 | 2,000,000 | 2,150,482 |
| Mirabelle Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
| Series A, Insured: AG | ||
| 5.00%, due 12/1/34 | 300,000 | 321,614 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/36 | 600,000 | 631,361 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/38 | 840,000 | 874,022 |
| STC Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
| Series A-1, Insured: AG | ||
| 5.00%, due 12/1/27 | 1,760,000 | 1,836,435 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
| 5.00%, due 12/1/40 | 1,000,000 | 989,528 |
| Weld County School District No. RE-4, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.00%, due 12/1/39 | 1,655,000 | 1,750,181 |
| 27,892,146 | ||
| Hospital 5.7% | ||
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/46 | 1,000,000 | 866,980 |
| Series A | ||
| 5.00%, due 11/15/60 (b) | 2,500,000 | 2,726,911 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 11/1/35 | 1,200,000 | 1,304,028 |
| Colorado Health Facilities Authority, Sanford Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/28 | 1,000,000 | 1,065,215 |
| 5,963,134 | ||
| Other Revenue 36.9% | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (b) | 1,000,000 | 1,043,900 |
| City & County of Denver, Pledged Excise Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/36 | 1,000,000 | 1,013,384 |
| City of Colorado Springs, Utilities System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/38 | 1,000,000 | 1,072,977 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| City of Colorado Springs, Utilities System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/39 | $ 1,000,000 | $ 1,064,185 |
| Series B | ||
| 5.00%, due 11/15/39 | 1,000,000 | 1,064,185 |
| City of Fort Collins, Electric Utility Enterprise, Revenue Bonds | ||
| 5.00%, due 12/1/37 | 2,240,000 | 2,417,389 |
| Colorado Housing and Finance Authority, Revenue Bonds | ||
| Series H, Class I, Insured: GNMA | ||
| 2.10%, due 11/1/35 | 1,000,000 | 776,577 |
| Series H, Class I, Insured: GNMA | ||
| 2.20%, due 11/1/38 | 1,355,000 | 979,706 |
| Series B, Class I | ||
| 2.20%, due 10/1/40 | 1,000,000 | 673,497 |
| Series B | ||
| 3.75%, due 5/1/50 | 850,000 | 853,713 |
| Series K, Insured: GNMA | ||
| 3.875%, due 5/1/50 | 870,000 | 876,314 |
| Series C-1 | ||
| 4.45%, due 10/1/44 | 1,250,000 | 1,195,323 |
| Series J, Class III, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 5/1/55 | 1,000,000 | 1,115,238 |
| Colorado Housing and Finance Authority, Fitz Affordable Owner LLC, Revenue Bonds | ||
| Series A, Insured: FNMA | ||
| 4.48%, due 3/1/44 | 2,000,000 | 1,881,426 |
| Colorado Housing and Finance Authority, Sustainable Bonds, Revenue Bonds | ||
| Series B, Class 1, Insured: GNMA | ||
| 3.25%, due 5/1/52 | 830,000 | 825,721 |
| Denver Urban Renewal Authority, Stapleton Urban Redevelopment Area, Tax Allocation, Senior Lien | ||
| Series A-1 | ||
| 5.00%, due 12/1/25 | 2,600,000 | 2,605,811 |
| Eagle County Housing & Development Authority, Eagle Villas Project, Revenue Bonds | ||
| 3.55%, due 12/1/45 (b) | 2,000,000 | 2,011,126 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 157,957 | 151,901 |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/31 | 595,000 | 646,496 |
| Insured: BAM | ||
| 5.00%, due 6/1/32 | 625,000 | 681,158 |
| Insured: BAM | ||
| 5.00%, due 6/1/33 | 985,000 | 1,074,625 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/39 | 1,280,000 | 1,277,908 |
| Midcities Metropolitan District No. 2, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 12/1/31 | 2,365,000 | 2,572,796 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (b) | $ 1,000,000 | $ 1,043,060 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG | ||
| 4.00%, due 12/1/35 | 1,475,000 | 1,473,000 |
| Prairie Center Metropolitan District No. 3, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/41 (a) | 1,000,000 | 968,427 |
| Public Authority for Colorado Energy, Revenue Bonds | ||
| 6.50%, due 11/15/38 | 3,000,000 | 3,497,229 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.329%, due 7/1/40 | 1,001,000 | 931,722 |
| Territory of Guam, Revenue Bonds | ||
| Series G | ||
| 5.00%, due 1/1/32 (c) | 1,500,000 | 1,619,827 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/54 (b) | 1,000,000 | 1,064,584 |
| 38,473,205 | ||
| Transportation 9.5% | ||
| City & County of Denver, Airport System, Revenue Bonds (d) | ||
| Series A | ||
| 4.25%, due 11/15/31 | 2,800,000 | 2,800,819 |
| Series D | ||
| 5.75%, due 11/15/40 | 2,000,000 | 2,145,714 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 12/1/37 | 1,050,000 | 1,138,039 |
| Series A, Insured: AG | ||
| 5.25%, due 12/1/39 | 1,000,000 | 1,079,763 |
| E-470 Public Highway Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 9/1/40 | 1,485,000 | 1,563,180 |
| Eagle County Airport Terminal Corp., Airport Terminal Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/1/41 (d) | 1,240,000 | 1,197,975 |
| 9,925,490 | ||
| Water & Sewer 1.6% | ||
| Central Weld County Water District, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 12/1/33 | 565,000 | 631,331 |
| Principal Amount | Value | ||
| Long-Term Municipal Bonds | |||
| Water & Sewer | |||
| Central Weld County Water District, Revenue Bonds | |||
| Insured: BAM | |||
| 5.00%, due 12/1/45 | $ 1,000,000 | $ 1,009,015 | |
| 1,640,346 | |||
| Total Municipal Bonds (Cost $104,617,045) | 103,791,917 | ||
| Shares | |||
| Short-Term Investment 2.3% | |||
| Unaffiliated Investment Company 2.3% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (e) | 2,409,666 | 2,409,666 | |
| Total Short-Term Investment (Cost $2,409,666) | 2,409,666 | ||
| Total Investments (Cost $107,026,711) | 102.0% | 106,201,583 | |
| Other Assets, Less Liabilities | (2.0) | (2,058,527) | |
| Net Assets | 100.0% | $ 104,143,056 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Delayed delivery security. |
| (d) | Interest on these securities was subject to alternative minimum tax. |
| (e) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (30) | September 2025 | $ (3,366,391) | $ (3,392,344) | $ (25,953) |
| U.S. Treasury Long Bonds | (25) | September 2025 | (2,835,567) | (2,854,687) | (19,120) |
| Net Unrealized Depreciation | $ (45,073) |
| 1. | As of July 31, 2025, cash in the amount of $169,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| NATL-RE—National Public Finance Guarantee Corp. |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 103,791,917 | $ — | $ 103,791,917 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 2,409,666 | — | — | 2,409,666 | |||
| Total Investments in Securities | $ 2,409,666 | $ 103,791,917 | $ — | $ 106,201,583 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (45,073) | $ — | $ — | $ (45,073) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 99.2% | ||
| Long-Term Municipal Bonds 95.2% | ||
| Alabama 3.0% | ||
| Alabama Special Care Facilities Financing Authority, Methodist Home for the Aging, Revenue Bonds | ||
| Series 1 | ||
| 5.75%, due 6/1/45 | $ 1,250,000 | $ 1,074,445 |
| Series 1 | ||
| 6.00%, due 6/1/50 | 2,000,000 | 1,711,799 |
| Baldwin County Industrial Development Authority, Novelis Corp. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/55 (a)(b)(c) | 17,500,000 | 17,477,201 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
| Series C-2 | ||
| 2.64%, due 10/1/52 | 22,720,000 | 22,385,341 |
| Cooper Green Mercy Health Services Authority, County of Jefferson Indigent Care Fund, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 9/1/42 | 4,950,000 | 5,111,817 |
| County of Jefferson, Sewer, Revenue Bonds | ||
| 5.25%, due 10/1/41 | 8,535,000 | 8,865,968 |
| 5.25%, due 10/1/43 | 3,150,000 | 3,223,732 |
| 5.25%, due 10/1/44 | 17,100,000 | 17,408,026 |
| 5.25%, due 10/1/49 | 8,970,000 | 9,007,734 |
| 5.50%, due 10/1/53 | 15,975,000 | 16,233,685 |
| Homewood Educational Building Authority, CHF - Horizons II LLC, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 10/1/56 | 1,000,000 | 900,641 |
| Hoover Industrial Development Board, United States Steel Corp., Green Bond, Revenue Bonds | ||
| 6.375%, due 11/1/50 (b)(c) | 3,140,000 | 3,415,906 |
| Lower Alabama Gas District (The), Gas Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/46 | 17,360,000 | 17,305,085 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC Project, Revenue Bonds (b) | ||
| Series B | ||
| 4.75%, due 12/1/54 | 61,000,000 | 53,347,312 |
| Series A | ||
| 5.00%, due 6/1/54 | 2,500,000 | 2,277,148 |
| Montgomery Educational Building Authority, Faulkner University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/43 | 4,780,000 | 4,214,889 |
| Prichard Water Works & Sewer Board, Revenue Bonds | ||
| 4.00%, due 11/1/49 (d)(e) | 6,000,000 | 3,900,000 |
| Southeast Energy Authority A Cooperative District, Project No. 2, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 12/1/51 (c) | 8,400,000 | 8,354,988 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/56 (c) | 9,000,000 | 9,087,570 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Alabama | ||
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 5/1/44 (a) | $ 71,405,000 | $ 68,866,017 |
| 274,169,304 | ||
| Alaska 0.2% | ||
| Alaska Industrial Development & Export Authority, Dena' Nena' Henash, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 15,440,000 | 12,624,663 |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,795,000 | 1,803,182 |
| Series A | ||
| 5.00%, due 6/1/50 | 3,485,000 | 3,223,811 |
| 17,651,656 | ||
| Arizona 1.3% | ||
| Arizona Industrial Development Authority, GreatHearts Arizona Project, Revenue Bonds | ||
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/46 | 4,265,000 | 2,960,156 |
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/52 | 9,525,000 | 6,103,873 |
| Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 6/1/44 | 2,500,000 | 2,177,397 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/45 | 5,470,000 | 4,511,785 |
| Series A | ||
| 4.00%, due 11/1/46 | 1,000,000 | 817,198 |
| Series A | ||
| 4.00%, due 11/1/49 | 4,865,000 | 3,882,005 |
| Series A | ||
| 4.00%, due 11/1/51 | 3,405,000 | 2,673,450 |
| Series A | ||
| 4.25%, due 11/1/52 | 2,000,000 | 1,632,306 |
| Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 1,000,000 | 742,228 |
| Series A | ||
| 5.00%, due 10/1/45 | 1,875,000 | 1,680,013 |
| Arizona Industrial Development Authority, Macombs Facility Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 4,230,000 | 3,410,781 |
| Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/51 | 1,420,000 | 1,144,990 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/61 | $ 1,000,000 | $ 765,653 |
| Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada, Revenue Bonds | ||
| Series A | ||
| 4.50%, due 7/15/29 (a) | 1,000,000 | 972,990 |
| Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds (a) | ||
| Series A | ||
| 4.75%, due 7/1/29 | 1,870,000 | 1,888,682 |
| 5.00%, due 7/1/54 | 7,165,000 | 5,997,401 |
| Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc., Revenue Bonds (a) | ||
| Series B | ||
| 5.00%, due 3/1/37 | 3,030,000 | 2,930,395 |
| Series B | ||
| 5.00%, due 3/1/42 | 3,185,000 | 2,894,213 |
| Arizona Industrial Development Authority, Provident Group-NCCU Properties LLC, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 6/1/49 | 2,650,000 | 2,585,868 |
| Series A, Insured: BAM | ||
| 5.00%, due 6/1/54 | 2,850,000 | 2,739,708 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/49 (a) | 1,900,000 | 1,662,654 |
| Arizona Industrial Development Authority, Mater Academy of Nevada, Bonanza Campus Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/50 (a) | 1,500,000 | 1,274,950 |
| Arizona Industrial Development Authority, Provident Group, Eastern Michigan University Parking Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 (d)(e) | 1,000,000 | 505,000 |
| Arizona Industrial Development Authority, Revenue Bonds | ||
| Series C | ||
| 6.00%, due 7/1/29 (a) | 2,200,000 | 2,172,469 |
| Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (a) | ||
| 6.00%, due 7/1/37 | 2,640,000 | 2,694,106 |
| 6.00%, due 7/1/47 | 7,010,000 | 7,055,105 |
| City of Phoenix, Downtown Phoenix Student Housing LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 1,000,000 | 1,001,720 |
| City of Phoenix, Basis Schools Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (a) | 3,820,000 | 3,521,966 |
| City of Phoenix, Downtown Phoenix Student Housing II LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/59 | 2,370,000 | 2,124,235 |
| City of Phoenix, Espiritu Community Development Corp., Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/36 | 770,000 | 745,938 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Glendale Industrial Development Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.125%, due 7/1/33 (b) | $ 2,000,000 | $ 1,631,984 |
| Glendale Industrial Development Authority, People of Faith, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/56 | 8,150,000 | 6,610,265 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Downtown Phoenix Student Housing II LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/54 | 1,330,000 | 1,210,625 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy Project, Revenue Bonds (a) | ||
| 4.00%, due 6/15/57 | 9,500,000 | 6,737,976 |
| 5.625%, due 6/15/45 | 3,685,000 | 3,558,784 |
| Industrial Development Authority of the County of Pima (The), Charter Schools Project, Revenue Bonds | ||
| Series Q | ||
| 5.375%, due 7/1/31 | 820,000 | 820,089 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 (a) | 530,000 | 411,361 |
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/56 (a) | 1,220,000 | 922,488 |
| Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds | ||
| 5.00%, due 7/1/35 | 3,000,000 | 3,004,510 |
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds | ||
| Series B | ||
| 3.60%, due 4/1/40 | 8,650,000 | 7,466,606 |
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds (b)(f) | ||
| Series A | ||
| 5.50%, due 10/1/33 (a) | 7,673,000 | 7,900,517 |
| Series B | ||
| 5.50%, due 10/1/33 | 2,000,000 | 2,059,303 |
| 117,603,743 | ||
| Arkansas 1.0% | ||
| Arkansas Development Finance Authority, Baptist Health, Revenue Bonds | ||
| 4.00%, due 12/1/44 | 650,000 | 568,302 |
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds (a)(b) | ||
| 4.50%, due 9/1/49 | 76,350,000 | 70,301,797 |
| Series A | ||
| 4.75%, due 9/1/49 | 16,950,000 | 15,747,657 |
| Arkansas Development Finance Authority, United States Steel Corp., Revenue Bonds | ||
| 5.70%, due 5/1/53 (b) | 7,900,000 | 7,930,877 |
| 94,548,633 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California 6.1% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 10/1/35 | $ 3,440,000 | $ 2,273,535 |
| Bassett Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation | ||
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/41 | 2,050,000 | 932,388 |
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/42 | 2,000,000 | 867,945 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (c) | 5,350,000 | 5,584,867 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (a) | 3,500,000 | 2,237,329 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 4.00%, due 2/1/56 (a) | 34,500,000 | 26,832,613 |
| California Community Housing Agency, Essential Housing, Serenity at Larkspur Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/50 (a) | 3,895,000 | 2,729,711 |
| California Enterprise Development Authority, Provident Group-Pomona Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/15/39 | 650,000 | 670,421 |
| Series A | ||
| 5.00%, due 1/15/45 | 1,000,000 | 984,453 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/49 | 250,000 | 266,404 |
| Series A | ||
| 4.00%, due 4/1/49 | 7,005,000 | 5,795,553 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/47 | 5,215,000 | 4,917,263 |
| California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/1/46 | 3,060,000 | 2,534,282 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 (a) | 3,225,000 | 2,679,035 |
| California Municipal Finance Authority, Ochard Park Student Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 3.00%, due 5/15/51 | 3,095,000 | 2,204,667 |
| Insured: BAM | ||
| 3.00%, due 5/15/54 | 1,500,000 | 1,039,043 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (b) | ||
| Series A, Insured: AG | ||
| 3.25%, due 12/31/32 | 3,660,000 | 3,465,543 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (b) | ||
| Series A, Insured: AG | ||
| 3.50%, due 12/31/35 | $ 2,055,000 | $ 1,883,498 |
| Series A, Insured: AG | ||
| 4.00%, due 12/31/47 | 9,380,000 | 7,946,424 |
| Series A | ||
| 5.00%, due 12/31/43 | 5,745,000 | 5,574,233 |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds (b)(c) | ||
| Series A | ||
| 3.75%, due 7/1/41 | 9,300,000 | 9,295,748 |
| Series A | ||
| 3.875%, due 3/1/54 | 15,500,000 | 14,712,896 |
| Series A | ||
| 4.375%, due 9/1/53 | 3,750,000 | 3,728,081 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (b) | 16,575,000 | 16,295,108 |
| California Municipal Finance Authority, HumanGood California Obligated Group, Revenue Bonds | ||
| 4.00%, due 10/1/49 | 1,785,000 | 1,433,073 |
| California Municipal Finance Authority, William Jessup University, Revenue Bonds (a) | ||
| 5.00%, due 8/1/28 | 950,000 | 928,330 |
| 5.00%, due 8/1/48 | 2,675,000 | 1,920,511 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (a) | 2,665,000 | 2,338,288 |
| California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/15/48 | 19,250,000 | 19,377,616 |
| Insured: BAM | ||
| 5.00%, due 5/15/51 | 19,275,000 | 19,345,350 |
| California Municipal Finance Authority, Baptist University, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 11/1/40 (a) | 3,000,000 | 2,983,636 |
| California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc., Revenue Bonds | ||
| Series A | ||
| 5.75%, due 12/1/55 | 3,000,000 | 2,902,290 |
| California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds | ||
| 3.70%, due 7/1/43 (a)(b)(c) | 40,000,000 | 39,999,524 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/46 (a) | 750,000 | 650,146 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (a) | 5,265,000 | 5,366,694 |
| California Public Finance Authority, California University of Science & Medicine, Revenue Bonds | ||
| Series B | ||
| 7.50%, due 7/1/36 (a) | 7,965,000 | 7,964,278 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California School Finance Authority, Granada Hills Charter High School Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/48 (a) | $ 675,000 | $ 544,927 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/51 (a) | 2,910,000 | 2,186,359 |
| California School Finance Authority, Hawking STEAM Charter Schools, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 (a) | 1,360,000 | 1,302,600 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/49 (a) | 3,000,000 | 2,742,326 |
| California School Finance Authority, Teach Public Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/58 (a) | 2,000,000 | 1,710,964 |
| California School Finance Authority, Aspire Public Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/59 (a) | 1,800,000 | 1,581,635 |
| California School Finance Authority, New Designs Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/64 (a) | 2,300,000 | 1,987,692 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
| Series A | ||
| 1.75%, due 9/1/29 | 7,200,000 | 6,571,454 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
| Series A | ||
| 4.00%, due 9/2/41 | 1,000,000 | 887,316 |
| Series A | ||
| 4.00%, due 9/2/51 | 995,000 | 798,160 |
| California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
| 4.375%, due 1/1/48 | 2,185,000 | 1,997,642 |
| 5.00%, due 1/1/48 | 7,150,000 | 7,151,000 |
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/36 | 2,250,000 | 2,252,504 |
| Series A | ||
| 5.00%, due 6/1/46 | 2,000,000 | 1,824,756 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 12/1/46 | 18,170,000 | 16,983,673 |
| Series A | ||
| 5.25%, due 12/1/56 | 3,970,000 | 3,670,244 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
| 5.00%, due 5/15/50 | 2,000,000 | 1,957,226 |
| Cathedral City Public Financing Authority, Capital Appreciation, Tax Allocation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/26 | 1,085,000 | 1,050,617 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien | ||
| Series G | ||
| 5.00%, due 5/15/47 (b) | $ 6,000,000 | $ 5,899,538 |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
| 5.00%, due 9/1/52 | 1,500,000 | 1,444,267 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (a) | 1,500,000 | 954,084 |
| CMFA Special Finance Agency XII, Allure Apartments, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.25%, due 2/1/57 (a) | 5,500,000 | 3,735,589 |
| County of Placer, Community Facilities District No. 2017-1, Area No. 1, Special Tax | ||
| 3.00%, due 9/1/41 | 1,000,000 | 758,567 |
| 4.00%, due 9/1/51 | 3,270,000 | 2,642,654 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 12/1/56 (a) | 2,750,000 | 1,834,097 |
| CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 5/1/57 (a) | 11,100,000 | 7,439,539 |
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 9/1/56 (a) | 10,060,000 | 7,095,471 |
| CSCDA Community Improvement Authority, Altana Glendale, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 10/1/56 (a) | 9,100,000 | 6,623,608 |
| CSCDA Community Improvement Authority, Escondido Portfolio, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 6/1/58 (a) | 4,750,000 | 3,543,667 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
| Series B-2, Insured: AG-CR | ||
| 3.50%, due 1/15/53 | 13,265,000 | 10,477,322 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series C, Insured: AG-CR | ||
| 4.00%, due 1/15/43 | 16,904,000 | 16,039,450 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | 28,559,000 | 26,359,203 |
| Series A, Insured: AG-CR | ||
| 4.00%, due 1/15/46 | 27,795,000 | 26,075,821 |
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 144,295,000 | 13,862,435 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds | ||
| Series B-1 | ||
| 3.85%, due 6/1/50 | 905,000 | 814,538 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.00%, due 7/1/45 | $ 11,880,000 | $ 10,646,336 |
| Series A | ||
| 5.00%, due 7/1/61 | 58,600,000 | 48,931,475 |
| Inland Empire Tobacco Securitization Corp., Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 6/1/57 | 246,450,000 | 15,202,391 |
| Northern California Gas Authority No. 1, Gas Project, Revenue Bonds | ||
| Series B | ||
| 3.77%, due 7/1/27 | 12,075,000 | 12,078,280 |
| Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
| Series B-1 | ||
| 3.00%, due 6/1/49 | 1,945,000 | 1,335,072 |
| Rohnerville School District, Election 2010, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| (zero coupon), due 8/1/42 | 1,000,000 | 449,801 |
| Series B, Insured: AG | ||
| (zero coupon), due 8/1/47 | 1,000,000 | 335,661 |
| San Diego County Regional Airport Authority, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/56 (b) | 11,160,000 | 9,076,549 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 1/15/50 | 4,550,000 | 3,956,401 |
| Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| (zero coupon), due 8/1/47 | 24,400,000 | 7,588,920 |
| Sierra Kings Health Care District, Unlimited General Obligation | ||
| 5.00%, due 8/1/37 | 2,465,000 | 2,465,245 |
| Stockton Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series D, Insured: AG | ||
| (zero coupon), due 8/1/42 | 8,780,000 | 4,011,492 |
| Sutter Union High School District, Election 2008, Unlimited General Obligation | ||
| Series B | ||
| (zero coupon), due 6/1/50 | 16,010,000 | 2,634,446 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/54 | 18,500,000 | 3,548,146 |
| West Contra Costa Healthcare District, Special Tax | ||
| 3.00%, due 7/1/42 | 5,620,000 | 4,399,060 |
| 550,120,996 | ||
| Colorado 2.2% | ||
| 3rd and Havana Metropolitan District, Tax Supported, Limited General Obligation | ||
| Series A | ||
| 5.25%, due 12/1/49 | 2,250,000 | 1,808,565 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Allison Valley Metropolitan District No. 2, Limited General Obligation | ||
| 4.70%, due 12/1/47 | $ 2,480,000 | $ 2,158,057 |
| Arkansas River Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 6,900,000 | 6,942,804 |
| Series A | ||
| 5.00%, due 10/1/43 | 7,025,000 | 6,870,533 |
| Bent Grass Metropolitan District, Limited General Obligation | ||
| 5.75%, due 12/1/54 (a) | 4,250,000 | 4,246,090 |
| Broadway Park North Metropolitan District No. 2, Limited General Obligation (a) | ||
| 5.00%, due 12/1/40 | 1,000,000 | 917,620 |
| 5.00%, due 12/1/49 | 1,000,000 | 871,798 |
| Broadway Station Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/48 | 3,000,000 | 2,299,575 |
| Citadel on Colfax Business Improvement District, Revenue Bonds | ||
| Series A | ||
| 5.35%, due 12/1/50 | 2,800,000 | 2,511,543 |
| City of Fruita Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/48 (a) | 9,650,000 | 8,764,117 |
| Colorado Educational & Cultural Facilities Authority, Denver School of Science & Technology, Inc., Revenue Bonds | ||
| Insured: BAM Moral Obligation State Intercept | ||
| 3.00%, due 8/1/51 | 3,420,000 | 2,187,227 |
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/41 (a) | 3,050,000 | 2,430,335 |
| Colorado Educational & Cultural Facilities Authority, New Vision Chater School, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/42 | 2,635,000 | 2,298,184 |
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/52 | 4,700,000 | 3,779,375 |
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/56 | 6,255,000 | 4,943,935 |
| Colorado Educational & Cultural Facilities Authority, Liberty Common School Project, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 4.25%, due 1/15/64 | 21,105,000 | 17,682,609 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-2, Insured: BAM | ||
| 3.25%, due 8/1/49 | 11,600,000 | 8,581,591 |
| Series A-1 | ||
| 4.00%, due 8/1/44 | 4,750,000 | 4,099,274 |
| Series A-2 | ||
| 4.00%, due 8/1/49 | 21,105,000 | 17,450,011 |
| Series A-2 | ||
| 5.00%, due 8/1/44 | 11,425,000 | 11,194,547 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/48 | $ 6,715,000 | $ 6,261,638 |
| Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 2/1/44 | 5,330,000 | 5,330,126 |
| Copper Ridge Metropolitan District, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 3,750,000 | 3,580,827 |
| Denver Health & Hospital Authority, 550 Acoma, Inc., Certificate of Participation | ||
| 5.00%, due 12/1/48 | 1,755,000 | 1,667,410 |
| Denver Health & Hospital Authority, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/45 | 4,250,000 | 4,256,665 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/25 | 245,000 | 244,414 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/29 | 4,510,000 | 4,013,065 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/30 | 500,000 | 428,585 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/35 | 2,245,000 | 1,368,076 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/37 | 1,170,000 | 642,180 |
| Series A | ||
| (zero coupon), due 9/1/39 | 1,800,000 | 957,319 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/39 | 515,000 | 254,531 |
| Series A | ||
| (zero coupon), due 9/1/40 | 3,450,000 | 1,718,949 |
| Series A | ||
| (zero coupon), due 9/1/41 | 3,925,000 | 1,830,401 |
| Evan's Place Metropolitan District, Limited General Obligation | ||
| Series A-3 | ||
| 5.00%, due 12/1/50 | 2,660,000 | 2,357,368 |
| Granary Metropolitan District No. 9, Special Assessment | ||
| 5.45%, due 12/1/44 (a) | 3,040,000 | 2,782,473 |
| Green Gables Metropolitan District No. 2, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.125%, due 12/1/53 | 675,000 | 648,077 |
| Series A, Insured: BAM | ||
| 5.25%, due 12/1/58 | 575,000 | 554,512 |
| Johnstown Plaza Metropolitan District, Limited General Obligation | ||
| 4.25%, due 12/1/46 | 8,220,000 | 6,821,984 |
| Jones District Community Authority Board, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 12/1/50 (f) | 4,550,000 | 4,085,383 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Karl's Farm Metropolitan District No. 2, Limited General Obligation | ||
| Series A-3 | ||
| 5.625%, due 12/1/50 (a) | $ 1,485,000 | $ 1,533,038 |
| Lafferty Canyon Metropolitan District, Limited General Obligation | ||
| Series A | ||
| 5.625%, due 12/1/55 | 1,500,000 | 1,415,055 |
| North Range Metropolitan District No. 3, Limited General Obligation | ||
| Series A-3 | ||
| 5.25%, due 12/1/50 | 1,000,000 | 958,383 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG | ||
| 4.00%, due 12/1/37 | 2,790,000 | 2,710,909 |
| Series A, Insured: AG | ||
| 4.00%, due 12/1/46 | 10,000,000 | 8,600,790 |
| Prairie Center Metropolitan District No. 3, Limited General Obligation | ||
| Series A | ||
| 5.875%, due 12/15/46 | 2,125,000 | 2,174,783 |
| Southglenn Metropolitan District, Special Revenue, Limited General Obligation | ||
| 5.00%, due 12/1/46 | 2,100,000 | 1,842,379 |
| Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 12/1/50 | 1,250,000 | 1,051,592 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
| 5.00%, due 12/1/40 | 750,000 | 742,146 |
| Villages at Castle Rock Metropolitan District No. 6, Limited General Obligation | ||
| Series A, Insured: AG-CR | ||
| 4.125%, due 12/1/51 (a) | 17,949,000 | 14,883,320 |
| 197,754,168 | ||
| Connecticut 0.4% | ||
| City of New Haven, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/40 | 2,000,000 | 1,823,097 |
| City of West Haven, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 9/15/41 | 1,130,000 | 1,026,038 |
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
| Series N | ||
| 4.00%, due 7/1/39 | 5,550,000 | 4,538,360 |
| Series N | ||
| 4.00%, due 7/1/44 | 3,500,000 | 2,648,881 |
| Series N | ||
| 4.00%, due 7/1/49 | 500,000 | 356,941 |
| Series N | ||
| 5.00%, due 7/1/31 | 575,000 | 578,958 |
| Series N | ||
| 5.00%, due 7/1/33 | 475,000 | 471,475 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Connecticut | ||
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
| Series N | ||
| 5.00%, due 7/1/34 | $ 700,000 | $ 687,727 |
| Connecticut State Health & Educational Facilities Authority, Jerome Home, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 7/1/51 | 1,250,000 | 926,602 |
| Connecticut State Health & Educational Facilities Authority, Mary Wade Home Obligated Group, Revenue Bonds (a) | ||
| Series A-1 | ||
| 4.50%, due 10/1/34 | 2,350,000 | 2,148,050 |
| Series A-1 | ||
| 5.00%, due 10/1/39 | 1,000,000 | 874,532 |
| Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/30 (a) | 500,000 | 499,840 |
| Connecticut State Health & Educational Facilities Authority, University of New Haven, Inc., Revenue Bonds | ||
| Series K-3 | ||
| 5.00%, due 7/1/48 | 5,640,000 | 5,086,561 |
| Connecticut State Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds | ||
| Series G-1 | ||
| 5.00%, due 7/1/50 (a) | 1,750,000 | 1,538,784 |
| Connecticut State Health & Educational Facilities Authority, Church Home of Hartford Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/53 (a) | 2,235,000 | 1,940,955 |
| Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 3.25%, due 11/15/35 (b) | 3,855,000 | 3,374,180 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/36 | 1,475,000 | 1,475,621 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation (a) | ||
| 4.00%, due 4/1/31 | 700,000 | 704,803 |
| 4.00%, due 4/1/36 | 1,090,000 | 1,046,063 |
| 4.00%, due 4/1/41 | 1,785,000 | 1,591,811 |
| 4.00%, due 4/1/51 | 1,250,000 | 1,000,743 |
| 34,340,022 | ||
| Delaware 0.4% | ||
| County of Kent, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,050,000 | 1,030,255 |
| Series A | ||
| 5.00%, due 7/1/48 | 2,735,000 | 2,506,333 |
| Series A | ||
| 5.00%, due 7/1/53 | 4,040,000 | 3,595,772 |
| Series A | ||
| 5.00%, due 7/1/58 | 8,100,000 | 7,106,060 |
| Delaware State Economic Development Authority, Newark Charter School, Inc., Revenue Bonds | ||
| 4.00%, due 9/1/51 | 1,600,000 | 1,249,924 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Delaware | ||
| Delaware State Economic Development Authority, Newark Charter School, Inc., Revenue Bonds | ||
| 5.00%, due 9/1/50 | $ 2,100,000 | $ 1,959,777 |
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 11/15/53 | 4,790,000 | 4,602,945 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds | ||
| 4.25%, due 6/1/38 | 2,235,000 | 2,071,900 |
| 5.00%, due 6/1/37 | 1,000,000 | 1,001,361 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Inc., Revenue Bonds | ||
| Insured: BAM | ||
| 4.375%, due 6/1/48 | 9,300,000 | 7,983,472 |
| Insured: BAM | ||
| 5.00%, due 6/1/48 | 4,700,000 | 4,558,143 |
| 37,665,942 | ||
| District of Columbia 1.5% | ||
| District of Columbia, KIPP DC Project, Revenue Bonds | ||
| 4.00%, due 7/1/49 | 2,420,000 | 1,946,939 |
| District of Columbia, Provident Group-Howard Properties LLC, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,225,000 | 1,225,112 |
| 5.00%, due 10/1/45 | 5,055,000 | 4,534,986 |
| District of Columbia, Friendship Public Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/46 | 1,400,000 | 1,309,741 |
| District of Columbia, International School Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/54 | 2,550,000 | 2,338,088 |
| District of Columbia, Revenue Bonds | ||
| 5.00%, due 6/1/55 | 4,110,000 | 3,560,707 |
| District of Columbia, Methodist Home of the District of Columbia, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/39 | 605,000 | 512,527 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 10/1/39 | 5,005,000 | 2,533,581 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 4.00%, due 10/1/49 | 99,895,000 | 82,887,167 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG | ||
| 4.00%, due 10/1/52 | 4,000,000 | 3,321,033 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: AG | ||
| 4.00%, due 10/1/53 | 12,950,000 | 10,853,631 |
| Metropolitan Washington Airports Authority, Dulles Metrorail and Capital Improvement Projects, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 4.00%, due 10/1/53 | 1,000,000 | 809,561 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| District of Columbia | ||
| Metropolitan Washington Airports Authority, Airport System, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/32 | $ 15,750,000 | $ 15,945,739 |
| Series A | ||
| 5.00%, due 10/1/46 | 7,795,000 | 7,680,197 |
| 139,459,009 | ||
| Florida 3.3% | ||
| Capital Projects Finance Authority, Provident Group - Continuum Properties LLC, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 5.00%, due 11/1/53 | 3,125,000 | 2,779,231 |
| Capital Trust Agency, Inc., Wonderful Foundations Charter School, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 1/1/60 | 16,000,000 | 1,155,587 |
| Series A-1 | ||
| 5.00%, due 1/1/55 (a) | 1,750,000 | 1,433,659 |
| Capital Trust Agency, Inc., Odyssey Charter School, Inc., Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/47 (a) | 2,000,000 | 1,922,545 |
| Capital Trust Authority Educational Facilities, St. Johns Classical Academy, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/15/59 (a) | 1,000,000 | 869,420 |
| Celebration Community Development District, Assessment Area 1 Project, Special Assessment | ||
| 3.125%, due 5/1/41 | 590,000 | 469,492 |
| 4.00%, due 5/1/51 | 845,000 | 656,670 |
| CFM Community Development District, Capital Improvement, Special Assessment | ||
| 3.35%, due 5/1/41 | 200,000 | 152,151 |
| 4.00%, due 5/1/51 | 290,000 | 216,155 |
| Charlotte County Industrial Development Authority, MSKP Town & Country Utility LLC, Revenue Bonds | ||
| 5.00%, due 10/1/49 (a) | 1,700,000 | 1,547,877 |
| City of Atlantic Beach, Fleet Landing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/48 | 3,000,000 | 2,761,848 |
| Series B | ||
| 5.625%, due 11/15/43 | 1,500,000 | 1,500,304 |
| City of Fort Myers, Utility System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 10,155,000 | 8,678,297 |
| City of Pompano Beach, John Knox Village Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/51 | 650,000 | 494,571 |
| Series A | ||
| 4.00%, due 9/1/56 | 4,915,000 | 3,623,073 |
| City of Tallahassee, Tallahassee Memorial HealthCare, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/40 | 6,835,000 | 6,782,158 |
| Collier County Health Facilities Authority, Moorings, Inc. Obligated Group (The), Revenue Bonds | ||
| 4.00%, due 5/1/52 | 7,900,000 | 6,204,641 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Cordova Palms Community Development District, Special Assessment | ||
| 3.00%, due 5/1/41 | $ 730,000 | $ 551,132 |
| County of Osceola, Transportation, Revenue Bonds | ||
| Series A-1, Insured: AG-CR | ||
| 4.00%, due 10/1/54 | 4,345,000 | 3,674,461 |
| Series A-1 | ||
| 5.00%, due 10/1/44 | 11,000,000 | 10,829,020 |
| County of Palm Beach, Palm Beach Atlantic University Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 10/1/65 (a) | 10,500,000 | 10,493,455 |
| Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment | ||
| 5.625%, due 5/1/43 | 1,225,000 | 1,216,221 |
| 5.875%, due 5/1/53 | 980,000 | 970,300 |
| Elevation Pointe Community Development District, Special Assessment | ||
| Series A-1 | ||
| 4.60%, due 5/1/52 | 1,090,000 | 929,589 |
| Epperson North Community Development District, Assessment Area 3, Special Assessment | ||
| Series A | ||
| 3.40%, due 11/1/41 | 3,030,000 | 2,353,759 |
| Epperson North Community Development District, Assessment Area 2, Special Assessment | ||
| 3.50%, due 5/1/41 | 1,385,000 | 1,116,325 |
| Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/50 | 4,865,000 | 3,871,719 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 2/1/52 | 14,005,000 | 11,974,758 |
| Series A | ||
| 5.00%, due 2/1/40 | 2,600,000 | 2,599,337 |
| Series A | ||
| 5.00%, due 2/1/52 | 1,650,000 | 1,489,209 |
| Florida Development Finance Corp., River City Education Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/55 | 1,375,000 | 1,035,856 |
| Florida Development Finance Corp., Florida Charter Foundation, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.75%, due 7/15/36 (a) | 4,755,000 | 4,534,920 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/47 | 1,700,000 | 1,584,761 |
| Series A | ||
| 5.00%, due 6/15/50 | 3,000,000 | 2,754,774 |
| Series A | ||
| 5.00%, due 6/15/52 | 1,275,000 | 1,162,933 |
| Series A | ||
| 5.00%, due 6/15/55 | 25,510,000 | 23,219,796 |
| Series A | ||
| 5.00%, due 6/15/56 | 3,650,000 | 3,293,544 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Florida Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds | ||
| 5.00%, due 3/1/47 | $ 4,750,000 | $ 4,390,931 |
| Florida Higher Educational Facilities Financing Authority, Ringling College Project, Revenue Bonds | ||
| 4.00%, due 3/1/47 | 6,515,000 | 5,143,923 |
| Florida Higher Educational Facilities Financing Authority, Saint Leo University Project, Revenue Bonds | ||
| 5.00%, due 3/1/44 | 1,370,000 | 1,017,001 |
| 5.00%, due 3/1/49 | 1,630,000 | 1,143,537 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds | ||
| Series A | ||
| 3.50%, due 8/1/55 | 3,800,000 | 2,688,063 |
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/50 | 40,340,000 | 33,942,657 |
| Series A | ||
| 4.00%, due 8/1/55 | 52,185,000 | 43,181,506 |
| Lakewood Ranch Stewardship District, Star Farms at Lakewood Ranch Project Phase 1 and 2, Special Assessment | ||
| 3.00%, due 5/1/41 | 545,000 | 419,309 |
| 4.00%, due 5/1/52 | 655,000 | 510,111 |
| Lee County Industrial Development Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 4/1/49 | 4,015,000 | 3,312,348 |
| Madeira Community Development District, Assessment Area No. 2, Special Assessment | ||
| 5.50%, due 5/1/45 | 900,000 | 849,001 |
| 5.80%, due 5/1/55 | 1,715,000 | 1,613,182 |
| Miami Beach Health Facilities Authority, Mt Sinai Medical Center, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 11/15/51 | 4,190,000 | 2,768,925 |
| 5.00%, due 11/15/39 | 2,230,000 | 2,229,943 |
| Mid-Bay Bridge Authority, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 10/1/40 | 1,000,000 | 1,003,494 |
| Middleton Community Development District A, 2024 Assessment Area, Special Assessment | ||
| 4.55%, due 5/1/44 | 600,000 | 553,133 |
| 4.75%, due 5/1/55 | 1,150,000 | 1,036,615 |
| Mirada II Community Development District, Capital Improvement, Special Assessment | ||
| 3.125%, due 5/1/31 | 495,000 | 460,768 |
| 3.50%, due 5/1/41 | 980,000 | 792,611 |
| Mirada II Community Development District 2021, Capital Improvement, Special Assessment | ||
| 4.00%, due 5/1/51 | 1,880,000 | 1,471,654 |
| New Port Tampa Bay Community Development District, Special Assessment | ||
| 3.50%, due 5/1/31 | 310,000 | 298,041 |
| 4.125%, due 5/1/52 | 365,000 | 286,735 |
| North Powerline Road Community Development District, Special Assessment | ||
| 3.625%, due 5/1/40 | 500,000 | 423,206 |
| 4.00%, due 5/1/51 | 1,075,000 | 836,623 |
| Osceola County Expressway Authority, Poinciana Parkway Project, Revenue Bonds, Senior Lien | ||
| Series B-2 | ||
| 6.00%, due 10/1/36 (f) | 3,700,000 | 4,302,104 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai residencies of Boca Raton, Revenue Bonds | ||
| 4.00%, due 6/1/36 | $ 4,000,000 | $ 3,785,746 |
| Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/48 (a) | 3,030,000 | 2,765,972 |
| Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 1,750,000 | 1,716,873 |
| Series A | ||
| 5.00%, due 1/1/55 | 800,000 | 686,445 |
| Preston Cove Community Development District, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,825,000 | 1,541,876 |
| Saltleaf Community Development District, Series 2024 Assessments, Special Assessment | ||
| 5.625%, due 5/1/44 | 1,500,000 | 1,462,240 |
| 6.00%, due 5/1/56 | 1,500,000 | 1,470,261 |
| Sawyers Landing Community Development District, Special Assessment | ||
| 3.75%, due 5/1/31 | 1,550,000 | 1,539,423 |
| 4.25%, due 5/1/53 | 3,000,000 | 2,419,278 |
| Shingle Creek at Bronson Community Development District, Special Assessment | ||
| 3.50%, due 6/15/41 | 1,000,000 | 853,405 |
| South Broward Hospital District, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 5/1/51 | 17,550,000 | 11,557,460 |
| Southern Groves Community Development District No. 5, Series 2024 Assessment Area, Special Assessment | ||
| 5.70%, due 5/1/50 | 920,000 | 925,712 |
| Stillwater Community Development District, 2021 Project, Special Assessment (a) | ||
| 3.00%, due 6/15/31 | 410,000 | 383,679 |
| 3.50%, due 6/15/41 | 995,000 | 795,786 |
| Tradition Community Development District No. 9, Special Assessment | ||
| 3.00%, due 5/1/41 | 1,800,000 | 1,347,802 |
| Tradition Community Development District No. 9, Community Infrastructure, Special Assessment | ||
| 5.40%, due 5/1/45 | 710,000 | 671,028 |
| 5.65%, due 5/1/56 | 880,000 | 824,825 |
| Two Lakes Community Development District, Special Assessment | ||
| 5.00%, due 5/1/55 | 1,500,000 | 1,406,601 |
| Two Rivers North Community Development District, Special Assessment | ||
| 5.25%, due 5/1/52 | 1,500,000 | 1,420,466 |
| V-Dana Community Development District, Special Assessment | ||
| 3.625%, due 5/1/41 | 1,040,000 | 864,706 |
| Veranda Community Development District II, Special Assessment | ||
| 3.60%, due 5/1/41 (a) | 235,000 | 191,022 |
| Viera Stewardship District, Village 2 Project, Special Assessment | ||
| Series 2 | ||
| 5.30%, due 5/1/43 | 2,340,000 | 2,316,247 |
| Series 2 | ||
| 5.50%, due 5/1/54 | 3,300,000 | 3,131,435 |
| Village Community Development District No. 15, Special Assessment (a) | ||
| 4.55%, due 5/1/44 | 1,000,000 | 924,144 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Village Community Development District No. 15, Special Assessment (a) | ||
| 4.80%, due 5/1/55 | $ 3,250,000 | $ 2,900,773 |
| 5.00%, due 5/1/43 | 840,000 | 812,226 |
| 5.25%, due 5/1/54 | 2,630,000 | 2,539,319 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,765,000 | 1,463,829 |
| 4.25%, due 5/1/52 | 2,205,000 | 1,726,889 |
| 300,024,437 | ||
| Georgia 1.6% | ||
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
| Insured: BAM | ||
| 3.625%, due 7/1/42 (a) | 5,355,000 | 4,513,470 |
| Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/49 | 9,600,000 | 8,150,674 |
| Columbia County Hospital Authority, WellStar Health System, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 4/1/53 | 10,500,000 | 10,954,988 |
| DeKalb County Development Authority, GLOBE Academy, Inc. (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/50 | 300,000 | 273,251 |
| Series A | ||
| 5.00%, due 6/1/55 | 400,000 | 357,232 |
| Series A | ||
| 5.00%, due 6/1/63 | 1,315,000 | 1,141,228 |
| Development Authority of Burke County (The), Oglethorpe Power Corp., Revenue Bonds | ||
| Series C | ||
| 4.125%, due 11/1/45 | 18,145,000 | 15,716,136 |
| Series D | ||
| 4.125%, due 11/1/45 | 7,000,000 | 6,062,990 |
| Development Authority of Cobb County (The), Kennesaw State University, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 5.00%, due 7/15/38 | 2,305,000 | 2,195,852 |
| Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds | ||
| 5.00%, due 7/1/36 | 3,500,000 | 3,508,664 |
| 5.00%, due 7/1/42 | 1,100,000 | 1,063,053 |
| Gainesville & Hall County Development Authority, Riverside Military Academy, Inc., Revenue Bonds | ||
| 5.125%, due 3/1/52 | 1,500,000 | 750,000 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, First Tier | ||
| Series A | ||
| 4.00%, due 1/1/54 | 4,750,000 | 3,815,456 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, Second Tier | ||
| Series B | ||
| 5.00%, due 1/1/54 (a) | 4,000,000 | 3,533,865 |
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/39 | 6,550,000 | 5,995,423 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/38 | $ 3,500,000 | $ 3,568,879 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 14,150,000 | 12,313,449 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/49 | 11,335,000 | 9,584,841 |
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/49 | 56,515,000 | 49,179,828 |
| Municipal Electric Authority of Georgia, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/59 | 5,000,000 | 4,011,113 |
| Series A, Insured: AG | ||
| 5.00%, due 7/1/48 | 1,500,000 | 1,500,175 |
| 148,190,567 | ||
| Guam 0.4% | ||
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
| Series A | ||
| 4.25%, due 2/1/30 | 1,190,000 | 1,189,970 |
| Series A | ||
| 5.00%, due 2/1/40 | 4,825,000 | 4,628,673 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 7/1/40 | 230,000 | 230,814 |
| Series A | ||
| 5.00%, due 1/1/50 | 7,370,000 | 7,019,867 |
| Port Authority of Guam, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 4,850,000 | 4,624,020 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 5,820,000 | 5,598,032 |
| Series D | ||
| 5.00%, due 11/15/32 | 2,000,000 | 2,002,947 |
| Series D | ||
| 5.00%, due 11/15/34 | 4,580,000 | 4,584,505 |
| Series D | ||
| 5.00%, due 11/15/35 | 5,600,000 | 5,604,115 |
| 35,482,943 | ||
| Hawaii 0.5% | ||
| Kauai County Community Facilities District No. 2008-1, Kukui'ula Development Project, Special Tax | ||
| 4.375%, due 5/15/42 | 2,300,000 | 2,005,785 |
| 5.00%, due 5/15/49 | 4,250,000 | 3,902,897 |
| 5.00%, due 5/15/51 | 5,585,000 | 5,092,290 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hawaii | ||
| State of Hawaii, Department of Budget & Finance, Revenue Bonds | ||
| 3.20%, due 7/1/39 | $ 2,750,000 | $ 2,296,280 |
| State of Hawaii, Airports System, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/54 (b) | 5,000,000 | 5,153,105 |
| State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds (b) | ||
| Insured: AG-CR | ||
| 3.50%, due 10/1/49 | 25,800,000 | 19,554,898 |
| Series B | ||
| 4.00%, due 3/1/37 | 5,000,000 | 4,687,986 |
| State of Hawaii Department of Budget & Finance, Chaminade University of Honolulu, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/45 (a) | 1,500,000 | 1,226,219 |
| 43,919,460 | ||
| Idaho 0.1% | ||
| Idaho Health Facilities Authority, St. Luke's Health System Ltd., Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 3.00%, due 3/1/51 | 4,000,000 | 2,636,822 |
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
| 5.00%, due 9/1/37 | 2,100,000 | 2,029,261 |
| Idaho Housing & Finance Association, Gem Prep: Meridian Project, Revenue Bonds | ||
| Series A, Insured: School Bond Guaranty | ||
| 4.00%, due 5/1/57 | 4,315,000 | 3,330,295 |
| Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment | ||
| 6.25%, due 9/1/54 (a) | 4,000,000 | 3,982,168 |
| 11,978,546 | ||
| Illinois 9.1% | ||
| Bridgeview Finance Corp., Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/42 | 7,150,000 | 6,578,152 |
| Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/27 | 5,125,000 | 4,708,182 |
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/30 | 12,900,000 | 10,414,063 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 170,000 | 130,628 |
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 1,095,000 | 841,397 |
| Chicago Board of Education, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 12/1/38 | 3,750,000 | 3,383,138 |
| Series A | ||
| 4.00%, due 12/1/42 | 2,965,000 | 2,484,595 |
| Series A | ||
| 4.00%, due 12/1/43 | 4,000,000 | 3,290,784 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 12/1/47 | $ 43,945,000 | $ 35,510,860 |
| Series A | ||
| 5.00%, due 12/1/30 | 3,500,000 | 3,585,368 |
| Series B | ||
| 5.00%, due 12/1/31 | 4,650,000 | 4,813,121 |
| Series A | ||
| 5.00%, due 12/1/37 | 13,405,000 | 13,164,553 |
| Series A | ||
| 5.00%, due 12/1/38 | 5,150,000 | 4,976,372 |
| Series A | ||
| 5.00%, due 12/1/42 | 12,905,000 | 12,001,881 |
| Series D | ||
| 5.00%, due 12/1/46 | 11,100,000 | 9,897,053 |
| Series D | ||
| 5.00%, due 12/1/46 | 2,000,000 | 1,781,029 |
| Series A | ||
| 5.00%, due 12/1/47 | 33,695,000 | 30,349,454 |
| Series A | ||
| 7.00%, due 12/1/44 | 10,975,000 | 11,015,359 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 12/1/34 | 2,270,000 | 2,265,992 |
| Series H | ||
| 5.00%, due 12/1/36 | 1,915,000 | 1,858,790 |
| Series G | ||
| 5.00%, due 12/1/44 | 2,785,000 | 2,528,525 |
| Series B | ||
| 7.00%, due 12/1/42 (a) | 9,600,000 | 9,925,785 |
| Series A | ||
| 7.00%, due 12/1/46 (a) | 3,650,000 | 3,751,204 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
| 5.00%, due 4/1/35 | 1,615,000 | 1,647,346 |
| 5.00%, due 4/1/36 | 1,270,000 | 1,292,775 |
| Insured: BAM | ||
| 5.00%, due 4/1/42 | 3,500,000 | 3,504,143 |
| 5.00%, due 4/1/46 | 4,650,000 | 4,439,073 |
| 5.75%, due 4/1/48 | 5,750,000 | 5,904,383 |
| 6.00%, due 4/1/46 | 41,400,000 | 41,895,500 |
| Chicago Board of Education, Project, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 12/1/39 | 1,405,000 | 1,380,334 |
| Chicago O'Hare International Airport, TrIPs Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/38 (b) | 1,500,000 | 1,503,558 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG | ||
| 5.50%, due 1/1/53 (b) | 4,690,000 | 4,766,416 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.50%, due 1/1/55 (b) | $ 1,750,000 | $ 1,764,634 |
| City of Chicago, City Colleges Capital Improvement Project, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 1/1/34 | 300,000 | 211,046 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/39 | 5,650,000 | 5,659,026 |
| Series A | ||
| 5.00%, due 1/1/40 | 3,900,000 | 3,853,403 |
| Series A | ||
| 5.00%, due 1/1/44 | 11,150,000 | 10,461,366 |
| Series A | ||
| 5.50%, due 1/1/49 | 15,100,000 | 14,583,926 |
| Series A | ||
| 6.00%, due 1/1/38 | 36,910,000 | 37,497,209 |
| City of Galesburg, Knox College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/46 | 6,700,000 | 5,182,813 |
| City of Marion, STAR Bond District Project Area No. 1, Revenue Bonds | ||
| 6.625%, due 6/1/55 | 4,270,000 | 4,053,984 |
| Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.25%, due 7/1/33 (b) | 500,000 | 412,812 |
| Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds | ||
| 4.00%, due 10/1/50 | 13,850,000 | 11,208,824 |
| 4.00%, due 10/1/55 | 8,900,000 | 7,039,595 |
| Illinois Finance Authority, Bradley University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/51 | 3,225,000 | 2,420,280 |
| Illinois Finance Authority, Learn Charter School Project, Revenue Bonds | ||
| 4.00%, due 11/1/51 | 1,600,000 | 1,274,934 |
| 4.00%, due 11/1/56 | 750,000 | 583,547 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds | ||
| Series C | ||
| 4.25%, due 8/1/42 | 2,900,000 | 2,510,591 |
| Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds (d)(e) | ||
| 5.00%, due 2/15/37 | 6,576,870 | 52,615 |
| 5.125%, due 2/15/45 | 5,096,517 | 40,772 |
| Illinois Finance Authority, Columbia College Chicago, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/37 | 9,650,000 | 9,033,916 |
| Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds | ||
| 5.00%, due 5/15/40 (d)(e) | 493,197 | 143,027 |
| Illinois Finance Authority, Navy Pier, Inc., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 10/1/44 (a) | 750,000 | 691,344 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/47 | $ 1,155,000 | $ 1,045,548 |
| Illinois Finance Authority, Chicago International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 | 3,000,000 | 2,747,714 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine and Science, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/1/49 | 1,300,000 | 1,200,728 |
| Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/50 | 7,985,000 | 7,122,337 |
| Illinois Finance Authority, Roosevelt University, Revenue Bonds (a) | ||
| Series A | ||
| 6.00%, due 4/1/38 | 2,840,000 | 2,829,707 |
| Series A | ||
| 6.125%, due 4/1/49 | 900,000 | 843,608 |
| Series A | ||
| 6.125%, due 4/1/58 | 1,455,000 | 1,354,725 |
| Macon County School District No. 61, Unlimited General Obligation | ||
| Series C, Insured: AG | ||
| 4.00%, due 1/1/40 | 2,500,000 | 2,376,109 |
| Series C, Insured: AG | ||
| 4.00%, due 1/1/45 | 2,875,000 | 2,506,468 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| (zero coupon), due 6/15/30 | 5,675,000 | 4,811,564 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/32 | 37,700,000 | 28,366,999 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/33 | 1,165,000 | 853,658 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/33 | 2,250,000 | 1,607,485 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/34 | 45,315,000 | 31,520,987 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/36 | 33,795,000 | 20,418,882 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/37 | 6,000,000 | 3,517,605 |
| Series A | ||
| (zero coupon), due 6/15/37 | 3,000,000 | 1,750,656 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/37 | 29,910,000 | 16,996,848 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/38 | 14,365,000 | 7,875,641 |
| Series A | ||
| (zero coupon), due 12/15/39 | 3,500,000 | 1,731,199 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A, Insured: AG-CR NATL-RE | ||
| (zero coupon), due 12/15/40 | $ 27,700,000 | $ 13,176,029 |
| Series B-1, Insured: AG | ||
| (zero coupon), due 6/15/43 | 32,130,000 | 12,762,139 |
| Series B-1, Insured: AG | ||
| (zero coupon), due 6/15/44 | 13,660,000 | 5,110,814 |
| Series B-1, Insured: AG | ||
| (zero coupon), due 6/15/47 | 6,270,000 | 1,964,124 |
| Series B | ||
| (zero coupon), due 12/15/50 | 37,865,000 | 9,294,740 |
| Series B | ||
| (zero coupon), due 12/15/51 | 57,100,000 | 13,217,765 |
| Series A, Insured: AG | ||
| (zero coupon), due 12/15/52 | 6,180,000 | 1,411,366 |
| Series B, Insured: BAM | ||
| (zero coupon), due 12/15/54 | 56,510,000 | 11,507,776 |
| Series A, Insured: BAM | ||
| (zero coupon), due 12/15/56 | 51,050,000 | 9,267,714 |
| Series B, Insured: AG | ||
| (zero coupon), due 12/15/56 | 32,250,000 | 5,854,726 |
| Series A, Insured: BAM | ||
| 4.00%, due 12/15/42 | 2,500,000 | 2,226,994 |
| Series A | ||
| 4.00%, due 6/15/50 | 23,900,000 | 19,117,438 |
| Series A | ||
| 4.00%, due 6/15/52 | 27,500,000 | 21,716,140 |
| Series B | ||
| 5.00%, due 6/15/42 | 1,430,000 | 1,443,081 |
| Series A | ||
| 5.00%, due 6/15/50 | 1,000,000 | 971,768 |
| Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 12/15/38 | 3,750,000 | 1,989,248 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds | ||
| Series B-1, Insured: AG | ||
| (zero coupon), due 6/15/45 | 3,150,000 | 1,112,412 |
| Metropolitan Pier & Exposition Authority, State of Illinois McCormick Place Expansion Project Fund, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/15/47 | 3,550,000 | 2,905,706 |
| Northern Illinois University, Auxiliary Facilities System, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/40 | 1,245,000 | 1,129,936 |
| Insured: BAM | ||
| 4.00%, due 10/1/41 | 1,660,000 | 1,485,562 |
| Northern Illinois University, Certificate of Participation | ||
| Insured: BAM | ||
| 4.25%, due 4/1/44 | 3,250,000 | 2,873,924 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Northern Illinois University, Certificate of Participation | ||
| Insured: BAM | ||
| 5.50%, due 4/1/49 | $ 2,000,000 | $ 2,038,301 |
| Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 13,600,000 | 11,436,040 |
| State of Illinois, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 6/1/41 | 27,720,000 | 24,863,407 |
| Series C | ||
| 4.00%, due 10/1/41 | 7,550,000 | 6,567,812 |
| Series C, Insured: BAM | ||
| 4.00%, due 10/1/42 | 8,650,000 | 7,592,870 |
| Series C | ||
| 4.25%, due 10/1/45 | 23,200,000 | 20,223,647 |
| Series A | ||
| 4.50%, due 12/1/41 | 6,425,000 | 6,072,226 |
| Series A | ||
| 5.00%, due 12/1/27 | 2,315,000 | 2,423,331 |
| Series B | ||
| 5.00%, due 12/1/27 | 8,915,000 | 9,332,181 |
| 5.00%, due 2/1/28 | 2,700,000 | 2,779,507 |
| Series C | ||
| 5.00%, due 11/1/29 | 14,135,000 | 14,717,050 |
| Series A | ||
| 5.00%, due 12/1/31 | 1,485,000 | 1,532,943 |
| Series A | ||
| 5.00%, due 12/1/39 | 2,400,000 | 2,415,982 |
| Series A | ||
| 5.00%, due 5/1/40 | 2,000,000 | 2,015,947 |
| 5.75%, due 5/1/45 | 16,820,000 | 17,370,199 |
| State of Illinois, Rebuild Illinois Program, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 11/1/41 | 19,300,000 | 16,803,755 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/43 | 1,600,000 | 1,547,041 |
| 5.00%, due 12/1/48 | 13,055,000 | 12,420,092 |
| Village of Bellwood, Bellwood Workforce Housing Project, Tax Allocation | ||
| 5.00%, due 12/1/50 | 1,750,000 | 1,652,112 |
| Village of Bridgeview, Unlimited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/44 | 100,000 | 85,986 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,545,000 | 1,431,865 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,260,000 | 1,154,808 |
| Series A | ||
| 5.625%, due 12/1/41 | 3,940,000 | 3,789,254 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Village of Bridgeview, Unlimited General Obligation | ||
| Series A | ||
| 5.75%, due 12/1/35 | $ 2,705,000 | $ 2,708,905 |
| Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| 4.40%, due 12/1/26 | 400,000 | 397,972 |
| Insured: NATL-RE | ||
| 4.45%, due 12/1/28 | 430,000 | 424,715 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/30 | 475,000 | 475,129 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/32 | 520,000 | 491,038 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/34 | 575,000 | 575,030 |
| Village of Riverdale, Unlimited General Obligation | ||
| 8.00%, due 10/1/36 | 1,555,000 | 1,558,116 |
| Village of Romeoville, Lewis University, Revenue Bonds | ||
| Series B | ||
| 4.125%, due 10/1/41 | 3,750,000 | 3,124,366 |
| Series B | ||
| 5.00%, due 10/1/36 | 1,000,000 | 992,198 |
| Series B | ||
| 5.00%, due 10/1/39 | 2,275,000 | 2,165,217 |
| 829,466,389 | ||
| Indiana 0.5% | ||
| City of Mount Vernon, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
| 4.25%, due 9/1/55 (b)(c) | 7,750,000 | 7,869,793 |
| County of Warrick, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
| 4.25%, due 9/1/55 (b)(c) | 7,350,000 | 7,463,610 |
| Indiana Finance Authority, Republic Services, Inc., Revenue Bonds | ||
| Series A | ||
| 3.95%, due 5/1/28 (b)(c) | 2,000,000 | 2,000,921 |
| Indiana Finance Authority, Marian University, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/15/44 | 1,090,000 | 860,988 |
| Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds | ||
| 5.00%, due 10/1/43 | 2,000,000 | 1,818,798 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/53 | 14,750,000 | 13,054,862 |
| Indiana Finance Authority, Unidy Properties LLC, Revenue Bonds | ||
| 5.25%, due 7/1/55 | 1,000,000 | 885,871 |
| 5.75%, due 7/1/60 | 3,750,000 | 3,518,275 |
| Indiana Finance Authority, Margaret Mary Community Hospital Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 3/1/54 | 7,250,000 | 7,381,192 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana | ||
| Indiana Finance Authority, United States Steel Corp., Revenue Bonds | ||
| Series A | ||
| 6.75%, due 5/1/39 (b) | $ 1,250,000 | $ 1,375,123 |
| 46,229,433 | ||
| Iowa 1.2% | ||
| City of Coralville, Annual Appropriation, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 5/1/37 | 920,000 | 773,122 |
| Series C | ||
| 5.00%, due 5/1/42 | 6,900,000 | 6,417,437 |
| City of Coralville, Annual Appropriation, Tax Allocation | ||
| Series C | ||
| 4.50%, due 5/1/47 | 2,930,000 | 2,346,080 |
| Iowa Finance Authority, Lifespace Communities, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/49 | 3,900,000 | 3,543,504 |
| Series A | ||
| 5.125%, due 5/15/59 | 6,700,000 | 6,102,962 |
| Iowa Finance Authority, Iowa Fertilizer Co. Project, Revenue Bonds | ||
| 5.00%, due 12/1/50 | 15,235,000 | 17,205,696 |
| Iowa Finance Authority, Pella Regional Health Center, Revenue Bonds | ||
| 5.75%, due 12/1/55 | 3,000,000 | 3,024,514 |
| Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds | ||
| 4.00%, due 10/1/45 | 13,850,000 | 11,399,842 |
| Iowa Higher Education Loan Authority, University of Dubuque Project, Revenue Bonds | ||
| 5.00%, due 10/1/45 | 1,500,000 | 1,387,325 |
| 6.00%, due 10/1/55 | 8,000,000 | 8,143,339 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds | ||
| Series C | ||
| 5.00%, due 12/1/54 (b) | 2,500,000 | 2,150,788 |
| Iowa Tobacco Settlement Authority, Capital Appreciation, Revenue Bonds | ||
| Series B-2, Class 2 | ||
| (zero coupon), due 6/1/65 | 219,135,000 | 30,527,368 |
| Iowa Tobacco Settlement Authority, Revenue Bonds | ||
| Series A-2, Class 1 | ||
| 4.00%, due 6/1/49 | 11,100,000 | 9,159,327 |
| State of Iowa Board of Regents, University of Iowa Hospitals & Clinics, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 9/1/61 | 8,700,000 | 5,502,599 |
| 107,683,903 | ||
| Kansas 0.3% | ||
| City of Manhattan, Meadowlark Hills Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/46 | 1,000,000 | 776,327 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kansas | ||
| Wyandotte County-Kansas City Unified Government, Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project, Revenue Bonds | ||
| (zero coupon), due 9/1/34 (a) | $ 45,005,000 | $ 24,020,217 |
| Series A | ||
| 5.00%, due 9/1/27 | 2,995,000 | 2,995,378 |
| 27,791,922 | ||
| Kentucky 0.9% | ||
| City of Campbellsville, Campbellsville University Project, Revenue Bonds | ||
| 5.00%, due 3/1/39 | 4,430,000 | 4,011,019 |
| City of Columbia, Lindsey Wilson College Project, Revenue Bonds | ||
| 5.00%, due 12/1/33 | 3,355,000 | 3,362,329 |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds (a)(b) | ||
| Series A | ||
| 4.45%, due 1/1/42 | 7,950,000 | 7,250,864 |
| Series B | ||
| 4.45%, due 1/1/42 | 8,950,000 | 8,162,923 |
| Series A | ||
| 4.70%, due 1/1/52 | 14,155,000 | 12,425,960 |
| Series B | ||
| 4.70%, due 1/1/52 | 4,350,000 | 3,818,645 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/45 | 13,500,000 | 12,819,770 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/45 | 31,335,000 | 26,048,858 |
| 77,900,368 | ||
| Louisiana 1.0% | ||
| Calcasieu Parish Memorial Hospital Service District, Lake Charles Memorial Hospital Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 1,475,000 | 1,381,044 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Peoples of Bastrop LLC Project, Revenue Bonds | ||
| 5.625%, due 6/15/51 (a) | 2,500,000 | 2,088,159 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 5/15/47 | 4,750,000 | 3,328,078 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds | ||
| 5.00%, due 5/15/47 | 4,700,000 | 4,562,986 |
| Louisiana Public Facilities Authority, Calcasieu Bridge Partners LLC, Revenue Bonds, Senior Lien (b) | ||
| 5.00%, due 9/1/66 | 50,000,000 | 45,614,635 |
| 5.75%, due 9/1/64 | 30,850,000 | 31,342,354 |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, Revenue Bonds, Senior Lien | ||
| 5.50%, due 9/1/54 (b) | 3,900,000 | 3,893,008 |
| 92,210,264 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maine 0.0% ‡ | ||
| City of Portland, General Airport, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 1/1/40 | $ 1,150,000 | $ 1,097,396 |
| Maryland 1.2% | ||
| County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds | ||
| 4.00%, due 1/1/45 | 4,000,000 | 3,388,287 |
| County of Frederick, Oakdale Lake Linganore Project, Special Tax | ||
| 3.75%, due 7/1/39 | 1,410,000 | 1,240,815 |
| County of Frederick, Technology Park Project TIF Development District, Special Tax | ||
| Series B | ||
| 4.625%, due 7/1/43 (a) | 10,065,000 | 9,224,378 |
| County of Frederick, Mount St Mary's University, Inc., Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 9/1/37 | 5,190,000 | 4,950,136 |
| Series A | ||
| 5.00%, due 9/1/45 | 4,145,000 | 3,628,787 |
| Maryland Department of Transportation, Baltimore/Washington International Thurgood Marshall Airport, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 8/1/49 (b) | 9,000,000 | 8,961,909 |
| Maryland Economic Development Corp., Port Convington Project, Tax Allocation | ||
| 4.00%, due 9/1/50 | 6,750,000 | 5,361,970 |
| Maryland Economic Development Corp., Core Natural Resources, Inc., Revenue Bonds | ||
| 5.00%, due 7/1/48 (a)(c) | 7,900,000 | 7,942,717 |
| Maryland Economic Development Corp., Purple Line Light Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/30/47 (b) | 30,225,000 | 29,089,704 |
| Maryland Economic Development Corp., Purple Line Transit Partners LLC, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/30/55 (b) | 4,425,000 | 4,150,438 |
| Maryland Economic Development Corp., Morgan State University Harper-Tubman Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.75%, due 7/1/64 | 2,955,000 | 3,071,781 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/46 | 750,000 | 618,427 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, Inc., Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/51 | 20,110,000 | 17,089,472 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/55 | 900,000 | 698,398 |
| Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/38 | 1,000,000 | 1,013,504 |
| Series A | ||
| 5.00%, due 7/1/48 | 3,000,000 | 2,867,842 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maryland | ||
| Maryland Health & Higher Educational Facilities Authority, Green Street Academy Inc., Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 7/1/37 | $ 1,260,000 | $ 1,212,262 |
| Series A | ||
| 5.375%, due 7/1/52 | 1,530,000 | 1,366,131 |
| Maryland Health & Higher Educational Facilities Authority, Edenwald Issue, Revenue Bonds | ||
| 5.25%, due 1/1/37 | 1,000,000 | 1,000,074 |
| 106,877,032 | ||
| Massachusetts 1.0% | ||
| Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds | ||
| Series C, Insured: AG | ||
| 4.00%, due 10/1/45 | 2,150,000 | 1,838,340 |
| Massachusetts Development Finance Agency, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 11/1/46 | 1,500,000 | 1,242,295 |
| Series C | ||
| 4.00%, due 11/1/51 | 20,000 | 15,937 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds | ||
| Series N-1 | ||
| 4.50%, due 7/1/54 | 9,600,000 | 8,428,617 |
| Series I | ||
| 5.00%, due 7/1/46 | 2,000,000 | 1,901,766 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (a) | ||
| 5.00%, due 11/15/33 | 3,000,000 | 3,098,196 |
| 5.125%, due 11/15/46 | 5,600,000 | 5,609,766 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (a) | ||
| Series G | ||
| 5.00%, due 7/15/35 | 270,000 | 297,547 |
| Series G | ||
| 5.00%, due 7/15/36 | 235,000 | 258,976 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/38 | 1,215,000 | 1,128,977 |
| 5.00%, due 10/1/43 | 2,000,000 | 1,793,083 |
| 5.00%, due 10/1/48 | 7,650,000 | 6,620,021 |
| 5.00%, due 10/1/54 | 15,400,000 | 12,913,029 |
| Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds | ||
| 5.00%, due 5/1/41 | 2,700,000 | 2,668,011 |
| Massachusetts Development Finance Agency, Ascentria Care Alliance Project, Revenue Bonds | ||
| 5.00%, due 7/1/41 (a) | 3,875,000 | 3,384,187 |
| Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/48 | 10,040,000 | 9,020,920 |
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds (b) | ||
| Series B | ||
| 2.00%, due 7/1/37 | 2,525,000 | 2,059,776 |
| Series C | ||
| 3.00%, due 7/1/51 | 7,305,000 | 4,528,174 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Massachusetts | ||
| Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 3.00%, due 7/1/35 (b) | $ 165,000 | $ 163,666 |
| Massachusetts Educational Financing Authority, Revenue Bonds (b) | ||
| Series D | ||
| 5.00%, due 7/1/54 | 10,000,000 | 8,880,075 |
| Series B | ||
| 5.50%, due 7/1/55 | 8,000,000 | 7,700,737 |
| Town of Stoneham, Limited General Obligation | ||
| 2.25%, due 1/15/40 | 4,030,000 | 2,906,112 |
| 86,458,208 | ||
| Michigan 2.4% | ||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
| 5.00%, due 2/15/41 | 3,415,000 | 3,180,750 |
| 5.00%, due 2/15/47 | 3,000,000 | 2,647,161 |
| Chandler Park Academy, Revenue Bonds | ||
| 5.125%, due 11/1/30 | 825,000 | 824,997 |
| 5.125%, due 11/1/35 | 605,000 | 584,873 |
| City of Detroit, Unlimited General Obligation | ||
| 5.00%, due 4/1/27 | 850,000 | 875,288 |
| 5.00%, due 4/1/31 | 1,000,000 | 1,035,323 |
| 5.00%, due 4/1/33 | 1,200,000 | 1,233,512 |
| 5.00%, due 4/1/35 | 1,000,000 | 1,020,788 |
| 5.00%, due 4/1/37 | 1,100,000 | 1,115,076 |
| 5.00%, due 4/1/38 | 850,000 | 858,596 |
| 5.50%, due 4/1/45 | 1,100,000 | 1,114,004 |
| 5.50%, due 4/1/50 | 6,240,000 | 6,273,618 |
| City of Detroit, Water Supply System, Revenue Bonds, Second Lien | ||
| Series B, Insured: NATL-RE | ||
| 5.00%, due 7/1/34 | 10,000 | 10,020 |
| Detroit Service Learning Academy, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,355,000 | 1,328,794 |
| 4.00%, due 7/1/41 | 3,600,000 | 2,958,944 |
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien | ||
| Series B | ||
| 5.00%, due 7/1/46 | 3,000,000 | 2,972,537 |
| Kentwood Economic Development Corp., Holland Home Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/41 | 2,085,000 | 1,939,831 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 6/1/45 | 48,300,000 | 12,898,761 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B-2, Class 2 | ||
| (zero coupon), due 6/1/65 (g) | 287,185,000 | 26,323,090 |
| Michigan Finance Authority, Calvin University Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/46 | 4,470,000 | 3,631,734 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
| 4.00%, due 11/1/48 | $ 6,650,000 | $ 5,609,185 |
| Michigan Finance Authority, Henry Ford Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/50 | 4,945,000 | 4,123,008 |
| Michigan Finance Authority, College for Creative Studies, Revenue Bonds | ||
| 5.00%, due 12/1/36 | 1,000,000 | 989,329 |
| 5.00%, due 12/1/40 | 1,700,000 | 1,569,060 |
| 5.00%, due 12/1/45 | 4,400,000 | 3,850,687 |
| Michigan Finance Authority, Lawrence Technological University, Revenue Bonds | ||
| 5.00%, due 2/1/37 | 1,550,000 | 1,536,997 |
| 5.25%, due 2/1/32 | 3,350,000 | 3,380,968 |
| Michigan Finance Authority, Local Government Loan Program, Public Lightning Local Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/44 | 4,000,000 | 4,000,283 |
| Michigan Finance Authority, Landmark Academy, Revenue Bonds | ||
| 5.00%, due 6/1/45 | 2,920,000 | 2,593,895 |
| Michigan Finance Authority, Lawrence Technological University Project, Revenue Bonds | ||
| 5.00%, due 2/1/47 | 2,195,000 | 1,949,266 |
| Michigan Finance Authority, Presbyterian Villages of Michigan Obligated Group, Revenue Bonds | ||
| 5.50%, due 11/15/45 | 1,025,000 | 826,177 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
| 5.75%, due 11/1/40 | 2,630,000 | 2,606,785 |
| Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds | ||
| 5.90%, due 7/15/46 (a) | 1,860,000 | 1,481,878 |
| Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds | ||
| Series A, Insured: AMBAC | ||
| 4.50%, due 5/1/31 | 305,000 | 301,595 |
| Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/42 | 1,765,000 | 1,624,113 |
| 5.00%, due 11/15/43 | 2,220,000 | 2,014,640 |
| Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds | ||
| 5.00%, due 6/30/48 (b) | 26,480,000 | 25,104,478 |
| Michigan Tobacco Settlement Finance Authority, Capital Appreciation, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/46 | 272,855,000 | 34,556,649 |
| Series B | ||
| (zero coupon), due 6/1/52 | 23,170,000 | 2,654,154 |
| Series C | ||
| (zero coupon), due 6/1/58 | 419,350,000 | 10,996,322 |
| Richfield Public School Academy, Revenue Bonds | ||
| 4.00%, due 9/1/30 | 750,000 | 736,950 |
| State of Michigan, Trunk Line, Revenue Bonds | ||
| 5.25%, due 11/15/49 | 31,180,000 | 31,988,865 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
| 4.00%, due 11/1/41 | 2,875,000 | 2,318,308 |
| 219,641,289 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Minnesota 0.9% | ||
| City of Crookston, Riverview Healthcare Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 | $ 6,390,000 | $ 3,351,940 |
| City of Forest Lake, Lakes International Language Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 8/1/43 | 300,000 | 288,067 |
| Series A | ||
| 5.375%, due 8/1/50 | 1,250,000 | 1,168,902 |
| City of Ham Lake, Parnassus Preparatory School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/47 | 3,250,000 | 2,951,430 |
| City of Independence, Global Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 1,400,000 | 1,040,762 |
| Series A | ||
| 4.00%, due 7/1/56 | 1,080,000 | 779,799 |
| City of Minneapolis, Twin Cities International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 (a) | 3,785,000 | 3,256,677 |
| City of Rochester, Samaritan Bethany, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/48 | 925,000 | 701,498 |
| Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/53 | 15,350,000 | 14,860,166 |
| Series A | ||
| 5.25%, due 2/15/53 | 22,465,000 | 22,304,088 |
| Series A | ||
| 5.25%, due 2/15/58 | 16,165,000 | 15,908,302 |
| Duluth Economic Development Authority, St. Luke's Hospital of Duluth, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/15/42 | 4,000,000 | 4,118,602 |
| Series B | ||
| 5.25%, due 6/15/47 | 3,000,000 | 3,034,058 |
| Series B | ||
| 5.25%, due 6/15/52 | 4,750,000 | 4,780,113 |
| 78,544,404 | ||
| Mississippi 0.0% ‡ | ||
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Revenue Bonds | ||
| 2.375%, due 6/1/44 | 6,700,000 | 3,979,222 |
| Missouri 0.6% | ||
| Branson Industrial Development Authority, Tax Increment, Branson Landing-Retail Project, Tax Allocation | ||
| 5.50%, due 6/1/29 | 1,855,000 | 1,810,441 |
| Cape Girardeau County Industrial Development Authority, Southeast Health, Revenue Bonds | ||
| 4.00%, due 3/1/46 | 1,695,000 | 1,499,634 |
| City of Lees Summit, Department of Airports, Summit Fair Project, Tax Allocation | ||
| 4.875%, due 11/1/37 (a) | 3,045,000 | 2,798,918 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri | ||
| Health & Educational Facilities Authority of the State of Missouri, Maryville University of St. Louis, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 | $ 3,300,000 | $ 2,755,606 |
| Series A | ||
| 5.00%, due 6/15/45 | 3,270,000 | 2,982,596 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project, Revenue Bonds | ||
| 4.00%, due 2/1/42 | 3,750,000 | 3,138,944 |
| Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System, Revenue Bonds | ||
| 4.00%, due 2/15/51 | 2,125,000 | 1,679,068 |
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
| 4.00%, due 6/1/53 | 6,915,000 | 5,730,509 |
| 5.00%, due 12/1/52 | 4,400,000 | 4,316,642 |
| Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Revenue Bonds | ||
| 5.00%, due 11/1/40 | 1,850,000 | 2,044,381 |
| Kansas City Industrial Development Authority, Airport, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 3/1/57 (b) | 2,400,000 | 1,901,419 |
| Kansas City Industrial Development Authority, Historic Northeast Redevelopment Area, Revenue Bonds (a) | ||
| Series A-1 | ||
| 5.00%, due 6/1/46 | 1,875,000 | 1,727,838 |
| Series A-1 | ||
| 5.00%, due 6/1/54 | 1,250,000 | 1,104,273 |
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation | ||
| Series B | ||
| 5.00%, due 2/1/40 (a) | 6,200,000 | 5,977,894 |
| Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment | ||
| 5.00%, due 5/1/35 | 685,000 | 618,381 |
| 6.00%, due 5/1/42 | 2,800,000 | 2,480,522 |
| Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/15/49 | 7,500,000 | 5,708,621 |
| Springfield School District No. R-12, Unlimited General Obligation | ||
| 2.25%, due 3/1/40 | 2,000,000 | 1,403,119 |
| St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 8/15/45 | 1,900,000 | 1,596,569 |
| St. Louis Land Clearance for Redevelopment Authority, Scottrade Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/48 | 2,000,000 | 1,933,794 |
| 53,209,169 | ||
| Montana 0.3% | ||
| City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
| 3.875%, due 7/1/28 | 9,750,000 | 9,930,736 |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (a) | ||
| Series A | ||
| (zero coupon), due 10/15/55 (f) | 7,490,000 | 5,596,911 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Montana | ||
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 10/15/41 | $ 1,080,000 | $ 703,210 |
| Series A | ||
| 4.00%, due 10/15/46 | 2,500,000 | 1,575,406 |
| Series A | ||
| 4.00%, due 10/15/51 | 4,710,000 | 2,890,932 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/48 | 5,465,000 | 5,365,441 |
| 26,062,636 | ||
| Nebraska 0.0% ‡ | ||
| County of Douglas, Creighton University, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/51 | 2,500,000 | 1,632,706 |
| Nevada 0.3% | ||
| Carson City, Carson Tahoe Regional Healthcare Obligated Group, Revenue Bonds | ||
| 5.00%, due 9/1/47 | 2,320,000 | 2,164,077 |
| City of Las Vegas, Special Improvement District No. 818, Special Assessment | ||
| 5.00%, due 12/1/49 | 1,115,000 | 1,035,171 |
| 5.00%, due 12/1/54 | 1,255,000 | 1,144,381 |
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds | ||
| Series C | ||
| (zero coupon), due 7/1/58 (a) | 11,000,000 | 1,627,359 |
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds, First Lien | ||
| Series A | ||
| 4.00%, due 6/1/43 | 2,500,000 | 2,264,739 |
| City of Reno, Sales Tax, Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 7/1/58 (a) | 9,000,000 | 1,036,269 |
| City of Reno, 2024 Special Assessment District No. 1, Special Assessment (a) | ||
| 5.00%, due 6/1/41 | 825,000 | 802,326 |
| 5.25%, due 6/1/54 | 1,100,000 | 1,009,889 |
| Las Vegas Redevelopment Agency, Tax Allocation | ||
| 5.00%, due 6/15/45 | 2,750,000 | 2,620,959 |
| State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/48 (a) | 4,215,000 | 3,709,582 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
| 5.00%, due 7/1/30 | 2,755,000 | 2,955,761 |
| 5.00%, due 7/1/34 | 2,000,000 | 2,092,209 |
| 5.00%, due 7/1/45 | 5,050,000 | 4,845,437 |
| 27,308,159 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Hampshire 1.0% | ||
| Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 1/1/26 | $ 1,995,000 | $ 1,965,001 |
| Series B, Insured: BAM | ||
| (zero coupon), due 1/1/27 | 2,380,000 | 2,262,428 |
| New Hampshire Business Finance Authority, Springpoint Senior Living Project, Revenue Bonds | ||
| 4.00%, due 1/1/51 | 7,850,000 | 5,679,121 |
| New Hampshire Business Finance Authority, Ascentria Care Alliance Project, Revenue Bonds (a) | ||
| 5.00%, due 7/1/51 | 2,000,000 | 1,563,024 |
| 5.00%, due 7/1/56 | 910,000 | 693,553 |
| New Hampshire Business Finance Authority, The Vista Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 7/1/54 (a) | 5,250,000 | 4,946,471 |
| New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds | ||
| Series A | ||
| 6.89%, due 4/1/34 (a) | 67,700,000 | 69,852,366 |
| New Hampshire Health and Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds | ||
| 5.00%, due 10/1/46 | 1,800,000 | 1,746,899 |
| 88,708,863 | ||
| New Jersey 3.0% | ||
| Camden County Improvement Authority (The), Camden School Prep Project, Revenue Bonds | ||
| 5.00%, due 7/15/52 (a) | 2,000,000 | 1,839,598 |
| Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
| 4.00%, due 7/15/50 (a) | 2,450,000 | 1,956,204 |
| 4.00%, due 6/15/51 | 1,100,000 | 903,049 |
| 4.00%, due 7/15/60 (a) | 8,155,000 | 6,209,870 |
| Series A | ||
| 4.00%, due 8/1/60 (a) | 3,755,000 | 2,859,064 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
| Series LLL | ||
| 5.00%, due 6/15/36 | 5,200,000 | 5,403,295 |
| Series LLL | ||
| 5.00%, due 6/15/44 | 1,000,000 | 1,002,417 |
| Series LLL | ||
| 5.00%, due 6/15/49 | 6,790,000 | 6,700,129 |
| New Jersey Economic Development Authority, Provident Group-Kean Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 2,650,000 | 2,568,113 |
| Series A | ||
| 5.00%, due 7/1/47 | 3,095,000 | 2,770,690 |
| New Jersey Economic Development Authority, State Government Buildings Project, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/15/42 | 8,860,000 | 8,835,984 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
| 5.00%, due 10/1/47 (b) | 15,905,000 | 14,944,731 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Economic Development Authority, Provident Group-Rowan Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | $ 11,985,000 | $ 10,611,582 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (b) | ||
| 5.125%, due 1/1/34 | 3,000,000 | 3,004,147 |
| Insured: AG | ||
| 5.125%, due 7/1/42 | 1,705,000 | 1,706,054 |
| 5.375%, due 1/1/43 | 15,105,000 | 15,112,475 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 5.625%, due 11/15/30 (b) | 10,335,000 | 10,345,848 |
| New Jersey Economic Development Authority, NYNJ Link Borrower LLC, Revenue Bonds | ||
| 5.625%, due 1/1/52 (b) | 16,695,000 | 16,701,948 |
| New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds | ||
| 6.00%, due 10/1/43 | 2,055,000 | 2,056,182 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds (b) | ||
| Series C | ||
| 5.25%, due 12/1/54 | 2,800,000 | 2,601,676 |
| Series 1-C | ||
| 5.50%, due 12/1/55 | 3,000,000 | 2,887,093 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series AA | ||
| 4.00%, due 6/15/38 | 10,350,000 | 9,777,989 |
| Series AA | ||
| 4.00%, due 6/15/40 | 11,250,000 | 10,320,552 |
| Series A | ||
| 4.00%, due 6/15/41 | 3,000,000 | 2,717,157 |
| Series BB | ||
| 4.00%, due 6/15/41 | 3,750,000 | 3,396,446 |
| Series BB | ||
| 4.00%, due 6/15/44 | 14,890,000 | 13,023,725 |
| Series AA | ||
| 4.00%, due 6/15/45 | 40,170,000 | 34,798,118 |
| Series BB | ||
| 4.00%, due 6/15/46 | 6,140,000 | 5,284,651 |
| Series AA | ||
| 4.00%, due 6/15/50 | 9,360,000 | 7,903,074 |
| Series BB | ||
| 4.00%, due 6/15/50 | 20,805,000 | 17,566,608 |
| Series CC | ||
| 4.125%, due 6/15/50 | 1,750,000 | 1,508,199 |
| Series AA | ||
| 4.25%, due 6/15/44 | 2,055,000 | 1,859,535 |
| Series AA | ||
| 5.00%, due 6/15/50 | 1,490,000 | 1,676,580 |
| Series AA | ||
| 5.00%, due 6/15/50 | 3,655,000 | 3,648,338 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| South Jersey Port Corp., Marine Terminal, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/48 (b) | $ 24,010,000 | $ 23,344,075 |
| South Jersey Transportation Authority, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 11/1/50 | 9,950,000 | 8,509,585 |
| Series A, Insured: BAM | ||
| 5.00%, due 11/1/45 | 10,150,000 | 10,212,562 |
| 276,567,343 | ||
| New York 10.4% | ||
| Brooklyn Arena Local Development Corp., Barclays Center Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 7/15/43 | 2,135,000 | 1,567,108 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 1,500,000 | 1,500,616 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 (a) | 1,225,000 | 1,076,793 |
| Build NYC Resource Corp., Hellenic Classical Charter Schools, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 12/1/51 | 1,000,000 | 819,495 |
| Series A | ||
| 5.00%, due 12/1/55 | 1,080,000 | 867,269 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 | 6,600,000 | 6,415,635 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | 37,500,000 | 7,288,796 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/52 | 6,750,000 | 6,522,892 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/27 | 1,915,000 | 1,878,543 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/42 | 2,425,000 | 1,861,556 |
| Series A | ||
| 4.00%, due 11/1/47 | 1,530,000 | 1,089,133 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/15/45 | 31,350,000 | 26,726,289 |
| Series E | ||
| 4.00%, due 11/15/45 | 23,375,000 | 19,936,989 |
| Series A-1 | ||
| 4.00%, due 11/15/46 | 21,195,000 | 17,847,667 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/15/46 | $ 11,050,000 | $ 9,304,870 |
| Series A-3, Insured: AG | ||
| 4.00%, due 11/15/46 | 2,545,000 | 2,130,039 |
| Series A-1 | ||
| 4.00%, due 11/15/48 | 6,440,000 | 5,323,948 |
| Series A-1 | ||
| 4.00%, due 11/15/49 | 35,565,000 | 29,192,438 |
| Series A-1, Insured: AG | ||
| 4.00%, due 11/15/50 | 8,550,000 | 7,027,562 |
| Series A-1 | ||
| 4.00%, due 11/15/50 | 800,000 | 652,266 |
| Series D | ||
| 4.00%, due 11/15/50 | 7,730,000 | 6,346,254 |
| Series A-1 | ||
| 4.00%, due 11/15/51 | 10,290,000 | 8,415,189 |
| Series A-1 | ||
| 4.00%, due 11/15/52 | 3,340,000 | 2,700,278 |
| Series A-2 | ||
| 5.00%, due 11/15/27 | 3,150,000 | 3,244,361 |
| Series B | ||
| 5.00%, due 11/15/28 | 1,190,000 | 1,278,873 |
| Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
| Series C, Insured: AG | ||
| 4.00%, due 11/15/47 | 2,000,000 | 1,659,112 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/27 | 2,055,000 | 2,116,559 |
| Monroe County Industrial Development Corp., Rochester Regional Health Obligated Group, Revenue Bonds | ||
| 4.00%, due 12/1/41 | 2,955,000 | 2,585,628 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | 1,000,000 | 814,387 |
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | 2,075,000 | 1,833,294 |
| Series A-3 | ||
| 5.125%, due 6/1/46 | 12,605,000 | 10,084,979 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 1/1/46 | 12,615,000 | 9,053,379 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 3/1/49 | 1,750,000 | 1,202,962 |
| Series A, Insured: AG-CR | ||
| 3.00%, due 3/1/49 | 17,600,000 | 12,134,426 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series E-1 | ||
| 4.00%, due 2/1/49 | $ 49,060,000 | $ 41,729,406 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 10,000,000 | 3,138,125 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | 2,500,000 | 1,071,762 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 14,600,000 | 10,145,514 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 11/15/51 | 3,750,000 | 2,557,618 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
| Series A | ||
| 3.125%, due 9/15/50 | 21,530,000 | 15,079,782 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 1 | ||
| 5.00%, due 11/15/44 (a) | 72,180,000 | 69,197,854 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/38 | 1,750,000 | 1,604,258 |
| Series A | ||
| 4.00%, due 9/1/40 | 3,150,000 | 2,824,418 |
| Series A | ||
| 4.00%, due 9/1/50 | 6,700,000 | 5,277,212 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/50 | 4,240,000 | 3,563,814 |
| Series A | ||
| 4.00%, due 7/1/53 | 4,310,000 | 3,558,757 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/25 | 2,400,000 | 2,403,845 |
| 5.00%, due 12/1/45 | 2,200,000 | 1,866,187 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/30 (a) | 2,200,000 | 2,211,923 |
| New York State Thruway Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 3/15/48 | 8,500,000 | 6,029,080 |
| Series A-1 | ||
| 3.00%, due 3/15/51 | 33,195,000 | 22,770,170 |
| Series A-1 | ||
| 4.00%, due 3/15/53 | 14,875,000 | 12,664,283 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/50 | 10,135,000 | 8,539,552 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/15/50 | $ 9,700,000 | $ 6,677,942 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 3/15/43 | 6,150,000 | 5,509,659 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.00%, due 10/1/30 | 9,160,000 | 8,996,012 |
| 4.375%, due 10/1/45 | 75,465,000 | 65,534,206 |
| 5.00%, due 10/1/35 | 6,110,000 | 6,186,007 |
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds | ||
| 4.00%, due 4/30/53 (b) | 5,620,000 | 4,413,360 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (b) | ||
| 5.00%, due 12/1/34 | 9,750,000 | 10,202,115 |
| 5.00%, due 12/1/36 | 5,000,000 | 5,127,847 |
| 5.00%, due 12/1/38 | 9,750,000 | 9,830,981 |
| 5.00%, due 12/1/39 | 13,805,000 | 13,859,849 |
| 5.00%, due 12/1/40 | 4,785,000 | 4,778,328 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Insured: AG-CR | ||
| 5.00%, due 12/1/40 | 17,260,000 | 17,746,779 |
| 5.00%, due 12/1/42 | 3,375,000 | 3,304,462 |
| 5.375%, due 6/30/60 | 10,000,000 | 9,518,972 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (b) | 12,125,000 | 11,544,056 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (b) | ||
| Insured: AG | ||
| 5.00%, due 6/30/49 | 3,115,000 | 2,968,531 |
| Insured: AG | ||
| 5.00%, due 6/30/54 | 8,315,000 | 7,874,714 |
| 5.00%, due 6/30/60 | 25,000,000 | 22,486,970 |
| Insured: AG | ||
| 5.125%, due 6/30/60 | 12,000,000 | 11,405,112 |
| 5.50%, due 6/30/54 | 58,250,000 | 56,268,883 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| 5.25%, due 8/1/31 | 3,360,000 | 3,433,959 |
| 5.375%, due 8/1/36 | 3,445,000 | 3,509,153 |
| New York Transportation Development Corp., JFK International Airport New Terminal One Project, Revenue Bonds | ||
| 5.25%, due 6/30/49 (b) | 35,360,000 | 33,911,927 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 12/31/54 (b) | 22,470,000 | 22,033,084 |
| New York Transportation Development Corp., JFK International Airport, Revenue Bonds (b) | ||
| Insured: BAM | ||
| 5.375%, due 6/30/60 | 5,000,000 | 4,900,602 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Transportation Development Corp., JFK International Airport, Revenue Bonds (b) | ||
| Insured: BAM | ||
| 5.50%, due 6/30/60 | $ 15,995,000 | $ 16,021,174 |
| New York Transportation Development Corp., JFK Millennium Partners LLC, Revenue Bonds (b) | ||
| Series A | ||
| 5.50%, due 12/31/54 | 98,975,000 | 96,823,382 |
| Series A | ||
| 5.50%, due 12/31/60 | 4,380,000 | 4,238,405 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 12/1/40 | 3,755,000 | 2,891,767 |
| Series A, Insured: AG | ||
| 3.00%, due 12/1/44 | 6,450,000 | 4,528,041 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,430,000 | 1,072,162 |
| Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
| Series 223 | ||
| 4.00%, due 7/15/46 | 9,520,000 | 7,992,703 |
| Series 236 | ||
| 5.00%, due 1/15/52 | 4,285,000 | 4,267,114 |
| Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds | ||
| Series 218 | ||
| 4.00%, due 11/1/47 (b) | 2,455,000 | 2,029,023 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (a) | 13,000,000 | 2,304,688 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 4.00%, due 12/1/45 | 840,000 | 674,852 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 71,340,000 | 5,895,794 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/44 | 915,000 | 897,307 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/48 | 19,500,000 | 16,597,031 |
| 946,990,098 | ||
| North Carolina 0.6% | ||
| North Carolina Medical Care Commission, The Forest at Duke Project, Revenue Bonds | ||
| 4.00%, due 9/1/41 | 2,300,000 | 1,963,093 |
| 4.00%, due 9/1/51 | 1,200,000 | 894,814 |
| North Carolina Medical Care Commission, Plantation Village, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/52 | 2,940,000 | 2,257,970 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina | ||
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue Bonds | ||
| Series B-1 | ||
| 4.25%, due 10/1/28 | $ 275,000 | $ 275,154 |
| Series A | ||
| 5.00%, due 10/1/39 | 500,000 | 507,501 |
| Series A | ||
| 5.00%, due 10/1/44 | 1,010,000 | 978,720 |
| Series A | ||
| 5.00%, due 10/1/49 | 515,000 | 485,681 |
| Series A | ||
| 5.125%, due 10/1/54 | 2,250,000 | 2,136,067 |
| North Carolina Medical Care Commission, Pines at Davidson Project (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/49 | 3,350,000 | 3,161,307 |
| North Carolina Medical Care Commission, Twin Lakes Community, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/55 | 2,800,000 | 2,648,994 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AG | ||
| 3.00%, due 1/1/42 | 2,320,000 | 1,735,439 |
| Insured: AG | ||
| 5.00%, due 1/1/49 | 4,750,000 | 4,742,437 |
| Insured: AG-CR | ||
| 5.00%, due 1/1/49 | 23,700,000 | 23,662,267 |
| North Carolina Turnpike Authority, Monroe Expressway Toll, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 | 2,745,000 | 2,657,307 |
| Series A | ||
| 5.00%, due 7/1/54 | 2,195,000 | 2,091,150 |
| North Carolina Turnpike Authority, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG | ||
| 5.00%, due 1/1/58 | 8,710,000 | 8,635,820 |
| 58,833,721 | ||
| North Dakota 0.5% | ||
| City of Grand Forks, Altru Health System, Revenue Bonds | ||
| Insured: AG-CR | ||
| 4.00%, due 12/1/46 | 3,955,000 | 3,282,919 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/48 | 2,950,000 | 2,914,810 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/53 | 2,800,000 | 2,729,238 |
| County of Cass, Essentia Health Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 2/15/53 | 9,100,000 | 9,034,819 |
| County of Ward, Trinity Health Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/43 | 7,500,000 | 6,953,289 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Dakota | ||
| County of Ward, Trinity Health, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/48 | $ 26,890,000 | $ 24,286,750 |
| Series C | ||
| 5.00%, due 6/1/53 | 725,000 | 645,268 |
| 49,847,093 | ||
| Ohio 4.4% | ||
| Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds | ||
| 5.25%, due 11/15/46 | 29,875,000 | 30,174,996 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 6/1/48 | 5,185,000 | 3,469,701 |
| Series B-2 | ||
| 5.00%, due 6/1/55 | 261,875,000 | 213,017,322 |
| Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds | ||
| 4.00%, due 8/1/44 | 12,270,000 | 10,765,580 |
| Series A | ||
| 5.50%, due 8/1/52 | 1,000,000 | 1,013,989 |
| Cleveland-Cuyahoga County Port Authority, Centers for Dialysis Care Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/42 | 4,905,000 | 4,522,585 |
| Series A | ||
| 5.00%, due 12/1/47 | 1,435,000 | 1,271,698 |
| County of Cuyahoga, MetroHealth System (The), Revenue Bonds | ||
| 4.75%, due 2/15/47 | 1,440,000 | 1,280,013 |
| 5.00%, due 2/15/57 | 10,400,000 | 9,142,697 |
| 5.25%, due 2/15/47 | 3,715,000 | 3,509,945 |
| 5.50%, due 2/15/57 | 34,295,000 | 32,138,842 |
| County of Cuyahoga, MetroHealth System, Revenue Bonds | ||
| 5.50%, due 2/15/52 | 2,920,000 | 2,776,053 |
| County of Hamilton, Life Enriching Communities Project, Revenue Bonds | ||
| 5.00%, due 1/1/42 | 1,080,000 | 1,046,349 |
| 5.00%, due 1/1/46 | 2,090,000 | 1,957,551 |
| County of Montgomery, Kettering Health Network Obligated Group, Revenue Bonds | ||
| 4.00%, due 8/1/51 | 3,265,000 | 2,703,330 |
| Dayton-Montgomery County Port Authority, Dayton Regional STEM Schools, Inc., Revenue Bonds | ||
| 5.00%, due 12/1/60 | 1,450,000 | 1,324,172 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds | ||
| 5.00%, due 12/1/51 | 4,250,000 | 3,720,932 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
| 4.50%, due 1/15/48 (a)(b) | 4,200,000 | 3,671,162 |
| Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 4,700,000 | 3,314,580 |
| 5.00%, due 11/1/44 | 750,000 | 655,089 |
| Ohio Higher Educational Facility Commission, University of Findlay (The), Revenue Bonds | ||
| 5.00%, due 3/1/39 | 1,675,000 | 1,587,329 |
| 5.00%, due 3/1/44 | 8,085,000 | 7,213,081 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| Ohio Higher Educational Facility Commission, Cleveland Institute of Art (The), Revenue Bonds | ||
| 5.25%, due 12/1/48 | $ 1,000,000 | $ 842,880 |
| 5.50%, due 12/1/53 | 1,215,000 | 1,031,663 |
| Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, Tax Allocation | ||
| 5.00%, due 12/1/44 | 1,000,000 | 949,111 |
| 5.125%, due 12/1/55 | 2,655,000 | 2,416,693 |
| State of Ohio, University Hospitals Health System, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/15/46 | 8,000,000 | 6,689,401 |
| Series A, Insured: BAM | ||
| 4.00%, due 1/15/50 | 33,060,000 | 27,258,585 |
| Toledo-Lucas County Port Authority, University of Toledo Parking Project, Revenue Bonds | ||
| 4.00%, due 1/1/57 | 6,150,000 | 4,513,336 |
| Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 1,400,000 | 1,376,353 |
| Series A | ||
| 5.00%, due 7/1/39 | 2,000,000 | 1,871,393 |
| Series A | ||
| 5.00%, due 7/1/46 | 9,440,000 | 8,308,583 |
| 395,534,994 | ||
| Oklahoma 0.2% | ||
| Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/45 | 2,500,000 | 1,752,647 |
| 5.00%, due 9/1/37 | 3,510,000 | 3,106,583 |
| Tulsa Authority for Economic Opportunity, Sante FE Square Project, Tax Allocation | ||
| 4.375%, due 12/1/41 (a) | 1,500,000 | 1,315,921 |
| Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds | ||
| 5.25%, due 11/15/45 | 1,250,000 | 1,187,965 |
| Tulsa Municipal Airport Trust Trustees, American Airlines, Inc., Revenue Bonds | ||
| 6.25%, due 12/1/35 (b) | 13,800,000 | 15,248,184 |
| 22,611,300 | ||
| Oregon 0.0% ‡ | ||
| Astoria Hospital Facilities Authority, Columbia Memorial Hospital Obligated Group, Revenue Bonds | ||
| 3.50%, due 8/1/42 | 845,000 | 661,233 |
| Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/48 (a) | 1,560,000 | 1,334,476 |
| 1,995,709 | ||
| Pennsylvania 3.7% | ||
| Adams County General Authority, Brethren Home Community Project (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/59 | 3,500,000 | 3,089,812 |
| Allegheny County Airport Authority, Revenue Bonds (b) | ||
| Series A, Insured: AG | ||
| 4.00%, due 1/1/46 | 7,970,000 | 6,798,477 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Allegheny County Airport Authority, Revenue Bonds (b) | ||
| Series A | ||
| 4.00%, due 1/1/56 | $ 7,500,000 | $ 5,917,874 |
| Allegheny County Hospital Development Authority, Allegheny Health Network, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 4/1/44 | 15,900,000 | 13,990,240 |
| Allegheny County Industrial Development Authority, Urban Academy of Greater Pittsburgh Charter School, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 (a) | 1,895,000 | 1,531,708 |
| Allegheny County Industrial Development Authority, Propel Charter School - Sunrise, Revenue Bonds | ||
| 6.00%, due 7/15/38 | 2,625,000 | 2,627,193 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (a) | ||
| 5.00%, due 5/1/42 | 14,750,000 | 14,308,532 |
| 5.00%, due 5/1/42 | 8,465,000 | 8,184,223 |
| 5.00%, due 5/1/42 | 4,810,000 | 4,707,920 |
| 5.125%, due 5/1/32 | 4,250,000 | 4,328,094 |
| 5.375%, due 5/1/42 | 4,225,000 | 4,185,305 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
| 5.00%, due 5/1/42 | 3,500,000 | 3,527,553 |
| 6.00%, due 5/1/42 (a) | 4,050,000 | 4,140,164 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
| 4.00%, due 7/1/46 | 2,910,000 | 2,348,311 |
| 4.00%, due 7/1/51 | 7,200,000 | 5,491,893 |
| 5.00%, due 7/1/40 | 655,000 | 655,553 |
| 5.00%, due 7/1/41 | 2,500,000 | 2,470,266 |
| Cambria County General Financing Authority, St. Francis University, Revenue Bonds | ||
| Series TT-5 | ||
| 4.00%, due 4/1/46 | 2,035,000 | 1,512,558 |
| Chambersburg Area Municipal Authority, Wilson College, Revenue Bonds | ||
| 5.50%, due 10/1/33 | 1,230,000 | 1,217,068 |
| 5.75%, due 10/1/38 | 3,200,000 | 3,034,368 |
| 5.75%, due 10/1/43 | 2,290,000 | 2,072,538 |
| Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds | ||
| 4.50%, due 10/1/64 (a) | 5,900,000 | 4,539,091 |
| Chester County Industrial Development Authority, Avon Grove Charter School, Revenue Bonds | ||
| 5.00%, due 3/1/27 | 2,375,000 | 2,406,884 |
| Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment | ||
| 5.125%, due 3/1/48 (a) | 680,000 | 610,359 |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/15/47 | 1,000,000 | 866,262 |
| City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds (a) | ||
| 5.00%, due 9/15/27 | 705,000 | 705,099 |
| 5.00%, due 9/15/28 | 740,000 | 739,459 |
| 5.00%, due 9/15/29 | 150,000 | 149,386 |
| 5.00%, due 9/15/37 | 640,000 | 655,123 |
| 5.00%, due 9/15/37 | 2,755,000 | 2,498,809 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
| Insured: AG | ||
| 4.00%, due 6/1/39 | $ 150,000 | $ 140,217 |
| County of Lehigh, Lehigh Valley Health Network, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/49 | 1,660,000 | 1,355,645 |
| Cumberland County Municipal Authority, Diakon Lutheran Social Ministries, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 195,000 | 209,274 |
| Series A | ||
| 5.00%, due 1/1/39 | 290,000 | 283,689 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (a) | ||
| 5.00%, due 10/15/34 | 5,225,000 | 4,207,920 |
| 5.125%, due 10/15/41 | 4,650,000 | 3,279,007 |
| 5.875%, due 10/15/40 | 3,700,000 | 2,865,946 |
| 6.25%, due 10/15/53 | 9,150,000 | 6,624,274 |
| Delaware County Authority, Cabrini University, Revenue Bonds | ||
| 5.00%, due 7/1/42 | 1,215,000 | 1,263,205 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 375,000 | 346,141 |
| 5.00%, due 12/1/49 | 1,020,000 | 842,927 |
| General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 6.00%, due 7/15/38 | 2,515,000 | 2,536,828 |
| Series A | ||
| 6.50%, due 7/15/48 | 4,150,000 | 4,176,752 |
| Huntingdon County General Authority, AICUP Financing Program, Revenue Bonds | ||
| Series OO-2 | ||
| 5.00%, due 5/1/46 | 3,955,000 | 3,591,577 |
| Jefferson County Hospital Authority (The), Punxsutawney Area Hospital, Inc., Revenue Bonds | ||
| 4.50%, due 1/15/27 (a) | 5,270,000 | 5,298,274 |
| Lancaster Higher Education Authority, Elizabethtown College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/51 | 3,000,000 | 2,589,913 |
| Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds | ||
| 4.00%, due 12/1/49 | 3,450,000 | 2,682,430 |
| 5.00%, due 12/1/49 | 1,825,000 | 1,657,530 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
| 4.00%, due 7/1/51 | 2,750,000 | 2,079,838 |
| Lehigh County General Purpose Authority, Lehigh Valley Academy Regional Charter School, Revenue Bonds | ||
| 4.00%, due 6/1/52 | 1,000,000 | 766,738 |
| 4.00%, due 6/1/57 | 4,500,000 | 3,353,711 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 9/1/44 | 3,000,000 | 2,697,968 |
| 4.00%, due 9/1/49 | 4,750,000 | 3,902,755 |
| Insured: AG-CR | ||
| 4.00%, due 9/1/49 | 15,610,000 | 12,807,313 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Montgomery County Higher Education and Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds | ||
| 4.00%, due 12/1/48 | $ 3,995,000 | $ 3,091,929 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/36 | 4,530,000 | 4,558,783 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| 0.95%, due 12/1/33 (c) | 9,250,000 | 8,876,129 |
| Pennsylvania Economic Development Financing Authority, Rapid Bridge Replacement Project, Revenue Bonds | ||
| 4.125%, due 12/31/38 | 4,000,000 | 3,634,080 |
| Pennsylvania Economic Development Financing Authority, PA Bridges Finco LP, Revenue Bonds | ||
| 5.00%, due 6/30/42 | 2,000,000 | 1,941,348 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (b) | ||
| Insured: AG | ||
| 5.00%, due 12/31/57 | 7,900,000 | 7,472,196 |
| 5.25%, due 6/30/53 | 8,395,000 | 7,914,015 |
| 5.75%, due 6/30/48 | 6,560,000 | 6,623,660 |
| Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project, Revenue Bonds | ||
| 5.45%, due 1/1/51 (a)(b)(c) | 8,850,000 | 8,990,444 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds (b) | ||
| Series B | ||
| 5.00%, due 6/1/49 | 7,600,000 | 7,087,312 |
| Series 1-C | ||
| 5.00%, due 6/1/51 | 4,950,000 | 4,455,625 |
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 12/1/46 | 6,770,000 | 5,764,512 |
| Series A | ||
| 4.00%, due 12/1/50 | 7,650,000 | 6,295,694 |
| Series A, Insured: BAM | ||
| 4.00%, due 12/1/50 | 46,265,000 | 39,376,600 |
| Philadelphia Authority for Industrial Development, Mariana Bracetti Academy Charter School, Revenue Bonds | ||
| Series B | ||
| 4.875%, due 12/15/35 (a) | 5,825,000 | 5,667,550 |
| Philadelphia Authority for Industrial Development, Frankford Valley Foundation for Literacy, Revenue Bonds (a) | ||
| 5.00%, due 6/15/39 | 1,725,000 | 1,671,605 |
| 5.00%, due 6/15/43 | 1,500,000 | 1,398,878 |
| Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/40 | 1,105,000 | 1,046,103 |
| Series A | ||
| 5.00%, due 5/1/50 | 3,130,000 | 2,738,563 |
| Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/40 | 915,000 | 897,736 |
| Series A | ||
| 5.00%, due 8/1/50 | 1,050,000 | 977,353 |
| Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds (a) | ||
| 5.00%, due 3/15/45 | 300,000 | 318,812 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds (a) | ||
| 5.00%, due 3/15/45 (d)(e) | $ 1,982,634 | $ 991,317 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/50 (a) | 1,700,000 | 1,495,485 |
| Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 6/1/38 | 3,660,000 | 3,471,162 |
| Series A | ||
| 5.25%, due 6/1/48 | 3,085,000 | 2,724,970 |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Revenue Bonds | ||
| Series A | ||
| 6.50%, due 6/1/45 | 2,200,000 | 2,110,606 |
| Scranton Redevelopment Authority, Revenue Bonds | ||
| Series A, Insured: MUN GOVT GTD | ||
| 5.00%, due 11/15/28 | 5,065,000 | 5,068,156 |
| Scranton-Lackawanna Health and Welfare Authority, Marywood University Project, Revenue Bonds | ||
| 5.00%, due 6/1/36 | 1,000,000 | 907,442 |
| 5.00%, due 6/1/46 | 4,625,000 | 3,737,381 |
| Wilkes-Barre Finance Authority, Wilkes University Project, Revenue Bonds | ||
| 4.00%, due 3/1/42 | 2,500,000 | 1,982,889 |
| 332,158,329 | ||
| Puerto Rico 11.8% | ||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 43,900,000 | 8,387,060 |
| Series B | ||
| (zero coupon), due 5/15/57 | 65,600,000 | 1,777,143 |
| 5.50%, due 5/15/39 | 895,000 | 907,530 |
| 5.625%, due 5/15/43 | 36,560,000 | 37,176,870 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 26,422,270 | 18,342,086 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 53,687,833 | 51,244,140 |
| Series A-1 | ||
| 4.00%, due 7/1/37 | 33,727,084 | 31,786,050 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 19,323,126 | 16,854,583 |
| Series A-1 | ||
| 4.00%, due 7/1/46 | 12,500,000 | 10,432,889 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 175,075,699 | 108,984,623 |
| (zero coupon), due 11/1/51 | 84,890,174 | 53,586,922 |
| (zero coupon), due 11/1/51 | 27,500,000 | 7,150,000 |
| (zero coupon), due 11/1/51 | 33,404,850 | 15,199,207 |
| (zero coupon), due 11/1/51 | 20,182,907 | 11,075,370 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | $ 138,154,981 | $ 132,857,774 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series C | ||
| 3.50%, due 7/1/26 | 14,625,000 | 14,186,860 |
| Series A | ||
| 5.00%, due 7/1/27 | 345,000 | 352,299 |
| Series A | ||
| 5.00%, due 7/1/30 | 4,135,000 | 4,325,610 |
| Series A | ||
| 5.00%, due 7/1/35 | 15,960,000 | 16,452,856 |
| Series A | ||
| 5.00%, due 7/1/37 | 5,750,000 | 5,924,705 |
| Series A | ||
| 5.00%, due 7/1/47 | 127,655,000 | 120,284,353 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) | ||
| Series B | ||
| 5.00%, due 7/1/33 | 5,300,000 | 5,532,752 |
| Series B | ||
| 5.00%, due 7/1/37 | 20,695,000 | 21,244,258 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series DDD | ||
| 3.30%, due 7/1/19 (d)(e)(g) | 1,015,000 | 554,444 |
| Series UU, Insured: AG | ||
| 3.568%, due 7/1/29 | 3,370,000 | 3,230,401 |
| Series ZZ | ||
| 4.25%, due 7/1/20 (d)(e)(g) | 1,355,000 | 740,169 |
| Series CCC | ||
| 4.25%, due 7/1/23 (d)(e) | 1,150,000 | 628,187 |
| Series CCC | ||
| 4.375%, due 7/1/22 (d)(e)(g) | 115,000 | 62,819 |
| Series CCC | ||
| 4.60%, due 7/1/24 (d)(e) | 200,000 | 109,250 |
| Series CCC | ||
| 4.625%, due 7/1/25 (d)(e) | 1,085,000 | 592,681 |
| Series XX | ||
| 4.75%, due 7/1/26 (d)(e) | 320,000 | 175,600 |
| Series ZZ | ||
| 4.75%, due 7/1/27 (d)(e) | 405,000 | 222,244 |
| Series A | ||
| 4.80%, due 7/1/29 (d)(e) | 690,000 | 378,638 |
| Series DDD | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 3,250,000 | 1,775,312 |
| Series TT | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 2,195,000 | 1,199,019 |
| Series CCC | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 470,000 | 256,738 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series DDD | ||
| 5.00%, due 7/1/21 (d)(e)(g) | $ 275,000 | $ 150,219 |
| Series TT | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 1,215,000 | 663,694 |
| Series TT | ||
| 5.00%, due 7/1/23 (d)(e) | 365,000 | 199,381 |
| Series CCC | ||
| 5.00%, due 7/1/24 (d)(e) | 1,845,000 | 1,007,831 |
| Series TT | ||
| 5.00%, due 7/1/24 (d)(e) | 450,000 | 245,813 |
| Series CCC | ||
| 5.00%, due 7/1/25 (d)(e) | 575,000 | 314,094 |
| Series TT | ||
| 5.00%, due 7/1/25 (d)(e) | 1,030,000 | 562,637 |
| Series TT | ||
| 5.00%, due 7/1/26 (d)(e) | 1,050,000 | 576,187 |
| Series TT, Insured: AG-CR | ||
| 5.00%, due 7/1/27 | 150,000 | 149,996 |
| Series TT | ||
| 5.00%, due 7/1/27 (d)(e) | 1,250,000 | 685,937 |
| Series WW | ||
| 5.00%, due 7/1/28 (d)(e) | 380,000 | 208,525 |
| Series TT | ||
| 5.00%, due 7/1/32 (d)(e) | 9,320,000 | 5,114,350 |
| Series A | ||
| 5.00%, due 7/1/42 (d)(e) | 8,755,000 | 4,804,306 |
| Series A | ||
| 5.05%, due 7/1/42 (d)(e) | 825,000 | 452,719 |
| Series ZZ | ||
| 5.25%, due 7/1/20 (d)(e)(g) | 225,000 | 122,906 |
| Series ZZ | ||
| 5.25%, due 7/1/23 (d)(e) | 620,000 | 338,675 |
| Series AAA | ||
| 5.25%, due 7/1/24 (d)(e) | 3,000,000 | 1,638,750 |
| Series WW | ||
| 5.25%, due 7/1/25 (d)(e) | 1,605,000 | 876,731 |
| Series AAA | ||
| 5.25%, due 7/1/26 (d)(e) | 110,000 | 60,363 |
| Series ZZ | ||
| 5.25%, due 7/1/26 (d)(e) | 3,520,000 | 1,931,600 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/29 | 630,000 | 634,840 |
| Series AAA | ||
| 5.25%, due 7/1/30 (d)(e) | 985,000 | 540,519 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/30 | 3,850,000 | 3,874,948 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/32 | $ 345,000 | $ 345,003 |
| Series WW | ||
| 5.25%, due 7/1/33 (d)(e) | 8,310,000 | 4,560,112 |
| Series XX | ||
| 5.25%, due 7/1/35 (d)(e) | 2,265,000 | 1,242,919 |
| Series XX | ||
| 5.25%, due 7/1/40 (d)(e) | 18,055,000 | 9,907,681 |
| Series BBB | ||
| 5.40%, due 7/1/28 (d)(e) | 9,615,000 | 5,276,231 |
| Series WW | ||
| 5.50%, due 7/1/38 (d)(e) | 11,595,000 | 6,362,756 |
| Series XX | ||
| 5.75%, due 7/1/36 (d)(e) | 4,055,000 | 2,225,181 |
| Series A | ||
| 6.75%, due 7/1/36 (d)(e) | 11,550,000 | 6,338,062 |
| Series A | ||
| 7.00%, due 7/1/33 (d)(e) | 1,500,000 | 823,125 |
| Series A | ||
| 7.00%, due 7/1/43 (d)(e) | 4,750,000 | 2,606,562 |
| Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (d)(e) | ||
| Series EEE | ||
| 5.95%, due 7/1/30 | 25,585,000 | 14,039,769 |
| Series EEE | ||
| 6.05%, due 7/1/32 | 12,265,000 | 6,730,419 |
| Series YY | ||
| 6.125%, due 7/1/40 | 44,950,000 | 24,666,312 |
| Series EEE | ||
| 6.25%, due 7/1/40 | 10,165,000 | 5,578,044 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/1/27 | 1,180,000 | 1,183,222 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/31 | 1,842,000 | 1,469,607 |
| Series A-1 | ||
| (zero coupon), due 7/1/46 | 231,114,000 | 71,920,389 |
| Series A-1 | ||
| (zero coupon), due 7/1/51 | 99,595,000 | 22,946,529 |
| (zero coupon), due 8/1/54 | 516,302 | 95,032 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 20,500,000 | 19,081,213 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 30,968,000 | 27,796,180 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 18,087,000 | 15,968,486 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/58 | $ 101,491,000 | $ 92,896,377 |
| 1,073,205,674 | ||
| Rhode Island 0.2% | ||
| Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation | ||
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/26 | 685,000 | 662,458 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/29 | 1,835,000 | 1,604,820 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/30 | 1,835,000 | 1,540,981 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/32 | 1,500,000 | 1,147,880 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/34 | 1,000,000 | 689,115 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/35 | 360,000 | 234,407 |
| Series A, Insured: AG | ||
| (zero coupon), due 9/1/36 | 470,000 | 288,561 |
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 6/1/52 | 78,620,000 | 13,028,545 |
| 19,196,767 | ||
| South Carolina 0.7% | ||
| County of Berkeley, Nexton Improvement District, Special Assessment | ||
| 4.375%, due 11/1/49 | 1,500,000 | 1,249,588 |
| South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/54 | 1,160,000 | 879,279 |
| Series A | ||
| 5.00%, due 4/1/54 | 3,000,000 | 2,733,115 |
| South Carolina Jobs-Economic Development Authority, Green Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/56 (a) | 3,530,000 | 2,272,949 |
| South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds | ||
| 5.25%, due 11/15/47 | 5,025,000 | 4,665,516 |
| 5.25%, due 11/15/52 | 1,490,000 | 1,351,438 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project, Revenue Bonds | ||
| 5.75%, due 11/15/54 | 3,250,000 | 3,251,511 |
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/46 | 5,710,000 | 5,080,043 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/48 | 20,839,000 | 18,227,840 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| South Carolina | ||
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/50 | $ 4,805,000 | $ 4,147,763 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/54 | 4,932,000 | 4,175,633 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/55 | 14,546,000 | 12,259,639 |
| 60,294,314 | ||
| Tennessee 0.4% | ||
| Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 8/1/44 | 2,640,000 | 2,586,749 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds | ||
| Insured: AG-CR | ||
| 4.00%, due 5/1/51 | 13,405,000 | 11,162,295 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/51 | 2,830,000 | 2,196,950 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds | ||
| 5.00%, due 10/1/48 | 1,880,000 | 1,744,255 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/58 | 8,650,000 | 8,304,092 |
| Tennessee Energy Acquisition Corp., Commodity Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/52 (c) | 6,550,000 | 6,853,870 |
| 32,848,211 | ||
| Texas 4.4% | ||
| Arlington Higher Education Finance Corp., Great Hearts America, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/54 | 1,325,000 | 1,181,688 |
| Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project, Revenue Bonds | ||
| 4.00%, due 7/15/45 | 260,000 | 192,014 |
| 5.00%, due 7/15/41 | 3,300,000 | 2,969,014 |
| Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 3.625%, due 7/1/26 (b) | 14,805,000 | 14,293,230 |
| Series B | ||
| 6.50%, due 7/1/26 | 13,700,000 | 13,003,639 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
| (zero coupon), due 1/1/33 | 315,000 | 239,448 |
| (zero coupon), due 1/1/34 | 3,275,000 | 2,361,640 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
| (zero coupon), due 1/1/35 | $ 3,700,000 | $ 2,558,125 |
| (zero coupon), due 1/1/36 | 2,000,000 | 1,290,928 |
| (zero coupon), due 1/1/39 | 3,500,000 | 1,836,957 |
| Central Texas Regional Mobility Authority, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 6,000,000 | 5,518,225 |
| City of Arlington, Tax Increment Reinvestment Zone No. 5, Tax Allocation | ||
| 4.00%, due 8/15/50 | 2,355,000 | 1,772,600 |
| City of Houston, Airport System, United Airlines Inc. Project, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 7/15/41 (b) | 4,100,000 | 3,522,789 |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien | ||
| Series A | ||
| 4.00%, due 7/1/48 (b) | 6,810,000 | 5,645,159 |
| City of Houston, Airport System, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 7/1/53 (b) | 3,500,000 | 3,499,619 |
| City of Houston, United Airlines, Inc., Revenue Bonds (b) | ||
| Series B | ||
| 5.50%, due 7/15/37 | 4,045,000 | 4,210,231 |
| Series B | ||
| 5.50%, due 7/15/39 | 13,285,000 | 13,652,423 |
| City of Lago Vista, Tessera on Lake Travis Public Improvement District Project, Special Assessment | ||
| Series B | ||
| 4.875%, due 9/1/50 (a) | 1,250,000 | 1,087,060 |
| City of Lowry Crossing, Simpson Road Public Improvement District Projects, Special Assessment | ||
| 6.00%, due 9/15/55 (a) | 1,300,000 | 1,295,685 |
| City of Princeton, Eastridge Public Improvement District Improvement Area No. 4, Special Assessment | ||
| 5.625%, due 9/1/55 (a) | 700,000 | 678,422 |
| Clifton Higher Education Finance Corp., IDEA Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/47 | 4,030,000 | 3,372,963 |
| County of Denton, Green Meadows Public Improvement District Area No. 1, Special Assessment (a) | ||
| 5.375%, due 12/31/45 | 1,750,000 | 1,753,234 |
| 5.625%, due 12/31/55 | 2,500,000 | 2,507,989 |
| Danbury Higher Education Authority, Inc., Golden Rule School, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/49 | 1,725,000 | 1,223,286 |
| Grand Parkway Transportation Corp., Grand Parkway System, Revenue Bonds, First Tier | ||
| Series C, Insured: AG-CR | ||
| 4.00%, due 10/1/49 | 72,540,000 | 62,578,706 |
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/33 | 900,000 | 867,091 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,960,000 | 1,724,248 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien | ||
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | $ 65,000 | $ 62,580 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | 535,000 | 515,082 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | 10,000 | 8,775 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | 725,000 | 636,196 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/32 | 250,000 | 183,018 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/33 | 185,000 | 126,003 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/38 | 220,000 | 116,005 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/38 | 1,175,000 | 560,524 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/39 | 455,000 | 225,380 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/39 | 1,070,000 | 475,085 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,095,000 | 509,430 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/40 | 760,000 | 314,730 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/41 | 575,000 | 251,201 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/41 | 125,000 | 48,143 |
| Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AG NATL-RE | ||
| (zero coupon), due 11/15/34 | 2,035,000 | 1,287,732 |
| Series A, Insured: AG NATL-RE | ||
| (zero coupon), due 11/15/38 | 35,615,000 | 17,005,550 |
| Series A, Insured: AG NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,310,000 | 545,132 |
| Hemphill County Hospital District, Limited General Obligation | ||
| 4.625%, due 2/1/39 | 2,765,000 | 2,462,962 |
| Houston Higher Education Finance Corp., Houston Christian University Project, Revenue Bonds | ||
| 5.25%, due 10/1/54 | 1,500,000 | 1,388,021 |
| Lake Houston Redevelopment Authority, City of Houston Reinvestment Zone No. 10, Revenue Bonds | ||
| 3.00%, due 9/1/47 | 2,330,000 | 1,515,125 |
| Montgomery County Toll Road Authority, Revenue Bonds, Senior Lien | ||
| 5.00%, due 9/15/48 | 2,500,000 | 2,457,004 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (a) | ||
| 4.00%, due 8/15/36 | 1,000,000 | 909,204 |
| 4.00%, due 8/15/41 | 6,315,000 | 5,269,117 |
| 4.00%, due 8/15/46 | 880,000 | 687,456 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (a) | ||
| 4.00%, due 8/15/56 | $ 6,900,000 | $ 4,979,530 |
| New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Denton LLC, Revenue Bonds | ||
| Series B-1, Insured: AG | ||
| 4.00%, due 7/1/48 | 1,000,000 | 810,434 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 350,000 | 280,655 |
| 4.00%, due 11/1/55 | 1,250,000 | 963,933 |
| 5.00%, due 11/1/55 | 1,200,000 | 1,083,681 |
| 5.00%, due 11/1/60 | 5,000,000 | 4,454,041 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 12/1/54 | 555,000 | 384,297 |
| Series A-1 | ||
| 5.00%, due 12/1/54 | 3,770,000 | 3,132,702 |
| New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 8/15/40 | 3,950,000 | 3,480,569 |
| Series A | ||
| 5.00%, due 8/15/50 | 750,000 | 609,906 |
| New Hope Cultural Education Facilities Finance Corp., Southwest Preparatory School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/50 (a) | 3,880,000 | 3,307,534 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 8/15/54 | 5,245,000 | 4,571,343 |
| Series A | ||
| 5.00%, due 8/15/59 | 4,400,000 | 3,773,919 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds | ||
| 5.00%, due 1/1/55 | 1,500,000 | 1,122,502 |
| New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/54 | 5,900,000 | 4,656,419 |
| North Texas Tollway Authority, Revenue Bonds, Second Tier | ||
| Series B, Insured: BAM | ||
| 3.00%, due 1/1/46 | 17,800,000 | 12,980,461 |
| 5.00%, due 1/1/50 | 1,750,000 | 1,733,771 |
| Port Freeport, Revenue Bonds, Senior Lien | ||
| 4.00%, due 6/1/51 (b) | 4,035,000 | 3,163,772 |
| Port of Port Arthur Navigation District, Port Improvement, Unlimited General Obligation | ||
| 4.00%, due 3/1/47 (b) | 2,500,000 | 2,047,987 |
| Reagan Hospital District of Reagan County, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 2/1/39 | 1,400,000 | 1,322,607 |
| Red River Education Finance Corp., Houston Baptist University Project, Revenue Bonds | ||
| 5.50%, due 10/1/46 | 5,950,000 | 5,951,888 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| San Antonio Education Facilities Corp., University of the Incarnate Word, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/51 | $ 4,000,000 | $ 2,947,862 |
| Sherman Independent School District, Unlimited General Obligation | ||
| Series B, Insured: PSF-GTD | ||
| 5.00%, due 2/15/53 | 4,750,000 | 4,786,970 |
| Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Project, Revenue Bonds | ||
| 5.00%, due 11/15/40 | 1,350,000 | 1,318,475 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/40 | 1,250,000 | 1,211,901 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds | ||
| 5.00%, due 11/15/46 | 3,025,000 | 2,764,084 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 3.713%, due 9/15/27 | 28,450,000 | 28,500,334 |
| Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 12/31/37 | 2,120,000 | 2,005,085 |
| Series A | ||
| 4.00%, due 12/31/38 | 2,745,000 | 2,551,934 |
| Series A | ||
| 4.00%, due 12/31/39 | 4,385,000 | 4,008,542 |
| 5.50%, due 12/31/58 (b) | 26,000,000 | 26,044,741 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 6/30/58 (b) | 58,605,000 | 53,560,047 |
| Texas Transportation Commission, State Highway 249, Revenue Bonds, First Tier | ||
| Series A | ||
| (zero coupon), due 8/1/43 | 3,750,000 | 1,459,096 |
| Series A | ||
| (zero coupon), due 8/1/44 | 4,200,000 | 1,538,040 |
| Tomball Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/48 | 6,185,000 | 6,256,883 |
| 396,161,813 | ||
| U.S. Virgin Islands 2.3% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 23,765,000 | 24,367,687 |
| Series A | ||
| 5.00%, due 10/1/32 | 37,995,000 | 38,799,062 |
| Series A | ||
| 5.00%, due 10/1/39 | 104,875,000 | 104,703,624 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 10/1/30 (a) | 16,670,000 | 16,672,105 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| U.S. Virgin Islands | ||
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/32 | $ 13,200,000 | $ 13,177,887 |
| Series A | ||
| 5.00%, due 10/1/34 (a) | 2,600,000 | 2,551,791 |
| Series C | ||
| 5.00%, due 10/1/39 (a) | 9,310,000 | 8,771,786 |
| 209,043,942 | ||
| Utah 1.9% | ||
| Black Desert Public Infrastructure District, Limited General Obligation (a) | ||
| Series A | ||
| 3.75%, due 3/1/41 | 410,000 | 342,265 |
| Series A | ||
| 4.00%, due 3/1/51 | 9,850,000 | 7,619,563 |
| Black Desert Public Infrastructure District, Assessment Area No. 1, Special Assessment | ||
| 5.625%, due 12/1/53 (a) | 14,500,000 | 14,099,989 |
| City of Salt Lake City, Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/51 | 8,450,000 | 8,215,109 |
| Series A | ||
| 5.25%, due 7/1/48 | 17,950,000 | 17,907,873 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation (a) | ||
| 4.50%, due 6/1/51 | 8,070,000 | 6,522,502 |
| 4.625%, due 6/1/57 | 4,000,000 | 3,178,386 |
| Mida Mountain Village Public Infrastructure District, Assessment Area No. 2, Special Assessment | ||
| 4.00%, due 8/1/50 (a) | 2,000,000 | 1,594,551 |
| Mida Mountain Village Public Infrastructure District, Special Assessment (a) | ||
| Series A | ||
| 4.50%, due 8/1/40 | 1,500,000 | 1,417,218 |
| Series A | ||
| 5.00%, due 8/1/50 | 5,000,000 | 4,618,254 |
| Military Installation Development Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 6/1/36 | 4,000,000 | 3,695,544 |
| Series A-1 | ||
| 4.00%, due 6/1/41 | 2,430,000 | 2,097,193 |
| Series A-1 | ||
| 4.00%, due 6/1/52 | 14,425,000 | 11,112,545 |
| Moonlight Village Public Infrastructure District No. 1, Limited General Obligation | ||
| Series A | ||
| 6.00%, due 3/1/56 (a) | 1,660,000 | 1,568,231 |
| SkyRidge Pegasus Infrastructure Financing District, SkyRidge Pegasus Assessment Area, Special Assessment | ||
| 5.25%, due 12/1/44 (a) | 4,500,000 | 4,215,341 |
| Tech Ridge Public Infrastructure District, Tech Ridge Assessment Area, Special Assessment | ||
| 6.25%, due 12/1/54 (a) | 6,000,000 | 6,008,224 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
| 4.375%, due 6/1/52 (a) | 7,500,000 | 6,438,929 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/45 | $ 2,975,000 | $ 2,545,484 |
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/50 | 3,395,000 | 2,801,637 |
| Utah Charter School Finance Authority, North Star Academy, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/45 | 2,020,000 | 1,719,448 |
| Utah Charter School Finance Authority, Vista at Entrada School of Performing Arts & Technology, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/45 | 1,870,000 | 1,560,994 |
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/54 | 4,700,000 | 3,702,342 |
| Utah Charter School Finance Authority, Providence Hall Project, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/51 | 3,000,000 | 2,437,614 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 3.00%, due 10/15/45 | 4,425,000 | 3,014,762 |
| 4.00%, due 10/15/42 | 3,970,000 | 3,410,209 |
| Series A | ||
| 5.00%, due 10/15/32 | 1,615,000 | 1,652,334 |
| Series A | ||
| 5.00%, due 10/15/34 | 3,085,000 | 3,139,997 |
| Series A | ||
| 5.00%, due 10/15/37 | 1,100,000 | 1,110,702 |
| Series A | ||
| 5.00%, due 10/15/40 | 3,780,000 | 3,786,653 |
| 5.00%, due 10/15/46 | 4,900,000 | 4,687,670 |
| Series A | ||
| 5.375%, due 10/15/40 | 5,910,000 | 5,976,012 |
| 5.625%, due 10/15/38 | 2,530,000 | 2,719,775 |
| 6.00%, due 10/15/47 | 6,350,000 | 6,674,813 |
| Utah Infrastructure Agency, Revenue Bonds | ||
| 4.00%, due 10/15/34 | 1,410,000 | 1,365,232 |
| Verk Industrial Regional Public Infrastructure District, Tax Allocation | ||
| 6.625%, due 9/1/47 (a) | 6,000,000 | 6,089,537 |
| Wolf Creek Infrastructure Financing District No. 1, Assessment Area No. 1, Special Assessment | ||
| 5.75%, due 12/1/44 | 12,000,000 | 11,728,494 |
| 170,775,426 | ||
| Vermont 0.1% | ||
| Vermont Economic Development Authority, Wake Robin Corp. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/45 | 2,350,000 | 1,867,511 |
| Vermont Student Assistance Corp., Education Loan, Revenue Bonds | ||
| Series B | ||
| 4.50%, due 6/15/45 (b) | 3,500,000 | 2,936,160 |
| 4,803,671 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia 1.9% | ||
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier | ||
| 5.00%, due 7/1/46 | $ 2,975,000 | $ 2,927,800 |
| 5.00%, due 7/1/51 | 5,995,000 | 5,778,760 |
| Farmville Industrial Development Authority, Longwood University Student Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | 6,700,000 | 5,857,158 |
| Series A | ||
| 5.00%, due 1/1/55 | 16,100,000 | 13,639,807 |
| Farmville Industrial Development Authority, Longwood University Student Housing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/59 | 7,255,000 | 6,065,283 |
| Henrico County Economic Development Authority, LifeSpire of Virginia, Residential Care Facility, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 12/1/47 | 2,200,000 | 2,078,869 |
| James City County Economic Development Authority, Williamsburg Landing, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/50 | 3,235,000 | 2,364,942 |
| Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds | ||
| 5.00%, due 9/1/48 | 3,455,000 | 3,176,622 |
| Newport News Economic Development Authority, LifeSpire of Virginia Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/38 | 7,720,000 | 7,722,105 |
| Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/48 | 4,590,000 | 3,447,232 |
| Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds | ||
| 4.00%, due 4/1/45 | 840,000 | 671,775 |
| 5.00%, due 4/1/49 | 1,000,000 | 893,937 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series A-1 | ||
| 6.706%, due 6/1/46 | 29,865,000 | 23,507,106 |
| Virginia College Building Authority, Regent University Project, Revenue Bonds | ||
| 3.00%, due 6/1/41 | 9,500,000 | 7,280,864 |
| 4.00%, due 6/1/46 | 1,360,000 | 1,124,386 |
| 6.00%, due 6/1/55 | 3,200,000 | 3,326,545 |
| Virginia College Building Authority, Marymount University Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/45 (a) | 1,945,000 | 1,494,151 |
| Virginia Small Business Financing Authority, Elizabeth River Crossings OpCo LLC, Revenue Bonds, Senior Lien | ||
| 3.00%, due 1/1/41 (b) | 4,000,000 | 3,042,643 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (b) | ||
| 4.00%, due 7/1/39 | 1,380,000 | 1,251,297 |
| 4.00%, due 1/1/48 | 20,170,000 | 16,326,607 |
| 5.00%, due 1/1/36 | 1,345,000 | 1,381,526 |
| 5.00%, due 1/1/38 | 3,000,000 | 3,034,844 |
| Virginia Small Business Financing Authority, National Senior Campuses, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/45 | 2,510,000 | 2,112,623 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Virginia Small Business Financing Authority, National Senior Campuses Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/51 | $ 11,840,000 | $ 9,470,305 |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/47 (b) | 3,000,000 | 2,868,263 |
| Virginia Small Business Financing Authority, I-495 Hot Lanes Project, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/52 (b) | 15,415,000 | 14,456,794 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/56 (b) | 28,125,000 | 26,018,384 |
| 171,320,628 | ||
| Washington 1.5% | ||
| Grant County Public Hospital District No. 1, Unlimited General Obligation | ||
| 5.125%, due 12/1/48 | 3,945,000 | 3,767,817 |
| 5.125%, due 12/1/52 | 2,550,000 | 2,395,356 |
| Pend Oreille County Public Utility District No. 1, Green Bond, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 3,000,000 | 2,641,716 |
| 5.00%, due 1/1/48 | 5,130,000 | 5,095,406 |
| Port of Seattle, Intermediate Lien, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 8/1/47 (b) | 5,800,000 | 5,613,613 |
| Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue Bonds | ||
| 5.00%, due 4/1/30 (b) | 1,825,000 | 1,824,930 |
| Washington Economic Development Finance Authority, North Pacific Paper Co. Recycling Project, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.625%, due 12/1/40 (a)(b) | 5,750,000 | 5,683,470 |
| Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 8/1/44 | 8,685,000 | 8,509,816 |
| Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds | ||
| 4.00%, due 10/1/38 | 1,665,000 | 1,467,016 |
| Series A | ||
| 5.00%, due 10/1/40 | 3,000,000 | 2,822,546 |
| Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 1,475,000 | 1,232,974 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 7/1/43 | 5,565,000 | 4,178,279 |
| Series B | ||
| 3.00%, due 7/1/48 | 2,465,000 | 1,683,708 |
| Series B | ||
| 3.00%, due 7/1/58 | 8,875,000 | 5,383,225 |
| Series B, Insured: BAM | ||
| 3.00%, due 7/1/58 | 13,510,000 | 8,569,150 |
| Series B, Insured: AG-CR | ||
| 3.00%, due 7/1/58 | 4,000,000 | 2,493,606 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Insured: AG-CR | ||
| 4.00%, due 7/1/58 | $ 8,810,000 | $ 7,100,739 |
| Series B, Insured: AG-CR | ||
| 4.00%, due 7/1/58 | 1,750,000 | 1,431,637 |
| 5.00%, due 7/1/58 | 9,750,000 | 9,175,981 |
| Washington State Convention Center Public Facilities District, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 7/1/58 | 3,690,000 | 2,276,751 |
| Washington State Convention Center Public Facilities District, Lodging, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/48 | 1,010,000 | 805,550 |
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 1/1/41 | 3,820,000 | 2,886,319 |
| Series A | ||
| 4.00%, due 1/1/51 | 1,700,000 | 1,073,937 |
| Series A | ||
| 4.00%, due 1/1/57 | 7,785,000 | 4,677,951 |
| Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 2,900,000 | 2,468,833 |
| Washington State Housing Finance Commission, Blakeley and Laurel Villages Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.50%, due 7/1/50 | 7,700,000 | 7,510,143 |
| Series A | ||
| 5.75%, due 7/1/60 | 10,400,000 | 10,389,746 |
| Series B | ||
| 7.00%, due 7/1/64 | 2,500,000 | 2,527,149 |
| Washington State Housing Finance Commission, Provident Group-SH I Properties LLC, Revenue Bonds | ||
| 5.50%, due 7/1/59 | 6,000,000 | 5,996,558 |
| Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation | ||
| 3.75%, due 12/1/32 | 100,000 | 79,194 |
| 4.00%, due 12/1/37 | 305,000 | 219,673 |
| Whidbey Island Public Hospital District, Unlimited General Obligation | ||
| 5.375%, due 12/1/39 | 9,520,000 | 8,721,108 |
| 5.50%, due 12/1/33 | 2,070,000 | 1,982,193 |
| 132,686,090 | ||
| West Virginia 0.4% | ||
| County of Monongalia, Development District No. 4 University Town Center, Tax Allocation | ||
| Series A | ||
| 6.00%, due 6/1/53 (a) | 4,170,000 | 4,271,976 |
| County of Ohio, Special District Excise Tax, The Highlands Project, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 3/1/35 | 4,000,000 | 3,814,384 |
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, Tax Allocation | ||
| 5.25%, due 6/1/44 | 1,250,000 | 1,213,855 |
| 5.25%, due 6/1/53 | 2,000,000 | 1,882,826 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| West Virginia | ||
| Glenville State College, Board of Governors, Revenue Bonds | ||
| 5.25%, due 6/1/47 | $ 3,750,000 | $ 3,115,342 |
| Monongalia County Commission Excise Tax District, University Town Centre, Revenue Bonds | ||
| Series A | ||
| 4.125%, due 6/1/43 (a) | 925,000 | 767,975 |
| Monongalia County Commission Excise Tax District, University Town Center, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 6/1/37 (a) | 4,000,000 | 4,032,141 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 1/1/37 | 4,825,000 | 4,571,644 |
| Series A, Insured: AG-CR | ||
| 4.00%, due 1/1/38 | 2,500,000 | 2,332,938 |
| Series A, Insured: AG-CR | ||
| 4.125%, due 1/1/47 | 13,200,000 | 11,185,734 |
| 37,188,815 | ||
| Wisconsin 4.0% | ||
| Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (a) | ||
| Series B | ||
| (zero coupon), due 1/1/60 | 70,900,000 | 5,120,696 |
| Series A-1 | ||
| 5.00%, due 1/1/55 | 18,765,000 | 15,372,924 |
| Public Finance Authority, Methodist University, Inc. (The), Revenue Bonds (a) | ||
| 4.00%, due 3/1/26 | 755,000 | 749,615 |
| 4.00%, due 3/1/30 | 950,000 | 901,249 |
| Public Finance Authority, North Carolina Leadership Charter Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/29 (a) | 160,000 | 158,154 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds | ||
| 4.00%, due 8/1/35 (b) | 4,000,000 | 3,757,619 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 4.00%, due 4/1/42 (a) | 900,000 | 748,723 |
| 4.00%, due 4/1/42 (a) | 100,000 | 105,152 |
| 4.00%, due 4/1/52 (a) | 3,000,000 | 2,253,511 |
| 5.00%, due 4/1/30 (a) | 100,000 | 105,736 |
| 5.00%, due 4/1/30 (a) | 600,000 | 614,763 |
| 5.00%, due 4/1/40 (a) | 300,000 | 287,050 |
| 5.00%, due 4/1/50 (a) | 100,000 | 109,325 |
| 5.00%, due 4/1/50 (a) | 1,400,000 | 1,232,930 |
| 5.875%, due 4/1/45 | 6,250,000 | 6,049,688 |
| Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/46 | 11,260,000 | 8,671,863 |
| Series A | ||
| 4.00%, due 1/1/52 | 3,130,000 | 2,281,981 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Appalachian State University Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 7/1/50 | $ 1,000,000 | $ 844,128 |
| Series A, Insured: AG | ||
| 4.00%, due 7/1/55 | 1,250,000 | 1,027,949 |
| Series A, Insured: AG | ||
| 4.00%, due 7/1/59 | 775,000 | 630,281 |
| Public Finance Authority, UNC Health Southeastern, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/1/51 | 3,970,000 | 2,863,763 |
| Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Revenue Bonds (b) | ||
| 4.00%, due 9/30/51 | 13,995,000 | 10,832,865 |
| 4.00%, due 3/31/56 | 8,965,000 | 6,753,779 |
| Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/52 (a) | 1,565,000 | 1,155,275 |
| Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/56 | 2,250,000 | 1,555,303 |
| Public Finance Authority, Givens Estates, Revenue Bonds | ||
| 4.00%, due 12/1/56 | 4,500,000 | 3,360,195 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/28 | 1,000,000 | 1,033,378 |
| Series A | ||
| 5.00%, due 10/1/29 | 2,000,000 | 2,078,561 |
| Series A | ||
| 5.00%, due 10/1/34 | 1,090,000 | 1,108,090 |
| Series A | ||
| 5.00%, due 10/1/39 | 16,300,000 | 15,934,032 |
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/36 (a) | 750,000 | 744,758 |
| Public Finance Authority, Carmelite System, Inc. Obligated Group (The), Revenue Bonds | ||
| 5.00%, due 1/1/40 | 6,535,000 | 6,430,760 |
| 5.00%, due 1/1/45 | 560,000 | 521,595 |
| Public Finance Authority, TrIPs Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/42 (b) | 1,025,000 | 999,420 |
| Series C | ||
| 5.00%, due 7/1/42 | 4,500,000 | 4,387,696 |
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/44 | 1,350,000 | 1,279,264 |
| Series B | ||
| 5.00%, due 6/1/49 | 2,720,000 | 2,512,782 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Guilford College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | $ 1,900,000 | $ 1,539,624 |
| 5.50%, due 1/1/47 | 5,860,000 | 5,002,233 |
| Public Finance Authority, Coral Academy of Science Las Vegas, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 2,000,000 | 1,844,264 |
| Public Finance Authority, Wilson Preparatory Academy, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/49 (a) | 1,100,000 | 930,738 |
| Public Finance Authority, The Franklin School Of Innovation, Inc., Revenue Bonds | ||
| 5.00%, due 1/1/57 (a) | 4,700,000 | 3,686,265 |
| Public Finance Authority, Nevada State College, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 5/1/60 | 6,500,000 | 4,087,841 |
| Series B | ||
| 9.00%, due 5/1/71 | 2,985,000 | 1,448,155 |
| Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 2/1/62 | 5,000,000 | 4,620,399 |
| Public Finance Authority, CHF-Cullowhee, LLC - Western Carolina University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/47 | 2,000,000 | 1,850,900 |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.25%, due 6/15/50 | 1,000,000 | 984,484 |
| Series A | ||
| 5.25%, due 6/15/55 | 1,500,000 | 1,463,802 |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds | ||
| Series C | ||
| 5.75%, due 6/15/55 | 1,000,000 | 949,180 |
| Public Finance Authority, North East Carolina Preparatory School, Inc., Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/15/54 | 1,000,000 | 938,972 |
| Public Finance Authority, AIDS Healthcare Foundation Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/54 | 5,000,000 | 4,519,310 |
| Public Finance Authority, CHF - Manoa LLC, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.75%, due 7/1/53 | 3,950,000 | 3,760,183 |
| Series A | ||
| 5.75%, due 7/1/63 | 20,150,000 | 18,793,609 |
| Public Finance Authority, Georgia SR 400 Express Lanes Project, Revenue Bonds, Senior Lien (b) | ||
| 5.75%, due 6/30/60 | 31,660,000 | 30,535,772 |
| 5.75%, due 12/31/65 | 113,475,000 | 108,346,872 |
| 6.50%, due 12/31/65 | 27,000,000 | 28,199,969 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Lake Erie College Project, Revenue Bonds | ||
| Series A | ||
| 5.875%, due 10/1/54 (a)(d)(e) | $ 2,000,000 | $ 1,237,352 |
| Public Finance Authority, Lindenwood Education System, Revenue Bonds | ||
| Series B | ||
| 6.00%, due 6/1/28 (a) | 5,000,000 | 4,991,126 |
| Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds | ||
| Series A-2 | ||
| 7.00%, due 1/1/50 (a) | 12,440,000 | 12,702,112 |
| Wisconsin Health & Educational Facilities Authority, HOPE Christian Schools, Revenue Bonds | ||
| 3.00%, due 12/1/31 | 445,000 | 375,982 |
| Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin Obligated Group, Revenue Bonds | ||
| 3.00%, due 8/15/52 | 2,000,000 | 1,302,798 |
| Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 2/1/48 | 3,300,000 | 3,055,577 |
| 361,742,372 | ||
| Wyoming 0.1% | ||
| Sublette County Hospital District, Hospital Construction Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/26 | 11,933,000 | 11,936,215 |
| Total Long-Term Municipal Bonds (Cost $9,193,808,720) | 8,643,453,314 | |
| Short-Term Municipal Notes 4.0% | ||
| California 0.4% | ||
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series A-1 | ||
| 2.50%, due 7/1/50 (h) | 4,000,000 | 4,000,000 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series A-2 | ||
| 2.50%, due 7/1/51 (h) | 30,200,000 | 30,200,000 |
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| Series XF3028 | ||
| 3.00%, due 4/1/43 (a)(h) | 4,777,000 | 4,777,000 |
| 38,977,000 | ||
| Connecticut 0.1% | ||
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| 2.33%, due 7/1/48 (a)(h) | 8,100,000 | 8,100,000 |
| District of Columbia 0.1% | ||
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| Series XG0601 | ||
| 3.00%, due 1/1/65 (a)(h) | 9,360,000 | 9,360,000 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| Florida 0.1% | ||
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| 2.32%, due 4/1/47 (a)(h) | $ 10,700,000 | $ 10,700,000 |
| Georgia 0.6% | ||
| Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds, First Series | ||
| Series 1 | ||
| 2.85%, due 11/1/62 (b)(h) | 23,640,000 | 23,640,000 |
| Development Authority of Appling County, Georgia Power Co., Revenue Bonds | ||
| 2.85%, due 9/1/29 (h) | 6,400,000 | 6,400,000 |
| Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Revenue Bonds | ||
| Series 1 | ||
| 2.80%, due 11/1/52 (h) | 8,595,000 | 8,595,000 |
| Roswell Development Authority, WellStar Health System, Inc., Revenue Bonds | ||
| Series A | ||
| 2.80%, due 4/1/47 (h) | 13,995,000 | 13,995,000 |
| 52,630,000 | ||
| Hawaii 0.1% | ||
| Department of Budget and Finance of the State of Hawaii, Queen's Health Systems (The), Revenue Bonds | ||
| Series B | ||
| 2.35%, due 7/1/60 (h) | 10,800,000 | 10,800,000 |
| Illinois 0.3% | ||
| Illinois Finance Authority, Northshore-Edward-Elmhurst Health Credit Group, Revenue Bonds | ||
| Series C | ||
| 2.65%, due 8/15/57 (h) | 16,750,000 | 16,750,000 |
| Illinois Finance Authority, Northwestern Memorial Healthcare, Revenue Bonds | ||
| Series C | ||
| 2.75%, due 7/15/55 (h) | 10,210,000 | 10,210,000 |
| 26,960,000 | ||
| Kentucky 0.1% | ||
| County of Meade, Nucor Steel Brandenburg Project, Revenue Bonds | ||
| Series B-1 | ||
| 3.25%, due 8/1/61 (h) | 8,400,000 | 8,400,000 |
| Kentucky Economic Development Finance Authority, Republic Services, Inc., Revenue Bonds | ||
| Series A | ||
| 3.95%, due 4/1/31 (b)(h) | 3,000,000 | 3,000,000 |
| 11,400,000 | ||
| New York 0.5% | ||
| City of New York, Unlimited General Obligation | ||
| Series A-2 | ||
| 2.75%, due 10/1/38 (h) | 16,225,000 | 16,225,000 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds | ||
| Series AA-5 | ||
| 2.75%, due 6/15/48 (h) | 13,750,000 | 13,750,000 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| New York | ||
| New York City Transitional Finance Authority, Revenue Bonds | ||
| Series C-4 | ||
| 2.80%, due 11/1/44 (h) | $ 14,800,000 | $ 14,800,000 |
| 44,775,000 | ||
| North Carolina 0.1% | ||
| Charlotte-Mecklenburg Hospital Authority (The), Atrium Health, Revenue Bonds | ||
| Series E | ||
| 2.80%, due 1/15/42 (h) | 7,390,000 | 7,390,000 |
| Ohio 0.4% | ||
| State of Ohio, Cleveland Clinic Health System, Revenue Bonds | ||
| Series E | ||
| 2.55%, due 1/1/52 (h) | 25,000,000 | 25,000,000 |
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| 2.33%, due 5/1/54 (a)(h) | 5,630,000 | 5,630,000 |
| 30,630,000 | ||
| Pennsylvania 0.2% | ||
| Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bonds (h) | ||
| Series D-3 | ||
| 2.75%, due 11/1/61 | 12,170,000 | 12,170,000 |
| Series D-2 | ||
| 2.85%, due 11/1/61 | 9,150,000 | 9,150,000 |
| 21,320,000 | ||
| South Carolina 0.1% | ||
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Revenue Bonds | ||
| Series C | ||
| 2.75%, due 5/1/48 (h) | 11,655,000 | 11,655,000 |
| Texas 0.5% | ||
| City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
| Series B | ||
| 2.40%, due 5/15/34 (h) | 1,850,000 | 1,850,000 |
| Mission Economic Development Corp., Republic Services, Inc., Revenue Bonds (b)(h) | ||
| 4.10%, due 1/1/26 | 5,000,000 | 5,000,000 |
| Series A | ||
| 4.10%, due 5/1/50 | 13,000,000 | 13,000,000 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Revenue Bonds | ||
| Series A | ||
| 2.20%, due 11/15/50 (h) | 25,000,000 | 25,000,000 |
| 44,850,000 | ||
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| Washington 0.4% | ||
| County of King, Sewer, Revenue Bonds, Junior Lien | ||
| 2.70%, due 1/1/42 (h) | $ 31,525,000 | $ 31,525,000 |
| Total Short-Term Municipal Notes (Cost $361,072,000) | 361,072,000 | |
| Total Municipal Bonds (Cost $9,554,880,720) | 9,004,525,314 | |
| Long-Term Bonds 0.3% | ||
| Corporate Bonds 0.3% | ||
| Commercial Services 0.1% | ||
| Howard University | ||
| Series 21A | ||
| 4.756%, due 10/1/51 | 5,200,000 | 4,353,885 |
| Toll Road Investors Partnership II LP (a) | ||
| (zero coupon), due 2/15/41 | 20,000,000 | 5,820,233 |
| (zero coupon), due 2/15/46 | 9,250,000 | 1,757,247 |
| Wildflower Improvement Association | ||
| 6.625%, due 3/1/31 (a) | 1,754,658 | 1,715,564 |
| 13,646,929 | ||
| Diversified Financial Services 0.1% | ||
| Churchill LBC LLC | ||
| Series 2025 | ||
| 9.25%, due 1/1/31 (a) | 7,500,000 | 7,509,082 |
| Healthcare-Services 0.1% | ||
| Toledo Hospital (The) | ||
| 6.015%, due 11/15/48 | 9,350,000 | 8,578,625 |
| Total Corporate Bonds (Cost $29,239,297) | 29,734,636 | |
| Total Long-Term Bonds (Cost $29,239,297) | 29,734,636 | |
| Shares | Value | |
| Closed-End Funds 1.0% | ||
| California 0.0% ‡ | ||
| BlackRock MuniHoldings California Quality Fund, Inc. | 73,110 | 735,487 |
| Delaware 0.0% ‡ | ||
| BlackRock MuniYield Fund, Inc. | 200,504 | 1,986,995 |
| Georgia 0.1% | ||
| Invesco Advantage Municipal Income Trust II | 203,416 | 1,670,046 |
| Invesco Municipal Opportunity Trust | 127,228 | 1,155,230 |
| Shares | Value | |
| Closed-End Funds | ||
| Georgia | ||
| Invesco Municipal Trust | 173,210 | $ 1,564,086 |
| Invesco Trust for Investment Grade Municipals | 224,621 | 2,124,915 |
| 6,514,277 | ||
| Illinois 0.3% | ||
| BlackRock Municipal Income Trust II | 74,692 | 733,475 |
| Nuveen AMT-Free Quality Municipal Income Fund | 640,262 | 6,876,414 |
| Nuveen California Quality Municipal Income Fund | 387,003 | 4,260,903 |
| Nuveen Municipal Credit Income Fund | 721,308 | 8,439,304 |
| Nuveen Quality Municipal Income Fund | 439,229 | 4,897,403 |
| 25,207,499 | ||
| Massachusetts 0.0% ‡ | ||
| DWS Municipal Income Trust | 130,807 | 1,122,324 |
| Eaton Vance Municipal Bond Fund | 69,701 | 667,735 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 130,461 | 1,058,039 |
| Pioneer Municipal High Income Fund Trust | 122,710 | 1,101,936 |
| 3,950,034 | ||
| Michigan 0.0% ‡ | ||
| BlackRock MuniYield Michigan Quality Fund, Inc. | 245,271 | 2,675,907 |
| Multi-State 0.2% | ||
| BlackRock Municipal 2030 Target Term Trust | 427,334 | 9,469,721 |
| BlackRock Municipal Income Quality Trust | 18,136 | 188,977 |
| BlackRock MuniYield Quality Fund II, Inc. | 588,091 | 5,551,579 |
| BlackRock MuniYield Quality Fund, Inc. | 287,227 | 3,148,008 |
| 18,358,285 | ||
| New Jersey 0.1% | ||
| BlackRock MuniHoldings Fund, Inc. | 472,626 | 5,255,601 |
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 384,935 | 4,164,997 |
| 9,420,598 | ||
| New York 0.3% | ||
| BlackRock Municipal Income Trust | 188,254 | 1,801,591 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | 525,108 | 4,993,777 |
| BlackRock MuniVest Fund, Inc. | 259,455 | 1,714,998 |
| BlackRock MuniYield New York Quality Fund, Inc. | 543,595 | 5,001,074 |
| BlackRock New York Municipal Income Trust | 26,795 | 251,873 |
| Nuveen AMT-Free Municipal Credit Income Fund | 827,673 | 9,642,390 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 3,154 | 29,521 |
| 23,435,224 | ||
| Pennsylvania 0.0% ‡ | ||
| Invesco Pennsylvania Value Municipal Income Trust | 4,902 | 48,971 |
| Total Closed-End Funds (Cost $107,103,452) | 92,333,277 | |
| Shares | Value | ||
| Short-Term Investment 0.5% | |||
| Unaffiliated Investment Company 0.5% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (i) | 39,586,730 | $ 39,586,730 | |
| Total Short-Term Investment (Cost $39,586,730) | 39,586,730 | ||
| Total Investments (Cost $9,730,810,199) | 101.0% | 9,166,179,957 | |
| Other Assets, Less Liabilities | (1.0) | (89,621,740) | |
| Net Assets | 100.0% | $ 9,076,558,217 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Issue in default. |
| (e) | Issue in non-accrual status. |
| (f) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (g) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $31,848,410, which represented 0.4% of the Fund’s net assets. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (1,375) | September 2025 | $ (154,054,645) | $ (155,482,422) | $ (1,427,777) |
| U.S. Treasury Long Bonds | (1,750) | September 2025 | (198,730,350) | (199,828,125) | (1,097,775) |
| Net Unrealized Depreciation | $ (2,525,552) |
| 1. | As of July 31, 2025, cash in the amount of $9,981,250 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 8,643,453,314 | $ — | $ 8,643,453,314 | |||
| Short-Term Municipal Notes | — | 361,072,000 | — | 361,072,000 | |||
| Total Municipal Bonds | — | 9,004,525,314 | — | 9,004,525,314 | |||
| Long-Term Bonds | |||||||
| Corporate Bonds | — | 29,734,636 | — | 29,734,636 | |||
| Total Corporate Bonds | — | 29,734,636 | — | 29,734,636 | |||
| Closed-End Funds | 92,333,277 | — | — | 92,333,277 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 39,586,730 | — | — | 39,586,730 | |||
| Total Investments in Securities | $ 131,920,007 | $ 9,034,259,950 | $ — | $ 9,166,179,957 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (2,525,552) | $ — | $ — | $ (2,525,552) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 97.3% | ||
| Long-Term Municipal Bonds 95.2% | ||
| Certificate of Participation/Lease 0.1% | ||
| Rensselaer City School District, Certificate of Participation | ||
| Insured: AG State Aid Withholding | ||
| 4.00%, due 6/1/34 | $ 650,000 | $ 648,950 |
| Insured: AG State Aid Withholding | ||
| 4.00%, due 6/1/35 | 850,000 | 844,442 |
| 1,493,392 | ||
| Education 13.2% | ||
| Albany Capital Resource Corp., Albany College of Pharmacy and Health Sciences, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/33 | 150,000 | 150,044 |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
| 5.00%, due 6/1/49 | 2,380,000 | 1,699,635 |
| Albany Capital Resource Corp., Brighter Choice Elementary Charter Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/37 | 2,065,000 | 1,825,769 |
| Albany Capital Resource Corp., Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 11/1/46 | 3,000,000 | 2,468,018 |
| Amherst Development Corp., Daemen College Project, Revenue Bonds | ||
| 4.00%, due 10/1/37 | 1,500,000 | 1,345,361 |
| 5.00%, due 10/1/43 | 2,000,000 | 1,810,468 |
| 5.00%, due 10/1/48 | 2,000,000 | 1,742,810 |
| Buffalo & Erie County Industrial Land Development Corp., D'Youville College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/40 | 1,785,000 | 1,474,846 |
| Series A | ||
| 4.00%, due 11/1/45 | 4,800,000 | 3,647,188 |
| Series A | ||
| 4.00%, due 11/1/50 | 2,500,000 | 1,804,265 |
| Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/47 | 1,500,000 | 1,366,139 |
| Series A | ||
| 5.00%, due 8/1/52 | 3,995,000 | 3,567,358 |
| Build NYC Resource Corp., Bold Charter School Project, Revenue Bonds (a) | ||
| 5.625%, due 7/1/45 | 3,000,000 | 2,869,340 |
| 6.00%, due 7/1/60 | 5,335,000 | 5,180,448 |
| Build NYC Resource Corp., Brilla College Preparatory Charter Schools, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 11/1/41 | 1,000,000 | 836,000 |
| Series A | ||
| 4.00%, due 11/1/51 | 1,000,000 | 756,659 |
| Build NYC Resource Corp., Children's Aid Society Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 1,120,000 | 1,054,568 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Build NYC Resource Corp., Grand Concourse Academy Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | $ 600,000 | $ 575,913 |
| Series A | ||
| 5.00%, due 7/1/56 | 1,960,000 | 1,752,854 |
| Build NYC Resource Corp., Grand Concourse Acadmey Charter School, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/62 | 2,000,000 | 1,759,261 |
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 5/1/38 | 1,150,000 | 1,137,374 |
| Series A | ||
| 5.50%, due 5/1/48 | 1,500,000 | 1,421,634 |
| Build NYC Resource Corp., Kipp NYC Public Charter Schools, Revenue Bonds | ||
| 5.00%, due 7/1/42 | 1,000,000 | 984,974 |
| 5.25%, due 7/1/52 | 5,845,000 | 5,594,443 |
| Build NYC Resource Corp., Manhattan College Project, Revenue Bonds | ||
| 4.00%, due 8/1/42 | 1,500,000 | 1,198,978 |
| Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds | ||
| 5.50%, due 11/1/44 | 2,500,000 | 1,500,000 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/32 | 1,625,000 | 1,626,375 |
| Series A | ||
| 5.00%, due 6/1/37 | 1,500,000 | 1,437,631 |
| Series A | ||
| 5.00%, due 6/1/47 | 3,100,000 | 2,724,947 |
| Build NYC Resource Corp., New World Preparatory Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 6/15/51 | 1,000,000 | 741,511 |
| Series A | ||
| 4.00%, due 6/15/56 | 1,840,000 | 1,322,741 |
| Build NYC Resource Corp., Nightingale-Bamford School Project (The), Revenue Bonds | ||
| 5.00%, due 7/1/40 | 3,260,000 | 3,377,992 |
| Build NYC Resource Corp., Success Academy Charter Schools Project, Revenue Bonds | ||
| 4.00%, due 9/1/42 | 1,175,000 | 1,052,736 |
| Build NYC Resource Corp., Success Academy Charter Schools, Inc. Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/40 | 1,700,000 | 1,566,279 |
| 4.00%, due 9/1/41 | 1,725,000 | 1,569,258 |
| 4.00%, due 9/1/43 | 880,000 | 781,203 |
| 4.00%, due 9/1/44 | 1,025,000 | 902,090 |
| Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 6/15/63 (a) | 1,375,000 | 1,287,382 |
| Clinton County Capital Resource Corp., CVES BOCES Project, Revenue Bonds (a) | ||
| 4.75%, due 7/1/43 | 3,000,000 | 2,855,091 |
| 5.00%, due 7/1/46 | 4,000,000 | 3,918,744 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| County of Cattaraugus, St. Bonaventure University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/44 | $ 1,200,000 | $ 1,199,950 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,100,000 | 1,109,369 |
| Series A | ||
| 5.00%, due 7/1/45 | 3,500,000 | 3,402,231 |
| Dutchess County Local Development Corp., Marist College Project, Revenue Bonds | ||
| 5.00%, due 7/1/48 | 6,000,000 | 5,946,548 |
| Dutchess County Local Development Corp., Vassar College Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 1,200,000 | 1,204,459 |
| Hempstead Town Local Development Corp., Academy Charter School, Revenue Bonds | ||
| Series A | ||
| 5.53%, due 2/1/40 | 1,100,000 | 1,002,847 |
| Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds | ||
| 5.00%, due 7/1/38 | 870,000 | 873,235 |
| 5.00%, due 7/1/43 | 1,020,000 | 978,743 |
| 5.00%, due 7/1/48 | 1,100,000 | 1,023,727 |
| Monroe County Industrial Development Corp., Eugenio Maria de Hostos Charter School, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/44 | 1,320,000 | 1,168,977 |
| Series A | ||
| 5.00%, due 7/1/59 | 2,000,000 | 1,660,769 |
| Monroe County Industrial Development Corp., Nazareth College of Rochester, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/47 | 1,695,000 | 1,362,575 |
| Monroe County Industrial Development Corp., St. John Fisher University Project, Revenue Bonds | ||
| 5.25%, due 6/1/49 | 630,000 | 641,585 |
| 5.25%, due 6/1/54 | 835,000 | 843,650 |
| Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 7/1/43 | 3,000,000 | 2,718,759 |
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/55 | 2,750,000 | 2,517,845 |
| New York State Dormitory Authority, Cornell University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/50 | 3,245,000 | 3,243,824 |
| Series A | ||
| 5.50%, due 7/1/54 | 11,000,000 | 11,583,681 |
| New York State Dormitory Authority, Friends of The Bay Shore-Brightwaters Public Library, Inc., Revenue Bonds | ||
| Insured: AMBAC | ||
| 4.625%, due 7/1/36 | 200,000 | 200,008 |
| New York State Dormitory Authority, Iona College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 | 1,850,000 | 1,745,820 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| New York State Dormitory Authority, Iona University, Revenue Bonds | ||
| Insured: AG | ||
| 5.50%, due 7/1/45 | $ 850,000 | $ 883,749 |
| New York State Dormitory Authority, New York University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/46 | 4,370,000 | 3,825,181 |
| Series A | ||
| 5.00%, due 7/1/38 | 4,580,000 | 4,700,066 |
| New York State Dormitory Authority, Rockefeller University (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/53 | 3,500,000 | 3,517,977 |
| New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds | ||
| Series A, Insured: AG State Aid Withholding | ||
| 5.00%, due 10/1/43 | 500,000 | 506,909 |
| Series A, Insured: AG State Aid Withholding | ||
| 5.25%, due 10/1/50 | 5,000,000 | 5,053,276 |
| New York State Dormitory Authority, St. John's University, Revenue Bonds | ||
| 5.00%, due 7/1/38 | 5,740,000 | 6,015,094 |
| New York State Dormitory Authority, St. Joseph's College, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 200,000 | 160,714 |
| Oneida County Local Development Corp., Utica College Project, Revenue Bonds | ||
| 5.00%, due 7/1/49 | 3,250,000 | 2,621,583 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds | ||
| 4.50%, due 12/1/50 | 4,220,000 | 3,933,319 |
| 5.50%, due 12/1/56 | 6,860,000 | 7,230,540 |
| Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
| 4.00%, due 12/1/49 | 3,080,000 | 2,621,532 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,010,000 | 757,261 |
| Saratoga County Capital Resource Corp., Skidmore College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/50 | 1,985,000 | 1,676,746 |
| Series A | ||
| 5.00%, due 7/1/45 | 1,220,000 | 1,225,147 |
| Schenectady County Capital Resource Corp., Union College Project, Revenue Bonds | ||
| 5.25%, due 7/1/52 | 1,000,000 | 1,014,520 |
| St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds | ||
| 5.00%, due 9/1/47 | 2,975,000 | 2,620,708 |
| Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds | ||
| Series A, Insured: State Aid Withholding | ||
| 3.25%, due 5/1/34 | 1,000,000 | 927,439 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds | ||
| 5.00%, due 8/1/32 | 485,000 | 488,237 |
| Series A | ||
| 5.00%, due 9/1/39 | 2,000,000 | 2,049,035 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/15/29 | $ 200,000 | $ 199,737 |
| Series A | ||
| 4.00%, due 10/15/30 | 355,000 | 353,816 |
| Series A | ||
| 5.00%, due 10/15/39 | 1,490,000 | 1,449,895 |
| Series A | ||
| 5.00%, due 10/15/49 | 2,275,000 | 2,032,614 |
| Series A | ||
| 5.00%, due 10/15/50 | 2,650,000 | 2,391,514 |
| Series A | ||
| 5.00%, due 10/15/54 | 1,895,000 | 1,662,365 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
| Insured: State Aid Withholding | ||
| 4.00%, due 5/1/51 | 3,500,000 | 2,933,714 |
| 181,969,617 | ||
| General 1.1% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 9,597,707 | 6,058,553 |
| (zero coupon), due 11/1/51 | 1,316,277 | 722,307 |
| Metropolitan Transportation Authority, Special Tax | ||
| Series A | ||
| 5.00%, due 11/15/49 | 5,000,000 | 5,013,884 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Special Tax | ||
| Series A | ||
| 4.00%, due 11/15/51 | 4,000,000 | 3,420,192 |
| 15,214,936 | ||
| General Obligation 7.6% | ||
| City of New York, Unlimited General Obligation | ||
| Series E-1 | ||
| 4.00%, due 4/1/45 | 5,000,000 | 4,434,663 |
| Series F-1 | ||
| 5.00%, due 4/1/39 | 4,725,000 | 4,823,520 |
| Series B-1 | ||
| 5.25%, due 10/1/41 | 2,500,000 | 2,635,587 |
| Series D-1 | ||
| 5.25%, due 5/1/42 | 9,000,000 | 9,413,285 |
| Series B-1 | ||
| 5.25%, due 10/1/43 | 3,000,000 | 3,126,365 |
| Series E-1 | ||
| 5.25%, due 4/1/47 | 4,750,000 | 4,837,263 |
| Series G-1 | ||
| 5.25%, due 2/1/53 | 2,500,000 | 2,554,556 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| City of Newburgh, Limited General Obligation | ||
| Series A, Insured: AG | ||
| 3.50%, due 7/15/36 | $ 725,000 | $ 683,122 |
| City of Ogdensburg, Public Improvement, Limited General Obligation | ||
| 5.50%, due 4/15/26 | 50,000 | 50,004 |
| 5.50%, due 4/15/28 | 55,000 | 54,940 |
| City of Poughkeepsie, Public Improvement, Limited General Obligation | ||
| 5.00%, due 6/1/31 | 1,200,000 | 1,212,839 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 7,844,086 | 4,882,943 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 1,351,801 | 938,407 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 2,000,000 | 1,951,585 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 5,029,180 | 4,800,268 |
| Series A-1 | ||
| 4.00%, due 7/1/46 | 5,000,000 | 4,173,156 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 1,170,000 | 1,206,168 |
| County of Clinton, Limited General Obligation | ||
| Insured: AG | ||
| 4.00%, due 6/1/38 (b) | 1,500,000 | 1,406,703 |
| County of Nassau, Limited General Obligation | ||
| Series B, Insured: AG | ||
| 5.00%, due 4/1/44 | 4,870,000 | 4,967,783 |
| County of Onondaga, Limited General Obligation | ||
| 3.00%, due 6/1/39 | 2,150,000 | 1,814,088 |
| 3.25%, due 4/15/34 | 1,250,000 | 1,209,726 |
| County of Orange, Public Improvement, Limited General Obligation | ||
| Series A | ||
| 2.375%, due 6/15/29 | 1,180,000 | 1,134,272 |
| County of Rockland, Various Purpose, Limited General Obligation | ||
| Insured: AG | ||
| 4.00%, due 5/1/44 | 915,000 | 826,777 |
| County of Suffolk, Limited General Obligation | ||
| Series A | ||
| 3.00%, due 10/15/38 | 5,555,000 | 4,867,623 |
| County of Suffolk, Public Improvement, Limited General Obligation | ||
| Series A, Insured: AG | ||
| 3.25%, due 6/1/36 | 715,000 | 654,350 |
| Series A, Insured: AG | ||
| 3.25%, due 6/1/37 | 725,000 | 652,777 |
| Gloversville Enlarged School District, Unlimited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 2.00%, due 10/15/31 | 2,410,000 | 2,109,929 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Harrison Central School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/44 | $ 1,015,000 | $ 868,963 |
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/45 | 1,055,000 | 895,373 |
| Insured: State Aid Withholding | ||
| 3.55%, due 3/15/47 | 1,130,000 | 944,698 |
| Kings Park Central School District, Unlimited General Obligation | ||
| Series B, Insured: State Aid Withholding | ||
| 2.50%, due 7/15/30 | 1,530,000 | 1,455,118 |
| Lackawanna City School District, Unlimited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 4.00%, due 6/15/32 | 745,000 | 747,391 |
| Poughkeepsie School District, New York School District Refunding, Unlimited General Obligation | ||
| Insured: AG State Aid Withholding | ||
| 3.00%, due 5/1/33 | 400,000 | 381,702 |
| Sachem Central School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.00%, due 10/15/29 | 6,985,000 | 6,985,259 |
| South Country Central School District at Brookhaven, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.00%, due 7/15/29 | 2,475,000 | 2,480,667 |
| Town of Hempstead, Limited General Obligation | ||
| 2.125%, due 6/15/39 | 3,715,000 | 2,685,686 |
| 4.00%, due 5/1/45 | 5,240,000 | 4,747,195 |
| Uniondale Union Free School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/38 | 3,115,000 | 2,243,495 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/39 | 3,195,000 | 2,209,601 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/40 | 3,500,000 | 2,312,977 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/41 | 3,500,000 | 2,212,943 |
| Village of Valley Stream, Various Purpose, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 4/1/33 | 490,000 | 491,832 |
| Insured: BAM | ||
| 4.00%, due 4/1/34 | 510,000 | 511,537 |
| Insured: BAM | ||
| 4.00%, due 4/1/35 | 530,000 | 531,180 |
| Insured: BAM | ||
| 4.00%, due 4/1/36 | 550,000 | 550,758 |
| Insured: BAM | ||
| 4.00%, due 4/1/37 | 570,000 | 570,334 |
| 105,249,408 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital 7.8% | ||
| Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 3.375%, due 10/1/40 | $ 7,990,000 | $ 7,055,841 |
| Broome County Local Development Corp., United Health Services Hospitals Obligated Group, Revenue Bonds | ||
| Insured: AG | ||
| 3.00%, due 4/1/50 | 6,835,000 | 4,653,992 |
| Build NYC Resource Corp., Children's Aid Society Project (The), Revenue Bonds | ||
| 4.00%, due 7/1/49 | 1,300,000 | 1,087,501 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/25 | 215,000 | 216,038 |
| Series A | ||
| 5.00%, due 12/1/26 | 340,000 | 348,666 |
| Series A | ||
| 5.00%, due 12/1/27 | 400,000 | 417,434 |
| Series A | ||
| 5.00%, due 12/1/28 | 600,000 | 636,279 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/31 | 2,705,000 | 2,584,631 |
| Series A | ||
| 5.00%, due 11/1/37 | 1,500,000 | 1,420,259 |
| Monroe County Industrial Development Corp., Highland Hospital, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 2,500,000 | 2,318,838 |
| Monroe County Industrial Development Corp., Rochester General Hospital (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/32 | 540,000 | 540,863 |
| Series A | ||
| 5.00%, due 12/1/42 | 1,225,000 | 1,187,141 |
| Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 250,000 | 250,019 |
| New York State Dormitory Authority, Garnet Health Medical Center, Revenue Bonds | ||
| 5.00%, due 12/1/36 (a) | 1,500,000 | 1,436,708 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/31 | 1,000,000 | 1,002,826 |
| 5.00%, due 12/1/32 | 3,000,000 | 3,001,369 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/50 | 4,235,000 | 3,335,671 |
| 5.25%, due 11/1/41 | 2,300,000 | 2,348,874 |
| 5.25%, due 11/1/42 | 2,400,000 | 2,428,987 |
| 5.25%, due 11/1/43 | 2,100,000 | 2,111,522 |
| 5.50%, due 11/1/47 | 1,500,000 | 1,526,199 |
| New York State Dormitory Authority, Northwell Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 5/1/54 | 10,000,000 | 10,081,747 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/48 | $ 2,375,000 | $ 1,600,624 |
| Series A | ||
| 4.00%, due 7/1/40 | 1,000,000 | 946,889 |
| Series A | ||
| 4.00%, due 7/1/50 | 3,005,000 | 2,525,769 |
| Series A | ||
| 4.00%, due 7/1/53 | 8,450,000 | 6,977,145 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/35 (a) | 100,000 | 96,277 |
| New York State Dormitory Authority, White Plains Hospital Obligated Group, Revenue Bonds | ||
| Insured: AG | ||
| 5.50%, due 10/1/54 | 18,995,000 | 19,471,566 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 12/1/44 | 11,560,000 | 8,115,372 |
| Series A, Insured: AG | ||
| 4.00%, due 12/1/49 | 7,940,000 | 6,738,396 |
| Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/30 | 200,000 | 197,293 |
| Series A | ||
| 5.00%, due 8/1/31 | 250,000 | 244,065 |
| Series A | ||
| 5.00%, due 8/1/32 | 255,000 | 246,228 |
| Series A | ||
| 5.125%, due 8/1/44 | 2,000,000 | 1,616,826 |
| Series A | ||
| 5.375%, due 8/1/54 | 2,900,000 | 2,290,915 |
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/33 | 250,000 | 250,091 |
| Westchester County Local Development Corp., Westchester Medical Centre, Revenue Bonds | ||
| Insured: AG | ||
| 5.75%, due 11/1/48 | 6,200,000 | 6,576,300 |
| 107,885,161 | ||
| Housing 0.5% | ||
| Amherst Development Corp., UBF Faculty-Student Housing Corp., Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 10/1/45 | 1,900,000 | 1,900,834 |
| New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.25%, due 7/1/27 | 1,240,000 | 1,240,596 |
| New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/43 | 1,500,000 | 1,506,175 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Housing | ||
| Onondaga Civic Development Corp., Onondaga Community College Housing Development Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/25 | $ 250,000 | $ 249,631 |
| Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds | ||
| 5.00%, due 6/1/30 | 230,000 | 233,643 |
| 5.00%, due 6/1/31 | 320,000 | 324,041 |
| 5.00%, due 6/1/37 | 1,000,000 | 997,018 |
| 6,451,938 | ||
| Other Revenue 44.1% | ||
| Battery Park City Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 11/1/44 | 10,635,000 | 9,541,359 |
| Series A | ||
| 5.00%, due 11/1/53 | 22,500,000 | 22,873,432 |
| Brookhaven Local Development Corp., Jefferson's Ferry Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/55 | 3,565,000 | 2,757,723 |
| 5.25%, due 11/1/36 | 1,130,000 | 1,141,539 |
| Broome County Local Development Corp., Good Shepherd Village at Endwell, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,565,000 | 1,528,355 |
| 4.00%, due 7/1/36 | 2,300,000 | 2,116,180 |
| 4.00%, due 7/1/47 | 1,320,000 | 1,023,966 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 4,805,000 | 4,806,973 |
| Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds | ||
| Insured: AG | ||
| 4.75%, due 12/15/32 | 2,000,000 | 2,000,121 |
| Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds | ||
| 5.00%, due 6/1/34 | 950,000 | 950,212 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 2,500,000 | 477,623 |
| 5.625%, due 5/15/43 | 2,300,000 | 2,338,807 |
| City of New York, Lincoln Center for the Performing Arts, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/33 | 5,350,000 | 5,433,285 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 5,419,965 | 2,466,084 |
| Development Authority of the North Country, Solid Waste Management System, Revenue Bonds | ||
| Insured: AG | ||
| 3.25%, due 9/1/39 | 550,000 | 474,206 |
| Insured: AG | ||
| 3.25%, due 9/1/40 | 570,000 | 482,200 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | 18,000,000 | 3,498,622 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | $ 7,108,050 | $ 6,835,510 |
| Hudson Yards Infrastructure Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/45 | 4,000,000 | 4,009,472 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/15/40 | 3,250,000 | 3,093,027 |
| Series A | ||
| 5.00%, due 2/15/30 | 1,600,000 | 1,652,248 |
| Series A | ||
| 5.00%, due 2/15/33 | 1,500,000 | 1,540,876 |
| Series A, Insured: BAM | ||
| 5.00%, due 2/15/42 | 7,500,000 | 7,553,965 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 900,000 | 825,490 |
| Series A | ||
| 5.25%, due 7/1/56 | 1,745,000 | 1,333,429 |
| Long Island Power Authority, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 9/1/49 (c) | 5,000,000 | 4,828,553 |
| Series E | ||
| 5.00%, due 9/1/48 | 6,000,000 | 6,032,001 |
| Long Island Power Authority, Electric System, Revenue Bonds | ||
| Series C | ||
| 2.74%, due 9/1/38 | 1,000,000 | 999,654 |
| Series B | ||
| 5.00%, due 9/1/35 | 2,500,000 | 2,547,087 |
| 5.00%, due 9/1/37 | 2,000,000 | 2,072,158 |
| 5.00%, due 9/1/38 | 1,000,000 | 1,032,149 |
| Series B | ||
| 5.00%, due 9/1/45 | 2,000,000 | 2,000,308 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/26 | 340,000 | 342,940 |
| Series A | ||
| 5.00%, due 10/1/30 | 3,140,000 | 3,219,631 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,206,450 |
| Series A | ||
| 5.00%, due 10/1/39 | 11,915,000 | 11,895,530 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series B-2 | ||
| 5.00%, due 11/15/48 | 5,000,000 | 5,022,725 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
| Series B-2 | ||
| 4.00%, due 11/15/34 | 4,000,000 | 4,006,709 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 11/15/36 | $ 3,355,000 | $ 3,399,965 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | 1,630,000 | 1,327,450 |
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | 750,000 | 662,636 |
| New York City Housing Development Corp., Revenue Bonds | ||
| Series C-1, Insured: HUD Sector 8 | ||
| 4.50%, due 8/1/54 | 5,830,000 | 5,299,089 |
| Series F-1-A | ||
| 4.55%, due 11/1/54 | 4,765,000 | 4,526,492 |
| Series A-1 | ||
| 4.75%, due 11/1/50 | 3,700,000 | 3,513,736 |
| Series A-1 | ||
| 4.80%, due 11/1/55 | 3,000,000 | 2,860,251 |
| New York City Housing Development Corp., 8 Spruce Street Project, Revenue Bonds | ||
| Class D | ||
| 4.00%, due 12/15/31 | 2,000,000 | 2,060,935 |
| Class E | ||
| 4.375%, due 12/15/31 | 3,100,000 | 3,177,307 |
| Class F | ||
| 5.25%, due 12/15/31 | 15,200,000 | 15,575,817 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series G | ||
| 3.85%, due 11/1/45 | 595,000 | 519,665 |
| Series I-1-A | ||
| 4.05%, due 11/1/41 | 1,000,000 | 917,781 |
| Series F-1, Insured: FHA 542(C) | ||
| 4.30%, due 11/1/37 | 1,500,000 | 1,481,285 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Green Bond, Revenue Bonds | ||
| Series G-1 | ||
| 3.70%, due 11/1/47 | 1,000,000 | 833,112 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.00%, due 1/1/37 | 1,000,000 | 872,833 |
| Series A, Insured: AG | ||
| 3.00%, due 1/1/39 | 6,955,000 | 5,797,195 |
| Series A, Insured: AG | ||
| 3.00%, due 1/1/40 | 8,315,000 | 6,711,747 |
| Series A, Insured: AG | ||
| 3.00%, due 1/1/46 | 10,000,000 | 7,176,678 |
| New York City Industrial Development Agency, TrIPs Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 830,000 | 830,190 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| (zero coupon), due 3/1/40 | $ 380,000 | $ 180,191 |
| Series A, Insured: AG | ||
| (zero coupon), due 3/1/44 | 1,065,000 | 387,315 |
| Series A, Insured: AG | ||
| (zero coupon), due 3/1/45 | 200,000 | 68,369 |
| Series A, Insured: AG | ||
| (zero coupon), due 3/1/46 | 4,080,000 | 1,318,439 |
| Series A, Insured: AG | ||
| (zero coupon), due 3/1/47 | 1,115,000 | 337,241 |
| Series A, Insured: AG-CR | ||
| 3.00%, due 3/1/49 | 10,980,000 | 7,570,227 |
| New York City Transitional Finance Authority, Revenue Bonds | ||
| Series S-3A, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/38 | 5,770,000 | 5,538,507 |
| Series I-1 | ||
| 5.00%, due 5/1/50 | 7,000,000 | 7,062,290 |
| Series A-1 | ||
| 5.25%, due 5/1/47 (d) | 5,000,000 | 5,188,729 |
| Series A-1 | ||
| 5.25%, due 5/1/48 (d) | 4,000,000 | 4,144,598 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
| Series S-1B, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/40 | 6,000,000 | 5,576,205 |
| Series S-1, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/43 | 5,000,000 | 5,069,821 |
| Series S-3, Insured: State Aid Withholding | ||
| 5.25%, due 7/15/45 | 5,000,000 | 5,100,500 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series C-1 | ||
| 4.00%, due 5/1/44 | 4,000,000 | 3,558,381 |
| Series E-1 | ||
| 4.00%, due 2/1/46 | 5,440,000 | 4,738,582 |
| Series F-1 | ||
| 5.00%, due 2/1/47 | 5,000,000 | 5,017,567 |
| Series C | ||
| 5.25%, due 5/1/48 | 2,500,000 | 2,567,117 |
| Series B | ||
| 5.50%, due 5/1/47 | 2,830,000 | 2,954,192 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds | ||
| 5.00%, due 11/15/40 | 7,120,000 | 7,120,775 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 9,000,000 | 2,824,313 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/41 | 2,320,000 | 1,015,059 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/43 | $ 4,800,000 | $ 1,829,757 |
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/42 | 1,000,000 | 836,955 |
| Series A | ||
| 5.00%, due 6/1/45 | 245,000 | 204,818 |
| Series A | ||
| 6.25%, due 6/1/41 (a) | 4,500,000 | 4,232,732 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | 1,600,000 | 685,928 |
| New York Counties Tobacco Trust VI, Settlement Pass Through, Revenue Bonds | ||
| Series A-2B | ||
| 5.00%, due 6/1/45 | 3,885,000 | 3,313,473 |
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (c) | 11,150,000 | 11,630,122 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 8,000,000 | 5,559,186 |
| Insured: AG-CR | ||
| 4.00%, due 2/15/43 | 6,665,000 | 6,000,044 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 1 | ||
| 5.00%, due 11/15/44 (a) | 5,660,000 | 5,426,155 |
| New York Liberty Development Corp., 4 World Trade Center LLC, Revenue Bonds | ||
| Series A | ||
| 2.75%, due 11/15/41 | 3,515,000 | 2,543,840 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 9/15/43 | 1,250,000 | 946,708 |
| Series A | ||
| 3.125%, due 9/15/50 | 700,000 | 490,286 |
| New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Revenue Bonds | ||
| 5.50%, due 10/1/37 | 700,000 | 793,084 |
| New York State Dormitory Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/44 | 2,000,000 | 1,766,751 |
| New York State Dormitory Authority, Master BOCES Lease Program, Revenue Bonds | ||
| 5.00%, due 8/15/40 | 2,225,000 | 2,344,035 |
| 5.00%, due 8/15/41 | 3,250,000 | 3,395,318 |
| 5.00%, due 8/15/42 | 1,600,000 | 1,659,128 |
| 5.00%, due 8/15/43 | 1,550,000 | 1,595,746 |
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 5.00%, due 3/15/36 | 9,200,000 | 9,214,611 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/41 | $ 2,050,000 | $ 2,062,629 |
| New York State Dormitory Authority, Shelter Island Public Library Society, Revenue Bonds | ||
| 5.50%, due 10/1/49 | 1,755,000 | 1,863,883 |
| 5.50%, due 10/1/54 | 1,550,000 | 1,642,582 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/39 | 8,000,000 | 7,643,084 |
| Series E | ||
| 4.00%, due 3/15/45 | 2,000,000 | 1,750,175 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
| Series D | ||
| 3.50%, due 10/1/29 | 2,500,000 | 2,490,656 |
| Series C | ||
| 4.00%, due 4/1/34 | 3,000,000 | 2,999,328 |
| New York State Energy Research & Development Authority, Revolving Loan Fund, Revenue Bonds | ||
| Series A | ||
| 6.096%, due 4/1/27 | 1,755,000 | 1,755,286 |
| Series A | ||
| 6.146%, due 4/1/28 | 1,350,000 | 1,350,349 |
| Series A | ||
| 6.205%, due 4/1/29 | 1,105,000 | 1,105,202 |
| Series A | ||
| 6.255%, due 4/1/30 | 1,050,000 | 1,050,255 |
| Series A | ||
| 6.308%, due 4/1/31 | 1,000,000 | 1,000,189 |
| New York State Energy Research & Development Authority, Rochester Gas and Electric Corp. Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 5/15/32 (b) | 2,500,000 | 2,509,740 |
| New York State Housing Finance Agency, Revenue Bonds | ||
| Series G, Insured: SONYMA | ||
| 2.60%, due 11/1/46 | 2,020,000 | 1,324,849 |
| Series J-1, Insured: SONYMA HUD Sector 8 | ||
| 2.65%, due 11/1/46 | 3,935,000 | 2,610,339 |
| Series B-1 | ||
| 4.60%, due 11/1/54 | 2,500,000 | 2,327,975 |
| Series E-1, Insured: SONYMA HUD Sector 8 | ||
| 4.95%, due 11/1/58 | 1,410,000 | 1,349,372 |
| New York State Housing Finance Agency, Affordable Housing, Revenue Bonds | ||
| Series C, Insured: FHA 542(C) | ||
| 4.15%, due 5/1/47 | 10,000,000 | 8,837,220 |
| New York State Housing Finance Agency, West 38TH Street LLC, Revenue Bonds | ||
| Series A, Insured: FHLMC | ||
| 3.57%, due 5/1/42 (c) | 15,000,000 | 15,098,508 |
| New York State Thruway Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 3/15/59 | 11,395,000 | 11,436,216 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 3/15/43 | $ 2,885,000 | $ 2,584,612 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/37 | 4,000,000 | 3,919,478 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds | ||
| 5.25%, due 8/1/31 (b) | 1,155,000 | 1,180,423 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.00%, due 1/1/36 | 5,000,000 | 4,650,057 |
| 4.375%, due 10/1/45 | 10,000,000 | 8,684,053 |
| 5.00%, due 10/1/35 | 3,000,000 | 3,037,319 |
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds (b) | ||
| 4.00%, due 10/31/46 | 2,595,000 | 2,157,864 |
| 4.00%, due 4/30/53 | 4,510,000 | 3,541,682 |
| Niagara Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| 5.25%, due 5/15/40 | 500,000 | 467,426 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/46 | 15,921,000 | 4,954,458 |
| Series A-1 | ||
| (zero coupon), due 7/1/51 | 5,553,000 | 1,279,402 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 4,231,000 | 3,797,650 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 15,807,000 | 13,955,540 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/58 | 6,189,000 | 5,664,893 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (a) | 13,000,000 | 2,304,688 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/45 | 1,625,000 | 1,509,971 |
| State of New York, Mortgage Agency, Revenue Bonds | ||
| Series 223 | ||
| 2.00%, due 10/1/27 | 775,000 | 750,846 |
| Series 239, Insured: SONYMA | ||
| 2.60%, due 10/1/44 | 1,000,000 | 684,878 |
| Series 221 | ||
| 3.50%, due 10/1/32 (b) | 2,970,000 | 2,963,050 |
| State of New York, Mortgage Agency Homeowner Mortgage, Revenue Bonds | ||
| Series 264, Insured: SONYMA | ||
| 4.60%, due 10/1/54 | 2,800,000 | 2,607,642 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| State of New York Mortgage Agency, Homeowner Mortgage, Revenue Bonds | ||
| Series 190 | ||
| 3.80%, due 10/1/40 | $ 3,075,000 | $ 2,780,687 |
| Suffolk County Economic Development Corp., Peconic Landing at Southold, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/29 | 125,000 | 129,853 |
| Series A | ||
| 5.00%, due 12/1/34 | 165,000 | 168,511 |
| Series A | ||
| 5.00%, due 12/1/40 | 175,000 | 169,906 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 10,000,000 | 826,436 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 2,000,000 | 1,923,722 |
| Series D | ||
| 4.00%, due 11/15/39 | 1,340,000 | 1,211,690 |
| Series D | ||
| 5.00%, due 11/15/27 | 2,825,000 | 2,833,604 |
| Territory of Guam, Section 30, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/36 | 1,020,000 | 1,026,757 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/44 | 690,000 | 676,658 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 5/15/54 | 9,000,000 | 7,506,564 |
| Series A-1 | ||
| 5.00%, due 5/15/49 | 4,750,000 | 4,770,295 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/48 | 1,000,000 | 1,002,401 |
| Series A-1 | ||
| 5.25%, due 5/15/59 | 12,620,000 | 12,892,140 |
| Series A | ||
| 5.50%, due 12/1/59 | 30,000,000 | 31,143,732 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
| Series C | ||
| 5.25%, due 11/15/40 | 9,500,000 | 10,224,005 |
| Series C | ||
| 5.25%, due 11/15/42 | 4,000,000 | 4,210,180 |
| Series C | ||
| 5.25%, due 5/15/52 | 4,885,000 | 4,994,236 |
| Series D-2 | ||
| 5.50%, due 5/15/52 | 5,000,000 | 5,200,880 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| TSASC, Inc., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/45 | $ 5,500,000 | $ 4,735,280 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/41 | 2,000,000 | 1,909,670 |
| Series B | ||
| 5.00%, due 6/1/48 | 12,840,000 | 10,928,507 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (a) | 1,000,000 | 1,000,230 |
| Series A | ||
| 5.00%, due 10/1/32 | 900,000 | 898,492 |
| Series A, Insured: AG-CR | ||
| 5.00%, due 10/1/32 | 1,170,000 | 1,173,191 |
| Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/51 | 2,500,000 | 2,356,370 |
| Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project, Revenue Bonds | ||
| 5.00%, due 7/1/27 | 270,000 | 278,314 |
| 5.00%, due 7/1/28 | 270,000 | 278,419 |
| 5.00%, due 7/1/29 | 100,000 | 103,114 |
| 5.00%, due 7/1/34 | 200,000 | 204,900 |
| Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 6/1/41 | 250,000 | 244,500 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
| Insured: State Aid Withholding | ||
| 5.25%, due 5/1/51 | 1,280,000 | 1,305,169 |
| 609,324,040 | ||
| Transportation 12.5% | ||
| Albany County Airport Authority, Revenue Bonds | ||
| 4.00%, due 12/15/44 | 835,000 | 737,070 |
| Series A | ||
| 5.00%, due 12/15/43 | 1,750,000 | 1,750,249 |
| Series A | ||
| 5.00%, due 12/15/48 | 2,585,000 | 2,533,389 |
| Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds | ||
| 5.00%, due 1/1/47 | 3,635,000 | 3,635,340 |
| Build NYC Resource Corp., TrIPs Obligated Group, Revenue Bonds (b) | ||
| 5.50%, due 7/1/44 | 1,265,000 | 1,281,555 |
| 5.50%, due 7/1/45 | 1,200,000 | 1,210,251 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 5.00%, due 11/15/52 | 8,425,000 | 8,229,928 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series C-2, Insured: BAM | ||
| (zero coupon), due 11/15/40 | $ 9,325,000 | $ 4,446,873 |
| Series A-1, Insured: AG | ||
| 4.00%, due 11/15/42 | 2,180,000 | 1,938,498 |
| Series C, Insured: AG | ||
| 4.00%, due 11/15/46 | 1,600,000 | 1,341,161 |
| Series D | ||
| 4.00%, due 11/15/48 | 300,000 | 250,151 |
| Metropolitan Transportation Authority, Transportation, Revenue Bonds | ||
| Series A-2, Insured: AG | ||
| 5.00%, due 11/15/44 | 9,000,000 | 9,059,569 |
| New York State Thruway Authority, Revenue Bonds | ||
| Series L | ||
| 4.00%, due 1/1/36 | 2,500,000 | 2,474,435 |
| Series O | ||
| 4.00%, due 1/1/39 | 6,000,000 | 5,709,220 |
| Series B, Insured: AG | ||
| 4.00%, due 1/1/45 | 4,450,000 | 3,938,007 |
| Series P | ||
| 5.25%, due 1/1/54 | 9,500,000 | 9,686,541 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/45 | 9,050,000 | 8,008,757 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds (b) | ||
| Series B, Insured: AG | ||
| (zero coupon), due 12/31/54 (e) | 9,250,000 | 5,585,852 |
| Series A, Insured: AG | ||
| 5.25%, due 12/31/54 | 10,000,000 | 9,805,556 |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds | ||
| 5.00%, due 12/1/41 (b) | 1,000,000 | 987,880 |
| New York Transportation Development Corp., JFK International Airport, Revenue Bonds | ||
| Insured: BAM | ||
| 5.375%, due 6/30/60 (b) | 3,955,000 | 3,876,376 |
| New York Transportation Development Corp., JFK Millennium Partners LLC, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 12/31/60 (b) | 3,500,000 | 3,386,853 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (b) | ||
| Insured: AG | ||
| 5.00%, due 6/30/54 | 1,600,000 | 1,515,279 |
| 5.50%, due 6/30/54 | 12,990,000 | 12,548,202 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/50 (b) | 500,000 | 483,081 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Series A | ||
| 4.00%, due 12/1/41 | 1,300,000 | 1,118,069 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 12/1/29 | $ 1,750,000 | $ 1,879,366 |
| 5.00%, due 12/1/37 | 4,000,000 | 4,067,332 |
| 5.00%, due 12/1/42 | 1,000,000 | 979,100 |
| 6.00%, due 6/30/54 | 8,500,000 | 8,637,890 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 4/1/27 | 610,000 | 610,380 |
| Series A | ||
| 5.00%, due 4/1/29 | 325,000 | 325,166 |
| Series A | ||
| 5.00%, due 4/1/30 | 375,000 | 391,542 |
| Series A | ||
| 5.00%, due 4/1/31 | 2,350,000 | 2,441,721 |
| Series A | ||
| 5.00%, due 4/1/32 | 400,000 | 413,674 |
| Series A | ||
| 5.00%, due 4/1/34 | 1,315,000 | 1,347,376 |
| Series A | ||
| 5.00%, due 4/1/35 | 400,000 | 407,579 |
| Series A | ||
| 5.00%, due 4/1/36 | 1,665,000 | 1,679,742 |
| Series A | ||
| 5.00%, due 4/1/38 | 375,000 | 377,175 |
| Ogdensburg Bridge and Port Authority, Revenue Bonds | ||
| 5.75%, due 7/1/47 (a)(b) | 1,970,000 | 1,692,441 |
| Port Authority of Guam, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/36 (b) | 625,000 | 632,469 |
| Series B | ||
| 5.00%, due 7/1/37 (b) | 200,000 | 201,699 |
| Series A | ||
| 5.00%, due 7/1/48 | 1,235,000 | 1,177,457 |
| Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
| Series 221 | ||
| 4.00%, due 7/15/37 | 1,900,000 | 1,859,448 |
| Series 214 | ||
| 4.00%, due 9/1/43 | 3,000,000 | 2,590,641 |
| Series 223 | ||
| 4.00%, due 7/15/46 | 3,000,000 | 2,518,709 |
| Series 231 | ||
| 5.50%, due 8/1/42 | 3,770,000 | 3,940,404 |
| Syracuse Regional Airport Authority, Revenue Bonds (b) | ||
| 5.00%, due 7/1/27 | 635,000 | 652,292 |
| 5.00%, due 7/1/28 | 875,000 | 910,123 |
| 5.00%, due 7/1/31 | 1,000,000 | 1,057,243 |
| 5.00%, due 7/1/34 | 775,000 | 798,194 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Triborough Bridge & Tunnel Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/15/54 | $ 10,000,000 | $ 8,398,679 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/54 | 5,000,000 | 4,186,239 |
| Series B | ||
| 5.00%, due 11/15/35 | 665,000 | 684,184 |
| Series B | ||
| 5.00%, due 11/15/37 | 1,500,000 | 1,533,778 |
| Series A | ||
| 5.50%, due 11/15/57 | 10,000,000 | 10,317,852 |
| 172,248,037 | ||
| Utilities 1.7% | ||
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/33 | 1,255,000 | 1,279,392 |
| Series A | ||
| 5.00%, due 10/1/40 | 3,600,000 | 3,586,218 |
| New York Power Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/50 | 3,500,000 | 2,986,863 |
| New York Power Authority, Green Transmission Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 11/15/47 | 2,620,000 | 2,305,091 |
| Series A, Insured: AG | ||
| 4.00%, due 11/15/52 | 8,175,000 | 6,969,646 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AG | ||
| 3.568%, due 7/1/29 | 3,630,000 | 3,479,631 |
| Series TT, Insured: NATL-RE | ||
| 5.00%, due 7/1/26 | 215,000 | 214,990 |
| Series XX | ||
| 5.25%, due 7/1/40 (f)(g) | 5,630,000 | 3,089,463 |
| 23,911,294 | ||
| Water & Sewer 6.6% | ||
| Albany Municipal Water Finance Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/50 | 5,670,000 | 4,771,981 |
| Buffalo Municipal Water Finance Authority, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 7/1/44 | 1,500,000 | 1,537,738 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 1/1/46 | 2,750,000 | 2,684,238 |
| Series A | ||
| 5.00%, due 1/1/50 | 9,975,000 | 9,501,110 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| Monroe County Water Authority, Water System, Revenue Bonds | ||
| 3.50%, due 3/1/45 | $ 2,000,000 | $ 1,711,433 |
| 5.00%, due 8/1/37 | 750,000 | 751,676 |
| New York City Municipal Water Finance Authority, New York City Water & Sewer System, Revenue Bonds | ||
| Series AA-1 | ||
| 5.25%, due 6/15/53 | 7,900,000 | 8,135,014 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds | ||
| Series CC-1 | ||
| 5.25%, due 6/15/54 | 14,495,000 | 14,895,671 |
| Series BB-1 | ||
| 5.25%, due 6/15/54 | 4,220,000 | 4,319,641 |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
| Series EE | ||
| 4.00%, due 6/15/45 | 2,000,000 | 1,785,630 |
| Series DD-2 | ||
| 5.25%, due 6/15/47 | 6,435,000 | 6,605,067 |
| Series AA-1 | ||
| 5.25%, due 6/15/52 | 6,665,000 | 6,808,220 |
| New York State Environmental Facilities Corp., New York City Municipal Water Finance Authority Projects, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/15/53 | 7,125,000 | 7,380,609 |
| New York State Environmental Facilities Corp., State Revolving Fund, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/15/47 | 1,260,000 | 1,274,855 |
| Series B | ||
| 5.25%, due 9/15/52 | 4,850,000 | 4,968,300 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) | ||
| Series B | ||
| 4.00%, due 7/1/47 | 5,000,000 | 4,032,584 |
| Series B | ||
| 5.00%, due 7/1/37 | 545,000 | 559,465 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 5.00%, due 7/1/35 | 5,455,000 | 5,623,454 |
| Series A | ||
| 5.00%, due 7/1/47 | 2,500,000 | 2,355,653 |
| Upper Mohawk Valley Regional Water Finance Authority, Revenue Bonds | ||
| Insured: BAM | ||
| 4.25%, due 4/1/48 | 2,415,000 | 2,199,820 |
| 91,902,159 | ||
| Total Long-Term Municipal Bonds (Cost $1,376,616,146) | 1,315,649,982 | |
| Short-Term Municipal Notes 2.1% | ||
| General 0.4% | ||
| Nuveen New York AMT-Free Quality Municipal Income Fund | ||
| 2.74%, due 5/1/47 (a)(h) | 5,400,000 | 5,400,000 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| Other Revenue 0.8% | ||
| Battery Park City Authority, Revenue Bonds, Junior Lien (h) | ||
| Series D-1 | ||
| 2.68%, due 11/1/38 | $ 1,935,000 | $ 1,935,000 |
| Series D-2 | ||
| 2.75%, due 11/1/38 | 3,675,000 | 3,675,000 |
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| 2.80%, due 5/15/57 (a)(h) | 5,000,000 | 5,000,000 |
| 10,610,000 | ||
| Transportation 0.9% | ||
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series G-1 | ||
| 2.80%, due 11/1/32 (h) | 3,485,000 | 3,485,000 |
| Metropolitan Transportation Authority, Transportation, Revenue Bonds | ||
| Series E-1 | ||
| 2.80%, due 11/15/50 (h) | 8,490,000 | 8,490,000 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds (h) | ||
| Series B-4A | ||
| 2.75%, due 1/1/32 | 600,000 | 600,000 |
| Series C | ||
| 2.80%, due 1/1/32 | 500,000 | 500,000 |
| 13,075,000 | ||
| Total Short-Term Municipal Notes (Cost $29,085,000) | 29,085,000 | |
| Total Municipal Bonds (Cost $1,405,701,146) | 1,344,734,982 | |
| Shares | ||
| Closed-End Funds 0.3% | ||
| New York 0.3% | ||
| BlackRock MuniHoldings New York Quality Fund, Inc. | 63,979 | 608,440 |
| BlackRock MuniYield New York Quality Fund, Inc. | 93,409 | 859,363 |
| BlackRock New York Municipal Income Trust | 75,850 | 712,990 |
| Eaton Vance New York Municipal Bond Fund | 12,636 | 114,609 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 171,267 | 1,603,059 |
| Total Closed-End Funds (Cost $5,016,523) | 3,898,461 | |
| Shares | Value | ||
| Short-Term Investment 2.4% | |||
| Unaffiliated Investment Company 2.4% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (i) | 32,435,294 | $ 32,435,294 | |
| Total Short-Term Investment (Cost $32,435,294) | 32,435,294 | ||
| Total Investments (Cost $1,443,152,963) | 100.0% | 1,381,068,737 | |
| Other Assets, Less Liabilities | 0.0‡ | 616,446 | |
| Net Assets | 100.0% | $ 1,381,685,183 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Delayed delivery security. |
| (e) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury Long Bonds | (190) | September 2025 | $ (21,292,591) | $ (21,695,625) | $ (403,034) |
| 1. | As of July 31, 2025, cash in the amount of $703,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| NATL-RE—National Public Finance Guarantee Corp. |
| SONYMA—State of New York Mortgage Agency |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,315,649,982 | $ — | $ 1,315,649,982 | |||
| Short-Term Municipal Notes | — | 29,085,000 | — | 29,085,000 | |||
| Total Municipal Bonds | — | 1,344,734,982 | — | 1,344,734,982 | |||
| Closed-End Funds | 3,898,461 | — | — | 3,898,461 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 32,435,294 | — | — | 32,435,294 | |||
| Total Investments in Securities | $ 36,333,755 | $ 1,344,734,982 | $ — | $ 1,381,068,737 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (403,034) | $ — | $ — | $ (403,034) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 100.0% | ||
| Long-Term Municipal Bonds 99.9% | ||
| Education 0.4% | ||
| Oregon State Facilities Authority, Reed Institute Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/31 | $ 1,135,000 | $ 1,166,505 |
| General 2.0% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 2,019,242 | 1,274,646 |
| Tri-County Metropolitan Transportation District of Oregon, Payroll Tax, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 9/1/30 | 3,975,000 | 4,078,638 |
| 5,353,284 | ||
| General Obligation 54.3% | ||
| Bend Metropolitan Park & Recreation District, Unlimited General Obligation | ||
| 4.00%, due 6/1/27 | 1,430,000 | 1,430,839 |
| Benton & Linn Counties Consolidated School District No. 509J & 509A, Corvallis, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/31 | 2,000,000 | 2,112,268 |
| Series A, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,615,000 | 1,700,833 |
| Blue Mountain Community College District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 4.00%, due 6/15/27 | 970,000 | 970,702 |
| City of Bend, Limited General Obligation | ||
| 5.00%, due 6/1/38 | 2,545,000 | 2,800,542 |
| City of Molalla, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 6/1/49 | 2,280,000 | 2,003,998 |
| City of Redmond, Airport Expansion Projects, Limited General Obligation (a) | ||
| Series A | ||
| 5.00%, due 6/1/34 | 550,000 | 591,923 |
| Series A | ||
| 5.00%, due 6/1/35 | 500,000 | 534,595 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,220,000 | 1,262,283 |
| Series A | ||
| 5.25%, due 6/1/43 | 1,075,000 | 1,095,310 |
| Series A | ||
| 5.25%, due 6/1/45 | 1,750,000 | 1,767,680 |
| Clackamas Community College District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/42 | 1,500,000 | 1,578,293 |
| Clackamas County School District No. 12, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,100,000 | 1,158,772 |
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/37 | 3,000,000 | 3,064,481 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Clackamas County School District No. 12, North Clackamas, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/41 | $ 6,000,000 | $ 2,539,636 |
| Clatsop County School District No. 1C, Unlimited General Obligation | ||
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,215,000 | 1,304,058 |
| Clatsop County School District No. 30, Unlimited General Obligation | ||
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,000,000 | 1,070,651 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 2,862,714 | 1,782,040 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/41 | 3,742,000 | 3,263,957 |
| Coos County School District No. 9, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,035,000 | 1,085,933 |
| Corbett Fire District No. 14, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 6/15/39 | 400,000 | 411,240 |
| County of Washington, Limited General Obligation | ||
| 5.00%, due 6/1/40 | 4,830,000 | 5,169,538 |
| Curry Health District, Unlimited General Obligation | ||
| 5.00%, due 6/15/35 | 495,000 | 522,962 |
| 5.00%, due 6/15/36 | 520,000 | 544,677 |
| Deschutes & Jefferson Counties School District No. 2J, Redmond, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/35 | 1,750,000 | 1,978,135 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/38 | 1,000,000 | 1,089,883 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/39 | 1,000,000 | 1,079,259 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/40 | 1,000,000 | 1,068,857 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/41 | 1,000,000 | 1,058,282 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/42 | 1,000,000 | 1,048,101 |
| Deschutes County Administrative School District No. 1, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 6/15/29 | 1,000,000 | 1,002,165 |
| Insured: School Bond Guaranty | ||
| 4.00%, due 6/15/45 | 5,000,000 | 4,542,556 |
| Hillsboro School District No. 1J, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/31 | 2,000,000 | 2,080,863 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/34 | 2,000,000 | 2,061,629 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Jackson County School District No. 5, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/33 | $ 1,620,000 | $ 1,718,872 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/42 | 5,970,000 | 6,039,313 |
| Lane County School District No. 4J, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 4.00%, due 6/15/35 | 1,105,000 | 1,116,952 |
| Lebanon Rural Fire Protection District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.00%, due 6/15/40 | 560,000 | 572,305 |
| Linn & Benton Counties School District No. 8J, Greater Albany, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 2,035,000 | 2,109,723 |
| Linn Benton Community College District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/1/27 | 1,520,000 | 1,521,673 |
| Marion & Linn Counties School District No. 29J, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,160,000 | 1,278,720 |
| Marion County School District No. 1, Gervais, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/42 | 1,250,000 | 1,301,885 |
| Metro, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 6/1/26 | 1,305,000 | 1,305,897 |
| Series A | ||
| 4.00%, due 6/1/33 | 2,390,000 | 2,477,637 |
| 5.00%, due 6/1/31 | 2,050,000 | 2,300,094 |
| 5.00%, due 6/1/35 | 3,025,000 | 3,441,244 |
| Multnomah & Clackamas Counties School District No. 10JT, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/29 | 2,500,000 | 2,595,505 |
| Multnomah County School District No. 1J, Portland Public Schools, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 6/15/37 | 1,735,000 | 1,515,624 |
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/26 | 2,970,000 | 2,973,676 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/37 | 2,000,000 | 2,170,924 |
| Multnomah County School District No. 7, Reynolds, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/30 | 1,000,000 | 1,103,046 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,000,000 | 1,122,387 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/33 | 1,000,000 | 1,128,865 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Multnomah County School District No. 7, Reynolds, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/34 | $ 1,000,000 | $ 1,131,983 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/35 | 1,000,000 | 1,132,154 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/36 | 1,000,000 | 1,113,538 |
| Nehalem Bay Health District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 6/15/44 | 2,655,000 | 2,686,082 |
| Northwest Regional Education Service District, Unlimited General Obligation | ||
| 5.00%, due 6/1/34 | 500,000 | 550,090 |
| 5.00%, due 6/1/37 | 600,000 | 643,189 |
| Oregon City School District No. 62, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/27 | 210,000 | 200,128 |
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/28 | 200,000 | 185,447 |
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/29 | 225,000 | 202,474 |
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/31 | 1,310,000 | 1,379,468 |
| Oregon Coast Community College District, Unlimited General Obligation (b) | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/42 | 400,000 | 418,996 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/43 | 275,000 | 285,743 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/44 | 375,000 | 387,257 |
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/45 | 425,000 | 436,981 |
| Pacific Communities Health District, Unlimited General Obligation | ||
| 5.00%, due 6/1/29 | 1,945,000 | 1,976,597 |
| 5.00%, due 6/1/30 | 2,060,000 | 2,092,611 |
| Polk Marion & Benton Counties School District No. 13J, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 4.00%, due 2/1/28 | 1,515,000 | 1,516,196 |
| Portland Community College District, Unlimited General Obligation | ||
| 5.00%, due 6/15/38 | 1,250,000 | 1,337,758 |
| Redmond Area Park & Recreation District, Unlimited General Obligation | ||
| 5.00%, due 6/15/38 | 660,000 | 701,287 |
| Salem-Keizer School District No. 24J, Unlimited General Obligation (b) | ||
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/32 | 1,135,000 | 1,241,417 |
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/33 | 1,000,000 | 1,085,898 |
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/35 | 2,000,000 | 2,136,202 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| State of Oregon, Article XI-Q State Projects, Limited General Obligation | ||
| Series J | ||
| 5.00%, due 11/1/39 | $ 1,605,000 | $ 1,713,977 |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 5/1/33 | 1,370,000 | 1,553,006 |
| Series A | ||
| 5.00%, due 5/1/37 | 2,300,000 | 2,501,903 |
| Series A | ||
| 5.00%, due 5/1/44 | 3,000,000 | 3,015,868 |
| State of Oregon, Articles XI-M, XI-N, XI-P State Projects, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 6/1/44 | 1,500,000 | 1,592,457 |
| State of Oregon, Higher Education, Unlimited General Obligation | ||
| Series O | ||
| 5.00%, due 8/1/27 | 1,000,000 | 1,000,000 |
| State of Oregon, Veterans Welfare, Limited General Obligation | ||
| Series I, Insured: AG-CR | ||
| 2.15%, due 12/1/34 | 2,000,000 | 1,659,337 |
| State of Oregon, Veterans Welfare, Unlimited General Obligation | ||
| Series I | ||
| 6.25%, due 6/1/55 | 1,000,000 | 1,111,704 |
| Tillamook & Yamhill Counties School District No. 101, Unlimited General Obligation | ||
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/31 | 1,275,000 | 1,342,612 |
| Umatilla Hospital District No. 1, Limited General Obligation | ||
| 4.75%, due 6/1/43 | 2,310,000 | 2,082,642 |
| Washington & Clackamas Counties School District No. 23J, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/30 | 4,415,000 | 4,590,222 |
| Washington & Multnomah Counties School District No. 48J, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/38 | 2,000,000 | 1,123,031 |
| Washington & Multnomah Counties School District No. 48J, Beaverton, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/40 | 4,000,000 | 1,977,005 |
| Washington Clackamas & Yamhill Counties School District No. 88J, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/42 | 3,000,000 | 1,232,279 |
| Washington Clackamas & Yamhill Counties School District No. 88J, Sherwood, Unlimited General Obligation | ||
| Series B, Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/29 | 2,785,000 | 2,891,393 |
| Washington County School District No. 13, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| (zero coupon), due 6/15/44 | 1,500,000 | 561,217 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Washington County School District No. 15, Forest Grove, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.00%, due 6/15/41 | $ 1,000,000 | $ 1,052,516 |
| 148,413,948 | ||
| Hospital 8.8% | ||
| Medford Hospital Facilities Authority, Asante Health System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/37 | 830,000 | 858,253 |
| Medford Hospital Facilities Authority, Asante Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 8/15/45 | 1,600,000 | 1,382,653 |
| Series A | ||
| 5.00%, due 8/15/33 | 500,000 | 532,613 |
| Series A | ||
| 5.00%, due 8/15/34 | 1,180,000 | 1,247,864 |
| Oregon Health & Science University, Revenue Bonds | ||
| Series B-2 | ||
| 5.00%, due 7/1/46 (c) | 8,660,000 | 9,444,079 |
| Oregon State Facilities Authority, Legacy Health Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/30 | 2,255,000 | 2,445,716 |
| Oregon State Facilities Authority, Samaritan Health Services, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 1,685,000 | 1,685,454 |
| Salem Hospital Facility Authority, Salem Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/30 | 1,130,000 | 1,206,065 |
| Salem Hospital Facility Authority, Salem Health Projects, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/41 | 3,000,000 | 2,651,122 |
| Union County Hospital Facility Authority, Grande Ronde Hospital Project, Revenue Bonds | ||
| 5.00%, due 7/1/47 | 1,000,000 | 947,949 |
| Union County Hospital Facility Authority, Grande Ronde Hospital, Inc., Revenue Bonds | ||
| 5.00%, due 7/1/28 | 135,000 | 140,762 |
| 5.00%, due 7/1/29 | 175,000 | 184,230 |
| 5.00%, due 7/1/30 | 200,000 | 211,478 |
| 5.00%, due 7/1/31 | 665,000 | 704,508 |
| 5.00%, due 7/1/32 | 500,000 | 529,940 |
| 24,172,686 | ||
| Other Revenue 20.5% | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (c) | 2,650,000 | 2,766,336 |
| City of Eugene, Electric Utility System, Revenue Bonds | ||
| 5.00%, due 8/1/49 | 1,250,000 | 1,264,333 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Clackamas County Housing Authority, Easton Ridge LLC, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/27 | $ 1,000,000 | $ 1,000,531 |
| FHLMC Multifamily VRD Certificates, Revenue Bonds | ||
| Series ML-27, Insured: FHLMC | ||
| 4.759%, due 8/25/41 | 2,989,957 | 2,984,674 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 440,185 | 423,307 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/39 | 3,630,000 | 3,624,068 |
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (c) | 2,600,000 | 2,711,957 |
| Oregon State Business Development Commission, Intel Corp. Project, Revenue Bonds | ||
| Series 232 | ||
| 3.80%, due 12/1/40 (c) | 6,000,000 | 6,069,766 |
| Oregon State Lottery, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/29 | 1,000,000 | 1,087,673 |
| Series A | ||
| 5.00%, due 4/1/33 | 1,000,000 | 1,133,935 |
| Series A | ||
| 5.25%, due 4/1/42 | 2,150,000 | 2,307,640 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.329%, due 7/1/40 | 1,391,000 | 1,294,730 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 2,821,000 | 2,625,761 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 4.55%, due 7/1/40 | 545,000 | 515,453 |
| State of Oregon, Housing & Community Services Department, Revenue Bonds | ||
| Series A | ||
| 3.50%, due 1/1/51 | 2,530,000 | 2,532,216 |
| Series C | ||
| 3.75%, due 7/1/38 | 1,255,000 | 1,162,331 |
| State of Oregon Housing & Community Services Department, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 4,765,000 | 4,814,123 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 7/1/55 | 4,000,000 | 4,477,037 |
| Territory of Guam, Revenue Bonds | ||
| Series F | ||
| 5.00%, due 1/1/30 | 1,000,000 | 1,058,046 |
| Series F | ||
| 5.00%, due 1/1/31 | 1,000,000 | 1,062,741 |
| Series G | ||
| 5.00%, due 1/1/32 (d) | 1,850,000 | 1,997,787 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/54 (c) | $ 2,650,000 | $ 2,821,147 |
| Warm Springs Reservation Confederated Tribe, Pelton-Round Butte Project, Revenue Bonds (e) | ||
| Series B | ||
| 5.00%, due 11/1/32 | 1,000,000 | 1,064,447 |
| Series B | ||
| 5.00%, due 11/1/34 | 1,200,000 | 1,264,309 |
| Series B | ||
| 5.00%, due 11/1/36 | 500,000 | 521,592 |
| Series B | ||
| 5.00%, due 11/1/39 | 3,410,000 | 3,515,905 |
| 56,101,845 | ||
| Transportation 7.5% | ||
| Port of Portland, Airport, Revenue Bonds (a) | ||
| Series 27-A | ||
| 5.00%, due 7/1/35 | 4,290,000 | 4,447,181 |
| Series 30-A | ||
| 5.00%, due 7/1/36 | 1,000,000 | 1,066,836 |
| Series 30-A | ||
| 5.25%, due 7/1/44 | 5,000,000 | 5,078,844 |
| State of Oregon, Department of Transportation, Revenue Bonds, Sub. Lien | ||
| Series A | ||
| 5.00%, due 11/15/37 | 900,000 | 947,222 |
| Series A | ||
| 5.00%, due 11/15/41 | 1,355,000 | 1,422,972 |
| Series A | ||
| 5.00%, due 11/15/42 | 2,075,000 | 2,161,358 |
| Tri-County Metropolitan Transportation District of Oregon, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 2,000,000 | 2,101,819 |
| Series A | ||
| 5.00%, due 10/1/31 | 3,000,000 | 3,148,009 |
| 20,374,241 | ||
| Utilities 0.5% | ||
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 770,000 | 774,431 |
| Series A | ||
| 5.00%, due 10/1/43 | 580,000 | 581,749 |
| 1,356,180 | ||
| Water & Sewer 5.9% | ||
| City of Beaverton, Water, Revenue Bonds | ||
| 5.00%, due 4/1/36 | 1,760,000 | 1,864,718 |
| 5.00%, due 4/1/37 | 1,850,000 | 1,944,005 |
| Principal Amount | Value | ||
| Long-Term Municipal Bonds | |||
| Water & Sewer | |||
| City of Portland, Sewer System, Revenue Bonds, First Lien | |||
| Series A | |||
| 2.00%, due 6/15/29 | $ 750,000 | $ 711,078 | |
| City of Portland, Sewer System, Revenue Bonds, Second Lien | |||
| Series A | |||
| 5.00%, due 12/1/47 | 3,000,000 | 3,031,213 | |
| City of Portland, Water System, Revenue Bonds, Second Lien | |||
| Series A | |||
| 5.00%, due 5/1/35 | 1,740,000 | 1,845,200 | |
| Series A | |||
| 5.00%, due 5/1/35 | 3,000,000 | 3,361,285 | |
| Series A | |||
| 5.00%, due 5/1/38 | 1,250,000 | 1,352,646 | |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | |||
| Series B | |||
| 4.00%, due 7/1/42 (e) | 1,325,000 | 1,144,418 | |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien | |||
| Series A | |||
| 4.00%, due 7/1/42 (e) | 900,000 | 777,340 | |
| 16,031,903 | |||
| Total Long-Term Municipal Bonds (Cost $276,145,664) | 272,970,592 | ||
| Short-Term Municipal Notes 0.1% | |||
| Hospital 0.1% | |||
| Oregon State Facilities Authority, PeaceHealth Obligated Group, Revenue Bonds | |||
| Series B | |||
| 2.70%, due 8/1/34 (f) | 200,000 | 200,000 | |
| Total Short-Term Municipal Notes (Cost $200,000) | 200,000 | ||
| Total Municipal Bonds (Cost $276,345,664) | 273,170,592 | ||
| Shares | |||
| Short-Term Investment 0.1% | |||
| Unaffiliated Investment Company 0.1% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (g) | 276,785 | 276,785 | |
| Total Short-Term Investment (Cost $276,785) | 276,785 | ||
| Total Investments (Cost $276,622,449) | 100.1% | 273,447,377 | |
| Other Assets, Less Liabilities | (0.1) | (397,542) | |
| Net Assets | 100.0% | $ 273,049,835 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Delayed delivery security. |
| (e) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (g) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (90) | September 2025 | $ (10,116,887) | $ (10,177,031) | $ (60,144) |
| U.S. Treasury Long Bonds | (35) | September 2025 | (3,980,857) | (3,996,563) | (15,706) |
| Net Unrealized Depreciation | $ (75,850) |
| 1. | As of July 31, 2025, cash in the amount of $359,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 272,970,592 | $ — | $ 272,970,592 | |||
| Short-Term Municipal Notes | — | 200,000 | — | 200,000 | |||
| Total Municipal Bonds | — | 273,170,592 | — | 273,170,592 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 276,785 | — | — | 276,785 | |||
| Total Investments in Securities | $ 276,785 | $ 273,170,592 | $ — | $ 273,447,377 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (75,850) | $ — | $ — | $ (75,850) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 94.8% | ||
| Convertible Bonds 0.7% | ||
| Energy-Alternate Sources 0.2% | ||
| XPLR Infrastructure LP | ||
| 2.50%, due 6/15/26 (a) | $ 6,000,000 | $ 5,767,800 |
| Media 0.4% | ||
| Cable One, Inc. | ||
| (zero coupon), due 3/15/26 | 6,750,000 | 6,459,750 |
| 1.125%, due 3/15/28 | 6,640,000 | 5,136,040 |
| 11,595,790 | ||
| Oil & Gas 0.1% | ||
| Gulfport Energy Operating Corp. | ||
| 10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | 205,000 | 2,549,762 |
| Total Convertible Bonds (Cost $18,633,524) | 19,913,352 | |
| Corporate Bonds 78.3% | ||
| Advertising 0.9% | ||
| Clear Channel Outdoor Holdings, Inc. (a) | ||
| 5.125%, due 8/15/27 | 1,000,000 | 998,642 |
| 7.125%, due 2/15/31 | 2,000,000 | 1,997,239 |
| Lamar Media Corp. | ||
| 3.75%, due 2/15/28 | 5,500,000 | 5,312,917 |
| 4.00%, due 2/15/30 | 2,750,000 | 2,609,326 |
| 4.875%, due 1/15/29 | 9,500,000 | 9,329,559 |
| Outfront Media Capital LLC (a) | ||
| 4.25%, due 1/15/29 | 5,750,000 | 5,474,293 |
| 4.625%, due 3/15/30 | 2,500,000 | 2,373,235 |
| 28,095,211 | ||
| Aerospace & Defense 2.1% | ||
| AAR Escrow Issuer LLC | ||
| 6.75%, due 3/15/29 (a) | 2,500,000 | 2,565,148 |
| Bombardier, Inc. | ||
| 7.50%, due 2/1/29 (a) | 1,000,000 | 1,038,492 |
| TransDigm, Inc. | ||
| 4.625%, due 1/15/29 | 7,000,000 | 6,843,999 |
| 6.375%, due 3/1/29 (a) | 24,000,000 | 24,562,824 |
| 6.75%, due 8/15/28 (a) | 26,320,000 | 26,855,928 |
| 61,866,391 | ||
| Agriculture 0.1% | ||
| Darling Ingredients, Inc. (a) | ||
| 5.25%, due 4/15/27 | 500,000 | 499,299 |
| 6.00%, due 6/15/30 | 1,750,000 | 1,761,186 |
| 2,260,485 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Airlines 0.1% | ||
| American Airlines, Inc. | ||
| 5.50%, due 4/20/26 (a) | $ 500,000 | $ 499,544 |
| Delta Air Lines, Inc. | ||
| 4.50%, due 10/20/25 (a) | 166,750 | 166,340 |
| 7.375%, due 1/15/26 | 1,500,000 | 1,513,505 |
| 2,179,389 | ||
| Apparel 0.2% | ||
| Under Armour, Inc. | ||
| 7.25%, due 7/15/30 (a) | 6,000,000 | 6,121,623 |
| Auto Manufacturers 0.3% | ||
| Ford Motor Credit Co. LLC | ||
| 4.389%, due 1/8/26 | 1,000,000 | 997,485 |
| 6.95%, due 3/6/26 | 3,000,000 | 3,023,573 |
| 6.95%, due 6/10/26 | 1,500,000 | 1,516,965 |
| 7.35%, due 11/4/27 | 2,000,000 | 2,071,820 |
| PM General Purchaser LLC | ||
| 9.50%, due 10/1/28 (a) | 1,930,000 | 1,500,575 |
| 9,110,418 | ||
| Auto Parts & Equipment 1.2% | ||
| Adient Global Holdings Ltd. | ||
| 7.00%, due 4/15/28 (a) | 650,000 | 665,350 |
| Clarios Global LP | ||
| 6.75%, due 2/15/30 (a) | 2,500,000 | 2,577,575 |
| IHO Verwaltungs GmbH (a)(c) | ||
| 6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 1,000,000 | 1,001,196 |
| 7.75% (7.75% Cash or 8.50% PIK), due 11/15/30 | 10,170,000 | 10,438,701 |
| Phinia, Inc. | ||
| 6.75%, due 4/15/29 (a) | 6,000,000 | 6,174,534 |
| Tenneco, Inc. | ||
| 8.00%, due 11/17/28 (a) | 7,000,000 | 6,947,821 |
| ZF North America Capital, Inc. | ||
| 6.875%, due 4/14/28 (a) | 8,350,000 | 8,334,602 |
| 36,139,779 | ||
| Building Materials 0.7% | ||
| James Hardie International Finance DAC | ||
| 5.00%, due 1/15/28 (a) | 11,737,000 | 11,647,887 |
| JH North America Holdings, Inc. | ||
| 5.875%, due 1/31/31 (a) | 6,035,000 | 6,055,664 |
| Standard Industries, Inc. | ||
| 4.75%, due 1/15/28 (a) | 3,350,000 | 3,303,968 |
| 21,007,519 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Chemicals 2.6% | ||
| ASP Unifrax Holdings, Inc. (a)(c) | ||
| 7.10% (5.85% Cash and 1.25% PIK), due 9/30/29 | $ 2,512,517 | $ 1,297,436 |
| 11.175% (10.425% Cash or 11.175% PIK), due 9/30/29 | 1,006,003 | 921,275 |
| Celanese US Holdings LLC (d) | ||
| 6.665%, due 7/15/27 | 6,361,000 | 6,518,956 |
| 6.83%, due 7/15/29 | 3,500,000 | 3,635,674 |
| 6.85%, due 11/15/28 | 10,666,000 | 11,103,573 |
| GPD Cos., Inc. | ||
| 12.50%, due 12/31/29 (a) | 6,093,684 | 5,301,505 |
| Innophos Holdings, Inc. | ||
| 11.50%, due 6/15/29 (a) | 2,356,800 | 2,385,742 |
| Mativ Holdings, Inc. | ||
| 8.00%, due 10/1/29 (a) | 1,250,000 | 1,127,263 |
| NOVA Chemicals Corp. (a) | ||
| 5.25%, due 6/1/27 | 6,125,000 | 6,101,199 |
| 7.00%, due 12/1/31 | 2,615,000 | 2,729,805 |
| 8.50%, due 11/15/28 | 6,250,000 | 6,563,519 |
| 9.00%, due 2/15/30 | 3,435,000 | 3,691,052 |
| Olympus Water US Holding Corp. (a) | ||
| 7.125%, due 10/1/27 | 2,356,000 | 2,392,516 |
| 9.75%, due 11/15/28 | 6,800,000 | 7,128,610 |
| SCIH Salt Holdings, Inc. | ||
| 4.875%, due 5/1/28 (a) | 4,400,000 | 4,272,262 |
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (a) | 6,500,000 | 6,464,017 |
| SK Invictus Intermediate II SARL | ||
| 5.00%, due 10/30/29 (a) | 8,350,000 | 8,117,256 |
| 79,751,660 | ||
| Coal 0.5% | ||
| Alliance Resource Operating Partners LP | ||
| 8.625%, due 6/15/29 (a) | 11,541,000 | 12,195,963 |
| Coronado Finance Pty. Ltd. | ||
| 9.25%, due 10/1/29 (a) | 3,300,000 | 2,521,151 |
| 14,717,114 | ||
| Commercial Services 4.9% | ||
| Alta Equipment Group, Inc. | ||
| 9.00%, due 6/1/29 (a) | 3,500,000 | 3,319,201 |
| AMN Healthcare, Inc. | ||
| 4.625%, due 10/1/27 (a) | 2,500,000 | 2,444,434 |
| Belron UK Finance plc | ||
| 5.75%, due 10/15/29 (a) | 10,300,000 | 10,396,665 |
| Clarivate Science Holdings Corp. (a) | ||
| 3.875%, due 7/1/28 | 7,500,000 | 7,169,107 |
| 4.875%, due 7/1/29 | 14,100,000 | 13,205,251 |
| Dcli Bidco LLC | ||
| 7.75%, due 11/15/29 (a) | 6,585,000 | 6,721,527 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Commercial Services | ||
| GEO Group, Inc. (The) | ||
| 8.625%, due 4/15/29 | $ 5,725,000 | $ 6,078,374 |
| Graham Holdings Co. | ||
| 5.75%, due 6/1/26 (a) | 16,114,000 | 16,106,019 |
| Herc Holdings, Inc. (a) | ||
| 5.50%, due 7/15/27 | 4,000,000 | 3,983,898 |
| 6.625%, due 6/15/29 | 2,910,000 | 2,979,235 |
| 7.00%, due 6/15/30 | 2,425,000 | 2,506,324 |
| Korn Ferry | ||
| 4.625%, due 12/15/27 (a) | 6,130,000 | 6,028,615 |
| Matthews International Corp. | ||
| 8.625%, due 10/1/27 (a) | 3,500,000 | 3,639,461 |
| NES Fircroft Bondco A/S | ||
| Series Reg S | ||
| 8.00%, due 9/30/29 (a) | 4,750,000 | 4,736,198 |
| NESCO Holdings II, Inc. | ||
| 5.50%, due 4/15/29 (a) | 8,000,000 | 7,800,068 |
| OT Midco, Inc. | ||
| 10.00%, due 2/15/30 (a) | 6,625,000 | 5,399,242 |
| Service Corp. International | ||
| 7.50%, due 4/1/27 | 3,150,000 | 3,262,046 |
| TriNet Group, Inc. | ||
| 3.50%, due 3/1/29 (a) | 9,750,000 | 9,068,537 |
| United Rentals North America, Inc. | ||
| 3.875%, due 11/15/27 | 875,000 | 852,307 |
| 4.875%, due 1/15/28 | 3,450,000 | 3,428,757 |
| Williams Scotsman, Inc. (a) | ||
| 4.625%, due 8/15/28 | 11,750,000 | 11,558,823 |
| 6.625%, due 6/15/29 | 6,000,000 | 6,148,878 |
| 6.625%, due 4/15/30 | 10,800,000 | 11,135,885 |
| 147,968,852 | ||
| Computers 0.3% | ||
| Diebold Nixdorf, Inc. | ||
| 7.75%, due 3/31/30 (a) | 3,000,000 | 3,182,958 |
| Gartner, Inc. | ||
| 4.50%, due 7/1/28 (a) | 5,500,000 | 5,410,248 |
| 8,593,206 | ||
| Cosmetics & Personal Care 1.2% | ||
| Edgewell Personal Care Co. | ||
| 5.50%, due 6/1/28 (a) | 14,750,000 | 14,639,087 |
| Perrigo Finance Unlimited Co. | ||
| 4.90%, due 6/15/30 (d) | 2,750,000 | 2,681,509 |
| Prestige Brands, Inc. | ||
| 5.125%, due 1/15/28 (a) | 17,900,000 | 17,750,766 |
| 35,071,362 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Distribution & Wholesale 0.6% | ||
| Gates Corp. | ||
| 6.875%, due 7/1/29 (a) | $ 4,000,000 | $ 4,116,320 |
| RB Global Holdings, Inc. (a) | ||
| 6.75%, due 3/15/28 | 3,350,000 | 3,429,198 |
| 7.75%, due 3/15/31 | 4,000,000 | 4,191,968 |
| Velocity Vehicle Group LLC | ||
| 8.00%, due 6/1/29 (a) | 5,820,000 | 5,888,775 |
| 17,626,261 | ||
| Diversified Financial Services 2.4% | ||
| AG Issuer LLC | ||
| 6.25%, due 3/1/28 (a) | 4,750,000 | 4,744,987 |
| AG TTMT Escrow Issuer LLC | ||
| 8.625%, due 9/30/27 (a) | 9,500,000 | 9,761,145 |
| BGC Group, Inc. | ||
| 6.15%, due 4/2/30 (a) | 4,000,000 | 4,047,033 |
| Cantor Fitzgerald LP | ||
| 7.20%, due 12/12/28 (a) | 2,000,000 | 2,124,513 |
| Enact Holdings, Inc. | ||
| 6.25%, due 5/28/29 | 5,000,000 | 5,166,037 |
| Jane Street Group (a) | ||
| 4.50%, due 11/15/29 | 5,212,000 | 4,991,986 |
| 7.125%, due 4/30/31 | 2,000,000 | 2,065,651 |
| Jefferies Finance LLC | ||
| 5.00%, due 8/15/28 (a) | 3,690,000 | 3,558,436 |
| LPL Holdings, Inc. | ||
| 4.625%, due 11/15/27 (a) | 1,350,000 | 1,341,937 |
| PennyMac Financial Services, Inc. | ||
| 4.25%, due 2/15/29 (a) | 9,500,000 | 9,098,740 |
| Planet Financial Group LLC | ||
| 10.50%, due 12/15/29 (a) | 1,500,000 | 1,530,589 |
| Provident Funding Associates LP | ||
| 9.75%, due 9/15/29 (a) | 1,505,000 | 1,574,960 |
| Radian Group, Inc. | ||
| 4.875%, due 3/15/27 | 1,000,000 | 999,471 |
| Rocket Cos., Inc. | ||
| 6.125%, due 8/1/30 (a) | 13,475,000 | 13,663,010 |
| SLM Corp. | ||
| 6.50%, due 1/31/30 | 2,235,000 | 2,321,624 |
| StoneX Group, Inc. | ||
| 7.875%, due 3/1/31 (a) | 5,000,000 | 5,252,730 |
| 72,242,849 | ||
| Electric 2.4% | ||
| Clearway Energy Operating LLC | ||
| 4.75%, due 3/15/28 (a) | 10,500,000 | 10,323,776 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| Edison International | ||
| Series A | ||
| 5.375% (5 Year Treasury Constant Maturity Rate + 4.698%), due 3/9/26 (e)(f) | $ 6,700,000 | $ 6,370,909 |
| NRG Energy, Inc. | ||
| 5.75%, due 1/15/28 | 500,000 | 501,532 |
| PG&E Corp. | ||
| 5.00%, due 7/1/28 | 10,000,000 | 9,756,740 |
| TransAlta Corp. | ||
| 7.75%, due 11/15/29 | 3,000,000 | 3,125,844 |
| Vistra Corp. | ||
| 8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (a)(e)(f) | 12,250,000 | 12,503,771 |
| Vistra Operations Co. LLC | ||
| 5.625%, due 2/15/27 (a) | 9,750,000 | 9,738,791 |
| XPLR Infrastructure Operating Partners LP (a) | ||
| 3.875%, due 10/15/26 | 3,500,000 | 3,416,032 |
| 4.50%, due 9/15/27 | 6,000,000 | 5,808,489 |
| 7.25%, due 1/15/29 | 7,000,000 | 7,138,626 |
| 8.375%, due 1/15/31 | 4,420,000 | 4,636,134 |
| 73,320,644 | ||
| Electrical Components & Equipment 0.5% | ||
| EnerSys | ||
| 4.375%, due 12/15/27 (a) | 6,385,000 | 6,271,924 |
| WESCO Distribution, Inc. (a) | ||
| 6.375%, due 3/15/29 | 7,000,000 | 7,179,851 |
| 7.25%, due 6/15/28 | 2,125,000 | 2,153,296 |
| 15,605,071 | ||
| Electronics 0.2% | ||
| Sensata Technologies BV (a) | ||
| 4.00%, due 4/15/29 | 5,750,000 | 5,464,971 |
| 5.875%, due 9/1/30 | 1,000,000 | 1,000,807 |
| 6,465,778 | ||
| Engineering & Construction 0.4% | ||
| Arcosa, Inc. | ||
| 4.375%, due 4/15/29 (a) | 4,500,000 | 4,340,903 |
| TopBuild Corp. | ||
| 3.625%, due 3/15/29 (a) | 1,000,000 | 942,265 |
| Weekley Homes LLC | ||
| 4.875%, due 9/15/28 (a) | 7,035,000 | 6,769,410 |
| 12,052,578 | ||
| Entertainment 4.2% | ||
| Affinity Interactive | ||
| 6.875%, due 12/15/27 (a) | 1,350,000 | 743,877 |
| Boyne USA, Inc. | ||
| 4.75%, due 5/15/29 (a) | 7,125,000 | 6,904,540 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Entertainment | ||
| Brightstar Lottery plc | ||
| 6.25%, due 1/15/27 (a) | $ 1,630,000 | $ 1,646,606 |
| Caesars Entertainment, Inc. (a) | ||
| 4.625%, due 10/15/29 | 7,500,000 | 7,087,753 |
| 7.00%, due 2/15/30 | 1,250,000 | 1,289,415 |
| Churchill Downs, Inc. (a) | ||
| 4.75%, due 1/15/28 | 10,995,000 | 10,844,147 |
| 5.50%, due 4/1/27 | 24,710,000 | 24,677,138 |
| 5.75%, due 4/1/30 | 9,000,000 | 8,977,773 |
| Flutter Treasury DAC | ||
| 5.875%, due 6/4/31 (a) | 3,500,000 | 3,523,082 |
| Jacobs Entertainment, Inc. (a) | ||
| 6.75%, due 2/15/29 | 7,675,000 | 7,483,125 |
| 6.75%, due 2/15/29 | 1,485,000 | 1,444,163 |
| Light & Wonder International, Inc. (a) | ||
| 7.00%, due 5/15/28 | 6,500,000 | 6,506,857 |
| 7.25%, due 11/15/29 | 3,550,000 | 3,645,481 |
| Live Nation Entertainment, Inc. (a) | ||
| 3.75%, due 1/15/28 | 3,250,000 | 3,158,773 |
| 4.75%, due 10/15/27 | 15,025,000 | 14,792,739 |
| 5.625%, due 3/15/26 | 2,000,000 | 1,999,517 |
| 6.50%, due 5/15/27 | 15,150,000 | 15,322,861 |
| Motion Bondco DAC | ||
| 6.625%, due 11/15/27 (a) | 1,250,000 | 1,186,017 |
| Vail Resorts, Inc. | ||
| 5.625%, due 7/15/30 (a) | 5,960,000 | 5,992,780 |
| 127,226,644 | ||
| Food 2.3% | ||
| Chobani LLC (a) | ||
| 4.625%, due 11/15/28 | 6,150,000 | 6,030,863 |
| 7.625%, due 7/1/29 | 1,500,000 | 1,562,812 |
| Land O'Lakes Capital Trust I | ||
| 7.45%, due 3/15/28 (a) | 3,065,000 | 3,049,519 |
| Performance Food Group, Inc. (a) | ||
| 4.25%, due 8/1/29 | 14,000,000 | 13,460,086 |
| 5.50%, due 10/15/27 | 15,250,000 | 15,226,549 |
| Post Holdings, Inc. (a) | ||
| 4.625%, due 4/15/30 | 3,000,000 | 2,865,610 |
| 5.50%, due 12/15/29 | 5,000,000 | 4,956,659 |
| Simmons Foods, Inc. | ||
| 4.625%, due 3/1/29 (a) | 17,500,000 | 16,560,562 |
| United Natural Foods, Inc. | ||
| 6.75%, due 10/15/28 (a) | 5,000,000 | 4,978,869 |
| US Foods, Inc. | ||
| 6.875%, due 9/15/28 (a) | 1,000,000 | 1,029,876 |
| 69,721,405 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Food Service 0.3% | ||
| Aramark Services, Inc. | ||
| 5.00%, due 2/1/28 (a) | $ 9,000,000 | $ 8,911,245 |
| Forest Products & Paper 0.6% | ||
| Mercer International, Inc. | ||
| 5.125%, due 2/1/29 | 9,820,000 | 7,910,426 |
| 12.875%, due 10/1/28 (a) | 9,705,000 | 9,788,531 |
| Smurfit Kappa Treasury Funding DAC | ||
| 7.50%, due 11/20/25 | 1,000,000 | 1,007,766 |
| 18,706,723 | ||
| Healthcare-Products 1.4% | ||
| Bausch + Lomb Corp. | ||
| 8.375%, due 10/1/28 (a) | 6,720,000 | 7,006,272 |
| Hologic, Inc. (a) | ||
| 3.25%, due 2/15/29 | 1,500,000 | 1,420,441 |
| 4.625%, due 2/1/28 | 7,250,000 | 7,142,012 |
| Neogen Food Safety Corp. | ||
| 8.625%, due 7/20/30 (a) | 1,800,000 | 1,819,152 |
| Teleflex, Inc. | ||
| 4.25%, due 6/1/28 (a) | 7,500,000 | 7,263,235 |
| 4.625%, due 11/15/27 | 2,000,000 | 1,967,221 |
| Varex Imaging Corp. | ||
| 7.875%, due 10/15/27 (a) | 15,000,000 | 15,218,430 |
| 41,836,763 | ||
| Healthcare-Services 1.5% | ||
| Acadia Healthcare Co., Inc. (a) | ||
| 5.00%, due 4/15/29 | 1,000,000 | 966,291 |
| 5.50%, due 7/1/28 | 7,000,000 | 6,910,725 |
| DaVita, Inc. | ||
| 6.75%, due 7/15/33 (a) | 2,060,000 | 2,124,457 |
| Encompass Health Corp. | ||
| 4.50%, due 2/1/28 | 7,000,000 | 6,882,603 |
| 5.75%, due 9/15/25 | 1,267,000 | 1,265,404 |
| HCA, Inc. | ||
| 5.875%, due 2/15/26 | 2,000,000 | 2,001,498 |
| 7.58%, due 9/15/25 | 5,000,000 | 5,015,122 |
| HealthEquity, Inc. | ||
| 4.50%, due 10/1/29 (a) | 2,250,000 | 2,165,964 |
| IQVIA, Inc. | ||
| 5.00%, due 10/15/26 (a) | 5,515,000 | 5,501,469 |
| 5.70%, due 5/15/28 | 3,000,000 | 3,070,500 |
| LifePoint Health, Inc. | ||
| 9.875%, due 8/15/30 (a) | 8,000,000 | 8,622,291 |
| Tenet Healthcare Corp. | ||
| 6.25%, due 2/1/27 | 1,000,000 | 1,000,444 |
| 45,526,768 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Holding Companies-Diversified 0.1% | ||
| Stena International SA | ||
| 7.625%, due 2/15/31 (a) | $ 3,750,000 | $ 3,854,183 |
| Home Builders 1.2% | ||
| Century Communities, Inc. | ||
| 6.75%, due 6/1/27 | 5,000,000 | 5,003,160 |
| Installed Building Products, Inc. | ||
| 5.75%, due 2/1/28 (a) | 8,490,000 | 8,466,466 |
| LGI Homes, Inc. | ||
| 8.75%, due 12/15/28 (a) | 2,500,000 | 2,622,058 |
| M/I Homes, Inc. | ||
| 4.95%, due 2/1/28 | 3,615,000 | 3,579,211 |
| Shea Homes LP | ||
| 4.75%, due 2/15/28 | 2,850,000 | 2,781,771 |
| 4.75%, due 4/1/29 | 1,250,000 | 1,209,693 |
| STL Holding Co. LLC | ||
| 8.75%, due 2/15/29 (a) | 4,085,000 | 4,241,186 |
| Thor Industries, Inc. | ||
| 4.00%, due 10/15/29 (a) | 2,000,000 | 1,876,556 |
| Winnebago Industries, Inc. | ||
| 6.25%, due 7/15/28 (a) | 6,764,000 | 6,716,068 |
| 36,496,169 | ||
| Home Furnishings 0.2% | ||
| Whirlpool Corp. | ||
| 6.125%, due 6/15/30 | 5,000,000 | 4,988,078 |
| Household Products & Wares 0.3% | ||
| Central Garden & Pet Co. | ||
| 5.125%, due 2/1/28 | 9,555,000 | 9,513,821 |
| Housewares 0.9% | ||
| CD&R Smokey Buyer, Inc. | ||
| 9.50%, due 10/15/29 (a) | 1,000,000 | 830,000 |
| Newell Brands, Inc. | ||
| 6.375%, due 9/15/27 | 2,500,000 | 2,519,563 |
| 6.375%, due 5/15/30 | 9,360,000 | 9,070,210 |
| 6.625%, due 9/15/29 | 1,000,000 | 995,564 |
| 8.50%, due 6/1/28 (a) | 7,500,000 | 7,859,051 |
| Scotts Miracle-Gro Co. (The) | ||
| 4.50%, due 10/15/29 | 1,225,000 | 1,173,776 |
| 5.25%, due 12/15/26 | 3,250,000 | 3,248,638 |
| 25,696,802 | ||
| Insurance 0.3% | ||
| MGIC Investment Corp. | ||
| 5.25%, due 8/15/28 | 3,516,000 | 3,507,985 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Insurance | ||
| NMI Holdings, Inc. | ||
| 6.00%, due 8/15/29 | $ 5,500,000 | $ 5,609,719 |
| Ryan Specialty LLC | ||
| 4.375%, due 2/1/30 (a) | 730,000 | 700,439 |
| 9,818,143 | ||
| Internet 1.2% | ||
| Cars.com, Inc. | ||
| 6.375%, due 11/1/28 (a) | 8,450,000 | 8,432,470 |
| Cogent Communications Group LLC | ||
| 7.00%, due 6/15/27 (a) | 3,590,000 | 3,593,435 |
| Gen Digital, Inc. | ||
| 6.75%, due 9/30/27 (a) | 6,500,000 | 6,606,794 |
| Go Daddy Operating Co. LLC (a) | ||
| 3.50%, due 3/1/29 | 1,000,000 | 938,594 |
| 5.25%, due 12/1/27 | 12,000,000 | 11,955,331 |
| Match Group Holdings II LLC | ||
| 5.00%, due 12/15/27 (a) | 3,000,000 | 2,977,141 |
| Uber Technologies, Inc. | ||
| 6.25%, due 1/15/28 (a) | 1,800,000 | 1,804,371 |
| 36,308,136 | ||
| Investment Companies 0.8% | ||
| Apollo Debt Solutions BDC | ||
| 5.875%, due 8/30/30 (a) | 3,000,000 | 3,003,584 |
| Ares Capital Corp. | ||
| 5.50%, due 9/1/30 | 6,125,000 | 6,114,073 |
| Compass Group Diversified Holdings LLC | ||
| 5.25%, due 4/15/29 (a) | 7,500,000 | 6,967,306 |
| Icahn Enterprises LP | ||
| 10.00%, due 11/15/29 (a) | 3,210,000 | 3,249,888 |
| Oaktree Strategic Credit Fund | ||
| 6.19%, due 7/15/30 (a) | 5,000,000 | 5,028,277 |
| 24,363,128 | ||
| Iron & Steel 2.0% | ||
| Allegheny Ludlum LLC | ||
| 6.95%, due 12/15/25 | 2,430,000 | 2,438,097 |
| Big River Steel LLC | ||
| 6.625%, due 1/31/29 (a) | 21,657,000 | 21,654,182 |
| Mineral Resources Ltd. (a) | ||
| 8.00%, due 11/1/27 | 3,010,000 | 3,059,886 |
| 8.125%, due 5/1/27 | 17,335,000 | 17,386,052 |
| 9.25%, due 10/1/28 | 14,240,000 | 14,882,967 |
| 59,421,184 | ||
| Leisure Time 0.6% | ||
| Acushnet Co. | ||
| 7.375%, due 10/15/28 (a) | 1,500,000 | 1,562,687 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Leisure Time | ||
| Carnival Corp. (a) | ||
| 4.00%, due 8/1/28 | $ 7,000,000 | $ 6,798,750 |
| 5.75%, due 3/1/27 | 1,214,000 | 1,226,109 |
| 6.00%, due 5/1/29 | 8,000,000 | 8,070,944 |
| 17,658,490 | ||
| Lodging 1.3% | ||
| Boyd Gaming Corp. | ||
| 4.75%, due 12/1/27 | 18,270,000 | 18,102,446 |
| Hilton Domestic Operating Co., Inc. (a) | ||
| 5.75%, due 5/1/28 | 2,570,000 | 2,569,107 |
| 5.875%, due 4/1/29 | 9,000,000 | 9,145,809 |
| Hilton Worldwide Finance LLC | ||
| 4.875%, due 4/1/27 | 3,035,000 | 3,031,844 |
| Station Casinos LLC | ||
| 4.50%, due 2/15/28 (a) | 5,500,000 | 5,376,739 |
| 38,225,945 | ||
| Machinery—Construction & Mining 0.6% | ||
| Terex Corp. | ||
| 5.00%, due 5/15/29 (a) | 4,500,000 | 4,392,324 |
| Vertiv Group Corp. | ||
| 4.125%, due 11/15/28 (a) | 15,000,000 | 14,587,420 |
| 18,979,744 | ||
| Machinery-Diversified 1.2% | ||
| Briggs & Stratton Corp. Escrow Claim Shares | ||
| 6.875%, due 12/15/20 (g)(h)(i) | 3,425,000 | — |
| Maxim Crane Works Holdings Capital LLC | ||
| 11.50%, due 9/1/28 (a) | 2,500,000 | 2,648,872 |
| Regal Rexnord Corp. | ||
| 6.05%, due 2/15/26 | 2,875,000 | 2,873,376 |
| 6.05%, due 4/15/28 | 3,720,000 | 3,832,174 |
| TK Elevator U.S. Newco, Inc. | ||
| 5.25%, due 7/15/27 (a) | 26,258,000 | 26,140,551 |
| 35,494,973 | ||
| Media 5.1% | ||
| Block Communications, Inc. | ||
| 4.875%, due 3/1/28 (a) | 1,500,000 | 1,406,480 |
| CCO Holdings LLC (a) | ||
| 4.75%, due 3/1/30 | 1,000,000 | 950,194 |
| 5.00%, due 2/1/28 | 19,795,000 | 19,424,460 |
| 5.125%, due 5/1/27 | 1,500,000 | 1,487,720 |
| 5.375%, due 6/1/29 | 7,000,000 | 6,875,263 |
| 5.50%, due 5/1/26 | 13,485,000 | 13,461,993 |
| 6.375%, due 9/1/29 | 1,500,000 | 1,513,787 |
| CSC Holdings LLC (a) | ||
| 5.50%, due 4/15/27 | 2,000,000 | 1,935,836 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Media | ||
| CSC Holdings LLC (a) | ||
| 6.50%, due 2/1/29 | $ 3,000,000 | $ 2,370,230 |
| 11.25%, due 5/15/28 | 5,170,000 | 5,196,915 |
| 11.75%, due 1/31/29 | 3,095,000 | 2,895,029 |
| Directv Financing LLC | ||
| 5.875%, due 8/15/27 (a) | 18,538,000 | 18,436,106 |
| Discovery Communications LLC | ||
| 3.625%, due 5/15/30 | 6,755,000 | 5,983,686 |
| Gray Media, Inc. | ||
| 10.50%, due 7/15/29 (a) | 7,330,000 | 7,932,522 |
| LCPR Senior Secured Financing DAC | ||
| 6.75%, due 10/15/27 (a) | 19,500,000 | 14,966,250 |
| Nexstar Media, Inc. (a) | ||
| 4.75%, due 11/1/28 | 1,500,000 | 1,457,915 |
| 5.625%, due 7/15/27 | 4,500,000 | 4,491,266 |
| Scripps Escrow II, Inc. | ||
| 3.875%, due 1/15/29 (a) | 3,000,000 | 2,663,324 |
| Sirius XM Radio LLC (a) | ||
| 4.00%, due 7/15/28 | 3,890,000 | 3,702,453 |
| 5.00%, due 8/1/27 | 3,000,000 | 2,967,367 |
| 5.50%, due 7/1/29 | 1,000,000 | 987,570 |
| TEGNA, Inc. | ||
| 4.625%, due 3/15/28 | 4,000,000 | 3,882,866 |
| 5.00%, due 9/15/29 | 2,100,000 | 2,018,595 |
| Univision Communications, Inc. | ||
| 7.375%, due 6/30/30 (a) | 3,000,000 | 2,983,530 |
| Videotron Ltd. | ||
| 5.125%, due 4/15/27 (a) | 3,500,000 | 3,496,674 |
| Virgin Media Secured Finance plc | ||
| 5.50%, due 5/15/29 (a) | 8,500,000 | 8,309,167 |
| Virgin Media Vendor Financing Notes IV DAC | ||
| 5.00%, due 7/15/28 (a) | 5,059,000 | 4,906,183 |
| Ziggo BV | ||
| 4.875%, due 1/15/30 (a) | 9,000,000 | 8,313,939 |
| 155,017,320 | ||
| Metal Fabricate & Hardware 0.2% | ||
| Advanced Drainage Systems, Inc. | ||
| 5.00%, due 9/30/27 (a) | 2,500,000 | 2,473,991 |
| Park-Ohio Industries, Inc. | ||
| 8.50%, due 8/1/30 (a) | 5,000,000 | 4,800,100 |
| 7,274,091 | ||
| Mining 2.0% | ||
| Alcoa Nederland Holding BV | ||
| 7.125%, due 3/15/31 (a) | 1,500,000 | 1,563,861 |
| Alumina Pty. Ltd. | ||
| 6.125%, due 3/15/30 (a) | 6,200,000 | 6,268,374 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Mining | ||
| Century Aluminum Co. | ||
| 7.50%, due 4/1/28 (a) | $ 10,725,000 | $ 10,923,219 |
| Compass Minerals International, Inc. (a) | ||
| 6.75%, due 12/1/27 | 592,000 | 591,453 |
| 8.00%, due 7/1/30 | 4,045,000 | 4,190,753 |
| Eldorado Gold Corp. | ||
| 6.25%, due 9/1/29 (a) | 5,875,000 | 5,870,660 |
| First Quantum Minerals Ltd. (a) | ||
| 6.875%, due 10/15/27 | 2,120,000 | 2,123,562 |
| 9.375%, due 3/1/29 | 11,875,000 | 12,584,068 |
| IAMGOLD Corp. | ||
| 5.75%, due 10/15/28 (a) | 14,894,000 | 14,729,841 |
| 58,845,791 | ||
| Miscellaneous—Manufacturing 1.3% | ||
| Amsted Industries, Inc. | ||
| 4.625%, due 5/15/30 (a) | 2,000,000 | 1,915,397 |
| Axon Enterprise, Inc. | ||
| 6.125%, due 3/15/30 (a) | 7,000,000 | 7,149,110 |
| Calderys Financing II LLC | ||
| 11.75% (11.75% Cash or 12.50% PIK), due 6/1/28 (a)(c) | 5,975,000 | 6,156,801 |
| Calderys Financing LLC | ||
| 11.25%, due 6/1/28 (a) | 5,750,000 | 6,075,028 |
| Hillenbrand, Inc. | ||
| 6.25%, due 2/15/29 | 2,885,000 | 2,921,931 |
| LSB Industries, Inc. | ||
| 6.25%, due 10/15/28 (a) | 7,000,000 | 6,881,183 |
| Trinity Industries, Inc. | ||
| 7.75%, due 7/15/28 (a) | 7,500,000 | 7,808,371 |
| 38,907,821 | ||
| Oil & Gas 5.8% | ||
| Ascent Resources Utica Holdings LLC | ||
| 9.00%, due 11/1/27 (a) | 1,556,000 | 1,889,513 |
| California Resources Corp. | ||
| 7.125%, due 2/1/26 (a) | 866,000 | 865,986 |
| Civitas Resources, Inc. | ||
| 5.00%, due 10/15/26 (a) | 2,800,000 | 2,769,184 |
| Comstock Resources, Inc. (a) | ||
| 6.75%, due 3/1/29 | 2,500,000 | 2,471,747 |
| 6.75%, due 3/1/29 | 3,750,000 | 3,683,525 |
| Constellation Oil Services Holding SA | ||
| 9.375%, due 11/7/29 (a) | 3,175,000 | 3,252,375 |
| Diamond Foreign Asset Co. | ||
| 8.50%, due 10/1/30 (a) | 5,000,000 | 5,211,215 |
| Encino Acquisition Partners Holdings LLC | ||
| 8.50%, due 5/1/28 (a) | 11,300,000 | 11,540,125 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Oil & Gas | ||
| Gulfport Energy Operating Corp. | ||
| 6.75%, due 9/1/29 (a) | $ 4,005,000 | $ 4,070,116 |
| Hilcorp Energy I LP (a) | ||
| 5.75%, due 2/1/29 | 3,500,000 | 3,437,999 |
| 6.25%, due 11/1/28 | 5,000,000 | 5,019,305 |
| Matador Resources Co. | ||
| 6.875%, due 4/15/28 (a) | 2,000,000 | 2,032,749 |
| Noble Finance II LLC | ||
| 8.00%, due 4/15/30 (a) | 6,500,000 | 6,629,785 |
| Parkland Corp. (a) | ||
| 4.50%, due 10/1/29 | 1,000,000 | 963,452 |
| 4.625%, due 5/1/30 | 2,000,000 | 1,917,949 |
| 5.875%, due 7/15/27 | 19,540,000 | 19,556,614 |
| Parkland Corp. Escrow Claim Shares (g)(h) | ||
| 4.50%, due 10/1/29 | 1,000,000 | — |
| 4.625%, due 5/1/30 | 2,000,000 | — |
| 5.875%, due 7/15/27 | 16,940,000 | — |
| PBF Holding Co. LLC | ||
| 9.875%, due 3/15/30 (a) | 2,850,000 | 2,824,940 |
| Permian Resources Operating LLC | ||
| 5.375%, due 1/15/26 (a) | 8,100,000 | 8,086,386 |
| Range Resources Corp. | ||
| 4.75%, due 2/15/30 (a) | 6,272,000 | 6,096,787 |
| 8.25%, due 1/15/29 | 1,000,000 | 1,025,331 |
| Seadrill Finance Ltd. | ||
| 8.375%, due 8/1/30 (a) | 7,750,000 | 7,916,648 |
| SM Energy Co. | ||
| 6.625%, due 1/15/27 | 1,950,000 | 1,945,671 |
| 6.75%, due 9/15/26 | 7,270,000 | 7,286,278 |
| 6.75%, due 8/1/29 (a) | 4,000,000 | 4,003,160 |
| Sunoco LP | ||
| 6.00%, due 4/15/27 | 2,500,000 | 2,498,339 |
| Talos Production, Inc. | ||
| 9.00%, due 2/1/29 (a) | 16,025,000 | 16,423,974 |
| TGNR Intermediate Holdings LLC | ||
| 5.50%, due 10/15/29 (a) | 7,500,000 | 7,305,881 |
| Transocean Aquila Ltd. | ||
| 8.00%, due 9/30/28 (a) | 6,033,846 | 6,110,132 |
| Transocean Poseidon Ltd. | ||
| 6.875%, due 2/1/27 (a) | 7,483,875 | 7,478,487 |
| Transocean Titan Financing Ltd. | ||
| 8.375%, due 2/1/28 (a) | 6,735,952 | 6,903,321 |
| Viper Energy, Inc. | ||
| 5.375%, due 11/1/27 (a) | 4,500,000 | 4,498,760 |
| Vital Energy, Inc. | ||
| 7.75%, due 7/31/29 (a) | 5,975,000 | 5,436,617 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Oil & Gas | ||
| Wildfire Intermediate Holdings LLC | ||
| 7.50%, due 10/15/29 (a) | $ 4,750,000 | $ 4,726,444 |
| 175,878,795 | ||
| Oil & Gas Services 0.8% | ||
| Bristow Group, Inc. | ||
| 6.875%, due 3/1/28 (a) | 10,500,000 | 10,524,854 |
| Nine Energy Service, Inc. | ||
| 13.00%, due 2/1/28 | 4,500,000 | 2,124,900 |
| Oceaneering International, Inc. | ||
| 6.00%, due 2/1/28 | 3,000,000 | 3,017,424 |
| Tidewater, Inc. | ||
| 9.125%, due 7/15/30 (a) | 9,000,000 | 9,439,153 |
| Weatherford International Ltd. | ||
| 8.625%, due 4/30/30 (a) | 500,000 | 513,656 |
| 25,619,987 | ||
| Packaging & Containers 0.2% | ||
| Owens-Brockway Glass Container, Inc. | ||
| 6.625%, due 5/13/27 (a) | 1,000,000 | 1,001,201 |
| Sealed Air Corp. | ||
| 6.125%, due 2/1/28 (a) | 2,935,000 | 2,963,054 |
| TriMas Corp. | ||
| 4.125%, due 4/15/29 (a) | 2,500,000 | 2,398,498 |
| Trivium Packaging Finance BV | ||
| 8.25%, due 7/15/30 (a) | 815,000 | 858,228 |
| 7,220,981 | ||
| Pharmaceuticals 1.8% | ||
| Bausch Health Cos., Inc. | ||
| 11.00%, due 9/30/28 (a) | 9,000,000 | 9,247,500 |
| BellRing Brands, Inc. | ||
| 7.00%, due 3/15/30 (a) | 1,750,000 | 1,815,476 |
| ENDO DESIG Escrow Claim Shares | ||
| (zero coupon), due 10/15/24 (g)(h) | 13,150,000 | — |
| Jazz Securities DAC | ||
| 4.375%, due 1/15/29 (a) | 20,385,000 | 19,719,968 |
| Organon & Co. | ||
| 4.125%, due 4/30/28 (a) | 24,000,000 | 22,716,224 |
| Par Pharmaceutical, Inc. Escrow Claim Shares | ||
| (zero coupon), due 4/1/27 (g)(h) | 1,990,000 | — |
| 53,499,168 | ||
| Pipelines 5.3% | ||
| Antero Midstream Partners LP (a) | ||
| 5.75%, due 3/1/27 | 12,420,000 | 12,425,234 |
| 5.75%, due 1/15/28 | 7,035,000 | 7,024,159 |
| Buckeye Partners LP (a) | ||
| 6.75%, due 2/1/30 | 5,500,000 | 5,693,891 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Pipelines | ||
| Buckeye Partners LP (a) | ||
| 6.875%, due 7/1/29 | $ 8,500,000 | $ 8,749,849 |
| DT Midstream, Inc. | ||
| 4.125%, due 6/15/29 (a) | 2,500,000 | 2,407,649 |
| Excelerate Energy LP | ||
| 8.00%, due 5/15/30 (a) | 15,815,000 | 16,555,964 |
| FTAI Infra Escrow Holdings LLC | ||
| 10.50%, due 6/1/27 (a) | 8,110,000 | 8,334,087 |
| Genesis Energy LP | ||
| 7.75%, due 2/1/28 | 1,900,000 | 1,918,973 |
| Global Partners LP | ||
| 6.875%, due 1/15/29 | 2,250,000 | 2,273,072 |
| Harvest Midstream I LP | ||
| 7.50%, due 9/1/28 (a) | 3,500,000 | 3,542,599 |
| Hess Midstream Operations LP (a) | ||
| 5.875%, due 3/1/28 | 4,000,000 | 4,065,848 |
| 6.50%, due 6/1/29 | 7,500,000 | 7,725,757 |
| ITT Holdings LLC | ||
| 6.50%, due 8/1/29 (a) | 7,500,000 | 7,143,816 |
| NuStar Logistics LP | ||
| 6.00%, due 6/1/26 | 4,200,000 | 4,213,213 |
| ONEOK, Inc. | ||
| 5.625%, due 1/15/28 (a) | 3,000,000 | 3,057,160 |
| Plains All American Pipeline LP | ||
| Series B | ||
| 8.698% (3 Month SOFR + 4.372%), due 11/15/2173 (e)(f) | 18,663,000 | 18,673,545 |
| Rockies Express Pipeline LLC | ||
| 4.95%, due 7/15/29 (a) | 4,500,000 | 4,412,087 |
| Tallgrass Energy Partners LP (a) | ||
| 5.50%, due 1/15/28 | 4,500,000 | 4,459,591 |
| 6.00%, due 3/1/27 | 7,250,000 | 7,226,146 |
| 7.375%, due 2/15/29 | 12,400,000 | 12,722,673 |
| Venture Global LNG, Inc. (a) | ||
| 8.125%, due 6/1/28 | 9,580,000 | 9,918,304 |
| 9.50%, due 2/1/29 | 2,000,000 | 2,181,158 |
| Western Midstream Operating LP | ||
| 4.65%, due 7/1/26 | 4,315,000 | 4,308,956 |
| 159,033,731 | ||
| Real Estate 0.1% | ||
| Howard Hughes Corp. (The) | ||
| 4.125%, due 2/1/29 (a) | 2,000,000 | 1,906,514 |
| Real Estate Investment Trusts 2.1% | ||
| Blackstone Mortgage Trust, Inc. | ||
| 7.75%, due 12/1/29 (a) | 5,500,000 | 5,813,979 |
| GLP Capital LP | ||
| 5.375%, due 4/15/26 | 700,000 | 700,204 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Real Estate Investment Trusts | ||
| Iron Mountain, Inc. (a) | ||
| 4.875%, due 9/15/27 | $ 6,750,000 | $ 6,698,766 |
| 5.00%, due 7/15/28 | 2,000,000 | 1,979,491 |
| 5.25%, due 3/15/28 | 7,275,000 | 7,237,973 |
| RHP Hotel Properties LP | ||
| 4.50%, due 2/15/29 (a) | 2,500,000 | 2,431,350 |
| 4.75%, due 10/15/27 | 16,300,000 | 16,124,477 |
| 7.25%, due 7/15/28 (a) | 3,220,000 | 3,320,580 |
| SBA Communications Corp. | ||
| 3.875%, due 2/15/27 | 2,000,000 | 1,965,449 |
| Uniti Group LP (a) | ||
| 4.75%, due 4/15/28 | 9,500,000 | 9,206,594 |
| 10.50%, due 2/15/28 | 6,292,000 | 6,649,883 |
| 62,128,746 | ||
| Retail 4.8% | ||
| 1011778 B.C. Unlimited Liability Co. (a) | ||
| 3.875%, due 1/15/28 | 16,900,000 | 16,300,793 |
| 5.625%, due 9/15/29 | 3,585,000 | 3,606,395 |
| 6.125%, due 6/15/29 | 6,500,000 | 6,643,475 |
| Asbury Automotive Group, Inc. | ||
| 4.50%, due 3/1/28 | 14,605,000 | 14,362,150 |
| 4.75%, due 3/1/30 | 2,250,000 | 2,160,947 |
| CEC Entertainment LLC | ||
| 6.75%, due 5/1/26 (a) | 3,830,000 | 3,802,008 |
| Group 1 Automotive, Inc. | ||
| 4.00%, due 8/15/28 (a) | 3,000,000 | 2,892,513 |
| Ken Garff Automotive LLC | ||
| 4.875%, due 9/15/28 (a) | 18,185,000 | 17,707,375 |
| KFC Holding Co. | ||
| 4.75%, due 6/1/27 (a) | 9,157,000 | 9,111,495 |
| LCM Investments Holdings II LLC | ||
| 4.875%, due 5/1/29 (a) | 9,500,000 | 9,232,301 |
| Murphy Oil USA, Inc. | ||
| 4.75%, due 9/15/29 | 500,000 | 488,879 |
| 5.625%, due 5/1/27 | 13,250,000 | 13,233,269 |
| Papa John's International, Inc. | ||
| 3.875%, due 9/15/29 (a) | 6,025,000 | 5,735,067 |
| Patrick Industries, Inc. | ||
| 4.75%, due 5/1/29 (a) | 1,500,000 | 1,452,378 |
| Penske Automotive Group, Inc. | ||
| 3.75%, due 6/15/29 | 750,000 | 709,935 |
| PetSmart, Inc. (a) | ||
| 4.75%, due 2/15/28 | 14,100,000 | 13,836,736 |
| 7.75%, due 2/15/29 | 5,190,000 | 5,078,844 |
| Saks Global Enterprises LLC | ||
| 11.00%, due 12/15/29 (a) | 22,000,000 | 11,220,000 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Retail | ||
| SGUS LLC | ||
| 11.00%, due 12/15/29 (a) | $ 6,417,972 | $ 6,097,073 |
| Sonic Automotive, Inc. | ||
| 4.625%, due 11/15/29 (a) | 650,000 | 625,114 |
| 144,296,747 | ||
| Semiconductors 0.2% | ||
| Entegris, Inc. | ||
| 4.75%, due 4/15/29 (a) | 5,000,000 | 4,897,674 |
| Software 2.4% | ||
| Camelot Finance SA | ||
| 4.50%, due 11/1/26 (a) | 4,978,000 | 4,913,007 |
| Cloud Software Group, Inc. | ||
| 6.50%, due 3/31/29 (a) | 24,185,000 | 24,424,069 |
| Dun & Bradstreet Corp. (The) | ||
| 5.00%, due 12/15/29 (a) | 2,250,000 | 2,301,497 |
| Open Text Corp. (a) | ||
| 3.875%, due 2/15/28 | 8,000,000 | 7,700,076 |
| 3.875%, due 12/1/29 | 2,000,000 | 1,872,086 |
| 6.90%, due 12/1/27 | 2,850,000 | 2,942,671 |
| Open Text Holdings, Inc. | ||
| 4.125%, due 2/15/30 (a) | 3,250,000 | 3,046,248 |
| PTC, Inc. | ||
| 4.00%, due 2/15/28 (a) | 4,600,000 | 4,482,192 |
| SS&C Technologies, Inc. | ||
| 5.50%, due 9/30/27 (a) | 19,050,000 | 19,054,147 |
| UKG, Inc. | ||
| 6.875%, due 2/1/31 (a) | 1,500,000 | 1,539,997 |
| 72,275,990 | ||
| Telecommunications 2.5% | ||
| Connect Finco SARL | ||
| 9.00%, due 9/15/29 (a) | 1,750,000 | 1,767,169 |
| EchoStar Corp. | ||
| 10.75%, due 11/30/29 | 15,215,000 | 16,032,806 |
| Frontier Communications Holdings LLC (a) | ||
| 5.00%, due 5/1/28 | 4,250,000 | 4,244,652 |
| 5.875%, due 10/15/27 | 8,000,000 | 8,001,448 |
| Iliad Holding SASU (a) | ||
| 7.00%, due 10/15/28 | 9,230,000 | 9,368,404 |
| 8.50%, due 4/15/31 | 2,000,000 | 2,145,362 |
| Level 3 Financing, Inc. | ||
| 11.00%, due 11/15/29 (a) | 4,023,810 | 4,562,095 |
| Sunrise HoldCo IV BV | ||
| 5.50%, due 1/15/28 (a) | 2,500,000 | 2,484,622 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Telecommunications | ||
| T-Mobile USA, Inc. | ||
| 2.25%, due 2/15/26 | $ 20,000,000 | $ 19,713,350 |
| 4.75%, due 2/1/28 | 7,555,000 | 7,561,762 |
| 75,881,670 | ||
| Toys, Games & Hobbies 0.3% | ||
| Mattel, Inc. (a) | ||
| 3.375%, due 4/1/26 | 4,469,000 | 4,408,676 |
| 5.875%, due 12/15/27 | 4,765,000 | 4,776,074 |
| 9,184,750 | ||
| Transportation 0.8% | ||
| Beacon Mobility Corp. | ||
| 7.25%, due 8/1/30 (a) | 2,250,000 | 2,292,560 |
| RXO, Inc. | ||
| 7.50%, due 11/15/27 (a) | 810,000 | 823,384 |
| Star Leasing Co. LLC | ||
| 7.625%, due 2/15/30 (a) | 20,500,000 | 20,220,306 |
| 23,336,250 | ||
| Total Corporate Bonds (Cost $2,341,207,048) | 2,358,150,560 | |
| Loan Assignments 15.8% | ||
| Aerospace & Defense 0.5% | ||
| Chromalloy Corp. | ||
| First Lien Term Loan | ||
| 8.042% (3 Month SOFR + 3.75%), due 3/27/31 (e) | 8,215,528 | 8,236,067 |
| SkyMiles IP Ltd. | ||
| First Lien Initial Term Loan | ||
| 8.075% (3 Month SOFR + 3.75%), due 10/20/27 (e) | 1,241,833 | 1,245,907 |
| TransDigm, Inc. | ||
| First Lien Tranche Term Loan J | ||
| 6.796% (3 Month SOFR + 2.50%), due 2/28/31 (e) | 4,443,862 | 4,457,496 |
| 13,939,470 | ||
| Automobile 0.4% | ||
| Clarios Global LP | ||
| First Lien Amendment No. 6 Dollar Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/28/32 (e) | 8,000,000 | 8,003,336 |
| Tenneco, Inc. | ||
| First Lien Term Loan B 9.396% - 9.422% | ||
| (3 Month SOFR + 5.00%), due 11/17/28 (e) | 5,600,000 | 5,524,999 |
| 13,528,335 | ||
| Banking 0.4% | ||
| Jane Street Group LLC | ||
| First Lien Extended Term Loan | ||
| 6.333% (3 Month SOFR + 2.00%), due 12/15/31 (e) | 13,382,453 | 13,321,121 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Beverage, Food & Tobacco 0.4% | ||
| B&G Foods, Inc. | ||
| First Lien Tranche Term Loan B5 | ||
| 7.856% (1 Month SOFR + 3.50%), due 10/10/29 (e) | $ 4,315,970 | $ 3,981,482 |
| Clover Holdings 2 LLC | ||
| First Lien Initial Floating Rate Term Loan | ||
| 8.057% (3 Month SOFR + 4.00%), due 12/9/31 (e) | 4,987,500 | 4,982,822 |
| United Natural Foods, Inc. | ||
| First Lien 2024 Term Loan | ||
| 9.106% (1 Month SOFR + 4.75%), due 5/1/31 (e) | 3,070,283 | 3,087,553 |
| 12,051,857 | ||
| Broadcasting & Entertainment 0.1% | ||
| Gray Media, Inc. | ||
| First Lien Term Loan D | ||
| 7.443% (1 Month SOFR + 3.00%), due 12/1/28 (e) | 2,138,923 | 2,132,049 |
| Gray Television, Inc. | ||
| First Lien Term Loan B | ||
| 9.579% (1 Month SOFR + 5.25%), due 5/23/29 (e) | 104,227 | 104,189 |
| 2,236,238 | ||
| Buildings & Real Estate 0.1% | ||
| GEO Group, Inc. (The) | ||
| First Lien Term Loan | ||
| 9.606% (1 Month SOFR + 5.25%), due 4/16/29 (e) | 1,612,028 | 1,614,044 |
| Capital Equipment 1.0% | ||
| DexKo Global, Inc. | ||
| First Lien 2023 Incremental Term Loan | ||
| 8.606% (1 Month SOFR + 4.25%), due 10/4/28 (e) | 2,462,500 | 2,352,919 |
| EMRLD Borrower LP | ||
| First Lien Second Amendment Incremental Term Loan | ||
| 6.856% (1 Month SOFR + 2.50%), due 8/4/31 (e) | 7,601,377 | 7,601,377 |
| TK Elevator Midco GmbH | ||
| First Lien Term Loan B1 | ||
| 7.237% (3 Month SOFR + 3.00%), due 4/30/30 (e) | 20,386,717 | 20,488,651 |
| 30,442,947 | ||
| Cargo Transport 0.6% | ||
| Clue Opco LLC | ||
| First Lien Term Loan B | ||
| 8.81% (3 Month SOFR + 4.50%), due 12/19/30 (e) | 10,201,778 | 10,196,310 |
| Genesee & Wyoming, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.046% (3 Month SOFR + 1.75%), due 4/10/31 (e) | 4,127,500 | 4,119,476 |
| NA Rail Hold Co. LLC | ||
| First Lien Tranche Term Loan B3 | ||
| 7.31% (3 Month SOFR + 3.00%), due 3/8/32 (e) | 2,800,000 | 2,807,000 |
| 17,122,786 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals 0.0% ‡ | ||
| ASP Unifrax Holdings, Inc. | ||
| First Lien Term Loan | ||
| 12.046% (4.75% PIK) (3 Month SOFR + 7.75%), due 9/28/29 (c)(e) | $ 1,006,398 | $ 947,695 |
| Chemicals, Plastics & Rubber 1.0% | ||
| Innophos Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.721% (1 Month SOFR + 4.25%), due 3/16/29 (e) | 8,973,813 | 8,993,447 |
| Jazz Financing Lux SARL | ||
| First Lien Dollar Tranche Term Loan B2 | ||
| 6.606% (1 Month SOFR + 2.25%), due 5/5/28 (e) | 13,721,469 | 13,765,296 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 7.28% - 7.324% | ||
| (3 Month SOFR + 3.00%), due 1/31/29 (e) | 7,326,108 | 7,333,229 |
| 30,091,972 | ||
| Construction & Buildings 0.1% | ||
| Knife River Corp. | ||
| First Lien Initial Trance Term Loan B | ||
| 6.31% (3 Month SOFR + 2.00%), due 3/8/32 (e) | 1,995,000 | 1,997,494 |
| Diversified/Conglomerate Manufacturing 0.5% | ||
| Quikrete Holdings, Inc. | ||
| First Lien Term Loan B3 | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/10/32 (e) | 13,965,000 | 13,951,426 |
| Electronics 0.6% | ||
| Camelot US Acquisition LLC (e) | ||
| First Lien Incremental Term Loan B | ||
| 7.106% (1 Month SOFR + 2.75%), due 1/31/31 | 10,436,698 | 10,423,652 |
| First Lien Incremental Term Loan | ||
| 7.606% (1 Month SOFR + 3.25%), due 1/31/31 | 5,950,000 | 5,972,312 |
| Vertiv Group Corp. | ||
| First Lien Amendment No. 5 Term Loan B3 | ||
| 6.101% (1 Month SOFR + 1.75%), due 3/2/27 (e) | 2,456,499 | 2,454,581 |
| 18,850,545 | ||
| Energy (Electricity) 1.1% | ||
| Alpha Generation LLC | ||
| First Lien Initial Term Loan B | ||
| 6.356% (1 Month SOFR + 2.00%), due 9/30/31 (e) | 10,453,669 | 10,435,374 |
| BCP VI Summit Holdings LP | ||
| First Lien Initial Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 1/30/32 (e) | 3,000,000 | 3,015,000 |
| Cogentrix Finance Holdco I LLC | ||
| First Lien Term Loan | ||
| 7.106% (1 Month SOFR + 2.75%), due 2/13/32 (e) | 3,740,625 | 3,740,625 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Energy (Electricity) | ||
| Lightning Power LLC | ||
| First Lien Initial Term Loan B | ||
| 6.546% (3 Month SOFR + 2.25%), due 8/18/31 (e) | $ 1,985,000 | $ 1,984,690 |
| Talen Energy Supply LLC (e) | ||
| First Lien Initial Term Loan B | ||
| 6.808% (3 Month SOFR + 2.50%), due 5/17/30 | 7,676,605 | 7,682,363 |
| First Lien 2024-1 Incremental Term Loan B | ||
| 6.808% (3 Month SOFR + 2.50%), due 12/11/31 | 6,965,000 | 6,972,460 |
| 33,830,512 | ||
| Entertainment 0.1% | ||
| ECL Entertainment LLC | ||
| First Lien Facility Term Loan B | ||
| 7.858% (1 Month SOFR + 3.50%), due 8/30/30 (e) | 2,462,625 | 2,468,781 |
| Sterling Entertainment Enterprises LLC | ||
| Second Lien Initial Term Loan | ||
| 10.25%, due 4/10/26 (b)(g) | 3,202,012 | 1,953,228 |
| 4,422,009 | ||
| Finance 1.5% | ||
| Arches Buyer, Inc. | ||
| First Lien New Term Loan | ||
| 7.706% (1 Month SOFR + 3.25%), due 12/6/27 (e) | 8,967,424 | 8,949,991 |
| Blackstone Mortgage Trust, Inc. | ||
| First Lien Term Loan B6 | ||
| 7.356% (1 Month SOFR + 3.00%), due 12/10/30 (e) | 748,125 | 750,930 |
| First Eagle Holdings, Inc. | ||
| First Lien Tranche Term Loan B2 | ||
| 7.296% (3 Month SOFR + 3.00%), due 3/5/29 (e) | 1,174,769 | 1,174,377 |
| Mativ Holdings, Inc. | ||
| First Lien Term Loan B | ||
| 8.221% (1 Month SOFR + 3.75%), due 4/20/28 (e) | 1,048,813 | 1,039,636 |
| Osaic Holdings, Inc. (e) | ||
| First Lien Term Loan | ||
| 7.384% (1 Year SOFR + 3.50%), due 7/19/32 | 8,500,000 | 8,500,000 |
| First Lien Term Loan B4 | ||
| 7.856% (1 Month SOFR + 3.50%), due 8/17/28 | 4,399,643 | 4,404,043 |
| RealTruck Group, Inc. (e) | ||
| First Lien Initial Term Loan | ||
| 8.221% (1 Month SOFR + 3.75%), due 1/31/28 | 10,204,836 | 9,388,450 |
| First Lien Second Amendment Incremental Term Loan | ||
| 9.471% (1 Month SOFR + 5.00%), due 1/31/28 | 12,897,198 | 11,983,651 |
| 46,191,078 | ||
| Healthcare & Pharmaceuticals 0.5% | ||
| 1261229 BC Ltd. | ||
| First Lien Initial Term Loan | ||
| 10.606% (1 Month SOFR + 6.25%), due 10/8/30 (e) | 12,000,000 | 11,737,500 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare & Pharmaceuticals | ||
| Bausch + Lomb Corp. | ||
| First Lien New Term Loan | ||
| 8.356% (1 Month SOFR + 4.00%), due 9/29/28 (e) | $ 2,652,750 | $ 2,646,118 |
| 14,383,618 | ||
| Healthcare, Education & Childcare 1.3% | ||
| Endo Finance Holdings, Inc. | ||
| First Lien 2024 Refinancing Term Loan | ||
| 8.356% (1 Month SOFR + 4.00%), due 4/23/31 (e) | 17,522,114 | 17,565,919 |
| LifePoint Health, Inc. (e) | ||
| First Lien 2024-2 Refinancing Term Loan | ||
| 7.82% (3 Month SOFR + 3.50%), due 5/19/31 | 2,600,000 | 2,583,750 |
| First Lien Term Loan B1 | ||
| 8.068% (3 Month SOFR + 3.75%), due 5/19/31 | 19,335,487 | 19,246,872 |
| 39,396,541 | ||
| High Tech Industries 0.2% | ||
| Open Text Corp. | ||
| First Lien Term Loan B | ||
| 6.106% (1 Month SOFR + 1.75%), due 1/31/30 (e) | 6,187,324 | 6,186,619 |
| Hotel, Gaming & Leisure 0.1% | ||
| Motion Finco SARL | ||
| First Lien Facility Term Loan B3 | ||
| 7.796% (3 Month SOFR + 3.50%), due 11/13/29 (e) | 2,863,931 | 2,622,882 |
| Hotels, Motels, Inns & Gaming 0.4% | ||
| Caesars Entertainment, Inc. | ||
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 2/6/31 (e) | 6,122,500 | 6,116,757 |
| Four Seasons Hotels Ltd. | ||
| First Lien Term Loan B | ||
| 6.106% (1 Month SOFR + 1.75%), due 11/30/29 (e) | 5,195,603 | 5,219,960 |
| 11,336,717 | ||
| Insurance 0.1% | ||
| Ryan Specialty LLC | ||
| First Lien Term Loan B1 | ||
| 6.606% (1 Month SOFR + 2.25%), due 9/15/31 (e) | 1,990,000 | 1,985,025 |
| Manufacturing 0.2% | ||
| Chart Industries, Inc. | ||
| First Lien Amendment No. 7 Term Loan | ||
| 6.792% (3 Month SOFR + 2.50%), due 3/15/30 (e) | 5,048,191 | 5,056,606 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Media 0.8% | ||
| Block Communications, Inc. | ||
| First Lien Term Loan | ||
| 6.807% (3 Month SOFR + 2.25%), due 2/25/27 (e) | $ 11,133,125 | $ 11,133,125 |
| DIRECTV Financing LLC | ||
| First Lien 2024 Refinancing Term Loan B | ||
| 9.82% (3 Month SOFR + 5.25%), due 8/2/29 (e) | 9,477,615 | 9,394,686 |
| Lamar Media Corp. | ||
| First Lien New Term Loan B | ||
| 5.956% (1 Month SOFR + 1.50%), due 2/5/27 (e) | 5,000,000 | 4,987,500 |
| 25,515,311 | ||
| Mining, Steel, Iron & Non-Precious Metals 0.1% | ||
| American Rock Salt Co. LLC (e) | ||
| First Lien Initial Term Loan | ||
| 8.594% (3 Month SOFR + 4.00%), due 6/9/28 | 4,242,660 | 3,213,815 |
| First Lien First Out Term Loan | ||
| 11.594% (3 Month SOFR + 7.00%), due 6/11/28 | 1,355,247 | 1,355,247 |
| 4,569,062 | ||
| Oil & Gas 0.5% | ||
| GIP Pilot Acquisition Partners LP | ||
| First Lien Initial Term Loan | ||
| 6.286% (3 Month SOFR + 2.00%), due 10/4/30 (e) | 4,790,449 | 4,784,461 |
| New Fortress Energy, Inc. | ||
| First Lien Second Amendment Term Loan | ||
| 9.807% (3 Month SOFR + 5.50%), due 10/30/28 (e) | 8,232,367 | 3,797,180 |
| PetroQuest Energy LLC (b)(c)(g) | ||
| First Lien Term Loan | ||
| 14.00% (14.00% PIK) (PRIME + 6.50%), due 11/10/25 (e) | 5,373,441 | 53,734 |
| First Lien 2020 Term Loan | ||
| 14.00% (14.50% PIK), due 9/19/26 | 137,504 | 137,504 |
| Prairie Acquiror LP | ||
| First Lien Term Loan B4 | ||
| 8.105% (1 Month SOFR + 3.75%), due 8/1/29 (e) | 2,962,613 | 2,970,019 |
| TransMontaigne Operating Co. LP | ||
| First Lien Tranche Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 11/17/28 (e) | 2,895,000 | 2,901,030 |
| 14,643,928 | ||
| Personal, Food & Miscellaneous Services 0.3% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| First Lien Term Loan B5 | ||
| 6.106% (1 Month SOFR + 1.75%), due 9/20/30 (e) | 3,456,337 | 3,445,229 |
| KFC Holding Co. | ||
| First Lien 2021 Term Loan B | ||
| 6.214% (1 Month SOFR + 1.75%), due 3/15/28 (e) | 2,526,068 | 2,537,910 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services | ||
| WW International, Inc. | ||
| First Lien Initial Term Loan | ||
| 11.121% (3 Month SOFR + 6.80%), due 6/24/30 (e) | $ 2,397,929 | $ 2,254,053 |
| 8,237,192 | ||
| Retail 1.2% | ||
| Great Outdoors Group LLC | ||
| First Lien Term Loan B | ||
| 7.606% (1 Month SOFR + 3.25%), due 1/23/32 (e) | 35,018,218 | 35,000,709 |
| Retail Store 0.0% ‡ | ||
| PetSmart LLC | ||
| First Lien Initial Term Loan | ||
| 8.206% (1 Month SOFR + 3.75%), due 2/11/28 (e) | 1,000,000 | 997,917 |
| Services: Business 0.7% | ||
| Amentum Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 6.606% (1 Month SOFR + 2.25%), due 9/29/31 (e) | 1,755,000 | 1,744,031 |
| Aretec Group, Inc. | ||
| First Lien Term Loan B3 | ||
| 7.856% (1 Month SOFR + 3.50%), due 8/9/30 (e) | 8,669,548 | 8,684,451 |
| Artera Services LLC | ||
| First Lien Tranche Term Loan C | ||
| 8.796% (3 Month SOFR + 4.50%), due 2/18/31 (e) | 2,977,387 | 2,463,788 |
| Brown Group Holding LLC | ||
| First Lien Incremental Term Loan B2 6.78% - 6.833% | ||
| (3 Month SOFR + 2.50%), due 7/1/31 (e) | 2,977,502 | 2,982,153 |
| Dun & Bradstreet Corp. (The) | ||
| First Lien Incremental Term Loan B2 | ||
| 6.603% (1 Month SOFR + 2.25%), due 1/18/29 (e) | 2,750,422 | 2,749,217 |
| Orion US Finco | ||
| First Lien Term Loan | ||
| 7.325% (1 Year SOFR + 3.50%), due 5/21/32 (e) | 3,500,000 | 3,516,188 |
| 22,139,828 | ||
| Software 0.8% | ||
| VS Buyer LLC | ||
| First Lien 2025-1 Initial Term Loans | ||
| 6.56% (3 Month SOFR + 2.25%), due 4/14/31 | 1,985,025 | 1,987,506 |
| Cloud Software Group, Inc. | ||
| First Lien Initial Dollar Facility Term Loan B | ||
| 7.796% (3 Month SOFR + 3.50%), due 3/30/29 (e) | 9,125,751 | 9,140,005 |
| McAfee Corp. | ||
| First Lien Tranche Term Loan B1 | ||
| 7.327% (1 Month SOFR + 3.00%), due 3/1/29 (e) | 4,680,000 | 4,486,950 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Software | ||
| UKG, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.32% (3 Month SOFR + 3.00%), due 2/10/31 (e) | $ 8,605,000 | $ 8,605,000 |
| 24,219,461 | ||
| Telecommunications 0.1% | ||
| Connect Finco SARL | ||
| First Lien First Amendment Term Loan | ||
| 7.856% (1 Month SOFR + 3.50%), due 12/11/26 (e) | 2,523,518 | 2,517,209 |
| CSC Holdings LLC | ||
| First Lien 2022 Term Loan | ||
| 8.942% (1 Month SOFR + 4.50%), due 1/18/28 (e) | 1,974,684 | 1,969,131 |
| 4,486,340 | ||
| Utilities 0.1% | ||
| Constellation Renewables LLC | ||
| First Lien Term Loan | ||
| 6.583% (3 Month SOFR + 2.25%), due 12/15/27 (e) | 2,386,778 | 2,386,182 |
| Total Loan Assignments (Cost $486,461,400) | 477,703,467 | |
| Total Long-Term Bonds (Cost $2,846,301,972) | 2,855,767,379 | |
| Shares | ||
| Common Stocks 0.2% | ||
| Diversified Consumer Services 0.0% ‡ | ||
| WW International, Inc. (j) | 223 | 9,435 |
| Electrical Equipment 0.0% ‡ | ||
| Energy Technologies, Inc. (b)(g)(j) | 2,021 | 885,198 |
| Energy Equipment & Services 0.0% ‡ | ||
| Nine Energy Service, Inc. (j) | 18,072 | 13,697 |
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| GenOn Energy, Inc. (i)(j) | 20,915 | 679,737 |
| Oil, Gas & Consumable Fuels 0.0% ‡ | ||
| Gulfport Energy Corp. (j) | 1,309 | 227,936 |
| PetroQuest Energy, Inc. (b)(g)(j) | 11,867 | — |
| Talos Energy, Inc. (j) | 71,517 | 611,471 |
| 839,407 | ||
| Shares | Value | ||
| Common Stocks | |||
| Pharmaceuticals 0.2% | |||
| Endo, Inc. (j) | 172,769 | $ 4,075,621 | |
| Total Common Stocks (Cost $9,767,618) | 6,503,095 | ||
| Preferred Stock 0.2% | |||
| Electrical Equipment 0.2% | |||
| Energy Technologies Ltd. (b)(g)(j) | 4,501 | 4,726,050 | |
| Total Investments (Cost $2,860,365,062) | 95.2% | 2,866,996,524 | |
| Other Assets, Less Liabilities | 4.8 | 145,554,266 | |
| Net Assets | 100.0% | $ 3,012,550,790 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $10,305,476, which represented 0.3% of the Fund’s net assets. |
| (c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (d) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (e) | Floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (g) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (h) | Issue in non-accrual status. |
| (i) | Restricted security. |
| (j) | Non-income producing security. |
| Abbreviation(s): |
| SOFR—Secured Overnight Financing Rate |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Convertible Bonds | $ — | $ 19,913,352 | $ — | $ 19,913,352 | |||
| Corporate Bonds | — | 2,358,150,560 | — | 2,358,150,560 | |||
| Loan Assignments | — | 475,559,001 | 2,144,466 | 477,703,467 | |||
| Total Long-Term Bonds | — | 2,853,622,913 | 2,144,466 | 2,855,767,379 | |||
| Common Stocks | 4,938,160 | 679,737 | 885,198 | 6,503,095 | |||
| Preferred Stock | — | — | 4,726,050 | 4,726,050 | |||
| Total Investments in Securities | $ 4,938,160 | $ 2,854,302,650 | $ 7,755,714 | $ 2,866,996,524 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 96.2% | ||
| Long-Term Municipal Bonds 90.0% | ||
| Alabama 4.9% | ||
| Alabama Community College System, Coastal Alabama Community College, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/27 | $ 500,000 | $ 511,601 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
| Series B | ||
| 2.94%, due 4/1/53 | 7,195,000 | 7,040,503 |
| Series B-1 | ||
| 4.00%, due 4/1/53 (a) | 3,920,000 | 3,946,515 |
| Series C-1 | ||
| 5.25%, due 12/1/25 | 880,000 | 885,501 |
| Series F | ||
| 5.50%, due 11/1/53 (a) | 10,000,000 | 10,500,659 |
| City of Decatur, Limited General Obligation | ||
| Series A | ||
| 2.00%, due 10/1/26 | 1,900,000 | 1,873,100 |
| Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 11/1/53 (a) | 1,510,000 | 1,625,540 |
| Houston County Health Care Authority, Southeast Alabama Medical Center, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 2,000,000 | 2,011,763 |
| Southeast Energy Authority A Cooperative District, Project No. 4, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 5/1/53 (a) | 1,870,000 | 1,933,574 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (a) | ||
| Series C | ||
| 5.00%, due 5/1/55 | 3,000,000 | 3,191,585 |
| Series B | ||
| 5.25%, due 3/1/55 | 2,500,000 | 2,595,720 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 1/1/53 (a) | 10,000,000 | 10,641,654 |
| State of Alabama Docks Department, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 10/1/27 (b) | 1,250,000 | 1,290,162 |
| 48,047,877 | ||
| Arizona 3.6% | ||
| Arizona Health Facilities Authority, Banner Health, Revenue Bonds | ||
| Series B | ||
| 2.17%, due 1/1/46 | 600,000 | 599,471 |
| Series B | ||
| 2.54%, due 1/1/46 | 2,400,000 | 2,400,040 |
| Series B | ||
| 2.54%, due 1/1/46 | 12,000,000 | 11,902,110 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/29 | $ 12,000,000 | $ 12,739,496 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/29 (b) | 6,210,000 | 6,673,909 |
| County of Pinal, Revenue Bonds | ||
| Insured: BAM | ||
| 4.314%, due 8/1/28 | 350,000 | 349,968 |
| Insured: BAM | ||
| 4.567%, due 8/1/30 | 350,000 | 351,158 |
| 35,016,152 | ||
| California 11.1% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: AG-CR AMBAC | ||
| (zero coupon), due 10/1/27 | 4,500,000 | 4,078,803 |
| Anaheim Public Financing Authority, Convention Center Expansion, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 2.093%, due 7/1/27 | 1,135,000 | 1,086,758 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 7/1/31 (b) | 3,250,000 | 3,516,277 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (a) | ||
| Series B | ||
| 5.00%, due 1/1/55 | 2,000,000 | 2,082,874 |
| Series D | ||
| 5.00%, due 2/1/55 | 3,000,000 | 3,194,137 |
| Series C | ||
| 5.25%, due 1/1/54 | 4,500,000 | 4,697,552 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds | ||
| Series B-2 | ||
| 3.00%, due 10/1/47 (a) | 5,500,000 | 5,522,741 |
| California Municipal Finance Authority, University of San Diego, Revenue Bonds | ||
| Series B | ||
| 2.326%, due 10/1/27 | 1,590,000 | 1,521,955 |
| California Municipal Finance Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 3.95%, due 11/1/46 (a)(b) | 5,600,000 | 5,600,330 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
| Series A | ||
| 4.125%, due 10/1/41 (a)(b) | 5,000,000 | 5,000,259 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
| Series A | ||
| 1.75%, due 9/1/29 | 11,500,000 | 10,496,072 |
| Clovis Unified School District, Unlimited General Obligation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/25 | 2,500,000 | 2,500,000 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Corona-Norco Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/44 | $ 960,000 | $ 960,000 |
| Golden State Tobacco Securitization Corp., Revenue Bonds | ||
| Series B, Insured: State Appropriations | ||
| 2.246%, due 6/1/29 | 3,900,000 | 3,606,752 |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/26 | 3,000,000 | 3,068,038 |
| Series B | ||
| 5.00%, due 8/1/32 | 1,100,000 | 1,234,964 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/27 | 675,000 | 693,981 |
| Series D | ||
| 5.00%, due 7/1/27 | 655,000 | 683,107 |
| Series A | ||
| 5.00%, due 7/1/28 | 3,000,000 | 3,158,994 |
| Series A | ||
| 5.00%, due 7/1/29 | 430,000 | 465,765 |
| Series A | ||
| 5.00%, due 7/1/29 | 5,000,000 | 5,415,877 |
| Series B | ||
| 5.00%, due 7/1/30 | 1,550,000 | 1,699,495 |
| Series B | ||
| 5.00%, due 7/1/31 | 2,000,000 | 2,210,033 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/29 | 1,000,000 | 1,083,949 |
| Sacramento City Financing Authority, Tax Allocation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/25 | 5,000,000 | 4,944,029 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 7/1/28 | 1,500,000 | 1,585,802 |
| Series B | ||
| 5.00%, due 7/1/29 | 1,750,000 | 1,878,720 |
| San Jose Evergreen Community College District, Unlimited General Obligation | ||
| Series B | ||
| 5.558%, due 7/1/43 | 4,900,000 | 4,872,350 |
| Saratoga Union School District, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 9/1/26 | 6,500,000 | 6,321,505 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds | ||
| Series 1 | ||
| 5.00%, due 7/1/28 | 3,260,000 | 3,467,149 |
| Series 1 | ||
| 5.00%, due 7/1/28 | 470,000 | 499,865 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds | ||
| Series 1 | ||
| 5.00%, due 7/1/32 | $ 1,480,000 | $ 1,648,956 |
| Series 1 | ||
| 5.00%, due 7/1/32 | 2,145,000 | 2,389,872 |
| Southern California Public Power Authority, Windy Point/Windy Flats Project, Revenue Bonds | ||
| Series 1 | ||
| 5.00%, due 7/1/29 | 1,220,000 | 1,321,474 |
| Southern California Public Power Authority, Apex Power Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/30 | 4,225,000 | 4,632,493 |
| University of California, Revenue Bonds | ||
| Series BG | ||
| 1.614%, due 5/15/30 | 2,395,000 | 2,129,342 |
| 109,270,270 | ||
| Colorado 2.6% | ||
| Adams & Arapahoe Joint School District 28J, Aurora, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.50%, due 12/1/26 | 1,000,000 | 1,040,379 |
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
| Series B, Insured: State Aid Withholding | ||
| 2.00%, due 12/15/26 | 5,000,000 | 4,931,241 |
| City & County of Denver, Airport System, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 12/1/25 | 5,370,000 | 5,401,857 |
| Series A | ||
| 5.00%, due 12/1/26 | 2,750,000 | 2,814,646 |
| Colorado Bridge Enterprise, Central 70 Project, Revenue Bonds | ||
| 4.00%, due 6/30/27 (b) | 4,475,000 | 4,519,541 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/25 | 4,500,000 | 4,490,055 |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/27 | 600,000 | 622,530 |
| Insured: BAM | ||
| 5.00%, due 6/1/28 | 550,000 | 579,997 |
| Insured: BAM | ||
| 5.00%, due 6/1/29 | 775,000 | 830,096 |
| 25,230,342 | ||
| Connecticut 0.2% | ||
| State of Connecticut, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 1/15/26 | 2,260,000 | 2,263,029 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| District of Columbia 2.1% | ||
| District of Columbia, Gallery Place Project, Tax Allocation | ||
| 5.00%, due 6/1/27 | $ 1,090,000 | $ 1,091,974 |
| District of Columbia Housing Finance Agency, Wesley Hawaii LLC, Revenue Bonds | ||
| 3.65%, due 7/1/28 (a) | 2,620,000 | 2,657,960 |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 3/1/29 (a) | 2,750,000 | 2,875,339 |
| Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/27 | 2,160,000 | 2,255,617 |
| Series A | ||
| 5.00%, due 10/1/28 | 1,020,000 | 1,083,434 |
| Series A | ||
| 5.00%, due 10/1/28 | 1,250,000 | 1,327,738 |
| Series A | ||
| 5.00%, due 10/1/29 | 7,000,000 | 7,532,939 |
| Series A | ||
| 5.00%, due 10/1/29 | 1,735,000 | 1,867,093 |
| 20,692,094 | ||
| Florida 1.2% | ||
| Alachua County Health Facilities Authority, Oak Hammock at the University of Florida, Inc. Project, Revenue Bonds | ||
| Series B-2 | ||
| 3.75%, due 10/1/30 | 1,000,000 | 1,000,711 |
| County of Miami-Dade, Aviation, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (b) | 2,000,000 | 2,153,080 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 9/1/27 | 2,000,000 | 2,100,325 |
| Greater Orlando Aviation Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/26 (b) | 4,225,000 | 4,333,790 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds | ||
| Series B, Insured: HUD Sector 8 | ||
| 3.55%, due 3/1/29 (a) | 2,000,000 | 2,031,955 |
| Village Community Development District No. 12, Special Assessment | ||
| 3.25%, due 5/1/26 | 480,000 | 479,871 |
| 12,099,732 | ||
| Georgia 2.4% | ||
| City of Atlanta, Department of Aviation, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/27 (b) | 2,185,000 | 2,271,690 |
| Decatur Housing Authority, Calvin Court Project, Revenue Bonds | ||
| 3.60%, due 8/1/28 (a) | 2,150,000 | 2,180,157 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| Development Authority of Monroe County (The), Georgia Power Co. Scherer, Revenue Bonds, First Series | ||
| Series 1 | ||
| 1.00%, due 7/1/49 (a) | $ 1,590,000 | $ 1,543,494 |
| Main Street Natural Gas, Inc., Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 7/1/52 | 7,490,000 | 7,570,569 |
| Series A | ||
| 5.00%, due 5/1/54 | 2,205,000 | 2,338,786 |
| Series B | ||
| 5.00%, due 12/1/54 | 3,145,000 | 3,333,715 |
| Series E | ||
| 5.00%, due 5/1/55 | 3,645,000 | 3,828,751 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/26 | 970,000 | 979,172 |
| 24,046,334 | ||
| Guam 0.2% | ||
| Territory of Guam, Revenue Bonds | ||
| Series G | ||
| 5.00%, due 1/1/28 (c) | 1,325,000 | 1,383,136 |
| Series F | ||
| 5.00%, due 1/1/29 | 1,000,000 | 1,049,345 |
| 2,432,481 | ||
| Hawaii 0.1% | ||
| State of Hawaii, Airports System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 (b) | 1,000,000 | 1,059,214 |
| Idaho 0.1% | ||
| Idaho Housing & Finance Association, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 3.35%, due 7/1/28 | 1,150,000 | 1,162,159 |
| Illinois 3.8% | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series C, Insured: AG | ||
| 5.00%, due 12/1/27 | 1,000,000 | 1,037,400 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/30 | 1,000,000 | 1,051,782 |
| Series B, Insured: AG-CR | ||
| 7.375%, due 1/1/33 | 1,250,000 | 1,385,007 |
| City of Country Club Hills, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 12/1/25 | 1,230,000 | 1,232,852 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds | ||
| Series B | ||
| 2.99%, due 5/1/42 | $ 1,125,000 | $ 1,117,641 |
| Kane & DeKalb Counties Community Unit School District No. 302, Kaneland, Unlimited General Obligation | ||
| Series B, Insured: AG | ||
| (zero coupon), due 2/1/29 | 2,200,000 | 1,946,110 |
| La Salle & Bureau Counties Township High School District No. 120, LaSalle-Peru, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 12/1/32 | 1,960,000 | 2,159,309 |
| Peoria Tazewell Etc Counties Community College District No. 514, Unlimited General Obligation | ||
| Series B | ||
| 6.25%, due 12/1/27 | 2,665,000 | 2,874,995 |
| Series B | ||
| 6.25%, due 12/1/28 | 2,000,000 | 2,220,320 |
| Series B | ||
| 6.25%, due 12/1/29 | 775,000 | 881,999 |
| State of Illinois, Unlimited General Obligation | ||
| 3.50%, due 6/1/31 | 1,700,000 | 1,668,122 |
| Series D | ||
| 5.00%, due 11/1/25 | 5,100,000 | 5,128,500 |
| Series A | ||
| 5.00%, due 3/1/29 | 3,745,000 | 3,990,441 |
| Series B | ||
| 5.00%, due 10/1/29 | 800,000 | 858,059 |
| Series C | ||
| 5.00%, due 11/1/29 | 5,920,000 | 6,163,773 |
| Series 1 | ||
| 6.63%, due 2/1/35 | 1,807,692 | 1,900,179 |
| Series 3 | ||
| 6.725%, due 4/1/35 | 1,538,462 | 1,623,025 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/25 | 100,000 | 100,410 |
| 37,339,924 | ||
| Indiana 3.2% | ||
| Center Grove Community School Corp., Limited General Obligation | ||
| Insured: State Intercept | ||
| 5.00%, due 1/1/26 | 1,805,000 | 1,817,180 |
| Insured: State Intercept | ||
| 5.00%, due 1/1/26 | 1,000,000 | 1,006,748 |
| Hamilton Southeastern Schools, Limited General Obligation | ||
| Series A, Insured: State Intercept | ||
| 5.00%, due 12/31/25 | 1,430,000 | 1,442,955 |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds | ||
| Series B | ||
| 0.65%, due 8/1/25 | 1,500,000 | 1,500,000 |
| Series A | ||
| 0.75%, due 12/1/38 (a) | 2,000,000 | 1,962,875 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana | ||
| Indiana Finance Authority, Republic Services, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 3.45%, due 5/1/28 (a) | $ 1,200,000 | $ 1,200,558 |
| Indiana Finance Authority, Indiana University Health, Revenue Bonds | ||
| Series D-1 | ||
| 5.00%, due 10/1/64 (a) | 3,750,000 | 4,005,416 |
| Indiana Housing & Community Development Authority, Revenue Bonds (b) | ||
| Series B-2, Insured: GNMA / FNMA / FHLMC | ||
| 4.00%, due 1/1/27 | 1,135,000 | 1,143,246 |
| Series B-2, Insured: GNMA / FNMA / FHLMC | ||
| 4.00%, due 1/1/28 | 1,000,000 | 1,013,086 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Revenue Bonds (b) | ||
| Series D | ||
| 5.00%, due 1/1/26 | 2,495,000 | 2,517,549 |
| Series B-2 | ||
| 5.00%, due 1/1/28 | 3,050,000 | 3,204,200 |
| Series B-2 | ||
| 5.00%, due 1/1/29 | 10,455,000 | 11,114,869 |
| 31,928,682 | ||
| Iowa 0.2% | ||
| Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds | ||
| 3.875%, due 1/1/42 (a)(b) | 830,000 | 830,798 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 12/1/28 (b) | 565,000 | 593,851 |
| Kirkwood Community College, Unlimited General Obligation | ||
| 3.00%, due 6/1/32 | 500,000 | 480,685 |
| 1,905,334 | ||
| Kansas 0.1% | ||
| Reno County Unified School District No. 309, Nickerson, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 9/1/27 | 775,000 | 809,179 |
| Kentucky 0.8% | ||
| Kenton County Airport Board, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/29 (b) | 1,125,000 | 1,196,005 |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/27 | 4,245,000 | 4,250,039 |
| Kentucky Higher Education Student Loan Corp., Revenue Bonds | ||
| Series A-2 | ||
| 5.255%, due 6/1/28 | 500,000 | 504,564 |
| Series A-2 | ||
| 5.414%, due 6/1/29 | 1,610,000 | 1,632,329 |
| 7,582,937 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Louisiana 0.6% | ||
| Jefferson Sales Tax District, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 12/1/26 | $ 1,500,000 | $ 1,544,193 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/15/30 | 4,000,000 | 4,337,137 |
| 5,881,330 | ||
| Maine 0.1% | ||
| Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds | ||
| Series A-1, Insured: AG | ||
| 5.00%, due 12/1/28 (b) | 1,000,000 | 1,043,460 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
| Series C, Insured: AG State Aid Withholding | ||
| 5.00%, due 7/1/26 | 200,000 | 204,125 |
| Series C, Insured: AG State Aid Withholding | ||
| 5.00%, due 7/1/27 | 200,000 | 208,888 |
| 1,456,473 | ||
| Maryland 0.8% | ||
| Maryland Health & Higher Educational Facilities Authority, Meritus Health Issue, Revenue Bonds | ||
| 5.00%, due 7/1/26 | 2,515,000 | 2,565,034 |
| State of Maryland, Unlimited General Obligation, Second Series | ||
| Series A | ||
| 5.00%, due 8/1/29 | 5,000,000 | 5,489,136 |
| 8,054,170 | ||
| Massachusetts 0.5% | ||
| Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.52%, due 7/1/35 | 3,000,000 | 3,032,456 |
| Town of Sutton, Unlimited General Obligation | ||
| 2.05%, due 6/1/26 | 1,950,000 | 1,930,281 |
| 4,962,737 | ||
| Michigan 2.9% | ||
| City of Detroit, Water Sewage Disposal System, Revenue Bonds | ||
| Series D, Insured: AG | ||
| 3.65%, due 7/1/32 | 13,500,000 | 13,380,675 |
| Michigan Finance Authority, Trinity Health Credit Group, Revenue Bonds | ||
| Series MI-3 | ||
| 3.75%, due 12/1/38 (a) | 3,000,000 | 3,100,561 |
| Michigan Finance Authority, Trinity Health Corp., Revenue Bonds | ||
| Series MI-2 | ||
| 3.875%, due 12/1/44 (a)(d) | 7,000,000 | 7,006,565 |
| Michigan State Housing Development Authority, Revenue Bonds | ||
| Series A | ||
| 3.30%, due 6/1/28 | 1,775,000 | 1,789,942 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan State Housing Development Authority, Revenue Bonds | ||
| Series A | ||
| 3.45%, due 12/1/29 | $ 1,490,000 | $ 1,511,549 |
| Series A | ||
| 3.60%, due 12/1/30 | 1,110,000 | 1,116,698 |
| Walled Lake Consolidated School District, Unlimited General Obligation | ||
| Insured: Q-SBLF | ||
| 5.00%, due 5/1/26 | 650,000 | 660,746 |
| 28,566,736 | ||
| Minnesota 3.3% | ||
| City of Mankato, Unlimited General Obligation | ||
| Series A | ||
| 2.125%, due 2/1/27 | 920,000 | 905,267 |
| City of Minneapolis, Unlimited General Obligation | ||
| 4.00%, due 12/1/25 | 5,500,000 | 5,527,430 |
| County of Washington, Limited General Obligation | ||
| Series A | ||
| 2.00%, due 2/1/32 | 1,395,000 | 1,255,190 |
| County of Washington, Unlimited General Obligation | ||
| Series A | ||
| 2.25%, due 2/1/28 | 4,000,000 | 3,911,751 |
| County of Washington, Capital Improvement Plan, Unlimited General Obligation | ||
| Series A | ||
| 2.10%, due 2/1/27 | 205,000 | 201,962 |
| Duluth Independent School District No. 709, Unlimited General Obligation | ||
| Series C, Insured: SD CRED PROG | ||
| (zero coupon), due 2/1/30 | 1,750,000 | 1,455,918 |
| Series C, Insured: SD CRED PROG | ||
| (zero coupon), due 2/1/31 | 1,200,000 | 949,096 |
| Metropolitan Council, Unlimited General Obligation | ||
| Series C | ||
| 2.50%, due 3/1/29 | 5,605,000 | 5,487,518 |
| Shakopee Independent School District No. 720, Unlimited General Obligation | ||
| Series C, Insured: SD CRED PROG | ||
| (zero coupon), due 2/1/29 | 5,155,000 | 4,596,325 |
| South Washington County Independent School District No. 833, School Building, Unlimited General Obligation | ||
| Series B, Insured: SD CRED PROG | ||
| 3.00%, due 2/1/27 | 8,040,000 | 8,040,477 |
| St. Cloud Independent School District No. 742, Unlimited General Obligation | ||
| Series A, Insured: SD CRED PROG | ||
| (zero coupon), due 2/1/30 | 630,000 | 547,088 |
| 32,878,022 | ||
| Mississippi 0.3% | ||
| State of Mississippi, Unlimited General Obligation | ||
| Series C | ||
| 4.053%, due 10/1/27 | 3,135,000 | 3,134,991 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri 0.2% | ||
| Kansas City Municipal Assistance Corp., Leasehold, Revenue Bonds | ||
| Series B-1, Insured: AMBAC | ||
| (zero coupon), due 4/15/26 | $ 2,000,000 | $ 1,955,065 |
| Montana 0.7% | ||
| City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
| 3.875%, due 7/1/28 | 3,060,000 | 3,116,723 |
| City of Forsyth, Avista Corp. Colstrip Project, Revenue Bonds | ||
| Series A | ||
| 3.875%, due 10/1/32 | 2,300,000 | 2,295,588 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/29 | 1,270,000 | 1,326,920 |
| 6,739,231 | ||
| Nevada 1.6% | ||
| Clark County School District, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 6/15/27 | 6,295,000 | 6,574,029 |
| County of Clark, Department of Aviation, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 5.00%, due 7/1/26 (b) | 3,000,000 | 3,059,134 |
| Las Vegas Convention & Visitors Authority, Convention Center Expansion and Renovation, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/31 | 5,665,000 | 6,182,973 |
| 15,816,136 | ||
| New Jersey 6.2% | ||
| Jersey City Redevelopment Agency, Bayfront Redeveloment Project, Revenue Notes | ||
| Series A, Insured: MUN GOVT GTD | ||
| 4.50%, due 12/11/25 | 3,330,000 | 3,346,639 |
| New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds (a)(b) | ||
| Series A | ||
| 2.20%, due 10/1/39 | 3,500,000 | 3,164,678 |
| Series B | ||
| 3.75%, due 11/1/34 | 2,910,000 | 2,905,649 |
| New Jersey Economic Development Authority, Liberty State Park Project, Revenue Bonds | ||
| Series A | ||
| 4.125%, due 6/15/27 | 2,900,000 | 2,902,013 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien (b) | ||
| Series 1-B | ||
| 5.00%, due 12/1/27 | 3,500,000 | 3,631,715 |
| Series 1-B | ||
| 5.00%, due 12/1/28 | 8,000,000 | 8,354,550 |
| Series 1-B | ||
| 5.00%, due 12/1/30 | 9,375,000 | 9,897,093 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds | ||
| Series M | ||
| 3.375%, due 4/1/29 | $ 250,000 | $ 252,162 |
| Series M | ||
| 3.45%, due 10/1/29 | 370,000 | 373,574 |
| Series B, Insured: HUD Sector 8 | ||
| 3.50%, due 5/1/29 | 1,000,000 | 1,010,601 |
| Series M | ||
| 3.55%, due 4/1/30 | 400,000 | 403,746 |
| Series M | ||
| 3.60%, due 10/1/30 | 350,000 | 352,155 |
| Series M | ||
| 3.75%, due 4/1/31 | 780,000 | 785,246 |
| Series M | ||
| 3.75%, due 10/1/31 | 795,000 | 799,266 |
| Series M | ||
| 3.90%, due 4/1/32 | 1,875,000 | 1,884,007 |
| Series M | ||
| 3.95%, due 10/1/32 | 2,465,000 | 2,474,793 |
| Series M | ||
| 4.05%, due 4/1/33 | 550,000 | 551,826 |
| Series M | ||
| 4.10%, due 10/1/33 | 675,000 | 678,147 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 6/15/27 | 11,000,000 | 11,229,865 |
| State of New Jersey, Unlimited General Obligation | ||
| 2.00%, due 6/1/30 | 1,000,000 | 934,610 |
| State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 6/1/26 | 5,000,000 | 5,107,597 |
| 61,039,932 | ||
| New Mexico 0.1% | ||
| New Mexico Mortgage Finance Authority, Revenue Bonds | ||
| Series C, Class I, Insured: GNMA / FNMA / FHLMC | ||
| 3.45%, due 9/1/32 | 775,000 | 759,069 |
| New York 7.2% | ||
| City of New York, Unlimited General Obligation | ||
| Series H | ||
| 4.82%, due 2/1/29 | 2,100,000 | 2,139,456 |
| County of Suffolk, Public Improvement, Limited General Obligation | ||
| Series B, Insured: AG | ||
| 3.00%, due 8/1/26 | 3,500,000 | 3,500,759 |
| New York City Housing Development Corp., Revenue Bonds | ||
| Series F-2 | ||
| 3.40%, due 11/1/64 (a) | 1,000,000 | 1,006,762 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York City Housing Development Corp., 8 Spruce Street Project, Revenue Bonds | ||
| Class A | ||
| 5.458%, due 12/15/31 | $ 12,525,000 | $ 12,801,557 |
| New York City Housing Development Corp., 8 Spruce Street, Revenue Bonds | ||
| Class B | ||
| 6.033%, due 12/15/31 | 1,600,000 | 1,636,355 |
| New York State Dormitory Authority, State of New York Personal Income Tax, Revenue Bonds | ||
| Series C | ||
| 1.952%, due 3/15/29 | 4,525,000 | 4,195,682 |
| New York State Dormitory Authority, Revenue Bonds | ||
| Series D | ||
| 5.50%, due 3/15/30 | 3,152,430 | 3,198,557 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
| Series D | ||
| 3.50%, due 10/1/29 | 7,285,000 | 7,257,772 |
| New York State Energy Research & Development Authority, Revenue Bonds | ||
| Series A | ||
| 5.739%, due 4/1/26 | 1,625,000 | 1,624,161 |
| Series A | ||
| 5.789%, due 4/1/27 | 4,000,000 | 3,994,062 |
| Series A | ||
| 5.822%, due 4/1/28 | 2,500,000 | 2,496,899 |
| Series A | ||
| 5.947%, due 4/1/29 | 1,000,000 | 999,129 |
| New York State Housing Finance Agency, West 38TH Street LLC, Revenue Bonds | ||
| Series A, Insured: FHLMC | ||
| 3.57%, due 5/1/42 (a) | 10,000,000 | 10,065,672 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Insured: AG-CR | ||
| 5.00%, due 12/1/26 | 5,000,000 | 5,138,023 |
| Insured: AG-CR | ||
| 5.00%, due 12/1/29 | 4,000,000 | 4,320,944 |
| 5.00%, due 12/1/30 | 2,000,000 | 2,155,366 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds | ||
| 5.00%, due 12/1/28 | 750,000 | 810,679 |
| 5.00%, due 12/1/29 | 700,000 | 770,513 |
| TSASC, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/26 | 3,095,000 | 3,128,326 |
| 71,240,674 | ||
| North Carolina 2.6% | ||
| County of Orange, School, Unlimited General Obligation | ||
| Series B | ||
| 2.75%, due 2/1/31 | 1,470,000 | 1,441,546 |
| County of Wake, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 4/1/33 | 4,575,000 | 5,214,613 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina | ||
| Greater Asheville Regional Airport Authority, Revenue Bonds (b) | ||
| Insured: AG | ||
| 5.00%, due 7/1/28 | $ 1,000,000 | $ 1,054,335 |
| Insured: AG | ||
| 5.00%, due 7/1/29 | 1,165,000 | 1,246,240 |
| Insured: AG | ||
| 5.00%, due 7/1/30 | 1,100,000 | 1,185,159 |
| Nash Health Care Systems, Healthcare Facilities, Revenue Bonds | ||
| 5.00%, due 2/1/32 | 12,000,000 | 13,097,644 |
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.50%, due 6/1/28 | 750,000 | 790,774 |
| Series A | ||
| 5.50%, due 6/1/29 | 1,300,000 | 1,389,996 |
| 25,420,307 | ||
| North Dakota 0.1% | ||
| North Dakota Housing Finance Agency, Revenue Bonds | ||
| Series D | ||
| 5.50%, due 7/1/31 | 1,015,000 | 1,129,121 |
| Ohio 2.1% | ||
| Cleveland Municipal School District, Unlimited General Obligation | ||
| Insured: SD CRED PROG | ||
| 5.00%, due 12/1/25 | 1,100,000 | 1,108,184 |
| Insured: SD CRED PROG | ||
| 5.00%, due 12/1/26 | 1,300,000 | 1,338,301 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/30 (b) | 2,000,000 | 2,145,396 |
| County of Fayette, Adena Health System Obligated Group, Revenue Bonds | ||
| Insured: AG | ||
| 5.25%, due 12/1/29 | 600,000 | 652,411 |
| Insured: AG | ||
| 5.25%, due 12/1/30 | 600,000 | 659,398 |
| Insured: AG | ||
| 5.25%, due 12/1/31 | 1,000,000 | 1,106,774 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds | ||
| Series B | ||
| 2.52%, due 12/1/42 | 3,995,000 | 3,958,524 |
| Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 5.00%, due 2/15/26 | 2,000,000 | 2,025,213 |
| Springboro Community City School District, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.25%, due 12/1/25 | 2,000,000 | 2,016,189 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| State of Ohio, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 3/1/26 | $ 1,275,000 | $ 1,293,904 |
| Series U | ||
| 5.00%, due 5/1/27 | 2,580,000 | 2,695,826 |
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 12/31/28 (b) | 1,275,000 | 1,276,433 |
| 20,276,553 | ||
| Oregon 2.1% | ||
| City of Redmond, Airport Expansion Projects, Limited General Obligation (b) | ||
| Series A | ||
| 5.00%, due 6/1/31 | 800,000 | 861,767 |
| Series A | ||
| 5.00%, due 6/1/32 | 500,000 | 539,253 |
| Series A | ||
| 5.00%, due 6/1/33 | 665,000 | 717,983 |
| Clackamas County Service District No. 1, Revenue Bonds | ||
| 2.375%, due 12/1/31 | 3,000,000 | 2,817,381 |
| Deschutes County Administrative School District No. 1, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 6/15/29 | 6,000,000 | 6,012,988 |
| Oregon School Boards Association, Limited General Obligation | ||
| Series B, Insured: NATL-RE State Intercept | ||
| 5.55%, due 6/30/28 | 3,498,224 | 3,553,487 |
| Port of Portland, Airport, Revenue Bonds | ||
| Series 30-A | ||
| 5.00%, due 7/1/29 (b) | 3,000,000 | 3,218,367 |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation | ||
| Series B | ||
| 4.791%, due 5/1/31 | 1,145,000 | 1,178,170 |
| Series B | ||
| 4.891%, due 5/1/32 | 1,500,000 | 1,548,504 |
| 20,447,900 | ||
| Pennsylvania 1.9% | ||
| Armstrong School District, Limited General Obligation | ||
| Series A, Insured: BAM State Aid Withholding | ||
| 5.00%, due 3/15/28 | 2,070,000 | 2,189,496 |
| Commonwealth of Pennsylvania, Unlimited General Obligation, First Series | ||
| 3.20%, due 3/1/29 | 5,000,000 | 5,010,544 |
| Series 1 | ||
| 3.50%, due 3/1/31 | 1,500,000 | 1,505,748 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| 0.95%, due 12/1/33 (a) | 8,000,000 | 7,676,652 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 3.65%, due 7/1/27 | $ 945,000 | $ 936,046 |
| West Mifflin School District, Limited General Obligation | ||
| Insured: AG State Aid Withholding | ||
| 5.00%, due 4/1/28 | 1,000,000 | 1,027,476 |
| 18,345,962 | ||
| Puerto Rico 0.0% ‡ | ||
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/31 | 70,000 | 55,848 |
| Rhode Island 0.3% | ||
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 12/1/30 | 1,750,000 | 1,850,918 |
| Series B | ||
| 5.00%, due 12/1/32 | 1,000,000 | 1,056,469 |
| 2,907,387 | ||
| South Carolina 0.6% | ||
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
| Insured: HUD Sector 202 | ||
| 5.00%, due 10/1/26 (a) | 1,000,000 | 1,003,172 |
| Tobacco Settlement Revenue Management Authority, Revenue Bonds | ||
| Series B | ||
| 6.375%, due 5/15/30 | 4,400,000 | 5,018,857 |
| 6,022,029 | ||
| Tennessee 2.0% | ||
| County of Bedford, Unlimited General Obligation | ||
| Insured: BAM | ||
| 3.00%, due 4/1/32 | 1,475,000 | 1,416,242 |
| County of Campbell, Unlimited General Obligation | ||
| Insured: AG | ||
| 2.00%, due 6/1/31 | 985,000 | 888,577 |
| Metropolitan Government of Nashville & Davidson County, Unlimited General Obligation | ||
| 2.50%, due 1/1/29 | 1,000,000 | 979,198 |
| New Memphis Arena Public Building Authority, City of Memphis Project, Revenue Bonds | ||
| (zero coupon), due 4/1/27 (e) | 1,000,000 | 976,041 |
| Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health Care Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/1/49 (a) | 2,000,000 | 2,108,056 |
| Tennessee Energy Acquisition Corp., Gas Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 (a) | 7,650,000 | 7,659,749 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Tennessee | ||
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds | ||
| Series 3-C | ||
| 3.50%, due 1/1/56 (a) | $ 1,825,000 | $ 1,825,432 |
| Series 1-C | ||
| 3.55%, due 1/1/29 (b) | 1,195,000 | 1,195,053 |
| Series 1-C | ||
| 3.55%, due 7/1/29 (b) | 2,235,000 | 2,235,459 |
| 19,283,807 | ||
| Texas 7.3% | ||
| City of Dallas, Limited General Obligation | ||
| Series B | ||
| 5.00%, due 2/15/26 | 7,000,000 | 7,088,621 |
| Series B | ||
| 5.00%, due 2/15/26 | 7,000,000 | 7,088,621 |
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (b) | ||
| Series A | ||
| 5.00%, due 8/1/26 | 625,000 | 634,774 |
| Series A | ||
| 5.00%, due 8/1/28 | 725,000 | 753,207 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
| Series B | ||
| 5.00%, due 11/15/26 | 2,000,000 | 2,065,958 |
| City of Mesquite, Waterworks & Sewer System, Revenue Bonds | ||
| 5.00%, due 3/1/26 | 1,035,000 | 1,048,473 |
| City of Plano, Limited General Obligation | ||
| 3.00%, due 9/1/27 | 3,925,000 | 3,925,864 |
| Denton Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 3.00%, due 8/15/28 | 5,950,000 | 5,952,371 |
| Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation | ||
| Insured: AG | ||
| 6.50%, due 3/1/27 | 390,000 | 410,996 |
| Harris County Municipal Utility District No. 171, Unlimited General Obligation | ||
| Insured: BAM | ||
| 7.00%, due 12/1/26 | 930,000 | 977,189 |
| Insured: BAM | ||
| 7.00%, due 12/1/27 | 800,000 | 870,629 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
| Insured: BAM | ||
| 2.00%, due 9/1/32 | 1,300,000 | 1,099,923 |
| Insured: BAM | ||
| 6.00%, due 9/1/25 | 980,000 | 982,502 |
| Insured: BAM | ||
| 6.00%, due 9/1/26 | 980,000 | 1,011,156 |
| Harris County Municipal Utility District No. 490, Unlimited General Obligation | ||
| Insured: AG | ||
| 7.50%, due 9/1/29 | 1,420,000 | 1,549,740 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County Water Control & Improvement District No. 158, Unlimited General Obligation | ||
| Insured: BAM | ||
| 7.00%, due 9/1/25 | $ 310,000 | $ 310,881 |
| Insured: BAM | ||
| 7.00%, due 9/1/26 | 325,000 | 337,813 |
| Leander Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| (zero coupon), due 8/15/28 | 500,000 | 456,445 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
| Series A | ||
| 2.60%, due 11/1/29 | 4,260,000 | 4,103,153 |
| Midland County Fresh Water Supply District No. 1, Midland Projects, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 9/15/32 | 500,000 | 372,887 |
| Montgomery County Municipal Utility District No. 138, Unlimited General Obligation | ||
| Insured: AG | ||
| 6.375%, due 9/1/30 | 1,850,000 | 1,991,130 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
| 5.00%, due 11/1/25 | 300,000 | 301,003 |
| 5.00%, due 11/1/26 | 280,000 | 284,672 |
| 5.00%, due 11/1/27 | 345,000 | 355,632 |
| 5.00%, due 11/1/28 | 435,000 | 454,078 |
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Revenue Bonds | ||
| 3.00%, due 6/1/33 | 1,930,000 | 1,796,585 |
| Port of Corpus Christi Authority of Nueces County, Revenue Bonds | ||
| 3.737%, due 12/1/26 | 3,000,000 | 2,983,217 |
| State of Texas, Public Finance Authority, Unlimited General Obligation | ||
| 2.326%, due 10/1/29 | 3,000,000 | 2,808,845 |
| State of Texas, Unlimited General Obligation | ||
| 5.00%, due 8/1/27 (b) | 1,975,000 | 2,058,812 |
| State of Texas, College Student Loan, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 8/1/28 (b) | 2,360,000 | 2,522,477 |
| Texas Department of Housing & Community Affairs, Revenue Bonds | ||
| Series B, Insured: GNMA | ||
| 3.65%, due 1/1/28 | 625,000 | 632,931 |
| Series B, Insured: GNMA | ||
| 3.80%, due 1/1/29 | 1,075,000 | 1,093,941 |
| Series B, Insured: GNMA | ||
| 3.85%, due 7/1/29 | 995,000 | 1,014,748 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 3.713%, due 9/15/27 | 10,635,000 | 10,653,816 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/1/26 | 500,000 | 506,996 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Town of Trophy Club, Public Improvement District No. 1, Special Assessment | ||
| 5.00%, due 9/1/28 | $ 500,000 | $ 514,450 |
| 5.00%, due 9/1/30 | 500,000 | 527,500 |
| 71,542,036 | ||
| U.S. Virgin Islands 2.0% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/25 | 4,200,000 | 4,205,312 |
| Series A | ||
| 5.00%, due 10/1/26 | 15,430,000 | 15,563,401 |
| 19,768,713 | ||
| Utah 1.0% | ||
| City of Salt Lake City, Airport, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/29 (b) | 2,000,000 | 2,100,861 |
| County of Salt Lake, Convention Hotel, Unlimited General Obligation | ||
| Series B | ||
| 2.00%, due 12/15/25 | 2,000,000 | 1,992,270 |
| Series B | ||
| 2.30%, due 12/15/28 | 1,000,000 | 984,020 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 5.00%, due 10/15/26 | 1,265,000 | 1,290,032 |
| Utah State Building Ownership Authority, State Facilities Master Lease Program, Revenue Bonds | ||
| 2.25%, due 5/15/26 | 1,770,000 | 1,756,058 |
| Weber School District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 2.125%, due 6/15/32 | 1,670,000 | 1,489,913 |
| 9,613,154 | ||
| Virginia 2.9% | ||
| Bristol Industrial Development Authority, Revenue Bonds | ||
| Series A | ||
| 6.75%, due 11/1/33 (d) | 1,475,000 | 1,471,878 |
| Gloucester County Economic Development Authority, Waste Management Disposal Services of Virginia, Inc., Revenue Bonds | ||
| Series A | ||
| 4.25%, due 9/1/38 (a)(b) | 4,000,000 | 4,017,916 |
| Petersburg Redevelopment & Housing Authority, PB Petersburg Owner II LLC, Revenue Bonds | ||
| 4.00%, due 5/1/45 (a) | 2,500,000 | 2,542,052 |
| Prince William County Service Authority, Revenue Bonds | ||
| 3.00%, due 7/1/31 | 1,000,000 | 1,000,163 |
| 3.00%, due 7/1/32 | 1,495,000 | 1,495,243 |
| Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds | ||
| Series D, Insured: State Intercept | ||
| 3.00%, due 2/1/26 | 3,000,000 | 3,000,660 |
| Virginia Housing Development Authority, Revenue Bonds | ||
| Series F-1 | ||
| 3.55%, due 1/1/27 | 310,000 | 312,006 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Virginia Housing Development Authority, Revenue Bonds | ||
| Series F-1 | ||
| 3.60%, due 7/1/27 | $ 800,000 | $ 807,272 |
| Series A | ||
| 3.65%, due 3/1/29 | 2,060,000 | 2,062,980 |
| Virginia Public School Authority, Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 2.25%, due 8/1/29 | 2,000,000 | 1,927,145 |
| Series A, Insured: State Intercept | ||
| 3.00%, due 8/1/28 | 3,950,000 | 3,953,096 |
| Virginia Small Business Financing Authority, Pure Salmon Virginia LLC, Revenue Bonds | ||
| 4.00%, due 11/1/52 (a)(b) | 2,500,000 | 2,501,585 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
| Series A | ||
| 0.75%, due 10/1/40 (a) | 3,000,000 | 2,990,141 |
| 28,082,137 | ||
| Washington 1.8% | ||
| County of King, Sewer, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 2.52%, due 1/1/40 | 10,000,000 | 9,884,366 |
| Seattle Housing Authority, Northgate Plaza Project, Revenue Bonds | ||
| 1.00%, due 6/1/26 | 895,000 | 875,047 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
| Series F, Insured: NATL-RE | ||
| (zero coupon), due 12/1/26 | 5,720,000 | 5,526,928 |
| Washington State Housing Finance Commission, Revenue Bonds | ||
| Series 1-N, Insured: GNMA / FNMA / FHLMC | ||
| 1.90%, due 12/1/32 | 1,300,000 | 1,108,653 |
| 17,394,994 | ||
| Wisconsin 2.2% | ||
| City of Madison, Unlimited General Obligation | ||
| Series A | ||
| 2.10%, due 10/1/26 | 6,690,000 | 6,616,124 |
| Series A | ||
| 2.15%, due 10/1/27 | 6,690,000 | 6,512,548 |
| County of Dane, Unlimited General Obligation | ||
| Series A | ||
| 2.00%, due 6/1/26 | 3,000,000 | 2,970,761 |
| State of Wisconsin, Unlimited General Obligation | ||
| Series 2 | ||
| 5.00%, due 5/1/31 | 1,810,000 | 2,020,044 |
| Series 4 | ||
| 5.00%, due 5/1/32 | 3,000,000 | 3,374,183 |
| 21,493,660 | ||
| Total Long-Term Municipal Bonds (Cost $872,212,224) | 885,153,914 | |
| Principal Amount | Value | |
| Short-Term Municipal Notes 6.2% | ||
| California 1.8% | ||
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series B-4 | ||
| 2.45%, due 7/1/35 (f) | $ 10,000,000 | $ 10,000,000 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series A-1 | ||
| 2.50%, due 7/1/50 (f) | 8,000,000 | 8,000,000 |
| 18,000,000 | ||
| Florida 1.0% | ||
| Hillsborough County Industrial Development Authority, BayCare Health System, Revenue Bonds | ||
| Series D | ||
| 2.75%, due 11/15/54 (f) | 10,000,000 | 10,000,000 |
| Indiana 0.2% | ||
| Indiana Finance Authority, Deaconess Health System, Revenue Bonds | ||
| Series B | ||
| 2.59%, due 3/1/39 | 1,680,000 | 1,664,314 |
| New Jersey 0.2% | ||
| Tender Option Bond Trust Receipts, Revenue Bonds | ||
| 2.83%, due 6/15/50 (d)(f) | 1,500,000 | 1,500,000 |
| Ohio 1.0% | ||
| State of Ohio, Cleveland Clinic Health System, Revenue Bonds | ||
| Series E | ||
| 2.55%, due 1/1/52 (f) | 10,000,000 | 10,000,000 |
| Pennsylvania 1.0% | ||
| Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bonds | ||
| Series D-2 | ||
| 2.85%, due 11/1/61 (f) | 10,000,000 | 10,000,000 |
| Texas 1.0% | ||
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Revenue Bonds | ||
| Series A | ||
| 2.20%, due 11/15/50 (f) | 10,000,000 | 10,000,000 |
| Total Short-Term Municipal Notes (Cost $61,180,000) | 61,164,314 | |
| Total Municipal Bonds (Cost $933,392,224) | 946,318,228 | |
| Principal Amount | Value | ||
| Long-Term Bonds 1.4% | |||
| Corporate Bonds 1.4% | |||
| Commercial Services 0.7% | |||
| Toll Road Investors Partnership II LP | |||
| (zero coupon), due 2/15/32 (d) | $ 10,000,000 | $ 6,426,128 | |
| Healthcare-Services 0.7% | |||
| Lifespan Corp. | |||
| Series 2025 | |||
| 5.05%, due 2/15/30 | 5,000,000 | 5,034,287 | |
| Prime Healthcare Foundation, Inc. | |||
| Series B | |||
| 7.00%, due 12/1/27 | 2,000,000 | 2,031,505 | |
| 7,065,792 | |||
| Total Corporate Bonds (Cost $13,519,918) | 13,491,920 | ||
| Total Long-Term Bonds (Cost $13,519,918) | 13,491,920 | ||
| Shares | Value | ||
| Short-Term Investment 3.1% | |||
| Unaffiliated Investment Company 3.1% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (g) | 30,340,002 | 30,340,002 | |
| Total Short-Term Investment (Cost $30,340,002) | 30,340,002 | ||
| Total Investments (Cost $977,252,144) | 100.7% | 990,150,150 | |
| Other Assets, Less Liabilities | (0.7) | (6,770,795) | |
| Net Assets | 100.0% | $ 983,379,355 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Delayed delivery security. |
| (d) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (e) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (g) | Current yield as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 885,153,914 | $ — | $ 885,153,914 | |||
| Short-Term Municipal Notes | — | 61,164,314 | — | 61,164,314 | |||
| Total Municipal Bonds | — | 946,318,228 | — | 946,318,228 | |||
| Long-Term Bonds | |||||||
| Corporate Bonds | — | 13,491,920 | — | 13,491,920 | |||
| Total Corporate Bonds | — | 13,491,920 | — | 13,491,920 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 30,340,002 | — | — | 30,340,002 | |||
| Total Investments in Securities | $ 30,340,002 | $ 959,810,148 | $ — | $ 990,150,150 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 97.7% | ||
| Long-Term Municipal Bonds 96.1% | ||
| Alabama 4.6% | ||
| Alabama Federal Aid Highway Finance Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/36 | $ 750,000 | $ 835,073 |
| Series A | ||
| 5.00%, due 9/1/37 | 1,000,000 | 1,101,680 |
| Alabama Housing Finance Authority, Single-Family Mortgage, Revenue Bonds | ||
| Series D, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 10/1/55 | 1,500,000 | 1,635,961 |
| Alabama Housing Finance Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 4/1/56 | 1,480,000 | 1,626,207 |
| Baldwin County Industrial Development Authority, Novelis Corp. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/55 (a)(b)(c) | 2,000,000 | 1,997,394 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
| Series C-2 | ||
| 2.64%, due 10/1/52 | 1,585,000 | 1,561,653 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
| Series B | ||
| 2.94%, due 4/1/53 | 700,000 | 684,969 |
| Series B-1 | ||
| 4.00%, due 4/1/53 (c) | 640,000 | 644,329 |
| Series D | ||
| 5.00%, due 11/1/34 | 3,500,000 | 3,692,051 |
| Series C-1 | ||
| 5.25%, due 12/1/26 | 1,850,000 | 1,896,303 |
| Series B-2 | ||
| 5.25%, due 12/1/53 (c) | 7,300,000 | 7,842,710 |
| Series A | ||
| 5.25%, due 5/1/55 (c) | 1,740,000 | 1,837,197 |
| Series F | ||
| 5.50%, due 11/1/53 (c) | 1,600,000 | 1,680,105 |
| Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 12/1/49 (c) | 1,480,000 | 1,482,810 |
| Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/52 (c) | 9,575,000 | 9,645,363 |
| Black Belt Energy Gas District, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/28 | 1,625,000 | 1,703,098 |
| Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/27 | 200,000 | 206,026 |
| Series B | ||
| 5.00%, due 6/1/28 | 685,000 | 715,147 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Alabama | ||
| Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 12/1/30 | $ 630,000 | $ 671,341 |
| Series B | ||
| 5.25%, due 7/1/54 (c) | 4,685,000 | 5,021,487 |
| Prichard Water Works & Sewer Board, Revenue Bonds | ||
| 2.375%, due 11/1/28 (d)(e) | 205,000 | 133,250 |
| Southeast Alabama Gas Supply District (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/54 (c) | 7,500,000 | 7,927,939 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/33 | 1,000,000 | 1,060,891 |
| Series A | ||
| 5.00%, due 6/1/35 | 1,775,000 | 1,859,462 |
| Series A | ||
| 5.00%, due 11/1/35 | 12,250,000 | 12,636,588 |
| Series C | ||
| 5.00%, due 5/1/55 (c) | 2,870,000 | 3,053,283 |
| Series C | ||
| 5.00%, due 10/1/55 (c) | 3,750,000 | 3,982,932 |
| Series A | ||
| 5.00%, due 1/1/56 (c) | 3,000,000 | 3,029,190 |
| Series B | ||
| 5.25%, due 3/1/55 (c) | 1,370,000 | 1,422,455 |
| Southeast Energy Authority A Cooperative District, Project No. 4, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 5/1/53 (c) | 4,560,000 | 4,715,026 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 1/1/53 (c) | 1,600,000 | 1,702,665 |
| State of Alabama, Docks Department, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 10/1/28 (b) | 1,000,000 | 1,030,399 |
| Town of Pike Road, Limited General Obligation | ||
| 5.00%, due 3/1/40 | 845,000 | 882,763 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 5/1/44 (a) | 1,500,000 | 1,446,664 |
| 91,364,411 | ||
| Alaska 0.2% | ||
| Alaska Municipal Bond Bank Authority, Unlimited General Obligation (b) | ||
| Series 3 | ||
| 5.25%, due 12/1/39 | 1,085,000 | 1,126,922 |
| Series 3 | ||
| 5.25%, due 12/1/41 | 1,205,000 | 1,234,206 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Alaska | ||
| Alaska Municipal Bond Bank Authority, Unlimited General Obligation (b) | ||
| Series 3 | ||
| 5.25%, due 12/1/42 | $ 1,270,000 | $ 1,294,179 |
| Series 3 | ||
| 5.25%, due 12/1/43 | 1,340,000 | 1,355,969 |
| 5,011,276 | ||
| Arizona 2.4% | ||
| Arizona Industrial Development Authority, Ball Charter Schools Project, Revenue Bonds | ||
| 2.65%, due 7/1/26 | 20,000 | 19,799 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/41 | 1,700,000 | 1,706,172 |
| Series A | ||
| 5.00%, due 11/1/43 | 1,800,000 | 1,761,447 |
| Arizona Industrial Development Authority, Cottonwood Ranch Apartments LP, Revenue Bonds | ||
| 5.00%, due 1/1/42 (c) | 3,000,000 | 3,076,566 |
| Arizona Industrial Development Authority, Glendale Senior Project, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 10/1/44 (c) | 2,000,000 | 2,024,178 |
| Chandler Industrial Development Authority, Intel Corp. Project, Revenue Bonds (b)(c) | ||
| 4.00%, due 6/1/49 | 2,200,000 | 2,188,516 |
| Series 1 | ||
| 5.00%, due 9/1/42 | 500,000 | 508,635 |
| City of Buckeye, Unlimited General Obligation | ||
| 5.00%, due 7/1/36 | 1,500,000 | 1,670,192 |
| City of Goodyear, Water & Sewer, Revenue Bonds, Sub. Lien | ||
| Insured: AG | ||
| 5.00%, due 7/1/42 | 3,180,000 | 3,315,365 |
| Insured: AG | ||
| 5.00%, due 7/1/43 | 1,825,000 | 1,889,381 |
| City of Mesa, Utility System, Revenue Bonds, Junior Lien | ||
| Series A, Insured: BAM | ||
| 5.00%, due 7/1/30 | 1,050,000 | 1,158,871 |
| City of Mesa, Unlimited General Obligation | ||
| 5.00%, due 7/1/42 | 1,500,000 | 1,572,432 |
| City of Tucson, Water System, Revenue Bonds | ||
| 5.00%, due 7/1/44 | 2,300,000 | 2,370,360 |
| Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds | ||
| 4.00%, due 5/15/28 | 620,000 | 613,751 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Broadway Farms at Hurley Station Phase I Project, Revenue Bonds | ||
| 3.10%, due 2/1/59 (c) | 1,500,000 | 1,501,684 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Academies Projects, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 1,565,000 | 1,565,039 |
| Series A | ||
| 5.00%, due 7/1/46 | 1,335,000 | 1,305,441 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Industrial Development Authority of the County of Yavapai (The), Arizona Agribusiness and Equine Center, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/34 (a) | $ 750,000 | $ 746,547 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 3/1/55 | 2,500,000 | 2,783,450 |
| Maricopa County Industrial Development Authority, Banner Health, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/41 | 3,500,000 | 3,148,643 |
| Maricopa County Industrial Development Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| 4.25%, due 12/1/31 (b)(c) | 5,000,000 | 5,033,110 |
| Maricopa County Industrial Development Authority, Banner Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/32 | 2,000,000 | 2,049,349 |
| Maricopa County Union High School District No. 210, Phoenix, Project of 2023, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 7/1/32 | 1,000,000 | 1,132,081 |
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 10/1/33 (a)(b)(f) | 1,000,000 | 1,029,652 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/43 | 1,690,000 | 1,739,985 |
| Tucson Industrial Development Authority, Revenue Bonds | ||
| Series A-1, Insured: GNMA | ||
| 5.50%, due 1/1/56 | 1,170,000 | 1,270,460 |
| 47,181,106 | ||
| Arkansas 0.2% | ||
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds | ||
| 4.50%, due 9/1/49 (a)(b) | 1,135,000 | 1,045,089 |
| Bentonville School District No. 6, Unlimited General Obligation | ||
| Series D, Insured: State Aid Withholding | ||
| 2.00%, due 6/1/35 | 1,340,000 | 1,071,735 |
| Little Rock School District, Limited General Obligation | ||
| Series A, Insured: AG State Aid Withholding | ||
| 2.00%, due 2/1/36 | 2,000,000 | 1,558,138 |
| 3,674,962 | ||
| California 8.3% | ||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 7/1/33 | 1,500,000 | 1,609,794 |
| Series B | ||
| 5.00%, due 7/1/38 | 1,655,000 | 1,704,112 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (c) | ||
| Series C | ||
| 5.00%, due 8/1/55 | 7,235,000 | 7,656,874 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (c) | ||
| Series G | ||
| 5.00%, due 11/1/55 | $ 1,530,000 | $ 1,588,209 |
| Series C | ||
| 5.25%, due 1/1/54 | 10,745,000 | 11,216,710 |
| Series G-1 | ||
| 5.25%, due 11/1/54 | 2,000,000 | 2,117,299 |
| California Community Choice Financing Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 3/1/56 (c) | 1,250,000 | 1,327,488 |
| California Enterprise Development Authority, Campbell Hall Episcopal Project, Revenue Bonds | ||
| Series B | ||
| 3.50%, due 8/1/40 | 655,000 | 585,904 |
| Series A | ||
| 4.00%, due 8/1/40 | 1,480,000 | 1,385,639 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds | ||
| Series B-2 | ||
| 3.00%, due 10/1/47 (c) | 1,035,000 | 1,039,280 |
| California Infrastructure & Economic Development Bank, Roseville Sustainable Energy Partner LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | 2,560,000 | 2,637,197 |
| California Municipal Finance Authority, Revenue Bonds | ||
| Series 1, Class A-1 | ||
| 3.536%, due 2/20/41 (c) | 6,594,607 | 5,816,350 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (b) | 2,500,000 | 2,457,784 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
| Series A | ||
| 4.125%, due 10/1/41 (b)(c) | 1,500,000 | 1,500,078 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/31/31 (b) | 1,240,000 | 1,268,461 |
| California Municipal Finance Authority, CHF-Davis I LLC - West Village Student Housing Project, Revenue Bonds | ||
| 5.00%, due 5/15/43 | 1,000,000 | 981,048 |
| California Municipal Finance Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 11/1/40 (a) | 250,000 | 250,671 |
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
| Series A, Insured: AG | ||
| 5.25%, due 11/1/36 | 1,300,000 | 1,369,264 |
| California Municipal Finance Authority, Aldersly Project, Revenue Bonds | ||
| Series C, Insured: California Mortgage Insurance | ||
| 5.50%, due 11/15/27 | 500,000 | 500,170 |
| California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/27 (a) | 695,000 | 698,467 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/41 (a) | $ 240,000 | $ 203,856 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/32 (a) | 2,155,000 | 2,196,256 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/1/25 | 2,575,000 | 2,590,498 |
| California Statewide Communities Development Authority, Oak Park Apartments Project, Revenue Bonds, Senior Lien | ||
| Series H, Insured: FNMA | ||
| 4.25%, due 9/1/67 | 1,000,000 | 1,002,792 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
| Series D | ||
| 4.75%, due 9/2/33 | 250,000 | 251,714 |
| California Statewide Communities Development Authority, Kaiser Foundation Hospitals, Revenue Bonds | ||
| Series M | ||
| 5.00%, due 4/1/38 (c) | 1,000,000 | 1,092,990 |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds | ||
| Series A | ||
| 6.00%, due 5/1/43 | 1,000,000 | 1,021,498 |
| Central Valley Energy Authority, Revenue Bonds | ||
| 5.00%, due 12/1/55 (c) | 1,730,000 | 1,848,477 |
| City of Beaumont, Community Facilities District No. 2021-1, Special Tax | ||
| Series 1 | ||
| 5.00%, due 9/1/39 | 400,000 | 409,220 |
| City of Corona, Community Facilities District No. 2018-2, Special Tax | ||
| Series A | ||
| 5.00%, due 9/1/29 | 100,000 | 107,115 |
| City of Los Angeles, Department of Airports, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/41 (b) | 7,000,000 | 6,472,694 |
| Series E | ||
| 5.00%, due 5/15/41 | 5,760,000 | 6,208,068 |
| Series A | ||
| 5.25%, due 5/15/42 (b) | 1,395,000 | 1,453,035 |
| Series A | ||
| 5.25%, due 5/15/44 (b) | 3,150,000 | 3,240,167 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
| Series 1, Insured: BAM | ||
| 5.25%, due 9/1/35 | 1,000,000 | 1,097,045 |
| Clovis Unified School District, Unlimited General Obligation | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 8/1/30 | 1,500,000 | 1,291,723 |
| County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax | ||
| 5.00%, due 9/1/27 | 100,000 | 104,514 |
| 5.00%, due 9/1/30 | 175,000 | 188,517 |
| 5.00%, due 9/1/32 | 175,000 | 187,004 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Foothill-De Anza Community College District, Election of 1999, Unlimited General Obligation | ||
| Series B, Insured: NATL-RE FGIC | ||
| (zero coupon), due 8/1/29 | $ 1,045,000 | $ 937,239 |
| Kern Community College District, Election of 2016, Unlimited General Obligation | ||
| Series D | ||
| 5.25%, due 8/1/37 | 1,500,000 | 1,648,458 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 590,000 | 621,269 |
| Series A | ||
| 5.00%, due 7/1/28 | 1,385,000 | 1,473,006 |
| Series A | ||
| 5.00%, due 7/1/29 | 1,000,000 | 1,083,175 |
| Series D | ||
| 5.00%, due 7/1/29 | 1,100,000 | 1,191,493 |
| Series E | ||
| 5.00%, due 7/1/29 | 2,000,000 | 2,166,351 |
| Series A | ||
| 5.00%, due 7/1/30 | 270,000 | 287,935 |
| Series A | ||
| 5.00%, due 7/1/30 | 570,000 | 582,720 |
| Series D | ||
| 5.00%, due 7/1/30 | 1,915,000 | 2,019,424 |
| Series E | ||
| 5.00%, due 7/1/30 | 3,230,000 | 3,541,527 |
| Series A | ||
| 5.00%, due 7/1/31 | 2,030,000 | 2,243,183 |
| Series C | ||
| 5.00%, due 7/1/31 | 535,000 | 591,184 |
| Series D | ||
| 5.00%, due 7/1/32 | 820,000 | 866,790 |
| Series E | ||
| 5.00%, due 7/1/32 | 655,000 | 727,625 |
| Series A | ||
| 5.00%, due 7/1/33 | 500,000 | 514,118 |
| Series A | ||
| 5.00%, due 7/1/33 | 1,980,000 | 2,206,167 |
| Series B | ||
| 5.00%, due 7/1/33 | 720,000 | 731,532 |
| Series B | ||
| 5.00%, due 7/1/33 | 705,000 | 707,651 |
| Series B | ||
| 5.00%, due 7/1/33 | 420,000 | 465,303 |
| Series E | ||
| 5.00%, due 7/1/33 | 5,000,000 | 5,571,128 |
| Series A | ||
| 5.00%, due 7/1/34 | 1,155,000 | 1,239,879 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/34 | $ 540,000 | $ 560,056 |
| Series B | ||
| 5.00%, due 7/1/34 | 460,000 | 479,407 |
| Series A | ||
| 5.00%, due 7/1/35 | 425,000 | 433,433 |
| Series B | ||
| 5.00%, due 7/1/35 | 310,000 | 319,725 |
| Series B | ||
| 5.00%, due 7/1/35 | 680,000 | 721,388 |
| Series A | ||
| 5.00%, due 7/1/36 | 515,000 | 519,764 |
| Series C | ||
| 5.00%, due 7/1/36 | 1,000,000 | 1,078,458 |
| Series D | ||
| 5.00%, due 7/1/36 | 220,000 | 226,390 |
| Series A | ||
| 5.00%, due 7/1/37 | 510,000 | 510,764 |
| Series B | ||
| 5.00%, due 7/1/38 | 2,195,000 | 2,308,670 |
| Series A | ||
| 5.00%, due 7/1/39 | 275,000 | 278,830 |
| Series B | ||
| 5.00%, due 7/1/39 | 360,000 | 369,861 |
| Series E | ||
| 5.00%, due 7/1/39 | 1,575,000 | 1,641,395 |
| Series C | ||
| 5.00%, due 7/1/42 | 1,500,000 | 1,533,690 |
| Series B | ||
| 5.00%, due 7/1/48 | 215,000 | 214,195 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 310,000 | 326,578 |
| Series B | ||
| 5.00%, due 7/1/28 | 525,000 | 558,664 |
| Series A | ||
| 5.00%, due 7/1/30 | 850,000 | 869,206 |
| Series B | ||
| 5.00%, due 7/1/30 | 1,490,000 | 1,572,102 |
| Series A | ||
| 5.00%, due 7/1/35 | 555,000 | 566,268 |
| Madera Unified School District, Election of 2018, Unlimited General Obligation | ||
| 4.00%, due 8/1/44 | 100,000 | 90,495 |
| Northern California Energy Authority, Revenue Bonds | ||
| 5.00%, due 8/1/28 | 1,250,000 | 1,312,423 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| Oakland Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/46 | $ 500,000 | $ 455,484 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.25%, due 7/1/38 | 1,000,000 | 1,062,437 |
| Series B | ||
| 5.25%, due 7/1/41 | 1,700,000 | 1,783,032 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (b) | ||
| Series C | ||
| 5.00%, due 5/1/33 | 6,000,000 | 6,524,919 |
| Series A | ||
| 5.00%, due 5/1/39 | 6,850,000 | 7,038,284 |
| Series A | ||
| 5.25%, due 5/1/44 | 2,840,000 | 2,902,166 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | 1,500,000 | 1,500,073 |
| Series B | ||
| 5.25%, due 1/15/49 | 1,000,000 | 999,996 |
| San Joaquin Valley Clean Energy Authority, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/56 (c) | 1,000,000 | 1,100,816 |
| Santa Clara Unified School District, Election of 2018, Unlimited General Obligation | ||
| 3.25%, due 7/1/44 | 850,000 | 683,838 |
| Saratoga Union School District, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 9/1/26 | 1,925,000 | 1,872,138 |
| Southern California Public Power Authority, Milford Wind Corridor Phase I Project, Revenue Bonds | ||
| Series 1 | ||
| 5.00%, due 7/1/28 | 455,000 | 483,912 |
| Southern California Public Power Authority, Apex Power Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/31 | 720,000 | 796,844 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds | ||
| Series 1-A | ||
| 5.00%, due 7/1/33 | 1,240,000 | 1,381,640 |
| Series 1 | ||
| 5.00%, due 7/1/35 | 600,000 | 654,492 |
| Series 1 | ||
| 5.00%, due 7/1/36 | 400,000 | 433,888 |
| Series 1-A | ||
| 5.00%, due 7/1/38 | 515,000 | 543,191 |
| Series 2 | ||
| 5.00%, due 7/1/53 (c) | 2,000,000 | 2,114,237 |
| Series 1, Insured: BAM | ||
| 5.25%, due 7/1/41 | 2,000,000 | 2,128,788 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| State of California, Unlimited General Obligation | ||
| 5.00%, due 3/1/44 | $ 2,000,000 | $ 2,096,484 |
| University of California, Revenue Bonds | ||
| Series CA | ||
| 5.00%, due 5/15/40 | 2,000,000 | 2,145,066 |
| 165,288,626 | ||
| Colorado 3.5% | ||
| Adams 12 Five Star Schools, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.25%, due 12/15/42 | 6,000,000 | 6,409,988 |
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
| Series B, Insured: State Aid Withholding | ||
| 2.00%, due 12/15/26 | 500,000 | 493,124 |
| Arista Metropolitan District, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/38 | 1,500,000 | 1,573,562 |
| Arkansas River Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 2,000,000 | 2,012,407 |
| Baseline Metropolitan District No. 1, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 4.25%, due 12/1/54 | 1,350,000 | 1,211,792 |
| Canyons Metropolitan District No. 5, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/43 | 775,000 | 778,864 |
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/49 | 1,500,000 | 1,454,982 |
| City & County of Denver, Pledged Excise Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/44 | 1,000,000 | 1,001,773 |
| City & County of Denver, Airport System, Revenue Bonds (b) | ||
| Series D | ||
| 5.75%, due 11/15/40 | 1,500,000 | 1,609,286 |
| Series D | ||
| 5.75%, due 11/15/41 | 1,715,000 | 1,829,308 |
| City of Boulder, Certificate of Participation | ||
| 5.00%, due 11/1/41 | 3,280,000 | 3,457,454 |
| 5.00%, due 11/1/42 | 2,000,000 | 2,087,340 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 12/1/49 | 1,000,000 | 1,019,790 |
| Colorado Educational & Cultural Facilities Authority, Liberty Common School Project, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 1/15/36 | 355,000 | 383,346 |
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 1/15/37 | 375,000 | 401,633 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Colorado Educational & Cultural Facilities Authority, Liberty Common School Project, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 1/15/38 | $ 325,000 | $ 345,173 |
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 1/15/44 | 1,250,000 | 1,268,242 |
| Series A, Insured: BAM Moral Obligation | ||
| 5.00%, due 1/15/49 | 1,915,000 | 1,921,331 |
| Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds | ||
| Series B-3 | ||
| 2.125%, due 5/15/28 | 250,000 | 244,605 |
| Colorado Health Facilities Authority, SCL Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/36 | 2,500,000 | 2,481,044 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 8/1/44 | 250,000 | 215,751 |
| Series A-1, Insured: BAM | ||
| 5.00%, due 8/1/35 | 180,000 | 187,545 |
| Series A | ||
| 5.25%, due 11/1/37 | 1,450,000 | 1,541,888 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/31 | 1,550,000 | 1,718,199 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 11/15/59 (c) | 1,000,000 | 1,080,510 |
| Colorado Housing and Finance Authority, Fitz Affordable Owner LLC, Revenue Bonds | ||
| Series A, Insured: FNMA | ||
| 4.48%, due 3/1/44 | 1,500,000 | 1,411,069 |
| Colorado Housing and Finance Authority, Revenue Bonds | ||
| Series J, Class III, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 5/1/55 | 1,500,000 | 1,672,856 |
| Denver City & County School District No. 1, Unlimited General Obligation | ||
| Series C, Insured: State Aid Withholding | ||
| 5.50%, due 12/1/47 | 1,500,000 | 1,589,965 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B | ||
| 3.671%, due 9/1/39 | 1,700,000 | 1,698,307 |
| E-470 Public Highway Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 9/1/40 | 1,000,000 | 1,052,646 |
| Eagle County Airport Terminal Corp., Airport Terminal Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/1/41 (b) | 1,000,000 | 966,109 |
| Eagle County Housing & Development Authority, Eagle Villas Project, Revenue Bonds | ||
| 3.55%, due 12/1/45 (c) | 1,000,000 | 1,005,563 |
| Fiddlers Business Improvement District, Unlimited General Obligation | ||
| 5.00%, due 12/1/32 (a) | 200,000 | 203,591 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 12/1/40 | $ 250,000 | $ 226,823 |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 6/1/37 | 1,640,000 | 1,738,017 |
| Insured: BAM | ||
| 5.00%, due 6/1/41 | 1,455,000 | 1,486,289 |
| Jefferson Center Metropolitan District No. 1, Revenue Bonds | ||
| Series A-2 | ||
| 4.125%, due 12/1/40 | 575,000 | 507,492 |
| Midtown Clear Creek Metropolitan District, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.50%, due 12/1/43 | 1,200,000 | 1,276,245 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: NATL-RE | ||
| 5.00%, due 12/1/26 | 1,300,000 | 1,333,993 |
| Parterre Metropolitan District No. 5, Limited General Obligation | ||
| Series A | ||
| 5.875%, due 12/1/45 | 500,000 | 509,015 |
| Prairie Center Metropolitan District No. 3, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/41 (a) | 1,615,000 | 1,564,009 |
| Ravenna Metropolitan District, Limited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 12/1/38 | 1,400,000 | 1,447,827 |
| Insured: AG | ||
| 5.00%, due 12/1/43 | 1,750,000 | 1,752,032 |
| Reata South Metropolitan District, Limited General Obligation | ||
| 5.375%, due 12/1/37 | 1,000,000 | 1,009,226 |
| Regional Transportation District, Certificate of Participation | ||
| 5.00%, due 6/1/40 | 1,195,000 | 1,273,034 |
| STC Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
| Series A-1, Insured: AG | ||
| 5.00%, due 12/1/29 | 745,000 | 799,965 |
| Series A-1, Insured: AG | ||
| 5.00%, due 12/1/37 | 1,000,000 | 1,047,568 |
| Series A-1, Insured: AG | ||
| 5.00%, due 12/1/40 | 1,150,000 | 1,179,243 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds | ||
| Series A | ||
| 3.375%, due 12/1/30 | 999,000 | 957,892 |
| Series A | ||
| 3.75%, due 12/1/40 | 500,000 | 425,970 |
| Town of Castle Rock, Certificate of Participation | ||
| 5.00%, due 12/1/38 | 1,000,000 | 1,060,963 |
| 5.25%, due 12/1/43 | 1,265,000 | 1,314,628 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| VDW Metropolitan District No. 2, Limited General Obligation | ||
| Series A-2, Insured: BAM | ||
| 4.00%, due 12/1/45 | $ 580,000 | $ 496,931 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
| 5.00%, due 12/1/40 | 1,000,000 | 989,528 |
| 68,725,733 | ||
| Connecticut 0.6% | ||
| City of New Haven, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/31 | 1,200,000 | 1,310,693 |
| Connecticut Housing Finance Authority, Revenue Bonds | ||
| Series F-1 | ||
| 3.50%, due 11/15/43 | 725,000 | 725,363 |
| Connecticut State Health & Educational Facilities Authority, Yale-New Haven Health Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/49 (c) | 2,150,000 | 2,304,078 |
| Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Revenue Bonds | ||
| Series B-2 | ||
| 5.00%, due 11/15/45 (b)(c) | 2,000,000 | 2,017,865 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/36 | 230,000 | 230,097 |
| State of Connecticut, Transportation Infrastructure, Special Tax, Special Tax | ||
| Series A | ||
| 4.00%, due 5/1/36 | 1,040,000 | 1,050,427 |
| Series A | ||
| 5.25%, due 7/1/40 | 1,500,000 | 1,606,044 |
| Series A | ||
| 5.25%, due 7/1/40 | 2,500,000 | 2,694,893 |
| 11,939,460 | ||
| Delaware 0.6% | ||
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/38 | 770,000 | 782,066 |
| Series B | ||
| 5.00%, due 11/15/43 | 3,010,000 | 2,926,025 |
| Delaware State Housing Authority, Revenue Bonds | ||
| Series D, Insured: GNMA / FNMA / FHLMC | ||
| 5.50%, due 7/1/55 | 1,000,000 | 1,079,986 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 1/1/55 | 1,595,000 | 1,731,834 |
| Delaware State Housing Authority, Revenue Bonds, Senior Lien | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 1/1/56 | 2,000,000 | 2,186,950 |
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 6.00%, due 1/1/56 | 2,400,000 | 2,653,092 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Delaware | ||
| Town of Bridgeville, Heritage Shores Special Development District, Special Tax | ||
| 5.25%, due 7/1/44 (a) | $ 650,000 | $ 628,211 |
| 11,988,164 | ||
| District of Columbia 0.7% | ||
| District of Columbia Housing Finance Agency, Lisner Senior Independent Owner LP, Revenue Bonds | ||
| 5.00%, due 10/1/41 (c) | 3,000,000 | 3,041,365 |
| Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/29 | 1,000,000 | 1,076,134 |
| Series A | ||
| 5.00%, due 10/1/38 | 2,000,000 | 2,090,284 |
| Series A | ||
| 5.00%, due 10/1/40 | 2,000,000 | 2,039,837 |
| Series A | ||
| 5.25%, due 10/1/40 | 2,000,000 | 2,119,083 |
| Series A | ||
| 5.25%, due 10/1/42 | 2,000,000 | 2,077,541 |
| Series A | ||
| 5.50%, due 10/1/44 | 2,000,000 | 2,092,148 |
| 14,536,392 | ||
| Florida 4.1% | ||
| Alachua County Health Facilities Authority, Oak Hammock at the University of Florida, Inc. Project, Revenue Bonds | ||
| Series B-3 | ||
| 3.625%, due 10/1/30 | 1,390,000 | 1,391,071 |
| Ave Maria Stewardship Community District, Phase 4 Master Improvement Project Area, Special Assessment | ||
| Series A | ||
| 4.00%, due 5/1/42 | 1,500,000 | 1,267,296 |
| 4.50%, due 5/1/33 (a) | 150,000 | 151,285 |
| Capital Projects Finance Authority, PRG - UnionWest Properties LLC, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 5.25%, due 6/1/39 (a) | 1,875,000 | 1,901,035 |
| Capital Trust Agency, Inc., Advantage Academy of Hillsborough, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/39 | 500,000 | 469,573 |
| Capital Trust Authority, Mason Classical Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/39 (a) | 1,000,000 | 962,036 |
| CFM Community Development District, Capital Improvement, Special Assessment | ||
| 2.875%, due 5/1/31 | 100,000 | 91,831 |
| City of Gainesville, Utilities System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | 635,000 | 636,705 |
| City of Hallandale Beach, Unlimited General Obligation | ||
| 3.00%, due 7/1/35 | 2,150,000 | 1,951,961 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds | ||
| Series A | ||
| 4.25%, due 6/1/27 | $ 75,000 | $ 75,749 |
| Series A | ||
| 5.00%, due 6/1/32 | 100,000 | 104,444 |
| Cobblestone Community Development District, Assessment Area Two, Special Assessment | ||
| Series 2 | ||
| 3.40%, due 5/1/27 (a) | 80,000 | 79,525 |
| Collier County Educational Facilities Authority, Ave Maria University, Inc., Revenue Bonds | ||
| 5.00%, due 6/1/29 | 1,065,000 | 1,096,684 |
| County of Broward, Revenue Bonds | ||
| 3.00%, due 10/1/37 | 2,055,000 | 1,748,530 |
| County of Lee, Airport, Revenue Bonds (b) | ||
| 5.00%, due 10/1/35 | 3,000,000 | 3,168,657 |
| 5.25%, due 10/1/42 | 5,250,000 | 5,398,244 |
| 5.25%, due 10/1/44 | 2,380,000 | 2,428,815 |
| County of Miami-Dade, Water & Sewer System, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 10/1/34 | 1,000,000 | 937,442 |
| County of Miami-Dade, Seaport Department, Revenue Bonds | ||
| Series A-1, Insured: AG | ||
| 4.00%, due 10/1/39 (b) | 2,000,000 | 1,934,578 |
| County of Miami-Dade, Aviation, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/35 (b) | 1,500,000 | 1,599,582 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.50%, due 9/1/37 | 2,040,000 | 2,214,921 |
| East Nassau Stewardship District, PDP No. 4 Project, Special Assessment | ||
| 5.25%, due 5/1/29 | 500,000 | 500,166 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/31 | 515,000 | 526,889 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/33 | 1,300,000 | 1,368,127 |
| Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment | ||
| 4.50%, due 5/1/31 (b) | 265,000 | 267,695 |
| Fort Pierce Utilities Authority, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 10/1/34 | 325,000 | 352,258 |
| Greater Orlando Aviation Authority, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/42 | 7,115,000 | 7,095,361 |
| 5.25%, due 10/1/41 | 1,200,000 | 1,254,102 |
| 5.25%, due 10/1/43 | 7,080,000 | 7,285,259 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds (b) | ||
| Series B | ||
| 5.00%, due 10/1/34 | $ 1,565,000 | $ 1,698,651 |
| Series B | ||
| 5.25%, due 10/1/41 | 1,200,000 | 1,254,102 |
| Series B | ||
| 5.25%, due 10/1/44 | 1,700,000 | 1,739,897 |
| Hillsborough County Industrial Development Authority, BayCare Health System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/15/34 | 2,000,000 | 2,234,290 |
| Hilltop Point Community Development District, Assessment Area One, Special Assessment | ||
| Series 1 | ||
| 4.60%, due 5/1/27 | 65,000 | 65,400 |
| Hilltop Point Community Development District, Assessment Area Two, Special Assessment | ||
| Series 2 | ||
| 4.75%, due 5/1/27 | 105,000 | 105,779 |
| JEA Water & Sewer System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/49 | 2,255,000 | 2,328,839 |
| Lakewood Ranch Stewardship District, Azario Project, Special Assessment | ||
| 4.00%, due 5/1/40 | 580,000 | 521,601 |
| Lakewood Ranch Stewardship District, Northeast Sector Project Phase 1B, Special Assessment | ||
| 5.30%, due 5/1/39 | 1,295,000 | 1,296,144 |
| Lee County Industrial Development Authority, Lee Health System, Inc. Obligated Group, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 4/1/33 (c) | 1,000,000 | 1,003,071 |
| Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/31 | 1,605,000 | 1,553,069 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds | ||
| Series B, Insured: HUD Sector 8 | ||
| 3.55%, due 3/1/29 (c) | 1,575,000 | 1,600,164 |
| Series A, Insured: HUD Sector 8 FNMA | ||
| 4.88%, due 3/1/46 | 2,000,000 | 1,894,138 |
| Mid-Bay Bridge Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 500,000 | 501,747 |
| Newfield Community Development District, Special Assessment | ||
| 5.00%, due 5/1/35 | 795,000 | 812,226 |
| Palm Beach County Housing Finance Authority, Everglades Townhomes LP, Revenue Bonds | ||
| 5.00%, due 2/1/27 (c) | 994,000 | 1,003,928 |
| Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment | ||
| 4.15%, due 5/1/27 | 100,000 | 100,469 |
| Reunion East Community Development District, Series 2021 Project, Special Assessment | ||
| 2.85%, due 5/1/31 | 100,000 | 93,394 |
| Reunion West Community Development District, Special Assessment | ||
| 3.00%, due 5/1/36 | 100,000 | 87,389 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Rolling Hills Community Development District, Special Assessment | ||
| Series A-2 | ||
| 3.65%, due 5/1/32 | $ 385,000 | $ 360,226 |
| Seminole Improvement District, Revenue Bonds | ||
| 5.00%, due 10/1/32 | 250,000 | 255,819 |
| Southern Groves Community Development District No. 5, 2021 Assessment Area, Special Assessment | ||
| 2.80%, due 5/1/31 | 425,000 | 405,493 |
| Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment | ||
| 4.60%, due 5/1/32 | 460,000 | 465,439 |
| Tampa Bay Water, Revenue Bonds | ||
| 5.00%, due 10/1/40 | 1,580,000 | 1,663,860 |
| Series A | ||
| 5.00%, due 10/1/49 | 1,820,000 | 1,849,142 |
| Two Lakes Community Development District, Expansion Area Project, Special Assessment | ||
| 3.375%, due 12/15/30 | 1,510,000 | 1,458,207 |
| 3.75%, due 12/15/39 | 2,990,000 | 2,562,360 |
| 4.00%, due 12/15/49 | 2,200,000 | 1,710,614 |
| V-Dana Community Development District, Assessment Area Two-2025 Project, Special Assessment | ||
| 5.375%, due 5/1/45 | 250,000 | 237,513 |
| Verano No. 3 Community Development District, Special Assessment | ||
| 2.375%, due 5/1/26 | 10,000 | 9,876 |
| Village Community Development District No. 13, Phase III, Special Assessment | ||
| 2.85%, due 5/1/36 | 1,495,000 | 1,261,191 |
| Village Community Development District No. 14, Special Assessment | ||
| 5.125%, due 5/1/37 | 655,000 | 670,344 |
| Village Community Development District No. 15, Special Assessment | ||
| 4.375%, due 5/1/33 (a) | 100,000 | 101,604 |
| Watergrass Community Development District II, Phase 2, Special Assessment | ||
| 2.50%, due 5/1/31 | 100,000 | 91,283 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
| 3.625%, due 5/1/32 | 210,000 | 196,765 |
| Wiregrass II Community Development District, Assessment Area Two, Special Assessment | ||
| 4.80%, due 5/1/32 | 100,000 | 101,786 |
| 81,555,641 | ||
| Georgia 3.5% | ||
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
| Insured: BAM | ||
| 2.875%, due 7/1/31 (a) | 665,000 | 637,223 |
| Atlanta Urban Residential Finance Authority, Englewood Multi-Family Apartments Project, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 3.45%, due 2/1/29 (c) | 7,850,000 | 7,935,526 |
| Atlanta Urban Residential Finance Authority, TBG Englewood Senior LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 5/1/28 (c) | 1,440,000 | 1,491,784 |
| City of Atlanta, Department of Aviation, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/34 (b) | 450,000 | 481,180 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| Development Authority of Burke County (The), Oglethorpe Power Corp. Vogtle Project, Revenue Bonds (c) | ||
| Series A | ||
| 3.60%, due 1/1/40 | $ 2,565,000 | $ 2,596,882 |
| Series E | ||
| 3.60%, due 11/1/45 | 1,835,000 | 1,858,575 |
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series C | ||
| 4.00%, due 5/1/52 (c) | 3,000,000 | 3,017,697 |
| Series E-2 | ||
| 4.621%, due 12/1/53 | 5,000,000 | 5,034,085 |
| Series A | ||
| 5.00%, due 6/1/53 (c) | 9,000,000 | 9,468,719 |
| Series B | ||
| 5.00%, due 7/1/53 (c) | 8,000,000 | 8,446,838 |
| Series D | ||
| 5.00%, due 4/1/54 (c) | 3,250,000 | 3,448,244 |
| Series E | ||
| 5.00%, due 5/1/55 (c) | 20,120,000 | 21,134,283 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 2,000,000 | 2,031,724 |
| Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds | ||
| 5.25%, due 2/1/47 | 1,700,000 | 1,763,653 |
| 69,346,413 | ||
| Guam 0.7% | ||
| Antonio B Won Pat International Airport Authority, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/33 | 200,000 | 209,386 |
| Series A | ||
| 5.25%, due 10/1/35 | 100,000 | 105,316 |
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
| Series A | ||
| 4.25%, due 2/1/30 | 1,500,000 | 1,499,963 |
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/34 | 650,000 | 702,885 |
| Series A | ||
| 5.00%, due 10/1/35 | 1,100,000 | 1,194,753 |
| Series A | ||
| 5.00%, due 10/1/38 | 1,350,000 | 1,357,769 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 400,000 | 384,744 |
| Series D | ||
| 5.00%, due 11/15/27 | 365,000 | 366,112 |
| Series D | ||
| 5.00%, due 11/15/32 | 1,000,000 | 1,001,474 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Guam | ||
| Territory of Guam, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/42 | $ 2,700,000 | $ 2,384,468 |
| Series G | ||
| 5.00%, due 1/1/36 (g) | 1,150,000 | 1,218,077 |
| Series G | ||
| 5.25%, due 1/1/39 (g) | 1,000,000 | 1,047,157 |
| Territory of Guam, Section 30, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/32 | 1,000,000 | 1,014,845 |
| Series A | ||
| 5.00%, due 12/1/34 | 1,750,000 | 1,768,481 |
| 14,255,430 | ||
| Hawaii 0.3% | ||
| Kauai County Community Facilities District No. 2008-1, Kukui'ula Development Project, Special Tax | ||
| 4.00%, due 5/15/26 | 80,000 | 79,979 |
| Kauai County Community Facilities District No. 2008-1, Kukui'Ula Development Project, Special Tax | ||
| 4.00%, due 5/15/29 | 440,000 | 441,726 |
| State of Hawaii, Airports System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/42 (b) | 4,500,000 | 4,523,028 |
| 5,044,733 | ||
| Idaho 0.1% | ||
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
| 5.00%, due 9/1/37 | 1,870,000 | 1,807,009 |
| Idaho Housing & Finance Association, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 3.15%, due 1/1/26 | 815,000 | 814,630 |
| 2,621,639 | ||
| Illinois 7.0% | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 12/1/37 | 1,215,000 | 1,119,503 |
| Series B | ||
| 4.00%, due 12/1/41 | 5,750,000 | 4,931,443 |
| Series B | ||
| 5.00%, due 12/1/31 | 1,000,000 | 1,035,080 |
| Series A | ||
| 5.00%, due 12/1/33 | 500,000 | 510,875 |
| Series B | ||
| 5.00%, due 12/1/33 | 1,500,000 | 1,500,015 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/35 | 500,000 | 505,229 |
| Series A | ||
| 5.00%, due 12/1/37 | 1,085,000 | 1,065,538 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 12/1/46 | $ 1,485,000 | $ 1,324,065 |
| Series D | ||
| 5.00%, due 12/1/46 | 1,000,000 | 890,515 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 12/1/31 | 655,000 | 661,608 |
| Series H | ||
| 5.00%, due 12/1/36 | 500,000 | 485,324 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
| 6.00%, due 4/1/46 | 1,000,000 | 1,011,969 |
| Chicago Board of Education, Project, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 12/1/35 | 450,000 | 450,003 |
| Series C | ||
| 5.25%, due 12/1/39 | 6,900,000 | 6,778,862 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
| Series C | ||
| 5.00%, due 1/1/36 | 4,340,000 | 4,356,823 |
| Series D | ||
| 5.00%, due 1/1/36 | 1,000,000 | 1,076,152 |
| Series D | ||
| 5.00%, due 1/1/37 | 1,000,000 | 1,065,042 |
| Series B | ||
| 5.00%, due 1/1/39 | 1,350,000 | 1,383,431 |
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien (b) | ||
| Series C | ||
| 5.00%, due 1/1/39 | 1,995,000 | 2,044,154 |
| Series A | ||
| 5.25%, due 1/1/41 | 2,150,000 | 2,219,308 |
| Chicago O'Hare International Airport, TrIPs Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/48 (b) | 3,500,000 | 3,291,902 |
| Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds, Senior Lien | ||
| Insured: BAM | ||
| 5.25%, due 1/1/39 | 1,195,000 | 1,260,725 |
| Chicago Transit Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/49 | 3,500,000 | 3,403,117 |
| City of Chicago, City Colleges, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 1/1/27 | 850,000 | 814,908 |
| City of Chicago, Grace Manor LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 11/1/26 (c) | 5,000,000 | 5,024,027 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/32 | 1,500,000 | 1,569,499 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/44 | $ 2,000,000 | $ 1,876,478 |
| Series A | ||
| 6.00%, due 1/1/38 | 2,500,000 | 2,539,773 |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
| Series A, Insured: AG | ||
| 5.25%, due 1/1/42 | 450,000 | 452,181 |
| City of Chicago Heights, Olympic Village LLC, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) GNMA | ||
| 2.875%, due 8/1/27 (c) | 1,000,000 | 1,000,000 |
| City of Joliet, Rock Run Crossing Project, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.50%, due 12/15/42 | 2,000,000 | 2,083,276 |
| City of Joliet, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.50%, due 12/15/44 | 1,000,000 | 1,034,575 |
| City of Marion, STAR Bond District Project Area No. 1, Revenue Bonds | ||
| 6.375%, due 6/1/45 | 1,850,000 | 1,761,513 |
| City of Springfield, Electric, Revenue Bonds, Senior Lien | ||
| Insured: BAM | ||
| 3.00%, due 3/1/38 | 4,210,000 | 3,681,800 |
| Fox Lake Public Library District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 3.00%, due 2/1/28 | 1,175,000 | 1,164,199 |
| Illinois Finance Authority, University of Chicago (The), Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/38 | 2,350,000 | 2,205,340 |
| Illinois Finance Authority, Centerpoint Joliet Terminal Railroad Project, Revenue Bonds (a)(b)(c) | ||
| 4.125%, due 12/1/50 | 6,250,000 | 5,991,227 |
| 4.80%, due 12/1/43 | 4,350,000 | 4,348,656 |
| Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 7/1/41 | 1,725,000 | 1,668,744 |
| Illinois Finance Authority, Carle Foundation, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/34 | 250,000 | 268,885 |
| Illinois Finance Authority, Noble Network of Charter Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/34 | 500,000 | 523,130 |
| Series A | ||
| 5.00%, due 9/1/37 | 500,000 | 512,407 |
| Illinois Finance Authority, Clean Water Initiative, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 250,000 | 259,019 |
| Series A | ||
| 5.00%, due 7/1/43 | 1,000,000 | 1,035,277 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Illinois Finance Authority, Silver Cross Hospital Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/15/44 | $ 3,400,000 | $ 3,403,147 |
| Illinois Housing Development Authority, Social Bonds, Revenue Bonds | ||
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 3.00%, due 4/1/51 | 895,000 | 885,062 |
| Illinois Housing Development Authority, Congressman Collins, Revenue Bonds | ||
| 3.15%, due 2/1/29 (c) | 3,250,000 | 3,255,319 |
| Illinois Housing Development Authority, Heart of Uptown Apartments Project, Revenue Bonds | ||
| 3.45%, due 12/1/67 (c) | 7,000,000 | 7,025,901 |
| Illinois Housing Development Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 4.375%, due 10/1/41 | 755,000 | 731,346 |
| Series I, Insured: GNMA / FNMA / FHLMC | ||
| 6.00%, due 10/1/55 | 2,190,000 | 2,416,529 |
| Illinois Housing Development Authority, Island Terrace 4% Preservation Associates LP, Revenue Bonds | ||
| 5.00%, due 2/1/27 (c) | 6,000,000 | 6,059,930 |
| Illinois Housing Development Authority, Lakeview Landing LP, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 11/1/27 (c) | 1,310,000 | 1,343,385 |
| Illinois Municipal Electric Agency, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/1/34 | 1,500,000 | 1,499,591 |
| Illinois Sports Facilities Authority (The), Revenue Bonds | ||
| 5.00%, due 6/15/30 | 1,000,000 | 1,044,199 |
| Illinois State Toll Highway Authority, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 1/1/38 | 2,395,000 | 2,394,926 |
| Series C | ||
| 5.00%, due 1/1/39 | 1,825,000 | 1,818,634 |
| Series A | ||
| 5.00%, due 1/1/40 | 1,000,000 | 999,732 |
| Series B | ||
| 5.00%, due 1/1/40 | 1,000,000 | 1,000,440 |
| Lake County Consolidated High School District No. 120, Limited General Obligation | ||
| Series A | ||
| 5.50%, due 12/1/38 | 825,000 | 876,897 |
| Madison County Community Unit School District No. 7, Unlimited General Obligation | ||
| Series D, Insured: BAM | ||
| 5.00%, due 12/1/25 | 1,500,000 | 1,510,003 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/15/42 | 650,000 | 569,344 |
| Series A | ||
| 5.00%, due 12/15/28 | 2,000,000 | 2,082,086 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Unlimited General Obligation | ||
| Series E | ||
| 5.00%, due 12/1/41 | 1,000,000 | 1,010,920 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
| Series A, Insured: BAM | ||
| 5.00%, due 1/1/37 | $ 1,285,000 | $ 1,333,038 |
| Sales Tax Securitization Corp., Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 1/1/44 | 3,370,000 | 3,414,169 |
| Sales Tax Securitization Corp., Revenue Bonds | ||
| Series C | ||
| 5.50%, due 1/1/36 | 2,000,000 | 2,100,896 |
| Southwestern Illinois Development Authority, Traid Community Unit School District No. 2 Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 5.50%, due 4/1/45 | 2,370,000 | 2,462,712 |
| St. Clair County Community Unit School District No. 187, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 5.00%, due 1/1/27 | 130,000 | 134,019 |
| Series B, Insured: AG | ||
| 5.00%, due 1/1/36 | 265,000 | 284,610 |
| Series B, Insured: AG | ||
| 5.00%, due 1/1/37 | 225,000 | 239,352 |
| Series A, Insured: AG | ||
| 5.00%, due 1/1/39 | 350,000 | 370,353 |
| Series B, Insured: AG | ||
| 5.00%, due 1/1/40 | 210,000 | 216,502 |
| Series A, Insured: AG | ||
| 5.00%, due 1/1/42 | 500,000 | 513,331 |
| Series B, Insured: AG | ||
| 5.00%, due 1/1/43 | 250,000 | 252,841 |
| State of Illinois, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 6/1/41 | 1,040,000 | 932,826 |
| Series D | ||
| 5.00%, due 11/1/28 | 1,000,000 | 1,042,613 |
| 5.50%, due 5/1/39 | 500,000 | 519,681 |
| Village of Bradley, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 12/15/42 | 700,000 | 704,186 |
| Insured: AG | ||
| 5.00%, due 12/15/43 | 800,000 | 801,299 |
| Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.25%, due 1/1/39 | 175,000 | 186,909 |
| Insured: BAM | ||
| 5.50%, due 1/1/43 | 1,825,000 | 1,930,032 |
| 139,552,357 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana 2.1% | ||
| Avon Community School Building Corp., First Mortgage Bonds, Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.25%, due 7/15/37 | $ 1,000,000 | $ 1,090,848 |
| Brownsburg 1999 School Building Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.50%, due 7/15/42 | 1,000,000 | 1,042,772 |
| City of Lafayette, Local Income Tax, Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 3.00%, due 12/31/33 | 1,195,000 | 1,066,259 |
| City of Valparaiso, Pratt Paper LLC, Revenue Bonds | ||
| 4.50%, due 1/1/34 (a)(b) | 1,255,000 | 1,267,764 |
| Greater Clark Building Corp., Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 6.00%, due 7/15/40 | 1,300,000 | 1,452,878 |
| Series B, Insured: State Intercept | ||
| 6.00%, due 1/15/43 | 1,170,000 | 1,278,603 |
| Indiana Finance Authority, Indiana University Health, Revenue Bonds (c) | ||
| Series L | ||
| 0.70%, due 12/1/46 | 655,000 | 648,892 |
| Series D-4 | ||
| 5.00%, due 10/1/57 | 2,870,000 | 3,126,538 |
| Series D-3 | ||
| 5.00%, due 10/1/59 | 2,000,000 | 2,204,130 |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds (c) | ||
| Series B | ||
| 0.95%, due 12/1/38 (b) | 4,525,000 | 4,446,905 |
| Series A | ||
| 1.40%, due 8/1/29 | 250,000 | 226,162 |
| Indiana Finance Authority, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/1/38 (b)(c) | 2,000,000 | 2,021,951 |
| Indiana Finance Authority, Franciscan Alliance, Inc., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/1/41 | 3,715,000 | 3,715,903 |
| Indiana Housing & Community Development Authority, Tower Portfolio Project, Revenue Bonds | ||
| Insured: FHA 223(F) | ||
| 5.00%, due 10/1/26 (c) | 1,500,000 | 1,502,984 |
| Indiana Municipal Power Agency, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 1/1/43 | 2,756,000 | 2,832,276 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Revenue Bonds (b) | ||
| Series B-2 | ||
| 5.00%, due 1/1/31 | 2,260,000 | 2,437,741 |
| Series B-2 | ||
| 5.00%, due 1/1/32 | 1,765,000 | 1,910,216 |
| Series B-2 | ||
| 5.00%, due 1/1/37 | 455,000 | 479,582 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana | ||
| Indianapolis Local Public Improvement Bond Bank, Indiana Public Transportation Corporation Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/15/38 | $ 1,000,000 | $ 1,074,125 |
| Series A | ||
| 5.00%, due 7/15/42 | 1,650,000 | 1,704,395 |
| IPS Multi-School Building Corp., Indianapolis Board of School Commissioners, Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.25%, due 7/15/40 | 1,850,000 | 1,932,769 |
| Terre Haute Sanitary District, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 7/1/39 | 1,670,000 | 1,752,742 |
| Insured: BAM | ||
| 5.00%, due 7/1/42 | 1,000,000 | 1,022,809 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.50%, due 7/15/43 | 2,000,000 | 2,107,377 |
| 42,346,621 | ||
| Iowa 1.5% | ||
| City of Des Moines, Unlimited General Obligation | ||
| Series D | ||
| 1.50%, due 6/1/34 | 1,200,000 | 918,359 |
| Series D | ||
| 1.75%, due 6/1/38 | 540,000 | 363,646 |
| Series F | ||
| 2.00%, due 6/1/35 | 2,375,000 | 1,899,532 |
| Series F | ||
| 2.00%, due 6/1/36 | 2,415,000 | 1,865,853 |
| County of Polk, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 6/1/32 | 2,000,000 | 1,930,612 |
| County of Polk, Capital Loan Notes, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 6/1/26 (b) | 1,785,000 | 1,815,680 |
| Hampton-Dumont Community School District, Revenue Bonds | ||
| Insured: AG | ||
| 6.00%, due 6/1/29 | 930,000 | 1,000,743 |
| Iowa City Community School District, Unlimited General Obligation | ||
| 2.50%, due 6/1/38 | 565,000 | 418,249 |
| 2.50%, due 6/1/39 | 1,035,000 | 742,364 |
| Insured: BAM | ||
| 2.50%, due 6/1/39 | 500,000 | 376,036 |
| Iowa Finance Authority, Mortgage-Backed Securities Program, Revenue Bonds | ||
| Series G, Insured: GNMA / FHLMC | ||
| 6.25%, due 7/1/54 | 1,000,000 | 1,104,414 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 12/1/29 | 500,000 | 527,007 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Iowa | ||
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 12/1/30 | $ 615,000 | $ 647,430 |
| State of Iowa Board of Regents, University of Iowa Health Care's Hospital System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/41 | 7,413,000 | 6,877,406 |
| Series A | ||
| 4.125%, due 9/1/42 | 2,900,000 | 2,689,918 |
| Series A | ||
| 4.25%, due 9/1/43 | 1,750,000 | 1,632,550 |
| Series A | ||
| 4.25%, due 9/1/44 | 2,000,000 | 1,849,575 |
| Series A | ||
| 4.375%, due 9/1/45 | 1,750,000 | 1,645,923 |
| Waukee Community School District, Unlimited General Obligation | ||
| Series B | ||
| 2.00%, due 6/1/36 | 1,000,000 | 772,610 |
| Series B | ||
| 2.125%, due 6/1/39 | 1,000,000 | 708,286 |
| 29,786,193 | ||
| Kansas 0.1% | ||
| City of Manhattan, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 11/1/42 | 1,635,000 | 1,677,956 |
| Kentucky 4.4% | ||
| Adair County School District Finance Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 4.25%, due 9/1/36 | 1,495,000 | 1,513,998 |
| Anderson County School District Finance Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 4.125%, due 2/1/32 | 1,015,000 | 1,044,067 |
| Beechwood Independent School District Finance Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 4.00%, due 8/1/31 | 645,000 | 660,585 |
| Bullitt County School District Finance Corp., Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 1.875%, due 12/1/36 | 970,000 | 723,476 |
| City of Ashland, Royal Blue Health LLC Obligated Group, Revenue Bonds | ||
| Insured: AG | ||
| 3.00%, due 2/1/40 | 2,600,000 | 2,175,968 |
| City of Ashland, Ashland Hospital Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/40 | 500,000 | 491,730 |
| City of Bowling Green, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 2.00%, due 9/1/44 | 500,000 | 290,551 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds | ||
| Series B | ||
| 3.70%, due 1/1/32 (a)(b) | $ 345,000 | $ 339,408 |
| Commonwealth of Kentucky, State Office Building Project, Certificate of Participation | ||
| Series A | ||
| 4.00%, due 4/15/27 | 1,000,000 | 1,020,559 |
| County of Boyle, Centre College of Kentucky, Revenue Bonds | ||
| 5.00%, due 6/1/29 | 1,000,000 | 1,034,002 |
| County of Warren, Unlimited General Obligation | ||
| Insured: BAM | ||
| 1.75%, due 12/1/35 | 695,000 | 529,237 |
| County of Warren, Bowling Green-Warren County Community Hospital Corp., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/29 | 665,000 | 665,458 |
| Fayette County School District Finance Corp., Fayette County School District, Revenue Bonds | ||
| Series D, Insured: State Intercept | ||
| 5.00%, due 8/1/31 | 3,000,000 | 3,000,000 |
| Hopkins County School District Finance Corp., School Building, Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 2.00%, due 2/1/39 | 1,500,000 | 1,043,896 |
| Jefferson County Kentucky Capital Projects Corp., Administrative Office of the Courts, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.375%, due 6/1/27 | 1,050,000 | 1,051,492 |
| Series A, Insured: AG | ||
| 4.375%, due 6/1/28 | 1,605,000 | 1,607,272 |
| Jefferson County School District Finance Corp., Jefferson County Board of Education, Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 4.00%, due 7/1/26 | 4,000,000 | 4,004,511 |
| Jefferson County School District Finance Corp., Kentucky School Facilities Construction Commission, Revenue Bonds | ||
| Series A, Insured: State Intercept | ||
| 4.50%, due 4/1/32 | 1,075,000 | 1,076,056 |
| Kenton County Airport Board, Revenue Bonds (b) | ||
| Series A | ||
| 5.25%, due 1/1/40 | 1,200,000 | 1,240,127 |
| Series A | ||
| 5.25%, due 1/1/42 | 2,250,000 | 2,286,061 |
| Kenton County School District Finance Corp., Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 3.00%, due 2/1/31 | 2,040,000 | 2,022,555 |
| Kentucky Bond Development Corp., Lexington Center Corp. Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/1/27 | 1,585,000 | 1,648,692 |
| Kentucky Bond Development Corp., Baptist Healthcare System, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 8/15/55 (c) | 4,200,000 | 4,605,111 |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/40 | 2,145,000 | 2,144,486 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 1/1/45 | $ 3,200,000 | $ 3,132,526 |
| Kentucky Higher Education Student Loan Corp., Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 6/1/26 (b) | 600,000 | 607,682 |
| Kentucky Municipal Energy Agency, Energy Center I Project, Revenue Bonds | ||
| 5.00%, due 1/1/41 | 1,045,000 | 1,081,488 |
| Insured: AG | ||
| 5.00%, due 1/1/45 | 1,000,000 | 1,016,712 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/35 | 1,545,000 | 1,592,553 |
| Kentucky Municipal Power Agency, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| 5.00%, due 9/1/42 | 1,690,000 | 1,690,919 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds (c) | ||
| Series C | ||
| 4.00%, due 2/1/50 | 2,600,000 | 2,612,092 |
| Series A-1 | ||
| 5.25%, due 4/1/54 | 2,500,000 | 2,681,472 |
| Kentucky Public Energy Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/55 (c) | 14,455,000 | 15,296,082 |
| Kentucky Rural Water Finance Corp., Flexible Term Program, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 2/1/27 | 125,000 | 125,106 |
| Series F | ||
| 4.00%, due 2/1/28 | 130,000 | 130,111 |
| Series F | ||
| 4.00%, due 2/1/29 | 140,000 | 140,109 |
| Series D, Insured: NATL-RE | ||
| 4.50%, due 8/1/27 | 290,000 | 290,367 |
| Series D, Insured: NATL-RE | ||
| 4.60%, due 8/1/28 | 245,000 | 245,295 |
| Series D, Insured: NATL-RE | ||
| 4.625%, due 8/1/29 | 315,000 | 315,375 |
| Kentucky Rural Water Finance Corp., Revenue Bonds | ||
| Series C | ||
| 4.00%, due 2/1/28 | 175,000 | 175,149 |
| Series C | ||
| 4.00%, due 2/1/29 | 100,000 | 100,078 |
| Kentucky State Property & Building Commission, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/26 | 2,485,000 | 2,562,277 |
| Kentucky State Property & Building Commission, Project No. 115, Revenue Bonds | ||
| 5.00%, due 4/1/29 | 1,000,000 | 1,037,986 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| Kentucky Turnpike Authority, Revitalization Projects, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/28 | $ 900,000 | $ 962,150 |
| Series B | ||
| 5.00%, due 7/1/33 | 2,925,000 | 2,967,694 |
| Lewis County School District Finance Corp., Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 2.00%, due 2/1/39 | 1,600,000 | 1,113,489 |
| Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds | ||
| Insured: BAM | ||
| 3.125%, due 6/1/41 | 1,000,000 | 810,250 |
| Louisville and Jefferson County Metropolitan Sewer District, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/38 | 1,000,000 | 1,074,349 |
| Louisville Regional Airport Authority, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/26 | 2,325,000 | 2,332,247 |
| Series A | ||
| 5.00%, due 7/1/27 | 1,895,000 | 1,896,088 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co., Revenue Bonds | ||
| Series A | ||
| 2.00%, due 10/1/33 | 1,000,000 | 829,603 |
| Murray State University, Revenue Bonds | ||
| Series A, Insured: BAM State Intercept | ||
| 3.00%, due 9/1/35 | 1,230,000 | 1,101,174 |
| Pulaski County School District Finance Corp., Pulaski County School District, Revenue Bonds | ||
| Insured: State Intercept | ||
| 4.125%, due 6/1/34 | 1,510,000 | 1,539,254 |
| University of Kentucky, Revenue Bonds | ||
| Series A, Insured: BAM State Intercept | ||
| 3.00%, due 4/1/39 | 2,715,000 | 2,296,556 |
| 87,975,531 | ||
| Louisiana 0.9% | ||
| City of New Orleans, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/33 | 1,250,000 | 1,352,765 |
| City of Shreveport, Unlimited General Obligation | ||
| Insured: AG | ||
| 5.00%, due 3/1/37 | 625,000 | 662,132 |
| Greater New Orleans Expressway Commission, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 11/1/42 | 1,500,000 | 1,504,634 |
| Jefferson Davis Parish Road Sales Tax District No. 1, Revenue Bonds | ||
| Insured: AG | ||
| 4.00%, due 2/1/26 | 915,000 | 919,949 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Louisiana | ||
| Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 2/1/42 | $ 260,000 | $ 230,180 |
| Louisiana Housing Corp., Tivoli Place Project, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 7/1/26 | 6,000,000 | 6,107,323 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Christwood Project, Revenue Bonds | ||
| 4.25%, due 11/15/30 (a) | 250,000 | 249,674 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/15/30 | 4,000,000 | 4,337,137 |
| New Orleans Aviation Board, Louis Armstrong New Orleans International Airport, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/43 (b) | 2,000,000 | 1,958,156 |
| 17,321,950 | ||
| Maine 0.6% | ||
| Maine Health & Higher Educational Facilities Authority, MaineHealth Obligated Group, Revenue Bonds | ||
| Series B, Insured: AG | ||
| 5.25%, due 7/1/41 | 5,155,000 | 5,448,782 |
| Series B, Insured: AG | ||
| 5.25%, due 7/1/43 | 2,275,000 | 2,369,617 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
| Series C, Insured: AG State Aid Withholding | ||
| 5.50%, due 7/1/38 | 1,000,000 | 1,081,076 |
| Maine State Housing Authority, Revenue Bonds | ||
| Series G | ||
| 1.85%, due 11/15/30 | 1,000,000 | 895,523 |
| Maine Turnpike Authority, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 7/1/31 | 940,000 | 1,040,324 |
| Insured: AG | ||
| 5.00%, due 7/1/33 | 490,000 | 544,890 |
| 11,380,212 | ||
| Maryland 1.1% | ||
| City of Baltimore, Harbor Point Project, Revenue Bonds | ||
| 4.50%, due 6/1/33 | 100,000 | 100,484 |
| County of Charles, Consolidated Public Improvement, Unlimited General Obligation | ||
| 1.75%, due 10/1/35 | 1,000,000 | 776,970 |
| County of Frederick, Oakdale Lake Linganore Project, Special Tax | ||
| 3.75%, due 7/1/39 | 410,000 | 360,805 |
| Maryland Community Development Administration, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.00%, due 9/1/42 | 1,000,000 | 1,008,086 |
| Maryland Department of Housing & Community Development, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 3/1/56 | 750,000 | 842,094 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maryland | ||
| Maryland Economic Development Corp., Morgan State University Harper-Tubman Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 7/1/45 | $ 1,500,000 | $ 1,507,275 |
| Maryland Economic Development Corp., Morgan State University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/32 | 465,000 | 507,731 |
| Maryland Health & Higher Educational Facilities Authority, Meritus Health Issue, Revenue Bonds | ||
| Insured: AG | ||
| 4.25%, due 7/1/39 | 1,860,000 | 1,843,598 |
| Insured: AG | ||
| 4.25%, due 7/1/40 | 1,015,000 | 990,530 |
| Insured: AG | ||
| 5.00%, due 7/1/37 | 3,160,000 | 3,409,938 |
| Insured: AG | ||
| 5.00%, due 7/1/41 | 4,000,000 | 4,148,880 |
| Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund, Revenue Bonds | ||
| Series A, Insured: State Intercept | ||
| 5.00%, due 5/1/42 | 1,820,000 | 1,839,245 |
| Maryland State Transportation Authority, Passenger Facility Charge, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/29 (b) | 335,000 | 335,079 |
| Maryland Transportation Authority Passenger Facility Charge, Qualified Airport, Revenue Bonds | ||
| 3.00%, due 6/1/36 (b) | 1,500,000 | 1,282,067 |
| Montgomery County Housing Opportunities Commission, Revenue Bonds | ||
| Series A, Insured: FHA 542(C) | ||
| 3.85%, due 7/1/34 | 1,500,000 | 1,492,606 |
| State of Maryland Department of Transportation, BWI International Thurgood Marshall Airport, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 8/1/40 (b) | 1,275,000 | 1,335,277 |
| 21,780,665 | ||
| Massachusetts 0.8% | ||
| Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 7/1/31 | 1,000,000 | 817,428 |
| Massachusetts Bay Transportation Authority, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 5.25%, due 7/1/48 | 2,500,000 | 2,587,015 |
| Massachusetts Development Finance Agency, Provident Commonwealth Education Resources, Inc., Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,200,000 | 1,213,300 |
| 5.00%, due 10/1/34 | 1,500,000 | 1,505,859 |
| Massachusetts Development Finance Agency, Berkshire Retirement Community, Revenue Bonds | ||
| 5.00%, due 7/1/31 | 1,250,000 | 1,251,036 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/34 | 500,000 | 481,227 |
| Massachusetts Development Finance Agency, Harvard University, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 5/15/55 (c) | 3,000,000 | 3,357,344 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Massachusetts | ||
| Massachusetts Development Finance Agency, Seven Hills Foundation and Affiliates Issue, Revenue Bonds | ||
| 5.25%, due 9/1/31 | $ 1,390,000 | $ 1,499,976 |
| 5.25%, due 9/1/38 | 640,000 | 662,092 |
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds | ||
| Series B | ||
| 2.00%, due 7/1/37 (b) | 600,000 | 489,452 |
| Massachusetts Housing Finance Agency, Revenue Bonds | ||
| Series 222, Insured: GNMA / FNMA / FHLMC | ||
| 3.00%, due 6/1/51 | 2,170,000 | 2,141,278 |
| 16,006,007 | ||
| Michigan 1.8% | ||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
| 5.00%, due 2/15/28 | 240,000 | 243,858 |
| Charter Township of Emmett, Unlimited General Obligation | ||
| Insured: AG | ||
| 3.00%, due 4/1/34 | 1,045,000 | 958,294 |
| City of Detroit, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 4/1/34 | 275,000 | 290,914 |
| 5.50%, due 4/1/40 | 430,000 | 444,418 |
| Ferndale Public Schools, Unlimited General Obligation | ||
| Insured: Q-SBLF | ||
| 5.00%, due 5/1/42 | 1,090,000 | 1,117,866 |
| Four Lakes Special Assessment District, Special Assessment | ||
| Insured: AG County Guaranteed | ||
| 5.00%, due 6/1/40 | 2,130,000 | 2,196,256 |
| Gerald R Ford International Airport Authority, Revenue Bonds (b) | ||
| Insured: County Guaranteed | ||
| 5.00%, due 1/1/42 | 1,100,000 | 1,105,689 |
| Insured: County Guaranteed | ||
| 5.00%, due 1/1/44 | 1,100,000 | 1,088,501 |
| Grand Blanc Community Schools, Unlimited General Obligation | ||
| Insured: Q-SBLF | ||
| 2.375%, due 11/1/42 | 1,475,000 | 971,368 |
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien | ||
| Series C | ||
| 5.00%, due 7/1/36 | 810,000 | 817,297 |
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/46 | 1,000,000 | 993,498 |
| Ida Public Schools, Limited General Obligation | ||
| Insured: BAM | ||
| 5.00%, due 5/1/31 | 1,235,000 | 1,316,739 |
| Michigan Finance Authority, Trinity Health Credit Group, Revenue Bonds | ||
| Series MI-3 | ||
| 3.75%, due 12/1/38 (c) | 2,000,000 | 2,067,041 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan Finance Authority, Trinity Health Corp., Revenue Bonds | ||
| Series MI-2 | ||
| 3.875%, due 12/1/44 (a)(c) | $ 3,440,000 | $ 3,443,226 |
| Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/44 | 1,000,000 | 978,720 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
| 6.00%, due 11/1/32 | 1,250,000 | 1,290,049 |
| Michigan State Building Authority, Revenue Bonds | ||
| Series I | ||
| 5.00%, due 4/15/41 | 1,000,000 | 1,008,025 |
| Michigan State Housing Development Authority, 24 East Ltd. Dividend Housing Association LP, Revenue Bonds | ||
| 3.625%, due 4/1/42 (c) | 1,760,000 | 1,770,702 |
| Michigan State Housing Development Authority, Traditions of Holland Apartments Ltd. Dividend Housing Association LLC, Revenue Bonds | ||
| Insured: FHA 221(D4) | ||
| 5.00%, due 11/1/26 (c) | 2,000,000 | 2,030,222 |
| Michigan State Housing Development Authority, Revenue Bonds | ||
| Series D | ||
| 6.25%, due 6/1/55 | 605,000 | 666,401 |
| Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds | ||
| Insured: AG | ||
| 4.25%, due 12/31/38 (b) | 500,000 | 482,947 |
| Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds | ||
| 5.00%, due 12/31/43 (b) | 2,000,000 | 1,940,551 |
| Richmond Community Schools, School Building and Site, Unlimited General Obligation | ||
| Series I, Insured: Q-SBLF | ||
| 4.00%, due 5/1/36 | 750,000 | 752,390 |
| State of Michigan, Trunk Line, Revenue Bonds | ||
| 5.50%, due 11/15/44 | 2,000,000 | 2,121,590 |
| Universal Academy, Revenue Bonds | ||
| 4.00%, due 12/1/40 | 2,215,000 | 1,921,802 |
| Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Revenue Bonds (b) | ||
| Series C | ||
| 5.00%, due 12/1/39 | 1,475,000 | 1,472,856 |
| Series B, Insured: AG | ||
| 5.50%, due 12/1/40 | 1,595,000 | 1,710,157 |
| Wayne County Airport Authority, Revenue Bonds | ||
| Series B | ||
| 5.50%, due 12/1/41 (b) | 1,000,000 | 1,061,483 |
| 36,262,860 | ||
| Minnesota 1.0% | ||
| City of Independence, Global Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/41 | 280,000 | 230,396 |
| City of Minneapolis, Unlimited General Obligation | ||
| 3.00%, due 12/1/33 | 1,290,000 | 1,225,040 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Minnesota | ||
| Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/33 (b) | $ 3,000,000 | $ 3,244,392 |
| Minneapolis-St. Paul Metropolitan Airports Commission, Private Activity, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/35 (b) | 1,000,000 | 1,069,518 |
| Minnesota Housing Finance Agency, Residential Housing, Revenue Bonds | ||
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 3.50%, due 7/1/50 | 1,930,000 | 1,931,690 |
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 4.25%, due 1/1/49 | 2,765,000 | 2,798,228 |
| Minnesota Housing Finance Agency, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 3.80%, due 7/1/38 (b) | 1,995,000 | 1,855,289 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 7/1/55 | 2,400,000 | 2,696,590 |
| Series U, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 7/1/55 | 2,335,000 | 2,612,504 |
| Series F, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 1/1/56 | 1,000,000 | 1,111,817 |
| Worthington Independent School District No. 518, Unlimited General Obligation | ||
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 2/1/34 | 1,210,000 | 1,137,313 |
| 19,912,777 | ||
| Mississippi 0.2% | ||
| Mississippi Development Bank, Greenwood Leflore Consolidated School District, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 3/1/38 | 830,000 | 865,172 |
| Insured: BAM | ||
| 5.00%, due 3/1/42 | 1,380,000 | 1,394,955 |
| Mississippi Development Bank, Lamar County School District Project, Revenue Bonds | ||
| 5.25%, due 6/1/44 | 1,140,000 | 1,170,067 |
| Mississippi Home Corp., Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 5.00%, due 12/1/39 | 1,000,000 | 1,031,730 |
| 4,461,924 | ||
| Missouri 1.4% | ||
| City of St. Louis, Airport, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.25%, due 7/1/49 | 1,060,000 | 1,087,165 |
| County of Phelps, Phelps Health, Revenue Bonds | ||
| 5.00%, due 12/1/34 | 1,250,000 | 1,351,810 |
| 5.00%, due 12/1/38 | 1,825,000 | 1,888,436 |
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/15/47 | 3,070,000 | 3,015,665 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri | ||
| Hickman Mills C-1 School District, Unlimited General Obligation | ||
| Series C-1, Insured: BAM | ||
| 5.75%, due 3/1/42 | $ 2,000,000 | $ 2,095,176 |
| Kansas City Industrial Development Authority, Airport, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/1/40 (b) | 1,740,000 | 1,593,007 |
| Lees Summit Industrial Development Authority, John Knox Village Obligated Group, Revenue Bonds | ||
| Series B-2 | ||
| 4.325%, due 8/15/47 | 390,000 | 370,610 |
| Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 5/1/56 | 2,400,000 | 2,615,942 |
| Missouri Housing Development Commission, Revenue Bonds | ||
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 5/1/54 | 9,280,000 | 10,392,565 |
| Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/40 | 1,450,000 | 1,467,445 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co., Revenue Bonds | ||
| Series B | ||
| 2.90%, due 9/1/33 | 1,500,000 | 1,355,039 |
| 27,232,860 | ||
| Montana 0.0% ‡ | ||
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 10/15/32 | 650,000 | 557,853 |
| Series A | ||
| 4.00%, due 10/15/41 | 145,000 | 94,413 |
| 652,266 | ||
| Nebraska 0.5% | ||
| Central Plains Energy Project, Project No. 3, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/27 | 1,000,000 | 1,030,168 |
| Series A | ||
| 5.00%, due 9/1/29 | 1,000,000 | 1,048,451 |
| Nebraska Investment Finance Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 2.15%, due 3/1/31 | 1,150,000 | 1,041,495 |
| Nebraska Public Power District, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 1/1/41 | 2,275,000 | 2,282,511 |
| Omaha Public Power District, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/42 | 835,000 | 838,279 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Nebraska | ||
| Omaha Public Power District, Nebraska City Station Unit 2, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/46 | $ 700,000 | $ 699,923 |
| Series A | ||
| 5.25%, due 2/1/42 | 1,500,000 | 1,501,305 |
| Omaha School District, Unlimited General Obligation | ||
| 1.75%, due 12/15/35 | 1,500,000 | 1,127,434 |
| 9,569,566 | ||
| Nevada 0.2% | ||
| City of Sparks, Special Improvement District No. 1, Special Assessment | ||
| 5.00%, due 6/1/39 | 425,000 | 425,508 |
| County of Washoe, Sierra Pacific Power Co., Revenue Bonds | ||
| Series G | ||
| 3.625%, due 3/1/36 (c) | 1,000,000 | 997,836 |
| Henderson Local Improvement District No. T-22, Rainbow Canyon Phase II, Special Assessment | ||
| 5.00%, due 3/1/26 | 300,000 | 302,063 |
| Reno-Tahoe Airport Authority, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/39 (b) | 725,000 | 757,830 |
| State of Nevada, Highway Improvement, Revenue Bonds | ||
| Series C | ||
| 3.00%, due 12/1/41 | 1,000,000 | 805,700 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
| 5.00%, due 7/1/33 | 500,000 | 526,101 |
| 3,815,038 | ||
| New Hampshire 1.5% | ||
| New Hampshire Business Finance Authority, Revenue Bonds | ||
| Series 2 | ||
| 3.625%, due 8/20/39 | 1,791,240 | 1,632,185 |
| Series 1, Class A | ||
| 4.168%, due 1/20/41 (c) | 2,632,396 | 2,486,924 |
| Series 4, Class A | ||
| 4.183%, due 11/20/39 (c) | 5,969,032 | 5,657,594 |
| Series 2 | ||
| 4.25%, due 7/20/41 | 1,231,071 | 1,169,115 |
| New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/30 (b) | 365,000 | 360,566 |
| New Hampshire Business Finance Authority, Sustainable Certificates, Revenue Bonds | ||
| Series 3, Class A | ||
| 4.163%, due 10/20/41 | 3,578,287 | 3,271,191 |
| New Hampshire Business Finance Authority, Adventist Health Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 7/1/38 | 175,000 | 184,125 |
| Series C | ||
| 5.25%, due 7/1/39 | 895,000 | 932,766 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Hampshire | ||
| New Hampshire Business Finance Authority, Adventist Health Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 7/1/40 | $ 1,285,000 | $ 1,323,329 |
| New Hampshire Health and Education Facilities Authority Act, Trustees of Dartmouth College, Revenue Bonds | ||
| Series C | ||
| 3.30%, due 6/1/38 (c) | 1,045,000 | 1,050,737 |
| New Hampshire Health and Education Facilities Authority Act, Dartmouth-Hitchcock Obligated Group, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 8/1/33 | 2,750,000 | 2,751,992 |
| New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corp., Revenue Bonds (b) | ||
| Series B | ||
| 5.00%, due 11/1/27 | 500,000 | 517,410 |
| Series B | ||
| 5.00%, due 11/1/28 | 550,000 | 577,142 |
| New Hampshire Housing Finance Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 1/1/55 | 965,000 | 1,056,527 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 1/1/56 | 2,900,000 | 3,288,687 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/56 | 3,000,000 | 3,402,203 |
| 29,662,493 | ||
| New Jersey 1.5% | ||
| City of Atlantic City, Unlimited General Obligation | ||
| Series A, Insured: BAM State Aid Withholding | ||
| 5.00%, due 3/1/42 | 1,215,000 | 1,220,301 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
| 5.00%, due 10/1/37 (b) | 1,500,000 | 1,506,252 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 5.625%, due 11/15/30 (b) | 250,000 | 250,263 |
| New Jersey Educational Facilities Authority, Princeton University, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 7/1/64 (c) | 3,200,000 | 3,588,194 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 4.25%, due 12/1/45 | 1,000,000 | 971,589 |
| Series 1-B | ||
| 4.50%, due 12/1/45 | 3,000,000 | 2,960,112 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds | ||
| Series B, Insured: HUD Sector 8 | ||
| 3.50%, due 5/1/29 | 2,250,000 | 2,273,853 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series BB | ||
| 5.00%, due 6/15/42 | 10,000,000 | 10,223,543 |
| Series AA | ||
| 5.25%, due 6/15/43 | 2,790,000 | 2,816,219 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Turnpike Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/42 | $ 1,000,000 | $ 1,031,091 |
| Series C | ||
| 5.00%, due 1/1/45 | 3,230,000 | 3,304,077 |
| 30,145,494 | ||
| New Mexico 0.1% | ||
| City of Farmington, Public Service Co. of New Mexico, Revenue Bonds | ||
| Series B | ||
| 3.875%, due 6/1/40 (c) | 1,800,000 | 1,831,013 |
| New York 5.9% | ||
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
| 4.00%, due 6/1/29 | 215,000 | 198,436 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 900,000 | 900,370 |
| Build NYC Resource Corp., TrIPs Obligated Group, Revenue Bonds | ||
| 5.50%, due 7/1/42 (b) | 1,135,000 | 1,164,290 |
| City of New York, Unlimited General Obligation | ||
| Series C-1, Insured: BAM | ||
| 5.00%, due 9/1/47 | 1,500,000 | 1,514,344 |
| Series G-1 | ||
| 5.25%, due 2/1/45 | 1,490,000 | 1,546,716 |
| Series C | ||
| 5.25%, due 3/1/47 | 1,000,000 | 1,025,094 |
| Series B-1 | ||
| 5.25%, due 10/1/47 | 1,500,000 | 1,534,223 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 2/15/47 | 540,000 | 468,809 |
| Hudson Yards Infrastructure Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/45 | 2,880,000 | 2,886,820 |
| Long Island Power Authority, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 9/1/49 (c) | 3,185,000 | 3,075,788 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/15/36 | 750,000 | 726,984 |
| Series A | ||
| 5.00%, due 11/15/44 | 4,000,000 | 3,990,989 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 11/15/29 | 500,000 | 508,562 |
| Series A-1 | ||
| 5.00%, due 11/15/32 | 1,295,000 | 1,311,398 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/33 | $ 750,000 | $ 738,709 |
| New York City Housing Development Corp., Revenue Bonds | ||
| Series C, Insured: HUD Sector 8 FNMA | ||
| 2.40%, due 8/1/40 | 1,500,000 | 1,041,560 |
| Series F-2 | ||
| 3.40%, due 11/1/64 (c) | 1,100,000 | 1,107,438 |
| Series C-2 | ||
| 3.75%, due 5/1/65 (c) | 2,750,000 | 2,787,182 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series F-2A, Insured: FHA 542(C) | ||
| 3.40%, due 11/1/62 (c) | 500,000 | 500,059 |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
| Series DD-2 | ||
| 5.00%, due 6/15/40 | 1,000,000 | 1,017,484 |
| Series DD-1 | ||
| 5.00%, due 6/15/49 | 305,000 | 305,308 |
| New York City Municipal Water Finance Authority, New York City Water & Sewer System, Revenue Bonds | ||
| Series CC | ||
| 5.00%, due 6/15/46 | 1,500,000 | 1,525,273 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 11/1/38 | 3,000,000 | 3,006,780 |
| Series F-1 | ||
| 5.00%, due 5/1/42 | 750,000 | 752,708 |
| Series C | ||
| 5.25%, due 5/1/48 | 2,000,000 | 2,053,693 |
| Series C | ||
| 5.50%, due 5/1/41 | 2,000,000 | 2,159,555 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
| Series S-2, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/40 | 1,500,000 | 1,500,431 |
| New York City Transitional Finance Authority, Revenue Bonds | ||
| Series H-1 | ||
| 5.00%, due 11/1/42 | 2,500,000 | 2,602,902 |
| Series B | ||
| 5.00%, due 5/1/46 | 2,500,000 | 2,523,363 |
| Series H-1 | ||
| 5.00%, due 11/1/46 | 1,100,000 | 1,119,964 |
| Series E | ||
| 5.00%, due 11/1/47 | 3,550,000 | 3,597,530 |
| Series D | ||
| 5.25%, due 5/1/48 | 2,750,000 | 2,841,891 |
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (c) | 5,500,000 | 5,736,832 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
| 2.45%, due 9/15/69 | 500,000 | 462,285 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 2.75%, due 11/15/41 | $ 370,000 | $ 269,729 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 2/15/43 | 1,500,000 | 1,350,348 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds (a) | ||
| Class 1 | ||
| 5.00%, due 11/15/44 | 2,445,000 | 2,343,984 |
| Class 2 | ||
| 5.375%, due 11/15/40 | 2,000,000 | 1,973,610 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 3.00%, due 3/15/41 | 250,000 | 200,956 |
| Series E | ||
| 4.00%, due 3/15/45 | 1,950,000 | 1,706,421 |
| Series B | ||
| 5.00%, due 2/15/40 | 5,000 | 5,253 |
| Series B | ||
| 5.00%, due 2/15/40 | 1,295,000 | 1,318,688 |
| New York State Dormitory Authority, White Plains Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 10/1/34 | 1,625,000 | 1,728,938 |
| Insured: AG | ||
| 5.00%, due 10/1/39 | 1,500,000 | 1,582,971 |
| Insured: AG | ||
| 5.25%, due 10/1/40 | 1,500,000 | 1,596,109 |
| New York State Dormitory Authority, Sales tax, Revenue Bonds | ||
| Series E-3 | ||
| 5.00%, due 3/15/41 | 1,500,000 | 1,524,615 |
| New York State Dormitory Authority, Iona University, Revenue Bonds | ||
| Insured: AG | ||
| 5.50%, due 7/1/43 | 1,000,000 | 1,047,161 |
| New York State Environmental Facilities Corp., State of New York State Revolving Fund, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/33 | 1,265,000 | 1,285,520 |
| New York State Housing Finance Agency, Personal Income Tax, Revenue Bonds | ||
| Series A-2 | ||
| 3.35%, due 6/15/54 (c) | 1,000,000 | 1,002,652 |
| New York State Housing Finance Agency, Revenue Bonds | ||
| Series B-2, Insured: SONYMA HUD Sector 8 | ||
| 3.60%, due 11/1/64 (c) | 2,000,000 | 2,016,431 |
| New York State Thruway Authority, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 5.00%, due 1/1/41 | 1,000,000 | 1,001,079 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.00%, due 1/1/36 | 1,000,000 | 930,011 |
| 4.375%, due 10/1/45 | 1,250,000 | 1,085,507 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/25 (b) | $ 1,400,000 | $ 1,408,305 |
| New York Transportation Development Corp., Delta Air Lines, Inc., Revenue Bonds (b) | ||
| 5.00%, due 1/1/29 | 1,230,000 | 1,257,456 |
| 5.00%, due 1/1/33 | 1,550,000 | 1,573,495 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (b) | 4,000,000 | 3,808,348 |
| New York Transportation Development Corp., JFK International Airport, Revenue Bonds (b) | ||
| Insured: AG-CR | ||
| 5.25%, due 6/30/37 | 1,000,000 | 1,055,949 |
| Insured: AG | ||
| 5.50%, due 6/30/38 | 1,580,000 | 1,688,899 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds | ||
| 5.50%, due 6/30/41 (b) | 1,700,000 | 1,728,216 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/36 (b) | 865,000 | 872,659 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds | ||
| 5.00%, due 12/1/40 | 500,000 | 536,404 |
| Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds | ||
| Series 234 | ||
| 5.00%, due 8/1/38 (b) | 3,500,000 | 3,578,294 |
| State of New York, Mortgage Agency Homeowner Mortgage, Revenue Bonds (b) | ||
| Series 189 | ||
| 3.45%, due 10/1/27 | 2,950,000 | 2,941,998 |
| Series 189 | ||
| 3.50%, due 4/1/28 | 2,680,000 | 2,671,952 |
| Series 189 | ||
| 3.50%, due 10/1/28 | 3,465,000 | 3,455,815 |
| Series 189 | ||
| 3.60%, due 10/1/29 | 1,955,000 | 1,949,695 |
| Town of Colonie, Limited General Obligation | ||
| Insured: AG | ||
| 2.00%, due 3/1/29 | 985,000 | 930,113 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
| Series A-2, Insured: AG-CR | ||
| 2.00%, due 5/15/45 (c) | 250,000 | 239,880 |
| Series C | ||
| 5.25%, due 11/15/40 | 1,000,000 | 1,076,211 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series B-3 | ||
| 5.00%, due 11/15/38 | 640,000 | 642,202 |
| Series A | ||
| 5.00%, due 11/15/40 | 3,005,000 | 3,008,631 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Utility Debt Securitization Authority, Revenue Bonds | ||
| 5.00%, due 12/15/33 | $ 850,000 | $ 855,575 |
| 117,483,850 | ||
| North Carolina 2.2% | ||
| City of Fayetteville, Public Works Commission, Revenue Bonds | ||
| 2.25%, due 3/1/41 | 3,760,000 | 2,569,645 |
| County of Alamance, Unlimited General Obligation | ||
| 2.00%, due 5/1/35 | 1,500,000 | 1,216,805 |
| County of Gaston, Unlimited General Obligation | ||
| 5.00%, due 3/1/39 | 1,250,000 | 1,364,953 |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority, Project Aero, Revenue Bonds | ||
| 3.75%, due 12/1/27 (b)(c) | 3,000,000 | 3,000,592 |
| Greater Asheville Regional Airport Authority, Revenue Bonds (b) | ||
| Series A, Insured: AG | ||
| 5.00%, due 7/1/30 | 1,500,000 | 1,616,126 |
| Insured: AG | ||
| 5.25%, due 7/1/40 | 500,000 | 517,567 |
| Nash Health Care Systems, Healthcare Facilities, Revenue Bonds | ||
| 5.50%, due 2/1/44 | 500,000 | 519,928 |
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Revenue Bonds | ||
| 5.00%, due 12/31/37 (b) | 1,125,000 | 1,125,378 |
| North Carolina Housing Finance Agency, Revenue Bonds | ||
| Series 45, Insured: GNMA / FNMA / FHLMC | ||
| 2.00%, due 7/1/35 | 1,575,000 | 1,241,880 |
| Series 55-C, Insured: GNMA / FNMA / FHLMC | ||
| 3.20%, due 7/1/56 (c) | 4,905,000 | 4,907,434 |
| Series 38-B | ||
| 3.85%, due 7/1/37 | 2,510,000 | 2,410,096 |
| Series 50, Insured: GNMA / FNMA / FHLMC | ||
| 5.50%, due 1/1/54 | 905,000 | 970,711 |
| Series 54-A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 1/1/55 | 990,000 | 1,102,376 |
| North Carolina Housing Finance Agency, 1998 Trust Agreement, Revenue Bonds | ||
| Series 57-A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 1/1/56 | 500,000 | 559,547 |
| North Carolina Medical Care Commission, EveryAge Obligated Group, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 9/1/34 | 1,000,000 | 966,410 |
| North Carolina Medical Care Commission, Penick Village Obligated Group, Revenue Bonds | ||
| Series B-3 | ||
| 4.25%, due 9/1/28 | 160,000 | 160,028 |
| North Carolina Medical Care Commission, Duke University Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/42 | 2,320,000 | 2,403,081 |
| Series B | ||
| 5.00%, due 6/1/55 (c) | 1,530,000 | 1,649,408 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina | ||
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.50%, due 6/1/30 | $ 4,875,000 | $ 5,255,084 |
| Series A | ||
| 5.50%, due 6/1/31 | 3,250,000 | 3,521,740 |
| Series A | ||
| 5.50%, due 6/1/32 | 3,000,000 | 3,257,431 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AG | ||
| 5.00%, due 1/1/36 | 1,545,000 | 1,606,485 |
| Insured: AG | ||
| 5.00%, due 1/1/49 | 1,000,000 | 998,408 |
| 42,941,113 | ||
| North Dakota 0.3% | ||
| City of Grand Forks, Altru Health System, Revenue Bonds | ||
| Insured: AG-CR | ||
| 4.00%, due 12/1/37 | 310,000 | 295,021 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/30 | 700,000 | 756,151 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/31 | 650,000 | 705,186 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/32 | 800,000 | 869,987 |
| Series A, Insured: AG | ||
| 5.00%, due 12/1/33 | 1,000,000 | 1,087,090 |
| North Dakota Housing Finance Agency, Revenue Bonds | ||
| Series D | ||
| 6.00%, due 7/1/55 | 1,000,000 | 1,106,963 |
| Series C | ||
| 6.25%, due 1/1/55 | 985,000 | 1,097,408 |
| 5,917,806 | ||
| Ohio 1.4% | ||
| American Municipal Power, Inc., Meldahl Hydroelectric Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 2/15/41 | 925,000 | 838,372 |
| American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/41 | 3,000,000 | 3,009,323 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 6/1/48 | 1,000,000 | 669,181 |
| City of Norwood, Rockwood Exchange Project, Tax Allocation | ||
| 4.375%, due 12/1/30 | 640,000 | 642,829 |
| City of Toledo, Various Purpose Improvement, Limited General Obligation | ||
| Insured: AG | ||
| 5.25%, due 12/1/35 | 1,000,000 | 1,095,190 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| City of Toledo, Various Purpose Improvement, Limited General Obligation | ||
| Insured: AG | ||
| 5.25%, due 12/1/37 | $ 750,000 | $ 806,664 |
| City of Upper Arlington, Various Purpose, Limited General Obligation | ||
| 5.75%, due 12/1/38 | 700,000 | 707,170 |
| Cloverleaf Local School District, Certificate of Participation | ||
| Insured: BAM | ||
| 5.375%, due 12/1/37 | 750,000 | 780,459 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/43 (b) | 2,300,000 | 2,348,996 |
| Euclid City School District, Classroom Facilities & School Improvement, Unlimited General Obligation | ||
| Series A, Insured: SD CRED PROG | ||
| 5.25%, due 1/15/44 | 2,000,000 | 2,005,378 |
| Forest Hills Local School District, Unlimited General Obligation | ||
| 5.00%, due 12/1/44 | 490,000 | 490,105 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds | ||
| Series B | ||
| 2.50%, due 11/1/42 (b)(c) | 1,000,000 | 948,100 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds | ||
| Series D | ||
| 2.875%, due 2/1/26 | 250,000 | 248,423 |
| Ohio Air Quality Development Authority, American Electric Power Co., Inc., Revenue Bonds (b) | ||
| Series D | ||
| 3.70%, due 10/1/28 | 2,000,000 | 1,995,300 |
| Series A | ||
| 3.75%, due 1/1/29 | 1,000,000 | 998,214 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds (a)(b) | ||
| 3.75%, due 1/15/28 | 520,000 | 521,216 |
| 4.25%, due 1/15/38 | 1,000,000 | 951,803 |
| 4.50%, due 1/15/48 | 750,000 | 655,565 |
| Ohio Housing Finance Agency, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 3/1/56 | 1,500,000 | 1,661,399 |
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 3/1/56 (g) | 1,000,000 | 1,130,256 |
| Ohio Water Development Authority, Water Pollution Control, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 12/1/37 | 4,000,000 | 4,388,949 |
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 12/31/35 (b) | 1,000,000 | 1,000,624 |
| 27,893,516 | ||
| Oklahoma 0.4% | ||
| Carter County Public Facilities Authority, Carter County Independent School District No. 19 Ardmore, Revenue Bonds | ||
| 5.00%, due 9/1/32 | 1,070,000 | 1,104,039 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Oklahoma | ||
| Oklahoma Housing Finance Agency, Homeownership Loan Program, Revenue Bonds | ||
| Series D, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 3/1/56 | $ 3,500,000 | $ 3,955,269 |
| Oklahoma Turnpike Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/41 | 1,500,000 | 1,578,214 |
| Tulsa Municipal Airport Trust Trustees, American Airlines, Inc., Revenue Bonds | ||
| 6.25%, due 12/1/35 (b) | 1,000,000 | 1,104,941 |
| 7,742,463 | ||
| Oregon 1.3% | ||
| City of Portland, Sewer System, Revenue Bonds, Second Lien | ||
| Series A | ||
| 5.00%, due 12/1/47 | 1,000,000 | 1,010,404 |
| City of Redmond, Airport Expansion Projects, Limited General Obligation (b) | ||
| Series A | ||
| 5.00%, due 6/1/36 | 1,485,000 | 1,566,886 |
| Series A | ||
| 5.25%, due 6/1/42 | 1,395,000 | 1,431,154 |
| County of Clackamas, Limited General Obligation | ||
| 1.875%, due 6/1/39 | 1,070,000 | 718,813 |
| Multnomah County School District No. 1J, Portland Public Schools, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 6/15/37 | 2,000,000 | 1,747,117 |
| Oregon State Lottery, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/38 | 1,250,000 | 1,373,152 |
| Series A | ||
| 5.00%, due 4/1/40 | 2,500,000 | 2,685,696 |
| Port of Portland, Airport, Revenue Bonds (b) | ||
| Series 30-A | ||
| 5.25%, due 7/1/44 | 8,000,000 | 8,126,150 |
| Series 29 | ||
| 5.50%, due 7/1/48 | 500,000 | 512,301 |
| Salem Hospital Facility Authority, Salem Health Projects, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/41 | 1,000,000 | 883,708 |
| State of Oregon, Article XI-H Pollution Control, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 5/1/40 | 860,000 | 920,033 |
| State of Oregon, Articles XI-M, XI-N, XI-P State Projects, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 6/1/41 | 1,750,000 | 1,854,541 |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 5/1/45 | 2,500,000 | 2,641,028 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Oregon | ||
| State of Oregon Housing & Community Services Department, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/54 | $ 1,075,000 | $ 1,197,865 |
| 26,668,848 | ||
| Pennsylvania 2.5% | ||
| Adams County General Authority, Brethren Home Community Project (The), Revenue Bonds | ||
| Series B-1 | ||
| 3.90%, due 6/1/30 | 2,250,000 | 2,226,975 |
| Allegheny County Airport Authority, Pittsburgh International Airport, Revenue Bonds (b) | ||
| Series A, Insured: AG | ||
| 5.00%, due 1/1/33 | 1,480,000 | 1,600,567 |
| Series A, Insured: AG | ||
| 5.00%, due 1/1/35 | 2,500,000 | 2,690,846 |
| Allegheny County Airport Authority, Revenue Bonds (b) | ||
| Series A, Insured: AG | ||
| 5.50%, due 1/1/42 | 2,000,000 | 2,094,850 |
| Series A, Insured: AG | ||
| 5.50%, due 1/1/43 | 1,500,000 | 1,562,580 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (a) | ||
| 5.00%, due 5/1/27 | 170,000 | 174,278 |
| 5.00%, due 5/1/32 | 220,000 | 223,388 |
| 5.00%, due 5/1/42 | 1,175,000 | 1,150,064 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
| 6.00%, due 5/1/42 (a) | 500,000 | 511,131 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 300,000 | 311,828 |
| 5.00%, due 7/1/35 | 300,000 | 309,792 |
| Chester County Industrial Development Authority, Collegium Charter School Project, Revenue Bonds | ||
| 5.00%, due 10/15/32 (a) | 250,000 | 250,322 |
| Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds | ||
| 5.00%, due 10/1/34 (a) | 705,000 | 727,519 |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 10/15/37 | 2,000,000 | 1,891,555 |
| Coatesville School District, Limited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 5.25%, due 11/15/37 | 5,000,000 | 5,202,682 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
| Insured: AG | ||
| 4.00%, due 6/1/39 | 1,000,000 | 934,778 |
| County of Allegheny, Unlimited General Obligation | ||
| Series C-76 | ||
| 5.00%, due 11/1/41 | 1,000,000 | 1,010,332 |
| Cumberland Valley School District, Limited General Obligation | ||
| Series A, Insured: AG State Aid Withholding | ||
| 5.00%, due 11/15/44 | 1,275,000 | 1,290,582 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds | ||
| 5.00%, due 10/15/30 (a) | $ 1,000,000 | $ 870,308 |
| Doylestown Hospital Authority, Doylestown Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/31 (a) | 250,000 | 263,924 |
| Geisinger Authority, Geisinger Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/41 | 4,400,000 | 3,952,674 |
| Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/1/29 | 250,000 | 264,802 |
| Northampton County General Purpose Authority, St. Luke's University Health Network, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 8/15/34 | 1,300,000 | 1,406,284 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (b) | ||
| 5.25%, due 6/30/36 | 2,000,000 | 2,090,109 |
| 5.50%, due 6/30/37 | 250,000 | 262,637 |
| 5.50%, due 6/30/38 | 500,000 | 520,325 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Senior Lien (b) | ||
| Series 1-A | ||
| 5.00%, due 6/1/29 | 1,550,000 | 1,632,036 |
| Series 1-A | ||
| 5.00%, due 6/1/31 | 1,900,000 | 2,000,585 |
| Series 1-A | ||
| 5.00%, due 6/1/33 | 1,190,000 | 1,249,432 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds | ||
| 5.00%, due 8/15/34 | 1,000,000 | 1,115,723 |
| Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College, Revenue Bonds | ||
| 5.00%, due 12/1/38 | 1,000,000 | 1,000,656 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Revenue Bonds | ||
| Series 137 | ||
| 3.00%, due 10/1/51 | 1,690,000 | 1,650,743 |
| Pennsylvania Housing Finance Agency, Darby Townhouses, Revenue Bonds | ||
| Insured: FNMA | ||
| 4.90%, due 6/1/41 | 500,000 | 499,831 |
| Pennsylvania Housing Finance Agency, Revenue Bonds | ||
| Series 145-A | ||
| 6.00%, due 10/1/54 | 995,000 | 1,081,872 |
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 12/1/46 | 1,155,000 | 1,163,180 |
| Philadelphia Authority for Industrial Development, Frankford Valley Foundation for Literacy, Revenue Bonds | ||
| 4.50%, due 6/15/29 (a) | 400,000 | 402,161 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds | ||
| 5.00%, due 6/15/30 (a) | 435,000 | 443,695 |
| Philadelphia Gas Works Co., Revenue Bonds | ||
| Series 14 | ||
| 5.00%, due 10/1/30 | 1,680,000 | 1,718,318 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
| Series A, Insured: AG | ||
| 5.00%, due 9/1/35 | $ 1,200,000 | $ 1,307,917 |
| 49,061,281 | ||
| Puerto Rico 3.4% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 6,725,058 | 4,186,349 |
| (zero coupon), due 11/1/51 | 20,534,965 | 12,962,696 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/35 | 563,717 | 538,059 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 6,059,081 | 5,285,029 |
| Series A-1 | ||
| 4.00%, due 7/1/46 | 710,000 | 592,588 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 625,000 | 644,321 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 291,000 | 316,084 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 2,466,642 | 2,372,065 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series A | ||
| 4.00%, due 7/1/42 | 2,760,000 | 2,383,844 |
| Series A | ||
| 4.00%, due 7/1/42 | 600,000 | 518,227 |
| Series A | ||
| 5.00%, due 7/1/33 | 1,000,000 | 1,048,013 |
| Series A | ||
| 5.00%, due 7/1/35 | 3,000,000 | 3,092,642 |
| Series A | ||
| 5.00%, due 7/1/47 | 1,000,000 | 942,261 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) | ||
| Series B | ||
| 4.00%, due 7/1/42 | 7,685,000 | 6,637,623 |
| Series B | ||
| 5.00%, due 7/1/28 | 1,000,000 | 1,031,848 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.329%, due 7/1/40 | 22,472,000 | 20,916,733 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds | ||
| Series A-1 | ||
| 4.55%, due 7/1/40 | 4,355,000 | 4,118,892 |
| 67,587,274 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Rhode Island 2.5% | ||
| City of Providence, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 3.625%, due 1/15/29 | $ 975,000 | $ 975,534 |
| Series A, Insured: AG | ||
| 3.75%, due 1/15/30 | 2,010,000 | 2,011,065 |
| Series A, Insured: AG | ||
| 3.75%, due 1/15/32 | 1,000,000 | 1,000,142 |
| Providence Redevelopment Agency, Port Providence Lease, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 4/1/26 | 1,680,000 | 1,683,214 |
| Rhode Island Health and Educational Building Corp., Town of Smithfield, Revenue Bonds | ||
| Series H, Insured: AG-CR | ||
| 3.00%, due 5/15/38 | 1,000,000 | 829,667 |
| Rhode Island Health and Educational Building Corp., City of Pawtucket, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 3.00%, due 5/15/39 | 2,350,000 | 1,963,172 |
| Series C, Insured: MUN GOVT GTD | ||
| 4.00%, due 5/15/26 | 415,000 | 415,379 |
| Rhode Island Health and Educational Building Corp., City of East Providence, Revenue Bonds | ||
| Series B, Insured: MUN GOVT GTD | ||
| 3.625%, due 5/15/32 | 1,000,000 | 989,280 |
| Rhode Island Health and Educational Building Corp., Town of Coventry, Revenue Bonds | ||
| Series B, Insured: AG MUN GOVT GTD | ||
| 3.75%, due 5/15/28 | 600,000 | 600,177 |
| Series B, Insured: AG MUN GOVT GTD | ||
| 4.00%, due 5/15/33 | 1,000,000 | 1,000,153 |
| Rhode Island Health and Educational Building Corp., Providence Public Building Authority, Revenue Bonds | ||
| Series B, Insured: AG State Appropriations | ||
| 4.00%, due 5/15/30 | 1,500,000 | 1,501,045 |
| Rhode Island Health and Educational Building Corp., City of Cranston, Revenue Bonds | ||
| Series B, Insured: BAM MUN GOVT GTD | ||
| 4.00%, due 5/15/30 | 1,170,000 | 1,170,815 |
| Rhode Island Health and Educational Building Corp., University of Rhode Island, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 9/15/42 | 2,000,000 | 1,815,481 |
| Rhode Island Health and Educational Building Corp., Exeter-West Greenwich Regional School District, Revenue Bonds | ||
| Series B, Insured: State Aid Withholding | ||
| 4.50%, due 5/15/39 | 1,150,000 | 1,162,694 |
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Revenue Bonds | ||
| 5.00%, due 5/15/28 | 875,000 | 885,037 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 9/15/30 | 2,500,000 | 2,503,755 |
| Rhode Island Health and Educational Building Corp., Town of Johnston, Revenue Bonds | ||
| Series F | ||
| 5.00%, due 5/15/34 | 1,045,000 | 1,134,733 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Rhode Island | ||
| Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
| Series F | ||
| 5.50%, due 5/15/47 | $ 1,500,000 | $ 1,557,748 |
| Rhode Island Housing & Mortgage Finance Corp., Multi-Family Development, Revenue Bonds | ||
| Series 3-B, Insured: FHA | ||
| 3.40%, due 10/1/29 | 1,000,000 | 1,000,017 |
| Series A | ||
| 4.625%, due 10/1/25 | 40,000 | 40,051 |
| Series A | ||
| 5.00%, due 10/1/30 | 215,000 | 215,523 |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, Revenue Bonds | ||
| Series 82-A, Insured: GNMA | ||
| 3.80%, due 4/1/35 | 1,420,000 | 1,383,008 |
| Series 80-A, Insured: GNMA | ||
| 4.15%, due 10/1/38 | 1,150,000 | 1,095,118 |
| Series 79-A, Insured: GNMA | ||
| 4.40%, due 10/1/38 | 1,500,000 | 1,473,309 |
| Series 82-A, Insured: GNMA | ||
| 5.00%, due 10/1/41 | 1,215,000 | 1,241,245 |
| Rhode Island Infrastructure Bank, City of Pawtucket Water Supply Board, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 5.00%, due 10/1/28 | 1,730,000 | 1,735,722 |
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 4.125%, due 12/1/43 | 1,460,000 | 1,325,981 |
| Series B | ||
| 4.125%, due 12/1/43 | 2,500,000 | 2,252,676 |
| Series A | ||
| 5.00%, due 12/1/44 | 3,500,000 | 3,370,519 |
| State of Rhode Island, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 3.00%, due 5/1/31 | 2,000,000 | 1,987,635 |
| Series A, Insured: BAM | ||
| 3.00%, due 5/1/32 | 2,000,000 | 1,953,439 |
| State of Rhode Island, Plantations, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 3.00%, due 5/1/36 | 1,000,000 | 908,457 |
| State of Rhode Island, Eleanor Slater Hospital Project, Certificate of Participation | ||
| Series B | ||
| 4.00%, due 11/1/32 | 1,000,000 | 1,019,735 |
| Town of Bristol, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 3.00%, due 8/1/38 | 1,200,000 | 1,033,352 |
| Series A, Insured: BAM | ||
| 3.50%, due 8/1/31 | 865,000 | 873,368 |
| Town of Cumberland, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 4.625%, due 11/1/31 | 500,000 | 500,508 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Rhode Island | ||
| Town of Hopkinton, Unlimited General Obligation | ||
| 4.375%, due 8/15/31 | $ 350,000 | $ 350,035 |
| Town of Johnston, Unlimited General Obligation | ||
| Series A | ||
| 3.45%, due 6/1/29 | 1,020,000 | 1,020,158 |
| Series A | ||
| 3.70%, due 6/1/33 | 1,020,000 | 1,016,317 |
| Town of West Greenwich, Unlimited General Obligation | ||
| Series A, Insured: BAM State Aid Withholding | ||
| 3.00%, due 8/15/26 | 1,175,000 | 1,175,113 |
| 50,170,377 | ||
| South Carolina 1.3% | ||
| Charleston County Airport District, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/43 (b) | 1,215,000 | 1,240,664 |
| Patriots Energy Group Financing Agency, Revenue Bonds | ||
| Series B-2 | ||
| 4.821%, due 2/1/54 | 6,000,000 | 6,206,106 |
| South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Revenue Bonds | ||
| Series A, Insured: AG-CR | ||
| 4.00%, due 11/1/42 | 1,400,000 | 1,293,753 |
| South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Foundation, Revenue Bonds | ||
| 4.00%, due 3/1/62 (c) | 1,300,000 | 1,254,656 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project, Revenue Bonds | ||
| 5.00%, due 11/15/29 | 315,000 | 330,512 |
| 5.00%, due 11/15/33 | 685,000 | 709,098 |
| South Carolina Public Service Authority, Santee Cooper, Revenue Bonds | ||
| Series B, Insured: AG | ||
| 5.00%, due 12/1/40 | 2,335,000 | 2,442,521 |
| Series B | ||
| 5.00%, due 12/1/43 | 4,000,000 | 4,049,304 |
| Series B | ||
| 5.00%, due 12/1/46 | 1,500,000 | 1,499,084 |
| South Carolina Public Service Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/44 | 1,000,000 | 1,007,061 |
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
| Insured: HUD Sector 202 | ||
| 5.00%, due 10/1/26 (c) | 1,335,000 | 1,339,235 |
| South Carolina State Housing Finance & Development Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/55 | 1,595,000 | 1,808,068 |
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/55 | 1,725,000 | 1,954,140 |
| 25,134,202 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| South Dakota 0.2% | ||
| South Dakota Housing Development Authority, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 11/1/55 | $ 1,245,000 | $ 1,385,078 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 11/1/56 | 1,000,000 | 1,111,997 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 11/1/55 | 1,000,000 | 1,131,822 |
| 3,628,897 | ||
| Tennessee 1.7% | ||
| Chattanooga Health Educational & Housing Facility Board, CDFI Phase I LLC, Revenue Bonds | ||
| 5.00%, due 10/1/35 | 820,000 | 820,656 |
| Chattanooga Health Educational & Housing Facility Board, Erlanger Health Obligated Group, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 12/1/36 | 5,555,000 | 5,950,545 |
| County of Knox, Unlimited General Obligation | ||
| Series B | ||
| 2.80%, due 6/1/31 | 1,000,000 | 968,495 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 7/1/27 (c) | 500,000 | 509,308 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 7/1/27 (c) | 500,000 | 509,308 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds | ||
| 4.05%, due 12/1/27 (c) | 3,000,000 | 3,044,632 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Northview Project, Revenue Bonds | ||
| Series B | ||
| 3.60%, due 2/1/45 (c) | 8,000,000 | 8,133,823 |
| Metropolitan Nashville Airport Authority (The), Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/36 (b) | 3,500,000 | 3,592,253 |
| Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur Healthcare, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 6/1/35 | 5,000,000 | 5,350,127 |
| Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health Care Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/1/49 (c) | 2,300,000 | 2,424,265 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds | ||
| Series 3-C | ||
| 3.50%, due 1/1/56 (c) | 3,190,000 | 3,190,755 |
| 34,494,167 | ||
| Texas 8.6% | ||
| Alamito Public Facility Corp., EP Salazar LP, Revenue Bonds | ||
| Insured: HUD Sector 8 | ||
| 5.00%, due 8/1/44 (c) | 1,000,000 | 1,009,572 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Allen Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/45 | $ 2,250,000 | $ 2,292,195 |
| Arlington Higher Education Finance Corp., Harmony Public Schools, Revenue Bonds | ||
| Insured: PSF-GTD | ||
| 4.00%, due 2/15/44 | 1,000,000 | 894,610 |
| Arlington Higher Education Finance Corp., Great Hearts America - Texas, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 8/15/34 | 500,000 | 491,683 |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc., Revenue Bonds | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/41 | 1,115,000 | 1,160,247 |
| Barbers Hill Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 4.00%, due 2/15/41 | 1,000,000 | 955,564 |
| Brazos Higher Education Authority, Inc., Revenue Bonds, Senior Lien | ||
| Series 1-A | ||
| 5.00%, due 4/1/32 (b) | 1,000,000 | 1,062,347 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
| (zero coupon), due 1/1/27 | 1,900,000 | 1,816,738 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
| Series C | ||
| 5.00%, due 1/1/27 | 1,145,000 | 1,154,946 |
| Central Texas Turnpike System, Revenue Bonds, Second Tier | ||
| Series C | ||
| 5.00%, due 8/15/34 | 1,150,000 | 1,276,493 |
| Central Texas Turnpike System, Revenue Bonds, First Tier | ||
| Series A | ||
| 5.00%, due 8/15/39 | 1,185,000 | 1,221,155 |
| Series B | ||
| 5.00%, due 8/15/42 (c) | 1,700,000 | 1,823,382 |
| City of Amarillo, Limited General Obligation | ||
| 2.00%, due 2/15/41 | 1,000,000 | 667,793 |
| City of Arlington, Special Tax, Special Tax, Senior Lien | ||
| Series A, Insured: AG | ||
| 5.00%, due 2/15/43 | 250,000 | 250,418 |
| City of Bryan, Limited General Obligation | ||
| 2.00%, due 8/15/32 | 1,060,000 | 926,823 |
| City of Celina, The Lakes at Mustang Ranch Public Improvement Distric Major Improvement Area & Phases 2-7 Project, Special Assessment | ||
| Insured: AG | ||
| 5.00%, due 9/1/34 | 400,000 | 425,889 |
| Insured: AG | ||
| 5.00%, due 9/1/35 | 330,000 | 348,681 |
| Insured: AG | ||
| 5.00%, due 9/1/39 | 700,000 | 725,089 |
| Insured: AG | ||
| 5.00%, due 9/1/45 | 1,750,000 | 1,749,499 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| City of College Station, Limited General Obligation | ||
| 2.00%, due 2/15/36 | $ 1,000,000 | $ 782,029 |
| City of Corpus Christi, Utility System, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/15/28 | 1,000,000 | 1,065,812 |
| 5.00%, due 7/15/31 | 1,000,000 | 1,104,721 |
| 5.00%, due 7/15/32 | 1,000,000 | 1,111,096 |
| Insured: AG | ||
| 5.00%, due 7/15/34 | 1,000,000 | 1,117,364 |
| City of Dallas, Limited General Obligation | ||
| Series B | ||
| 5.00%, due 2/15/26 | 1,000,000 | 1,012,660 |
| Series B | ||
| 5.00%, due 2/15/26 | 2,110,000 | 2,136,713 |
| Series B | ||
| 5.00%, due 2/15/27 | 1,000,000 | 1,036,843 |
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (b) | ||
| Series A | ||
| 5.25%, due 8/1/39 | 850,000 | 867,573 |
| Series A | ||
| 5.50%, due 8/1/42 | 385,000 | 394,668 |
| City of Greenville, Waterworks & Sewer System, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 2/15/41 | 1,245,000 | 1,280,418 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
| Series A | ||
| 5.00%, due 11/15/26 | 1,000,000 | 1,032,979 |
| City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
| 5.00%, due 9/1/28 | 365,000 | 390,632 |
| City of Houston, Airport System, Revenue Bonds (b) | ||
| Series A | ||
| 5.25%, due 7/1/38 (g) | 1,400,000 | 1,482,940 |
| Series A | ||
| 5.25%, due 7/1/40 (g) | 2,000,000 | 2,079,243 |
| Series A, Insured: AG | ||
| 5.25%, due 7/1/41 | 1,000,000 | 1,029,992 |
| Series A | ||
| 5.25%, due 7/1/41 (g) | 2,000,000 | 2,060,582 |
| City of Houston, United Airlines, Inc., Revenue Bonds | ||
| Series B | ||
| 5.50%, due 7/15/38 (b) | 1,000,000 | 1,033,088 |
| City of Lavon, Trails of Lavon Public Improvement District Projects, Special Assessment | ||
| 5.75%, due 9/15/45 (a)(g) | 875,000 | 876,948 |
| Comal County Water Control & Improvement District No. 6, Unlimited General Obligation | ||
| Insured: AG | ||
| 4.00%, due 9/1/43 | 1,615,000 | 1,405,719 |
| County of Denton, Green Meadows Public Improvement District Area No. 1, Special Assessment | ||
| 4.50%, due 12/31/35 (a) | 1,000,000 | 1,002,001 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Cypress-Fairbanks Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| 2.25%, due 2/15/41 | $ 2,000,000 | $ 1,390,953 |
| Dallas College, Unlimited General Obligation | ||
| 3.00%, due 2/15/28 | 1,575,000 | 1,578,485 |
| Dallas Fort Worth International Airport, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/46 | 250,000 | 222,174 |
| Series B | ||
| 5.00%, due 11/1/36 | 1,000,000 | 1,077,135 |
| Dallas Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 2/15/42 | 1,500,000 | 956,251 |
| Del Valle Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 6/15/39 | 2,000,000 | 1,430,891 |
| Denton Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/37 | 4,000,000 | 4,081,231 |
| El Paso County Hospital District, Limited General Obligation | ||
| 5.00%, due 8/15/28 | 1,000,000 | 1,027,978 |
| El Paso County Hospital District, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 2/15/34 | 780,000 | 856,068 |
| Forney Independent School District, Unlimited General Obligation (g) | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/39 | 625,000 | 663,979 |
| Insured: PSF-GTD | ||
| 5.25%, due 8/15/42 | 750,000 | 792,827 |
| Fort Bend Independent School District, Unlimited General Obligation | ||
| Series B, Insured: PSF-GTD | ||
| 4.00%, due 8/1/54 (c) | 2,130,000 | 2,174,655 |
| Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/34 | 3,720,000 | 4,111,447 |
| Harris County Municipal Utility District No. 423, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 7.25%, due 4/1/26 | 300,000 | 308,474 |
| Series A, Insured: BAM | ||
| 7.25%, due 4/1/27 | 300,000 | 320,015 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 6.50%, due 9/1/29 | 1,000,000 | 1,066,390 |
| Harris County Toll Road, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 8/15/43 | 2,290,000 | 2,299,353 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County Water Control & Improvement District No. 159, Unlimited General Obligation | ||
| Insured: BAM | ||
| 6.375%, due 9/1/30 | $ 2,000,000 | $ 2,147,179 |
| Headwaters Municipal Utility, Unlimited General Obligation | ||
| Series A, Insured: AG | ||
| 6.00%, due 8/15/29 | 3,885,000 | 4,101,806 |
| Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds | ||
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 2/15/39 | 1,000,000 | 946,475 |
| Irving Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/38 | 3,000,000 | 3,177,575 |
| Leander Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| (zero coupon), due 8/16/30 | 2,560,000 | 2,151,439 |
| Series A, Insured: PSF-GTD | ||
| (zero coupon), due 8/15/35 | 2,000,000 | 1,356,557 |
| Lewisville Independent School District, School Building, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 3.125%, due 8/15/34 | 1,000,000 | 943,397 |
| Lovejoy Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 2/15/39 | 1,000,000 | 718,349 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
| Series A | ||
| 2.60%, due 11/1/29 | 1,500,000 | 1,444,772 |
| 4.25%, due 5/1/30 (b) | 1,500,000 | 1,553,345 |
| Mesquite Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 8/15/35 | 1,530,000 | 1,530,799 |
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 8/15/37 | 1,655,000 | 1,655,864 |
| Nederland Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 3.00%, due 8/15/37 | 780,000 | 681,982 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (a) | ||
| 4.00%, due 8/15/27 | 520,000 | 520,233 |
| 4.00%, due 8/15/29 | 1,240,000 | 1,236,049 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 8/15/34 | 1,205,000 | 1,133,568 |
| Series A | ||
| 4.50%, due 8/15/44 | 2,590,000 | 2,220,841 |
| New Hope Cultural Education Facilities Finance Corp., Bella Vida Forefront Living Program, Revenue Bonds | ||
| Series B-3 | ||
| 4.25%, due 10/1/30 | 1,000,000 | 1,002,061 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
| 5.00%, due 11/1/31 | 630,000 | 668,259 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 12/1/49 | $ 250,000 | $ 213,415 |
| North East Texas Regional Mobility Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 1/1/36 | 2,950,000 | 2,958,392 |
| North Texas Municipal Water District, Water System, Revenue Bonds | ||
| 5.00%, due 9/1/31 | 2,000,000 | 2,237,328 |
| North Texas Tollway Authority, Revenue Bonds, First Tier | ||
| Series A | ||
| 3.00%, due 1/1/38 | 1,000,000 | 863,905 |
| Series A | ||
| 5.25%, due 1/1/38 | 1,000,000 | 1,068,863 |
| Pecos Barstow Toyah Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/39 | 515,000 | 517,555 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/41 | 1,500,000 | 1,504,979 |
| Prosper Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 3.00%, due 2/15/40 | 1,400,000 | 1,171,190 |
| Sabine-Neches Navigation District, Waterway Project, Limited General Obligation | ||
| 5.25%, due 2/15/39 | 1,500,000 | 1,570,256 |
| Sherman Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/38 (g) | 1,675,000 | 1,797,698 |
| State of Texas, College Student Loan, Unlimited General Obligation (b) | ||
| 4.00%, due 8/1/30 | 5,000,000 | 5,000,376 |
| 4.00%, due 8/1/31 | 3,000,000 | 2,999,840 |
| State of Texas, Mobility Fund, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 10/1/35 | 5,000,000 | 5,170,572 |
| State of Texas, Transportation Commission, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 10/1/36 | 4,000,000 | 4,006,678 |
| Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/15/64 (g) | 10,500,000 | 11,508,724 |
| Texas Department of Housing & Community Affairs, Revenue Bonds | ||
| Series A, Insured: GNMA | ||
| 5.75%, due 1/1/56 | 2,870,000 | 3,151,761 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 3.713%, due 9/15/27 | 600,000 | 601,062 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds | ||
| 5.00%, due 12/15/27 | 1,315,000 | 1,363,747 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/54 (c) | $ 3,000,000 | $ 3,193,751 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds | ||
| 5.00%, due 1/1/34 | 2,585,000 | 2,752,949 |
| 5.00%, due 1/1/55 (c) | 12,000,000 | 12,637,657 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (b) | ||
| 5.125%, due 12/31/35 | 1,440,000 | 1,497,040 |
| 5.50%, due 6/30/40 | 2,400,000 | 2,465,304 |
| 5.50%, due 6/30/41 | 1,500,000 | 1,531,020 |
| Town of Trophy Club, Public Improvement District No. 1, Special Assessment | ||
| 5.00%, due 9/1/32 | 400,000 | 422,411 |
| Travis County Development Authority, Longview 71 Public Improvement District Improvement Area No. 1 Project, Special Assessment | ||
| 5.00%, due 9/1/44 (a) | 600,000 | 565,277 |
| 170,877,751 | ||
| U.S. Virgin Islands 0.2% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/26 | 860,000 | 867,435 |
| Series A | ||
| 5.00%, due 10/1/30 | 2,460,000 | 2,522,386 |
| Series A | ||
| 5.00%, due 10/1/39 | 1,305,000 | 1,302,868 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series C, Insured: AG-CR | ||
| 5.00%, due 10/1/30 | 100,000 | 100,288 |
| 4,792,977 | ||
| Utah 3.0% | ||
| Canyons School District, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| 1.50%, due 6/15/34 | 2,000,000 | 1,544,171 |
| Central Utah Water Conservancy District, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/39 | 1,000,000 | 939,467 |
| City of Salt Lake City, Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/33 | 5,640,000 | 6,116,750 |
| Series A | ||
| 5.00%, due 7/1/38 | 1,500,000 | 1,515,730 |
| Series A | ||
| 5.00%, due 7/1/42 | 2,870,000 | 2,852,527 |
| Series A | ||
| 5.25%, due 7/1/43 | 2,000,000 | 2,025,297 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| City of Salt Lake City, Public Utilities, Revenue Bonds | ||
| 5.00%, due 2/1/45 | $ 1,000,000 | $ 1,040,110 |
| County of Iron, Sales Tax, Revenue Bonds | ||
| 5.00%, due 10/1/49 | 2,925,000 | 2,939,476 |
| County of Utah, Intermountain Healthcare, Inc., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/15/46 | 1,390,000 | 1,362,708 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, First Lien | ||
| Series A, Insured: AG | ||
| 5.00%, due 6/1/37 | 1,770,000 | 1,840,048 |
| Series A, Insured: AG | ||
| 5.25%, due 6/1/43 | 2,300,000 | 2,409,855 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, Second Lien | ||
| Series B, Insured: AG | ||
| 5.00%, due 6/1/38 | 1,300,000 | 1,405,170 |
| Series B, Insured: AG | ||
| 5.25%, due 6/1/45 | 500,000 | 518,008 |
| Intermountain Power Agency, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 3,395,000 | 3,597,093 |
| Series A | ||
| 5.00%, due 7/1/41 | 900,000 | 917,091 |
| Series A | ||
| 5.00%, due 7/1/42 | 750,000 | 760,562 |
| Series A | ||
| 5.00%, due 7/1/44 | 500,000 | 503,006 |
| Series A | ||
| 5.25%, due 7/1/43 | 2,080,000 | 2,130,096 |
| Jordan School District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 2.25%, due 6/15/37 | 1,315,000 | 1,056,430 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds | ||
| Series A-1 | ||
| 5.875%, due 3/1/45 | 1,000,000 | 1,001,289 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
| 4.125%, due 6/1/41 (a) | 500,000 | 449,603 |
| Utah Charter School Finance Authority, Mountain West Montessori Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 3.125%, due 6/15/29 (a) | 750,000 | 709,725 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/40 | 250,000 | 227,765 |
| Utah Housing Corp., Barcelona Properties LLC, Revenue Bonds | ||
| Insured: FHLMC | ||
| 3.40%, due 7/1/30 | 2,900,000 | 2,899,990 |
| Utah Housing Corp., Revenue Bonds | ||
| Series G, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 7/1/55 | 1,475,000 | 1,644,681 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| Utah Housing Corp., Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 1/1/54 | $ 2,630,000 | $ 2,885,603 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/55 | 1,495,000 | 1,671,016 |
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 6.75%, due 7/1/55 | 1,900,000 | 2,171,660 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 4.00%, due 10/15/31 | 500,000 | 498,922 |
| 4.00%, due 10/15/33 | 425,000 | 416,327 |
| 4.00%, due 10/15/33 | 500,000 | 494,565 |
| 4.00%, due 10/15/35 | 700,000 | 668,259 |
| 4.00%, due 10/15/36 | 1,000,000 | 953,835 |
| 4.00%, due 10/15/38 | 1,440,000 | 1,316,356 |
| 4.00%, due 10/15/39 | 700,000 | 637,316 |
| 4.00%, due 10/15/42 | 975,000 | 837,520 |
| Series A | ||
| 5.00%, due 10/15/28 | 460,000 | 475,365 |
| 5.50%, due 10/15/33 | 1,000,000 | 1,107,891 |
| Utah Infrastructure Agency, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/15/33 | 1,565,000 | 1,606,909 |
| Utah Transit Authority, Revenue Bonds | ||
| 5.00%, due 12/15/42 | 2,000,000 | 2,108,594 |
| 60,256,786 | ||
| Virginia 0.9% | ||
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier | ||
| Insured: AG | ||
| 5.00%, due 7/1/41 | 1,000,000 | 1,003,603 |
| City of Harrisonburg, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 1.75%, due 7/15/35 | 3,000,000 | 2,326,639 |
| County of Fairfax, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 4.00%, due 10/1/28 | 1,040,000 | 1,050,154 |
| Halifax County Industrial Development Authority, Virginia Electric and Power Co., Revenue Bonds | ||
| Series A | ||
| 3.80%, due 12/1/41 (c) | 1,000,000 | 1,015,308 |
| Isle Wight County Industrial Development Authority, Riverside Healthcare Association Obligated Group, Revenue Bonds | ||
| Insured: AG | ||
| 5.25%, due 7/1/43 | 950,000 | 975,561 |
| Insured: AG | ||
| 5.25%, due 7/1/48 | 1,500,000 | 1,511,927 |
| Virginia Housing Development Authority, Revenue Bonds | ||
| Series F | ||
| 3.625%, due 7/1/55 (c) | 2,120,000 | 2,119,949 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Virginia Port Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/41 (b) | $ 500,000 | $ 509,171 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (b) | ||
| 5.00%, due 1/1/36 | 2,395,000 | 2,460,041 |
| 5.00%, due 7/1/37 | 1,000,000 | 1,015,617 |
| Williamsburg Economic Development Authority, William & Mary Project, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 4.00%, due 7/1/42 | 1,000,000 | 917,415 |
| Winchester Economic Development Authority, Valley Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/28 | 1,100,000 | 1,157,985 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
| Series A | ||
| 0.75%, due 10/1/40 (c) | 1,500,000 | 1,495,071 |
| 17,558,441 | ||
| Washington 1.1% | ||
| County of King, Sewer, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 2.52%, due 1/1/40 | 655,000 | 647,426 |
| Franklin County School District No. 1, Pasco, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.50%, due 12/1/40 | 1,000,000 | 1,088,373 |
| King County Housing Authority, Revenue Bonds | ||
| 5.375%, due 7/1/45 | 2,000,000 | 2,013,700 |
| Port of Seattle, Revenue Bonds | ||
| Series B | ||
| 5.50%, due 8/1/47 (b) | 3,500,000 | 3,571,652 |
| Port of Tacoma, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 12/1/43 (b) | 925,000 | 928,543 |
| Skagit County Public Hospital District No. 1, Revenue Bonds | ||
| 5.50%, due 12/1/38 | 450,000 | 475,099 |
| Snohomish County Public Utility District No. 1, Electric System, Revenue Bonds | ||
| 5.00%, due 12/1/40 | 1,500,000 | 1,511,664 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
| Series R-2021A | ||
| 5.00%, due 6/1/38 | 1,000,000 | 1,046,423 |
| State of Washington, Various Purpose, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 2/1/40 | 5,000,000 | 5,054,685 |
| Washington Health Care Facilities Authority, Fred Hutchinson Cancer Center, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/1/41 | 850,000 | 778,862 |
| Washington Health Care Facilities Authority, Multicare Health System, Revenue Bonds | ||
| Series B-2, Insured: AG | ||
| 5.00%, due 8/15/55 (c) | 1,000,000 | 1,070,408 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Series B, Insured: AG-CR | ||
| 4.00%, due 7/1/36 | $ 1,000,000 | $ 995,041 |
| Washington State Housing Finance Commission, Revenue Bonds | ||
| Series 2 | ||
| 4.221%, due 3/1/50 (c) | 1,741,170 | 1,602,802 |
| Washington State Housing Finance Commission, Blakeley and Laurel Villages Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 7/1/39 (a) | 1,500,000 | 1,551,364 |
| 22,336,042 | ||
| West Virginia 0.8% | ||
| West Virginia Economic Development Authority, Appalachian Power Co., Revenue Bonds | ||
| Series A | ||
| 3.375%, due 3/1/40 (c) | 1,000,000 | 1,005,353 |
| West Virginia Hospital Finance Authority, West Virginia United Health System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/38 | 1,550,000 | 1,630,080 |
| Series A | ||
| 5.00%, due 6/1/39 | 2,000,000 | 2,082,866 |
| Series A | ||
| 5.00%, due 6/1/40 | 1,700,000 | 1,751,502 |
| Series A | ||
| 5.25%, due 6/1/43 | 2,000,000 | 2,053,423 |
| Series A | ||
| 5.25%, due 6/1/45 | 1,750,000 | 1,778,500 |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/39 | 1,125,000 | 1,127,257 |
| West Virginia Hospital Finance Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/55 (c) | 1,300,000 | 1,384,961 |
| West Virginia Hospital Finance Authority, Vandalia Health, Inc., Revenue Bonds | ||
| Series B, Insured: AG | ||
| 5.125%, due 9/1/42 | 1,250,000 | 1,288,423 |
| West Virginia Housing Development Fund, Revenue Bonds | ||
| Series A | ||
| 3.65%, due 11/1/33 | 1,095,000 | 1,081,069 |
| 15,183,434 | ||
| Wisconsin 1.6% | ||
| FHLMC Multifamily VRD Certificates, Revenue Bonds | ||
| Series ML-27, Insured: FHLMC | ||
| 4.759%, due 8/25/41 | 6,677,571 | 6,665,772 |
| Hudson School District, Unlimited General Obligation | ||
| 2.25%, due 3/1/27 | 500,000 | 493,394 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 4.00%, due 4/1/32 (a) | 1,160,000 | 1,123,366 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 5.875%, due 4/1/45 | $ 2,000,000 | $ 1,935,900 |
| Public Finance Authority, Pinecrest Academy of Nevada, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 7/15/34 | 200,000 | 190,508 |
| Series A | ||
| 4.00%, due 7/15/39 | 250,000 | 220,293 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds | ||
| 4.00%, due 8/1/35 (b) | 2,225,000 | 2,090,176 |
| Public Finance Authority, WFCS Holdings LLC, Revenue Bonds | ||
| Series A-1 | ||
| 4.50%, due 1/1/35 (a) | 2,125,000 | 2,031,083 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/25 | 555,000 | 555,926 |
| Series A | ||
| 5.00%, due 10/1/28 | 335,000 | 346,182 |
| Series A | ||
| 5.00%, due 10/1/34 | 250,000 | 254,149 |
| Public Finance Authority, Campus Real Estate Holding Corp. LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/35 | 1,250,000 | 1,292,694 |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 6/15/38 | 355,000 | 368,315 |
| Series A | ||
| 5.25%, due 6/15/45 | 250,000 | 250,805 |
| Wisconsin Center District, Revenue Bonds, Junior Lien | ||
| Series D, Insured: AG Moral Obligation | ||
| (zero coupon), due 12/15/37 | 2,220,000 | 1,305,029 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Science Education Consortium, Inc. (The), Revenue Bonds | ||
| Series A | ||
| 4.50%, due 3/15/33 | 365,000 | 369,989 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Regional Medical Center (The), Revenue Bonds | ||
| 5.00%, due 4/1/37 | 1,150,000 | 1,180,717 |
| Wisconsin Housing & Economic Development Authority, Home Ownership, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/1/52 | 3,120,000 | 3,084,182 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 3.625%, due 3/1/34 | 1,500,000 | 1,470,497 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.00%, due 9/1/54 | 965,000 | 1,043,653 |
| Wisconsin Housing & Economic Development Authority, Home Ownership, Sustainable Bond, Revenue Bonds | ||
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 4.25%, due 9/1/44 | 700,000 | 627,276 |
| Series B, Insured: GNMA / FNMA / FHLMC | ||
| 5.00%, due 9/1/39 | 1,000,000 | 1,033,943 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Wisconsin Housing & Economic Development Authority, New Hampton Apartment LLC, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 12/1/27 (c) | $ 3,500,000 | $ 3,595,225 |
| 31,529,074 | ||
| Wyoming 0.3% | ||
| County of Campbell, Basin Electric Power Cooperative, Revenue Bonds | ||
| Series A | ||
| 3.625%, due 7/15/39 | 1,880,000 | 1,627,354 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | ||
| Insured: AG-CR | ||
| 5.00%, due 6/15/28 | 3,000,000 | 3,189,576 |
| Wyoming Community Development Authority, Revenue Bonds | ||
| Series 1, Insured: GNMA / FNMA / FHLMC | ||
| 4.30%, due 12/1/40 | 1,000,000 | 968,429 |
| 5,785,359 | ||
| Total Long-Term Municipal Bonds (Cost $1,920,373,053) | 1,910,951,427 | |
| Short-Term Municipal Notes 1.6% | ||
| Georgia 0.6% | ||
| Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Revenue Bonds | ||
| Series 1 | ||
| 2.80%, due 11/1/52 (h) | 11,000,000 | 11,000,000 |
| Ohio 0.5% | ||
| State of Ohio, Cleveland Clinic Health System, Revenue Bonds | ||
| Series E | ||
| 2.55%, due 1/1/52 (h) | 10,000,000 | 10,000,000 |
| Pennsylvania 0.5% | ||
| Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bonds | ||
| Series D-2 | ||
| 2.85%, due 11/1/61 (h) | 10,000,000 | 10,000,000 |
| Total Short-Term Municipal Notes (Cost $31,000,000) | 31,000,000 | |
| Total Municipal Bonds (Cost $1,951,373,053) | 1,941,951,427 | |
| Shares | Value | ||
| Short-Term Investment 2.6% | |||
| Unaffiliated Investment Company 2.6% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (i) | 52,271,216 | $ 52,271,216 | |
| Total Short-Term Investment (Cost $52,271,216) | 52,271,216 | ||
| Total Investments (Cost $2,003,644,269) | 100.3% | 1,994,222,643 | |
| Other Assets, Less Liabilities | (0.3) | (6,925,977) | |
| Net Assets | 100.0% | $ 1,987,296,666 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Issue in default. |
| (e) | Issue in non-accrual status. |
| (f) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (g) | Delayed delivery security. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (310) | September 2025 | $ (34,732,320) | $ (35,054,219) | $ (321,899) |
| U.S. Treasury Long Bonds | (220) | September 2025 | (24,654,579) | (25,121,250) | (466,671) |
| Net Unrealized Depreciation | $ (788,570) |
| 1. | As of July 31, 2025, cash in the amount of $1,604,500 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FGIC—Financial Guaranty Insurance Company |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| SONYMA—State of New York Mortgage Agency |
| UT CSCE—Utah Charter School Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,910,951,427 | $ — | $ 1,910,951,427 | |||
| Short-Term Municipal Notes | — | 31,000,000 | — | 31,000,000 | |||
| Total Municipal Bonds | — | 1,941,951,427 | — | 1,941,951,427 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 52,271,216 | — | — | 52,271,216 | |||
| Total Investments in Securities | $ 52,271,216 | $ 1,941,951,427 | $ — | $ 1,994,222,643 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (788,570) | $ — | $ — | $ (788,570) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 98.4% | ||
| Asset-Backed Securities 10.2% | ||
| Automobile Asset-Backed Securities 3.1% | ||
| Exeter Automobile Receivables Trust (a) | ||
| Series 2021-2A, Class E | ||
| 2.90%, due 7/17/28 | $ 1,040,000 | $ 1,023,243 |
| Series 2021-3A, Class E | ||
| 3.04%, due 12/15/28 | 2,090,000 | 2,050,830 |
| Series 2022-2A, Class E | ||
| 6.34%, due 10/15/29 | 1,605,000 | 1,485,935 |
| Flagship Credit Auto Trust (a) | ||
| Series 2021-3, Class E | ||
| 3.32%, due 12/15/28 | 1,115,000 | 1,034,634 |
| Series 2020-1, Class E | ||
| 3.52%, due 6/15/27 | 1,569,157 | 1,567,560 |
| Series 2021-4, Class E | ||
| 4.03%, due 3/15/29 | 515,000 | 448,703 |
| Series 2022-2, Class D | ||
| 5.80%, due 4/17/28 | 1,420,000 | 1,306,275 |
| Ford Credit Auto Owner Trust | ||
| Series 2023-1, Class D | ||
| 6.26%, due 8/15/35 (a) | 755,000 | 772,215 |
| GLS Auto Receivables Issuer Trust | ||
| Series 2022-3A, Class E | ||
| 8.35%, due 10/15/29 (a) | 665,000 | 690,194 |
| Hertz Vehicle Financing III LP | ||
| Series 2021-2A, Class D | ||
| 4.34%, due 12/27/27 (a) | 1,255,000 | 1,209,253 |
| Huntington Bank Auto Credit-Linked Notes | ||
| Series 2024-2, Class E | ||
| 11.848% (SOFR 30A + 7.50%), due 10/20/32 (a)(b) | 611,881 | 613,041 |
| OneMain Direct Auto Receivables Trust | ||
| Series 2019-1A, Class D | ||
| 4.68%, due 4/14/31 (a) | 610,000 | 607,041 |
| Santander Drive Auto Receivables Trust | ||
| Series 2025-1, Class D | ||
| 5.43%, due 3/17/31 | 610,000 | 615,962 |
| 13,424,886 | ||
| Other Asset-Backed Securities 7.1% | ||
| AGL CLO 32 Ltd. | ||
| Series 2024-32A, Class A1 | ||
| 5.705% (3 Month SOFR + 1.38%), due 7/21/37 (a)(b) | 600,000 | 601,566 |
| AGL CLO 35 Ltd. | ||
| Series 2024-35A, Class A2 | ||
| 5.875% (3 Month SOFR + 1.55%), due 1/21/38 (a)(b) | 250,000 | 250,572 |
| AIMCO CLO | ||
| Series 2018-AA, Class B1R | ||
| 5.972% (3 Month SOFR + 1.65%), due 10/17/37 (a)(b) | 700,000 | 701,847 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| American Airlines Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 3.15%, due 2/15/32 | $ 983,760 | $ 902,777 |
| Series 2016-2, Class A | ||
| 3.65%, due 6/15/28 | 1,214,000 | 1,150,135 |
| Series 2019-1, Class B | ||
| 3.85%, due 2/15/28 | 666,012 | 644,607 |
| Apidos CLO | ||
| Series 2018-18A, Class BR2 | ||
| 6.032% (3 Month SOFR + 1.70%), due 1/22/38 (a)(b) | 860,000 | 863,982 |
| Apidos CLO LI Ltd. | ||
| Series 2024-51A, Class B | ||
| 5.875% (3 Month SOFR + 1.55%), due 1/20/38 (a)(b) | 390,000 | 390,315 |
| ARES Direct Lending CLO 3 LLC | ||
| Series 2024-3A, Class A2 | ||
| 6.075% (3 Month SOFR + 1.75%), due 1/20/37 (a)(b) | 400,000 | 400,229 |
| Avant Loans Funding Trust | ||
| Series 2022-REV1, Class D | ||
| 11.02%, due 9/15/31 (a) | 542,517 | 545,562 |
| Bain Capital Credit CLO Ltd. | ||
| Series 2021-6A, Class DR | ||
| 7.275% (3 Month SOFR + 2.95%), due 10/21/34 (a)(b) | 350,000 | 349,101 |
| BCC Middle Market CLO LLC | ||
| Series 2025-1A, Class A1 | ||
| 5.725% (3 Month SOFR + 1.62%), due 7/17/37 (a)(b) | 610,000 | 611,372 |
| British Airways Pass-Through Trust | ||
| Series 2021-1, Class A | ||
| 2.90%, due 3/15/35 (a) | 1,550,217 | 1,401,665 |
| BXDL Static CLO LLC | ||
| Series 2025-1A, Class A1 | ||
| 5.618% (3 Month SOFR + 1.30%), due 7/20/35 (a)(b) | 850,000 | 850,093 |
| CF Hippolyta Issuer LLC (a) | ||
| Series 2021-1A, Class A1 | ||
| 1.53%, due 3/15/61 | 716,260 | 592,654 |
| Series 2020-1, Class A1 | ||
| 1.69%, due 7/15/60 | 1,518,275 | 1,302,309 |
| Consolidated Communications LLC | ||
| Series 2025-1A, Class C | ||
| 9.408%, due 5/20/55 (a) | 1,000,000 | 1,042,520 |
| CVS Pass-Through Trust | ||
| 5.789%, due 1/10/26 (a) | 4,176 | 4,177 |
| Fortress Credit Opportunities XXI CLO LLC | ||
| Series 2023-21A, Class A1TR | ||
| 5.895% (3 Month SOFR + 1.57%), due 1/21/37 (a)(b) | 700,000 | 701,378 |
| Golub Capital Partners CLO 67M | ||
| Series 2023-67A, Class CR | ||
| 6.43% (3 Month SOFR + 2.20%), due 5/9/36 (a)(b)(c) | 600,000 | 600,083 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Golub Capital Partners CLO 76 B Ltd. | ||
| Series 2024-76A, Class A1 | ||
| 5.688% (3 Month SOFR + 1.37%), due 10/25/37 (a)(b) | $ 500,000 | $ 501,780 |
| Golub Capital Partners CLO 78M | ||
| Series 2025-78A, Class A1 | ||
| 5.705% (3 Month SOFR + 1.38%), due 4/21/39 (a)(b) | 930,000 | 928,421 |
| Great Lakes CLO Ltd. | ||
| Series 2019-1A, Class ARR | ||
| 5.798% (3 Month SOFR + 1.48%), due 4/15/37 (a)(b) | 795,000 | 795,823 |
| HPEFS Equipment Trust | ||
| Series 2024-1A, Class D | ||
| 5.82%, due 11/20/31 (a) | 505,000 | 509,803 |
| Ivy Hill Middle Market Credit Fund VII Ltd. | ||
| Series 7A, Class AR3 | ||
| 5.918% (3 Month SOFR + 1.60%), due 10/15/36 (a)(b) | 350,000 | 350,341 |
| JetBlue Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 2.75%, due 5/15/32 | 584,001 | 508,956 |
| Magnetite 50 Ltd. | ||
| Series 2025-50A, Class A1 | ||
| 5.589% (3 Month SOFR + 1.28%), due 7/25/38 (a)(b) | 1,000,000 | 1,000,108 |
| New Economy Assets Phase 1 Sponsor LLC | ||
| Series 2021-1, Class B1 | ||
| 2.41%, due 10/20/61 (a) | 1,255,000 | 979,215 |
| OCP CLO Ltd. | ||
| Series 2017-14A, Class A1R | ||
| 5.695% (3 Month SOFR + 1.37%), due 7/20/37 (a)(b) | 500,000 | 500,997 |
| Owl Rock CLO XX LLC | ||
| Series 2024-20A, Class C | ||
| 6.419% (3 Month SOFR + 2.10%), due 10/24/34 (a)(b) | 475,000 | 470,099 |
| Point Broadband Funding LLC | ||
| Series 2025-1A, Class B | ||
| 5.727%, due 7/20/55 (a) | 695,000 | 695,504 |
| Progress Residential Trust | ||
| Series 2025-SFR3, Class D | ||
| 3.39%, due 7/17/42 (a) | 925,000 | 824,613 |
| QTS Issuer ABS I LLC | ||
| Series 2025-1A, Class A2 | ||
| 5.439%, due 5/25/55 (a) | 800,000 | 803,968 |
| Regatta 30 Funding Ltd. | ||
| Series 2024-4A, Class B | ||
| 5.968% (3 Month SOFR + 1.65%), due 1/25/38 (a)(b) | 700,000 | 701,890 |
| Regatta XI Funding Ltd. | ||
| Series 2018-1A, Class AR | ||
| 5.722% (3 Month SOFR + 1.40%), due 7/17/37 (a)(b) | 500,000 | 501,041 |
| Signal Peak CLO 12 Ltd. | ||
| Series 2022-12A, Class A1R | ||
| 5.729% (3 Month SOFR + 1.40%), due 7/18/37 (a)(b) | 450,000 | 451,589 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Silver Point SCF CLO IV Ltd. | ||
| Series 2021-1A, Class A2R | ||
| 6.268% (3 Month SOFR + 1.95%), due 10/15/36 (a)(b) | $ 350,000 | $ 352,334 |
| Stifel SBA IO Trust | ||
| Series 2024-1A, Class A2 | ||
| 1.268%, due 6/25/50 (a)(d)(e) | 7,738,486 | 274,474 |
| Subway Funding LLC (a) | ||
| Series 2024-3A, Class A2II | ||
| 5.566%, due 7/30/54 | 818,812 | 805,883 |
| Series 2024-3A, Class A23 | ||
| 5.914%, due 7/30/54 | 694,750 | 678,579 |
| Texas Debt Capital CLO Ltd. | ||
| Series 2024-2A, Class B | ||
| 6.019% (3 Month SOFR + 1.70%), due 1/24/37 (a)(b) | 475,000 | 476,181 |
| Tricon American Homes | ||
| Series 2020-SFR1, Class D | ||
| 2.548%, due 7/17/38 (a) | 740,000 | 721,928 |
| Tricon Residential Trust | ||
| Series 2024-SFR4, Class C | ||
| 4.80%, due 11/17/41 (a) | 929,000 | 909,238 |
| United Airlines Pass-Through Trust | ||
| Series 2020-1, Class A | ||
| 5.875%, due 10/15/27 | 734,973 | 748,964 |
| Zayo Issuer LLC | ||
| Series 2025-1A, Class A2 | ||
| 5.648%, due 3/20/55 (a) | 1,295,000 | 1,307,754 |
| 30,706,427 | ||
| Total Asset-Backed Securities (Cost $44,614,119) | 44,131,313 | |
| Corporate Bonds 24.6% | ||
| Agriculture 0.4% | ||
| Altria Group, Inc. | ||
| 2.45%, due 2/4/32 | 1,850,000 | 1,593,112 |
| Airlines 0.9% | ||
| American Airlines, Inc. (a) | ||
| 5.50%, due 4/20/26 | 361,250 | 360,920 |
| 5.75%, due 4/20/29 | 860,000 | 859,698 |
| Avianca Midco 2 plc | ||
| Series Reg S | ||
| 9.625%, due 2/14/30 | 930,000 | 864,900 |
| Delta Air Lines, Inc. (a) | ||
| 4.50%, due 10/20/25 | 92,876 | 92,648 |
| 4.75%, due 10/20/28 | 1,855,000 | 1,856,140 |
| 4,034,306 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers 1.7% | ||
| American Honda Finance Corp. | ||
| 5.15%, due 7/9/32 | $ 1,005,000 | $ 1,015,541 |
| Ford Motor Credit Co. LLC | ||
| 4.125%, due 8/17/27 | 610,000 | 594,284 |
| 6.054%, due 11/5/31 | 285,000 | 285,163 |
| 6.80%, due 5/12/28 | 700,000 | 722,470 |
| 6.95%, due 3/6/26 | 670,000 | 675,265 |
| 7.20%, due 6/10/30 | 360,000 | 378,750 |
| General Motors Financial Co., Inc. | ||
| 2.70%, due 6/10/31 | 1,335,000 | 1,170,798 |
| 4.30%, due 4/6/29 | 940,000 | 923,020 |
| 5.625%, due 4/4/32 | 130,000 | 132,046 |
| Nissan Motor Acceptance Co. LLC | ||
| 1.85%, due 9/16/26 (a) | 1,545,000 | 1,482,512 |
| 7,379,849 | ||
| Banks 6.8% | ||
| Australia & New Zealand Banking Group Ltd. | ||
| 5.816% (1 Year Treasury Constant Maturity Rate + 1.35%), due 6/18/36 (a)(b) | 920,000 | 933,234 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | ||
| 5.621%, due 12/10/29 (a) | 830,000 | 851,580 |
| Banco Santander SA | ||
| 5.294%, due 8/18/27 | 600,000 | 607,685 |
| Bank of America Corp. | ||
| 2.496%, due 2/13/31 (f) | 755,000 | 689,157 |
| Barclays plc | ||
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(g) | 1,760,000 | 1,672,372 |
| 5.367%, due 2/25/31 (f) | 780,000 | 796,844 |
| BNP Paribas SA | ||
| 4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (a)(b)(g) | 745,000 | 667,359 |
| BPCE SA | ||
| 6.714%, due 10/19/29 (a)(f) | 410,000 | 433,698 |
| Citigroup, Inc. | ||
| 5.411% (5 Year Treasury Constant Maturity Rate + 1.73%), due 9/19/39 (b) | 680,000 | 665,780 |
| Credit Agricole SA | ||
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(g) | 700,000 | 661,244 |
| Deutsche Bank AG | ||
| 3.035%, due 5/28/32 (f) | 890,000 | 801,342 |
| 5.619% (SOFR + 1.219%), due 11/16/27 (b) | 1,325,000 | 1,327,637 |
| First Horizon Bank | ||
| 5.75%, due 5/1/30 | 1,606,000 | 1,640,489 |
| First Horizon Corp. | ||
| 5.514%, due 3/7/31 (f) | 570,000 | 579,922 |
| Goldman Sachs Group, Inc. (The) | ||
| 1.992%, due 1/27/32 (f) | 740,000 | 642,034 |
| 6.75%, due 10/1/37 | 405,000 | 444,794 |
| Huntington Bancshares, Inc. | ||
| 6.141% (5 Year Treasury Constant Maturity Rate + 1.70%), due 11/18/39 (b) | 575,000 | 587,780 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Intesa Sanpaolo SpA | ||
| 7.00%, due 11/21/25 (a) | $ 435,000 | $ 437,688 |
| KeyBank NA | ||
| 4.90%, due 8/8/32 | 715,000 | 695,926 |
| KeyCorp | ||
| 6.401%, due 3/6/35 (f) | 425,000 | 454,236 |
| Lloyds Banking Group plc | ||
| 4.582%, due 12/10/25 | 2,643,000 | 2,641,491 |
| 4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 520,000 | 517,208 |
| M&T Bank Corp. (f) | ||
| 5.385%, due 1/16/36 | 330,000 | 328,802 |
| 6.082%, due 3/13/32 | 465,000 | 489,314 |
| Morgan Stanley (f) | ||
| 2.484%, due 9/16/36 | 1,945,000 | 1,657,897 |
| 2.511%, due 10/20/32 | 510,000 | 446,449 |
| Santander Holdings USA, Inc. (f) | ||
| 6.342%, due 5/31/35 | 130,000 | 136,676 |
| 6.499%, due 3/9/29 | 630,000 | 655,903 |
| Societe Generale SA (a)(b)(g) | ||
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 395,000 | 389,769 |
| 5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,155,000 | 1,069,883 |
| Toronto-Dominion Bank (The) | ||
| 5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | 695,000 | 698,704 |
| UBS Group AG (a) | ||
| 3.091%, due 5/14/32 (f) | 1,070,000 | 972,160 |
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(g) | 1,520,000 | 1,362,306 |
| 4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 340,000 | 341,122 |
| Wells Fargo & Co. | ||
| 3.35% (SOFR), due 3/2/33 (f) | 700,000 | 640,801 |
| Westpac Banking Corp. | ||
| 3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,633,000 | 1,431,222 |
| 29,370,508 | ||
| Biotechnology 0.1% | ||
| Amgen, Inc. | ||
| 5.75%, due 3/2/63 | 450,000 | 431,730 |
| Building Materials 0.1% | ||
| JH North America Holdings, Inc. (a) | ||
| 5.875%, due 1/31/31 | 140,000 | 140,479 |
| 6.125%, due 7/31/32 | 235,000 | 237,436 |
| 377,915 | ||
| Chemicals 0.8% | ||
| Braskem Netherlands Finance BV | ||
| 4.50%, due 1/10/28 (a) | 1,135,000 | 864,969 |
| Celanese US Holdings LLC | ||
| 7.20%, due 11/15/33 (h) | 780,000 | 814,325 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Chemicals | ||
| Huntsman International LLC | ||
| 4.50%, due 5/1/29 | $ 1,759,000 | $ 1,671,844 |
| 3,351,138 | ||
| Commercial Services 0.5% | ||
| Ashtead Capital, Inc. | ||
| 4.00%, due 5/1/28 (a)(i) | 640,000 | 627,668 |
| Belron UK Finance plc | ||
| 5.75%, due 10/15/29 (a) | 900,000 | 908,446 |
| Herc Holdings, Inc. | ||
| 7.00%, due 6/15/30 (a) | 550,000 | 568,445 |
| 2,104,559 | ||
| Computers 0.1% | ||
| Dell International LLC | ||
| 3.375%, due 12/15/41 | 575,000 | 431,188 |
| Cosmetics & Personal Care 0.2% | ||
| Coty, Inc. | ||
| 4.75%, due 1/15/29 (a) | 985,000 | 965,936 |
| Diversified Financial Services 2.8% | ||
| AerCap Ireland Capital DAC | ||
| 2.45%, due 10/29/26 | 1,565,000 | 1,523,529 |
| Aircastle Ltd. | ||
| 5.00%, due 9/15/30 (a) | 750,000 | 748,641 |
| Ally Financial, Inc. (f) | ||
| 5.548%, due 7/31/33 | 945,000 | 946,310 |
| 6.992%, due 6/13/29 | 270,000 | 283,906 |
| Aviation Capital Group LLC | ||
| 1.95%, due 1/30/26 (a) | 1,330,000 | 1,311,374 |
| Avolon Holdings Funding Ltd. (a) | ||
| 2.125%, due 2/21/26 | 1,385,000 | 1,363,257 |
| 3.25%, due 2/15/27 | 1,740,000 | 1,696,458 |
| Cantor Fitzgerald LP | ||
| 7.20%, due 12/12/28 (a) | 635,000 | 674,533 |
| Capital One Financial Corp. (f) | ||
| 6.051%, due 2/1/35 | 330,000 | 343,798 |
| 6.312%, due 6/8/29 | 905,000 | 945,449 |
| Citadel Finance LLC | ||
| 5.90%, due 2/10/30 (a) | 460,000 | 461,908 |
| Jefferies Financial Group, Inc. | ||
| 6.20%, due 4/14/34 | 195,000 | 203,712 |
| OneMain Finance Corp. | ||
| 7.50%, due 5/15/31 | 645,000 | 672,199 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services | ||
| Synchrony Financial | ||
| 5.45%, due 3/6/31 (f) | $ 805,000 | $ 810,600 |
| 11,985,674 | ||
| Electric 2.7% | ||
| Arizona Public Service Co. | ||
| 2.20%, due 12/15/31 | 1,500,000 | 1,281,649 |
| 3.35%, due 5/15/50 | 1,320,000 | 892,898 |
| Calpine Corp. | ||
| 5.125%, due 3/15/28 (a) | 495,000 | 492,605 |
| Duquesne Light Holdings, Inc. | ||
| 3.616%, due 8/1/27 (a) | 990,000 | 957,819 |
| Edison International | ||
| 7.875% (5 Year Treasury Constant Maturity Rate + 3.658%), due 6/15/54 (b) | 545,000 | 522,385 |
| Evergy Metro, Inc. | ||
| 5.40%, due 4/1/34 | 560,000 | 572,248 |
| Eversource Energy | ||
| 5.95%, due 7/15/34 | 535,000 | 559,405 |
| Ohio Power Co. | ||
| Series R | ||
| 2.90%, due 10/1/51 | 585,000 | 354,327 |
| Pacific Gas and Electric Co. | ||
| 3.50%, due 8/1/50 | 2,235,000 | 1,465,889 |
| PacifiCorp | ||
| 7.375% (5 Year Treasury Constant Maturity Rate + 3.319%), due 9/15/55 (b) | 445,000 | 455,573 |
| Southern California Edison Co. | ||
| 4.00%, due 4/1/47 | 975,000 | 709,433 |
| Southwestern Electric Power Co. | ||
| 3.25%, due 11/1/51 | 1,060,000 | 684,928 |
| Vistra Operations Co. LLC (a) | ||
| 6.00%, due 4/15/34 | 435,000 | 451,487 |
| 6.875%, due 4/15/32 | 455,000 | 472,766 |
| XPLR Infrastructure Operating Partners LP (a) | ||
| 4.50%, due 9/15/27 | 551,000 | 533,413 |
| 7.25%, due 1/15/29 (i) | 740,000 | 754,655 |
| 8.375%, due 1/15/31 (i) | 520,000 | 545,427 |
| 11,706,907 | ||
| Food 1.0% | ||
| JBS USA Holding LUX SARL | ||
| 5.75%, due 4/1/33 | 860,000 | 881,908 |
| MARB BondCo plc | ||
| 3.95%, due 1/29/31 (a) | 1,240,000 | 1,100,333 |
| Post Holdings, Inc. (a) | ||
| 4.50%, due 9/15/31 | 205,000 | 189,484 |
| 4.625%, due 4/15/30 | 452,000 | 431,752 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Food | ||
| Smithfield Foods, Inc. (a) | ||
| 4.25%, due 2/1/27 | $ 965,000 | $ 952,851 |
| 5.20%, due 4/1/29 | 580,000 | 581,679 |
| 4,138,007 | ||
| Gas 0.9% | ||
| Boston Gas Co. | ||
| 3.757%, due 3/16/32 (a) | 505,000 | 466,875 |
| Brooklyn Union Gas Co. (The) | ||
| 6.388%, due 9/15/33 (a) | 725,000 | 768,328 |
| National Fuel Gas Co. | ||
| 2.95%, due 3/1/31 | 1,820,000 | 1,622,078 |
| Piedmont Natural Gas Co., Inc. | ||
| 5.05%, due 5/15/52 | 620,000 | 546,675 |
| Southern California Gas Co. | ||
| 5.60%, due 4/1/54 | 625,000 | 611,162 |
| 4,015,118 | ||
| Insurance 0.2% | ||
| Belrose Funding Trust II | ||
| 6.792%, due 5/15/55 (a) | 725,000 | 741,774 |
| Internet 0.4% | ||
| Cogent Communications Group LLC | ||
| 6.50%, due 7/1/32 (a) | 985,000 | 965,283 |
| Rakuten Group, Inc. | ||
| 9.75%, due 4/15/29 (a) | 810,000 | 886,883 |
| 1,852,166 | ||
| Iron & Steel 0.0% ‡ | ||
| Samarco Mineracao SA | ||
| Series Reg S | ||
| 9.50% (9.00% PIK), due 6/30/31 (j) | 145,000 | 142,442 |
| Lodging 0.2% | ||
| Fortune Star BVI Ltd. | ||
| Series Reg S | ||
| 8.50%, due 5/19/28 | 215,000 | 220,644 |
| Studio City Finance Ltd. | ||
| 5.00%, due 1/15/29 (a) | 760,000 | 702,632 |
| 923,276 | ||
| Media 0.2% | ||
| Nexstar Media, Inc. | ||
| 4.75%, due 11/1/28 (a)(i) | 960,000 | 933,066 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Mining 0.3% | ||
| Vedanta Resources Finance II plc | ||
| 9.475%, due 7/24/30 (a) | $ 505,000 | $ 497,748 |
| 9.85%, due 4/24/33 (a) | 365,000 | 366,353 |
| Series Reg S | ||
| 10.875%, due 9/17/29 | 575,000 | 587,571 |
| 1,451,672 | ||
| Miscellaneous—Manufacturing 0.2% | ||
| Textron Financial Corp. | ||
| 6.323% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | 955,000 | 857,990 |
| Oil & Gas 0.3% | ||
| Energean Israel Finance Ltd. | ||
| Series Reg S | ||
| 5.375%, due 3/30/28 (a) | 135,000 | 129,678 |
| Hilcorp Energy I LP | ||
| 5.75%, due 2/1/29 (a) | 1,115,000 | 1,095,248 |
| 1,224,926 | ||
| Pharmaceuticals 0.1% | ||
| Teva Pharmaceutical Finance Netherlands III BV | ||
| 3.15%, due 10/1/26 | 649,000 | 634,802 |
| Pipelines 1.8% | ||
| Cheniere Corpus Christi Holdings LLC | ||
| 2.742%, due 12/31/39 | 1,135,000 | 933,550 |
| Columbia Pipelines Operating Co. LLC (a) | ||
| 5.962%, due 2/15/55 | 475,000 | 456,031 |
| 6.544%, due 11/15/53 | 310,000 | 320,153 |
| DT Midstream, Inc. | ||
| 4.30%, due 4/15/32 (a) | 1,125,000 | 1,052,111 |
| Energy Transfer LP | ||
| 5.35%, due 5/15/45 | 940,000 | 844,938 |
| Flex Intermediate Holdco LLC | ||
| 3.363%, due 6/30/31 (a) | 2,120,000 | 1,903,988 |
| ONEOK, Inc. | ||
| 5.625%, due 1/15/28 (a) | 475,000 | 484,050 |
| Western Midstream Operating LP | ||
| 5.25%, due 2/1/50 (h) | 1,240,000 | 1,040,360 |
| Williams Cos., Inc. (The) | ||
| 3.50%, due 10/15/51 | 1,095,000 | 746,378 |
| 7,781,559 | ||
| Real Estate 0.1% | ||
| Alpha Star Holding IX Ltd. | ||
| Series Reg S | ||
| 7.00%, due 8/26/28 | 200,000 | 204,408 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Real Estate Investment Trusts 0.9% | ||
| GLP Capital LP | ||
| 4.00%, due 1/15/30 | $ 1,205,000 | $ 1,152,551 |
| Invitation Homes Operating Partnership LP | ||
| 2.00%, due 8/15/31 | 990,000 | 840,367 |
| Trust Fibra Uno | ||
| Series Reg S | ||
| 7.375%, due 2/13/34 | 430,000 | 445,070 |
| 8.25%, due 1/23/37 (a) | 675,000 | 720,225 |
| Uniti Group LP | ||
| 10.50%, due 2/15/28 (a) | 668,000 | 705,995 |
| 3,864,208 | ||
| Retail 0.7% | ||
| Arcos Dorados BV | ||
| 6.375%, due 1/29/32 (a) | 970,000 | 999,100 |
| AutoNation, Inc. | ||
| 4.75%, due 6/1/30 | 491,000 | 486,655 |
| Bath & Body Works, Inc. | ||
| 6.625%, due 10/1/30 (a) | 1,065,000 | 1,090,124 |
| Sally Holdings LLC | ||
| 6.75%, due 3/1/32 (i) | 320,000 | 328,427 |
| 2,904,306 | ||
| Semiconductors 0.2% | ||
| Kioxia Holdings Corp. | ||
| 6.25%, due 7/24/30 (a) | 980,000 | 976,369 |
| Total Corporate Bonds (Cost $112,184,571) | 106,378,911 | |
| Foreign Government Bonds 1.0% | ||
| Chile 0.1% | ||
| Empresa Nacional del Petroleo | ||
| 3.45%, due 9/16/31 (a) | 527,000 | 469,891 |
| Colombia 0.3% | ||
| Colombia Government Bond | ||
| 3.25%, due 4/22/32 | 1,485,000 | 1,205,077 |
| Mexico 0.6% | ||
| Petroleos Mexicanos | ||
| 6.50%, due 3/13/27 | 2,075,000 | 2,075,818 |
| 6.75%, due 9/21/47 | 715,000 | 553,856 |
| 2,629,674 | ||
| Total Foreign Government Bonds (Cost $4,817,657) | 4,304,642 | |
| Principal Amount | Value | |
| Loan Assignments 0.4% | ||
| Diversified/Conglomerate Service 0.1% | ||
| TruGreen LP | ||
| First Lien Term Loan B | ||
| 8.456% (1 Month SOFR + 4.00%), due 11/2/27 (b) | $ 585,572 | $ 562,881 |
| Media 0.3% | ||
| Virgin Media Bristol LLC | ||
| First Lien Facility Advance Term Loan Q | ||
| 7.706% (1 Month SOFR + 3.25%), due 1/31/29 (b) | 1,220,000 | 1,211,020 |
| Total Loan Assignments (Cost $1,790,932) | 1,773,901 | |
| Mortgage-Backed Securities 27.9% | ||
| Agency (Collateralized Mortgage Obligations) 11.1% | ||
| FHLMC | ||
| REMIC, Series 5326, Class QO | ||
| (zero coupon), due 9/25/50 | 1,247,441 | 807,181 |
| REMIC, Series 5021, Class SA | ||
| (zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(d) | 2,046,155 | 49,571 |
| REMIC, Series 5200, Class SA | ||
| (zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(d) | 286,190 | 5,734 |
| REMIC, Series 5351, Class DO | ||
| (zero coupon), due 9/25/53 | 635,016 | 524,835 |
| REMIC, Series 5357, Class OE | ||
| (zero coupon), due 11/25/53 | 467,280 | 383,385 |
| REMIC, Series 5363 | ||
| (zero coupon), due 12/25/53 | 530,681 | 451,531 |
| REMIC, Series 5315, Class OQ | ||
| (zero coupon), due 1/25/55 | 556,815 | 453,463 |
| REMIC, Series 5328, Class JY | ||
| 0.25%, due 9/25/50 | 791,887 | 531,755 |
| REMIC, Series 5092, Class XA | ||
| 1.00%, due 1/15/41 | 528,630 | 452,912 |
| REMIC, Series 5471, Class SK | ||
| 1.00% (SOFR 30A + 5.35%), due 8/25/54 (b)(d) | 2,785,321 | 115,543 |
| REMIC, Series 4988, Class LP | ||
| 1.25%, due 6/25/50 | 1,028,354 | 762,445 |
| REMIC, Series 4993, Class KS | ||
| 1.586% (SOFR 30A + 5.936%), due 7/25/50 (b)(d) | 2,786,415 | 353,912 |
| REMIC, Series 4994, Class TS | ||
| 1.636% (SOFR 30A + 5.986%), due 7/25/50 (b)(d) | 1,309,176 | 166,179 |
| REMIC, Series 4358, Class Z | ||
| 3.00%, due 6/15/44 | 648,150 | 587,565 |
| REMIC, Series 5070, Class PI | ||
| 3.00%, due 8/25/50 (d) | 1,313,172 | 243,022 |
| REMIC, Series 5011, Class MI | ||
| 3.00%, due 9/25/50 (d) | 1,116,462 | 180,782 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FHLMC | ||
| REMIC, Series 5094, Class IP | ||
| 3.00%, due 4/25/51 (d) | $ 1,024,318 | $ 165,118 |
| REMIC, Series 5160 | ||
| 3.00%, due 10/25/51 (d) | 1,053,268 | 121,202 |
| REMIC, Series 4725, Class WZ | ||
| 3.50%, due 11/15/47 | 1,317,641 | 1,202,581 |
| REMIC, Series 5304, Class UB | ||
| 4.00%, due 2/25/52 | 489,932 | 454,442 |
| FHLMC, Strips | ||
| Series 272 | ||
| (zero coupon), due 8/15/42 | 787,326 | 601,015 |
| Series 402 | ||
| (zero coupon), due 9/25/53 | 726,577 | 594,591 |
| Series 311, Class S1 | ||
| 1.496% (SOFR 30A + 5.836%), due 8/15/43 (b)(d) | 2,233,528 | 224,428 |
| Series 397, Class C61 | ||
| 5.50%, due 1/25/53 (d) | 1,260,185 | 283,034 |
| FNMA | ||
| REMIC, Series 2023-70, Class AO | ||
| (zero coupon), due 3/25/53 | 542,106 | 432,079 |
| REMIC, Series 2023-45 | ||
| (zero coupon), due 10/25/53 | 651,990 | 507,802 |
| REMIC, Series 2023-24, Class OQ | ||
| (zero coupon), due 7/25/54 | 808,132 | 658,552 |
| REMIC, Series 2022-10, Class SA | ||
| 1.40% (SOFR 30A + 5.75%), due 2/25/52 (b)(d) | 1,946,243 | 218,584 |
| REMIC, Series 2016-57, Class SN | ||
| 1.586% (SOFR 30A + 5.936%), due 6/25/46 (b)(d) | 1,189,335 | 122,424 |
| REMIC, Series 2020-70, Class SD | ||
| 1.786% (SOFR 30A + 6.136%), due 10/25/50 (b)(d) | 1,318,206 | 176,546 |
| REMIC, Series 2021-12, Class JI | ||
| 2.50%, due 3/25/51 (d) | 910,600 | 145,450 |
| REMIC, Series 2021-34, Class MI | ||
| 2.50%, due 3/25/51 (d) | 5,412,488 | 760,809 |
| REMIC, Series 2021-54, Class HI | ||
| 2.50%, due 6/25/51 (d) | 386,340 | 47,070 |
| REMIC, Series 2021-53, Class GI | ||
| 3.00%, due 7/25/48 (d) | 7,101,947 | 1,189,915 |
| REMIC, Series 2021-85, Class BI | ||
| 3.00%, due 12/25/51 (d) | 2,631,826 | 473,414 |
| REMIC, Series 2021-12, Class GC | ||
| 3.50%, due 7/25/50 | 1,337,990 | 1,205,645 |
| REMIC, Series 2021-8, Class ID | ||
| 3.50%, due 3/25/51 (d) | 1,609,065 | 344,296 |
| FNMA, Strips (d) | ||
| Series 426, Class C32 | ||
| 1.50%, due 2/25/52 | 3,190,135 | 303,522 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FNMA, Strips (d) | ||
| Series 429, Class C5 | ||
| 3.00%, due 10/25/52 | $ 3,293,803 | $ 602,206 |
| Series 440, Class C46 | ||
| 4.00%, due 10/25/53 | 3,046,030 | 668,921 |
| Series 438, Class C34 | ||
| 6.00%, due 8/25/53 | 1,734,819 | 418,515 |
| GNMA | ||
| REMIC, Series 2020-1, Class YS | ||
| (zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(d) | 2,154,964 | 23,173 |
| REMIC, Series 2020-129, Class SB | ||
| (zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (b)(d) | 2,893,805 | 40,977 |
| REMIC, Series 2021-16, Class AS | ||
| (zero coupon) (1 Month SOFR + 2.636%), due 1/20/51 (b)(d) | 3,357,368 | 29,041 |
| REMIC, Series 2023-101, Class KO | ||
| (zero coupon), due 1/20/51 | 1,772,979 | 1,168,066 |
| REMIC, Series 2021-29, Class AS | ||
| (zero coupon) (SOFR 30A + 2.70%), due 2/20/51 (b)(d) | 3,225,862 | 29,690 |
| REMIC, Series 2021-97, Class SA | ||
| (zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(d) | 3,979,436 | 44,537 |
| REMIC, Series 2021-158, Class SB | ||
| (zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(d) | 2,536,046 | 77,014 |
| REMIC, Series 2021-205, Class DS | ||
| (zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(d) | 4,930,599 | 73,439 |
| REMIC, Series 2021-226, Class SA | ||
| (zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(d) | 2,715,151 | 8,202 |
| REMIC, Series 2022-34, Class HS | ||
| (zero coupon) (SOFR 30A + 4.10%), due 2/20/52 (b)(d) | 3,979,636 | 181,827 |
| REMIC, Series 2022-78, Class S | ||
| (zero coupon) (SOFR 30A + 3.70%), due 4/20/52 (b)(d) | 1,788,458 | 25,596 |
| REMIC, Series 2022-87, Class SA | ||
| (zero coupon) (SOFR 30A + 3.30%), due 5/20/52 (b)(d) | 3,443,916 | 42,430 |
| REMIC, Series 2022-101, Class SB | ||
| (zero coupon) (SOFR 30A + 3.30%), due 6/20/52 (b)(d) | 1,723,843 | 21,238 |
| REMIC, Series 2022-107, Class SA | ||
| (zero coupon) (SOFR 30A + 3.47%), due 6/20/52 (b)(d) | 8,712,346 | 115,517 |
| REMIC, Series 2023-66, Class OQ | ||
| (zero coupon), due 7/20/52 | 1,119,835 | 863,311 |
| REMIC, Series 2023-53 | ||
| (zero coupon), due 4/20/53 | 381,761 | 300,718 |
| REMIC, Series 2024-51, Class SX | ||
| 0.852% (SOFR 30A + 5.20%), due 3/20/54 (b)(d) | 8,673,427 | 338,931 |
| REMIC, Series 2023-80, Class SA | ||
| 0.902% (SOFR 30A + 5.25%), due 6/20/53 (b)(d) | 3,686,892 | 131,219 |
| REMIC, Series 2020-166, Class CA | ||
| 1.00%, due 11/20/50 | 1,152,213 | 837,471 |
| REMIC, Series 2021-96, Class GP | ||
| 1.00%, due 6/20/51 | 861,068 | 654,223 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| REMIC, Series 2020-146, Class SA | ||
| 1.835% (1 Month SOFR + 6.186%), due 10/20/50 (b)(d) | $ 1,463,311 | $ 203,419 |
| REMIC, Series 2020-167, Class SN | ||
| 1.835% (1 Month SOFR + 6.186%), due 11/20/50 (b)(d) | 755,698 | 106,124 |
| REMIC, Series 2021-179, Class SA | ||
| 1.835% (1 Month SOFR + 6.186%), due 11/20/50 (b)(d) | 2,197,777 | 304,576 |
| REMIC, Series 2020-189, Class SU | ||
| 1.835% (1 Month SOFR + 6.186%), due 12/20/50 (b)(d) | 506,034 | 70,956 |
| REMIC, Series 2021-46, Class QS | ||
| 1.835% (1 Month SOFR + 6.186%), due 3/20/51 (b)(d) | 880,918 | 110,895 |
| REMIC, Series 2021-46, Class TS | ||
| 1.835% (1 Month SOFR + 6.186%), due 3/20/51 (b)(d) | 1,064,951 | 134,775 |
| REMIC, Series 2021-57, Class SA | ||
| 1.835% (1 Month SOFR + 6.186%), due 3/20/51 (b)(d) | 3,112,367 | 391,639 |
| REMIC, Series 2021-57, Class SD | ||
| 1.835% (1 Month SOFR + 6.186%), due 3/20/51 (b)(d) | 5,280,946 | 683,563 |
| REMIC, Series 2021-96, Class NS | ||
| 1.835% (1 Month SOFR + 6.186%), due 6/20/51 (b)(d) | 2,796,744 | 370,061 |
| REMIC, Series 2021-96, Class SN | ||
| 1.835% (1 Month SOFR + 6.186%), due 6/20/51 (b)(d) | 1,985,118 | 239,208 |
| REMIC, Series 2021-97, Class SM | ||
| 1.835% (1 Month SOFR + 6.186%), due 6/20/51 (b)(d) | 2,116,712 | 306,891 |
| REMIC, Series 2021-122, Class HS | ||
| 1.835% (1 Month SOFR + 6.186%), due 7/20/51 (b)(d) | 1,874,106 | 252,008 |
| REMIC, Series 2021-96, Class JS | ||
| 1.885% (1 Month SOFR + 6.236%), due 6/20/51 (b)(d) | 1,517,076 | 210,664 |
| REMIC, Series 2020-166, Class IC | ||
| 2.00%, due 11/20/50 (d) | 1,101,426 | 136,687 |
| REMIC, Series 2022-10, Class IC | ||
| 2.00%, due 11/20/51 (d) | 1,732,164 | 207,237 |
| REMIC, Series 2025-2, Class WZ | ||
| 2.00%, due 8/20/52 | 1,484,761 | 922,534 |
| REMIC, Series 2023-86, Class SE | ||
| 2.302% (SOFR 30A + 6.65%), due 9/20/50 (b)(d) | 1,338,052 | 196,992 |
| REMIC, Series 2021-1, Class PI | ||
| 2.50%, due 12/20/50 (d) | 662,164 | 100,555 |
| REMIC, Series 2021-140, Class GF | ||
| 2.50% (1 Month SOFR + 0.764%), due 8/20/51 (b) | 791,307 | 641,992 |
| REMIC, Series 2021-188 | ||
| 2.50%, due 10/20/51 (d) | 2,667,988 | 447,369 |
| REMIC, Series 2022-1, Class CF | ||
| 2.50% (SOFR 30A + 0.80%), due 1/20/52 (b) | 1,144,231 | 938,470 |
| REMIC, Series 2023-60, Class ES | ||
| 2.504% (SOFR 30A + 11.20%), due 4/20/53 (b) | 810,749 | 716,871 |
| REMIC, Series 2021-1, Class IT | ||
| 3.00%, due 1/20/51 (d) | 1,596,940 | 267,283 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| REMIC, Series 2021-44, Class IQ | ||
| 3.00%, due 3/20/51 (d) | $ 2,375,430 | $ 391,163 |
| REMIC, Series 2021-67, Class PI | ||
| 3.00%, due 4/20/51 (d) | 1,052,858 | 180,394 |
| REMIC, Series 2021-74, Class HI | ||
| 3.00%, due 4/20/51 (d) | 293,244 | 44,366 |
| REMIC, Series 2021-98, Class IN | ||
| 3.00%, due 6/20/51 (d) | 1,005,476 | 175,918 |
| REMIC, Series 2024-48, Class JI | ||
| 3.00%, due 7/20/51 (d) | 1,930,782 | 322,229 |
| REMIC, Series 2021-139, Class IA | ||
| 3.00%, due 8/20/51 (d) | 6,708,533 | 1,201,182 |
| REMIC, Series 2022-207 | ||
| 3.00%, due 8/20/51 (d) | 1,618,505 | 263,513 |
| REMIC, Series 2019-92, Class GF | ||
| 3.50% (1 Month SOFR + 0.804%), due 7/20/49 (b) | 361,279 | 320,609 |
| REMIC, Series 2019-97, Class FG | ||
| 3.50% (1 Month SOFR + 0.804%), due 8/20/49 (b) | 1,056,465 | 937,096 |
| REMIC, Series 2019-128, Class KF | ||
| 3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 374,604 | 332,064 |
| REMIC, Series 2019-128, Class YF | ||
| 3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 387,766 | 344,447 |
| REMIC, Series 2020-5, Class FA | ||
| 3.50% (1 Month SOFR + 0.814%), due 1/20/50 (b) | 979,581 | 868,281 |
| REMIC, Series 2021-96, Class FG | ||
| 3.50% (SOFR 30A + 0.30%), due 6/20/51 (b) | 404,780 | 358,701 |
| REMIC, Series 2021-146, Class IN | ||
| 3.50%, due 8/20/51 (d) | 1,693,738 | 300,790 |
| REMIC, Series 2025-2, Class Z | ||
| 3.50%, due 1/20/55 | 1,684,175 | 1,272,562 |
| REMIC, Series 2023-66, Class MP | ||
| 3.604% (SOFR 30A + 12.30%), due 5/20/53 (b) | 1,038,115 | 951,508 |
| REMIC, Series 2016-93, Class AI | ||
| 4.50%, due 7/20/44 (d) | 1,425,353 | 343,044 |
| REMIC, Series 2022-69, Class FA | ||
| 4.50% (SOFR 30A + 0.75%), due 4/20/52 (b) | 329,370 | 309,531 |
| REMIC, Series 2024-164, Class PB | ||
| 4.50%, due 1/20/54 | 786,440 | 772,039 |
| REMIC, Series 2023-81, Class LA | ||
| 5.00%, due 6/20/52 | 289,444 | 289,221 |
| REMIC, Series 2023-38, Class WT | ||
| 6.517%, due 12/20/51 (k) | 478,175 | 500,235 |
| REMIC, Series 2023-59, Class YC | ||
| 7.13%, due 9/20/51 (k) | 1,192,262 | 1,305,128 |
| REMIC, Series 2023-55, Class CG | ||
| 7.658%, due 7/20/51 (k) | 694,034 | 770,171 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| REMIC, Series 2023-55, Class LB | ||
| 7.803%, due 11/20/51 (k) | $ 644,956 | $ 730,405 |
| Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
| Series 2025-01, Class M2 | ||
| 7.45% (SOFR 30A + 3.10%), due 5/25/55 | 700,000 | 701,750 |
| Series 2019-01, Class B10 | ||
| 9.964% (SOFR 30A + 5.614%), due 10/25/49 | 1,690,000 | 1,715,143 |
| Series 2020-01, Class CE | ||
| 11.964% (SOFR 30A + 7.614%), due 3/25/50 | 1,350,000 | 1,398,239 |
| 48,059,094 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.3% | ||
| 1301 Trust | ||
| Series 2025-1301, Class D | ||
| 1.00%, due 8/11/30 (k) | 1,075,000 | 1,075,000 |
| BANK | ||
| Series 2018-BN12, Class D | ||
| 3.00%, due 5/15/61 (a) | 1,145,000 | 875,264 |
| Series 2019-BN20, Class C | ||
| 3.651%, due 9/15/62 (e) | 285,000 | 222,961 |
| Series 2019-BN19, Class C | ||
| 4.026%, due 8/15/61 (e) | 1,935,000 | 1,410,631 |
| BBCMS Mortgage Trust | ||
| Series 2018-C2, Class D | ||
| 3.00%, due 12/15/51 (a) | 650,000 | 510,898 |
| Benchmark Mortgage Trust | ||
| Series 2018-B6, Class D | ||
| 3.087%, due 10/10/51 (a)(e) | 630,000 | 457,289 |
| Series 2019-B11, Class A5 | ||
| 3.542%, due 5/15/52 | 625,000 | 594,110 |
| Series 2019-B9, Class C | ||
| 4.971%, due 3/15/52 (k) | 1,105,000 | 962,870 |
| BMO Mortgage Trust | ||
| Series 2024-C9, Class A5 | ||
| 5.759%, due 7/15/57 | 820,000 | 857,492 |
| BX Commercial Mortgage Trust | ||
| Series 2024-BRBK, Class D | ||
| 10.311% (1 Month SOFR + 5.971%), due 10/15/41 (a)(b) | 980,000 | 983,654 |
| BX Trust | ||
| Series 2025-VLT7, Class E | ||
| 8.05% (1 Month SOFR + 3.75%), due 7/15/44 (a)(b) | 1,200,000 | 1,202,250 |
| CAMB Commercial Mortgage Trust | ||
| Series 2021-CX2, Class D | ||
| 2.771%, due 11/10/46 (a)(e) | 1,000,000 | 771,063 |
| CD Mortgage Trust | ||
| Series 2017-CD4, Class D | ||
| 3.30%, due 5/10/50 (a) | 1,150,000 | 959,414 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| CFCRE Commercial Mortgage Trust (a)(e) | ||
| Series 2016-C3, Class D | ||
| 3.052%, due 1/10/48 | $ 730,000 | $ 679,366 |
| Series 2016-C4, Class D | ||
| 4.842%, due 5/10/58 | 895,000 | 848,662 |
| Commercial Mortgage Trust (a) | ||
| Series 2014-CR20, Class D | ||
| 3.222%, due 11/10/47 | 1,255,000 | 945,115 |
| Series 2016-DC2, Class D | ||
| 3.93%, due 2/10/49 (e) | 1,208,000 | 1,142,929 |
| CSMC OA LLC | ||
| Series 2014-USA, Class E | ||
| 4.373%, due 9/15/37 (a) | 1,120,000 | 742,000 |
| DBGS Mortgage Trust | ||
| Series 2018-5BP, Class A | ||
| 5.234% (1 Month SOFR + 0.892%), due 6/15/33 (a)(b) | 610,000 | 579,500 |
| DBUBS Mortgage Trust | ||
| Series 2011-LC3A, Class PM2 | ||
| 5.098%, due 5/10/44 (a)(e) | 1,250,000 | 849,975 |
| FHLMC (a)(b) | ||
| REMIC, Series 2025-MN10, Class M2 | ||
| 7.169% (SOFR 30A + 2.85%), due 2/25/45 | 1,345,000 | 1,331,545 |
| REMIC, Series 2024-MN8, Class M2 | ||
| 8.60% (SOFR 30A + 4.25%), due 5/25/44 | 660,000 | 690,158 |
| FHLMC MSCR Trust | ||
| REMIC, Series 2025-MN11, Class M2 | ||
| 6.988% (SOFR 30A + 2.65%), due 7/25/45 (a)(b) | 1,215,000 | 1,214,272 |
| GNMA (d) | ||
| REMIC, Series 2025-112 | ||
| 0.564%, due 3/16/66 (e) | 6,632,363 | 335,368 |
| REMIC, Series 2023-194, Class CI | ||
| 0.817%, due 10/16/65 (e) | 3,428,823 | 218,252 |
| REMIC, Series 2020-177 | ||
| 0.82%, due 6/16/62 (e) | 4,052,577 | 239,325 |
| REMIC, Series 2023-159, Class CI | ||
| 0.953%, due 7/16/65 (k) | 4,475,825 | 322,048 |
| REMIC, Series 2020-168, Class IA | ||
| 0.98%, due 12/16/62 (e) | 2,371,530 | 168,753 |
| REMIC, Series 2021-47 | ||
| 0.992%, due 3/16/61 (e) | 5,571,757 | 370,465 |
| REMIC, Series 2022-185, Class DI | ||
| 1.022%, due 10/16/65 (e) | 2,002,724 | 140,516 |
| REMIC, Series 2023-172 | ||
| 1.382%, due 2/16/66 (e) | 3,057,998 | 283,456 |
| GS Mortgage Securities Trust | ||
| Series 2015-GC30, Class D | ||
| 3.384%, due 5/10/50 | 1,550,000 | 1,123,735 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| GS Mortgage Securities Trust | ||
| Series 2014-GC22, Class B | ||
| 4.391%, due 6/10/47 (k) | $ 1,040,000 | $ 901,805 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
| Series 2012-WLDN, Class A | ||
| 3.905%, due 5/5/30 (a) | 766,391 | 707,954 |
| JPMCC Commercial Mortgage Securities Trust | ||
| Series 2019-COR5, Class D | ||
| 3.00%, due 6/13/52 (a) | 240,000 | 179,881 |
| JPMDB Commercial Mortgage Securities Trust | ||
| Series 2017-C7, Class C | ||
| 4.174%, due 10/15/50 (e) | 655,000 | 585,543 |
| Morgan Stanley Bank of America Merrill Lynch Trust | ||
| Series 2015-C22, Class D | ||
| 3.984%, due 4/15/48 (a)(e) | 1,590,000 | 993,814 |
| NCMF Trust | ||
| Series 2025-MFS, Class D | ||
| 6.618%, due 6/10/33 (a)(e) | 1,465,000 | 1,477,758 |
| ROCK Trust | ||
| Series 2024-CNTR, Class E | ||
| 8.819%, due 11/13/41 (a) | 1,845,000 | 1,940,756 |
| SKY Trust | ||
| Series 2025-LINE, Class B | ||
| 8.029% (1 Month SOFR + 3.687%), due 4/15/42 (a)(b) | 790,816 | 790,810 |
| UBS Commercial Mortgage Trust | ||
| Series 2018-C10, Class D | ||
| 3.00%, due 5/15/51 (a) | 590,000 | 467,413 |
| Series 2018-C9, Class C | ||
| 4.944%, due 3/15/51 (e) | 710,000 | 478,692 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2018-C43, Class D | ||
| 3.00%, due 3/15/51 (a) | 250,000 | 200,169 |
| Series 2016-NXS6, Class D | ||
| 3.059%, due 11/15/49 (a) | 1,590,000 | 1,404,130 |
| Series 2019-C51, Class C | ||
| 4.289%, due 6/15/52 (k) | 775,000 | 641,251 |
| Series 2022-ONL, Class E | ||
| 4.928%, due 12/15/39 (a)(e) | 800,000 | 704,501 |
| Series 2016-NXS5, Class D | ||
| 4.953%, due 1/15/59 (e) | 1,310,000 | 1,197,864 |
| 35,780,677 | ||
| Whole Loan (Collateralized Mortgage Obligations) 8.5% | ||
| Angel Oak Mortgage Trust | ||
| Series 2025-3, Class A1 | ||
| 5.42%, due 3/25/70 (a)(h) | 732,593 | 729,525 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| BRAVO Residential Funding Trust | ||
| Series 2024-NQM8, Class A1A | ||
| 4.30%, due 8/1/53 (a)(h) | $ 501,374 | $ 488,380 |
| CIM Trust (a) | ||
| Series 2021-J2, Class AS | ||
| 0.21%, due 4/25/51 (d)(k) | 28,548,212 | 364,681 |
| Series 2025-NR1, Class A1 | ||
| 5.00%, due 6/25/64 (h) | 669,958 | 654,548 |
| Connecticut Avenue Securities Trust (a)(b) | ||
| Series 2025-R01, Class 1B1 | ||
| 6.05% (SOFR 30A + 1.70%), due 1/25/45 | 610,000 | 608,670 |
| Series 2025-R02, Class 1B1 | ||
| 6.30% (SOFR 30A + 1.95%), due 2/25/45 | 550,000 | 553,544 |
| Series 2024-R05, Class 2B1 | ||
| 6.35% (SOFR 30A + 2.00%), due 7/25/44 | 920,000 | 923,410 |
| Series 2023-R07, Class 2M2 | ||
| 7.60% (SOFR 30A + 3.25%), due 9/25/43 | 600,000 | 624,916 |
| Series 2021-R03, Class 1B2 | ||
| 9.85% (SOFR 30A + 5.50%), due 12/25/41 | 745,000 | 776,553 |
| Series 2022-R01, Class 1B2 | ||
| 10.35% (SOFR 30A + 6.00%), due 12/25/41 | 1,075,000 | 1,127,739 |
| Series 2020-SBT1, Class 1B1 | ||
| 11.214% (SOFR 30A + 6.864%), due 2/25/40 | 1,395,000 | 1,480,444 |
| Series 2022-R02, Class 2B2 | ||
| 12.00% (SOFR 30A + 7.65%), due 1/25/42 | 1,015,000 | 1,087,085 |
| Series 2019-HRP1, Class B1 | ||
| 13.714% (SOFR 30A + 9.364%), due 11/25/39 | 1,964,000 | 2,117,742 |
| Series 2022-R03, Class 1B2 | ||
| 14.20% (SOFR 30A + 9.85%), due 3/25/42 | 615,000 | 684,758 |
| FHLMC STACR REMIC Trust (a)(b) | ||
| Series 2025-DNA1, Class M2 | ||
| 5.70% (SOFR 30A + 1.35%), due 1/25/45 | 1,276,000 | 1,274,507 |
| Series 2025-HQA1, Class M2 | ||
| 6.00% (SOFR 30A + 1.65%), due 2/25/45 | 735,000 | 737,903 |
| Series 2024-HQA1, Class M2 | ||
| 6.35% (SOFR 30A + 2.00%), due 3/25/44 | 505,000 | 511,310 |
| Series 2022-DNA2, Class B1 | ||
| 9.10% (SOFR 30A + 4.75%), due 2/25/42 | 605,000 | 634,921 |
| Series 2020-HQA1, Class B2 | ||
| 9.564% (SOFR 30A + 5.214%), due 1/25/50 | 1,377,000 | 1,515,568 |
| Series 2021-HQA3, Class B2 | ||
| 10.60% (SOFR 30A + 6.25%), due 9/25/41 | 1,270,000 | 1,323,659 |
| Series 2021-HQA4, Class B2 | ||
| 11.35% (SOFR 30A + 7.00%), due 12/25/41 | 1,805,000 | 1,910,315 |
| Series 2022-DNA1, Class B2 | ||
| 11.45% (SOFR 30A + 7.10%), due 1/25/42 | 1,705,000 | 1,815,165 |
| Series 2021-DNA7, Class B2 | ||
| 12.15% (SOFR 30A + 7.80%), due 11/25/41 | 1,550,000 | 1,657,043 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| FHLMC STACR Securitized Participation Interests Trust | ||
| REMIC, Series 2018-SPI3, Class B | ||
| 4.157%, due 8/25/48 (a)(k) | $ 937,312 | $ 722,495 |
| FHLMC STACR Trust (a)(b) | ||
| REMIC, Series 2019-FTR2, Class B2 | ||
| 11.864% (SOFR 30A + 7.514%), due 11/25/48 | 600,000 | 698,662 |
| REMIC, Series 2019-FTR1, Class B2 | ||
| 12.814% (SOFR 30A + 8.464%), due 1/25/48 | 870,000 | 1,031,450 |
| GS Mortgage-Backed Securities Corp. Trust | ||
| Series 2021-PJ1, Class A4 | ||
| 2.50%, due 6/25/51 (a)(k) | 817,023 | 654,914 |
| J.P. Morgan Mortgage Trust (a)(e) | ||
| Series 2021-4, Class B1 | ||
| 2.879%, due 8/25/51 | 1,230,855 | 988,734 |
| Series 2022-1, Class B3 | ||
| 3.085%, due 7/25/52 | 1,295,225 | 1,034,108 |
| LOANDEPOT GMSR Master Trust | ||
| Series 2025-GT2, Class A | ||
| 3.15% (1 Month SOFR + 3.15%), due 7/16/30 (a)(b) | 1,455,000 | 1,454,991 |
| Mill City Mortgage Loan Trust (a)(k) | ||
| Series 2018-3, Class B2 | ||
| 3.25%, due 8/25/58 | 1,581,628 | 1,194,365 |
| Series 2018-3, Class B4 | ||
| 3.654%, due 8/25/58 | 558,809 | 345,597 |
| New Residential Mortgage Loan Trust | ||
| Series 2020-RPL1, Class B3 | ||
| 3.845%, due 11/25/59 (a)(k) | 1,190,000 | 912,286 |
| RCKT Mortgage Trust | ||
| Series 2021-5, Class A1 | ||
| 2.50%, due 11/25/51 (a)(k) | 1,136,423 | 915,430 |
| STACR Trust | ||
| Series 2018-HRP1, Class B2 | ||
| 16.214% (SOFR 30A + 11.864%), due 5/25/43 (a)(b) | 1,298,588 | 1,573,317 |
| Towd Point Mortgage Trust (a)(k) | ||
| Series 2017-4, Class B5 | ||
| 3.658%, due 6/25/57 | 716,324 | 452,194 |
| Series 2018-2, Class B5 | ||
| 3.736%, due 3/25/58 | 2,403,729 | 1,020,958 |
| 36,601,887 | ||
| Total Mortgage-Backed Securities (Cost $119,270,122) | 120,441,658 | |
| U.S. Government & Federal Agencies 34.3% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.0% | ||
| FHLMC Gold Pools, 30 Year | ||
| 3.50%, due 9/1/47 | 412,811 | 377,351 |
| Principal Amount | Value | |
| U.S. Government & Federal Agencies | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) | ||
| FHLMC Gold Pools, Other | ||
| 4.00%, due 6/1/42 | $ 733,696 | $ 699,740 |
| UMBS Pool, 30 Year | ||
| 2.00%, due 9/1/51 | 2,013,492 | 1,581,267 |
| 4.00%, due 10/1/52 | 615,684 | 568,946 |
| 4.00%, due 3/1/53 | 1,662,605 | 1,537,860 |
| 5.00%, due 3/1/54 | 889,233 | 866,516 |
| 5.50%, due 7/1/53 | 2,042,178 | 2,036,145 |
| 5.50%, due 7/1/53 | 658,023 | 659,232 |
| 5.50%, due 11/1/54 | 1,350,200 | 1,349,408 |
| 5.50%, due 11/1/54 | 1,121,387 | 1,116,364 |
| 6.00%, due 10/1/53 | 348,791 | 356,347 |
| 6.00%, due 11/1/53 | 786,563 | 800,915 |
| 6.00%, due 4/1/55 | 882,271 | 894,755 |
| 12,844,846 | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 5.3% | ||
| FNMA, Other | ||
| 4.00%, due 3/1/42 | 429,247 | 407,807 |
| 4.00%, due 1/1/43 | 767,871 | 731,418 |
| 4.38%, due 7/1/28 | 1,000,000 | 1,003,761 |
| 6.00%, due 4/1/37 | 2,816 | 2,898 |
| UMBS, 30 Year | ||
| 2.00%, due 10/1/50 | 1,876,291 | 1,474,891 |
| 2.00%, due 3/1/52 | 4,638,024 | 3,641,350 |
| 2.00%, due 3/1/52 | 226,901 | 177,744 |
| 2.50%, due 4/1/52 | 2,597,990 | 2,134,472 |
| 2.50%, due 5/1/52 | 2,392,577 | 1,965,711 |
| 3.00%, due 7/1/52 | 2,500,000 | 2,143,571 |
| 3.50%, due 12/1/44 | 548,776 | 508,589 |
| 3.50%, due 11/1/50 | 76,087 | 68,253 |
| 4.50%, due 1/1/54 | 909,477 | 863,712 |
| 5.00%, due 3/1/53 | 1,343,781 | 1,313,683 |
| 5.00%, due 5/1/53 | 1,108,028 | 1,082,428 |
| 5.50%, due 8/1/53 | 846,497 | 848,052 |
| 5.50%, due 5/1/54 | 662,531 | 659,615 |
| 5.50%, due 6/1/54 | 612,802 | 610,152 |
| 6.00%, due 8/1/53 | 682,084 | 697,838 |
| 6.00%, due 8/1/53 | 910,541 | 924,595 |
| 6.00%, due 9/1/53 | 469,177 | 479,710 |
| 6.00%, due 9/1/53 | 1,021,287 | 1,037,990 |
| 22,778,240 | ||
| Government National Mortgage Association (Mortgage Pass-Through Security) 0.1% | ||
| GNMA II, 30 Year | ||
| 2.00%, due 6/20/51 | 802,772 | 628,311 |
| Principal Amount | Value | ||
| U.S. Government & Federal Agencies | |||
| United States Treasury Bonds 3.0% | |||
| U.S. Treasury Bonds | |||
| 4.75%, due 5/15/55 | $ 2,025,000 | $ 1,980,703 | |
| 5.00%, due 5/15/45 | 10,795,000 | 10,953,552 | |
| 12,934,255 | |||
| United States Treasury Notes 22.9% | |||
| U.S. Treasury Notes | |||
| 3.875%, due 7/31/27 | 13,705,000 | 13,687,334 | |
| 3.875%, due 7/15/28 | 5,215,000 | 5,213,370 | |
| 3.875%, due 7/31/30 | 21,935,000 | 21,856,171 | |
| 4.00%, due 7/31/32 | 43,610,000 | 43,235,227 | |
| 4.25%, due 5/15/35 | 15,385,000 | 15,250,381 | |
| 99,242,483 | |||
| Total U.S. Government & Federal Agencies (Cost $148,489,187) | 148,428,135 | ||
| Total Long-Term Bonds (Cost $431,166,588) | 425,458,560 | ||
| Shares | |||
| Common Stocks 0.0% ‡ | |||
| Commercial Services & Supplies 0.0% ‡ | |||
| Quad/Graphics, Inc. | 1 | 5 | |
| Total Common Stocks (Cost $0) | 5 | ||
| Short-Term Investments 1.3% | |||
| Affiliated Investment Company 0.7% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (l) | 3,237,596 | 3,237,596 | |
| Unaffiliated Investment Companies 0.6% | |||
| Allspring Government Money Market Fund, 4.299% (l)(m) | 1,000,000 | 1,000,000 | |
| Invesco Government & Agency Portfolio, 4.342% (l)(m) | 1,461,378 | 1,461,378 | |
| 2,461,378 | |||
| Total Short-Term Investments (Cost $5,698,974) | 5,698,974 | ||
| Total Investments (Cost $436,865,562) | 99.7% | 431,157,539 | |
| Other Assets, Less Liabilities | 0.3 | 1,241,761 | |
| Net Assets | 100.0% | $ 432,399,300 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Delayed delivery security. |
| (d) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (e) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (g) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (h) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (i) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $2,387,027. The Fund received cash collateral with a value of $2,461,378. |
| (j) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (k) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (l) | Current yield as of July 31, 2025. |
| (m) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 2,532 | $ 140,695 | $ (139,989) | $ — | $ — | $ 3,238 | $ 117 | $ — | 3,238 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 13 | September 2025 | $ 2,691,841 | $ 2,690,797 | $ (1,044) |
| U.S. Treasury 5 Year Notes | 287 | September 2025 | 31,039,194 | 31,045,328 | 6,134 |
| U.S. Treasury 10 Year Ultra Bonds | 10 | September 2025 | 1,140,335 | 1,130,781 | (9,554) |
| U.S. Treasury Long Bonds | 111 | September 2025 | 12,376,836 | 12,674,813 | 297,977 |
| U.S. Treasury Ultra Bonds | 164 | September 2025 | 18,780,124 | 19,239,250 | 459,126 |
| Total Long Contracts | 752,639 | ||||
| Short Contracts | |||||
| Canada 5 Year Bonds | (201) | September 2025 | (16,526,614) | (16,421,189) | 105,425 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| U.S. Treasury 10 Year Notes | (31) | September 2025 | $ (3,458,210) | $ (3,442,938) | $ 15,272 |
| Total Short Contracts | 120,697 | ||||
| Net Unrealized Appreciation | $ 873,336 |
| 1. | As of July 31, 2025, cash in the amount of $1,803,605 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| IO—Interest Only |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| STACR—Structured Agency Credit Risk |
| UMBS—Uniform Mortgage Backed Securities |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 44,131,313 | $ — | $ 44,131,313 | |||
| Corporate Bonds | — | 106,378,911 | — | 106,378,911 | |||
| Foreign Government Bonds | — | 4,304,642 | — | 4,304,642 | |||
| Loan Assignments | — | 1,773,901 | — | 1,773,901 | |||
| Mortgage-Backed Securities | — | 120,441,658 | — | 120,441,658 | |||
| U.S. Government & Federal Agencies | — | 148,428,135 | — | 148,428,135 | |||
| Total Long-Term Bonds | — | 425,458,560 | — | 425,458,560 | |||
| Common Stocks | 5 | — | — | 5 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 3,237,596 | — | — | 3,237,596 | |||
| Unaffiliated Investment Companies | 2,461,378 | — | — | 2,461,378 | |||
| Total Short-Term Investments | 5,698,974 | — | — | 5,698,974 | |||
| Total Investments in Securities | 5,698,979 | 425,458,560 | — | 431,157,539 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 883,934 | — | — | 883,934 | |||
| Total Investments in Securities and Other Financial Instruments | $ 6,582,913 | $ 425,458,560 | $ — | $ 432,041,473 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (10,598) | $ — | $ — | $ (10,598) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Principal Amount | Value | |
| Municipal Bonds 100.7% | ||
| Long-Term Municipal Bonds 100.7% | ||
| Education 21.7% | ||
| Brazos Higher Education Authority, Inc., Revenue Bonds, Senior Lien | ||
| Series 1-A | ||
| 5.00%, due 4/1/32 (a) | $ 2,500,000 | $ 2,655,868 |
| Grand County School District Local Building Authority, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 12/15/34 | 1,665,000 | 1,675,177 |
| Ogden City School District Municipal Building Authority, Revenue Bonds | ||
| 5.00%, due 1/15/30 | 1,125,000 | 1,178,289 |
| Utah Charter School Finance Authority, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/46 | 1,000,000 | 850,971 |
| Series A, Insured: UT CSCE | ||
| 5.00%, due 4/15/39 | 1,470,000 | 1,505,907 |
| Utah Charter School Finance Authority, George Washington Academy, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 4/15/35 | 1,500,000 | 1,500,589 |
| Utah Charter School Finance Authority, Good Foundations Academy Charter School, Revenue Bonds (b) | ||
| Series A | ||
| 5.55%, due 11/15/34 | 1,655,000 | 1,655,458 |
| Series A | ||
| 5.85%, due 11/15/44 | 3,280,000 | 3,185,524 |
| Utah Charter School Finance Authority, Hawthorn Academy, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 10/15/46 | 3,795,000 | 3,700,665 |
| Utah Charter School Finance Authority, Karl G Maeser Preparatory Academy, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 4/15/35 | 350,000 | 371,093 |
| Insured: UT CSCE | ||
| 5.00%, due 4/15/40 | 450,000 | 457,791 |
| Insured: UT CSCE | ||
| 5.125%, due 4/15/45 | 390,000 | 387,482 |
| Utah Charter School Finance Authority, Lakeview Academy of Science Arts & Technology, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 10/15/35 | 1,300,000 | 1,301,908 |
| Utah Charter School Finance Authority, Legacy Preparatory Academy, Revenue Bonds | ||
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/37 | 1,000,000 | 964,027 |
| Insured: UT CSCE | ||
| 5.00%, due 4/15/29 | 1,400,000 | 1,401,378 |
| Utah Charter School Finance Authority, Monticello Academy, Inc., Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 4/15/37 | 1,000,000 | 1,000,690 |
| Utah Charter School Finance Authority, Promontory School of Expeditionary Learning, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 3.60%, due 10/15/33 | 1,420,000 | 1,378,129 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Utah Charter School Finance Authority, Quest Academy, Inc., Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 4/15/37 | $ 500,000 | $ 501,974 |
| Utah Charter School Finance Authority, Salt Lake Arts Academy, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 3.00%, due 4/15/40 | 1,000,000 | 779,905 |
| Utah Charter School Finance Authority, Utah Charter Academies, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 10/15/25 | 500,000 | 501,716 |
| Utah Charter School Finance Authority, Venture Academy, Revenue Bonds | ||
| Insured: UT CSCE | ||
| 5.00%, due 10/15/29 | 855,000 | 855,662 |
| Insured: UT CSCE | ||
| 5.00%, due 10/15/34 | 1,095,000 | 1,095,349 |
| Insured: UT CSCE | ||
| 5.00%, due 10/15/38 | 1,095,000 | 1,095,052 |
| Utah Charter School Finance Authority, Vista at Entrada School of Performing Arts & Technology, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/35 | 1,080,000 | 1,052,720 |
| Utah Charter School Finance Authority, Voyage Academy, Revenue Bonds (b) | ||
| 5.00%, due 3/15/27 | 295,000 | 295,027 |
| 5.50%, due 3/15/37 | 2,350,000 | 2,284,922 |
| 5.60%, due 3/15/47 | 4,600,000 | 4,181,099 |
| Utah State University, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 3.00%, due 12/1/36 | 2,055,000 | 1,825,691 |
| Weber State University, Student Facilities System, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 4/1/29 | 750,000 | 803,771 |
| 40,443,834 | ||
| General 6.1% | ||
| Black Desert Public Infrastructure District, Assessment Area No. 1, Special Assessment | ||
| 5.625%, due 12/1/53 (b) | 1,500,000 | 1,458,620 |
| City of Eagle Mountain City, Assessment Area 2013-1, Special Assessment | ||
| 5.25%, due 5/1/28 | 70,000 | 70,102 |
| City of Mesquite, Special Improvement District Canyon Crest, Special Assessment | ||
| 5.50%, due 8/1/25 | 5,000 | 5,000 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/51 | 1,158,360 | 731,214 |
| County of Weber, Summit Mountain Assessment Area, Special Assessment | ||
| 5.50%, due 1/15/28 | 900,000 | 901,931 |
| 5.75%, due 1/15/33 | 3,700,000 | 3,707,820 |
| Verk Industrial Regional Public Infrastructure District, Tax Allocation | ||
| 6.625%, due 9/1/47 (b) | 1,500,000 | 1,522,384 |
| Washington County Municipal Building Authority, Revenue Bonds | ||
| 5.00%, due 10/1/32 | 500,000 | 513,748 |
| 5.00%, due 10/1/37 | 500,000 | 513,748 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General | ||
| Wolf Creek Infrastructure Financing District No. 1, Assessment Area No. 1, Special Assessment | ||
| 5.75%, due 12/1/44 | $ 2,000,000 | $ 1,954,749 |
| 11,379,316 | ||
| General Obligation 4.1% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 2,112,857 | 1,315,253 |
| County of Pennington, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 12/1/46 | 1,000,000 | 1,004,061 |
| Leander Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| (zero coupon), due 8/15/32 | 1,300,000 | 1,018,529 |
| Logan City School District, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 4.00%, due 6/15/30 | 1,385,000 | 1,385,550 |
| Metropolitan Government of Nashville & Davidson County, Unlimited General Obligation | ||
| 2.50%, due 1/1/29 | 1,000,000 | 979,198 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation | ||
| 4.25%, due 6/1/41 (b) | 2,205,000 | 1,870,777 |
| 7,573,368 | ||
| Hospital 2.8% | ||
| County of Utah, IHC Health Services, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/43 | 1,690,000 | 1,703,986 |
| Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur Healthcare, Revenue Bonds | ||
| Series A, Insured: AG | ||
| 5.00%, due 6/1/35 | 1,500,000 | 1,605,038 |
| Washington Health Care Facilities Authority, Multicare Health System, Revenue Bonds | ||
| Series B-2, Insured: AG | ||
| 5.00%, due 8/15/55 (c) | 1,750,000 | 1,873,214 |
| 5,182,238 | ||
| Housing 4.2% | ||
| University of Utah (The), Revenue Bonds | ||
| Series B | ||
| 5.25%, due 8/1/48 | 1,060,000 | 1,089,435 |
| Utah Board of Higher Education, Dixie State University, Revenue Bonds | ||
| Insured: BAM | ||
| 3.00%, due 6/1/36 | 1,375,000 | 1,223,370 |
| Insured: AG | ||
| 5.00%, due 6/1/30 | 1,800,000 | 1,802,970 |
| Washington State Housing Finance Commission, Revenue Bonds | ||
| Series 2 | ||
| 4.221%, due 3/1/50 (c) | 2,487,386 | 2,289,717 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Housing | ||
| Washington State Housing Finance Commission, Blakeley and Laurel Villages Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 7/1/35 (b) | $ 1,335,000 | $ 1,434,996 |
| 7,840,488 | ||
| Other Revenue 40.6% | ||
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,000,000 | 1,004,558 |
| City of Dallas Housing Finance Corp., 8004 West Virginia Drive Owner LP, Revenue Bonds | ||
| Series A, Insured: FNMA | ||
| 4.35%, due 10/1/41 | 3,825,000 | 3,692,890 |
| City of Herriman City, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 8/1/30 | 2,135,000 | 2,137,237 |
| Series B | ||
| 5.00%, due 8/1/33 | 1,515,000 | 1,517,077 |
| City of Mapleton City, Revenue Bonds | ||
| 3.00%, due 6/15/36 | 1,255,000 | 1,094,017 |
| City of West Valley City, Sales Tax, Revenue Bonds | ||
| (zero coupon), due 7/15/35 | 3,075,000 | 1,786,738 |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, Electric Facilities Improvement Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/31 | 1,000,000 | 1,005,560 |
| County of Tooele, Sales Tax, Revenue Bonds | ||
| 5.00%, due 9/1/41 | 750,000 | 768,918 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/15/35 (b) | 1,000,000 | 1,002,279 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, Second Lien | ||
| Series B, Insured: AG | ||
| 5.00%, due 6/1/31 | 1,375,000 | 1,508,511 |
| Series B, Insured: AG | ||
| 5.00%, due 6/1/34 | 1,000,000 | 1,102,069 |
| Series B, Insured: AG | ||
| 5.00%, due 6/1/38 | 500,000 | 540,450 |
| Series B, Insured: AG | ||
| 5.25%, due 6/1/42 | 1,000,000 | 1,054,670 |
| Series B, Insured: AG | ||
| 5.25%, due 6/1/43 | 1,000,000 | 1,047,763 |
| Duchesne County School District, Revenue Bonds | ||
| 4.00%, due 6/1/38 | 750,000 | 724,621 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 293,501 | 282,247 |
| King County Housing Authority, Revenue Bonds | ||
| 5.375%, due 7/1/45 | 1,000,000 | 1,006,850 |
| Lehi Local Building Authority, Revenue Bonds | ||
| 5.00%, due 6/15/30 | 500,000 | 545,558 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Northview Project, Revenue Bonds | ||
| Series B | ||
| 3.60%, due 2/1/45 (c) | $ 1,375,000 | $ 1,398,001 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 FNMA | ||
| 4.88%, due 3/1/46 | 750,000 | 710,302 |
| New York Energy Finance Development Corp., Revenue Bonds | ||
| 5.00%, due 7/1/56 (c) | 2,000,000 | 2,086,121 |
| Ogden City Municipal Building Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/15/43 | 1,000,000 | 1,027,212 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds | ||
| Series A-1 | ||
| 5.875%, due 3/1/45 | 1,000,000 | 1,001,289 |
| South Dakota Housing Development Authority, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 11/1/55 | 995,000 | 1,106,950 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 11/1/56 | 2,000,000 | 2,223,995 |
| Southeast Alaska Power Agency, Revenue Bonds | ||
| 5.25%, due 6/1/30 | 1,170,000 | 1,172,153 |
| Tennergy Corp., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/51 (c) | 1,370,000 | 1,377,624 |
| Tennessee Energy Acquisition Corp., Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 5/1/53 (c) | 1,750,000 | 1,803,575 |
| Tennessee Housing Development Agency, Revenue Bonds | ||
| Series 2-B | ||
| 3.95%, due 1/1/38 | 1,300,000 | 1,243,955 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds | ||
| Series 3-C | ||
| 3.50%, due 1/1/56 (c) | 910,000 | 910,215 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/54 (c) | 1,200,000 | 1,277,501 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds | ||
| 5.00%, due 1/1/55 (c) | 4,000,000 | 4,212,552 |
| Utah Associated Municipal Power Systems, Veyo Heat Recovery Project, Revenue Bonds | ||
| 5.00%, due 3/1/30 | 795,000 | 796,129 |
| 5.00%, due 3/1/32 | 905,000 | 906,270 |
| 5.00%, due 3/1/34 | 745,000 | 745,960 |
| Utah Housing Corp., Revenue Bonds | ||
| Series D-2, Insured: FHA | ||
| 4.00%, due 1/1/36 | 480,000 | 478,376 |
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 4.45%, due 1/1/44 | 2,000,000 | 1,886,702 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Utah Housing Corp., Revenue Bonds | ||
| Series B-1, Class I | ||
| 4.60%, due 7/1/34 | $ 455,000 | $ 455,240 |
| Series B-1, Class II | ||
| 4.625%, due 7/1/32 | 15,000 | 15,006 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.00%, due 7/1/53 | 905,000 | 976,569 |
| Series G, Insured: GNMA / FNMA / FHLMC | ||
| 6.25%, due 7/1/55 | 3,455,000 | 3,852,457 |
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 7/1/55 | 2,015,000 | 2,252,239 |
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 6.75%, due 7/1/55 | 1,545,000 | 1,765,902 |
| Utah Infrastructure Agency, Revenue Bonds | ||
| 4.00%, due 10/15/30 | 1,000,000 | 1,004,589 |
| 4.00%, due 10/15/34 | 1,380,000 | 1,349,457 |
| 5.25%, due 10/15/36 | 535,000 | 571,200 |
| 5.25%, due 10/15/39 | 555,000 | 576,685 |
| 5.50%, due 10/15/44 | 750,000 | 767,875 |
| 5.50%, due 10/15/48 | 750,000 | 757,354 |
| Utah Infrastructure Agency, Cedar Hills Project, Revenue Bonds | ||
| 4.00%, due 10/15/32 | 1,115,000 | 1,134,553 |
| 4.25%, due 10/15/42 | 1,125,000 | 1,057,490 |
| Utah Infrastructure Agency, City of Layton Service Contract, Revenue Bonds | ||
| 5.00%, due 10/15/30 | 500,000 | 529,676 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 4.00%, due 10/15/36 | 1,000,000 | 953,835 |
| 4.00%, due 10/15/42 | 1,000,000 | 858,995 |
| Utah State Building Ownership Authority, State Facilities Master Lease Program, Revenue Bonds | ||
| 2.25%, due 5/15/26 | 1,000,000 | 992,123 |
| 3.00%, due 5/15/29 | 1,000,000 | 999,981 |
| Utah Transit Authority, Revenue Bonds | ||
| (zero coupon), due 12/15/32 | 3,000,000 | 2,224,925 |
| 5.00%, due 12/15/42 | 2,000,000 | 2,108,594 |
| Series C, Insured: AG | ||
| 5.25%, due 6/15/32 | 195,000 | 216,412 |
| West Jordan Municipal Building Authority, Revenue Bonds | ||
| 5.00%, due 10/1/34 | 1,000,000 | 1,018,901 |
| West Valley City Municipal Building Authority, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 2/1/34 | 1,000,000 | 1,025,571 |
| 75,652,524 | ||
| Transportation 11.4% | ||
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (a) | ||
| Series A | ||
| 5.50%, due 8/1/42 | 1,200,000 | 1,230,135 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (a) | ||
| Series A | ||
| 5.50%, due 8/1/43 | $ 550,000 | $ 561,644 |
| City of Houston, Airport System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/39 (a)(d) | 1,350,000 | 1,416,372 |
| City of Houston, United Airlines, Inc., Revenue Bonds | ||
| Series B | ||
| 5.50%, due 7/15/38 (a) | 1,000,000 | 1,033,088 |
| City of Salt Lake City, Airport, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/46 | 2,000,000 | 1,953,220 |
| Series A | ||
| 5.25%, due 7/1/38 | 1,500,000 | 1,573,138 |
| City of Salt Lake City, International Airport, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/41 (a) | 2,000,000 | 2,065,471 |
| County of Miami-Dade, Seaport Department, Revenue Bonds | ||
| Series A-1, Insured: AG | ||
| 4.00%, due 10/1/41 (a) | 1,000,000 | 940,870 |
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 10/1/44 (a) | 2,000,000 | 2,046,938 |
| Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/31 | 1,000,000 | 1,087,632 |
| Series A | ||
| 5.25%, due 10/1/42 | 1,850,000 | 1,921,726 |
| Port of Seattle, Revenue Bonds | ||
| Series B | ||
| 5.50%, due 8/1/47 (a) | 2,000,000 | 2,040,944 |
| Reno-Tahoe Airport Authority, Tahoe International Airport, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/34 | 1,200,000 | 1,275,434 |
| Series A | ||
| 5.25%, due 7/1/49 | 2,075,000 | 2,071,728 |
| 21,218,340 | ||
| Utilities 4.7% | ||
| County of Campbell, Basin Electric Power Cooperative, Revenue Bonds | ||
| Series A | ||
| 3.625%, due 7/15/39 | 1,500,000 | 1,298,421 |
| Intermountain Power Agency, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 1,185,000 | 1,256,783 |
| Series A | ||
| 5.00%, due 7/1/37 | 1,000,000 | 1,050,449 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utilities | ||
| Intermountain Power Agency, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | $ 1,770,000 | $ 1,794,926 |
| Series A | ||
| 5.00%, due 7/1/42 | 110,000 | 111,513 |
| Series A | ||
| 5.25%, due 7/1/43 | 1,740,000 | 1,781,907 |
| Series A | ||
| 5.25%, due 7/1/45 | 1,535,000 | 1,556,115 |
| 8,850,114 | ||
| Water & Sewer 5.1% | ||
| Central Valley Water Reclamation Facility, Sustainable Bond, Revenue Bonds | ||
| Series B, Insured: AG-CR | ||
| 3.00%, due 3/1/32 | 1,215,000 | 1,189,291 |
| Series B, Insured: AG-CR | ||
| 3.00%, due 3/1/33 | 1,025,000 | 982,785 |
| City of Fairview, Water & Sewer, Revenue Bonds | ||
| 4.00%, due 6/15/46 | 725,000 | 558,528 |
| City of Knoxville, Water System, Revenue Bonds | ||
| Series EE | ||
| 2.00%, due 3/1/29 | 1,555,000 | 1,494,590 |
| City of Salt Lake City, Public Utilities, Revenue Bonds | ||
| 4.00%, due 2/1/37 | 500,000 | 506,365 |
| 5.00%, due 2/1/35 | 1,000,000 | 1,008,132 |
| 5.00%, due 2/1/44 | 2,215,000 | 2,310,686 |
| Florida Governmental Utility Authority, Lehigh Utility System, Revenue Bonds | ||
| Insured: AG | ||
| 5.00%, due 10/1/31 | 500,000 | 500,936 |
| San Jacinto River Authority, Woodlands Waste Disposal System Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 10/1/30 | 1,000,000 | 1,001,321 |
| 9,552,634 | ||
| Total Municipal Bonds (Cost $189,768,176) | 187,692,856 | |
| Shares | Value | ||
| Short-Term Investment 2.1% | |||
| Unaffiliated Investment Company 2.1% | |||
| Dreyfus Government Cash Management - Institutional Shares, 4.18% (e) | 3,854,167 | $ 3,854,167 | |
| Total Short-Term Investment (Cost $3,854,167) | 3,854,167 | ||
| Total Investments (Cost $193,622,343) | 102.8% | 191,547,023 | |
| Other Assets, Less Liabilities | (2.8) | (5,137,767) | |
| Net Assets | 100.0% | $ 186,409,256 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Delayed delivery security. |
| (e) | Current yield as of July 31, 2025. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (45) | September 2025 | $ (5,056,928) | $ (5,088,516) | $ (31,588) |
| U.S. Treasury Long Bonds | (30) | September 2025 | (3,384,740) | (3,425,625) | (40,885) |
| Net Unrealized Depreciation | $ (72,473) |
| 1. | As of July 31, 2025, cash in the amount of $225,750 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| AG—Assured Guaranty |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| PSF-GTD—Permanent School Fund Guaranteed |
| UT CSCE—Utah Charter School Credit Enhancement Program |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Municipal Bonds | |||||||
| Long-Term Municipal Bonds | $ — | $ 187,692,856 | $ — | $ 187,692,856 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 3,854,167 | — | — | 3,854,167 | |||
| Total Investments in Securities | $ 3,854,167 | $ 187,692,856 | $ — | $ 191,547,023 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (72,473) | $ — | $ — | $ (72,473) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | ||
| Affiliated Investment Companies 89.5% | |||
| Equity Funds 58.0% | |||
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | 1,667,144 | $ 19,654,460 | |
| NYLI Candriam International Equity ETF (a) | 606,126 | 19,605,873 | |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | 786,360 | 39,206,573 | |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | 728,242 | 23,935,130 | |
| NYLI Epoch Capital Growth Fund Class I | 172,205 | 2,718,525 | |
| NYLI Epoch International Choice Fund Class I (a) | 488,193 | 21,489,423 | |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | 1,486,357 | 33,414,189 | |
| NYLI Fiera SMID Growth Fund Class R6 (a) | 1,416,367 | 23,759,692 | |
| NYLI FTSE International Equity Currency Neutral ETF | 528,678 | 15,569,567 | |
| NYLI MacKay Convertible Fund Class I | 780,421 | 15,645,871 | |
| NYLI PineStone International Equity Fund Class R6 | 951,038 | 15,962,689 | |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | 1,805,040 | 35,844,312 | |
| NYLI Winslow Large Cap Growth ETF (a) | 764,441 | 40,230,772 | |
| NYLI WMC Enduring Capital Fund Class R6 (a) | 788,834 | 31,301,015 | |
| NYLI WMC Growth Fund Class R6 (a) | 737,407 | 41,855,940 | |
| NYLI WMC International Research Equity Fund Class I (a) | 2,357,684 | 21,453,508 | |
| NYLI WMC Small Companies Fund Class I (a) | 680,218 | 17,654,783 | |
| NYLI WMC Value Fund Class R6 (a) | 943,395 | 31,506,176 | |
| Total Equity Funds (Cost $332,250,715) | 450,808,498 | ||
| Fixed Income Funds 31.5% | |||
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | 1,984,639 | 15,665,348 | |
| NYLI Floating Rate Fund Class R6 (a) | 2,205,950 | 19,433,321 | |
| NYLI MacKay Core Plus Bond ETF (a) | 2,377,304 | 50,150,179 | |
| NYLI MacKay High Income ETF (a) | 339,729 | 8,956,955 | |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 1,718,136 | 8,929,325 | |
| NYLI MacKay Securitized Income ETF (a) | 1,506,337 | 38,915,011 | |
| NYLI MacKay Short Duration High Income Fund Class I | 571,838 | 5,436,462 | |
| NYLI MacKay Total Return Bond Fund Class R6 (a) | 5,500,399 | 50,304,997 | |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 (a) | 5,151,601 | 39,192,348 | |
| NYLI Short Term Bond Fund Class I (a) | 849,784 | 7,755,893 | |
| Total Fixed Income Funds (Cost $243,687,921) | 244,739,839 | ||
| Total Affiliated Investment Companies (Cost $575,938,636) | 695,548,337 | ||
| Short-Term Investment 10.2% | |||
| Affiliated Investment Company 10.2% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (a)(b) | 78,926,158 | 78,926,158 | |
| Total Short-Term Investment (Cost $78,926,158) | 10.2% | 78,926,158 | |
| Total Investments (Cost $654,864,794) | 99.7% | 774,474,495 | |
| Other Assets, Less Liabilities | 0.3 | 2,577,724 | |
| Net Assets | 100.0% | $ 777,052,219 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of July 31, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI 500 International ETF | $ 3,174 | $ — | $ (3,099) | $ 572 | $ (647) | $ — | $ — | $ — | — |
| NYLI Candriam Emerging Markets Debt Fund Class I | — | 17,000 | (1,486) | (7) | 158 | 15,665 | 438 | — | 1,985 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | 19,847 | 948 | (3,287) | 283 | 1,863 | 19,654 | 138 | — | 1,667 |
| NYLI Candriam International Equity ETF | 19,670 | 1,915 | (3,838) | 106 | 1,753 | 19,606 | 450 | — | 606 |
| NYLI Candriam U.S. Large Cap Equity ETF | 39,203 | 1,030 | (3,345) | 328 | 1,991 | 39,207 | 332 | — | 786 |
| NYLI Candriam U.S. Mid Cap Equity ETF | 24,692 | 2,584 | (3,658) | 166 | 151 | 23,935 | 223 | — | 728 |
| NYLI CBRE NextGen Real Estate ETF | 3,126 | — | (3,085) | 236 | (277) | — | — | — | — |
| NYLI Epoch Capital Growth Fund Class I | 2,811 | 127 | (275) | 16 | 40 | 2,719 | 17 | 111 | 172 |
| NYLI Epoch International Choice Fund Class I | 20,169 | 2,801 | (3,400) | 13 | 1,906 | 21,489 | 332 | — | 488 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | 34,543 | 3,859 | (3,540) | (177) | (1,271) | 33,414 | 669 | 2,530 | 1,486 |
| NYLI Fiera SMID Growth Fund Class R6 | 25,172 | 4,498 | (5,742) | 133 | (301) | 23,760 | — | 671 | 1,416 |
| NYLI Floating Rate Fund Class R6 | 20,491 | 1,541 | (2,428) | (76) | (95) | 19,433 | 1,074 | — | 2,206 |
| NYLI FTSE International Equity Currency Neutral ETF | 15,934 | 635 | (2,545) | 532 | 1,014 | 15,570 | 378 | 8 | 529 |
| NYLI MacKay Convertible Fund Class I | 16,205 | 792 | (1,869) | 45 | 473 | 15,646 | 499 | 293 | 780 |
| NYLI MacKay Core Plus Bond ETF (a) | 52,436 | 2,655 | (4,761) | (281) | 101 | 50,150 | 2,057 | — | 2,377 |
| NYLI MacKay High Income ETF (b) | 9,371 | 341 | (616) | (12) | (127) | 8,957 | 498 | 125 | 340 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | 9,387 | 573 | (1,019) | (1) | (11) | 8,929 | 431 | — | 1,718 |
| NYLI MacKay Securitized Income ETF | 40,573 | 2,189 | (3,822) | (11) | (14) | 38,915 | 1,684 | 86 | 1,506 |
| NYLI MacKay Short Duration High Income Fund Class I | 22,080 | 615 | (17,287) | (89) | 117 | 5,436 | 516 | — | 572 |
| NYLI MacKay Total Return Bond Fund Class R6 | 52,374 | 3,842 | (5,928) | (887) | 904 | 50,305 | 1,999 | — | 5,500 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | 40,659 | 2,967 | (4,654) | (31) | 251 | 39,192 | 1,362 | — | 5,152 |
| NYLI PineStone International Equity Fund Class R6 | 16,850 | 3,571 | (4,316) | 80 | (222) | 15,963 | 124 | — | 951 |
| NYLI PineStone U.S. Equity Fund Class R6 | 36,453 | 1,458 | (3,236) | (95) | 1,264 | 35,844 | 213 | 363 | 1,805 |
| NYLI Short Term Bond Fund Class I | 8,151 | 596 | (1,002) | (2) | 13 | 7,756 | 266 | — | 850 |
| NYLI U.S. Government Liquidity Fund | 82,483 | 109,124 | (112,681) | — | — | 78,926 | 2,395 | — | 78,926 |
| NYLI Winslow Large Cap Growth ETF | 20,711 | 14,454 | — | — | 5,066 | 40,231 | — | 338 | 764 |
| NYLI Winslow Large Cap Growth Fund Class R6 | 20,897 | 2,878 | (22,751) | 10,011 | (11,035) | — | — | 2,878 | — |
| NYLI WMC Enduring Capital Fund Class R6 | 32,215 | 2,203 | (3,728) | 85 | 526 | 31,301 | 183 | — | 789 |
| NYLI WMC Growth Fund Class R6 | 40,362 | 3,285 | (6,836) | 438 | 4,607 | 41,856 | — | 1,546 | 737 |
| NYLI WMC International Research Equity Fund Class I | 21,512 | 1,137 | (4,120) | 213 | 2,712 | 21,454 | 389 | — | 2,358 |
| NYLI WMC Small Companies Fund Class I | 19,209 | 4,649 | (7,024) | 590 | 231 | 17,655 | 68 | — | 680 |
| NYLI WMC Value Fund Class R6 | 32,325 | 1,908 | (2,292) | (63) | (372) | 31,506 | 514 | 1,075 | 943 |
| $803,085 | $196,175 | $(247,670) | $12,115 | $10,769 | $774,474 | $17,249 | $10,024 |
| (a) | Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF. |
| (b) | Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF. |
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Artificial Intelligence (AI) Basket | 1 day FEDF plus 0.35% | 12/1/25 | Daily | 33,971 | $ — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.47% | 12/1/25 | Daily | 13,149 | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF plus 0.00% | 12/1/25 | Daily | (15,493) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 15,418 | — |
| JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short Index | 1 day FEDF minus 0.13% - plus 0.13% | 6/18/26 | Daily | (5,834) | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.10% | 4/8/26 | Daily | (35,235) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.35% | 12/1/25 | Daily | (7,291) | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.85% | 12/1/25 | Daily | 6,874 | — |
| Citibank NA | S&P Small Cap 600 Total Return Index | 1 day FEDF plus 0.45% | 12/1/25 | Daily | 38,427 | — |
| $ — |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Adobe Inc. | 3,249 | 426,051 | — | 1.25 |
| Advanced Micro Devices Inc. | 4,448 | 583,193 | — | 1.72 |
| Alphabet Inc. | 3,825 | 501,564 | — | 1.48 |
| Amazon.com Inc. | 3,716 | 487,193 | — | 1.43 |
| Amdocs Ltd. | 3,254 | 426,609 | — | 1.26 |
| American Tower Corp. | 3,276 | 429,549 | — | 1.26 |
| Amphenol Corp. | 3,770 | 494,339 | — | 1.46 |
| Applied Materials Inc. | 3,430 | 449,799 | — | 1.32 |
| AppLovin Corp. | 3,835 | 502,781 | — | 1.48 |
| Arista Networks Inc. | 4,236 | 555,421 | — | 1.64 |
| Astera Labs Inc. | 5,337 | 699,745 | — | 2.06 |
| Autodesk Inc. | 3,401 | 445,963 | — | 1.31 |
| Automatic Data Processing Inc. | 3,478 | 455,999 | — | 1.34 |
| Best Buy Co Inc. | 3,320 | 435,374 | — | 1.28 |
| Booking Holdings Inc. | 3,323 | 435,721 | — | 1.28 |
| CCC Intelligent Solutions Holdings Inc. | 3,614 | 473,820 | — | 1.39 |
| Ciena Corp. | 4,019 | 527,005 | — | 1.55 |
| Cognex Corp. | 4,449 | 583,318 | — | 1.72 |
| Cognizant Technology Solutions Corp. | 3,183 | 417,419 | — | 1.23 |
| Coherent Corp. | 4,242 | 556,169 | — | 1.64 |
| Comcast Corp. | 3,222 | 422,503 | — | 1.24 |
| Corning Inc. | 4,200 | 550,639 | — | 1.62 |
| Corteva Inc. | 3,360 | 440,595 | — | 1.30 |
| Crown Castle Inc. | 3,558 | 466,487 | — | 1.37 |
| Dell Technologies Inc. | 3,790 | 496,911 | — | 1.46 |
| Docusign Inc. | 3,404 | 446,362 | — | 1.31 |
| DoorDash Inc. | 3,512 | 460,470 | — | 1.36 |
| Eaton Corp Plc | 3,758 | 492,744 | — | 1.45 |
| eBay Inc. | 4,250 | 557,202 | — | 1.64 |
| EPAM Systems Inc. | 3,118 | 408,819 | — | 1.20 |
| ExlService Holdings Inc. | 3,428 | 449,487 | — | 1.32 |
| Expedia Group Inc. | 3,690 | 483,857 | — | 1.42 |
| Fidelity National Information Services Inc. | 3,382 | 443,489 | — | 1.31 |
| Fiserv Inc. | 2,814 | 368,935 | — | 1.09 |
| GoDaddy Inc. | 3,117 | 408,669 | — | 1.20 |
| Hims & Hers Health Inc. | 4,678 | 613,324 | — | 1.81 |
| HP Inc. | 3,515 | 460,897 | — | 1.36 |
| Informatica Inc. | 3,525 | 462,146 | — | 1.36 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Maplebear Inc. | 3,704 | 485,658 | — | 1.43 |
| Mastercard Inc. | 3,518 | 461,216 | — | 1.36 |
| Match Group Inc. | 3,768 | 494,042 | — | 1.45 |
| McKesson Corp. | 3,286 | 430,824 | — | 1.27 |
| Micron Technology Inc. | 3,092 | 405,429 | — | 1.19 |
| MKS Instruments Inc. | 3,368 | 441,613 | — | 1.30 |
| Monolithic Power Systems Inc. | 3,388 | 444,216 | — | 1.31 |
| Moody's Corp. | 3,596 | 471,447 | — | 1.39 |
| MSCI Inc. | 3,395 | 445,209 | — | 1.31 |
| Nasdaq Inc. | 3,749 | 491,529 | — | 1.45 |
| NetApp Inc. | 3,397 | 445,410 | — | 1.31 |
| Northrop Grumman Corp. | 4,007 | 525,362 | — | 1.55 |
| nVent Electric Plc | 3,774 | 494,813 | — | 1.46 |
| NVIDIA Corp. | 3,965 | 519,920 | — | 1.53 |
| PayPal Holdings Inc. | 3,221 | 422,400 | — | 1.24 |
| Pegasystems Inc. | 3,796 | 497,748 | — | 1.47 |
| Pinterest Inc. | 3,752 | 492,019 | — | 1.45 |
| PTC Inc. | 4,346 | 569,907 | — | 1.68 |
| Q2 Holdings, Inc. | 3,027 | 396,899 | — | 1.17 |
| QUALCOMM Inc. | 3,224 | 422,713 | — | 1.24 |
| Reddit Inc. | 3,732 | 489,376 | — | 1.44 |
| S&P Global Inc. | 3,643 | 477,694 | — | 1.41 |
| Salesforce Inc. | 3,314 | 434,478 | — | 1.28 |
| SBA Communications Corp. | 3,327 | 436,173 | — | 1.28 |
| Seagate Technology Holdings Plc | 3,790 | 496,988 | — | 1.46 |
| SS&C Technologies Holdings Inc. | 3,593 | 471,121 | — | 1.39 |
| Uber Technologies Inc. | 3,289 | 431,275 | — | 1.27 |
| Upstart Holdings Inc. | 4,448 | 583,284 | — | 1.72 |
| Vertiv Holdings Co. | 3,996 | 523,924 | — | 1.54 |
| Visa Inc. | 3,403 | 446,219 | — | 1.31 |
| Western Digital Corp. | 4,331 | 567,821 | — | 1.67 |
| Zebra Technologies Corp. | 3,800 | 498,251 | — | 1.47 |
| Zoom Communications Inc. | 3,320 | 435,286 | — | 1.28 |
| 1. | As of July 31, 2025, cash in the amount $2,400,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of July 31, 2025. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 450,808,498 | $ — | $ — | $ 450,808,498 | |||
| Fixed Income Funds | 244,739,839 | — | — | 244,739,839 | |||
| Total Affiliated Investment Companies | 695,548,337 | — | — | 695,548,337 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 78,926,158 | — | — | 78,926,158 | |||
| Total Investments in Securities | $ 774,474,495 | $ — | $ — | $ 774,474,495 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.1% | ||
| Aerospace & Defense 1.9% | ||
| GE Aerospace | 72,635 | $ 19,689,896 |
| Automobiles 1.9% | ||
| Tesla, Inc. (a) | 64,544 | 19,896,979 |
| Broadline Retail 6.3% | ||
| Amazon.com, Inc. (a) | 275,041 | 64,389,848 |
| Capital Markets 7.9% | ||
| Ares Management Corp. | 59,240 | 10,990,797 |
| Goldman Sachs Group, Inc. (The) | 11,384 | 8,237,348 |
| KKR & Co., Inc. | 122,898 | 18,014,389 |
| MSCI, Inc. | 7,114 | 3,993,515 |
| Nasdaq, Inc. | 120,076 | 11,553,713 |
| S&P Global, Inc. | 32,787 | 18,068,916 |
| Tradeweb Markets, Inc., Class A | 75,885 | 10,513,867 |
| 81,372,545 | ||
| Commercial Services & Supplies 0.5% | ||
| Waste Connections, Inc. | 25,285 | 4,719,951 |
| Communications Equipment 1.4% | ||
| Arista Networks, Inc. (a) | 120,878 | 14,894,587 |
| Consumer Finance 1.0% | ||
| American Express Co. | 34,617 | 10,361,214 |
| Electrical Equipment 1.4% | ||
| GE Vernova, Inc. | 21,302 | 14,065,498 |
| Entertainment 4.3% | ||
| Netflix, Inc. (a) | 24,591 | 28,510,806 |
| Spotify Technology SA (a) | 24,706 | 15,479,297 |
| 43,990,103 | ||
| Financial Services 5.0% | ||
| Corpay, Inc. (a) | 8,018 | 2,590,215 |
| Mastercard, Inc., Class A | 67,570 | 38,276,378 |
| Visa, Inc., Class A | 32,135 | 11,101,678 |
| 51,968,271 | ||
| Ground Transportation 1.0% | ||
| Uber Technologies, Inc. (a) | 115,404 | 10,126,701 |
| Health Care Equipment & Supplies 2.3% | ||
| Boston Scientific Corp. (a) | 85,828 | 9,005,074 |
| Shares | Value | |
| Common Stocks | ||
| Health Care Equipment & Supplies | ||
| Intuitive Surgical, Inc. (a) | 11,364 | $ 5,467,107 |
| Stryker Corp. | 24,516 | 9,628,168 |
| 24,100,349 | ||
| Health Care REITs 1.8% | ||
| Welltower, Inc. | 109,680 | 18,104,878 |
| Hotels, Restaurants & Leisure 2.9% | ||
| Chipotle Mexican Grill, Inc. (a) | 227,212 | 9,742,850 |
| DraftKings, Inc., Class A (a) | 227,231 | 10,234,484 |
| Hilton Worldwide Holdings, Inc. | 36,309 | 9,733,717 |
| 29,711,051 | ||
| Interactive Media & Services 10.3% | ||
| Alphabet, Inc., Class C | 274,443 | 52,929,076 |
| Meta Platforms, Inc., Class A | 68,570 | 53,034,781 |
| 105,963,857 | ||
| IT Services 1.9% | ||
| Gartner, Inc. (a) | 23,350 | 7,907,478 |
| Shopify, Inc., Class A (a) | 94,435 | 11,540,901 |
| 19,448,379 | ||
| Pharmaceuticals 2.6% | ||
| Eli Lilly & Co. | 35,584 | 26,334,651 |
| Professional Services 1.0% | ||
| TransUnion | 105,989 | 10,089,093 |
| Semiconductors & Semiconductor Equipment 22.0% | ||
| Analog Devices, Inc. | 43,097 | 9,680,879 |
| ARM Holdings plc, ADR (a) | 21,542 | 3,045,500 |
| ASML Holding NV (Registered) | 13,576 | 9,431,383 |
| Broadcom, Inc. | 187,788 | 55,153,336 |
| KLA Corp. | 12,155 | 10,684,610 |
| Monolithic Power Systems, Inc. | 9,584 | 6,816,524 |
| NVIDIA Corp. | 680,913 | 121,113,995 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 42,247 | 10,207,720 |
| 226,133,947 | ||
| Software 15.5% | ||
| Figma, Inc., Class A (a) | 2,700 | 311,850 |
| HubSpot, Inc. (a) | 21,856 | 11,357,471 |
| Intuit, Inc. | 17,040 | 13,378,615 |
| Microsoft Corp. | 184,064 | 98,198,144 |
| Salesforce, Inc. | 40,822 | 10,545,547 |
| ServiceNow, Inc. (a) | 14,159 | 13,353,636 |
| Shares | Value | ||
| Common Stocks | |||
| Software | |||
| Synopsys, Inc. (a) | 19,073 | $ 12,082,173 | |
| 159,227,436 | |||
| Specialty Retail 1.6% | |||
| O'Reilly Automotive, Inc. (a) | 64,504 | 6,342,033 | |
| TJX Cos., Inc. (The) | 83,933 | 10,452,177 | |
| 16,794,210 | |||
| Technology Hardware, Storage & Peripherals 4.6% | |||
| Apple, Inc. | 229,196 | 47,574,214 | |
| Total Common Stocks (Cost $518,762,733) | 1,018,957,658 | ||
| Short-Term Investment 1.1% | |||
| Affiliated Investment Company 1.1% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 11,152,441 | 11,152,441 | |
| Total Short-Term Investment (Cost $11,152,441) | 11,152,441 | ||
| Total Investments (Cost $529,915,174) | 100.2% | 1,030,110,099 | |
| Other Assets, Less Liabilities | (0.2) | (1,700,848) | |
| Net Assets | 100.0% | $ 1,028,409,251 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 25,349 | $ 191,491 | $ (205,688) | $ — | $ — | $ 11,152 | $ 598 | $ — | 11,152 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 1,018,957,658 | $ — | $ — | $ 1,018,957,658 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 11,152,441 | — | — | 11,152,441 | |||
| Total Investments in Securities | $ 1,030,110,099 | $ — | $ — | $ 1,030,110,099 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 97.5% | ||
| Australia 4.0% | ||
| ANZ Group Holdings Ltd. (Banks) | 79,981 | $ 1,567,892 |
| Challenger Ltd. (Financial Services) | 134,899 | 714,018 |
| Commonwealth Bank of Australia (Banks) | 8,158 | 926,733 |
| Evolution Mining Ltd. (Metals & Mining) | 191,859 | 872,191 |
| Glencore plc (Metals & Mining) | 306,960 | 1,231,602 |
| Macquarie Group Ltd. (Capital Markets) | 7,894 | 1,089,439 |
| Orora Ltd. (Containers & Packaging) | 128,612 | 170,798 |
| Stockland (Diversified REITs) | 462,713 | 1,639,672 |
| 8,212,345 | ||
| Austria 1.4% | ||
| BAWAG Group AG (Banks) (a) | 12,956 | 1,630,040 |
| Erste Group Bank AG (Banks) | 14,506 | 1,326,389 |
| 2,956,429 | ||
| Belgium 1.9% | ||
| Anheuser-Busch InBev SA/NV (Beverages) | 17,930 | 1,037,535 |
| KBC Group NV (Banks) | 19,352 | 2,026,513 |
| UCB SA (Pharmaceuticals) | 4,182 | 892,634 |
| 3,956,682 | ||
| Brazil 2.8% | ||
| B3 SA - Brasil Bolsa Balcao (Capital Markets) | 206,719 | 464,417 |
| Banco Santander Brasil SA (Banks) | 265,154 | 1,251,533 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 60,162 | 1,163,691 |
| MercadoLibre, Inc. (Broadline Retail) (b) | 758 | 1,799,408 |
| Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | 54,900 | 350,898 |
| Rumo SA (Ground Transportation) | 254,029 | 750,353 |
| 5,780,300 | ||
| Canada 2.7% | ||
| Barrick Mining Corp. (Metals & Mining) | 18,761 | 396,044 |
| Constellation Software, Inc. (Software) | 335 | 1,155,740 |
| iA Financial Corp., Inc. (Insurance) | 3,551 | 347,591 |
| Intact Financial Corp. (Insurance) | 2,864 | 591,982 |
| Kinross Gold Corp. (Metals & Mining) | 22,103 | 353,654 |
| Methanex Corp. (Chemicals) | 8,910 | 297,857 |
| Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | 26,514 | 985,473 |
| Shopify, Inc., Class A (IT Services) (b) | 11,522 | 1,408,402 |
| 5,536,743 | ||
| Chile 0.7% | ||
| Antofagasta plc (Metals & Mining) | 30,621 | 756,620 |
| Lundin Mining Corp. (Metals & Mining) | 68,124 | 695,694 |
| 1,452,314 | ||
| China 7.9% | ||
| Airtac International Group (Machinery) | 25,000 | 712,463 |
| Alibaba Group Holding Ltd. (Broadline Retail) | 166,542 | 2,456,639 |
| Shares | Value | |
| Common Stocks | ||
| China | ||
| BOC Aviation Ltd. (Trading Companies & Distributors) (a) | 65,862 | $ 600,495 |
| BYD Co. Ltd., Class H (Automobiles) | 9,737 | 143,238 |
| China Merchants Bank Co. Ltd., Class H (Banks) | 226,522 | 1,472,247 |
| China Pacific Insurance Group Co. Ltd., Class H (Insurance) | 98,420 | 397,108 |
| ENN Energy Holdings Ltd. (Gas Utilities) | 107,959 | 881,144 |
| Haitian International Holdings Ltd. (Machinery) | 66,000 | 177,535 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Pharmaceuticals) (b) | 42,400 | 424,642 |
| KE Holdings, Inc., ADR (Real Estate Management & Development) | 82,730 | 1,523,887 |
| Minth Group Ltd. (Automobile Components) | 216,934 | 717,484 |
| People's Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 460,000 | 354,162 |
| Pony AI, Inc., ADR (Software) (b)(c) | 16,208 | 217,836 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 83,427 | 5,848,266 |
| Zhongsheng Group Holdings Ltd. (Specialty Retail) | 245,500 | 414,372 |
| 16,341,518 | ||
| Denmark 0.6% | ||
| AP Moller - Maersk A/S, Class B (Marine Transportation) | 290 | 572,009 |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 13,169 | 607,858 |
| 1,179,867 | ||
| Finland 0.6% | ||
| Sampo OYJ, Class A (Insurance) | 116,229 | 1,246,003 |
| France 9.7% | ||
| Accor SA (Hotels, Restaurants & Leisure) | 18,539 | 942,179 |
| Airbus SE (Aerospace & Defense) | 6,063 | 1,214,063 |
| Arkema SA (Chemicals) | 4,464 | 304,301 |
| Capgemini SE (IT Services) | 2,045 | 304,653 |
| Cie de Saint-Gobain SA (Building Products) | 11,164 | 1,273,378 |
| Danone SA (Food Products) | 9,891 | 811,336 |
| Engie SA (Multi-Utilities) | 81,667 | 1,834,895 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | 484 | 1,182,429 |
| JCDecaux SE (Media) | 35,069 | 575,962 |
| Kering SA (Textiles, Apparel & Luxury Goods) | 1,003 | 246,956 |
| Klepierre SA (Retail REITs) | 61,753 | 2,354,749 |
| Legrand SA (Electrical Equipment) | 7,387 | 1,094,739 |
| Pernod Ricard SA (Beverages) | 8,168 | 839,844 |
| Renault SA (Automobiles) | 15,668 | 570,992 |
| Rexel SA (Trading Companies & Distributors) | 27,061 | 815,029 |
| Societe Generale SA (Banks) | 32,267 | 2,054,325 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 41,141 | 2,444,648 |
| Valeo SE (Automobile Components) | 26,914 | 293,987 |
| Vinci SA (Construction & Engineering) | 7,121 | 986,251 |
| 20,144,716 | ||
| Germany 5.6% | ||
| adidas AG (Textiles, Apparel & Luxury Goods) | 8,334 | 1,597,682 |
| Allianz SE (Registered) (Insurance) | 982 | 388,917 |
| Shares | Value | |
| Common Stocks | ||
| Germany | ||
| Bayerische Motoren Werke AG (Automobiles) | 1,524 | $ 145,947 |
| Brenntag SE (Trading Companies & Distributors) | 6,623 | 411,850 |
| Commerzbank AG (Banks) | 21,148 | 772,928 |
| Continental AG (Automobile Components) | 6,292 | 540,048 |
| Daimler Truck Holding AG (Machinery) | 14,584 | 712,476 |
| Deutsche Post AG (Air Freight & Logistics) | 9,930 | 446,717 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 46,863 | 1,679,646 |
| E.ON SE (Multi-Utilities) | 110,372 | 2,010,477 |
| Siemens AG (Registered) (Industrial Conglomerates) | 5,758 | 1,476,595 |
| Talanx AG (Insurance) | 10,023 | 1,332,817 |
| 11,516,100 | ||
| Hong Kong 1.3% | ||
| AIA Group Ltd. (Insurance) | 146,177 | 1,367,702 |
| Prudential plc (Insurance) | 103,516 | 1,310,201 |
| 2,677,903 | ||
| Hungary 0.6% | ||
| OTP Bank Nyrt. (Banks) | 15,246 | 1,236,277 |
| India 2.4% | ||
| Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure) | 23,443 | 364,332 |
| Axis Bank Ltd. (Banks) | 101,763 | 1,237,372 |
| Havells India Ltd. (Electrical Equipment) | 21,320 | 364,321 |
| HDFC Bank Ltd., ADR (Banks) | 20,913 | 1,605,491 |
| Larsen & Toubro Ltd. (Construction & Engineering) | 12,159 | 502,251 |
| Mahindra & Mahindra Ltd. (Automobiles) | 6,587 | 239,412 |
| SBI Life Insurance Co. Ltd. (Insurance) (a) | 27,681 | 578,302 |
| 4,891,481 | ||
| Indonesia 0.5% | ||
| Bank Central Asia Tbk. PT (Banks) | 1,542,071 | 769,213 |
| United Tractors Tbk. PT (Oil, Gas & Consumable Fuels) | 128,700 | 187,156 |
| 956,369 | ||
| Ireland 0.3% | ||
| AIB Group plc (Banks) | 88,168 | 692,872 |
| Israel 0.8% | ||
| Bank Leumi Le-Israel BM (Banks) | 57,072 | 1,055,546 |
| Wix.com Ltd. (IT Services) (b) | 3,951 | 537,454 |
| 1,593,000 | ||
| Italy 1.7% | ||
| Coca-Cola HBC AG (Beverages) | 8,718 | 453,491 |
| DiaSorin SpA (Health Care Equipment & Supplies) | 883 | 86,107 |
| Eurogroup Laminations SpA (Electrical Equipment) (c) | 52,963 | 215,732 |
| FinecoBank Banca Fineco SpA (Banks) | 68,115 | 1,452,017 |
| Shares | Value | |
| Common Stocks | ||
| Italy | ||
| UniCredit SpA (Banks) | 17,531 | $ 1,289,765 |
| 3,497,112 | ||
| Japan 13.5% | ||
| Advantest Corp. (Semiconductors & Semiconductor Equipment) | 23,604 | 1,581,782 |
| Asahi Group Holdings Ltd. (Beverages) | 39,213 | 496,751 |
| Asics Corp. (Textiles, Apparel & Luxury Goods) | 18,500 | 431,313 |
| Chiba Bank Ltd. (The) (Banks) (c) | 57,402 | 535,240 |
| Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 16,400 | 799,189 |
| Concordia Financial Group Ltd. (Banks) | 77,449 | 513,193 |
| Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 35,179 | 862,235 |
| Denso Corp. (Automobile Components) | 8,470 | 114,580 |
| eGuarantee, Inc. (Financial Services) | 21,100 | 208,793 |
| FANUC Corp. (Machinery) | 31,652 | 886,764 |
| Hitachi Ltd. (Industrial Conglomerates) | 82,041 | 2,520,404 |
| Honda Motor Co. Ltd. (Automobiles) (c) | 62,390 | 644,144 |
| Isuzu Motors Ltd. (Automobiles) | 49,823 | 638,818 |
| Koito Manufacturing Co. Ltd. (Automobile Components) | 32,050 | 408,685 |
| Marubeni Corp. (Trading Companies & Distributors) | 59,100 | 1,208,825 |
| MISUMI Group, Inc. (Machinery) | 35,200 | 507,265 |
| Mitsubishi Electric Corp. (Electrical Equipment) | 21,470 | 471,474 |
| Mitsubishi Heavy Industries Ltd. (Machinery) | 7,844 | 186,784 |
| Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 181,512 | 1,627,625 |
| Mizuho Financial Group, Inc. (Banks) | 53,432 | 1,567,389 |
| MS&AD Insurance Group Holdings, Inc. (Insurance) | 22,296 | 474,958 |
| Nomura Holdings, Inc. (Capital Markets) | 85,859 | 565,528 |
| Osaka Gas Co. Ltd. (Gas Utilities) | 43,027 | 1,083,074 |
| Otsuka Holdings Co. Ltd. (Pharmaceuticals) | 26,130 | 1,258,531 |
| Pan Pacific International Holdings Corp. (Broadline Retail) | 13,984 | 468,499 |
| Recruit Holdings Co. Ltd. (Professional Services) | 12,296 | 729,527 |
| SoftBank Group Corp. (Wireless Telecommunication Services) | 17,600 | 1,361,375 |
| Sompo Holdings, Inc. (Insurance) | 13,255 | 388,454 |
| Sony Group Corp. (Household Durables) | 152,410 | 3,688,429 |
| Sumitomo Rubber Industries Ltd. (Automobile Components) | 23,450 | 267,071 |
| Terumo Corp. (Health Care Equipment & Supplies) | 32,145 | 543,493 |
| Toray Industries, Inc. (Chemicals) | 97,299 | 664,651 |
| Toyota Tsusho Corp. (Trading Companies & Distributors) | 16,400 | 374,047 |
| 28,078,890 | ||
| Luxembourg 0.1% | ||
| CVC Capital Partners plc (Capital Markets) (a) | 7,000 | 134,083 |
| Mexico 0.1% | ||
| Grupo Aeroportuario del Sureste SAB de CV, Class B (Transportation Infrastructure) | 5,380 | 163,080 |
| Netherlands 3.3% | ||
| Adyen NV (Financial Services) (a)(b) | 422 | 722,731 |
| Akzo Nobel NV (Chemicals) | 4,415 | 275,918 |
| Shares | Value | |
| Common Stocks | ||
| Netherlands | ||
| Argenx SE (Biotechnology) (b) | 2,403 | $ 1,607,383 |
| Argenx SE, ADR (Biotechnology) (b) | 410 | 274,835 |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 3,339 | 2,316,952 |
| Heineken NV (Beverages) | 4,859 | 381,983 |
| IMCD NV (Trading Companies & Distributors) | 3,314 | 362,579 |
| Koninklijke KPN NV (Diversified Telecommunication Services) | 180,550 | 807,034 |
| 6,749,415 | ||
| Nigeria 0.5% | ||
| Airtel Africa plc (Wireless Telecommunication Services) (a) | 420,069 | 1,130,746 |
| Portugal 0.9% | ||
| Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | 77,351 | 1,884,938 |
| Republic of Korea 3.1% | ||
| Doosan Enerbility Co. Ltd. (Electrical Equipment) (b) | 2,227 | 104,950 |
| Hanwha Aerospace Co. Ltd. (Aerospace & Defense) | 836 | 597,577 |
| HD Hyundai Heavy Industries Co. Ltd. (Machinery) | 971 | 341,647 |
| KT Corp. (Diversified Telecommunication Services) | 27,001 | 1,073,078 |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 37,867 | 1,935,843 |
| Shinhan Financial Group Co. Ltd. (Banks) | 27,402 | 1,336,969 |
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 4,958 | 961,490 |
| 6,351,554 | ||
| Russia 0.0% ‡ | ||
| LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) (b)(d)(e) | 11,171 | 27,760 |
| Mobile TeleSystems PJSC (Wireless Telecommunication Services) (d)(e) | 80,528 | — |
| 27,760 | ||
| Singapore 1.8% | ||
| Singapore Telecommunications Ltd. (Diversified Telecommunication Services) | 517,967 | 1,544,372 |
| United Overseas Bank Ltd. (Banks) | 82,093 | 2,262,138 |
| 3,806,510 | ||
| South Africa 1.2% | ||
| Anglo American plc (Metals & Mining) | 48,698 | 1,376,555 |
| Discovery Ltd. (Insurance) | 24,305 | 286,989 |
| Harmony Gold Mining Co. Ltd. (Metals & Mining) | 47,072 | 631,216 |
| Sibanye Stillwater Ltd., ADR (Metals & Mining) (b) | 27,427 | 229,290 |
| 2,524,050 | ||
| Spain 0.9% | ||
| Banco Santander SA (Banks) | 116,018 | 996,823 |
| Industria de Diseno Textil SA (Specialty Retail) | 19,312 | 923,264 |
| 1,920,087 | ||
| Sweden 0.9% | ||
| Atlas Copco AB, Class A (Machinery) | 61,987 | 939,288 |
| Shares | Value | |
| Common Stocks | ||
| Sweden | ||
| Sandvik AB (Machinery) | 42,543 | $ 1,036,231 |
| 1,975,519 | ||
| Switzerland 2.2% | ||
| Baloise Holding AG (Registered) (Insurance) | 2,567 | 612,994 |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 8,420 | 1,370,208 |
| DSM-Firmenich AG (Chemicals) | 2,317 | 222,957 |
| Galderma Group AG (Pharmaceuticals) | 7,452 | 1,157,186 |
| Tecan Group AG (Registered) (Life Sciences Tools & Services) | 1,854 | 367,493 |
| UBS Group AG (Registered) (Capital Markets) | 22,278 | 827,859 |
| 4,558,697 | ||
| Taiwan 5.5% | ||
| Chroma ATE, Inc. (Electronic Equipment, Instruments & Components) | 106,554 | 1,529,143 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 257,893 | 9,961,943 |
| 11,491,086 | ||
| Thailand 0.0% ‡ | ||
| PTT Global Chemical PCL (Chemicals) | 45,700 | 32,705 |
| United Arab Emirates 0.2% | ||
| Aldar Properties PJSC (Real Estate Management & Development) | 179,592 | 462,797 |
| United Kingdom 12.1% | ||
| Allfunds Group plc (Capital Markets) | 92,890 | 643,302 |
| Anglogold Ashanti plc (Metals & Mining) | 15,008 | 694,120 |
| AstraZeneca plc (Pharmaceuticals) | 14,772 | 2,154,531 |
| BAE Systems plc (Aerospace & Defense) | 50,993 | 1,213,737 |
| Beazley plc (Insurance) | 85,260 | 1,004,566 |
| British American Tobacco plc (Tobacco) | 50,199 | 2,687,164 |
| BT Group plc (Diversified Telecommunication Services) | 535,635 | 1,462,170 |
| Coca-Cola Europacific Partners plc (Beverages) | 5,958 | 585,265 |
| Croda International plc (Chemicals) | 5,090 | 175,203 |
| easyJet plc (Passenger Airlines) | 121,339 | 789,647 |
| HSBC Holdings plc (Banks) | 199,144 | 2,420,210 |
| ICG plc (Capital Markets) | 18,863 | 540,316 |
| Imperial Brands plc (Tobacco) | 35,112 | 1,368,789 |
| Inchcape plc (Distributors) | 60,608 | 560,757 |
| London Stock Exchange Group plc (Capital Markets) | 6,053 | 738,330 |
| National Grid plc (Multi-Utilities) | 56,559 | 794,527 |
| Next plc (Broadline Retail) | 5,048 | 819,343 |
| Reckitt Benckiser Group plc (Household Products) | 13,450 | 1,004,958 |
| Rolls-Royce Holdings plc (Aerospace & Defense) | 76,763 | 1,082,770 |
| Sage Group plc (The) (Software) | 13,306 | 213,693 |
| Tesco plc (Consumer Staples Distribution & Retail) | 408,288 | 2,291,844 |
| Trainline plc (Hotels, Restaurants & Leisure) (a)(b) | 88,093 | 317,823 |
| Unilever plc (Personal Care Products) | 17,493 | 1,017,432 |
| Shares | Value | |
| Common Stocks | ||
| United Kingdom | ||
| Wise plc, Class A (Financial Services) (b) | 39,680 | $ 530,595 |
| 25,111,092 | ||
| United States 5.4% | ||
| CyberArk Software Ltd. (Software) (b) | 1,154 | 474,836 |
| Experian plc (Professional Services) | 10,460 | 551,285 |
| GSK plc (Pharmaceuticals) | 75,498 | 1,390,491 |
| Haleon plc (Pharmaceuticals) | 115,061 | 541,915 |
| Novartis AG (Registered) (Pharmaceuticals) | 10,437 | 1,181,429 |
| QIAGEN NV (Life Sciences Tools & Services) | 20,381 | 1,019,970 |
| Roche Holding AG (Pharmaceuticals) | 5,041 | 1,581,733 |
| Shell plc (Oil, Gas & Consumable Fuels) | 121,587 | 4,362,822 |
| 11,104,481 | ||
| Zambia 0.3% | ||
| First Quantum Minerals Ltd. (Metals & Mining) (b) | 36,858 | 619,531 |
| Total Common Stocks (Cost $185,014,396) | 201,995,052 | |
| Exchange-Traded Fund 1.4% | ||
| United States 1.4% | ||
| iShares MSCI ACWI ex U.S. ETF | 47,999 | 2,892,420 |
| Total Exchange-Traded Fund (Cost $2,953,419) | 2,892,420 | |
| Number of Warrants | ||
| Warrants 0.0% ‡ | ||
| Canada 0.0% ‡ | ||
| Constellation Software, Inc. (Software) | ||
| Expires 3/31/40 (b)(d)(e) | 442 | — |
| Total Warrants (Cost $0) | — | |
| Shares | ||
| Short-Term Investments 1.5% | ||
| Affiliated Investment Company 1.5% | ||
| United States 1.5% | ||
| NYLI U.S. Government Liquidity Fund, 4.215% (f) | 3,020,431 | 3,020,431 |
| Shares | Value | ||
| Short-Term Investments | |||
| Unaffiliated Investment Company 0.0% ‡ | |||
| United States 0.0% ‡ | |||
| Invesco Government & Agency Portfolio, 4.342% (f)(g) | 37,884 | $ 37,884 | |
| Total Short-Term Investments (Cost $3,058,315) | 3,058,315 | ||
| Total Investments (Cost $191,026,130) | 100.4% | 207,945,787 | |
| Other Assets, Less Liabilities | (0.4) | (732,382) | |
| Net Assets | 100.0% | $ 207,213,405 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $1,319,106; the total market value of collateral held by the Fund was $1,500,885. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,463,001. The Fund received cash collateral with a value of $37,884. |
| (d) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $27,760, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Current yield as of July 31, 2025. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ — | $ 46,959 | $ (43,939) | $ — | $ — | $ 3,020 | $ 26 | $ — | 3,020 |
| Abbreviation(s): |
| ACWI—All Country World Index |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| PCL—Provision for Credit Losses |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Australia | $ — | $ 8,212,345 | $ — | $ 8,212,345 | |||
| Austria | — | 2,956,429 | — | 2,956,429 | |||
| Belgium | — | 3,956,682 | — | 3,956,682 | |||
| Chile | 695,694 | 756,620 | — | 1,452,314 | |||
| China | 1,741,723 | 14,599,795 | — | 16,341,518 | |||
| Denmark | — | 1,179,867 | — | 1,179,867 | |||
| Finland | — | 1,246,003 | — | 1,246,003 | |||
| France | — | 20,144,716 | — | 20,144,716 | |||
| Germany | — | 11,516,100 | — | 11,516,100 | |||
| Hong Kong | — | 2,677,903 | — | 2,677,903 | |||
| Hungary | — | 1,236,277 | — | 1,236,277 | |||
| India | 1,605,491 | 3,285,990 | — | 4,891,481 | |||
| Indonesia | — | 956,369 | — | 956,369 | |||
| Ireland | — | 692,872 | — | 692,872 | |||
| Israel | 537,454 | 1,055,546 | — | 1,593,000 | |||
| Italy | — | 3,497,112 | — | 3,497,112 | |||
| Japan | — | 28,078,890 | — | 28,078,890 | |||
| Luxembourg | — | 134,083 | — | 134,083 | |||
| Netherlands | 274,835 | 6,474,580 | — | 6,749,415 | |||
| Nigeria | — | 1,130,746 | — | 1,130,746 | |||
| Portugal | — | 1,884,938 | — | 1,884,938 | |||
| Republic of Korea | — | 6,351,554 | — | 6,351,554 | |||
| Singapore | — | 3,806,510 | — | 3,806,510 | |||
| South Africa | 229,290 | 2,294,760 | — | 2,524,050 | |||
| Spain | — | 1,920,087 | — | 1,920,087 | |||
| Sweden | — | 1,975,519 | — | 1,975,519 | |||
| Switzerland | — | 4,558,697 | — | 4,558,697 | |||
| Taiwan | — | 11,491,086 | — | 11,491,086 | |||
| Thailand | — | 32,705 | — | 32,705 | |||
| United Arab Emirates | — | 462,797 | — | 462,797 | |||
| United Kingdom | 694,120 | 24,416,972 | — | 25,111,092 | |||
| United States | 474,836 | 10,629,645 | — | 11,104,481 | |||
| All Other Countries | 12,099,654 | — | 27,760 | 12,127,414 | |||
| Total Common Stocks | 18,353,097 | 183,614,195 | 27,760 | 201,995,052 | |||
| Warrants | — | — | — | — | |||
| Exchange-Traded Fund | 2,892,420 | — | — | 2,892,420 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 3,020,431 | — | — | 3,020,431 | |||
| Unaffiliated Investment Company | 37,884 | — | — | 37,884 | |||
| Total Short-Term Investments | 3,058,315 | — | — | 3,058,315 | |||
| Total Investments in Securities | $ 24,303,832 | $ 183,614,195 | $ 27,760 | $ 207,945,787 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 98.7% | ||
| Aerospace & Defense 2.2% | ||
| Axon Enterprise, Inc. (a) | 2,313 | $ 1,747,449 |
| Boeing Co. (The) (a) | 23,582 | 5,231,431 |
| GE Aerospace | 33,352 | 9,041,060 |
| General Dynamics Corp. | 7,879 | 2,455,175 |
| Howmet Aerospace, Inc. | 12,625 | 2,269,596 |
| Huntington Ingalls Industries, Inc. | 1,227 | 342,161 |
| L3Harris Technologies, Inc. | 5,847 | 1,606,873 |
| Lockheed Martin Corp. | 6,522 | 2,745,632 |
| Northrop Grumman Corp. | 4,231 | 2,439,637 |
| RTX Corp. | 41,783 | 6,583,747 |
| Textron, Inc. | 5,642 | 438,778 |
| TransDigm Group, Inc. | 1,757 | 2,826,064 |
| 37,727,603 | ||
| Air Freight & Logistics 0.3% | ||
| CH Robinson Worldwide, Inc. | 3,713 | 428,183 |
| Expeditors International of Washington, Inc. | 4,283 | 497,856 |
| FedEx Corp. | 6,894 | 1,540,740 |
| United Parcel Service, Inc., Class B | 22,948 | 1,977,200 |
| 4,443,979 | ||
| Automobile Components 0.0% ‡ | ||
| Aptiv plc (a) | 6,810 | 467,438 |
| Automobiles 1.8% | ||
| Ford Motor Co. | 122,153 | 1,352,234 |
| General Motors Co. | 30,069 | 1,603,880 |
| Tesla, Inc. (a) | 87,641 | 27,017,091 |
| 29,973,205 | ||
| Banks 3.5% | ||
| Bank of America Corp. | 204,940 | 9,687,514 |
| Citigroup, Inc. | 58,414 | 5,473,392 |
| Citizens Financial Group, Inc. | 13,563 | 647,226 |
| Fifth Third Bancorp | 20,876 | 867,815 |
| Huntington Bancshares, Inc. | 45,563 | 748,600 |
| JPMorgan Chase & Co. | 86,918 | 25,748,588 |
| KeyCorp | 30,849 | 552,814 |
| M&T Bank Corp. | 5,020 | 947,274 |
| PNC Financial Services Group, Inc. (The) | 12,372 | 2,354,021 |
| Regions Financial Corp. | 28,091 | 711,545 |
| Truist Financial Corp. | 40,956 | 1,790,187 |
| U.S. Bancorp | 48,728 | 2,190,811 |
| Wells Fargo & Co. | 101,776 | 8,206,199 |
| 59,925,986 | ||
| Beverages 1.1% | ||
| Brown-Forman Corp., Class B | 5,696 | 164,329 |
| Shares | Value | |
| Common Stocks | ||
| Beverages | ||
| Coca-Cola Co. (The) | 121,149 | $ 8,224,806 |
| Constellation Brands, Inc., Class A | 4,787 | 799,620 |
| Keurig Dr Pepper, Inc. | 42,478 | 1,386,907 |
| Molson Coors Beverage Co., Class B | 5,358 | 261,042 |
| Monster Beverage Corp. (a) | 21,961 | 1,290,209 |
| PepsiCo, Inc. | 42,881 | 5,914,147 |
| 18,041,060 | ||
| Biotechnology 1.6% | ||
| AbbVie, Inc. | 55,245 | 10,442,410 |
| Amgen, Inc. | 16,817 | 4,962,697 |
| Biogen, Inc. (a) | 4,583 | 586,624 |
| Gilead Sciences, Inc. | 38,904 | 4,368,530 |
| Incyte Corp. (a) | 5,025 | 376,322 |
| Moderna, Inc. (a) | 10,644 | 314,637 |
| Regeneron Pharmaceuticals, Inc. | 3,248 | 1,771,654 |
| Vertex Pharmaceuticals, Inc. (a) | 8,031 | 3,669,123 |
| 26,491,997 | ||
| Broadline Retail 4.1% | ||
| Amazon.com, Inc. (a) | 295,492 | 69,177,632 |
| eBay, Inc. | 14,418 | 1,322,852 |
| 70,500,484 | ||
| Building Products 0.5% | ||
| A O Smith Corp. | 3,635 | 257,322 |
| Allegion plc | 2,686 | 445,661 |
| Builders FirstSource, Inc. (a) | 3,456 | 439,361 |
| Carrier Global Corp. | 24,936 | 1,711,108 |
| Johnson Controls International plc | 20,581 | 2,161,005 |
| Lennox International, Inc. | 999 | 608,391 |
| Masco Corp. | 6,597 | 449,454 |
| Trane Technologies plc | 6,975 | 3,055,608 |
| 9,127,910 | ||
| Capital Markets 3.4% | ||
| Ameriprise Financial, Inc. | 2,978 | 1,543,170 |
| Bank of New York Mellon Corp. (The) | 22,376 | 2,270,045 |
| BlackRock, Inc. | 4,555 | 5,037,876 |
| Blackstone, Inc. | 22,820 | 3,946,947 |
| Cboe Global Markets, Inc. | 3,275 | 789,406 |
| Charles Schwab Corp. (The) | 53,417 | 5,220,443 |
| CME Group, Inc. | 11,270 | 3,136,216 |
| Coinbase Global, Inc., Class A (a) | 6,612 | 2,497,749 |
| FactSet Research Systems, Inc. | 1,187 | 478,242 |
| Franklin Resources, Inc. | 9,697 | 232,728 |
| Goldman Sachs Group, Inc. (The) | 9,597 | 6,944,293 |
| Intercontinental Exchange, Inc. | 17,940 | 3,315,850 |
| Invesco Ltd. | 13,998 | 294,098 |
| Shares | Value | |
| Common Stocks | ||
| Capital Markets | ||
| KKR & Co., Inc. | 21,170 | $ 3,103,099 |
| MarketAxess Holdings, Inc. | 1,173 | 241,052 |
| Moody's Corp. | 4,839 | 2,495,617 |
| Morgan Stanley | 38,635 | 5,503,942 |
| MSCI, Inc. | 2,420 | 1,358,491 |
| Nasdaq, Inc. | 12,928 | 1,243,932 |
| Northern Trust Corp. | 6,084 | 790,920 |
| Raymond James Financial, Inc. | 5,679 | 949,131 |
| S&P Global, Inc. | 9,817 | 5,410,149 |
| State Street Corp. | 8,915 | 996,251 |
| T. Rowe Price Group, Inc. | 6,890 | 698,991 |
| 58,498,638 | ||
| Chemicals 1.1% | ||
| Air Products and Chemicals, Inc. | 6,960 | 2,003,645 |
| Albemarle Corp. | 3,680 | 249,688 |
| CF Industries Holdings, Inc. | 5,067 | 470,369 |
| Corteva, Inc. | 21,335 | 1,538,893 |
| Dow, Inc. | 22,107 | 514,872 |
| DuPont de Nemours, Inc. | 13,089 | 941,099 |
| Eastman Chemical Co. | 3,611 | 262,195 |
| Ecolab, Inc. | 7,892 | 2,065,810 |
| International Flavors & Fragrances, Inc. | 8,000 | 568,240 |
| Linde plc | 14,722 | 6,775,948 |
| LyondellBasell Industries NV, Class A | 8,042 | 465,873 |
| Mosaic Co. (The) | 9,922 | 357,291 |
| PPG Industries, Inc. | 7,100 | 749,050 |
| Sherwin-Williams Co. (The) | 7,211 | 2,385,976 |
| 19,348,949 | ||
| Commercial Services & Supplies 0.5% | ||
| Cintas Corp. | 10,734 | 2,388,852 |
| Copart, Inc. (a) | 27,496 | 1,246,394 |
| Republic Services, Inc. | 6,353 | 1,465,319 |
| Rollins, Inc. | 8,791 | 503,461 |
| Veralto Corp. | 7,752 | 812,642 |
| Waste Management, Inc. | 11,453 | 2,624,569 |
| 9,041,237 | ||
| Communications Equipment 0.9% | ||
| Arista Networks, Inc. (a) | 32,209 | 3,968,793 |
| Cisco Systems, Inc. | 124,423 | 8,470,718 |
| F5, Inc. (a) | 1,796 | 562,902 |
| Motorola Solutions, Inc. | 5,220 | 2,291,476 |
| 15,293,889 | ||
| Construction & Engineering 0.1% | ||
| Quanta Services, Inc. | 4,635 | 1,882,413 |
| Shares | Value | |
| Common Stocks | ||
| Construction Materials 0.1% | ||
| Martin Marietta Materials, Inc. | 1,885 | $ 1,083,649 |
| Vulcan Materials Co. | 4,132 | 1,134,936 |
| 2,218,585 | ||
| Consumer Finance 0.6% | ||
| American Express Co. | 17,310 | 5,181,056 |
| Capital One Financial Corp. | 20,005 | 4,301,075 |
| Synchrony Financial | 11,905 | 829,421 |
| 10,311,552 | ||
| Consumer Staples Distribution & Retail 1.9% | ||
| Costco Wholesale Corp. | 13,876 | 13,038,445 |
| Dollar General Corp. | 6,879 | 721,607 |
| Dollar Tree, Inc. (a) | 6,178 | 701,512 |
| Kroger Co. (The) | 19,159 | 1,343,046 |
| Sysco Corp. | 15,161 | 1,206,816 |
| Target Corp. | 14,210 | 1,428,105 |
| Walgreens Boots Alliance, Inc. | 22,447 | 261,283 |
| Walmart, Inc. | 135,125 | 13,239,547 |
| 31,940,361 | ||
| Containers & Packaging 0.2% | ||
| Amcor plc | 71,665 | 670,068 |
| Avery Dennison Corp. | 2,445 | 410,198 |
| Ball Corp. | 8,676 | 496,788 |
| International Paper Co. | 16,510 | 771,677 |
| Packaging Corp. of America | 2,794 | 541,337 |
| Smurfit WestRock plc | 15,510 | 688,334 |
| 3,578,402 | ||
| Distributors 0.1% | ||
| Genuine Parts Co. | 4,341 | 559,468 |
| LKQ Corp. | 8,074 | 237,941 |
| Pool Corp. | 1,176 | 362,373 |
| 1,159,782 | ||
| Diversified Telecommunication Services 0.7% | ||
| AT&T, Inc. | 225,046 | 6,168,511 |
| Verizon Communications, Inc. | 131,857 | 5,638,205 |
| 11,806,716 | ||
| Electric Utilities 1.5% | ||
| Alliant Energy Corp. | 8,034 | 522,290 |
| American Electric Power Co., Inc. | 16,707 | 1,890,230 |
| Constellation Energy Corp. | 9,802 | 3,409,528 |
| Duke Energy Corp. | 24,309 | 2,956,947 |
| Edison International | 12,034 | 627,212 |
| Entergy Corp. | 13,959 | 1,262,312 |
| Evergy, Inc. | 7,196 | 509,477 |
| Shares | Value | |
| Common Stocks | ||
| Electric Utilities | ||
| Eversource Energy | 11,490 | $ 759,489 |
| Exelon Corp. | 31,574 | 1,418,936 |
| FirstEnergy Corp. | 16,065 | 686,136 |
| NextEra Energy, Inc. | 64,385 | 4,575,198 |
| NRG Energy, Inc. | 6,115 | 1,022,428 |
| PG&E Corp. | 68,734 | 963,651 |
| Pinnacle West Capital Corp. | 3,734 | 338,375 |
| PPL Corp. | 23,121 | 825,188 |
| Southern Co. (The) | 34,373 | 3,247,561 |
| Xcel Energy, Inc. | 18,038 | 1,324,711 |
| 26,339,669 | ||
| Electrical Equipment 1.0% | ||
| AMETEK, Inc. | 7,221 | 1,334,802 |
| Eaton Corp. plc | 12,238 | 4,708,203 |
| Emerson Electric Co. | 17,592 | 2,559,812 |
| GE Vernova, Inc. | 8,536 | 5,636,235 |
| Generac Holdings, Inc. (a) | 1,842 | 358,619 |
| Hubbell, Inc. | 1,669 | 730,154 |
| Rockwell Automation, Inc. | 3,525 | 1,239,778 |
| 16,567,603 | ||
| Electronic Equipment, Instruments & Components 0.7% | ||
| Amphenol Corp., Class A | 37,831 | 4,029,380 |
| CDW Corp. | 4,118 | 718,097 |
| Corning, Inc. | 24,108 | 1,524,590 |
| Jabil, Inc. | 3,357 | 749,182 |
| Keysight Technologies, Inc. (a) | 5,405 | 885,933 |
| TE Connectivity plc | 9,275 | 1,908,331 |
| Teledyne Technologies, Inc. (a) | 1,466 | 807,795 |
| Trimble, Inc. (a) | 7,462 | 625,987 |
| Zebra Technologies Corp., Class A (a) | 1,588 | 538,364 |
| 11,787,659 | ||
| Energy Equipment & Services 0.2% | ||
| Baker Hughes Co. | 30,986 | 1,395,919 |
| Halliburton Co. | 26,888 | 602,291 |
| Schlumberger NV | 46,971 | 1,587,620 |
| 3,585,830 | ||
| Entertainment 1.6% | ||
| Electronic Arts, Inc. | 7,137 | 1,088,321 |
| Live Nation Entertainment, Inc. (a) | 4,929 | 728,013 |
| Netflix, Inc. (a) | 13,310 | 15,431,614 |
| Take-Two Interactive Software, Inc. (a) | 5,299 | 1,180,246 |
| TKO Group Holdings, Inc. | 2,096 | 352,149 |
| Walt Disney Co. (The) | 56,225 | 6,696,960 |
| Warner Bros Discovery, Inc. (a) | 70,414 | 927,353 |
| 26,404,656 | ||
| Shares | Value | |
| Common Stocks | ||
| Financial Services 4.2% | ||
| Apollo Global Management, Inc. | 14,120 | $ 2,051,918 |
| Berkshire Hathaway, Inc., Class B (a) | 57,351 | 27,062,790 |
| Block, Inc. (a) | 16,853 | 1,302,063 |
| Corpay, Inc. (a) | 2,205 | 712,325 |
| Fidelity National Information Services, Inc. | 16,432 | 1,304,865 |
| Fiserv, Inc. (a) | 17,340 | 2,409,220 |
| Global Payments, Inc. | 7,627 | 609,779 |
| Jack Henry & Associates, Inc. | 2,277 | 386,669 |
| Mastercard, Inc., Class A | 25,369 | 14,370,777 |
| PayPal Holdings, Inc. (a) | 30,416 | 2,091,404 |
| Visa, Inc., Class A | 53,512 | 18,486,791 |
| 70,788,601 | ||
| Food Products 0.5% | ||
| Archer-Daniels-Midland Co. | 15,026 | 814,109 |
| Bunge Global SA | 4,204 | 335,311 |
| Campbell's Co. (The) | 6,155 | 196,468 |
| Conagra Brands, Inc. | 14,930 | 272,622 |
| General Mills, Inc. | 17,126 | 838,831 |
| Hershey Co. (The) | 4,628 | 861,410 |
| Hormel Foods Corp. | 9,115 | 256,040 |
| J M Smucker Co. (The) | 3,328 | 357,227 |
| Kellanova | 8,409 | 671,290 |
| Kraft Heinz Co. (The) | 27,022 | 742,024 |
| Lamb Weston Holdings, Inc. | 4,408 | 251,565 |
| McCormick & Co., Inc. (Non-Voting) | 7,903 | 558,189 |
| Mondelez International, Inc., Class A | 40,496 | 2,619,686 |
| Tyson Foods, Inc., Class A | 8,952 | 468,190 |
| 9,242,962 | ||
| Gas Utilities 0.0% ‡ | ||
| Atmos Energy Corp. | 4,968 | 774,611 |
| Ground Transportation 0.9% | ||
| CSX Corp. | 58,752 | 2,088,046 |
| JB Hunt Transport Services, Inc. | 2,455 | 353,643 |
| Norfolk Southern Corp. | 7,051 | 1,960,178 |
| Old Dominion Freight Line, Inc. | 5,816 | 868,038 |
| Uber Technologies, Inc. (a) | 65,402 | 5,739,026 |
| Union Pacific Corp. | 18,686 | 4,147,731 |
| 15,156,662 | ||
| Health Care Equipment & Supplies 2.1% | ||
| Abbott Laboratories | 54,414 | 6,866,503 |
| Align Technology, Inc. (a) | 2,131 | 274,920 |
| Baxter International, Inc. | 16,050 | 349,248 |
| Becton Dickinson & Co. | 8,964 | 1,597,833 |
| Boston Scientific Corp. (a) | 46,270 | 4,854,648 |
| Shares | Value | |
| Common Stocks | ||
| Health Care Equipment & Supplies | ||
| Cooper Cos., Inc. (The) (a) | 6,255 | $ 442,166 |
| DexCom, Inc. (a) | 12,263 | 990,483 |
| Edwards Lifesciences Corp. (a) | 18,346 | 1,455,021 |
| GE HealthCare Technologies, Inc. | 14,321 | 1,021,374 |
| Hologic, Inc. (a) | 6,970 | 465,735 |
| IDEXX Laboratories, Inc. (a) | 2,515 | 1,343,790 |
| Insulet Corp. (a) | 2,201 | 634,768 |
| Intuitive Surgical, Inc. (a) | 11,210 | 5,393,019 |
| Medtronic plc | 40,112 | 3,619,707 |
| ResMed, Inc. | 4,586 | 1,247,117 |
| Solventum Corp. (a) | 4,329 | 308,917 |
| STERIS plc | 3,073 | 696,004 |
| Stryker Corp. | 10,757 | 4,224,597 |
| Zimmer Biomet Holdings, Inc. | 6,188 | 567,130 |
| 36,352,980 | ||
| Health Care Providers & Services 1.5% | ||
| Cardinal Health, Inc. | 7,465 | 1,158,717 |
| Cencora, Inc. | 5,395 | 1,543,402 |
| Centene Corp. (a) | 15,563 | 405,727 |
| Cigna Group (The) | 8,355 | 2,233,960 |
| CVS Health Corp. | 39,564 | 2,456,924 |
| DaVita, Inc. (a) | 1,299 | 182,341 |
| Elevance Health, Inc. | 7,066 | 2,000,243 |
| HCA Healthcare, Inc. | 5,417 | 1,917,564 |
| Henry Schein, Inc. (a) | 3,807 | 257,544 |
| Humana, Inc. | 3,775 | 943,259 |
| Labcorp Holdings, Inc. | 2,618 | 680,889 |
| McKesson Corp. | 3,913 | 2,713,822 |
| Molina Healthcare, Inc. (a) | 1,695 | 267,590 |
| Quest Diagnostics, Inc. | 3,491 | 584,428 |
| UnitedHealth Group, Inc. | 28,371 | 7,080,267 |
| Universal Health Services, Inc., Class B | 1,789 | 297,779 |
| 24,724,456 | ||
| Health Care REITs 0.3% | ||
| Alexandria Real Estate Equities, Inc. | 4,815 | 368,011 |
| Healthpeak Properties, Inc. | 21,728 | 368,072 |
| Ventas, Inc. | 14,115 | 948,246 |
| Welltower, Inc. | 19,430 | 3,207,310 |
| 4,891,639 | ||
| Hotel & Resort REITs 0.0% ‡ | ||
| Host Hotels & Resorts, Inc. | 21,696 | 341,061 |
| Hotels, Restaurants & Leisure 2.0% | ||
| Airbnb, Inc., Class A (a) | 13,499 | 1,787,403 |
| Booking Holdings, Inc. | 1,018 | 5,603,133 |
| Shares | Value | |
| Common Stocks | ||
| Hotels, Restaurants & Leisure | ||
| Caesars Entertainment, Inc. (a) | 6,504 | $ 173,527 |
| Carnival Corp. (a) | 32,838 | 977,587 |
| Chipotle Mexican Grill, Inc. (a) | 42,139 | 1,806,920 |
| Darden Restaurants, Inc. | 3,660 | 738,112 |
| Domino's Pizza, Inc. | 1,071 | 496,098 |
| DoorDash, Inc., Class A (a) | 10,723 | 2,683,431 |
| Expedia Group, Inc. | 3,803 | 685,377 |
| Hilton Worldwide Holdings, Inc. | 7,435 | 1,993,175 |
| Las Vegas Sands Corp. | 10,620 | 556,488 |
| Marriott International, Inc., Class A | 7,110 | 1,875,831 |
| McDonald's Corp. | 22,363 | 6,710,465 |
| MGM Resorts International (a) | 6,469 | 235,795 |
| Norwegian Cruise Line Holdings Ltd. (a) | 13,974 | 357,175 |
| Royal Caribbean Cruises Ltd. | 7,814 | 2,483,836 |
| Starbucks Corp. | 35,541 | 3,168,836 |
| Wynn Resorts Ltd. | 2,752 | 300,051 |
| Yum! Brands, Inc. | 8,693 | 1,253,096 |
| 33,886,336 | ||
| Household Durables 0.3% | ||
| DR Horton, Inc. | 8,647 | 1,235,137 |
| Garmin Ltd. | 4,817 | 1,053,767 |
| Lennar Corp., Class A | 7,262 | 814,651 |
| Mohawk Industries, Inc. (a) | 1,619 | 185,392 |
| NVR, Inc. (a) | 91 | 687,004 |
| PulteGroup, Inc. | 6,268 | 707,782 |
| 4,683,733 | ||
| Household Products 0.9% | ||
| Church & Dwight Co., Inc. | 7,702 | 722,217 |
| Clorox Co. (The) | 3,855 | 484,034 |
| Colgate-Palmolive Co. | 25,346 | 2,125,262 |
| Kimberly-Clark Corp. | 10,378 | 1,293,306 |
| Procter & Gamble Co. (The) | 73,327 | 11,033,514 |
| 15,658,333 | ||
| Independent Power and Renewable Electricity Producers 0.1% | ||
| AES Corp. (The) | 22,265 | 292,785 |
| Vistra Corp. | 10,613 | 2,213,235 |
| 2,506,020 | ||
| Industrial Conglomerates 0.4% | ||
| 3M Co. | 16,832 | 2,511,671 |
| Honeywell International, Inc. | 20,100 | 4,469,235 |
| 6,980,906 | ||
| Industrial REITs 0.2% | ||
| Prologis, Inc. | 29,021 | 3,098,862 |
| Shares | Value | |
| Common Stocks | ||
| Insurance 1.9% | ||
| Aflac, Inc. | 15,218 | $ 1,512,060 |
| Allstate Corp. (The) | 8,282 | 1,683,317 |
| American International Group, Inc. | 18,025 | 1,399,281 |
| Aon plc, Class A | 6,754 | 2,402,465 |
| Arch Capital Group Ltd. | 11,673 | 1,004,578 |
| Arthur J. Gallagher & Co. | 8,010 | 2,300,873 |
| Assurant, Inc. | 1,585 | 296,871 |
| Brown & Brown, Inc. | 8,765 | 800,858 |
| Chubb Ltd. | 11,656 | 3,100,962 |
| Cincinnati Financial Corp. | 4,888 | 721,029 |
| Erie Indemnity Co., Class A | 780 | 277,867 |
| Everest Group Ltd. | 1,328 | 445,942 |
| Globe Life, Inc. | 2,582 | 362,694 |
| Hanover Insurance Group, Inc. (The) | 8,885 | 1,105,205 |
| Loews Corp. | 5,443 | 492,809 |
| Marsh & McLennan Cos., Inc. | 15,410 | 3,069,672 |
| MetLife, Inc. | 17,636 | 1,339,454 |
| Principal Financial Group, Inc. | 6,451 | 502,081 |
| Progressive Corp. (The) | 18,334 | 4,437,561 |
| Prudential Financial, Inc. | 11,072 | 1,146,838 |
| Travelers Cos., Inc. (The) | 7,086 | 1,844,061 |
| W R Berkley Corp. | 9,373 | 644,956 |
| Willis Towers Watson plc | 3,101 | 979,327 |
| 31,870,761 | ||
| Interactive Media & Services 6.8% | ||
| Alphabet, Inc. | ||
| Class A | 182,014 | 34,928,486 |
| Class C | 146,830 | 28,317,634 |
| Match Group, Inc. | 7,670 | 262,851 |
| Meta Platforms, Inc., Class A | 67,900 | 52,516,576 |
| 116,025,547 | ||
| IT Services 1.0% | ||
| Accenture plc, Class A | 19,579 | 5,229,551 |
| Akamai Technologies, Inc. (a) | 4,573 | 348,966 |
| Cognizant Technology Solutions Corp., Class A | 15,417 | 1,106,324 |
| EPAM Systems, Inc. (a) | 1,772 | 279,462 |
| Gartner, Inc. (a) | 2,407 | 815,130 |
| GoDaddy, Inc., Class A (a) | 4,456 | 720,000 |
| International Business Machines Corp. | 29,067 | 7,358,311 |
| VeriSign, Inc. | 2,526 | 679,166 |
| 16,536,910 | ||
| Leisure Products 0.0% ‡ | ||
| Hasbro, Inc. | 4,120 | 309,659 |
| Shares | Value | |
| Common Stocks | ||
| Life Sciences Tools & Services 0.8% | ||
| Agilent Technologies, Inc. | 8,917 | $ 1,023,761 |
| Bio-Techne Corp. | 4,903 | 268,341 |
| Charles River Laboratories International, Inc. (a) | 1,536 | 260,567 |
| Danaher Corp. | 19,921 | 3,927,624 |
| IQVIA Holdings, Inc. (a) | 5,140 | 955,321 |
| Mettler-Toledo International, Inc. (a) | 650 | 801,892 |
| Revvity, Inc. | 3,686 | 324,000 |
| Thermo Fisher Scientific, Inc. | 11,806 | 5,521,430 |
| Waters Corp. (a) | 1,861 | 537,382 |
| West Pharmaceutical Services, Inc. | 2,247 | 537,617 |
| 14,157,935 | ||
| Machinery 1.6% | ||
| Caterpillar, Inc. | 14,709 | 6,442,836 |
| Cummins, Inc. | 4,308 | 1,583,707 |
| Deere & Co. | 7,894 | 4,139,377 |
| Dover Corp. | 4,288 | 776,728 |
| Fortive Corp. | 10,630 | 509,496 |
| IDEX Corp. | 2,363 | 386,374 |
| Illinois Tool Works, Inc. | 8,339 | 2,134,534 |
| Ingersoll Rand, Inc. | 12,619 | 1,067,946 |
| Nordson Corp. | 1,691 | 362,229 |
| Otis Worldwide Corp. | 12,344 | 1,057,757 |
| PACCAR, Inc. | 16,418 | 1,621,442 |
| Parker-Hannifin Corp. | 3,996 | 2,924,672 |
| Pentair plc | 5,146 | 525,921 |
| Snap-on, Inc. | 1,635 | 525,146 |
| Stanley Black & Decker, Inc. | 4,839 | 327,358 |
| Westinghouse Air Brake Technologies Corp. | 5,352 | 1,027,852 |
| Xylem, Inc. | 7,611 | 1,100,703 |
| 26,514,078 | ||
| Media 0.5% | ||
| Charter Communications, Inc., Class A (a) | 2,985 | 804,040 |
| Comcast Corp., Class A | 116,478 | 3,870,564 |
| Fox Corp. | ||
| Class A | 6,694 | 373,257 |
| Class B | 4,126 | 211,004 |
| Interpublic Group of Cos., Inc. (The) | 11,564 | 284,474 |
| News Corp. | ||
| Class A | 11,797 | 345,888 |
| Class B | 3,486 | 116,502 |
| Omnicom Group, Inc. | 6,102 | 439,649 |
| Paramount Global, Class B | 18,821 | 236,580 |
| Trade Desk, Inc. (The), Class A (a) | 14,060 | 1,222,658 |
| 7,904,616 | ||
| Metals & Mining 0.3% | ||
| Freeport-McMoRan, Inc. | 44,918 | 1,807,501 |
| Shares | Value | |
| Common Stocks | ||
| Metals & Mining | ||
| Newmont Corp. | 34,810 | $ 2,161,701 |
| Nucor Corp. | 7,217 | 1,032,536 |
| Steel Dynamics, Inc. | 4,318 | 550,804 |
| 5,552,542 | ||
| Multi-Utilities 0.6% | ||
| Ameren Corp. | 8,453 | 854,852 |
| CenterPoint Energy, Inc. | 20,414 | 792,471 |
| CMS Energy Corp. | 9,355 | 690,399 |
| Consolidated Edison, Inc. | 11,268 | 1,166,238 |
| Dominion Energy, Inc. | 26,671 | 1,558,920 |
| DTE Energy Co. | 6,490 | 898,281 |
| NiSource, Inc. | 14,721 | 624,906 |
| Public Service Enterprise Group, Inc. | 15,606 | 1,401,263 |
| Sempra | 20,397 | 1,666,027 |
| WEC Energy Group, Inc. | 9,981 | 1,088,728 |
| 10,742,085 | ||
| Office REITs 0.0% ‡ | ||
| BXP, Inc. | 4,556 | 298,099 |
| Oil, Gas & Consumable Fuels 2.7% | ||
| APA Corp. (b) | 11,286 | 217,707 |
| Chevron Corp. | 59,683 | 9,050,330 |
| ConocoPhillips | 39,482 | 3,764,214 |
| Coterra Energy, Inc. | 23,871 | 582,214 |
| Devon Energy Corp. | 20,082 | 667,124 |
| Diamondback Energy, Inc. | 5,848 | 869,364 |
| EOG Resources, Inc. | 17,070 | 2,048,741 |
| EQT Corp. | 18,722 | 1,006,307 |
| Expand Energy Corp. | 6,773 | 709,675 |
| Exxon Mobil Corp. | 134,797 | 15,048,737 |
| Kinder Morgan, Inc. | 60,461 | 1,696,536 |
| Marathon Petroleum Corp. | 9,608 | 1,635,185 |
| Occidental Petroleum Corp. | 22,161 | 973,754 |
| ONEOK, Inc. | 19,536 | 1,604,101 |
| Phillips 66 | 12,743 | 1,574,780 |
| Targa Resources Corp. | 6,785 | 1,129,092 |
| Texas Pacific Land Corp. | 590 | 571,197 |
| Valero Energy Corp. | 9,796 | 1,345,089 |
| Williams Cos., Inc. (The) | 38,188 | 2,289,371 |
| 46,783,518 | ||
| Passenger Airlines 0.2% | ||
| Delta Air Lines, Inc. | 20,421 | 1,086,601 |
| Southwest Airlines Co. | 17,823 | 551,265 |
| United Airlines Holdings, Inc. (a) | 10,215 | 902,087 |
| 2,539,953 | ||
| Shares | Value | |
| Common Stocks | ||
| Personal Care Products 0.1% | ||
| Estee Lauder Cos., Inc. (The), Class A | 7,325 | $ 683,716 |
| Kenvue, Inc. | 60,046 | 1,287,386 |
| 1,971,102 | ||
| Pharmaceuticals 2.7% | ||
| Bristol-Myers Squibb Co. | 63,648 | 2,756,595 |
| Eli Lilly & Co. | 24,602 | 18,207,202 |
| Johnson & Johnson | 75,251 | 12,396,850 |
| Merck & Co., Inc. | 78,534 | 6,135,076 |
| Pfizer, Inc. | 177,813 | 4,141,265 |
| Viatris, Inc. | 36,707 | 320,819 |
| Zoetis, Inc. | 13,924 | 2,029,980 |
| 45,987,787 | ||
| Professional Services 0.6% | ||
| Automatic Data Processing, Inc. | 12,695 | 3,929,103 |
| Broadridge Financial Solutions, Inc. | 3,674 | 909,352 |
| Dayforce, Inc. (a) | 5,000 | 288,350 |
| Equifax, Inc. | 3,884 | 933,053 |
| Jacobs Solutions, Inc. | 3,758 | 533,147 |
| Leidos Holdings, Inc. | 4,026 | 642,751 |
| Paychex, Inc. | 10,026 | 1,447,053 |
| Paycom Software, Inc. | 1,524 | 352,867 |
| Verisk Analytics, Inc. | 4,375 | 1,219,356 |
| 10,255,032 | ||
| Real Estate Management & Development 0.2% | ||
| CBRE Group, Inc., Class A (a) | 9,184 | 1,430,316 |
| CoStar Group, Inc. (a) | 13,195 | 1,256,032 |
| 2,686,348 | ||
| Residential REITs 0.2% | ||
| AvalonBay Communities, Inc. | 4,447 | 828,387 |
| Camden Property Trust | 3,341 | 364,837 |
| Equity Residential | 10,695 | 675,924 |
| Essex Property Trust, Inc. | 2,014 | 524,003 |
| Invitation Homes, Inc. | 17,828 | 546,428 |
| Mid-America Apartment Communities, Inc. | 3,661 | 521,436 |
| UDR, Inc. | 9,429 | 370,466 |
| 3,831,481 | ||
| Retail REITs 0.2% | ||
| Federal Realty Investment Trust | 2,428 | 223,764 |
| Kimco Realty Corp. | 21,158 | 449,184 |
| Realty Income Corp. | 28,244 | 1,585,336 |
| Regency Centers Corp. | 5,110 | 364,854 |
| Simon Property Group, Inc. | 9,596 | 1,571,729 |
| 4,194,867 | ||
| Shares | Value | |
| Common Stocks | ||
| Semiconductors & Semiconductor Equipment 13.3% | ||
| Advanced Micro Devices, Inc. (a) | 50,710 | $ 8,940,680 |
| Analog Devices, Inc. | 15,512 | 3,484,461 |
| Applied Materials, Inc. | 25,409 | 4,575,145 |
| Broadcom, Inc. | 147,048 | 43,187,998 |
| Enphase Energy, Inc. (a) | 4,094 | 132,482 |
| First Solar, Inc. (a) | 3,354 | 586,044 |
| Intel Corp. | 136,424 | 2,701,195 |
| KLA Corp. | 4,136 | 3,635,668 |
| Lam Research Corp. | 40,005 | 3,794,074 |
| Microchip Technology, Inc. | 16,821 | 1,136,931 |
| Micron Technology, Inc. | 34,953 | 3,814,771 |
| Monolithic Power Systems, Inc. | 1,497 | 1,064,726 |
| NVIDIA Corp. | 762,692 | 135,660,026 |
| NXP Semiconductors NV | 7,901 | 1,688,997 |
| ON Semiconductor Corp. (a) | 13,070 | 736,625 |
| QUALCOMM, Inc. | 34,315 | 5,036,069 |
| Skyworks Solutions, Inc. | 4,695 | 321,795 |
| Teradyne, Inc. | 5,017 | 538,976 |
| Texas Instruments, Inc. | 28,413 | 5,144,458 |
| 226,181,121 | ||
| Software 11.7% | ||
| Adobe, Inc. (a) | 13,330 | 4,768,008 |
| Autodesk, Inc. (a) | 6,691 | 2,028,109 |
| Cadence Design Systems, Inc. (a) | 8,540 | 3,113,428 |
| Crowdstrike Holdings, Inc., Class A (a) | 7,790 | 3,541,100 |
| Datadog, Inc., Class A (a) | 9,992 | 1,398,680 |
| Fair Isaac Corp. (a) | 761 | 1,093,344 |
| Fortinet, Inc. (a) | 19,869 | 1,984,913 |
| Gen Digital, Inc. | 17,070 | 503,394 |
| Intuit, Inc. | 8,743 | 6,864,392 |
| Microsoft Corp. | 232,444 | 124,008,874 |
| Oracle Corp. | 50,868 | 12,908,772 |
| Palantir Technologies, Inc., Class A (a) | 66,527 | 10,534,550 |
| Palo Alto Networks, Inc. (a) | 20,708 | 3,594,909 |
| PTC, Inc. (a) | 3,751 | 805,752 |
| Roper Technologies, Inc. | 3,363 | 1,850,995 |
| Salesforce, Inc. | 30,008 | 7,751,967 |
| ServiceNow, Inc. (a) | 6,474 | 6,105,759 |
| Synopsys, Inc. (a) | 5,770 | 3,655,122 |
| Tyler Technologies, Inc. (a) | 1,349 | 788,571 |
| Workday, Inc., Class A (a) | 6,775 | 1,554,050 |
| 198,854,689 | ||
| Specialized REITs 0.8% | ||
| American Tower Corp. | 14,641 | 3,051,038 |
| Crown Castle, Inc. | 13,619 | 1,431,221 |
| Digital Realty Trust, Inc. | 9,901 | 1,746,933 |
| Shares | Value | |
| Common Stocks | ||
| Specialized REITs | ||
| Equinix, Inc. | 3,059 | $ 2,401,835 |
| Extra Space Storage, Inc. | 6,637 | 891,747 |
| Iron Mountain, Inc. | 9,228 | 898,438 |
| Public Storage | 4,938 | 1,342,840 |
| SBA Communications Corp. | 3,361 | 755,284 |
| VICI Properties, Inc. | 33,049 | 1,077,397 |
| Weyerhaeuser Co. | 22,683 | 568,209 |
| 14,164,942 | ||
| Specialty Retail 1.7% | ||
| AutoZone, Inc. (a) | 523 | 1,970,863 |
| Best Buy Co., Inc. | 6,025 | 391,987 |
| CarMax, Inc. (a) | 4,753 | 269,067 |
| Home Depot, Inc. (The) | 31,086 | 11,424,416 |
| Lowe's Cos., Inc. | 17,505 | 3,913,593 |
| O'Reilly Automotive, Inc. (a) | 26,735 | 2,628,585 |
| Ross Stores, Inc. | 10,284 | 1,404,177 |
| TJX Cos., Inc. (The) | 34,919 | 4,348,463 |
| Tractor Supply Co. | 16,582 | 944,345 |
| Ulta Beauty, Inc. (a) | 1,412 | 727,194 |
| Williams-Sonoma, Inc. | 3,845 | 719,207 |
| 28,741,897 | ||
| Technology Hardware, Storage & Peripherals 6.1% | ||
| Apple, Inc. (c) | 467,100 | 96,955,947 |
| Dell Technologies, Inc., Class C | 9,370 | 1,243,305 |
| Hewlett Packard Enterprise Co. | 41,083 | 850,007 |
| HP, Inc. | 29,483 | 731,178 |
| NetApp, Inc. | 6,362 | 662,475 |
| Seagate Technology Holdings plc | 6,637 | 1,042,075 |
| Super Micro Computer, Inc. (a) | 16,053 | 946,646 |
| Western Digital Corp. | 10,911 | 858,587 |
| 103,290,220 | ||
| Textiles, Apparel & Luxury Goods 0.3% | ||
| Deckers Outdoor Corp. (a) | 4,747 | 503,989 |
| Lululemon Athletica, Inc. (a) | 3,457 | 693,232 |
| NIKE, Inc., Class B | 36,846 | 2,752,028 |
| Ralph Lauren Corp. | 1,247 | 372,541 |
| Tapestry, Inc. | 6,496 | 701,763 |
| 5,023,553 | ||
| Tobacco 0.7% | ||
| Altria Group, Inc. | 52,682 | 3,263,123 |
| Philip Morris International, Inc. | 48,681 | 7,986,118 |
| 11,249,241 | ||
| Trading Companies & Distributors 0.3% | ||
| Fastenal Co. | 35,881 | 1,655,191 |
| Shares | Value | ||
| Common Stocks | |||
| Trading Companies & Distributors | |||
| United Rentals, Inc. | 2,033 | $ 1,795,017 | |
| WW Grainger, Inc. | 1,367 | 1,421,051 | |
| 4,871,259 | |||
| Water Utilities 0.1% | |||
| American Water Works Co., Inc. | 6,099 | 855,324 | |
| Wireless Telecommunication Services 0.2% | |||
| T-Mobile US, Inc. | 14,915 | 3,555,885 | |
| Total Common Stocks (d) (Cost $306,455,715) | 1,680,503,216 | ||
| Number of Rights | |||
| Rights 0.0% ‡ | |||
| Health Care Equipment & Supplies 0.0% ‡ | |||
| ABIOMED, Inc., CVR (a)(e) | 1,477 | 1,507 | |
| Total Rights (Cost $1,507) | 1,507 | ||
| Shares | |||
| Short-Term Investments 1.3% | |||
| Affiliated Investment Company 0.0% ‡ | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (f) | 23,163 | 23,163 | |
| Principal Amount | |||
| U.S. Treasury Debt 1.3% | |||
| U.S. Treasury Bills | |||
| 4.247%, due 9/23/25 (c)(g) | $ 22,000,000 | 21,861,133 | |
| Total Short-Term Investments (Cost $21,887,218) | 21,884,296 | ||
| Total Investments (Cost $328,344,440) | 100.0% | 1,702,389,019 | |
| Other Assets, Less Liabilities | 0.0‡ | 48,803 | |
| Net Assets | 100.0% | $ 1,702,437,822 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $195,909. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $202,011. |
| (c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
| (d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 100.0% of the Fund’s net assets. |
| (e) | Illiquid security—As of July 31, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,507, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (f) | Current yield as of July 31, 2025. |
| (g) | Interest rate shown represents yield to maturity. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 104 | $ 14,139 | $ (14,220) | $ — | $ — | $ 23 | $ 4 | $ — | 23 |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)1 |
| Long Contracts | |||||
| S&P 500 E-Mini Index | 68 | September 2025 | $ 21,018,475 | $ 21,672,450 | $ 653,975 |
| 1. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 1,680,503,216 | $ — | $ — | $ 1,680,503,216 | |||
| Rights | — | 1,507 | — | 1,507 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 23,163 | — | — | 23,163 | |||
| U.S. Treasury Debt | — | 21,861,133 | — | 21,861,133 | |||
| Total Short-Term Investments | 23,163 | 21,861,133 | — | 21,884,296 | |||
| Total Investments in Securities | 1,680,526,379 | 21,862,640 | — | 1,702,389,019 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 653,975 | — | — | 653,975 | |||
| Total Investments in Securities and Other Financial Instruments | $ 1,681,180,354 | $ 21,862,640 | $ — | $ 1,703,042,994 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 94.1% | ||
| Aerospace & Defense 1.8% | ||
| Hexcel Corp. | 83,207 | $ 4,984,931 |
| Automobile Components 1.5% | ||
| Goodyear Tire & Rubber Co. (The) (a) | 396,159 | 4,072,514 |
| Banks 10.2% | ||
| Banner Corp. | 57,004 | 3,538,523 |
| Enterprise Financial Services Corp. | 49,464 | 2,729,918 |
| First Interstate BancSystem, Inc., Class A | 90,632 | 2,609,295 |
| Old National Bancorp | 211,185 | 4,458,115 |
| Prosperity Bancshares, Inc. | 44,425 | 2,959,594 |
| Renasant Corp. | 75,463 | 2,764,964 |
| Stellar Bancorp, Inc. | 110,781 | 3,271,363 |
| United Community Banks, Inc. | 98,498 | 3,004,189 |
| WSFS Financial Corp. | 54,610 | 2,994,813 |
| 28,330,774 | ||
| Biotechnology 7.4% | ||
| 89bio, Inc. (a) | 18,084 | 171,798 |
| ACADIA Pharmaceuticals, Inc. (a) | 18,627 | 443,881 |
| ADMA Biologics, Inc. (a) | 34,859 | 651,863 |
| Agios Pharmaceuticals, Inc. (a) | 8,147 | 303,231 |
| Akebia Therapeutics, Inc. (a) | 36,748 | 135,416 |
| Akero Therapeutics, Inc. (a) | 10,441 | 510,043 |
| Alkermes plc (a) | 24,484 | 648,581 |
| Amicus Therapeutics, Inc. (a) | 41,142 | 246,441 |
| Apogee Therapeutics, Inc. (a) | 4,718 | 180,511 |
| Arcellx, Inc. (a) | 5,382 | 384,221 |
| Arcutis Biotherapeutics, Inc. (a) | 16,087 | 234,548 |
| Ardelyx, Inc. (a) | 32,902 | 139,504 |
| Arrowhead Pharmaceuticals, Inc. (a) | 17,331 | 273,830 |
| ARS Pharmaceuticals, Inc. (a) | 8,123 | 143,615 |
| Aurinia Pharmaceuticals, Inc. (a) | 17,960 | 166,040 |
| Avidity Biosciences, Inc. (a) | 16,735 | 614,342 |
| Beam Therapeutics, Inc. (a)(b) | 13,126 | 258,713 |
| BioCryst Pharmaceuticals, Inc. (a) | 31,383 | 255,458 |
| Biohaven Ltd. (a) | 12,696 | 191,710 |
| Bridgebio Pharma, Inc. (a) | 23,658 | 1,118,314 |
| CareDx, Inc. (a) | 7,835 | 96,253 |
| Catalyst Pharmaceuticals, Inc. (a) | 17,296 | 368,924 |
| Celldex Therapeutics, Inc. (a) | 9,715 | 213,536 |
| CG oncology, Inc. (a) | 8,216 | 219,285 |
| Cidara Therapeutics, Inc. (a)(b) | 2,663 | 168,595 |
| Crinetics Pharmaceuticals, Inc. (a) | 13,131 | 375,415 |
| CRISPR Therapeutics AG (a)(b) | 11,741 | 660,549 |
| Cytokinetics, Inc. (a) | 17,149 | 645,488 |
| Denali Therapeutics, Inc. (a) | 19,131 | 264,582 |
| Shares | Value | |
| Common Stocks | ||
| Biotechnology | ||
| Disc Medicine, Inc. (a) | 3,662 | $ 218,841 |
| Dynavax Technologies Corp. (a) | 15,737 | 172,792 |
| Dyne Therapeutics, Inc. (a) | 13,577 | 133,733 |
| Geron Corp. (a) | 86,506 | 99,482 |
| GRAIL, Inc. (a) | 4,807 | 164,447 |
| Ideaya Biosciences, Inc. (a) | 12,074 | 294,002 |
| Immunovant, Inc. (a) | 9,962 | 160,189 |
| Intellia Therapeutics, Inc. (a)(b) | 14,286 | 166,289 |
| Janux Therapeutics, Inc. (a) | 5,670 | 136,165 |
| Krystal Biotech, Inc. (a) | 3,663 | 563,626 |
| Kymera Therapeutics, Inc. (a) | 6,963 | 304,631 |
| Madrigal Pharmaceuticals, Inc. (a) | 2,486 | 752,040 |
| MannKind Corp. (a) | 45,511 | 172,032 |
| Mirum Pharmaceuticals, Inc. (a) | 6,517 | 336,799 |
| Novavax, Inc. (a)(b) | 21,991 | 146,240 |
| Nurix Therapeutics, Inc. (a) | 10,616 | 119,536 |
| Nuvalent, Inc., Class A (a) | 6,323 | 495,407 |
| Protagonist Therapeutics, Inc. (a) | 8,571 | 461,634 |
| PTC Therapeutics, Inc. (a) | 11,558 | 602,287 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | 50,340 | 299,523 |
| Rhythm Pharmaceuticals, Inc. (a) | 8,032 | 684,567 |
| Scholar Rock Holding Corp. (a) | 11,720 | 434,226 |
| Soleno Therapeutics, Inc. (a) | 5,848 | 505,677 |
| TG Therapeutics, Inc. (a) | 21,545 | 764,847 |
| Travere Therapeutics, Inc. (a) | 13,415 | 207,262 |
| Twist Bioscience Corp. (a) | 8,654 | 290,515 |
| Vaxcyte, Inc. (a) | 18,697 | 634,763 |
| Vera Therapeutics, Inc. (a) | 7,491 | 155,738 |
| Veracyte, Inc. (a) | 11,803 | 277,489 |
| Vericel Corp. (a) | 7,606 | 265,754 |
| Viridian Therapeutics, Inc. (a) | 9,821 | 172,064 |
| Xenon Pharmaceuticals, Inc. (a) | 11,093 | 338,780 |
| 20,616,064 | ||
| Commercial Services & Supplies 1.5% | ||
| Brady Corp., Class A | 58,289 | 4,113,455 |
| Communications Equipment 1.5% | ||
| NetScout Systems, Inc. (a) | 196,201 | 4,202,625 |
| Construction & Engineering 1.5% | ||
| Ameresco, Inc., Class A (a) | 252,945 | 4,279,829 |
| Consumer Finance 2.5% | ||
| Enova International, Inc. (a) | 67,573 | 7,065,433 |
| Shares | Value | |
| Common Stocks | ||
| Consumer Staples Distribution & Retail 1.3% | ||
| Grocery Outlet Holding Corp. (a) | 266,120 | $ 3,504,800 |
| Containers & Packaging 1.4% | ||
| Greif, Inc., Class A | 59,653 | 3,783,790 |
| Diversified Consumer Services 2.4% | ||
| Laureate Education, Inc. (a) | 293,982 | 6,643,993 |
| Electronic Equipment, Instruments & Components 3.0% | ||
| TTM Technologies, Inc. (a) | 85,754 | 4,051,877 |
| Vishay Intertechnology, Inc. | 267,706 | 4,387,701 |
| 8,439,578 | ||
| Energy Equipment & Services 1.7% | ||
| Helix Energy Solutions Group, Inc. (a) | 436,244 | 2,586,927 |
| Tidewater, Inc. (a)(b) | 42,662 | 2,133,527 |
| 4,720,454 | ||
| Financial Services 5.2% | ||
| Federal Agricultural Mortgage Corp., Class C | 19,573 | 3,371,841 |
| Remitly Global, Inc. (a) | 283,844 | 4,683,426 |
| Repay Holdings Corp. (a) | 379,851 | 1,868,867 |
| Shift4 Payments, Inc., Class A (a)(b) | 45,356 | 4,671,668 |
| 14,595,802 | ||
| Food Products 0.8% | ||
| Freshpet, Inc. (a) | 30,787 | 2,103,368 |
| Gas Utilities 1.5% | ||
| New Jersey Resources Corp. | 90,421 | 4,151,228 |
| Ground Transportation 2.2% | ||
| Ryder System, Inc. | 33,865 | 6,018,149 |
| Health Care Equipment & Supplies 4.3% | ||
| Artivion, Inc. (a) | 194,115 | 6,000,095 |
| Lantheus Holdings, Inc. (a) | 47,439 | 3,377,182 |
| SI-BONE, Inc. (a) | 146,942 | 2,502,422 |
| 11,879,699 | ||
| Health Care Providers & Services 1.6% | ||
| Progyny, Inc. (a) | 184,343 | 4,333,904 |
| Health Care REITs 1.7% | ||
| CareTrust REIT, Inc. | 144,513 | 4,595,513 |
| Shares | Value | |
| Common Stocks | ||
| Hotels, Restaurants & Leisure 1.4% | ||
| Life Time Group Holdings, Inc. (a) | 137,091 | $ 3,937,254 |
| Household Durables 1.6% | ||
| Champion Homes, Inc. (a) | 73,153 | 4,455,018 |
| IT Services 1.0% | ||
| Grid Dynamics Holdings, Inc. (a) | 279,255 | 2,650,130 |
| Machinery 3.2% | ||
| Blue Bird Corp. (a) | 115,529 | 5,174,544 |
| Greenbrier Cos., Inc. (The) | 80,078 | 3,643,549 |
| 8,818,093 | ||
| Marine Transportation 1.4% | ||
| Kirby Corp. (a) | 42,051 | 4,007,881 |
| Media 3.0% | ||
| Magnite, Inc. (a) | 365,918 | 8,419,773 |
| Metals & Mining 3.2% | ||
| Kaiser Aluminum Corp. | 60,683 | 4,691,403 |
| Lundin Mining Corp. | 406,930 | 4,155,643 |
| 8,847,046 | ||
| Oil, Gas & Consumable Fuels 1.7% | ||
| Excelerate Energy, Inc., Class A | 184,690 | 4,739,145 |
| Pharmaceuticals 1.5% | ||
| Amneal Pharmaceuticals, Inc. (a) | 22,090 | 172,744 |
| Amphastar Pharmaceuticals, Inc. (a) | 5,544 | 116,147 |
| ANI Pharmaceuticals, Inc. (a) | 2,703 | 171,235 |
| Avadel Pharmaceuticals plc, ADR (a) | 13,643 | 143,388 |
| Axsome Therapeutics, Inc. (a) | 6,016 | 609,902 |
| Collegium Pharmaceutical, Inc. (a) | 4,825 | 144,075 |
| Edgewise Therapeutics, Inc. (a) | 10,759 | 153,423 |
| Harmony Biosciences Holdings, Inc. (a) | 6,617 | 232,786 |
| Harrow, Inc. (a) | 4,730 | 150,225 |
| Indivior plc (a)(b) | 17,554 | 354,591 |
| Innoviva, Inc. (a) | 9,588 | 174,214 |
| Ligand Pharmaceuticals, Inc. (a) | 2,841 | 373,819 |
| Ocular Therapeutix, Inc. (a)(b) | 20,834 | 241,258 |
| Pacira BioSciences, Inc. (a) | 6,969 | 146,976 |
| Prestige Consumer Healthcare, Inc. (a) | 7,552 | 558,470 |
| Supernus Pharmaceuticals, Inc. (a) | 8,033 | 281,958 |
| Tarsus Pharmaceuticals, Inc. (a) | 5,770 | 223,991 |
| 4,249,202 | ||
| Shares | Value | |
| Common Stocks | ||
| Professional Services 3.6% | ||
| Maximus, Inc. | 80,103 | $ 5,916,408 |
| Verra Mobility Corp. (a) | 167,750 | 4,237,365 |
| 10,153,773 | ||
| Real Estate Management & Development 1.1% | ||
| Marcus & Millichap, Inc. | 97,124 | 3,026,384 |
| Retail REITs 1.6% | ||
| Macerich Co. (The) | 273,725 | 4,573,945 |
| Semiconductors & Semiconductor Equipment 2.8% | ||
| Ichor Holdings Ltd. (a) | 138,337 | 2,737,689 |
| Tower Semiconductor Ltd. (a) | 110,235 | 5,043,251 |
| 7,780,940 | ||
| Software 5.2% | ||
| A10 Networks, Inc. | 242,908 | 4,474,365 |
| RingCentral, Inc., Class A (a) | 124,020 | 3,161,270 |
| SEMrush Holdings, Inc., Class A (a) | 256,890 | 2,301,735 |
| Verint Systems, Inc. (a) | 216,633 | 4,609,950 |
| 14,547,320 | ||
| Specialized REITs 1.5% | ||
| EPR Properties | 75,020 | 4,129,101 |
| Specialty Retail 1.1% | ||
| Upbound Group, Inc. | 151,384 | 3,123,809 |
| Trading Companies & Distributors 4.2% | ||
| MRC Global, Inc. (a) | 468,967 | 6,884,435 |
| Xometry, Inc., Class A (a)(b) | 148,285 | 4,795,537 |
| 11,679,972 | ||
| Total Common Stocks (Cost $242,060,605) | 261,574,689 | |
| Exchange-Traded Fund 4.1% | ||
| iShares Russell 2000 ETF (b) | 51,527 | 11,304,509 |
| Total Exchange-Traded Fund (Cost $10,959,825) | 11,304,509 | |
| Short-Term Investments 2.4% | ||
| Affiliated Investment Company 1.9% | ||
| NYLI U.S. Government Liquidity Fund, 4.215% (c) | 5,465,326 | 5,465,326 |
| Shares | Value | ||
| Short-Term Investments | |||
| Unaffiliated Investment Company 0.5% | |||
| Invesco Government & Agency Portfolio, 4.342% (c)(d) | 1,333,072 | $ 1,333,072 | |
| Total Short-Term Investments (Cost $6,798,398) | 6,798,398 | ||
| Total Investments (Cost $259,818,828) | 100.6% | 279,677,596 | |
| Other Assets, Less Liabilities | (0.6) | (1,603,007) | |
| Net Assets | 100.0% | $ 278,074,589 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2025, the aggregate market value of securities on loan was $11,084,818; the total market value of collateral held by the Fund was $11,370,107. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $10,037,035. The Fund received cash collateral with a value of $1,333,072. |
| (c) | Current yield as of July 31, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 3,276 | $ 80,361 | $ (78,172) | $ — | $ — | $ 5,465 | $ 99 | $ — | 5,465 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| REIT—Real Estate Investment Trust |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 261,574,689 | $ — | $ — | $ 261,574,689 | |||
| Exchange-Traded Fund | 11,304,509 | — | — | 11,304,509 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 5,465,326 | — | — | 5,465,326 | |||
| Unaffiliated Investment Company | 1,333,072 | — | — | 1,333,072 | |||
| Total Short-Term Investments | 6,798,398 | — | — | 6,798,398 | |||
| Total Investments in Securities | $ 279,677,596 | $ — | $ — | $ 279,677,596 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Principal Amount | Value | |
| Long-Term Bonds 96.4% | ||
| Asset-Backed Securities 5.9% | ||
| Other Asset-Backed Securities 5.9% | ||
| Benefit Street Partners CLO XXXVII Ltd. | ||
| Series 2024-37A, Class A | ||
| 5.668% (3 Month SOFR + 1.35%), due 1/25/38 (a)(b) | $ 500,000 | $ 500,947 |
| Cloud Capital Holdco LP | ||
| Series 2024-1A, Class A2 | ||
| 5.781%, due 11/22/49 (a) | 500,000 | 505,581 |
| College Ave Student Loans LLC | ||
| Series 2024-B, Class A1A | ||
| 5.69%, due 8/25/54 (a) | 674,036 | 687,094 |
| CyrusOne Data Centers Issuer I LLC (a) | ||
| Series 2023-2A, Class A2 | ||
| 5.56%, due 11/20/48 | 675,000 | 679,511 |
| Series 2025-1A, Class A2 | ||
| 5.91%, due 2/20/50 | 500,000 | 509,628 |
| Empower CLO Ltd. | ||
| Series 2023-2A, Class A1 | ||
| 6.518% (3 Month SOFR + 2.20%), due 7/15/36 (a)(b) | 1,000,000 | 1,003,304 |
| Oak Street Investment Grade Net Lease Fund | ||
| Series 2021-1A, Class A1 | ||
| 1.48%, due 1/20/51 (a) | 650,648 | 636,575 |
| Sabey Data Center Issuer LLC | ||
| Series 2025-1, Class A2 | ||
| 5.733%, due 2/21/50 (a) | 500,000 | 507,475 |
| Sunnova Helios XIII Issuer LLC | ||
| Series 2024-A, Class A | ||
| 5.30%, due 2/20/51 (a) | 303,973 | 279,274 |
| Sunnova Helios XIV Issuer LLC | ||
| Series 2024-B, Class A | ||
| 6.15%, due 5/22/51 (a) | 511,125 | 493,330 |
| SVC ABS LLC | ||
| Series 2023-1A, Class A | ||
| 5.15%, due 2/20/53 (a) | 775,514 | 765,546 |
| Trafigura Securitisation Finance plc | ||
| Series 2024-1A, Class A2 | ||
| 5.98%, due 11/15/27 (a) | 1,000,000 | 1,007,686 |
| Total Asset-Backed Securities (Cost $7,407,522) | 7,575,951 | |
| Corporate Bonds 28.6% | ||
| Aerospace & Defense 0.7% | ||
| BAE Systems plc | ||
| 5.125%, due 3/26/29 (a) | 590,000 | 603,574 |
| General Electric Co. | ||
| 4.30%, due 7/29/30 | 280,000 | 278,664 |
| 882,238 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Auto Manufacturers 1.4% | ||
| Daimler Truck Finance North America LLC | ||
| 5.25%, due 1/13/30 (a) | $ 285,000 | $ 291,183 |
| Ford Motor Credit Co. LLC | ||
| 4.542%, due 8/1/26 | 505,000 | 500,723 |
| General Motors Financial Co., Inc. | ||
| 6.05%, due 10/10/25 | 735,000 | 736,652 |
| Hyundai Capital America | ||
| 4.875%, due 6/23/27 (a) | 250,000 | 250,802 |
| 1,779,360 | ||
| Banks 13.2% | ||
| ABN AMRO Bank NV | ||
| 6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | 255,000 | 259,639 |
| Banco Santander SA | ||
| 5.565%, due 1/17/30 | 600,000 | 620,474 |
| Bank of America Corp. (c) | ||
| 5.08%, due 1/20/27 | 1,720,000 | 1,725,113 |
| Series FIX | ||
| 5.162%, due 1/24/31 | 245,000 | 250,658 |
| 5.202%, due 4/25/29 | 380,000 | 387,084 |
| Bank of New York Mellon (The) | ||
| 4.729%, due 4/20/29 (c) | 640,000 | 646,753 |
| Barclays plc | ||
| 5.829%, due 5/9/27 (c) | 210,000 | 211,699 |
| 7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | 990,000 | 1,046,998 |
| Citigroup, Inc. | ||
| 5.592% (5 Year Treasury Constant Maturity Rate + 1.28%), due 11/19/34 (b) | 335,000 | 339,344 |
| 5.61%, due 9/29/26 (c) | 1,040,000 | 1,041,268 |
| Credit Agricole SA | ||
| 5.23%, due 1/9/29 (a)(c) | 685,000 | 694,004 |
| Goldman Sachs Group, Inc. (The) (c) | ||
| 5.218%, due 4/23/31 | 160,000 | 163,605 |
| 6.484%, due 10/24/29 | 785,000 | 829,903 |
| HSBC Holdings plc | ||
| 7.336%, due 11/3/26 (c) | 840,000 | 845,434 |
| Huntington Bancshares, Inc. | ||
| 5.272%, due 1/15/31 (c) | 470,000 | 479,798 |
| JPMorgan Chase & Co. (c) | ||
| 5.103%, due 4/22/31 | 1,010,000 | 1,032,902 |
| 5.571%, due 4/22/28 | 340,000 | 346,018 |
| KeyCorp | ||
| 5.121%, due 4/4/31 (c) | 470,000 | 475,048 |
| Lloyds Banking Group plc | ||
| 5.087% (1 Year Treasury Constant Maturity Rate + 0.85%), due 11/26/28 (b) | 345,000 | 348,748 |
| Morgan Stanley (c) | ||
| 5.656%, due 4/18/30 | 360,000 | 373,043 |
| 6.138%, due 10/16/26 | 380,000 | 380,999 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Morgan Stanley Private Bank NA | ||
| 4.734%, due 7/18/31 (c) | $ 280,000 | $ 281,262 |
| PNC Financial Services Group, Inc. (The) (c) | ||
| 4.758%, due 1/26/27 | 125,000 | 125,017 |
| 4.899%, due 5/13/31 | 360,000 | 363,948 |
| 6.615%, due 10/20/27 | 295,000 | 301,972 |
| Toronto-Dominion Bank (The) | ||
| 5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | 285,000 | 286,519 |
| Truist Bank | ||
| 4.632% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | 285,000 | 282,659 |
| U.S. Bancorp | ||
| 6.787%, due 10/26/27 (c) | 440,000 | 451,553 |
| UBS Group AG | ||
| 6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (a)(b) | 625,000 | 639,695 |
| Wells Fargo & Co. (c) | ||
| 4.54%, due 8/15/26 | 780,000 | 779,823 |
| 4.97%, due 4/23/29 | 700,000 | 708,214 |
| 5.15%, due 4/23/31 | 255,000 | 260,211 |
| 16,979,405 | ||
| Beverages 0.3% | ||
| Keurig Dr Pepper, Inc. | ||
| 4.60%, due 5/15/30 | 380,000 | 379,905 |
| Biotechnology 0.7% | ||
| Amgen, Inc. | ||
| 5.15%, due 3/2/28 | 665,000 | 677,193 |
| 5.25%, due 3/2/30 | 265,000 | 272,257 |
| 949,450 | ||
| Commercial Services 0.3% | ||
| Equifax, Inc. | ||
| 4.80%, due 9/15/29 | 380,000 | 382,461 |
| Computers 0.2% | ||
| Hewlett Packard Enterprise Co. | ||
| 4.55%, due 10/15/29 | 230,000 | 228,652 |
| Diversified Financial Services 1.3% | ||
| Ally Financial, Inc. | ||
| 6.992%, due 6/13/29 (c) | 370,000 | 389,056 |
| Ares Management Corp. | ||
| 6.375%, due 11/10/28 | 485,000 | 510,678 |
| Blackstone Holdings Finance Co. LLC | ||
| 5.90%, due 11/3/27 (a) | 355,000 | 365,044 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services | ||
| Charles Schwab Corp. (The) | ||
| 6.196%, due 11/17/29 (c) | $ 390,000 | $ 411,572 |
| 1,676,350 | ||
| Electric 1.9% | ||
| Duke Energy Corp. | ||
| 2.45%, due 6/1/30 | 235,000 | 212,898 |
| Florida Power & Light Co. | ||
| 5.05%, due 4/1/28 | 595,000 | 606,973 |
| National Rural Utilities Cooperative Finance Corp. | ||
| 5.05%, due 9/15/28 | 280,000 | 285,289 |
| Pacific Gas and Electric Co. | ||
| 5.45%, due 6/15/27 | 225,000 | 227,837 |
| 6.10%, due 1/15/29 | 505,000 | 522,287 |
| Southern California Edison Co. | ||
| 5.85%, due 11/1/27 | 255,000 | 260,638 |
| Southern Co. (The) | ||
| 5.15%, due 10/6/25 | 280,000 | 280,083 |
| 2,396,005 | ||
| Healthcare-Products 0.7% | ||
| GE HealthCare Technologies, Inc. | ||
| 4.80%, due 8/14/29 | 280,000 | 283,200 |
| Solventum Corp. | ||
| 5.45%, due 2/25/27 | 670,000 | 680,391 |
| 963,591 | ||
| Healthcare-Services 0.4% | ||
| HCA, Inc. | ||
| 5.625%, due 9/1/28 | 445,000 | 456,599 |
| Home Furnishings 0.4% | ||
| Leggett & Platt, Inc. | ||
| 4.40%, due 3/15/29 | 555,000 | 541,920 |
| Insurance 2.3% | ||
| Corebridge Global Funding | ||
| 5.20%, due 1/12/29 (a) | 625,000 | 636,136 |
| Equitable America Global Funding | ||
| 4.95%, due 6/9/30 (a) | 400,000 | 403,183 |
| GA Global Funding Trust | ||
| 5.40%, due 1/13/30 (a) | 565,000 | 578,236 |
| Jackson National Life Global Funding | ||
| 5.35%, due 1/13/30 (a) | 315,000 | 324,219 |
| Lincoln Financial Global Funding | ||
| 5.30%, due 1/13/30 (a) | 375,000 | 384,196 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Insurance | ||
| Principal Life Global Funding II | ||
| 4.60%, due 8/19/27 (a) | $ 635,000 | $ 636,255 |
| 2,962,225 | ||
| Investment Companies 0.6% | ||
| Antares Holdings LP (a) | ||
| 3.95%, due 7/15/26 | 250,000 | 246,427 |
| 7.95%, due 8/11/28 | 250,000 | 263,531 |
| Blackstone Private Credit Fund | ||
| 7.05%, due 9/29/25 | 205,000 | 205,656 |
| 715,614 | ||
| Media 0.3% | ||
| Charter Communications Operating LLC | ||
| 2.80%, due 4/1/31 | 205,000 | 181,611 |
| 6.10%, due 6/1/29 | 155,000 | 161,690 |
| 343,301 | ||
| Office & Business Equipment 0.3% | ||
| CDW LLC | ||
| 5.10%, due 3/1/30 | 380,000 | 382,736 |
| Oil & Gas 0.1% | ||
| Patterson-UTI Energy, Inc. | ||
| 5.15%, due 11/15/29 | 186,000 | 183,898 |
| Pipelines 0.9% | ||
| Cheniere Energy Partners LP | ||
| 4.00%, due 3/1/31 | 265,000 | 253,119 |
| Energy Transfer LP | ||
| 5.55%, due 2/15/28 | 290,000 | 297,165 |
| ONEOK, Inc. | ||
| 5.55%, due 11/1/26 | 265,000 | 267,781 |
| 5.85%, due 1/15/26 | 275,000 | 276,400 |
| 1,094,465 | ||
| Semiconductors 1.1% | ||
| Broadcom Corp. | ||
| 3.875%, due 1/15/27 | 500,000 | 495,708 |
| Broadcom, Inc. | ||
| 5.05%, due 4/15/30 | 535,000 | 546,628 |
| Intel Corp. | ||
| 4.875%, due 2/10/28 | 320,000 | 322,298 |
| 1,364,634 | ||
| Software 0.6% | ||
| Oracle Corp. | ||
| 2.95%, due 4/1/30 | 845,000 | 786,213 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Telecommunications 0.6% | ||
| AT&T, Inc. | ||
| 1.70%, due 3/25/26 | $ 780,000 | $ 765,845 |
| Transportation 0.3% | ||
| JB Hunt Transport Services, Inc. | ||
| 4.90%, due 3/15/30 | 370,000 | 375,123 |
| Total Corporate Bonds (Cost $36,004,244) | 36,589,990 | |
| Mortgage-Backed Securities 9.8% | ||
| Agency (Collateralized Mortgage Obligations) 1.6% | ||
| GNMA | ||
| REMIC, Series 2021-104, Class BI | ||
| 3.00%, due 6/20/51 (d) | 2,617,931 | 519,041 |
| REMIC, Series 2020-74, Class IE | ||
| 3.50%, due 5/16/50 (d) | 3,036,463 | 609,926 |
| REMIC, Series 2023-40, Class DL | ||
| 5.50%, due 3/20/53 | 500,000 | 496,468 |
| REMIC, Series 2025-41, Class MB | ||
| 6.748% (SOFR 30A + 2.40%), due 11/20/54 (b) | 450,409 | 447,914 |
| 2,073,349 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.9% | ||
| ALA Trust | ||
| Series 2025-OANA, Class A | ||
| 6.085% (1 Month SOFR + 1.743%), due 6/15/40 (a)(b) | 750,000 | 754,219 |
| BOCA Commercial Mortgage Trust | ||
| Series 2024-BOCA, Class A | ||
| 6.263% (1 Month SOFR + 1.921%), due 8/15/41 (a)(b) | 750,000 | 753,281 |
| BX | ||
| Series 2024-BRVE, Class A | ||
| 6.183% (1 Month SOFR + 1.841%), due 4/15/26 (a)(b) | 729,968 | 730,879 |
| BX Trust | ||
| Series 2025-VLT7, Class A | ||
| 6.00% (1 Month SOFR + 1.70%), due 7/15/44 (a)(b) | 700,000 | 702,405 |
| FNMA, ACES | ||
| Series 2019-M12, Class X3 | ||
| 0.603%, due 6/25/29 (d)(e) | 13,000,000 | 276,554 |
| GNMA | ||
| REMIC, Series 2024-32 | ||
| 0.70%, due 6/16/63 (d)(e) | 11,991,808 | 587,298 |
| ORL Trust | ||
| Series 2024-GLKS, Class A | ||
| 5.834% (1 Month SOFR + 1.493%), due 12/15/39 (a)(b) | 500,000 | 500,443 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| SHR Trust | ||
| Series 2024-LXRY, Class A | ||
| 6.292% (1 Month SOFR + 1.95%), due 10/15/41 (a)(b) | $ 750,000 | $ 750,000 |
| 5,055,079 | ||
| Whole Loan (Collateralized Mortgage Obligations) 4.3% | ||
| A&D Mortgage Trust (a) | ||
| Series 2024-NQM5, Class A1 | ||
| 5.699%, due 11/25/69 | 452,049 | 452,460 |
| Series 2023-NQM5, Class A1 | ||
| 7.049%, due 11/25/68 (f) | 586,121 | 592,568 |
| Series 2023-NQM4, Class A1 | ||
| 7.472%, due 9/25/68 (f) | 557,238 | 564,935 |
| EFMT | ||
| Series 2025-NQM1, Class A1 | ||
| 5.668%, due 1/25/70 (a)(g) | 455,643 | 457,058 |
| GCAT Trust | ||
| Series 2023-NQM3, Class A1 | ||
| 6.889%, due 8/25/68 (a)(f) | 506,984 | 511,556 |
| HOMES Trust | ||
| Series 2025-AFC2, Class A1A | ||
| 5.471%, due 6/25/60 (a)(f) | 490,093 | 489,235 |
| J.P. Morgan Mortgage Trust | ||
| Series 2024-10, Class A3 | ||
| 5.00%, due 3/25/55 (a)(g) | 399,191 | 386,041 |
| OBX Trust | ||
| Series 2025-NQM9, Class A1 | ||
| 5.658%, due 1/25/65 (a)(f) | 490,802 | 493,359 |
| PRKCM | ||
| Series 2025-HOME1, Class A1A | ||
| 5.546%, due 2/25/60 (a)(f) | 483,091 | 482,867 |
| PRKCM Trust | ||
| Series 2024-HOME1, Class A1 | ||
| 6.431%, due 5/25/59 (a)(f) | 581,400 | 585,873 |
| PRPM Trust | ||
| Series 2025-NQM1, Class A1 | ||
| 5.802%, due 11/25/69 (a)(f) | 450,510 | 451,460 |
| 5,467,412 | ||
| Total Mortgage-Backed Securities (Cost $12,547,653) | 12,595,840 | |
| U.S. Government & Federal Agencies 52.1% | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.3% | ||
| UMBS, 30 Year | ||
| 5.50%, due 11/1/52 | 440,269 | 440,917 |
| 6.00%, due 11/1/52 | 612,694 | 624,836 |
| Principal Amount | Value | ||
| U.S. Government & Federal Agencies | |||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) | |||
| UMBS, Single Family, 30 Year TBA | |||
| 5.50%, due 8/25/55 (h) | $ 650,000 | $ 646,558 | |
| 1,712,311 | |||
| United States Treasury Notes 50.8% | |||
| U.S. Treasury Notes | |||
| 3.875%, due 3/31/27 | 40,025,000 | 39,945,262 | |
| 3.875%, due 7/15/28 | 19,150,000 | 19,144,016 | |
| 3.875%, due 6/30/30 | 100,000 | 99,641 | |
| 3.875%, due 7/31/30 | 1,450,000 | 1,444,789 | |
| 4.00%, due 6/30/32 | 830,000 | 823,256 | |
| 4.25%, due 5/15/35 | 3,675,000 | 3,642,844 | |
| 65,099,808 | |||
| Total U.S. Government & Federal Agencies (Cost $66,890,324) | 66,812,119 | ||
| Total Long-Term Bonds (Cost $122,849,743) | 123,573,900 | ||
| Shares | |||
| Exchange-Traded Fund 2.1% | |||
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 50,301 | 2,647,342 | |
| Total Exchange-Traded Fund (Cost $2,524,219) | 2,647,342 | ||
| Total Investments (Cost $125,373,962) | 98.5% | 126,221,242 | |
| Other Assets, Less Liabilities | 1.5 | 1,894,308 | |
| Net Assets | 100.0% | $ 128,115,550 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of July 31, 2025. |
| (d) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (e) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of July 31, 2025. |
| (f) | Step coupon—Rate shown was the rate in effect as of July 31, 2025. |
| (g) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of July 31, 2025. |
| (h) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of July 31, 2025, the total net market value was $646,558, which represented 0.5% of the Fund’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 178 | September 2025 | $ 36,896,120 | $ 36,843,219 | $ (52,901) |
| Short Contracts | |||||
| U.S. Treasury 5 Year Notes | (177) | September 2025 | (19,098,705) | (19,146,422) | (47,717) |
| U.S. Treasury 10 Year Notes | (11) | September 2025 | (1,208,214) | (1,221,687) | (13,473) |
| U.S. Treasury 10 Year Ultra Bonds | (43) | September 2025 | (4,781,614) | (4,862,359) | (80,745) |
| U.S. Treasury Long Bonds | (5) | September 2025 | (550,928) | (570,938) | (20,010) |
| Total Short Contracts | (161,945) | ||||
| Net Unrealized Depreciation | $ (214,846) |
| 1. | As of July 31, 2025, cash in the amount of $395,911 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2025. |
| Abbreviation(s): |
| ACES—Alternative Credit Enhancement Securities |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| SVC—El Salvador Colon |
| TBA—To Be Announced |
| UMBS—Uniform Mortgage Backed Securities |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Long-Term Bonds | |||||||
| Asset-Backed Securities | $ — | $ 7,575,951 | $ — | $ 7,575,951 | |||
| Corporate Bonds | — | 36,589,990 | — | 36,589,990 | |||
| Mortgage-Backed Securities | — | 12,595,840 | — | 12,595,840 | |||
| U.S. Government & Federal Agencies | — | 66,812,119 | — | 66,812,119 | |||
| Total Long-Term Bonds | — | 123,573,900 | — | 123,573,900 | |||
| Exchange-Traded Fund | 2,647,342 | — | — | 2,647,342 | |||
| Total Investments in Securities | $ 2,647,342 | $ 123,573,900 | $ — | $ 126,221,242 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (214,846) | $ — | $ — | $ (214,846) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 98.6% | ||
| Denmark 1.0% | ||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 8,668 | $ 400,100 |
| France 2.9% | ||
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 2,161 | 1,161,933 |
| India 1.8% | ||
| HDFC Bank Ltd., ADR (Banks) | 9,685 | 743,518 |
| Japan 3.1% | ||
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 3,467 | 1,253,497 |
| Netherlands 2.9% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 1,721 | 1,194,212 |
| Switzerland 4.9% | ||
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 7,094 | 1,154,425 |
| Geberit AG (Registered) (Building Products) | 1,076 | 822,269 |
| 1,976,694 | ||
| Taiwan 8.5% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 14,391 | 3,477,153 |
| United Kingdom 5.6% | ||
| Diageo plc (Beverages) | 25,379 | 619,736 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 11,171 | 1,287,168 |
| Intertek Group plc (Professional Services) | 5,756 | 374,234 |
| 2,281,138 | ||
| United States 67.9% | ||
| Alphabet, Inc., Class A (Interactive Media & Services) | 14,686 | 2,818,243 |
| AutoZone, Inc. (Specialty Retail) (a) | 560 | 2,110,293 |
| Carrier Global Corp. (Building Products) | 14,368 | 985,932 |
| CME Group, Inc. (Capital Markets) | 5,879 | 1,636,008 |
| Copart, Inc. (Commercial Services & Supplies) (a) | 16,300 | 738,879 |
| Graco, Inc. (Machinery) | 9,432 | 792,099 |
| Johnson & Johnson (Pharmaceuticals) | 5,654 | 931,440 |
| Mastercard, Inc., Class A (Financial Services) | 3,560 | 2,016,633 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 782 | 964,738 |
| Microsoft Corp. (Software) | 6,281 | 3,350,914 |
| Moody's Corp. (Capital Markets) | 4,110 | 2,119,650 |
| MSCI, Inc. (Capital Markets) | 2,374 | 1,332,669 |
| Nestle SA (Registered) (Food Products) | 12,066 | 1,052,276 |
| Oracle Corp. (Software) | 8,127 | 2,062,389 |
| Otis Worldwide Corp. (Machinery) | 10,662 | 913,627 |
| PepsiCo, Inc. (Beverages) | 5,977 | 824,348 |
| Sherwin-Williams Co. (The) (Chemicals) | 3,730 | 1,234,182 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| TJX Cos., Inc. (The) (Specialty Retail) | 11,013 | $ 1,371,449 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 1,633 | 407,532 | |
| 27,663,301 | |||
| Total Common Stocks (Cost $30,955,674) | 40,151,546 | ||
| Total Investments (Cost $30,955,674) | 98.6% | 40,151,546 | |
| Other Assets, Less Liabilities | 1.4 | 558,194 | |
| Net Assets | 100.0% | $ 40,709,740 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ — | $ 22,634 | $ (22,634) | $ — | $ — | $ — | $ 6 | $ — | — |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Denmark | $ — | $ 400,100 | $ — | $ 400,100 | |||
| France | — | 1,161,933 | — | 1,161,933 | |||
| Japan | — | 1,253,497 | — | 1,253,497 | |||
| Netherlands | — | 1,194,212 | — | 1,194,212 | |||
| Switzerland | — | 1,976,694 | — | 1,976,694 | |||
| United Kingdom | — | 2,281,138 | — | 2,281,138 | |||
| United States | 26,611,025 | 1,052,276 | — | 27,663,301 | |||
| All Other Countries | 4,220,671 | — | — | 4,220,671 | |||
| Total Investments in Securities | $ 30,831,696 | $ 9,319,850 | $ — | $ 40,151,546 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.7% | ||
| Australia 1.2% | ||
| Commonwealth Bank of Australia (Banks) | 87,525 | $ 9,942,666 |
| Canada 2.8% | ||
| Canadian National Railway Co. (Ground Transportation) | 246,709 | 23,054,956 |
| Denmark 2.3% | ||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 409,735 | 18,912,654 |
| France 17.0% | ||
| Air Liquide SA (Chemicals) | 155,970 | 30,700,622 |
| Air Liquide SA, Loyalty Shares (Chemicals) | 66,712 | 13,131,370 |
| EssilorLuxottica SA (Health Care Equipment & Supplies) | 132,346 | 39,257,916 |
| L'Oreal SA (Personal Care Products) | 53,230 | 23,583,913 |
| L'Oreal SA, Loyalty Shares (Registered) (Personal Care Products) | 9,600 | 4,253,345 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 55,202 | 29,681,183 |
| 140,608,349 | ||
| Germany 6.1% | ||
| Rational AG (Machinery) | 17,076 | 13,243,253 |
| SAP SE (Software) | 131,710 | 37,702,500 |
| 50,945,753 | ||
| India 2.2% | ||
| HDFC Bank Ltd., ADR (Banks) | 237,718 | 18,249,611 |
| Japan 5.3% | ||
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 99,720 | 36,053,851 |
| Shimano, Inc. (Leisure Products) | 30,021 | 3,282,322 |
| Unicharm Corp. (Household Products) | 673,233 | 4,704,231 |
| 44,040,404 | ||
| Netherlands 4.4% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 52,277 | 36,275,316 |
| Spain 3.7% | ||
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 378,504 | 30,384,524 |
| Sweden 0.8% | ||
| Atlas Copco AB, Class A (Machinery) | 467,118 | 7,078,228 |
| Switzerland 10.1% | ||
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 202,115 | 32,890,692 |
| Geberit AG (Registered) (Building Products) | 30,144 | 23,035,769 |
| Schindler Holding AG (Machinery) | 76,032 | 27,518,283 |
| 83,444,744 | ||
| Shares | Value | ||
| Common Stocks | |||
| Taiwan 9.1% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 313,834 | $ 75,828,571 | |
| United Kingdom 22.0% | |||
| Ashtead Group plc (Trading Companies & Distributors) | 229,939 | 15,381,434 | |
| Diageo plc (Beverages) | 695,211 | 16,976,532 | |
| Howden Joinery Group plc (Trading Companies & Distributors) | 1,601,313 | 18,572,289 | |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 353,612 | 40,744,608 | |
| Intertek Group plc (Professional Services) | 271,218 | 17,633,601 | |
| London Stock Exchange Group plc (Capital Markets) | 379,680 | 46,312,429 | |
| Spirax Group plc (Machinery) | 120,741 | 10,088,615 | |
| Unilever plc (Personal Care Products) | 289,592 | 16,890,444 | |
| 182,599,952 | |||
| United States 12.7% | |||
| Alcon AG (Health Care Equipment & Supplies) | 241,434 | 21,177,108 | |
| Aon plc, Class A (Insurance) | 59,287 | 21,088,979 | |
| Nestle SA (Registered) (Food Products) | 378,716 | 33,027,841 | |
| S&P Global, Inc. (Capital Markets) | 54,383 | 29,970,471 | |
| 105,264,399 | |||
| Total Common Stocks (Cost $722,781,651) | 826,630,127 | ||
| Total Investments (Cost $722,781,651) | 99.7% | 826,630,127 | |
| Other Assets, Less Liabilities | 0.3 | 2,160,866 | |
| Net Assets | 100.0% | $ 828,790,993 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 8,248 | $ 238,576 | $ (246,824) | $ — | $ — | $ — | $ 239 | $ — | — |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | |||||||
| Australia | $ — | $ 9,942,666 | $ — | $ 9,942,666 | |||
| Denmark | — | 18,912,654 | — | 18,912,654 | |||
| France | 23,756,758 | 116,851,591 | — | 140,608,349 | |||
| Germany | — | 50,945,753 | — | 50,945,753 | |||
| Japan | — | 44,040,404 | — | 44,040,404 | |||
| Netherlands | — | 36,275,316 | — | 36,275,316 | |||
| Spain | — | 30,384,524 | — | 30,384,524 | |||
| Sweden | — | 7,078,228 | — | 7,078,228 | |||
| Switzerland | — | 83,444,744 | — | 83,444,744 | |||
| United Kingdom | — | 182,599,952 | — | 182,599,952 | |||
| United States | 51,059,450 | 54,204,949 | — | 105,264,399 | |||
| All Other Countries | 117,133,138 | — | — | 117,133,138 | |||
| Total Investments in Securities | $ 191,949,346 | $ 634,680,781 | $ — | $ 826,630,127 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| Shares | Value | |
| Common Stocks 99.8% | ||
| Beverages 2.9% | ||
| PepsiCo, Inc. | 116,909 | $ 16,124,089 |
| Building Products 2.7% | ||
| Carrier Global Corp. | 219,034 | 15,030,113 |
| Capital Markets 17.2% | ||
| CME Group, Inc. | 85,070 | 23,673,280 |
| FactSet Research Systems, Inc. | 30,397 | 12,246,951 |
| Moody's Corp. | 81,267 | 41,911,830 |
| MSCI, Inc. | 31,534 | 17,701,926 |
| 95,533,987 | ||
| Chemicals 6.8% | ||
| Linde plc | 40,388 | 18,588,981 |
| Sherwin-Williams Co. (The) | 57,342 | 18,973,321 |
| 37,562,302 | ||
| Commercial Services & Supplies 2.6% | ||
| Copart, Inc. (a) | 316,100 | 14,328,813 |
| Financial Services 5.8% | ||
| Mastercard, Inc., Class A | 57,306 | 32,462,130 |
| Health Care Providers & Services 1.7% | ||
| UnitedHealth Group, Inc. | 38,283 | 9,553,906 |
| Hotels, Restaurants & Leisure 3.1% | ||
| Hilton Worldwide Holdings, Inc. | 65,300 | 17,505,624 |
| Household Products 1.5% | ||
| Colgate-Palmolive Co. | 99,253 | 8,322,364 |
| Interactive Media & Services 8.4% | ||
| Alphabet, Inc., Class A | 244,819 | 46,980,766 |
| Life Sciences Tools & Services 3.0% | ||
| Mettler-Toledo International, Inc. (a) | 13,580 | 16,753,374 |
| Machinery 4.5% | ||
| Graco, Inc. | 147,202 | 12,362,024 |
| Otis Worldwide Corp. | 150,258 | 12,875,608 |
| 25,237,632 | ||
| Pharmaceuticals 2.8% | ||
| Johnson & Johnson | 94,777 | 15,613,563 |
| Shares | Value | ||
| Common Stocks | |||
| Semiconductors & Semiconductor Equipment 3.0% | |||
| Analog Devices, Inc. | 73,928 | $ 16,606,447 | |
| Software 18.4% | |||
| Adobe, Inc. (a) | 23,014 | 8,231,878 | |
| Microsoft Corp. | 110,277 | 58,832,779 | |
| Oracle Corp. | 138,543 | 35,158,057 | |
| 102,222,714 | |||
| Specialty Retail 13.6% | |||
| AutoZone, Inc. (a) | 9,976 | 37,593,359 | |
| Lowe's Cos., Inc. | 79,067 | 17,677,009 | |
| TJX Cos., Inc. (The) | 162,211 | 20,200,136 | |
| 75,470,504 | |||
| Textiles, Apparel & Luxury Goods 1.8% | |||
| NIKE, Inc., Class B | 133,936 | 10,003,680 | |
| Total Common Stocks (Cost $437,124,760) | 555,312,008 | ||
| Short-Term Investment 0.2% | |||
| Affiliated Investment Company 0.2% | |||
| NYLI U.S. Government Liquidity Fund, 4.215% (b) | 1,422,487 | 1,422,487 | |
| Total Short-Term Investment (Cost $1,422,487) | 1,422,487 | ||
| Total Investments (Cost $438,547,247) | 100.0% | 556,734,495 | |
| Other Assets, Less Liabilities | (0.0)‡ | (165,501) | |
| Net Assets | 100.0% | $ 556,568,994 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | Current yield as of July 31, 2025. |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| NYLI U.S. Government Liquidity Fund | $ 1,526 | $ 55,069 | $ (55,173) | $ — | $ — | $ 1,422 | $ 62 | $ — | 1,422 |
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
| Asset Valuation Inputs | |||||||
| Investments in Securities (a) | |||||||
| Common Stocks | $ 555,312,008 | $ — | $ — | $ 555,312,008 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 1,422,487 | — | — | 1,422,487 | |||
| Total Investments in Securities | $ 556,734,495 | $ — | $ — | $ 556,734,495 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| • | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
| • | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
| • | Level 3—significant unobservable inputs (including each Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
| • Benchmark yields | • Reported trades |
| • Broker/dealer quotes | • Issuer spreads |
| • Two-sided markets | • Benchmark securities |
| • Bids/offers | • Reference data (corporate actions or material event notices) |
| • Industry and economic events | • Comparable bonds |
| • Monthly payment information |