|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Municipal Obligations-82.43%
|
|
|
|
|
|
|
Alabama-2.39%
|
|
|
|
|
|
|
Southeast Energy Authority A Cooperative District No. 1, Series 2021 A, RB(a)
|
4.00%
|
10/01/2028
|
$
|
230
|
$231,104
|
|
Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB(a)
|
5.50%
|
12/01/2029
|
|
120
|
127,700
|
|
|
|
|
|
|
358,804
|
|
Arizona-1.42%
|
|
|
|
|
|
|
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated
Group),
Series 2016, Ref. RB
|
5.00%
|
01/01/2038
|
|
210
|
213,480
|
|
California-2.67%
|
|
|
|
|
|
|
California (State of) School Finance Authority (Alliance for College-Ready Public
Schools), Series 2016,
Ref. RB(b)
|
5.00%
|
07/01/2036
|
|
250
|
250,094
|
|
California (State of) School Finance Authority (KIPP LA), Series 2017 A, RB(b)
|
5.00%
|
07/01/2037
|
|
150
|
151,565
|
|
|
|
|
|
|
401,659
|
|
Colorado-2.57%
|
|
|
|
|
|
|
Denver City & County School District No. 1, Series 2017, GO Bonds
|
5.00%
|
12/01/2038
|
|
150
|
152,066
|
|
Raindance Metropolitan District No. 2, Series 2024, Ref. GO Bonds, (INS - BAM)(c)
|
5.00%
|
12/01/2039
|
|
225
|
233,556
|
|
|
|
|
|
|
385,622
|
|
Connecticut-13.32%
|
|
|
|
|
|
|
Connecticut State Health & Educational Facilities Authority, Series 2010, VRD RB(d)
|
0.40%
|
07/01/2049
|
|
2,000
|
2,000,000
|
|
Florida-7.28%
|
|
|
|
|
|
|
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017,
Ref. RB
|
5.00%
|
10/01/2036
|
|
100
|
102,643
|
|
Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB
|
5.00%
|
07/01/2040
|
|
120
|
120,029
|
|
Orlando Utilities Commission, Series 2008, VRD RB(d)
|
2.53%
|
10/01/2033
|
|
500
|
500,000
|
|
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities,
Inc.),
Series 2016, Ref. RB
|
5.00%
|
11/15/2032
|
|
200
|
202,209
|
|
Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB(e)
|
5.00%
|
10/01/2035
|
|
150
|
168,479
|
|
|
|
|
|
|
1,093,360
|
|
Guam-2.16%
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Series 2025 A, RB(e)
|
5.00%
|
07/01/2035
|
|
300
|
324,941
|
|
Idaho-2.24%
|
|
|
|
|
|
|
Idaho Housing & Finance Association, Series 2025 C, RB, (CEP - GNMA)
|
6.25%
|
01/01/2056
|
|
300
|
336,031
|
|
Illinois-7.31%
|
|
|
|
|
|
|
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
|
5.00%
|
01/01/2037
|
|
150
|
150,452
|
|
Illinois (State of), Series 2016, GO Bonds
|
4.00%
|
06/01/2035
|
|
300
|
291,574
|
|
Illinois (State of), Series 2020, GO Bonds
|
5.50%
|
05/01/2039
|
|
150
|
155,905
|
|
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group),
Series 2022,
Ref. VRD RB(d)
|
0.75%
|
08/15/2057
|
|
500
|
500,000
|
|
|
|
|
|
|
1,097,931
|
|
Michigan-7.16%
|
|
|
|
|
|
|
Lansing School District, Series 2016, GO Bonds
|
5.00%
|
05/01/2037
|
|
75
|
75,762
|
|
Michigan (State of) Building Authority (Facilities Program), Series 2023 I-M, VRD
RB(d)
|
2.39%
|
04/15/2058
|
|
500
|
500,000
|
|
Michigan (State of) Finance Authority (Corewell Health), Series 2025, VRD RB(d)
|
2.60%
|
01/15/2055
|
|
500
|
500,000
|
|
|
|
|
|
|
1,075,762
|
|
New York-15.89%
|
|
|
|
|
|
|
Hempstead Town Local Development Corp. (Molloy College), Series 2017, Ref. RB
|
5.00%
|
07/01/2038
|
|
150
|
150,373
|
|
New York (City of), NY Municipal Water Finance Authority, Series 2022 DD, Ref. VRD
RB(d)
|
0.75%
|
06/15/2033
|
|
1,000
|
1,000,000
|
|
New York (City of), NY Transitional Finance Authority, Subseries 2010 A-4, VRD RB(d)
|
0.60%
|
08/01/2039
|
|
500
|
500,000
|
|
New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref.
RB
|
5.25%
|
10/01/2035
|
|
150
|
167,894
|
|
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment),
Series 2016, RB, (INS - AGI)(c)(f)
|
4.00%
|
07/01/2037
|
|
120
|
113,718
|
|
New York Transportation Development Corp. (Terminal 4 JFK International Airport),
Series 2022, RB(f)
|
5.00%
|
12/01/2029
|
|
150
|
161,088
|
|
Westchester Tobacco Asset Securitization Corp., Series 2016 B, Ref. RB
|
5.00%
|
06/01/2041
|
|
300
|
293,401
|
|
|
|
|
|
|
2,386,474
|
|
Ohio-1.55%
|
|
|
|
|
|
|
Hamilton (County of), OH (Life Enriching Communities), Series 2023, RB
|
5.25%
|
01/01/2038
|
|
225
|
233,219
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Puerto Rico-0.16%
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds
|
4.00%
|
07/01/2041
|
$
|
28
|
$24,423
|
|
Texas-14.24%
|
|
|
|
|
|
|
Forney Independent School District, Series 2025, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)(e)
|
5.00%
|
08/15/2035
|
|
150
|
167,181
|
|
Houston (City of), TX, Series 2025 A, RB(e)(f)
|
5.25%
|
07/01/2036
|
|
175
|
189,037
|
|
Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB(b)(f)
|
4.63%
|
10/01/2031
|
|
225
|
225,068
|
|
Port of Port Arthur Navigation District, Series 2010 C, VRD RB(d)
|
0.90%
|
04/01/2040
|
|
500
|
500,000
|
|
Sherman Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent
School Fund)(e)
|
5.00%
|
02/15/2036
|
|
150
|
165,235
|
|
Texas (State of), Series 2022, VRD GO Bonds, (LOC - Sumitomo Mitsui Banking)(d)(g)
|
2.55%
|
06/01/2053
|
|
500
|
500,000
|
|
Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)(c)(e)
|
6.50%
|
03/01/2031
|
|
125
|
144,953
|
|
Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)(c)(e)
|
6.50%
|
03/01/2032
|
|
210
|
246,587
|
|
|
|
|
|
|
2,138,061
|
|
Wisconsin-2.07%
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit
Group),
Series 2016, Ref. RB
|
5.00%
|
11/15/2035
|
|
150
|
151,165
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance), Series
2012, RB
|
5.00%
|
06/01/2039
|
|
160
|
160,134
|
|
|
|
|
|
|
311,299
|
|
TOTAL INVESTMENTS IN SECURITIES(h)-82.43%
(Cost $12,367,670)
|
12,381,066
|
||||
|
OTHER ASSETS LESS LIABILITIES-17.57%
|
2,639,312
|
||||
|
NET ASSETS-100.00%
|
$15,020,378
|
||||
|
Investment Abbreviations:
|
|
|
AGI
|
-Assured Guaranty, Inc.
|
|
BAM
|
-Build America Mutual Assurance Co.
|
|
CEP
|
-Credit Enhancement Provider
|
|
GNMA
|
-Government National Mortgage Association
|
|
GO
|
-General Obligation
|
|
INS
|
-Insurer
|
|
LOC
|
-Letter of Credit
|
|
RB
|
-Revenue Bonds
|
|
Ref.
|
-Refunding
|
|
VRD
|
-Variable Rate Demand
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity
date reflects such call or put.
|
|
(b)
|
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $626,727, which represented 4.17% of the Fund’s Net Assets.
|
|
(c)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
|
(d)
|
Demand security payable upon demand by the Fund at specified time intervals no greater
than thirteen months. Interest rate is redetermined periodically by
the issuer or agent based on current market conditions. Rate shown is the rate in
effect on July 31, 2025.
|
|
(e)
|
All or a portion of the security position is when-issued or delayed delivery to be
delivered and settled after period end.
|
|
(f)
|
Security subject to the alternative minimum tax.
|
|
(g)
|
Principal and interest payments are fully enhanced by a letter of credit from the
bank listed or a predecessor bank, branch or subsidiary.
|
|
(h)
|
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Municipal Obligations-99.79%
|
|
|
|
|
|
|
Alabama-1.54%
|
|
|
|
|
|
|
Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series
2024, RB(a)
|
5.00%
|
06/01/2054
|
$
|
500
|
$455,430
|
|
Arizona-3.28%
|
|
|
|
|
|
|
Pima (County of), AZ Industrial Development Authority (American Leadership Academy)
(The),
Series 2022, Ref. RB(b)
|
4.00%
|
06/15/2031
|
|
500
|
487,552
|
|
Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy),
Series 2025,
RB
|
6.25%
|
06/15/2050
|
|
500
|
483,850
|
|
|
|
|
|
|
971,402
|
|
Arkansas-1.70%
|
|
|
|
|
|
|
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds),
Series 2023,
RB(a)
|
5.70%
|
05/01/2053
|
|
500
|
501,954
|
|
California-8.31%
|
|
|
|
|
|
|
California (State of) Infrastructure & Economic Development Bank (Brightline West
Passenger Rail)
(Green Bonds), Series 2025 B, Ref. RB(a)(b)(c)
|
9.50%
|
01/01/2035
|
|
500
|
446,085
|
|
California (State of) Municipal Finance Authority (California Baptist University),
Series 2025, RB(b)
|
5.63%
|
11/01/2054
|
|
500
|
494,296
|
|
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.),
Series 2023,
RB(a)(b)
|
5.00%
|
07/01/2038
|
|
500
|
511,482
|
|
California (State of) Public Finance Authority (California University of Science and
Medicine),
Series 2019 A, RB(b)
|
6.25%
|
07/01/2054
|
|
500
|
509,657
|
|
California (State of) Statewide Communities Development Authority (Loma Linda University
Medical
Center), Series 2014, RB
|
5.25%
|
12/01/2034
|
|
500
|
500,254
|
|
|
|
|
|
|
2,461,774
|
|
Colorado-1.69%
|
|
|
|
|
|
|
Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB(b)
|
5.00%
|
12/01/2037
|
|
500
|
499,935
|
|
District of Columbia-1.06%
|
|
|
|
|
|
|
District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB
|
5.00%
|
10/01/2045
|
|
350
|
313,995
|
|
Florida-6.61%
|
|
|
|
|
|
|
Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB(b)
|
6.75%
|
01/01/2045
|
|
500
|
477,495
|
|
Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB(b)
|
5.13%
|
06/15/2050
|
|
250
|
218,684
|
|
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series
2024, Ref.
RB(a)(b)(c)
|
12.00%
|
07/15/2028
|
|
250
|
150,000
|
|
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series
2024, Ref.
RB(a)
|
5.50%
|
07/01/2053
|
|
500
|
407,458
|
|
Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group),
Series 2024 B-3,
RB
|
4.13%
|
11/15/2029
|
|
200
|
201,385
|
|
Miami Beach (City of), FL, Series 2017, Ref. RB
|
5.00%
|
09/01/2047
|
|
500
|
503,992
|
|
|
|
|
|
|
1,959,014
|
|
Illinois-5.68%
|
|
|
|
|
|
|
Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds
|
5.00%
|
12/01/2033
|
|
500
|
500,005
|
|
Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds
|
5.25%
|
12/01/2035
|
|
500
|
500,003
|
|
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015
A, Ref. RB
|
5.00%
|
11/15/2038
|
|
445
|
444,934
|
|
Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB
|
6.38%
|
06/01/2045
|
|
250
|
238,042
|
|
|
|
|
|
|
1,682,984
|
|
Indiana-2.55%
|
|
|
|
|
|
|
Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB
|
4.13%
|
12/01/2026
|
|
500
|
501,176
|
|
Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB(a)(c)
|
4.40%
|
06/10/2031
|
|
250
|
254,754
|
|
|
|
|
|
|
755,930
|
|
Iowa-1.80%
|
|
|
|
|
|
|
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(c)(d)
|
4.00%
|
12/01/2032
|
|
500
|
532,010
|
|
Kentucky-1.66%
|
|
|
|
|
|
|
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation
Kentucky
Information Highway), Series 2015 A, RB
|
4.25%
|
07/01/2035
|
|
500
|
491,785
|
|
Louisiana-2.57%
|
|
|
|
|
|
|
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series
2024, RB(a)
|
5.75%
|
09/01/2064
|
|
750
|
761,970
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Maryland-3.34%
|
|
|
|
|
|
|
Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB(a)
|
5.00%
|
11/12/2028
|
$
|
500
|
$505,363
|
|
Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB
|
5.00%
|
11/01/2037
|
|
500
|
483,726
|
|
|
|
|
|
|
989,089
|
|
Massachusetts-1.60%
|
|
|
|
|
|
|
Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.),
Series 2025, RB
|
5.25%
|
07/01/2055
|
|
500
|
475,234
|
|
Michigan-1.68%
|
|
|
|
|
|
|
Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB(a)(c)
|
4.00%
|
10/01/2026
|
|
500
|
497,033
|
|
Missouri-0.71%
|
|
|
|
|
|
|
Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University),
Series 2025,
Ref. RB(b)
|
5.00%
|
10/01/2035
|
|
215
|
209,735
|
|
New Jersey-1.53%
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB
|
5.00%
|
06/01/2046
|
|
470
|
453,564
|
|
New York-9.40%
|
|
|
|
|
|
|
Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB,
(LOC - Santander Bank N.A.)(a)(b)(e)
|
5.25%
|
12/31/2033
|
|
250
|
249,201
|
|
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy
International
Airport), Series 2021, Ref. RB(a)
|
3.00%
|
08/01/2031
|
|
500
|
459,599
|
|
New York Transportation Development Corp. (John F. Kennedy International Airport New
Terminal One)
(Green Bonds), Series 2023, RB(a)
|
6.00%
|
06/30/2054
|
|
500
|
508,111
|
|
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment),
Series 2023, RB(a)
|
6.00%
|
04/01/2035
|
|
1,000
|
1,083,444
|
|
New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green
Bonds),
Series 2024, Ref. RB(a)
|
5.50%
|
12/31/2060
|
|
500
|
483,836
|
|
|
|
|
|
|
2,784,191
|
|
North Dakota-1.38%
|
|
|
|
|
|
|
Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB
|
5.00%
|
06/01/2034
|
|
410
|
408,876
|
|
Ohio-1.69%
|
|
|
|
|
|
|
Ohio (State of) Housing Finance Agency (Haven’s Edge Apartments), Series 2025, RB(b)
|
5.70%
|
08/01/2043
|
|
500
|
501,684
|
|
Oregon-2.48%
|
|
|
|
|
|
|
Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB(a)
|
5.25%
|
07/01/2039
|
|
700
|
733,002
|
|
Pennsylvania-5.05%
|
|
|
|
|
|
|
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series
2022, Ref.
RB
|
5.00%
|
05/01/2033
|
|
525
|
561,577
|
|
Montgomery (County of), PA Industrial Development Authority (Constellation Energy
Generation, LLC),
Series 2023 B, Ref. RB
|
4.10%
|
06/01/2029
|
|
400
|
413,299
|
|
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major
Bridges
(The)), Series 2022, RB(a)
|
5.50%
|
06/30/2038
|
|
500
|
520,325
|
|
|
|
|
|
|
1,495,201
|
|
Puerto Rico-3.39%
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds
|
4.00%
|
07/01/2033
|
|
500
|
487,896
|
|
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB(b)
|
5.00%
|
07/01/2028
|
|
500
|
515,924
|
|
|
|
|
|
|
1,003,820
|
|
South Carolina-1.79%
|
|
|
|
|
|
|
Patriots Energy Group Financing Agency, Series 2023 A-1, RB(c)
|
5.25%
|
08/01/2031
|
|
500
|
528,842
|
|
Texas-8.59%
|
|
|
|
|
|
|
Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021,
RB
|
5.00%
|
08/15/2051
|
|
150
|
101,929
|
|
Houston (City of), TX, Series 2023 A, Ref. RB, (INS - AGI)(a)(f)
|
5.25%
|
07/01/2048
|
|
500
|
501,023
|
|
Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB(a)
|
4.00%
|
07/15/2041
|
|
500
|
429,608
|
|
Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB(a)
|
5.50%
|
07/15/2038
|
|
500
|
516,544
|
|
Mission Economic Development Corp. (Green Bonds), Series 2025, RB(a)(c)
|
5.00%
|
06/01/2030
|
|
250
|
254,020
|
|
Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB(a)(b)
|
4.63%
|
10/01/2031
|
|
500
|
500,150
|
|
New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB
|
6.50%
|
10/01/2060
|
|
250
|
239,991
|
|
|
|
|
|
|
2,543,265
|
|
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
(000)
|
Value
|
|
|
Utah-2.47%
|
|
|
|
|
|
|
Black Desert Public Infrastructure District, Series 2021 A, GO Bonds(b)
|
3.25%
|
03/01/2031
|
$
|
500
|
$476,532
|
|
Mida Cormont Public Infrastructure District, Series 2025 A-1, GO Bonds(b)
|
6.25%
|
06/01/2055
|
|
250
|
255,124
|
|
|
|
|
|
|
731,656
|
|
Virgin Islands-0.82%
|
|
|
|
|
|
|
Virgin Islands (Government of) Public Finance Authority (Frenchman’s Reef Hotel Development),
Series 2024 A, RB(b)
|
6.00%
|
04/01/2053
|
|
250
|
244,158
|
|
Virginia-5.10%
|
|
|
|
|
|
|
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community,
Inc. -
Harbor’s Edge), Series 2019 A, RB
|
5.00%
|
01/01/2034
|
|
500
|
501,254
|
|
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series
2023 B-3,
RB
|
5.38%
|
09/01/2029
|
|
1,000
|
1,010,450
|
|
|
|
|
|
|
1,511,704
|
|
Washington-4.91%
|
|
|
|
|
|
|
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
|
5.00%
|
07/01/2043
|
|
500
|
488,674
|
|
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
|
5.00%
|
07/01/2048
|
|
500
|
476,703
|
|
Washington (State of) Health Care Facilities Authority (Providence Health & Services),
Series 2012 A,
RB
|
5.00%
|
10/01/2042
|
|
500
|
488,954
|
|
|
|
|
|
|
1,454,331
|
|
West Virginia-0.86%
|
|
|
|
|
|
|
West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.),
Series 2025,
Ref. RB(a)(b)(c)
|
5.45%
|
03/27/2035
|
|
250
|
254,182
|
|
Wisconsin-4.55%
|
|
|
|
|
|
|
Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, RB
|
5.25%
|
06/15/2055
|
|
500
|
487,934
|
|
Public Finance Authority (Milo Farms Project), Series 2025, RB(b)(g)
|
-%
|
12/15/2039
|
|
750
|
244,521
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System),
Series 2019,
Ref. RB
|
5.00%
|
11/01/2046
|
|
500
|
431,988
|
|
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.),
Series 2018 A, RB
|
5.00%
|
12/01/2027
|
|
180
|
183,062
|
|
|
|
|
|
|
1,347,505
|
|
TOTAL INVESTMENTS IN SECURITIES(h)-99.79%
(Cost $29,745,834)
|
29,555,255
|
||||
|
OTHER ASSETS LESS LIABILITIES-0.21%
|
61,463
|
||||
|
NET ASSETS-100.00%
|
$29,616,718
|
||||
|
Investment Abbreviations:
|
|
|
AGI
|
-Assured Guaranty, Inc.
|
|
GO
|
-General Obligation
|
|
INS
|
-Insurer
|
|
LOC
|
-Letter of Credit
|
|
RB
|
-Revenue Bonds
|
|
Ref.
|
-Refunding
|
|
Notes to Schedule of Investments:
|
|
|
(a)
|
Security subject to the alternative minimum tax.
|
|
(b)
|
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these securities at
July 31, 2025 was $7,246,397, which represented 24.47% of the Fund’s Net Assets.
|
|
(c)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity
date reflects such call or put.
|
|
(d)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other
highly rated collateral.
|
|
(e)
|
Principal and interest payments are fully enhanced by a letter of credit from the
bank listed or a predecessor bank, branch or subsidiary.
|
|
(f)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
|
(g)
|
Denotes a zero coupon security issued at a substantial discount from its value at
maturity.
|
|
(h)
|
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.
|
|
Affiliated holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended July 31, 2025.
|
|
|
|
Value
October 31, 2024
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
|
Value
July 31, 2025
|
Dividend Income
|
|
Investments in Affiliated Money
Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
|
$-
|
$5,364,404
|
$(5,364,404
)
|
$-
|
$-
|
$-
|
$7,237
|