1
Portfolio of Investments May 31, 2026
California High Yield Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 118.6%   
X
1,117,328,625
MUNICIPAL BONDS - 118.6%  
X
–
CONSUMER DISCRETIONARY - 0.0%
$
400,000
(a)
California Statewide Communities Development Authority, Hotel
Revenue Bonds, HR Ontario Hotel Project, Series 2026A
6.250
%
09/02/61
$
410,158
TOTAL CONSUMER DISCRETIONARY
410,158
CONSUMER STAPLES - 1.8%
27,000,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Alameda County Tobacco Asset
Securitization Corporation, Subordinate Series 2006A
0.000
06/01/50
6,294,775
1,155,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding
Corporation, Turbo, Series 2007A
5.000
06/01/47
1,093,227
3,460,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5.625
06/01/47
3,169,384
17,600,000
Inland Empire Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Series 2007C-2. Turbo
Capital Appreciation
0.010
06/01/47
2,992,364
7,500,000
Silicon Valley Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Santa Clara County
Tobacco Securitization Corporation, Series 2007A
0.000
06/01/47
1,860,412
5,000,000
Tobacco Securitization Authority of Southern California, Tobacco
Settlement Asset-Backed Bonds, San Diego County Tobacco
Asset Securitization Corporation, First Subordinate CABs, Series
2006B
0.000
06/01/46
1,267,753
TOTAL CONSUMER STAPLES
16,677,915
EDUCATION AND CIVIC ORGANIZATIONS - 26.5%
8,985,000
California Educational Facilities Authority, Revenue Bonds,
Master's University, Series 2025
5.000
08/01/50
8,545,347
11,435,000
California Educational Facilities Authority, Revenue Bonds,
Master's University, Series 2025
5.125
08/01/55
10,877,914
4,105,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science and Language Academy Project,
Series 2020
6.250
07/01/58
4,173,023
1,505,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Rocklin Academy Project, Series 2024
5.000
06/01/44
1,520,908
4,250,000
(b)
California Infrastructure and Economic Development Bank,
Revenue Bonds, Los Angeles County Museum of Natural History
Foundation, Series 2020, (UB)
4.000
07/01/50
3,939,998
900,000
California Municipal Finance Authority Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2015A
5.000
10/01/35
900,213
1,335,000
California Municipal Finance Authority Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2015A
5.250
10/01/45
1,320,489
3,925,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2017A
5.000
10/01/47
3,714,198
700,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, River Charter Schools Project, Series 2018A
5.500
06/01/38
700,199
2,000,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, River Charter Schools Project, Series 2018A
5.500
06/01/48
1,947,690
250,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, River Charter Schools Project, Series 2018A
5.500
06/01/53
237,963
1,150,000
(a)
California Municipal Finance Authority, Charter School Lease
Revenue Bonds, Bella Mente Montessori Academy Project, Series
2018A
5.000
06/01/48
1,112,816
400,000
(a)
California Municipal Finance Authority, Charter School Lease
Revenue Bonds, Santa Rosa Academy Project, Series 2015
5.125
07/01/35
400,090
425,000
(a)
California Municipal Finance Authority, Charter School Lease
Revenue Bonds, Santa Rosa Academy Project, Series 2015
5.375
07/01/45
417,771
400,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Series
2019A
4.000
10/01/29
399,763
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
90,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
%
10/01/39
$
90,160
1,515,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
10/01/49
1,416,916
1,000,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
10/01/57
897,601
1,285,000
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2014A
5.000
10/01/34
1,285,379
465,000
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2014A
5.000
10/01/44
454,395
4,340,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2016A
5.000
07/01/36
4,340,532
3,695,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2016A
5.000
07/01/41
3,691,195
1,000,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2018A
5.000
07/01/38
1,005,358
1,800,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2018A
5.000
07/01/49
1,699,998
1,715,000
California Municipal Finance Authority, Education Revenue
Bonds,  American Heritage Foundation Project, Series 2016A
5.000
06/01/46
1,714,954
1,145,000
California Municipal Finance Authority, Education Revenue
Bonds, Literacy First Charter Schools Project, Series 2019A
5.000
12/01/39
1,177,409
2,260,000
(a)
California Municipal Finance Authority, Education Revenue
Bonds, STREAM Charter Schools Project, Series 2020A
5.000
06/15/51
2,066,856
1,000,000
(a)
California Municipal Finance Authority, Educational Facilities
Revenue Bonds, Westside Neighborhood School Project, Series
2024
6.375
06/15/64
1,053,322
775,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Refunding Series 2025A
5.375
11/01/45
796,860
500,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Refunding Series 2025A
5.625
11/01/54
508,082
1,500,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Series 2016A
5.000
11/01/36
1,500,883
1,555,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Series 2016A
5.000
11/01/46
1,518,628
270,000
(a)
California Municipal Finance Authority, Revenue Bonds, Goodwill
Industries of Sacramento Valley & Northern Nevada Project,
Series 2012A
6.625
01/01/32
268,307
3,700,000
California Municipal Finance Authority, Revenue Bonds, Goodwill
Industries of Sacramento Valley & Northern Nevada Project,
Series 2014A
5.250
01/01/45
3,028,995
7,000,000
(a)
California Municipal Finance Authority, Revenue Bonds, Simpson
University, Series 2020A
6.000
10/01/50
7,005,835
1,000,000
California Municipal Finance Authority, Revenue Bonds, The
Master's University & Seminary, Series 2019
5.000
08/01/34
1,021,731
1,100,000
(a)
California Municipal Finance Authority, Revenue Bonds, Turning
Point School, Series 2024
5.250
06/01/44
1,085,411
1,300,000
(a)
California Municipal Finance Authority, Revenue Bonds, Turning
Point School, Series 2024
5.500
06/01/54
1,229,582
350,000
(a)
California Municipal Finance Authority, School Facility Revenue
Bonds, Saint Mary's School-Aliso Viejo, Series 2024A
5.500
05/01/44
357,742
435,000
(a)
California Municipal Finance Authority, School Facility Revenue
Bonds, Saint Mary's School-Aliso Viejo, Series 2024A
5.750
05/01/54
438,552
2,000,000
(a)
California Public Finance Authority, Charter School Lease
Revenue Bonds, California Crosspoint Academy Project, Series
2020A
5.125
07/01/55
1,735,534
700,000
California Public Finance Authority, Charter School Lease
Revenue Bonds, Multicultural Learning Center Project, Series
2017A
6.250
06/15/47
703,013
4,500,000
(a)
California Public Finance Authority, Educational Facility Revenue
Bonds, Crossroads Christian Schools, Series 2020
5.000
01/01/56
3,971,143
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,075,000
(a)
California School Finance Authority Charter School Facility
Revenue Bonds, Grimmway Schools-Obligated Group, Series
2016A
5.000
%
07/01/46
$
1,072,230
755,000
(a)
California School Finance Authority Charter School Revenue
Bonds, Bright Star Schools - Obligated Group, Series 2017
5.000
06/01/37
755,927
2,000,000
(a)
California School Finance Authority Charter School Revenue
Bonds, Bright Star Schools - Obligated Group, Series 2017
5.000
06/01/47
1,888,121
2,090,000
(a)
California School Finance Authority Charter School Revenue
Bonds, Bright Star Schools - Obligated Group, Series 2017
5.000
06/01/54
1,892,600
1,000,000
(a)
California School Finance Authority Charter School Revenue
Bonds, Ednovate - Obligated Group, Series 2018
5.000
06/01/48
919,871
960,000
(a)
California School Finance Authority Charter School Revenue
Bonds, Fenton Schools - Obligated Group, Series 2020A
5.000
07/01/40
960,301
3,175,000
(a)
California School Finance Authority Charter School Revenue
Bonds, John Adams Academy Obligated Group, Series 2022A
5.000
07/01/52
2,921,295
7,125,000
(a)
California School Finance Authority Charter School Revenue
Bonds, John Adams Academy Obligated Group, Series 2022A
5.125
07/01/62
6,495,798
305,000
(a)
California School Finance Authority School Facility Revenue
Bonds, Green Dot Public Schools California Projects, Series
2018A
5.000
08/01/48
298,211
9,925,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2020A
6.000
06/01/59
9,428,302
1,710,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2024
5.625
06/01/44
1,681,371
1,225,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2024
5.875
06/01/54
1,160,364
3,375,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Alta Public Schools - Obligated Group, Series
2024
6.000
06/01/64
3,176,645
585,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2015A
5.000
08/01/35
585,148
1,040,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2015A
5.000
08/01/40
1,040,193
1,600,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2016
5.000
08/01/41
1,600,200
460,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2016
5.000
08/01/46
447,414
1,000,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Girls Athletic Leadership School Los Angeles
Project, Series 2021A
4.000
06/01/41
848,174
500,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Girls Athletic Leadership School Los Angeles
Project, Series 2021A
4.000
06/01/61
344,332
5,000,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Hayward Twin Oaks Montessori Charter School
Project, Series 2024A
6.000
06/15/54
4,679,875
5,000,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Hayward Twin Oaks Montessori Charter School
Project, Series 2024A
6.125
06/15/64
4,628,403
2,300,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, Lighthouse Community Public Schools
Obligated Group, Series 2022A
6.500
06/01/62
2,365,077
1,300,000
California School Finance Authority, California, Charter School
Revenue Bonds, TEACH Public Schools Obligated Group, Series
2016A
5.875
06/01/52
1,300,205
1,600,000
(a)
California School Finance Authority, California, Charter School
Revenue Bonds, TEACH Public Schools Obligated Group, Series
2019A
5.000
06/01/58
1,456,824
2,075,000
(a)
California School Finance Authority, Charter School Lease
Revenue Bonds, Pathways to College Project, Series 2023A
7.250
06/15/43
2,140,109
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
6,740,000
(a)
California School Finance Authority, Charter School Lease
Revenue Bonds, Pathways to College Project, Series 2023A
7.375
%
06/15/53
$
6,827,031
2,510,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/40
2,354,009
5,550,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/50
4,765,079
1,600,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/59
1,305,948
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Aspire Public School - Obligated Group,Issue No.6, Series
2020A
5.000
08/01/42
1,003,240
5,315,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Aspire Public School - Obligated Group,Issue No.6, Series
2020A
5.000
08/01/61
4,922,764
5,045,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, City Charter School Obligated Group, Series 2016A
5.000
06/01/42
5,018,695
805,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Classical Academies Project, Series 2017A
5.000
10/01/44
806,022
235,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017
5.000
06/01/37
235,629
235,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017
5.000
06/01/47
222,416
1,500,000
(a),(c)
California School Finance Authority, Charter School Revenue
Bonds, Downtown College Prep - Obligated Group, Series 2016
4.750
06/01/36
900,000
1,180,000
(a),(c)
California School Finance Authority, Charter School Revenue
Bonds, Downtown College Prep - Obligated Group, Series 2016
5.000
06/01/46
708,000
1,890,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Envision Education, Series 2024A
5.000
06/01/64
1,676,125
1,150,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Ivy Academia, Series 2021A
4.000
06/01/41
940,515
1,500,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Ivy Academia, Series 2021A
4.000
06/01/51
1,064,222
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Ivy Academia, Series 2021A
4.000
06/01/61
657,894
675,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Kepler Neighborhood School, Series 2017A
5.750
05/01/37
678,999
1,135,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Larchmont Charter School Project , Series 2018A
5.000
06/01/55
1,053,159
560,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Orange County Educational Arts Academy Project, Series
2023A
5.625
06/01/43
571,771
700,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Orange County Educational Arts Academy Project, Series
2023A
5.875
06/01/53
706,361
425,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Partnerships to Uplift Communities Project, Refunding
Social Series 2023
5.500
08/01/47
426,118
1,350,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rex and Margaret Fortune School of Education Series
2024A
5.000
06/01/54
1,170,021
1,545,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rex and Margaret Fortune School of Education Series
2024A
5.125
06/01/59
1,340,913
2,350,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rex and Margaret Fortune School of Education Series
2024A
5.125
06/01/64
2,014,310
2,500,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Education Obligated Group, Series 2016A
5.000
06/01/46
2,407,891
950,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Education Obligated Group, Series 2017A
5.125
06/01/47
916,203
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Education Obligated Group, Series 2017A
5.250
%
06/01/52
$
945,315
990,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Public Schools Obligated Group, Series
2017G
5.000
06/01/37
992,156
925,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Public Schools Obligated Group, Series
2017G
5.000
06/01/53
848,544
410,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Russell Westbrook Why Not Academy Obligated Group,
Series 2021A
4.000
06/01/31
399,091
3,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Russell Westbrook Why Not Academy Obligated Group,
Series 2021A
4.000
06/01/51
2,282,390
3,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Russell Westbrook Why Not Academy Obligated Group,
Series 2021A
4.000
06/01/61
2,124,747
3,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public Schools Obligated Group, Series
2020A
5.000
06/01/60
3,118,603
180,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public Schools Obligated Group, Series
2020B
5.000
06/01/27
180,632
1,435,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public Schools Obligated Group, Series
2023A
6.000
06/01/63
1,408,930
490,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Social Bonds iLead Lancaster Project, Series 2021A
5.000
06/01/41
475,436
1,450,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Social Bonds iLead Lancaster Project, Series 2021A
5.000
06/01/51
1,289,273
3,250,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Urban Discovery Academy Project, Series 2024A
7.000
06/01/54
2,997,978
335,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Urban Discovery Academy Project, Series 2024B
9.000
06/01/34
340,491
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Valley International Preparatory High School Project,
Series 2022A
5.125
03/01/52
741,334
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Valley International Preparatory High School Project,
Series 2022A
5.250
03/01/62
721,960
2,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Vibrant Minds Charter School Project, Series 2025
7.000
04/15/55
2,028,927
750,000
(a)
California School Finance Authority, Educational Facilities
Revenue Bonds, New Designs Charter School Adams Campus
Project, Series 2019A
5.000
06/01/40
752,767
650,000
(a)
California School Finance Authority, Educational Facilities
Revenue Bonds, New Designs Charter School Adams Campus
Project, Series 2024A
5.000
06/01/54
616,492
1,700,000
(a)
California School Finance Authority, Educational Facilities
Revenue Bonds, New Designs Charter School Adams Campus
Project, Series 2024A
5.000
06/01/64
1,566,471
1,725,000
(a)
California School Finance Authority, Educational Facility Revenue
Bonds, River Springs Charter School Project, Series 2017A
5.000
07/01/47
1,618,641
1,340,000
(a)
California School Finance Authority, Educational Facility Revenue
Bonds, River Springs Charter School Project, Series 2017A
5.000
07/01/52
1,210,829
1,195,000
(a)
California School Finance Authority, Educational Facility Revenue
Bonds, River Springs Charter School Project, Series 2023A
5.750
07/01/42
1,236,113
520,000
California School finance Authority, School Facility Revenue
Bonds,  ICEF - View Park Elementary and Middle Schools, Series
2014A
5.625
10/01/34
520,141
1,000,000
California School finance Authority, School Facility Revenue
Bonds,  ICEF - View Park Elementary and Middle Schools, Series
2014A
5.875
10/01/44
1,000,110
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
520,000
California School finance Authority, School Facility Revenue
Bonds,  ICEF - View Park Elementary and Middle Schools, Series
2014A
6.000
%
10/01/49
$
519,974
3,050,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2015A
4.125
07/01/35
3,028,078
1,000,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2015A
5.000
07/01/45
1,000,069
2,000,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5.000
07/01/46
1,999,928
9,200,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2019
5.000
07/01/54
8,699,289
1,200,000
California School Finance Authority, School Facility Revenue
Bonds, Green Dot Public Schools California Projects, Series
2022A
5.375
08/01/42
1,252,802
1,150,000
California School Finance Authority, School Facility Revenue
Bonds, Green Dot Public Schools California Projects, Series
2022A
5.750
08/01/52
1,180,235
725,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Value Schools, Refunding Series 2023A
5.250
07/01/48
731,742
1,355,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Value Schools, Series 2016A
6.000
07/01/51
1,355,824
9,000,000
(b)
California State University, Systemwide Revenue Bonds, Series
2024A, (UB)
4.000
11/01/49
8,641,265
4,325,000
(a)
California Statewide Communities Development Authority
Revenue Bonds, California Baptist University, Refunding Series
2017A
5.000
11/01/41
4,284,062
580,000
University of Puerto Rico, University System Revenue Bonds,
Refunding Series 2006P
5.000
06/01/30
575,658
125,000
University of Puerto Rico, University System Revenue Bonds,
Series 2006Q
5.000
06/01/30
124,064
1,580,000
University of Puerto Rico, University System Revenue Bonds,
Series 2006Q
5.000
06/01/36
1,526,329
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
249,389,770
FINANCIAL - 1.3%
12,030,000
(b)
City Of Pasadena, California, General Obligation Bonds, Series
2025, (UB)
5.000
09/01/54
12,706,324
TOTAL FINANCIAL
12,706,324
HEALTH CARE - 5.1%
2,485,000
(b)
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
5.000
11/15/49
2,489,540
7,800,000
(b)
California Health Facilities Financing Authority, Revenue Bonds,
Lucile Salter Packard Children's Hospitial at Stanford, Series
2017A, (UB)
5.000
11/15/56
7,844,941
1,455,000
California Municipal Finance Authority, Revenue Bonds, Clinicas
del Camino Real, Inc., Series 2020
4.000
03/01/28
1,453,284
2,000,000
(a)
California Municipal Finance Authority, Revenue Bonds,
Community Health Centers of the Central Coast, Inc., Series
2021A
5.000
12/01/46
2,024,049
5,480,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/41
5,491,432
1,565,000
(b)
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5.250
11/01/52
1,577,305
16,700,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.500
12/01/54
16,703,582
2,055,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.000
12/01/41
2,055,651
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
2,280,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.250
%
12/01/56
$
2,280,028
315,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.250
12/01/48
317,498
6,100,000
(c)
Oroville, California, Revenue Bonds, Oroville Hospital Series
2019
5.250
04/01/54
4,209,000
1,500,000
Palomar Pomerado Health Care District, California, Certificates of
Participation, Series 2017
4.000
11/01/47
1,104,456
200,000
Washington Township Health Care District, California, Revenue
Bonds, Series 2017A
5.000
07/01/42
200,268
TOTAL HEALTH CARE
47,751,034
HOUSING/MULTIFAMILY - 16.0%
8,750,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4.000
08/01/47
6,899,734
4,947,980
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5.000
02/01/50
94,012
4,960,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Summit at Sausalito Apartments, Series
2021A-2
4.000
02/01/50
3,735,248
5,880,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, The Arbors, Series 2020A
5.000
08/01/50
5,564,573
18,480,000
(a)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5.000
04/01/49
14,457,593
1,000,000
California Housing Finance Agency, California, Multifamily
Housing Revenue Bonds, Power Station Block 7B, Limited
Obligation Senior Series 2024L
5.200
12/01/27
1,011,544
1,585,000
(a)
California Housing Finance Agency, Multifamily Housing
Revenue Bonds, Redwood Gardens Apartments, Subordinate
Lien Series 2021N-S
4.000
03/01/37
1,404,710
52,951
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4.250
01/15/35
54,879
7,254,364
(d)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4.327
11/20/40
7,208,264
2,375,000
California Municipal Finance Authority, Mobile Home Park
Revenue Bonds, Royal York Estates Projects Series 2020A
4.000
02/15/55
1,923,087
2,980,000
(a)
California Municipal Finance Authority, Revenue Bonds, Catalyst
Impact Fund 1 LLC Series 2024-II
7.000
01/01/39
3,136,084
1,335,000
(a)
California Public Finance Authority, University Housing Revenue
Bonds, National Campus Community Development - Claremont
Properties LLC Claremont Colleges Project, Refunding Series
2023A
5.500
07/01/50
1,400,336
1,715,000
(a)
California Public Finance Authority, University Housing Revenue
Bonds, National Campus Community Development - Claremont
Properties LLC Claremont Colleges Project, Refunding Series
2023A
6.000
07/01/53
1,864,501
4,600,000
(a)
California Statewide Communities Development Authority,
Revenue Bonds, Lancer Educational Student Housing Project,
Refunding Series 2016A
5.000
06/01/36
4,602,555
2,090,000
(a)
California Statewide Communities Development Authority,
Revenue Bonds, Lancer Educational Student Housing Project,
Refunding Series 2016A
5.000
06/01/46
2,089,665
6,885,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4.000
04/01/56
5,360,288
1,000,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Subordinate Series
2021B
8.000
04/01/56
798,825
1,000,000
(a)
CMFA Special Financing Agency VIII, California, Essential
Housing Revenue Bonds, Elan Huntington Beach, Senior Lien
Series 2021A-1
3.000
08/01/56
688,380
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
2,905,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 1818 Platinum Triangle-Anaheim,
Mezzanine Lien Series 2021B
4.000
%
04/01/57
$
2,176,451
18,730,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-1
3.500
10/01/46
15,681,368
2,500,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4.000
10/01/56
1,963,463
3,375,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5.000
01/01/54
2,987,251
2,000,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien
Series 2021A-2
4.000
06/01/58
1,577,087
5,915,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Link-Glendale, Series 2021A-2
4.000
07/01/56
4,570,657
22,760,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4.000
10/01/56
17,624,884
9,360,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.125
07/01/56
6,174,528
2,000,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Series
2021B
4.000
07/01/58
1,213,886
4,000,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4.000
09/01/56
2,900,441
2,110,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4.000
12/01/56
1,645,912
2,500,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4.000
07/01/56
2,077,666
2,625,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Vineyard Gardens Apartments, Senior
Lien Series 2021A
3.250
10/01/58
1,867,759
5,050,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3.125
06/01/57
3,084,043
2,000,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Mezzanine
Lien Series 2021A-2
4.000
12/01/58
1,541,963
2,145,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Mezzanine
Lien Series 2021B
4.000
12/01/59
1,238,267
6,155,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3.000
12/01/49
4,442,452
9,000,000
(a)
HEART-SV, Housing Endowment and Regional Trust South Valley,
California, Essential Housing Revenue Bonds, Azara Apartments
LP, Series 2026A
5.375
06/01/61
8,644,592
1,000,000
Independent Cities Finance Authority, California, Mobile Home
Park Revenue Bonds, Palomar Estates West, Refunding Series
2015
5.000
09/15/36
1,000,755
315,000
La Verne, California, Mobile Home Park Revenue Bonds,
Copacabana Mobile Home Park, Refunding Series 2014
5.000
06/15/49
315,059
2,110,000
Palmdale Housing Authority, California, Multifamily Housing
Revenue Bonds, Impression, La Quinta, Park Vista &
Summerwood Apartments, Series 2015
5.250
06/01/45
2,053,208
11,875,000
(a)
Santa Barbara Housing Authority,California, Capital Appreciation
Housing Revenue Bonds, Subordinate Multifamily Bonds,
Jacaranda Court Series 2025A-S
0.000
05/01/44
2,996,592
380,000
Santa Clara County Housing Authority, California, Multifamily
Housing Revenue Bonds, Blossom River Project, Series 1998A,
(AMT)
6.500
09/01/39
380,054
TOTAL HOUSING/MULTIFAMILY
150,452,616
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE - 1.0%
$
9,810,000
(a),(d)
California Public Finance Authority, Senior Living Revenue
Bonds, The Marisol HB LLC, Senior Series 2026A, (Mandatory Put
4/01/33)
5.100
%
04/01/66
$
9,853,216
TOTAL LONG-TERM CARE
9,853,216
TAX OBLIGATION/GENERAL - 8.6%
1,115,000
Denair Unified School District, Stanislaus County, California,
General Obligation Bonds, Series 2002A - FGIC Insured
0.000
08/01/26
1,109,624
1,205,000
Jamul Dulzura Union School District, San Diego County,
California, General Obligation Bonds, Election 1995 Series
2004A - NPFG Insured
0.000
11/01/28
1,123,647
5,000,000
(b)
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Election 2020, Series 2023A - AGM
Insured, (UB)
5.250
08/01/48
5,322,841
5,000,000
(b)
Oxnard School District, Ventura County, California, General
Obligation Bonds, Election of 2022 Series 2023A - BAM Insured,
(UB)
4.125
08/01/50
4,850,138
1,350,000
Paso Robles Joint Unified School District, San Luis Obispo
and Monteray Counties, California, General Obligation Bonds,
Election 2006 Series 2010A
0.000
09/01/34
1,037,196
9,470,000
(b)
Pittsburg Unified School District, Contra Costa County, California,
General Obligation Bonds, Refunding Series 2016, (UB)
4.000
08/01/44
9,470,572
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0.000
07/01/33
1,459,663
6,187,234
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
5,896,997
5,750,000
(b)
San Diego Public Facilities Financing Authority, California, Lease
Revenue Bonds, Capital Improvement Projects, Series 2021A,
(UB)
4.000
10/15/50
5,505,021
11,500,000
(b)
San Francisco Bay Area Rapid Transit District, California, General
Obligation Bonds Election of 2016 Green Series 2022D-1, (UB)
4.250
08/01/52
11,384,807
5,000,000
(b)
San Luis Coastal Unified School District, San Luis Obispo County,
California, General Obligation Bonds, Election of 2022 Series
2023A, (UB)
4.000
08/01/53
4,694,289
17,585,000
(b)
Santa Ana Unified School District, Orange County, California,
General Obligation Bonds, 2018 Election Series 2022C, (UB)
4.250
08/01/50
17,211,746
12,460,000
(b)
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2015B, (UB)
4.000
08/01/45
11,652,380
TOTAL TAX OBLIGATION/GENERAL
80,718,921
TAX OBLIGATION/LIMITED - 32.2%
1,000,000
Adelanto Community Facilities District Number 2006-2, San
Bernadino County, California, Special Tax Bonds, Series 2015A
5.000
09/01/45
1,000,315
850,000
Alameda Community Facilities District No. 22-1, California,
Alameda Marina, Special Tax Bonds, Green Series 2023
5.000
09/01/48
863,182
1,250,000
Alameda Community Facilities District No. 22-1, California,
Alameda Marina, Special Tax Bonds, Green Series 2023
5.000
09/01/53
1,261,449
330,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM Insured
0.010
09/01/28
310,948
240,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM Insured
0.000
09/01/30
212,966
4,475,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM Insured
0.010
09/01/34
3,443,702
1,985,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM Insured
0.000
09/01/35
1,465,063
660,000
Beaumont Unified School District, California, Special Tax Bonds,
Community Facilities District 2020-1, Improvement Area 2 Series
2023
5.000
09/01/48
673,459
875,000
Beaumont Unified School District, California, Special Tax Bonds,
Community Facilities District 2020-1, Improvement Area 2 Series
2023
5.000
09/01/53
883,954
1,900,000
Blythe Redevelopment Agency Successor Agency, California, Tax
Allocation Bonds, Redevelopment Project 1, Refunding Series
2015
5.000
05/01/38
1,901,499
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,500,000
Brea Redevelopment Agency, Orange County, California, Tax
Allocation Bonds, Project Area AB, Series 2003 - AMBAC Insured
0.000
%
08/01/28
$
1,411,877
1,700,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5.000
09/02/36
1,700,956
3,125,000
California Community College Financing Authority, Lease
Revenue Bonds, Refunding Series 2003 - AMBAC Insured
0.000
06/01/33
2,357,812
3,975,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2022C
6.250
09/01/52
4,223,056
3,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2022D
6.125
09/01/52
3,176,098
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024A
5.125
09/01/54
1,014,887
1,070,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024B
5.000
09/01/49
1,087,950
885,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024C
5.000
09/01/49
889,641
540,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024C
4.700
09/01/54
508,011
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024C
5.000
09/01/54
1,000,092
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024D
5.000
09/01/49
1,012,688
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024D
5.000
09/01/54
1,002,774
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2020-06, Series 2022B
6.000
09/01/52
1,052,806
2,160,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2020-6, County of Placer-
PV400, Series 2022
5.250
09/01/52
2,201,981
500,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2022-8 City of Palmdale -
Wildflower/Creekside Encore Series 2024
5.000
09/01/49
506,684
340,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-11 Improvement Area
A Hesperia Silverwood, Series 2024
5.000
09/01/49
344,314
800,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-11 Improvement Area
A Hesperia Silverwood, Series 2024
5.000
09/01/54
803,833
1,835,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5 Sacramento County-
The GAP Improvement Area 1, Series 2024
5.000
09/01/49
1,859,529
2,665,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5 Sacramento County-
The GAP Improvement Area 1, Series 2024
5.000
09/01/54
2,681,363
1,040,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5 Sacramento County-
The GAP Improvement Area 2, Series 2025
5.000
09/01/50
1,055,074
1,100,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5 Sacramento County-
The GAP Improvement Area 2, Series 2025
5.000
09/01/55
1,107,999
400,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5, Improvement Area
1 Series 2023
5.250
09/01/43
422,979
1,060,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-5, Improvement Area
1 Series 2023
5.625
09/01/53
1,106,523
625,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2024-11 Lincoln City a
Hidden Hills, Series 2026
5.000
09/01/51
626,987
875,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2024-11 Lincoln City a
Hidden Hills, Series 2026
5.000
09/01/56
863,555
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
875,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2012-02,
Manteca Lifestyle Center, Series 2013A
5.000
%
09/01/33
$
876,000
2,000,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2012-02,
Manteca Lifestyle Center, Series 2013A
5.125
09/01/42
2,001,218
2,500,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2015-2 Rio
Bravo, Series 2015A
5.625
09/01/45
2,502,034
1,200,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2018-02,
McSweeny, Improvement Area 1 Series 2023
5.250
09/01/53
1,220,361
340,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2020-02
Improvement Area 2 Atwell, Series 2022
5.250
09/01/52
346,059
475,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2020-02
Improvement Area 3 Atwell, Series 2024
5.000
09/01/49
482,155
650,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2020-02
Improvement Area 3 Atwell, Series 2024
5.000
09/01/54
652,009
2,400,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2020-02
Improvement Area 4 Atwell, Series 2024
5.000
09/01/55
2,406,211
2,000,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2021-02 Citro,
Series 2023
5.000
09/01/53
2,007,437
1,635,000
California Statewide Communities Development Authority,
Special Tax Bonds, Community Facilities District 2022-07,
Improvement Area Number 1, Watson Ranch, Series 2023
5.000
09/01/53
1,651,003
3,510,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Refunding Series 2015R-1
5.000
09/02/35
3,513,531
1,120,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Refunding Series 2015R-1
5.000
09/02/40
1,120,778
450,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2011A
8.000
09/02/41
450,008
480,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2017A
5.000
09/02/46
482,914
920,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2018B
5.000
09/02/48
927,151
1,495,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2022C
5.125
09/02/42
1,537,332
1,990,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2022C
5.375
09/02/52
2,034,425
3,965,000
California Statewide Communities Development Authority,
Statewide Infrastructure Program Revenue Bonds, Series 2020C
4.000
09/02/40
3,880,843
1,085,000
Cathedral City Public Financing Authority, California, Tax
Allocation Bonds, Merged Redevelopment Project, Series 2000A
- NPFG Insured
0.000
08/01/33
859,042
740,000
Chino, California, Special Tax Bonds, Community Facilities District
2003-3 Improvement Area 10, Series 2024.
5.000
09/01/54
746,543
1,245,000
Chino, California, Special Tax Bonds, Community Facilities District
2003-3 Improvement Area 11, Series 2025
5.000
09/01/50
1,244,368
1,765,000
Chino, California, Special Tax Bonds, Community Facilities District
2003-3 Improvement Area 11, Series 2025
5.000
09/01/55
1,743,407
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
215,000
Compton Public Finance Authority, California, Lease Revenue
Bonds, Refunding & Various Capital Projects, Series 2008 -
AMBAC Insured
5.250
%
09/01/27
$
215,215
210,000
Compton Public Finance Authority, California, Lease Revenue
Bonds, Refunding & Various Capital Projects, Series 2008 -
AMBAC Insured
5.000
09/01/32
210,114
345,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-2 Sierra Bella, Series 2022A
5.000
09/01/51
348,308
625,000
Dixon, California, Special Tax Bonds, Community Facilities District
2019-1 Homestead, Improvement Area 2, Series 2024
5.000
09/01/46
641,077
1,000,000
Dixon, California, Special Tax Bonds, Community Facilities District
2019-1 Homestead, Improvement Area 2, Series 2024
5.000
09/01/54
1,003,446
1,000,000
Dublin Community Facilities District 2015-1 Dublin Crossing,
California, Special Tax Bonds,  Improvement Area 4, Series 2022
5.500
09/01/47
1,048,323
1,000,000
Dublin Community Facilities District 2015-1 Dublin Crossing,
California, Special Tax Bonds,  Improvement Area 4, Series 2022
5.500
09/01/51
1,036,836
1,250,000
Dublin Community Facilities District 2015-1 Dublin Crossing,
California, Special Tax Bonds,  Improvement Area 5, Series 2023
5.375
09/01/51
1,287,018
6,300,000
Dublin Community Facilities District 2015-1 Dublin Crossing,
California, Special Tax Bonds, Improvement  Area 2, Series 2019
5.000
09/01/39
6,503,641
250,000
El Dorado County, California, Special Tax Bonds, Community
Facilities District 2005-2, Series 2006
5.100
09/01/36
250,859
1,685,000
(a)
Elsinore Valley Municipal Water District, California, Special Tax
Bonds, Community Facilities District 2020-1 Horsethief Area 1A,
Series 2021A
4.000
09/01/41
1,601,807
1,245,000
(a)
Elsinore Valley Municipal Water District, California, Special Tax
Bonds, Community Facilities District 2020-1 Horsethief Area 1A,
Series 2021A
4.000
09/01/51
1,070,824
1,565,000
(a)
Elsinore Valley Municipal Water District, California, Special
Tax Bonds, Community Facilities District 2020-1 Horsethief
Improvement Area 2A, Series 2021A
4.000
09/01/41
1,487,732
2,325,000
(a)
Elsinore Valley Municipal Water District, California, Special
Tax Bonds, Community Facilities District 2020-1 Horsethief
Improvement Area 2A, Series 2021A
4.000
09/01/51
2,005,729
430,000
Fairfield, California, Special Tax Bonds, Community Facilities
District 2007-1 Fairfield Commons Project, Series 2008
6.875
09/01/38
432,993
1,250,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 20 Russell
Ranch, Series 2020
5.125
09/01/47
1,287,252
1,300,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 20 Russell
Ranch, Series 2020
5.125
09/01/52
1,324,316
1,075,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 1, Series 2020
4.000
09/01/45
990,679
4,000,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 1, Series 2022
5.000
09/01/52
4,037,320
400,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 2, Series 2024
5.000
09/01/49
404,802
460,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 2, Series 2024
5.000
09/01/53
463,942
1,000,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 4, Series 2024
5.000
09/01/49
1,016,775
1,000,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 23 Folsom
Ranch Improvement Area 4, Series 2024
5.000
09/01/54
1,010,196
1,000,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Series 2022
5.000
09/01/52
1,009,330
375,000
Fontana, California,  Special Tax Bonds, Community Facilities
District 106, Mountain View, Series 2022
4.250
09/01/38
380,859
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
500,000
Fontana, California,  Special Tax Bonds, Community Facilities
District 106, Mountain View, Series 2022
4.500
%
09/01/43
$
502,741
3,000,000
Fontana, California, Special Tax Bonds, Community Facilities
District 112 The Gardens Phase One, Series 2024
5.000
09/01/49
3,042,144
2,620,000
Fontana, California, Special Tax Bonds, Community Facilities
District 112 The Gardens Phase One, Series 2024
5.000
09/01/54
2,641,393
1,000,000
Hemet Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2021-7, Series
2023
5.000
09/01/43
1,038,873
1,000,000
Hemet Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2021-7, Series
2023
5.000
09/01/53
1,008,570
1,030,000
Imperial, California, Special Tax Bonds, Community Facilities
District 2005-1 Springfield, Series 2015A
5.000
09/01/36
1,030,970
155,000
Indio Redevelopment Agency, California, Tax Allocation Bonds,
Merged Area Redevelopment Project, Subordinate Lien
Refunding Series 2008A
5.250
08/15/28
155,394
3,380,000
Jurupa Unified School District, California, Special Tax Bonds,
Community Facilities District 9, Series 2015A
5.000
09/01/45
3,384,139
1,220,000
Lake Elsinore Unified School District, California, Special Tax
Bonds, Community Facilities District 2004-2, Series 2005
5.350
09/01/35
1,225,433
600,000
Lammersville Joint Unified School District, San Joaquin County,
California, Special Tax Bonds, Community Facilities District 2014-
1 Improvement Area 1 Mountain House School Facilities, Series
2017
5.000
09/01/47
608,306
595,000
Lathrop, California, Special Tax Bonds, Community Facilities
District 2018-1 Central Lathrop Specific Plan Improvement Areas
5, Series 2019
5.650
09/01/38
609,026
945,000
Lathrop, California, Special Tax Bonds, Community Facilities
District 2018-1 Central Lathrop Specific Plan Improvement Areas
5, Series 2019
5.750
09/01/43
957,523
1,750,000
Los Angeles County Community Facilities District 2021-01,
California, Special Tax Bond, Valencia-Facilities Improvement
Area 1, Series 2022
5.000
09/01/47
1,790,379
8,660,000
Madera County, California, Special Tax Bonds, Community
Facilities District 2021-1 Tesoro Viejo II Improvement Area 1,
Series 2022
5.750
09/01/53
9,000,862
2,022,000
Manteca Unified School District, San Joaquin County, California,
Certificates of Participation, Series 2004 - NPFG Insured
0.000
09/15/33
1,611,249
3,000,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/39
3,116,020
500,000
Menifee Union School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2006-1, Series
2014
4.250
09/01/44
483,001
1,325,000
Menifee Union School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2011-1,
Improvement Area 7, Series 2021
5.125
09/01/47
1,362,311
2,000,000
Menifee Union School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2011-1,
Improvement Area 7, Series 2021
5.250
09/01/52
2,045,356
1,000,000
Menifee Union School District, Riverside County, California,
Special Tax Bonds, Community Facilties District 2016-1,
Improvement Area B, Series 2022
4.625
09/01/52
950,502
750,000
Menifee, California, Special Tax Bonds, Community Facilities
District 2021-1, Banner Park Series 2023A
5.000
09/01/53
754,457
700,000
Menifee, California, Special Tax Bonds, Community Facilities
District 2022-1, Quartz Ranch Series 2023A
5.000
09/01/48
714,480
1,000,000
Menifee, California, Special Tax Bonds, Community Facilities
District 2022-1, Quartz Ranch Series 2023A
5.000
09/01/53
1,006,748
2,095,000
Menifee, California, Special Tax Bonds, Community Facilities
District 2023-1, Rockport Ranch Series 2024
5.000
09/01/49
2,128,714
675,000
Mountain House Financing Authority, California, Special Tax
Bonds, Series 2026A
5.000
09/01/56
670,298
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,100,000
Mountain House, California Special Tax Bonds, Community
Facilities District 2024-1  Improvement Area 3 Public Facilities &
Service, Series 2026
5.000
%
09/01/51
$
1,106,134
1,300,000
Mountain House, California Special Tax Bonds, Community
Facilities District 2024-1  Improvement Area 3 Public Facilities &
Service, Series 2026
5.000
09/01/56
1,298,964
825,000
Murrieta, California, Special Tax Bonds, Community Facilities
District 2005-5 Golden City Improvement Area A, Series 2017
5.000
09/01/46
825,526
980,480
(c)
Northstar Community Services District, California, Special Tax
Bonds, Community Facilities District 1, Refunding Series 2005
1.908
09/01/28
196,096
2,926,584
(c)
Northstar Community Services District, California, Special Tax
Bonds, Community Facilities District 1, Refunding Series 2005
1.943
09/01/36
585,317
1,200,000
Ontario, California, Special Tax Bonds, Community Facilities
District 28 New Haven Facilities - Area A, Series 2017
5.000
09/01/47
1,205,390
845,000
Ontario, California, Special Tax Bonds, Community Facilities
District 55 Parklane Facilities, Series 2022
5.000
09/01/53
852,739
350,000
Orange County, California, Special Tax Bonds, Community
Facilities District 2021-1 Rienda, Series 2022A
5.000
08/15/42
364,796
3,400,000
Orange County, California, Special Tax Bonds, Community
Facilities District 2021-1 Rienda, Series 2022A
5.000
08/15/47
3,468,767
500,000
Orange County, California, Special Tax Bonds, Community
Facilities District 2023-1 Rienda Phase 2B, Series 2023A
5.500
08/15/53
518,693
1,230,000
Palmdale Community Redevelopment Agency, California, Tax
Allocation Bonds, Merged Redevelopment Project Areas, Series
2002 - AMBAC Insured
0.000
12/01/30
1,076,431
2,990,000
Pittsburg Redevelopment Agency, California, Tax Allocation
Bonds, Los Medanos Community Development Project, Series
1999 - AMBAC Insured
0.000
08/01/27
2,894,634
2,610,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
2,435,660
1,590,000
Rancho Cordova, California, Special Tax Bonds, Communities
Facilities District 2014-1 Montelena, Series 2022
5.000
09/01/42
1,643,409
250,000
Rancho Cordova, California, Special Tax Bonds, Community
Facilities District 2022-1 Arista Del Sol, Improvement Area 1
Series 2023
5.000
09/01/38
264,963
525,000
Rancho Cordova, California, Special Tax Bonds, Community
Facilities District 2022-1 Arista Del Sol, Improvement Area 1
Series 2023
5.125
09/01/43
547,969
1,300,000
Rancho Cordova, California, Special Tax Bonds, Community
Facilities District 2022-1 Arista Del Sol, Improvement Area 1
Series 2023
5.375
09/01/53
1,337,227
585,000
Rancho Cordova, California, Special Tax Bonds, The Ranch
Community Facilities District 2021-1, Improvement Area No. 3,
Series 2025
5.000
09/01/45
599,808
850,000
Rancho Cordova, California, Special Tax Bonds, The Ranch
Community Facilities District 2021-1, Improvement Area No. 3,
Series 2025
5.000
09/01/50
856,003
1,085,000
Rancho Cordova, California, Special Tax Bonds, The Ranch
Community Facilities District 2021-1, Improvement Area No. 3,
Series 2025
5.000
09/01/55
1,087,287
1,400,000
Rancho Mirage, California, Special Tax Bonds, Community
Facilities District 5 Section 31, Improvement Area 1 Series 2024A
5.000
09/01/54
1,407,652
1,755,000
Redwood City Redevelopment Agency, California, Tax Allocation
Bonds, Project Area 2, Series 2003A - AMBAC Insured
0.000
07/15/29
1,599,692
1,260,000
Redwood City Redevelopment Agency, California, Tax Allocation
Bonds, Project Area 2, Series 2003A - AMBAC Insured
0.000
07/15/31
1,072,345
1,185,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
4.250
09/01/47
1,153,332
1,000,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Subordinate Series 2022B-2
5.000
09/01/42
1,030,345
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,525,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Subordinate Series 2022B-2
5.250
%
09/01/47
$
1,546,751
2,015,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Subordinate Series 2022B-2
5.000
09/01/52
1,964,827
1,000,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2019-1 Phase 2 Public
Improvements, Series 2019
4.000
09/01/46
872,306
4,600,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2023-1 Improvement Area 3
Public Facilities, Series 2025
5.000
09/01/50
4,540,398
6,500,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2023-1 Improvement Area 3
Public Facilities, Series 2025
5.000
09/01/55
6,295,442
1,295,000
Riverside County Asset Leasing Corporation, California,
Leasehold Revenue Bonds, Riverside County Hospital Project,
Series 1997 - NPFG Insured
0.000
06/01/26
1,295,000
2,115,000
Riverside County, California, Special Tax Bonds, Community
Facilities District 03-1 Newport Road, Series 2014
5.000
09/01/30
2,122,113
2,000,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 38, Series 2025
5.000
09/01/50
2,026,006
3,740,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 38, Series 2025
5.000
09/01/55
3,764,431
1,500,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 40, Series 2025A
5.000
09/01/45
1,547,033
2,375,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 40, Series 2025A
5.000
09/01/50
2,404,758
2,000,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 40, Series 2025A
5.000
09/01/55
2,015,955
1,010,000
Rocklin Unified School District, Placer County, California, Special
Tax Bonds, Community Facilities District 2, Series 2007 - NPFG
Insured
0.010
09/01/34
761,011
1,155,000
Rocklin Unified School District, Placer County, California, Special
Tax Bonds, Community Facilities District 2, Series 2007 - NPFG
Insured
0.010
09/01/35
837,101
935,000
Rohnert Park Community Development Agency, California, Tax
Allocation Bonds, Series 1999
0.000
08/01/33
741,325
2,635,000
Romoland School District, California, Special Tax Bonds,
Community Facilities District 2004-1 Heritage Lake Improvement
Area 3, Series 2013
5.000
09/01/43
2,636,187
480,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Creekview Improvement Area 2, Series 2023
5.000
09/01/43
496,150
1,500,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Creekview Improvement Area 2, Series 2023
5.250
09/01/53
1,532,947
1,050,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Hewlett Parkard Campus Oaks, Series 2016
5.500
09/01/46
1,052,302
1,000,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Ranch at Sierra Vista, Public Facilities Series 2023
5.000
09/01/43
1,037,614
1,150,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Ranch at Sierra Vista, Public Facilities Series 2023
5.000
09/01/53
1,161,957
625,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Villages at Sierra Vista, Series 2022
4.500
09/01/52
581,804
1,100,000
Roseville, California, Special Tax Bonds, Community Facilities
District 1 Westbrook, Series 2014
5.000
09/01/34
1,101,205
1,500,000
(a)
Roseville, California, Special Tax Bonds, Community Facilities
District 5 Fiddyment Ranch Public Facilities, Series 2017
5.000
09/01/47
1,506,376
2,500,000
Roseville, California, Special Tax Bonds, Creekview Phase 5
Community Facilities District 1, Series 2025
5.000
09/01/50
2,504,749
1,500,000
Roseville, California, Special Tax Bonds, Creekview Phase 5
Community Facilities District 1, Series 2025
5.000
09/01/55
1,486,163
2,755,000
Roseville, California, Special Tax Bonds, SVSP Westpark-Federico
Community Facilities District 1, Series 2022
5.000
09/01/52
2,753,221
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
230,000
Sabal Palm Community Development District, Florida, Special
Assessment Bonds, Series 2016
5.500
%
11/01/46
$
230,640
1,510,000
(a),(b)
Sacramento City Financing Authority California, Lease Revenue
Bonds, Master Lease Program Facilities Projects, Tender Option
Bond Trust 2016-XG0100 - AMBAC Insured, (IF)
15.047
12/01/33
2,393,077
4,295,000
Sacramento City Financing Authority, California, Tax Allocation
Revenue Bonds, Merged Downtown Sacramento and Oak Park
Projects, Series 2005A - FGIC Insured
0.000
12/01/31
3,641,642
4,435,000
Sacramento City Financing Authority, California, Tax Allocation
Revenue Bonds, Merged Downtown Sacramento and Oak Park
Projects, Series 2005A - FGIC Insured
0.000
12/01/32
3,631,522
240,000
Sacramento, California, Special Tax Bonds, Community Facilities
District 05-1 College Square, Series 2007
5.900
09/01/37
241,299
1,485,000
San Bernardino Community Facilities District Number 2020-1,
California, Special Tax Bonds, Series 2022
4.500
09/01/52
1,338,134
330,000
San Bernardino County Financing Authority, California, Revenue
Bonds, Courthouse Facilities Project, Series 2007 - NPFG Insured
5.500
06/01/37
345,833
550,000
San Bernardino County, California, Special Tax Bonds,
Community Facilities District 2006-1 Lytle Creek North
Improvement Area 1, Series 2015
5.000
09/01/40
550,365
905,000
(a)
San Francisco City and County Infrastructure and Revitalization
Financing District 1 Treasure Island, California, Tax Increment
Revenue Bonds, Facilities Increment Series 2023A
5.000
09/01/43
901,041
1,525,000
(a)
San Francisco City and County Infrastructure and Revitalization
Financing District 1 Treasure Island, California, Tax Increment
Revenue Bonds, Facilities Increment Series 2023A
5.500
09/01/53
1,526,022
2,250,000
(a)
San Francisco City and County Infrastructure and Revitalization
Financing District 1 Treasure Island, California, Tax Increment
Revenue Bonds, Facilities Increment Series 2025A
5.000
09/01/55
2,179,192
2,100,000
(a)
San Francisco City and County Infrastructure and Revitalization
Financing District 1 Treasure Island, California, Tax Increment
Revenue Bonds, Housing Increment Series  Series 2025B
5.000
09/01/55
2,018,684
1,500,000
(a)
San Francisco City and County Infrastructure and Revitalization
Financing District 1 Treasure Island, California, Tax Increment
Revenue Bonds, Housing Increment Series 2022B
5.000
09/01/52
1,445,966
770,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Special Tax Bonds, Community
Facilities District 7, Hunters Point Shipyard Phase One
Improvements, Refunding Series 2014
5.000
08/01/39
771,177
1,250,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Tax Allocation Bonds, Mission Bay
South Redevelopment Project, Series 2014A
5.000
08/01/43
1,250,931
1,450,000
(a)
San Francisco City and County Special Tax District 2020-1,
California, Special Tax Bonds, Mission Rock Facilities and
Services, Series 2023B
5.750
09/01/53
1,515,590
1,000,000
(a)
San Francisco City and County Special Tax District 2020-1,
California, Special Tax Bonds, Mission Rock Facilities and
Services, Shoreline Tax Zone 1 Series 2023C
5.750
09/01/53
1,045,234
1,000,000
(b)
San Francisco City and County, California, Special Tax Bonds,
Community Facilities District 2014-1 Transbay Transit Center,
Green Series 2022A, (UB)
5.000
09/01/42
1,066,864
1,735,000
(b)
San Francisco City and County, California, Special Tax Bonds,
Community Facilities District 2014-1 Transbay Transit Center,
Green Series 2022A, (UB)
5.000
09/01/47
1,796,012
1,150,000
(b)
San Francisco City and County, California, Special Tax Bonds,
Community Facilities District 2014-1 Transbay Transit Center,
Green Series 2022A, (UB)
5.000
09/01/52
1,174,415
965,000
(a)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5.250
09/01/48
987,731
2,050,000
(a)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5.500
09/01/53
2,119,443
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
925,000
South San Francisco, California, Special Tax Bonds, Community
Facilities District 2021--1 Public Facilities & Services Oyster Point,
Series 2025
5.125
%
09/01/50
$
946,960
1,600,000
South San Francisco, California, Special Tax Bonds, Community
Facilities District 2021--1 Public Facilities & Services Oyster Point,
Series 2025
5.250
09/01/55
1,643,491
1,210,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 4, Series
2025
5.000
09/01/45
1,238,800
2,600,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 4, Series
2025
5.000
09/01/50
2,620,288
4,000,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 4, Series
2025
5.000
09/01/55
4,005,490
5,000,000
Stockton, California, Special Tax Revenue Bonds, Community
Facilities District 19-1, Cannery Park II, Series 2022
5.000
09/01/52
5,011,874
5,400,000
Sulphur Springs Union School District, California, Special Tax
Bonds, Community Facilities District 2014-1, Series 2022
4.500
09/01/52
4,974,805
1,045,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6.250
09/01/47
1,065,111
1,750,000
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2023A
5.000
09/01/49
1,773,220
1,700,000
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 23-02 Prado, Series 2025
5.000
09/01/50
1,714,524
3,250,000
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 23-02 Prado, Series 2025
5.000
09/01/56
3,258,192
1,195,000
Tracy, California, Special Tax Bonds, Community Facilities District
2016-1 Tracy Hills,  Improvement Area 1, Series 2019
5.000
09/01/49
1,198,669
2,700,000
Tracy, California, Special Tax Bonds, Community Facilities District
2016-1 Tracy Hills,  Improvement Area 2, Series 2023
5.875
09/01/53
2,849,369
1,000,000
Val Verde Unified School District, California, Special Tax Bonds,
Community Facilities District 2018-2, Stratford Improvement Area
2 Series 2023
5.000
09/01/54
1,010,751
700,000
Victor Valley Union High School District, San Bernardino County,
California, Special Tax Bonds, Community Facilities District 2007-
1, Series 2013
5.000
09/01/43
700,212
1,000,000
(a)
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2014C
5.000
10/01/39
999,962
350,000
West Patterson Financing Authority, California, Special Tax Bonds,
Community Facilities District 2015-1 Arambel-KDN, Refunding
Series 2015
5.250
09/01/35
350,438
785,000
West Patterson Financing Authority, California, Special Tax Bonds,
Community Facilities District 2015-1 Arambel-KDN, Refunding
Series 2015
5.250
09/01/45
785,409
1,890,000
Westside Union School District, California, Special Tax Bonds,
Community Facilities District 2016-1 Improvement Area B, Series
2023
5.250
09/01/52
1,859,700
600,000
Wildomar, California, Special Tax Bonds, Community Facilities
District 2023-1 Avalino, Series 2026
5.000
09/01/51
606,640
550,000
Wildomar, California, Special Tax Bonds, Community Facilities
District 2023-1 Avalino, Series 2026
5.000
09/01/55
555,223
290,000
(c)
Yorkville United City Business District, Illinois, Storm Water and
Water Improvement Project Revenue Bonds, Series 2007
4.800
01/01/27
98,600
TOTAL TAX OBLIGATION/LIMITED
303,081,970
TRANSPORTATION - 9.4%
500,000
(a)
California Municipal Finance Authority, Revenue Bonds, Clay
Lacy Aviation Facilities - John Wayne Airport, Orange County
Project, Series 2026, (AMT)
6.000
01/01/55
524,849
10,845,000
(b)
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2021A, (UB)
4.000
01/15/46
10,541,873
5,000,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Series 2013A - AGM Insured
0.000
01/15/37
3,463,148
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
10,000,000
(b)
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2018C, (AMT), (UB)
5.000
%
05/15/44
$
10,089,780
375,174
Puerto Rico Highway and Transportation Authority Highway
Revenue Bonds Series 2022
5.250
07/01/38
375,257
10,000,000
(b)
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT), (UB)
5.250
07/01/58
10,318,806
5,000,000
(b)
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021B, (AMT), (UB)
5.000
07/01/51
5,053,619
20,000,000
(b)
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT), (UB)
5.750
05/01/48
21,607,486
18,000,000
(b),(e)
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2026A, (AMT), (UB)
5.250
05/01/42
20,016,868
5,165,000
(b)
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT),
(UB)
5.000
05/01/48
5,189,185
100,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5.250
01/15/49
100,049
50,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Series
1997A - NPFG Insured
0.010
01/15/31
43,167
1,200,000
(a)
West Indian Company Limited, Virgin Islands, Port Facilities
Revenue Bonds WICO Financing Series 2022B, (AMT)
6.500
04/01/52
1,169,603
TOTAL TRANSPORTATION
88,493,690
U.S. GUARANTEED - 0.2% (f)
2,320,000
Anaheim Public Financing Authority, California, Lease Revenue
Bonds, Public Improvement Project, Series 1997C - AGM Insured,
(ETM)
0.000
09/01/35
1,744,503
265,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017,
(Pre-refunded 6/01/27)
5.000
06/01/37
270,548
265,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017,
(Pre-refunded 6/01/27)
5.000
06/01/47
270,548
TOTAL U.S. GUARANTEED
2,285,599
UTILITIES - 16.5%
10,110,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2021B-1, (Mandatory Put
8/01/31), (UB)
4.000
02/01/52
10,263,452
6,000,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023E-1, (Mandatory Put
3/01/31), (UB)
5.000
02/01/54
6,336,895
17,555,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023F, (Mandatory Put
11/01/30), (UB)
5.500
10/01/54
19,094,407
14,950,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023G, (Mandatory Put
4/01/30), (UB)
5.250
11/01/54
15,802,809
10,000,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024B, (Mandatory Put
12/01/32), (UB)
5.000
01/01/55
10,295,981
1,000,000
(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025C, (Mandatory Put
10/01/33)
5.000
12/01/55
1,044,834
10,000,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025C, (Mandatory Put
10/01/33), (UB)
5.000
12/01/55
10,448,342
10,000,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025D, (Mandatory Put
7/01/34), (UB)
5.000
10/01/55
10,192,518
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
12,965,000
(b),(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025E, (Mandatory Put
5/01/35), (UB)
5.000
%
10/01/56
$
14,025,285
1,100,000
(a)
California Pollution Control Financing Authority Water Furnishing
Revenue Bonds (Poseidon Resources (Channelside) LP
Desalination Project), Series 2023, (AMT)
5.000
11/21/45
1,150,831
15,170,000
(b),(d)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35), (UB)
5.000
12/01/55
16,317,262
25,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.500
11/15/28
26,364
7,185,000
(b)
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C, (UB)
7.000
11/01/34
8,656,964
225,000
Pico Rivera Water Authority, California, Revenue Bonds,
Refunding Water System Project, Series 1999A - NPFG Insured
5.500
05/01/29
234,325
1,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
1,505,034
5,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5.000
07/01/37
5,207
8,000,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Federally Taxable Build America Bonds, Series 2010YY
6.125
07/01/40
5,159,742
1,140,000
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Refunding National Series 2007VV - NPFG Insured
5.250
07/01/34
1,145,051
1,030,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Refunding Series 2010DDD
3.625
01/01/27
701,547
85,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2003NN
5.500
01/01/26
55,691
1,000,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.250
07/01/26
669,973
165,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.000
01/01/27
109,108
1,695,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2010ZZ
5.000
01/01/27
1,131,394
1,415,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series 2013A
4.800
07/01/29
943,693
2,000,000
(c)
Puerto Rico Electric Power Authority, Power Revenue Bonds,
Taxable Series 2010BBB
5.400
07/01/28
1,313,968
25,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding
Series 2005SS
4.625
07/01/30
16,862
915,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5.375
01/01/27
601,393
295,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2008WW
5.500
07/01/38
193,108
500,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010AAA
5.250
07/01/25
328,504
135,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010CCC
5.000
07/01/26
89,271
200,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010CCC
4.800
07/01/27
135,549
1,445,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010XX
4.625
01/01/27
962,663
220,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
7.250
07/01/30
143,205
4,430,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
6.750
07/01/36
2,873,172
5,385,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2013A
5.000
07/01/42
3,660,172
2,380,000
(c)
Puerto Rico Electric Power Authority, Revenue Bonds, Taxable
Series 2010EEE
5.950
07/01/30
1,545,338
1,000,000
Southern California Public Power Authority, Natural Gas Project 1
Revenue Bonds, Series 2007A
5.000
11/01/29
1,045,907
220,000
Southern California Public Power Authority, Natural Gas Project 1
Revenue Bonds, Series 2007A
5.000
11/01/33
235,052
2,002,679
(a)
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Bond Anticipation Notes, Series 2024A
8.000
07/01/26
2,004,683
Portfolio of Investments May 31, 2026
(continued)
California High Yield Municipal Bond
20
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
137,170
(a)
Virgin Islands Water and Power Authority, Electric System
Revenue Bonds, Refunding Series 2024B
10.250
%
07/01/26
$
137,141
5,020,000
West County Facilities Financing Authority, California,
Wastewater Revenue Bonds, Green Series 2021
4.000
06/01/46
4,904,715
TOTAL UTILITIES
155,507,412
TOTAL MUNICIPAL BONDS
(Cost $1,124,579,065)
1,117,328,625
TOTAL LONG-TERM INVESTMENTS
(Cost $1,124,579,065)
1,117,328,625
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  4.8%  
X
45,475,000
REPURCHASE AGREEMENTS - 4.8%  
X
–
$
45,475,000
(g)
Fixed Income Clearing Corporation
3.570
06/01/26
$
45,475,000
TOTAL REPURCHASE AGREEMENTS
(Cost $45,475,000)
45,475,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $45,475,000)
45,475,000
TOTAL INVESTMENTS - 123.4%
(Cost $1,170,054,065)
1,162,803,625
FLOATING RATE OBLIGATIONS - (24.9)%  
(234,650,000)
OTHER ASSETS & LIABILITIES, NET - 1.5%
14,161,740
NET ASSETS - 100%
$
942,315,365
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with
the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term
rate, and is reduced by the expenses related to the TOB trust.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $376,910,799 or 32.4% of Total Investments.
(b)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
When-issued or delayed delivery security.
(f)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(g)
Agreement with Fixed Income Clearing Corporation, 3.570% dated 5/29/26 to be repurchased at $45,488,529 on 6/1/26,
collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 7/15/30, valued at $46,384,693.
21
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
California High Yield
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,117,328,625
$
–
$
1,117,328,625
Short-Term Investments:
Repurchase Agreements
–
45,475,000
–
45,475,000
$
–
$
1,162,803,625
$
–
$
1,162,803,625
Liabilities at Fair Value:
Floating Rate Obligations*
$
–
$
234,650,000
$
–
$
234,650,000
$
–
$
234,650,000
$
–
$
234,650,000
*
The Funds' liabilities at fair value, which approximate their carrying value, are further described in these Notes to Financial
Statements.
22
Portfolio of Investments May 31, 2026
California Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.8%   
X
1,616,071,801
MUNICIPAL BONDS - 96.8%  
X
–
CONSUMER STAPLES - 0.0%
$
370,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
%
06/01/49
$
332,621
TOTAL CONSUMER STAPLES
332,621
EDUCATION AND CIVIC ORGANIZATIONS - 11.1%
5,825,000
California Educational Facilities Authority, Revenue Bonds,
Master's University, Series 2025
5
.000
08/01/45
5,796,832
2,040,000
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2023
5
.000
11/01/43
2,210,912
3,240,000
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2023
4
.250
11/01/48
3,151,891
2,435,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, California Science Center Phase III Project,
Green Series 2021B
4
.000
05/01/41
2,442,694
5,115,000
(a)
California Infrastructure and Economic Development Bank,
Revenue Bonds, J Paul Getty Trust, Refunding Series 2020B-2,
(Mandatory Put 10/01/26)
3
.000
10/01/47
5,114,476
3,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Los Angeles County Museum of Natural History
Foundation, Series 2020
4
.000
07/01/50
2,781,175
20,175,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building, Series
2025
4
.500
05/15/55
20,307,370
2,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building, Series
2025
5
.250
05/15/59
2,114,860
500,000
California Municipal Finance Authority Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2015A
5
.250
10/01/45
494,565
1,325,000
California Municipal Finance Authority Charter School Revenue
Bonds, John Adams Academies, Inc. Project, Series 2015A
5
.250
10/01/45
1,310,598
3,250,000
California Municipal Finance Authority, Academic Facilities
Revenue Bonds, Scripps College Series 2025
5
.000
07/01/50
3,376,559
1,225,000
California Municipal Finance Authority, Revenue Bonds, Goodwill
Industries of Sacramento Valley & Northern Nevada Project,
Series 2014A
5
.000
01/01/35
1,082,589
8,595,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
4
.000
12/31/47
7,784,233
6,980,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5
.000
12/31/47
6,998,819
210,000
(b)
California School Finance Authority Charter School Revenue
Bonds, Bright Star Schools - Obligated Group, Series 2017
5
.000
06/01/27
210,637
250,000
(b)
California School Finance Authority Charter School Revenue
Bonds, Bright Star Schools - Obligated Group, Series 2017
5
.000
06/01/54
226,388
2,935,000
(b)
California School Finance Authority Charter School Revenue
Bonds, Fenton Schools - Obligated Group, Series 2020A
5
.000
07/01/50
2,679,596
1,045,000
(b)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2015A
5
.000
08/01/40
1,045,194
1,100,000
(b)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2015A
5
.000
08/01/45
1,080,095
450,000
(b)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2016
5
.000
08/01/36
450,081
460,000
(b)
California School Finance Authority, California, Charter School
Revenue Bonds, Aspire Public Schools, Refunding Series 2016
5
.000
08/01/46
447,414
1,915,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5
.000
06/01/59
1,563,056
815,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Aspire Public School - Obligated Group,Issue No.6, Series
2020A
5
.000
08/01/52
756,215
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
235,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017
5
.000
%
06/01/47
$
222,416
410,000
(b),(c)
California School Finance Authority, Charter School Revenue
Bonds, Downtown College Prep - Obligated Group, Series 2016
5
.000
06/01/46
246,000
500,000
(b),(c)
California School Finance Authority, Charter School Revenue
Bonds, Downtown College Prep - Obligated Group, Series 2016
5
.000
06/01/51
300,000
375,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Kepler Neighborhood School, Series 2017A
5
.750
05/01/37
377,222
720,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Lifeline Education Charter School Project, Series 2020A
5
.000
07/01/55
680,826
550,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Partnerships to Uplift Communities Project, Refunding
Social Series 2023
5
.500
08/01/43
558,809
285,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Education Obligated Group, Series 2016A
5
.000
06/01/36
285,059
250,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Rocketship Education Obligated Group, Series 2017A
5
.250
06/01/52
236,329
280,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Stem Preparatory Schools Obligated Group, Series 2023A
5
.000
06/01/43
281,258
750,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2015A
5
.000
07/01/45
750,052
830,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016A
5
.000
07/01/46
829,997
5,235,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5
.250
07/01/52
5,234,573
3,125,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2019
5
.000
07/01/49
3,016,679
680,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2021A
4
.000
07/01/48
569,676
545,000
(b)
California School Finance Authority, School Facility Revenue
Bonds, Value Schools, Refunding Series 2023A
5
.000
07/01/40
557,115
15,325,000
California State University, Systemwide Revenue Bonds, Series
2017A
5
.000
11/01/47
15,478,972
3,100,000
California State University, Systemwide Revenue Bonds, Series
2018A
5
.000
11/01/43
3,222,274
15,665,000
California State University, Systemwide Revenue Bonds, Series
2018A
5
.000
11/01/48
16,029,421
5,210,000
California State University, Systemwide Revenue Bonds, Series
2019A
5
.000
11/01/49
5,371,182
1,000,000
California Statewide Community Development Authority,
Certificates of Participation, Methodist Hospital of Southern
California, Series 2018
5
.000
01/01/48
1,014,904
1,115,000
San Diego County, California, Limited Revenue Obligations,
Sanford Burnham Prebys Medical Discovery Institute, Series
2015A
5
.000
11/01/28
1,119,803
11,620,000
University of California, General Revenue Bonds, Limited Project
Series 2018O
5
.000
05/15/43
12,002,640
10,805,000
University of California, General Revenue Bonds, Series 2025CE
5
.000
11/15/40
12,337,574
9,745,000
University of California, General Revenue Bonds, Series 2025CE
5
.000
11/15/41
11,026,985
20,000,000
University of California, General Revenue Bonds, Series 2025CF
5
.000
11/15/26
20,234,836
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
185,410,851
FINANCIALS - 0.0%
6,811
Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit
Exchanged From Cusip 74529JAN5
0
.000
08/01/47
2,282
TOTAL FINANCIALS
2,282
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 16.0%
$
17,205,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5
.000
%
11/15/46
$
17,253,339
3,815,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2017A
5
.000
11/15/48
3,830,910
1,225,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5
.000
11/15/36
1,255,748
11,100,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5
.000
11/15/48
11,146,291
7,000,000
California Health Facilities Financing Authority, Revenue Bonds,
Cedars-Sinai Health System, Series 2021A
4
.000
08/15/48
6,678,110
3,850,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5
.000
08/15/47
3,605,822
6,100,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2012A
4
.000
11/15/39
6,099,772
7,850,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4
.000
11/15/45
7,172,292
11,270,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
5
.000
11/15/49
11,290,592
10,750,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/40
10,784,390
3,175,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/45
3,030,793
35,085,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/49
32,000,439
1,825,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5
.000
10/01/44
1,826,059
2,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5
.000
07/01/44
2,090,928
32,335,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5
.250
07/01/49
33,316,823
250,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5
.000
07/01/47
250,224
1,810,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/36
1,816,365
11,500,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/41
11,523,990
6,750,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.000
11/01/47
6,534,124
3,810,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/47
3,809,641
5,300,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5
.000
02/01/47
5,305,692
2,950,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5
.250
11/01/52
2,973,195
2,000,000
California Public Finance Authority, Revenue Bonds, Henry Mayo
Newhall Hospital, Series 2017
5
.000
10/15/47
1,999,839
15,050,000
California Public Finance Authority, Revenue Bonds, Sharp
HealthCare, Series 2017A
5
.000
08/01/47
15,271,598
4,000,000
California Statewide Communities Development Authority,
California, Redlands Community Hospital, Revenue Bonds, Series
2016
5
.000
10/01/46
4,013,417
6,000,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/44
6,002,186
20,750,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
20,750,255
8,400,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.500
12/01/58
8,479,853
1,305,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2015A
5
.000
03/01/35
1,305,879
10,875,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2018A
5
.000
03/01/48
10,921,609
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
10,000,000
California Statewide Communities Development Authority,
Revenue Bonds, Marin General Hospital, Green Series 2018A
4
.000
%
08/01/45
$
9,098,977
1,365,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5
.250
08/15/52
1,386,260
1,630,000
Upland, California, Certificates of Participation, San Antonio
Regional Hospital, Series 2017
5
.000
01/01/47
1,635,090
2,800,000
Washington Township Health Care District, California, Revenue
Bonds, Series 2017A
5
.000
07/01/42
2,803,754
TOTAL HEALTH CARE
267,264,256
HOUSING/MULTIFAMILY - 14.3%
4,670,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4
.000
02/01/56
3,036,865
15,920,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4
.000
08/01/47
12,553,573
6,599,873
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5
.000
02/01/50
125,398
560,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Summit at Sausalito Apartments, Series
2021A-2
4
.000
02/01/50
421,721
425,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, The Arbors, Series 2020A
5
.000
08/01/50
402,201
2,850,000
(b)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Verdant at Green Valley Apartments,
Series 2019A
5
.000
08/01/49
2,665,100
25,810,000
(b)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5
.000
04/01/49
20,192,126
9,637,202
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4
.000
03/20/33
9,847,501
11,838,715
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3
.500
11/20/35
11,756,634
1,340,332
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4
.250
01/15/35
1,389,122
9,512,616
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4
.375
09/20/36
9,626,033
8,179,818
(a)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4
.327
11/20/40
8,127,837
4,994,557
California Municipal Finance Agency, Municipal Certificates,
Series 2026-1 Class A-1
4
.050
07/20/41
4,934,359
2,900,000
California Municipal Finance Authority, Mobile Home Park
Revenue Bonds, Caritas Projects, Social Series 2024A
5
.000
08/15/59
2,920,233
23,205,000
(b)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4
.000
04/01/56
18,066,155
5,675,000
(b)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4
.000
08/01/58
4,352,000
920,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-1
3
.600
05/01/47
780,500
8,660,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-2
3
.250
05/01/57
6,030,756
5,230,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior
Lien Series 2021A
4
.000
10/01/56
4,350,280
2,000,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-1
3
.500
10/01/46
1,674,465
26,965,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4
.000
10/01/56
21,177,909
16,355,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5
.000
01/01/54
14,475,997
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
2,480,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-1
2
.875
%
08/01/41
$
2,310,042
4,640,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-2
3
.125
08/01/56
3,464,984
19,550,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4
.000
10/01/56
15,139,125
1,615,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3
.000
07/01/43
1,319,224
4,750,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3
.125
07/01/56
3,133,441
395,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien
Series 2021B
4
.000
03/01/57
295,576
15,125,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4
.000
08/01/56
13,686,848
3,765,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4
.000
12/01/56
2,936,900
5,730,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4
.000
07/01/56
4,762,010
7,475,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Vineyard Gardens Apartments, Senior
Lien Series 2021A
3
.250
10/01/58
5,318,666
2,100,000
(b)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Waterscape Apartments, Mezzanine
Lien Series 2021B
4
.000
09/01/46
1,796,402
3,995,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3
.000
06/01/47
2,891,853
16,280,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3
.125
06/01/57
9,942,220
2,100,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Mezzanine
Lien Series 2021A-2
4
.000
12/01/58
1,619,061
7,545,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3
.000
12/01/49
5,445,703
2,480,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.400
12/01/54
2,312,645
4,325,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.550
12/01/61
4,152,487
TOTAL HOUSING/MULTIFAMILY
239,433,952
TAX OBLIGATION/GENERAL - 13.6%
1,000,000
Acalanes Union High School District, Contra Costa County,
California, General Obligation Bonds, Refunding Series 2010A
0
.000
08/01/26
995,839
8,000,000
Antioch Unified School District, Contra Costa County, California,
General Obligation Bonds, Election 2024 Series 2024A
4
.000
08/01/47
7,711,095
5,570,000
(d)
Bakersfield City School District, Kern County, California, General
Obligation Bonds, Series 2012C
0
.000
05/01/42
4,610,483
2,500,000
California State, General Obligation Bonds, Various Purpose
Series 2016
5
.000
09/01/45
2,506,017
835,000
California State, General Obligation Bonds, Various Purpose
Series 2016
5
.000
09/01/46
836,737
1,770,000
California State, General Obligation Bonds, Various Purpose
Series 2020
4
.000
11/01/45
1,760,706
5,000,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/50
5,355,270
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
3,385,000
Chino Valley Unified School District, San Bernardino County,
California, General Obligation Bonds, 2016 Election Series
2020B
5
.000
%
08/01/55
$
3,479,483
4,900,000
Corona-Norco Unified School District, Riverside County,
California, General Obligation Bonds, Election 2014, Series
2019C
4
.000
08/01/49
4,604,305
2,745,000
Grossmont-Cuyamaca Community College District, California,
General Obligation Bonds, Refunding Series 2018
4
.000
08/01/47
2,679,644
7,000,000
Hacienda La Puente Unified School District, Los Angeles County,
California, General Obligation Bonds, 2016 Election, Series
2017A
4
.000
08/01/47
6,814,116
38,460,000
Los Angeles County, California, Tax and Revenue Anticipation
Notes, Series 2025-26
5
.000
06/30/26
38,529,747
5,390,000
Los Angeles Unified School District, Los Angeles County,
California, General Obligation Bonds, Dedicated Ad Valorem
Property Tax, Series 2026QRR
4
.250
07/01/50
5,347,189
41,160,000
Los Angeles, California, General Obligation Bonds, Tax &
Revenue Anticipation Notes, Series 2025
5
.000
06/25/26
41,224,156
6,225,000
Manteca Unified School District, San Joaquin County, California,
General Obligation Bonds, Election 2014 Series 2017B
4
.000
08/01/42
6,228,424
10,000,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4
.000
08/01/40
9,999,713
4,040,000
Morgan Hill Unified School District, Santa Clara County,
California, General Obligation Bonds, Election 2012 Series
2017B
4
.000
08/01/47
3,988,592
2,290,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2018,
Series 2019A
5
.000
08/01/44
2,407,088
8,890,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2024,
Series 2025A
5
.250
08/01/55
9,565,405
9,440,000
Paramount Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 2006 Series 2011
6
.375
08/01/45
10,847,684
23,996,248
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/27
24,378,429
7,070,089
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
5,159,974
1,000,000
Redlands Unified School District, San Bernardino County,
California, General Obligation Bonds, Election of 2024 Series
2025A
5
.000
07/01/26
1,001,914
6,985,000
Rio Hondo Community College District, California, General
Obligation Bonds, 2024 Election, Series 2025A
5
.250
08/01/55
7,482,781
1,535,000
(d)
San Leandro Unified School District, Alameda County, California,
General Obligation Bonds, Election 2006 Series 2010C - AGC
Insured
0
.000
08/01/39
1,631,733
2,000,000
Victor Valley Union High School District, San Bernardino County,
California, General Obligation Bonds, 20008 Election Series
2009A - AGC Insured
5
.750
08/01/31
2,009,367
3,080,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2004 Election Series
2013B
5
.000
08/01/43
3,081,122
645,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2013A
5
.500
08/01/40
649,025
8,640,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2015B
4
.000
08/01/45
8,079,981
3,500,000
(d)
Yosemite Community College District, California, General
Obligation Bonds, Capital Appreciation, Election 2004, Series
2010D
0
.000
08/01/42
3,300,754
TOTAL TAX OBLIGATION/GENERAL
226,266,773
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 8.3%
$
1,035,000
Beaumont, California, Special Tax Bonds, Community Facilities
District 93-1 Improvement Area 8D, Series 2018A
5
.000
%
09/01/48
$
1,044,136
1,655,000
Bell Community Housing Authority, California, Lease Revenue
Bonds, Series 2005 - AMBAC Insured
5
.000
10/01/36
1,655,064
355,000
Brea and Olinda Unified School District, Orange County,
California, Certificates of Participation Refunding, Series 2002A -
AGM Insured
5
.125
08/01/26
355,528
200,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5
.000
09/02/36
200,113
1,525,000
California Community College Financing Authority, Lease
Revenue Bonds, Refunding Series 2003 - AMBAC Insured
0
.000
06/01/33
1,150,612
2,040,000
California Infrastructure and Economic Development Bank, Lease
Revenue Bonds, California State Teachers Retirement System
Headquarters Expansion, Green Bond-Climate Bond Certified
Series 2019
5
.000
08/01/44
2,127,357
750,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2020A
4
.000
09/01/45
693,881
4,325,000
California State Public Works Board, Lease Revenue Bonds,
California Air Resources Board, Southern California Headquarters
- Mary D. Nichols Campus, Green Series 2022D
4
.000
05/01/47
4,187,625
160,000
(b)
California Statewide Communities Development Authority,
Limited Obligation Improvement Bonds, Open PACE, Property
Assessment Clean Energy, GreenRock, HR Ontario Hotel Project,
Series 2026
5
.125
09/02/48
162,087
335,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2011A
8
.000
09/02/41
335,006
945,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5
.000
09/02/46
946,025
1,000,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2018A
5
.000
09/02/47
1,009,247
775,000
City of Dublin, California, Community Facilities District No. 2015-
1, Dublin Crossing, Improvement Area No. 1, Special Tax Bonds,
Series 2017
5
.000
09/01/37
786,667
800,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5
.000
09/01/43
807,687
1,800,000
Dublin Community Facilities District 2015-1 Dublin Crossing,
California, Special Tax Bonds, Improvement  Area 2, Series 2019
5
.000
09/01/44
1,835,794
1,000,000
Folsom Ranch Financing Authority, California, Special Tax
Revenue Bonds, Folsom Community Facilities District 19 Mangini
Ranch, Series 2019
5
.000
09/01/49
1,008,850
1,000,000
Huntington Beach, California, Special Tax Bonds, Community
Facilities District 2003-1 Huntington Center, Refunding Series
2013
5
.375
09/01/33
1,001,271
4,585,000
Irvine Facilities Financing Authority, California, Special Tax
Revenue Bonds, Great Park Infrastructure Project Series 2023A
5
.000
09/01/42
5,044,150
1,400,000
Lammersville Joint Unified School District, San Joaquin County,
California, Special Tax Bonds, Community Facilities District 2014-
1 Improvement Area 1 Mountain House School Facilities, Series
2017
5
.000
09/01/47
1,419,381
980,000
Lathrop, California, Limited Obligation Improvement Bonds,
Crossroads Assessment District, Series 2015
5
.000
09/02/40
981,215
1,000,000
Los Angeles County Facilities Inc, California, Lease Revenue
Bonds, Vermont Corridor County Administration Building, Series
2018A
5
.000
12/01/51
1,018,583
5,075,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Green Senior
Lien Series 2019A
5
.000
07/01/44
5,282,001
7,000,000
Los Angeles County Public Works Financing Authority, California,
Lease Revenue Bonds, Series 2019E-1
5
.000
12/01/44
7,341,848
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
5,920,000
Los Angeles County Public Works Financing Authority, California,
Lease Revenue Bonds, Series 2025J
5
.250
%
12/01/50
$
6,396,520
325,000
Menifee, California, Special Tax Bonds, Community Facilities
District 2021-1, Banner Park Series 2023A
5
.000
09/01/48
330,568
1,455,000
Modesto, California, Speical Tax Bonds, Community Faclities
District 2004-1 Village One 2, Refunding Series 2014
5
.000
09/01/28
1,457,456
3,250,000
Oakland Redevelopment Successor Agency, California, Tax
Allocation Bonds, Refunding Subordinated Series 2015-TE - AGM
Insured
5
.000
09/01/35
3,254,708
3,215,000
Oakland Redevelopment Successor Agency, California, Tax
Allocation Bonds, Refunding Subordinated Series 2015-TE - AGM
Insured
5
.000
09/01/36
3,219,278
255,000
Orange County, California, Special Tax Bonds, Community
Facilities District 2015-1 Esencia Village, Series 2015A
5
.250
08/15/45
255,327
27,597,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.010
07/01/46
10,073,352
27,031,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
26,711,875
5,920,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
5,524,562
7,525,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
7,249,235
525,000
Rialto Community Facilities District 2024-1, California,
(Renaissance) Special Tax Bond, Series 2026
5
.000
09/01/51
533,158
500,000
Rialto Community Facilities District 2024-1, California,
(Renaissance) Special Tax Bond, Series 2026
5
.000
09/01/55
504,748
4,180,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
5
.250
09/01/52
4,384,287
415,000
Riverside Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 32, Series 2020
4
.000
09/01/45
382,448
3,390,000
San Francisco Bay Area Rapid Transit District, California, Sales Tax
Revenue Bonds, Series 2019A
4
.000
07/01/38
3,403,038
350,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Special Tax Bonds, Community
Facilities District 7, Hunters Point Shipyard Phase One
Improvements, Refunding Series 2014
5
.000
08/01/39
350,535
40,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7
.000
10/01/26
40,119
2,235,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5
.000
09/01/43
2,264,351
380,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 2, Series
2024
5
.000
09/01/44
387,559
525,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 2, Series
2024
5
.000
09/01/49
525,285
650,000
Stockton, California, Special Tax Bonds, Community Facilities
District 2018-2 Westlake Villages II Improvement Area 2, Series
2024
5
.000
09/01/54
644,364
105,000
(b)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6
.125
09/01/37
107,879
1,345,000
Tracy, California, Special Tax Bonds, Community Facilities District
2016-1 Tracy Hills,  Improvement Area 2, Series 2023
5
.625
09/01/43
1,428,149
3,120,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5
.000
10/01/45
3,153,477
625,000
Val Verde Unified School District, California, Special Tax Bonds,
Community Facilities District 2018-2, Stratford Improvement Area
2 Series 2023
5
.000
09/01/48
636,386
7,600,000
Vista Community Development Commission Taxable Non-
Housing Tax Allocation Revenue Bonds, California, Vista
Redevelopment Project, Series 2011
6
.000
09/01/33
7,621,101
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
7,920,000
Vista Community Development Commission Taxable Non-
Housing Tax Allocation Revenue Bonds, California, Vista
Redevelopment Project, Series 2011
6
.125
%
09/01/37
$
7,941,739
TOTAL TAX OBLIGATION/LIMITED
139,175,632
TRANSPORTATION - 17.0%
4,375,000
Burbank-Glendale-Pasadena Airport Authority, California, Airport
Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)
4
.375
07/01/49
4,277,918
18,840,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2021A
4
.000
01/15/46
18,313,407
5,050,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Green Series 2022G, (AMT)
5
.000
05/15/52
5,135,673
1,550,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding & Subordinate
Series 2022C, (AMT)
4
.000
05/15/37
1,563,153
1,250,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding & Subordinate
Series 2022C, (AMT)
4
.000
05/15/38
1,258,338
1,930,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding & Subordinate
Series 2022C, (AMT)
4
.000
05/15/39
1,940,624
2,255,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding Subordinate Lien
Private Activity Series 2021A, (AMT)
5
.000
05/15/46
2,314,565
6,925,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2016B, (AMT)
5
.000
05/15/46
6,926,076
24,440,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2018C, (AMT)
5
.000
05/15/44
24,659,422
2,000,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2019D, (AMT)
5
.000
05/15/30
2,097,953
2,415,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2019D, (AMT)
5
.000
05/15/34
2,513,901
1,695,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2019D, (AMT)
5
.000
05/15/35
1,760,797
3,500,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2019D, (AMT)
5
.000
05/15/39
3,603,711
3,600,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series 2019F,
(AMT)
5
.000
05/15/37
3,743,234
10,000,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series 2019F,
(AMT)
5
.000
05/15/44
10,226,909
9,680,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (AMT)
5
.000
05/15/37
10,385,853
6,995,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2022A, (AMT)
5
.000
05/15/45
7,238,921
1,000,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2022A, (AMT)
4
.000
05/15/49
911,393
16,305,000
Riverside County Transportation Commission, California, Toll
Revenue Second Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021C
4
.000
06/01/47
15,632,758
3,085,000
Riverside County Transportation Commission, California, Toll
Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021B-1
4
.000
06/01/40
3,156,873
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
10,815,000
Riverside County Transportation Commission, California, Toll
Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021B-1
4
.000
%
06/01/46
$
10,638,734
4,230,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5
.000
07/01/48
4,321,050
10,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5
.250
07/01/58
10,318,806
2,625,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2017A
5
.000
07/01/47
2,653,580
2,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2017A, (AMT)
5
.000
07/01/47
2,005,136
4,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2019B, (AMT)
5
.000
07/01/49
4,026,980
2,500,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021B, (AMT)
5
.000
07/01/46
2,565,230
7,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021B, (AMT)
5
.000
07/01/51
7,075,067
16,055,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5
.500
05/01/41
17,774,063
2,175,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2024A, (AMT)
5
.250
05/01/49
2,278,011
2,330,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5
.250
05/01/55
2,424,053
6,130,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5
.500
05/01/55
6,506,417
16,000,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025D, (AMT)
5
.250
05/01/55
16,645,861
14,120,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B
5
.000
05/01/47
14,259,324
5,150,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5
.000
05/01/44
5,265,333
3,515,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5
.000
05/01/49
3,543,217
5,000,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2017A, (AMT)
5
.000
05/01/47
5,010,432
7,170,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5
.000
05/01/43
7,298,456
9,315,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5
.000
05/01/48
9,358,616
1,025,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E, (AMT)
5
.000
05/01/40
1,059,989
18,500,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E, (AMT)
5
.000
05/01/45
18,856,321
1,595,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
1,595,949
TOTAL TRANSPORTATION
283,142,104
U.S. GUARANTEED - 0.2% (e)
1,235,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)
4
.000
04/01/49
1,305,814
265,000
(b)
California School Finance Authority, Charter School Revenue
Bonds, Community High School Foundation Inc, Series 2017,
(Pre-refunded 6/01/27)
5
.000
06/01/47
270,548
500,000
Corona-Norco Unified School District, Riverside County,
California, General Obligation Bonds, Capital Appreciation,
Election 2006 Refunding Series 2009C, (Pre-refunded 8/01/27) -
AGM Insured
6
.800
08/01/39
524,156
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED (e)
(continued)
$
545,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (Pre-refunded 11/15/31), (AMT)
5
.000
%
05/15/37
$
600,319
5,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (Pre-
refunded 5/01/28), (AMT)
5
.000
05/01/48
5,136
TOTAL U.S. GUARANTEED
2,705,973
UTILITIES - 16.3%
12,110,000
(a)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023E, (Mandatory Put
9/01/32)
5
.000
02/01/55
12,875,342
2,890,000
(a)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024A, (Mandatory Put
4/01/32)
5
.000
05/01/54
3,066,634
14,830,000
(a)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024B, (Mandatory Put
12/01/32)
5
.000
01/01/55
15,268,940
14,365,000
(a)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024C, (Mandatory Put
10/01/32)
5
.000
08/01/55
14,981,016
20,000,000
(a)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025D, (Mandatory Put
7/01/34)
5
.000
10/01/55
20,385,036
7,725,000
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2026B
5
.000
03/01/36
8,125,058
5,000,000
(b)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5
.000
07/01/37
5,000,544
18,060,000
(b)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5
.000
11/21/45
18,061,997
4,405,000
(b)
California Pollution Control Financing Authority, Water Furnishing
Revenue Bonds, San Diego County Water Authoriity Desalination
Project Pipeline, Refunding Series 2019
5
.000
07/01/39
4,517,929
11,270,000
(a)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5
.000
12/01/55
12,122,316
6,525,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2017A
5
.000
07/01/42
6,570,011
8,430,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2017C
5
.000
07/01/47
8,493,271
4,770,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2019A
5
.000
07/01/45
4,864,782
32,975,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5
.000
07/01/50
33,517,238
6,065,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2021B
5
.000
07/01/51
6,169,233
2,040,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022B
5
.000
07/01/47
2,104,620
5,165,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022C
5
.000
07/01/52
5,267,063
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2023D
5
.000
07/01/43
5,338,159
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2023E
5
.000
07/01/53
5,117,389
465,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5
.000
07/01/53
479,477
10,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2026A
5
.000
07/01/41
10,982,280
6,640,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2022D
5
.000
07/01/52
6,781,437
7,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5
.000
07/01/40
7,343,097
33
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
9,990,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5
.000
%
07/01/41
$
10,451,143
1,710,000
Pico Rivera Water Authority, California, Revenue Bonds,
Refunding Water System Project, Series 1999A - NPFG Insured
5
.500
05/01/29
1,780,871
2,180,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
2,187,316
250,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021A
4
.000
07/01/42
240,097
5,110,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
4
.000
07/01/42
4,907,312
5,000,000
San Francisco City and County Public Utilities Commission,
California, Water Revenue Bonds, Regional Water & Local Water,
Series 2025D
5
.000
11/01/55
5,276,330
900,000
San Joaquin County, California, Revenue Bonds, CSA County
Service Area 31, Refunding Series 2018A
5
.000
08/01/42
905,236
7,145,000
(a)
San Joaquin Valley Clean Energy Authority, California, Clean
Energy Project Revenue Bonds, Green Series 2025A, (Mandatory
Put 7/01/35)
5
.500
01/01/56
7,921,051
3,520,000
(a)
Southern California Public Power Authority, California, Revenue
Bonds, Clean Energy Project Revenue Bonds, Series 2024A,
(Mandatory Put 9/01/30)
5
.000
04/01/55
3,682,737
17,000,000
Southern California Public Power Authority, Southern
Transmission System Renewal Project Revenue Bonds, Series
2023-1A
5
.000
07/01/48
17,552,395
TOTAL UTILITIES
272,337,357
TOTAL MUNICIPAL BONDS
(Cost $1,648,350,612)
1,616,071,801
TOTAL LONG-TERM INVESTMENTS
(Cost $1,648,350,612)
1,616,071,801
OTHER ASSETS & LIABILITIES, NET - 3.2%
53,441,765
NET ASSETS - 100%
$
1,669,513,566
AMT
Alternative Minimum Tax
(a)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $264,592,841 or 16.4% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Portfolio of Investments May 31, 2026
(continued)
California Municipal Bond
34
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
California
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,616,071,801
$
–
$
1,616,071,801
$
–
$
1,616,071,801
$
–
$
1,616,071,801
35
Portfolio of Investments May 31, 2026
Connecticut Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 95.4%   
X
241,431,015
MUNICIPAL BONDS - 95.4%  
X
–
CONSUMER DISCRETIONARY - 0.4%
$
1,000,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmans Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5.750
%
02/01/45
$
1,013,590
TOTAL CONSUMER DISCRETIONARY
1,013,590
EDUCATION AND CIVIC ORGANIZATIONS - 19.6%
340,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Area Cooperative Educational Services Series 2025C
5.000
07/01/42
367,893
285,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Area Cooperative Educational Services Series 2025C
5.000
07/01/43
307,474
750,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2017R
4.000
07/01/47
696,153
2,500,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2022U
4.000
07/01/52
2,300,020
400,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2025V
5.000
07/01/42
436,422
350,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2025V
5.000
07/01/44
376,279
1,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2025V
5.250
07/01/47
1,068,670
960,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2026W
5.000
07/01/46
1,020,932
1,545,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hopkins School, Series 2022E
5.250
07/01/47
1,648,638
1,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hopkins School, Series 2022E
5.000
07/01/53
1,024,281
1,130,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Loomis Chaffe School, Series 2023L
4.000
07/01/43
1,132,304
1,750,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2016M
5.000
07/01/35
1,753,215
2,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2023N
5.000
07/01/48
2,070,677
1,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2023O
5.000
07/01/35
1,138,292
375,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2023O
5.000
07/01/36
424,601
2,100,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2026P
5.000
07/01/43
2,289,527
3,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2026P
5.000
07/01/44
3,248,046
2,500,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Quinnipiac University, Series 2026P
5.000
07/01/45
2,682,110
5,110,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Sacred Heart University, Series 2017I-1
5.000
07/01/42
5,167,609
2,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Sacred Heart University, Series 2020K
5.000
07/01/40
2,090,379
3,465,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Sacred Heart University, Series L
5.000
07/01/42
3,657,304
790,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, The Taft School Isue, Series 2021L
3.000
07/01/41
694,396
2,210,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, The Taft School Isue, Series 2021L
3.000
07/01/46
1,771,145
1,500,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity College, Series 2020R
4.000
06/01/45
1,464,899
4,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity College, Series 2021S
4.000
06/01/46
3,818,936
1,175,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity College, Series 2021S
4.000
06/01/51
1,048,922
750,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity College, Series 2026T-1
5.000
06/01/49
792,870
Portfolio of Investments May 31, 2026
(continued)
Connecticut Municipal Bond
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,900,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, University of Hartford, Series 2022P
5.375
%
07/01/52
$
1,769,102
2,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, University of New Haven, Series 2018K-1
5.000
07/01/37
2,012,924
1,200,000
University of Connecticut, Student Fee Revenue Bonds, Special
Obligation Series 2023A
5.250
11/15/48
1,292,392
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
49,566,412
HEALTH CARE - 16.4%
1,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Connecticut Childrens Medical Center and Subsidiaries,
Series 2023E
5.250
07/15/48
1,048,047
5,160,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Connecticut Childrens Medical Center and Subsidiaries,
Series 2023E
4.250
07/15/53
4,732,979
2,250,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2026A
5.000
07/01/46
2,376,149
695,000
(a)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Griffin Hospital, Series 2020G-1
5.000
07/01/39
697,447
3,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hartford HealthCare Issue, Series 2021A - BAM Insured
4.000
07/01/51
2,766,330
3,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hartford Healthcare, Series 2026A
5.500
07/01/51
3,211,293
4,200,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hartford Healthcare, Series 2026A
5.500
07/01/55
4,519,958
1,995,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Middlesex Hospital, Series 2015O
5.000
07/01/36
1,996,585
2,455,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Nuvance Health Series 2019A
4.000
07/01/34
2,467,631
2,860,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Nuvance Health Series 2019A
4.000
07/01/41
2,729,038
6,020,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Nuvance Health Series 2019A - BAM Insured
4.000
07/01/49
5,606,143
1,500,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Stamford Hospital, Forward Delivery Series 2022M
4.000
07/01/42
1,415,179
1,885,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Stamford Hospital, Series 2016K
4.000
07/01/46
1,761,086
2,350,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity Health Credit Group, Series 2016CT
5.000
12/01/41
2,353,171
2,000,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity Health Credit Group, Series 2016CT
5.000
12/01/45
2,002,053
985,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Yale-New Haven Health Issue, Series 2024A
5.000
07/01/45
1,053,842
795,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Yale-New Haven Health Issue, Series 2024A
5.000
07/01/47
837,278
TOTAL HEALTH CARE
41,574,209
HOUSING/MULTIFAMILY - 1.1%
1,890,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2019B-1
3.300
11/15/39
1,725,909
1,000,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025C-1
4.650
11/15/40
1,038,261
TOTAL HOUSING/MULTIFAMILY
2,764,170
HOUSING/SINGLE FAMILY - 1.5%
1,440,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Green Series 2021B-3
2.150
11/15/41
1,068,804
1,560,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Green Series 2021B-3
2.300
11/15/46
1,094,302
185,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020E-3
1.850
05/15/38
139,282
1,430,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2024A
4.600
11/15/49
1,410,557
TOTAL HOUSING/SINGLE FAMILY
3,712,945
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE - 5.2%
$
1,100,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Duncaster, Inc., Series 2014A
5.000
%
08/01/44
$
1,099,968
2,600,000
(a)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Healthcare Facility Expansion Church Home of Hartford
Inc. Project, Series 2016A
5.000
09/01/46
2,599,739
900,000
(a)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Mary Wade Home Issue, Series 2019A-1
4.500
10/01/34
848,828
200,000
(a)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Mary Wade Home Issue, Series 2019A-1
5.000
10/01/54
164,869
4,365,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Masonicare Issue, Series 2016F
5.000
07/01/37
4,366,843
2,650,000
(a)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, McLean Affiliates, Series 2020A
5.000
01/01/45
2,458,363
730,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, The Jerome Home Issue, Series 2021E
4.000
07/01/41
678,990
1,250,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, The Jerome Home Issue, Series 2021E
4.000
07/01/51
1,009,109
TOTAL LONG-TERM CARE
13,226,709
TAX OBLIGATION/GENERAL - 22.1%
2,000,000
Bridgeport, Connecticut, General Obligation Bonds, Series
2016D - AGM Insured
5.000
08/15/41
2,004,137
1,000,000
Bridgeport, Connecticut, General Obligation Bonds, Series
2024A - BAM Insured
5.000
07/01/44
1,083,154
1,000,000
Connecticut Housing Finance Authority, State Supported Special
Obligation Bonds, Series 2021-27
2.400
06/15/41
789,413
1,000,000
Connecticut Housing Finance Authority, State Supported Special
Obligation Bonds, Series 2021-27
2.550
06/15/46
718,164
960,000
Connecticut Housing Finance Authority, State Supported Special
Obligation Bonds, Series 2021-28
2.375
06/15/40
783,786
1,000,000
Connecticut State, General Obligation Bonds, Series 2017A
5.000
04/15/34
1,017,543
3,270,000
Connecticut State, General Obligation Bonds, Series 2017A
5.000
04/15/35
3,323,703
1,510,000
Connecticut State, General Obligation Bonds, Series 2018A
5.000
04/15/37
1,557,516
1,325,000
Connecticut State, General Obligation Bonds, Series 2018C
5.000
06/15/38
1,368,003
1,450,000
Connecticut State, General Obligation Bonds, Series 2019A
4.000
04/15/37
1,469,671
650,000
Connecticut State, General Obligation Bonds, Series 2019A
5.000
04/15/39
678,217
2,000,000
Connecticut State, General Obligation Bonds, Series 2020A
4.000
01/15/37
2,040,784
2,000,000
Connecticut State, General Obligation Bonds, Series 2021A -
BAM Insured
3.000
01/15/40
1,810,622
500,000
Connecticut State, General Obligation Bonds, Series 2024D
4.000
05/01/41
504,689
2,000,000
Connecticut State, General Obligation Bonds, Series 2024D
5.000
05/01/42
2,191,700
1,000,000
Connecticut State, General Obligation Bonds, Series 2024D
5.000
05/01/44
1,081,691
2,000,000
Connecticut State, General Obligation Bonds, Series 2025C
5.000
08/15/44
2,185,634
2,085,000
Connecticut State, General Obligation Bonds, Series 2025C
5.000
08/15/45
2,259,320
5,825,000
(b)
Connecticut State, General Obligation Bonds, Series 2026A
5.000
09/15/45
6,315,549
225,000
Connecticut State, General Obligation Bonds, Social Series
2024G
3.000
11/15/43
194,557
300,000
East Haddam, Connecticut, General Obligation Bonds, Series
2020A
3.000
12/01/37
284,065
325,000
East Lyme, Connecticut, General Obligation Bonds, Series 2020
3.000
07/15/40
289,902
1,035,000
Hartford County Metropolitan District, Connecticut, General
Obligation Bonds, Series 2018
5.000
07/15/35
1,075,363
1,075,000
Hartford County Metropolitan District, Connecticut, General
Obligation Bonds, Series 2019A
4.000
07/15/39
1,090,111
3,000,000
Hartford County Metropolitan District, Connecticut, General
Obligation Bonds, Series 2023
4.000
08/01/43
3,032,627
2,285,000
Naugatuck, Connecticut, General Obligation Bonds, Tax
Increment Series 2023
5.250
10/15/48
2,416,525
1,000,000
Naugatuck, Connecticut, General Obligation Bonds, Tax
Increment Series 2023
4.625
10/15/53
1,002,290
5,000,000
New Britain, Connecticut, General Obligation Bonds, Series
2022A - BAM Insured
5.000
03/01/47
5,187,717
1,000,000
New Haven, Connecticut, General Obligation Bonds, Refunding
Series 2016A - AGM Insured
5.000
08/15/36
1,003,116
Portfolio of Investments May 31, 2026
(continued)
Connecticut Municipal Bond
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,035,000
Oxford, Connecticut, General Obligation Bonds, Series 2019A
4.000
%
08/01/39
$
1,036,988
2,370,000
Stratford, Connecticut, General Obligation Bonds, Series 2017 -
BAM Insured
4.000
01/01/39
2,371,424
555,000
Waterbury, Connecticut, General Obligation Bonds, Lot A Series
2015 - BAM Insured
5.000
08/01/30
555,938
485,000
Waterbury, Connecticut, General Obligation Bonds, Lot A Series
2015 - BAM Insured
5.000
08/01/31
485,801
765,000
Waterbury, Connecticut, General Obligation Bonds, Lot A Series
2015 - BAM Insured
5.000
08/01/32
766,231
555,000
Waterbury, Connecticut, General Obligation Bonds, Lot A Series
2015 - BAM Insured
5.000
08/01/33
555,861
555,000
Waterbury, Connecticut, General Obligation Bonds, Lot A Series
2015 - BAM Insured
5.000
08/01/34
555,831
750,000
West Haven, Connecticut, General Obligation Bonds, Series
2020 - BAM Insured
4.000
03/15/40
753,912
TOTAL TAX OBLIGATION/GENERAL
55,841,555
TAX OBLIGATION/LIMITED - 18.9%
1,590,000
Connecticut Higher Education Supplemental Loan Authority,
State Supported Revenue Bonds, CHESLA Loan Program, Series
2020B, (AMT)
3.250
11/15/36
1,503,945
1,000,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes Series 2016A
5.000
09/01/32
1,005,175
3,500,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes Series 2016A
5.000
09/01/33
3,517,188
2,000,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes Series 2018A
5.000
01/01/37
2,054,279
2,000,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes Series 2018A
5.000
01/01/38
2,051,800
1,500,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2021A
4.000
05/01/40
1,519,971
2,080,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2023A
5.250
07/01/44
2,280,589
3,350,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2024A-2
5.000
07/01/43
3,673,454
1,000,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2025A
5.000
07/01/43
1,105,965
500,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2025A
5.000
07/01/44
548,004
1,500,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2025A
5.000
07/01/45
1,629,703
1,000,000
Connecticut State, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2025A
5.000
07/01/46
1,077,238
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.000
01/01/35
547,025
920,000
(a)
Great Pond Improvement District, Connecticut, Special
Obligation Revenue Bonds, Great Pond Phase 1 Project, Series
2019
4.750
10/01/48
890,005
420,000
(a)
Great Pond Improvement District, Connecticut, Special
Obligation Revenue Bonds, Great Pond Phase 2 Project, Series
2022
5.750
10/01/52
430,245
3,720,000
(a)
Harbor Point Infrastructure Improvement District, Connecticut,
Special Obligation Revenue Bonds, Harbor Point Project,
Refunding Series 2017
5.000
04/01/39
3,750,453
635,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/39
659,558
1,825,000
Naugatuck, Connecticut, Certificates of Participation, Incineration
Facilities Project, Series 2021A, (AMT)
4.000
08/15/41
1,735,497
1,860,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.010
07/01/46
678,930
4,250,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4.750
07/01/53
4,094,316
3,050,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
3,013,992
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured Series 2019A-2B
4.550
%
07/01/40
$
1,002,213
100,000
Steel Point Infrastructure Improvement District, Connecticut,
Special Obligation Revenue Bonds, Steelpointe Harbor Project,
Series 2021
4.000
04/01/51
80,118
500,000
(a)
Steel Point Infrastructure Improvement District, Connecticut,
Special Obligation Revenue Bonds, Steelpointe Harbor Project,
Series 2024
6.000
04/01/52
515,158
3,000,000
University of Connecticut, General Obligation Bonds, Series
2017A
5.000
01/15/36
3,034,629
1,000,000
University of Connecticut, General Obligation Bonds, Series
2019A
5.000
11/01/36
1,049,805
1,000,000
University of Connecticut, General Obligation Bonds, Series
2019A
4.000
11/01/38
1,008,582
420,000
University of Connecticut, General Obligation Bonds, Series
2023A
5.000
08/15/43
453,337
1,350,000
University of Connecticut, General Obligation Bonds, Series
2026A
5.000
02/15/45
1,463,385
1,250,000
Virgin Islands Transportation & Infrastructure Corporation, Virgin
Islands, Grant Anticipation Revenue Bonds, Federal Highway
Grant Anticipation Revenue Loan Note, Series 2025
5.000
09/01/41
1,358,995
TOTAL TAX OBLIGATION/LIMITED
47,733,554
TRANSPORTATION - 3.0%
1,500,000
Connecticut Airport Authority, Connecticut, Customer Facility
Charge Revenue Bonds, Ground Transportation Center Project,
Series 2019A - BAM Insured, (AMT)
4.000
07/01/49
1,386,706
6,125,000
Connecticut Airport Authority, Connecticut, Customer Facility
Charge Revenue Bonds, Ground Transportation Center Project,
Series 2019A, (AMT)
5.000
07/01/49
6,166,313
100,000
Guam A.B. Won Pat  International Airport Authority, Revenue
Bonds, Series 2024A, (AMT)
5.250
10/01/41
105,449
TOTAL TRANSPORTATION
7,658,468
U.S. GUARANTEED - 0.7% (c)
1,885,000
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Fairfield University, Series 2016Q-1, (Pre-refunded
7/01/26)
5.000
07/01/46
1,888,462
TOTAL U.S. GUARANTEED
1,888,462
UTILITIES - 6.5%
500,000
(b)
Connecticut, State Revolving Fund General Revenue Bonds,
Refunding Green Series 2026A
5.000
03/01/35
580,974
60,000
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds,
Series 2005A - NPFG Insured
5.000
08/15/35
60,061
1,250,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5.000
07/01/37
1,265,869
1,000,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5.000
07/01/40
1,010,404
295,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2020A
5.000
01/01/50
299,822
200,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5.000
10/01/43
210,603
1,555,000
Hartford County Metropolitan District, Connecticut, Clean Water
Project Revenue Bonds, Series 2024
4.000
10/01/36
1,635,082
1,795,000
Hartford County Metropolitan District, Connecticut, Clean Water
Project Revenue Bonds, Series 2024
4.000
10/01/37
1,879,396
1,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
1,003,356
2,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5.000
07/01/33
2,099,438
2,540,000
South Central Connecticut Regional Water Authority,
Connecticut, Water System Revenue Bonds, Thirty-Ninth Series
2025A
5.000
08/01/54
2,611,903
Portfolio of Investments May 31, 2026
(continued)
Connecticut Municipal Bond
40
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
2,685,000
South Central Connecticut Regional Water Authority,
Connecticut, Water System Revenue Bonds, Thirty-Seventh Series
2023A-1
5.000
%
08/01/51
$
2,796,884
500,000
Stamford, Connecticut, Water Pollution Control System and
Facility Revenue Bonds, Series 2013A
5.250
08/15/43
500,291
500,000
Stamford, Connecticut, Water Pollution Control System and
Facility Revenue Bonds, Series 2019
4.000
04/01/44
496,858
TOTAL UTILITIES
16,450,941
TOTAL MUNICIPAL BONDS
(Cost $243,980,248)
241,431,015
TOTAL LONG-TERM INVESTMENTS
(Cost $243,980,248)
241,431,015
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.8%  
X
4,715,000
MUNICIPAL BONDS - 1.8%  
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 0.3%
$
965,000
(d)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Central Connecticut Coast YMCA, Series 2003A
1.670
07/01/33
$
965,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
965,000
HOUSING/MULTIFAMILY - 1.5%
750,000
(d)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2017A-3
1.450
11/15/47
750,000
3,000,000
(d)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2018A-3
1.550
05/15/48
3,000,000
TOTAL HOUSING/MULTIFAMILY
3,750,000
TOTAL MUNICIPAL BONDS
(Cost $4,715,000)
4,715,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,715,000)
4,715,000
TOTAL INVESTMENTS - 97.2%
(Cost $248,695,248)
246,146,015
OTHER ASSETS & LIABILITIES, NET - 2.8%
6,969,780
NET ASSETS - 100%
$
253,115,795
AMT
Alternative Minimum Tax
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $15,457,901 or 6.3% of Total Investments.
(b)
When-issued or delayed delivery security.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
41
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
Connecticut
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
241,431,015
$
–
$
241,431,015
Short-Term Investments:
Municipal Bonds
–
4,715,000
–
4,715,000
$
–
$
246,146,015
$
–
$
246,146,015
42
Portfolio of Investments May 31, 2026
Massachusetts Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.5%   
X
424,768,461
MUNICIPAL BONDS - 96.5%  
X
–
CONSUMER DISCRETIONARY - 0.2%
$
1,000,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmans Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5
.750
%
02/01/45
$
1,013,589
TOTAL CONSUMER DISCRETIONARY
1,013,589
EDUCATION AND CIVIC ORGANIZATIONS - 23.6%
2,065,000
Lowell, Massachusetts, Collegiate Charter School Revenue
Bonds, Series 2019
5
.000
06/15/39
2,065,272
1,750,000
Lowell, Massachusetts, Collegiate Charter School Revenue
Bonds, Series 2019
5
.000
06/15/49
1,695,797
1,260,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berklee College of Music, Series 2016
5
.000
10/01/39
1,264,727
5,165,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berklee College of Music, Series 2016
5
.000
10/01/46
5,174,257
2,350,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston College, Series 2017T
5
.000
07/01/39
2,388,212
1,020,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston College, Series 2017T
5
.000
07/01/42
1,032,680
4,545,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2025B-2
5
.000
10/01/48
4,787,871
1,195,000
Massachusetts Development Finance Agency, Revenue Bonds,
Brandeis University Issue, Series 2018R
5
.000
10/01/37
1,234,667
840,000
Massachusetts Development Finance Agency, Revenue Bonds,
Brandeis University Issue, Series 2018R
5
.000
10/01/38
866,555
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Brandeis University Issue, Series 2018R
5
.000
10/01/39
1,030,151
1,510,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2016A
5
.250
01/01/42
1,515,545
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2016A
5
.000
01/01/47
1,500,352
1,600,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5
.000
01/01/37
1,625,735
6,020,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5
.000
01/01/40
6,086,400
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2018
5
.000
01/01/43
2,012,012
680,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2025
5
.250
01/01/44
711,143
2,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emmanuel College, Series 2016A
5
.000
10/01/43
2,441,048
2,055,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lesley University, Series 2016
5
.000
07/01/36
2,055,532
550,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
3
.500
07/01/35
539,042
235,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
5
.000
07/01/37
235,249
700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2017
5
.000
07/01/37
700,326
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2022
5
.000
07/01/52
954,565
1,220,000
Massachusetts Development Finance Agency, Revenue Bonds,
Middlesex School, Series 2024
4
.250
07/01/54
1,122,912
3,000,000
(a)
Massachusetts Development Finance Agency, Revenue Bonds,
Northeastern University Issue, Series 2026A
5
.250
10/01/48
3,224,240
2,080,000
Massachusetts Development Finance Agency, Revenue Bonds,
Northeastern University, Series 2022
5
.000
10/01/44
2,206,742
2,345,000
Massachusetts Development Finance Agency, Revenue Bonds,
Northeastern University, Series 2024A
5
.000
10/01/42
2,558,056
2,415,000
Massachusetts Development Finance Agency, Revenue Bonds,
Sterling and Francine Clark Art Institute, Series 2016
4
.000
07/01/41
2,393,635
43
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
610,000
Massachusetts Development Finance Agency, Revenue Bonds,
Suffolk University, Refunding Series 2019
5
.000
%
07/01/37
$
617,286
875,000
Massachusetts Development Finance Agency, Revenue Bonds,
Tufts University, Series 2015Q
5
.000
08/15/38
875,379
3,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wentworth Institute of Technology, Series 2017
5
.000
10/01/46
2,899,304
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wheaton College, Series 2017H
5
.000
01/01/37
1,007,883
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Woods Hole Oceanographic Institution, Series 2018
5
.000
06/01/37
1,033,177
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Woods Hole Oceanographic Institution, Series 2018
5
.000
06/01/38
1,031,538
6,210,000
Massachusetts Development Finance Agency, Revenue Bonds,
Woods Hole Oceanographic Institution, Series 2018
5
.000
06/01/48
6,298,459
5,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017B
5
.000
09/01/42
5,078,688
7,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017B
5
.000
09/01/45
7,085,794
745,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2019
5
.000
09/01/33
791,994
3,000,000
Massachusetts Development Finance Authority, Revenue Bonds,
Olin College, Refunding Series 2023G
5
.250
11/01/51
3,141,640
700,000
Massachusetts Development Finance Authority, Revenue Bonds,
Suffolk University, Refunding Series 2017
5
.000
07/01/35
704,217
500,000
Massachusetts Development Finance Authority, Revenue Bonds,
Suffolk University, Refunding Series 2017
5
.000
07/01/36
502,531
2,345,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Refunding Series 2016
5
.000
01/01/36
2,349,182
2,100,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Series 2002A - AMBAC Insured
5
.750
01/01/42
2,463,325
5,550,000
University of Massachusetts Building Authority, Project Revenue
Bonds, Senior Series 2022-1
4
.000
11/01/46
5,377,719
9,000,000
University of Massachusetts Building Authority, Project Revenue
Bonds, Senior Series 2022-1
5
.000
11/01/52
9,211,684
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
103,892,523
HEALTH CARE - 20.0%
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Baystate Medical Center Issue, Series 2014N
5
.000
07/01/34
1,001,136
5,700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Baystate Medical Center Issue, Series 2014N
5
.000
07/01/44
5,703,435
2,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
Beth Israel Lahey Health Inc Series 2025N
5
.250
07/01/44
2,466,800
10,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Children's Hospital Series 2024T
5
.250
03/01/54
10,502,164
7,800,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5
.000
07/01/44
7,801,428
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5
.000
07/01/32
2,001,833
11,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5
.250
07/01/52
11,042,126
1,675,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Refunding Series 2016-I
5
.000
07/01/30
1,677,528
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Refunding Series 2016-I
5
.000
07/01/37
1,501,323
1,935,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Refunding Series 2016-I
5
.000
07/01/38
1,936,587
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/48
2,004,498
2,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/53
2,085,110
3,285,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute, Series 2026Q
5
.000
12/01/46
3,452,340
Portfolio of Investments May 31, 2026
(continued)
Massachusetts Municipal Bond
44
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
3,235,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute, Series 2026Q
5
.000
%
12/01/47
$
3,369,359
3,280,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lahey Health System Obligated Group Issue, Series 2015F
5
.000
08/15/45
3,280,882
7,645,000
Massachusetts Development Finance Agency, Revenue Bonds,
Mass General Brigham, Series 2024D
5
.000
07/01/47
8,020,059
1,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
Partners HealthCare System Issue, Series 2016Q
4
.000
07/01/41
1,249,999
4,710,000
Massachusetts Development Finance Agency, Revenue Bonds,
Partners HealthCare System Issue, Series 2016Q
5
.000
07/01/47
4,712,558
2,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Partners HealthCare System Issue, Series 2017S-1
5
.000
07/01/37
2,256,157
1,750,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series 2013F
5
.000
07/01/27
1,751,813
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series 2013F
5
.000
07/01/37
1,000,774
3,800,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5
.000
07/01/44
3,726,630
890,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017K
5
.000
07/01/38
895,039
400,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
3
.625
07/01/37
373,734
1,855,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
5
.000
07/01/44
1,861,414
2,065,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Issue Series 2025N-1
5
.250
07/01/50
2,123,016
500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2019A
5
.000
07/01/44
500,396
TOTAL HEALTH CARE
88,298,138
HOUSING/MULTIFAMILY - 1.5%
500,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
CHF Merrimack, Inc. Merrimack College Student Housing Project,
Series 2024A
4
.250
07/01/34
508,195
200,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
CHF Merrimack, Inc. Merrimack College Student Housing Project,
Series 2024A
5
.000
07/01/54
194,158
2,950,000
Massachusetts Housing Finance Agency, Housing Bonds, Green
Series 2025C-1
4
.850
12/01/55
2,969,927
2,685,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2022C-1
5
.000
12/01/47
2,759,869
TOTAL HOUSING/MULTIFAMILY
6,432,149
HOUSING/SINGLE FAMILY - 0.2%
1,000,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Taxable Social Series 2026-253
4
.750
12/01/46
1,010,888
TOTAL HOUSING/SINGLE FAMILY
1,010,888
LONG-TERM CARE - 0.9%
1,910,000
(b)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
4
.125
10/01/42
1,824,176
275,000
(b)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
5
.000
10/01/47
275,132
480,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berkshire Retirement Community Lennox, Series 2015
5
.000
07/01/31
480,460
400,000
Massachusetts Development Finance Agency, Revenue Bonds,
Orchard Cove, Inc., Refunding Series 2019
5
.000
10/01/39
408,224
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Salem Community Corporation, Refunding Series 2022
5
.250
01/01/50
944,985
TOTAL LONG-TERM CARE
3,932,977
45
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL - 24.9%
$
825,000
Andover, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2022
4
.000
%
07/15/42
$
831,918
4,375,000
Boston, Massachusetts, General Obligation Bonds, Series 2025A
5
.000
02/01/43
4,776,694
3,800,000
Boston, Massachusetts, General Obligation Bonds, Series 2025A
5
.000
02/01/45
4,091,182
4,000,000
East Longmeadow, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2024
4
.000
11/01/54
3,694,519
4,060,000
Greater Fall River Regional Vocational Technical School District,
Massachusetts, State Qualified General Obligation Bonds, School
Project Loan, Chapter 70B Series 2025
5
.000
06/01/44
4,360,011
6,960,000
Greater Fall River Regional Vocational Technical School District,
Massachusetts, State Qualified General Obligation Bonds, School
Project Loan, Chapter 70B Series 2025
5
.000
06/01/49
7,177,128
1,740,000
Hudson, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2011
5
.000
02/15/32
1,743,111
7,400,000
Lincoln, Massachusetts, General Obligation Bonds, School Series
2019
4
.000
03/01/49
7,172,757
2,000,000
Massachusetts Development Finance Agency, Special Obligation
Bonds, Commonwealth Contract  Assistance, Series 2015A
4
.000
05/01/45
1,984,448
6,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025C
5
.000
06/01/53
6,239,340
1,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025G
5
.000
12/01/47
1,068,597
5,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2018A
5
.000
01/01/47
5,067,361
1,775,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019A
5
.000
01/01/49
1,808,019
8,335,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019C
5
.000
05/01/45
8,590,044
7,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2022C
5
.250
10/01/47
7,436,556
15,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Series 2022E
5
.000
11/01/52
15,469,151
3,760,000
North Attleborough, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan, Series 2026
4
.125
03/15/55
3,544,910
1,000,000
North Reading, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2012
5
.000
05/15/35
1,001,670
1,685,000
Northeast Metropolitan Regional Vocational Technical School
District, Massachusetts, General Obligation Bonds, School Series
2022
4
.000
04/15/47
1,602,330
1,965,000
Northeast Metropolitan Regional Vocational Technical School
District, Massachusetts, General Obligation Bonds, School Series
2024
4
.000
05/15/46
1,888,969
1,950,000
Pentucket Regional School District, Massachusetts, General
Obligation Bonds, Series 2019
3
.000
09/01/42
1,692,612
3,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/46
2,660,756
3,000,000
Quincy, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2022B
5
.000
07/01/47
3,134,093
1,500,000
Quincy, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2022B
5
.000
07/01/51
1,540,346
5,535,000
Taunton, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2024
4
.000
03/01/51
5,179,799
1,000,000
Town of Yarmouth, Massachusetts, General Obligation Bonds,
Purpose Loan Series 2026
4
.000
04/15/39
1,039,418
1,195,000
Town of Yarmouth, Massachusetts, General Obligation Bonds,
Purpose Loan Series 2026
4
.000
04/15/45
1,185,710
3,440,000
Webster, Massachusetts, General Obligation Bonds, Qualified
School Project, Chapter 70B, Loan Series 2022
4
.000
12/01/42
3,459,008
TOTAL TAX OBLIGATION/GENERAL
109,440,457
Portfolio of Investments May 31, 2026
(continued)
Massachusetts Municipal Bond
46
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 15.7%
$
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
%
01/01/34
$
545,021
1,160,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/31
1,164,964
2,000,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/46
1,963,313
1,010,000
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,
Refunding Green Series 2014 - BAM Insured
5
.000
05/01/33
1,019,914
3,525,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2023A-1
5
.250
07/01/53
3,712,730
2,045,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2025B
5
.000
07/01/45
2,227,187
5,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Sustainability Series 2024B
5
.250
07/01/54
5,294,133
2,050,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Subordinated Series 2017A-2
5
.000
07/01/44
2,078,741
3,065,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Subordinated Series 2017A-2
5
.000
07/01/46
3,098,685
2,165,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Subordinated Series 2021A-1
4
.000
07/01/39
2,203,422
3,020,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Senior Social Series 2020A
5
.000
08/15/50
3,092,984
1,100,000
Massachusetts School Building Authority, Senior Dedicated Sales
Tax Revenue Bonds, Subordinated Social Series 2025A
5
.000
02/15/50
1,153,475
6,380,000
Massachusetts School Building Authority, Senior Dedicated Sales
Tax Revenue Bonds, Subordinated Social Series 2025A
5
.000
02/15/55
6,630,440
8,180,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement & Accelerated Bridge Programs, Series 2017A
5
.000
06/01/47
8,270,611
5,540,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement & Accelerated Bridge Programs, Series 2019A
5
.000
06/01/49
5,674,574
5,815,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2024B
5
.000
06/01/54
6,025,344
5,000
Massachusetts State, Transportation Fund Revenue Bonds,
Refunding Series 2021A
5
.000
06/01/42
5,349
1,510,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
1,568,396
3,177,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.550
07/01/40
3,184,031
4,725,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
4,551,916
5,840,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
5,625,984
TOTAL TAX OBLIGATION/LIMITED
69,091,214
TRANSPORTATION - 2.5%
1,500,000
Massachusetts Port Authority, Revenue Bonds, Refunding Series
2017A, (AMT)
5
.000
07/01/42
1,515,421
1,780,000
Massachusetts Port Authority, Revenue Bonds, Series 2014A
5
.000
07/01/34
1,790,732
1,425,000
Massachusetts Port Authority, Revenue Bonds, Series 2015A
5
.000
07/01/40
1,426,978
3,500,000
Massachusetts Port Authority, Revenue Bonds, Series 2019C,
(AMT)
5
.000
07/01/49
3,532,596
2,500,000
Massachusetts Port Authority, Revenue Bonds, Series 2021E,
(AMT)
5
.000
07/01/46
2,564,085
TOTAL TRANSPORTATION
10,829,812
U.S. GUARANTEED - 1.1% (c)
100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (ETM)
5
.000
07/15/30
109,013
100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/37
109,012
3,000,000
Massachusetts State, Special Obligation Dedicated Tax Revenue
Bonds, Refunding Series 2005 - NPFG Insured, (ETM)
5
.500
01/01/34
3,436,134
47
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED (c)
(continued)
$
1,000,000
Massachusetts Water Resources Authority, General Revenue
Bonds, Series 2016B, (Pre-refunded 8/01/26)
5
.000
%
08/01/40
$
1,003,673
TOTAL U.S. GUARANTEED
4,657,832
UTILITIES - 5.9%
4,000,000
Boston Water and Sewer Commission, Massachusetts, General
Revenue Bonds, Senior Series 2018A
4
.000
11/01/40
4,000,920
2,805,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5
.000
07/01/40
2,834,181
920,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2016
5
.000
01/01/46
920,286
2,500,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2020A
5
.000
01/01/50
2,540,868
1,650,000
Massachusetts Clean Water Trust, State Revolving Fund Bonds,
Green 23B Series 2021
5
.000
02/01/41
1,763,781
1,000,000
Massachusetts Clean Water Trust, State Revolving Fund Bonds,
Green 26A Series 2025
5
.000
02/01/42
1,113,830
2,250,000
Massachusetts Clean Water Trust, State Revolving Fund Bonds,
Green 26B Series 2025
5
.000
02/01/42
2,506,118
2,450,000
Massachusetts Clean Water Trust, State Revolving Fund Bonds,
Green 26B Series 2025
5
.000
02/01/43
2,713,385
1,310,000
Massachusetts Municipal Wholesale Electric Company, MMWEC,
Revenue Bonds, Project 2015A, Series 2021A
4
.000
07/01/40
1,320,740
1,400,000
Massachusetts Municipal Wholesale Electric Company, MMWEC,
Revenue Bonds, Project 2015A, Series 2021A
4
.000
07/01/41
1,408,404
2,000,000
Massachusetts Municipal Wholesale Electric Company, MMWEC,
Revenue Bonds, Project 2015A, Series 2021A
4
.000
07/01/46
1,922,276
3,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5
.000
07/01/37
3,124,093
TOTAL UTILITIES
26,168,882
TOTAL MUNICIPAL BONDS
(Cost $422,635,600)
424,768,461
TOTAL LONG-TERM INVESTMENTS
(Cost $422,635,600)
424,768,461
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.1%  
X
5,000,000
MUNICIPAL BONDS - 1.1%  
X
–
UTILITIES - 1.1%
$
3,000,000
(d)
Massachusetts Water Resources Authority, General Revenue
Bonds, Refunding Multi-Modal Subordinated Series 2025C
1
.600
08/01/37
$
3,000,000
2,000,000
(d)
Massachusetts Water Resources Authority, General Revenue
Bonds, Subordinate Lien Multimodal Bonds, Series 1999B
1
.570
08/01/28
2,000,000
TOTAL UTILITIES
5,000,000
TOTAL MUNICIPAL BONDS
(Cost $5,000,000)
5,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,000,000)
5,000,000
TOTAL INVESTMENTS - 97.6%
(Cost $427,635,600)
429,768,461
OTHER ASSETS & LIABILITIES, NET - 2.4%
10,625,935
NET ASSETS - 100%
$
440,394,396
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $5,925,754 or 1.4% of Total Investments.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
Portfolio of Investments May 31, 2026
(continued)
Massachusetts Municipal Bond
48
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(d)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
Massachusetts
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
424,768,461
$
–
$
424,768,461
Short-Term Investments:
Municipal Bonds
–
5,000,000
–
5,000,000
$
–
$
429,768,461
$
–
$
429,768,461
49
Portfolio of Investments May 31, 2026
New Jersey Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.6%   
X
382,974,317
MUNICIPAL BONDS - 98.6%  
X
–
CONSUMER STAPLES - 2.6%
$
1,955,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
4
.000
%
06/01/37
$
1,960,099
3,590,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
3,563,101
4,730,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
4,597,774
TOTAL CONSUMER STAPLES
10,120,974
EDUCATION AND CIVIC ORGANIZATIONS - 12.2%
1,240,000
Atlantic County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Stockton University Atlantic
City Campus Phase II, Series 2021A - AGM Insured
4
.000
07/01/47
1,189,501
715,000
Camden County Improvement Authority, New Jersey, School
Revenue Bonds, KIPP: Cooper Norcross Academy 2022 Project,
Social Series 2022
6
.000
06/15/62
734,804
1,050,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Gauranteed Loan,
Series 2019
5
.000
07/01/44
1,092,341
1,025,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5
.000
07/01/49
1,058,514
1,000,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5
.000
07/01/54
1,023,979
510,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/32
567,306
350,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/33
392,930
285,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/34
321,480
750,000
(a)
Montclair State University, New Jersey, General Obligation
Bonds, Series 2026A - BAM Insured
5
.250
07/01/51
796,949
860,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Central Jersey College Prep Charter School
Project, Series 2025
5
.250
11/01/60
856,611
225,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Foundation Academy Charter School, Series
2018A
5
.000
07/01/38
226,100
2,805,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, North Star Academy Charter School of Newark,
Series 2017
4
.000
07/15/37
2,745,244
100,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, North Star Academy Charter School of Newark,
Series 2017
5
.000
07/15/47
99,605
100,000
(b)
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Teaneck Community Charter School, Series
2017A
5
.125
09/01/52
97,012
1,145,000
New Jersey Educational Facilities Authority, Revenue Bonds,
College of New Jersey, Refunding Series 2016F
3
.000
07/01/40
994,146
950,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Kean University, Refunding Series 2015H - AGM Insured
4
.000
07/01/39
949,955
2,150,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Montclair State University, Refunding Series 2024A - AGM
Insured
5
.000
07/01/43
2,340,847
1,125,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Refunding Series 2017I
5
.000
07/01/35
1,148,771
2,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024A-1
5
.000
03/01/37
2,267,526
2,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024B
5
.250
03/01/54
2,134,162
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
50
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,600,000
(c)
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2025A, (Mandatory Put 7/01/35)
5
.000
%
07/01/64
$
1,846,298
360,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
3
.750
07/01/37
283,610
1,370,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
4
.000
07/01/42
1,019,059
1,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Refunding Series 2015C
5
.000
07/01/32
1,000,776
525,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5
.000
07/01/38
525,284
1,870,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3
.000
07/01/41
1,536,534
2,430,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3
.000
07/01/46
1,820,889
1,085,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
4
.000
07/01/46
962,275
1,040,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2020C - AGM Insured
3
.250
07/01/49
855,862
3,225,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology Issue, Green Series 2020A
4
.000
07/01/50
2,832,465
500,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
4
.000
07/01/47
453,473
380,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5
.000
07/01/47
381,493
630,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Senior Series 2021B,
(AMT)
2
.500
12/01/40
591,790
445,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
3
.750
12/01/31
444,642
95,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4
.000
12/01/35
94,887
1,180,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023B, (AMT)
4
.000
12/01/44
1,142,799
500,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2024B, (AMT)
4
.250
12/01/45
499,319
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2025-1B, (AMT)
4
.500
12/01/45
1,012,354
1,270,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2021C, (AMT)
3
.250
12/01/51
899,735
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2022C, (AMT)
5
.000
12/01/52
995,067
80,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT)
3
.750
12/01/33
79,881
10,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A, (AMT)
4
.000
12/01/40
9,963
370,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Series 2020B, (AMT)
3
.500
12/01/39
361,892
1,740,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2017-C, (AMT)
4
.250
12/01/47
1,592,966
1,460,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2019C, (AMT)
3
.625
12/01/49
1,144,997
1,420,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.000
07/01/45
1,545,281
1,145,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.250
07/01/50
1,238,900
1,335,000
Passaic County Improvement Authority, New Jersey, Charter
School Revenue Bonds, Paterson Arts & Science Charter School,
Series 2023
5
.375
07/01/53
1,347,206
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
47,557,480
51
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 8.7%
$
1,800,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
2
.375
%
07/01/46
$
1,208,717
1,945,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
3
.000
07/01/46
1,564,455
1,000,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
3
.000
07/01/51
750,801
25,000
New Jersey Health Care Facilities Finance Authority, Revenue
Bonds, AHS Hospital Corporation, Series 2008A
5
.000
07/01/27
25,043
1,395,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, AHS Hospital Corporation, Refunding Series 2016
4
.000
07/01/41
1,376,935
965,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group, Refunding
Series 2017A
5
.000
07/01/57
969,759
1,000,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Refunding Series
2016A
5
.000
07/01/27
1,001,722
2,105,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Refunding Series
2016A
4
.000
07/01/41
2,084,535
2,700,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2017A
5
.000
07/01/42
2,733,591
2,000,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
5
.250
07/01/54
2,106,361
610,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5
.000
07/01/33
612,078
600,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5
.000
07/01/34
601,900
5,000,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2026A
5
.000
07/01/34
5,670,480
2,165,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4
.000
07/01/45
2,070,596
2,245,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
3
.000
07/01/51
1,669,347
2,125,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
3
.000
07/01/32
2,048,292
370,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4
.000
07/01/34
370,048
2,695,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5
.000
07/01/41
2,696,437
1,450,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4
.000
07/01/48
1,285,949
800,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
4
.000
07/01/37
804,831
1,190,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
4
.000
07/01/44
1,145,025
1,215,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
3
.000
07/01/49
929,654
TOTAL HEALTH CARE
33,726,556
HOUSING/MULTIFAMILY - 5.2%
150,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5
.000
07/01/47
144,734
450,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5
.000
01/01/50
423,523
2,440,000
New Jersey Economic Development Authority, Revenue Bonds,
West Campus Housing LLC - New Jersey City University Student
Housing Project, Series 2015
5
.000
07/01/47
2,213,195
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
52
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,398,390
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Cherry Garden Apartments Project,
Series 2021B
2
.375
%
01/01/39
$
1,165,695
518,907
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Riverview Towers Apartments, Series
2024B
5
.250
12/20/65
559,489
695,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Montgomery Gateway Apartments,
Series 2025A
4
.550
05/01/41
717,083
1,310,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2015A
4
.000
11/01/45
1,276,797
1,135,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2016A
3
.750
11/01/45
1,081,867
2,145,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2016B
3
.600
11/01/40
2,106,556
1,275,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2018A
3
.600
11/01/33
1,277,598
1,045,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2018A
3
.950
11/01/43
1,016,859
500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2018A
4
.100
11/01/53
450,799
1,750,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2019A
2
.900
11/01/39
1,496,690
530,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2019A
3
.000
11/01/44
441,751
870,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2019A
3
.050
11/01/49
683,809
490,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2019A
3
.150
05/01/53
367,358
600,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2
.450
11/01/45
431,566
2,470,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2
.450
11/01/41
1,959,726
1,090,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023C, (AMT)
4
.850
05/01/33
1,115,453
855,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4
.500
05/01/50
847,381
500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4
.550
05/01/55
488,960
TOTAL HOUSING/MULTIFAMILY
20,266,889
HOUSING/SINGLE FAMILY - 5.6%
920,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3
.750
10/01/35
920,472
2,150,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018B, (AMT)
3
.800
10/01/32
2,150,597
2,710,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
4
.000
04/01/49
2,486,862
1,540,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2
.250
10/01/40
1,233,455
755,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
3
.500
04/01/51
754,001
2,000,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4
.150
10/01/39
2,010,051
6,840,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
2
.300
10/01/46
4,820,940
1,885,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4
.500
10/01/42
1,913,276
1,260,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4
.600
10/01/46
1,265,847
995,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J
4
.500
10/01/43
1,008,674
1,145,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J
4
.700
10/01/48
1,145,707
53
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY
(continued)
$
1,805,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2025M
5
.050
%
10/01/45
$
1,860,570
TOTAL HOUSING/SINGLE FAMILY
21,570,452
INDUSTRIALS - 0.7%
500,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
5
.000
06/15/37
500,107
1,000,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
5
.125
06/15/43
1,000,121
1,000,000
(b)
New Jersey Economic Development Authority, New Jersey, Dock
and Wharf Facility Revenue Bonds, Repauno Port & Rail Terminal
Project, Series 2025, (AMT)
6
.625
01/01/45
1,059,211
TOTAL INDUSTRIALS
2,559,439
LONG-TERM CARE - 0.6%
530,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5
.250
01/01/44
521,207
2,113,474
(b)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5
.000
01/01/40
1,495,843
480,000
(b)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018
5
.750
10/01/38
352,179
TOTAL LONG-TERM CARE
2,369,229
TAX OBLIGATION/GENERAL - 25.8%
3,995,000
Bridgewater & Raritan School District, Somerset County, New
Jersey, General Obligation Bonds, Series 2024
4
.000
07/15/45
3,962,049
790,000
Cumberland County Improvement Authority, New Jersey,
General Obligation Lease Revenue Bonds, Vineland Public Safety
Building Project, Series 2017
3
.250
12/15/37
769,656
585,000
Cumberland County, New Jersey, General Obligation Bonds,
General Improvement Series 2024
2
.000
08/15/26
583,455
1,000,000
Cumberland County, New Jersey, General Obligation Bonds,
Series 2021
2
.000
05/15/29
952,917
6,000,000
Essex County, New Jersey, General Obligation Bonds, Bond
Anticipation Notes, Series 2025
4
.000
07/08/26
6,007,397
5,000,000
Ewing Township, Mercer County, New Jersey, General Obligation
Bonds, Bond Anticipation Notes Series 2025
4
.000
12/22/26
5,039,124
25,000
Flemington-Raritan Regional School District, Hunterdon County,
New Jersey, General Obligation Bonds, Series 2019
2
.375
09/01/34
22,228
3,000,000
Freehold Township Board of Education, Monmouth County, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
08/15/41
3,065,500
1,065,000
Gloucester Township, New Jersey, General Obligation Bonds,
Series 2019 - BAM Insured
2
.000
02/01/28
1,039,833
1,000,000
Gloucester Township, New Jersey, General Obligation Bonds,
Series 2019 - BAM Insured
2
.250
02/01/29
970,791
1,040,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.375
03/01/34
1,042,922
1,075,000
Holmdel Township, Monmouth, New Jersey, General Obligation
Bonds, Series 2021
2
.000
11/15/34
926,009
1,250,000
Hudson County Improvement Authority, New Jersey, County
Guaranteed Pooled Notes, Series 2026A-1
3
.500
03/01/27
1,257,840
1,000,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Courthouse
Project, Series 2020
4
.000
10/01/51
942,507
5,490,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Vocational
Technical Schools Project, Series 2016
5
.000
05/01/46
5,493,834
1,000,000
(a)
Hudson County Improvement Authority, New Jersey, General
Obligation Bonds, Local Unit Loan Program, County Guaranteed
Pooled Notes, Series 2026B-1
4
.000
06/11/27
1,014,084
3,000,000
Hudson County, New Jersey, Bond Anticipation Notes, Series
20256
4
.000
02/24/27
3,030,924
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
54
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,000,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4
.250
%
08/15/45
$
1,004,844
1,000,000
Jersey City, New Jersey, General Obligation Bonds, General
Improvement Series 2022A
3
.000
02/15/37
939,856
1,000,000
Madison Borough Board of Education, Morris County, New
Jersey, General Obligation Bonds, School Series 2024
1
.000
08/15/30
913,898
665,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
07/15/43
668,874
1,730,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
07/15/44
1,726,106
1,125,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2022C
5
.000
08/15/40
1,232,465
575,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2023
5
.000
12/01/36
653,215
500,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2023
5
.000
12/01/41
552,615
1,120,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2024A
5
.000
12/01/37
1,281,130
1,695,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2025
5
.000
12/01/31
1,913,688
1,700,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2025
5
.000
12/01/34
1,987,677
2,000,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.250
08/01/43
2,023,626
2,500,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.250
08/01/44
2,505,029
2,485,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.375
08/01/45
2,497,071
1,020,000
New Brunswick Parking Authority, Middlesex County, New Jersey,
Guaranteed Parking Revenue Bonds, Refunding Series 2016A -
BAM Insured
5
.000
09/01/32
1,025,117
1,000,000
New Brunswick Parking Authority, Middlesex County, New Jersey,
Guaranteed Parking Revenue Bonds, Refunding Series 2016A -
BAM Insured
5
.000
09/01/35
1,004,268
1,495,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
5
.000
06/01/26
1,495,000
1,000,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
5
.000
06/01/27
1,024,226
1,240,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
4
.000
06/01/31
1,310,660
1,375,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
3
.000
06/01/32
1,372,674
1,000,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2020
5
.000
06/01/40
1,023,381
2,100,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2021 - BAM Insured
2
.000
06/01/36
1,746,236
1,090,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2021
5
.000
06/01/40
1,156,027
605,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
4
.000
07/15/36
621,137
500,000
Newark, Essex County, New Jersey, Mass Transit Access Tax
Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment
Project, Series 2022 - AGM Insured
5
.375
11/15/52
532,908
600,000
Newark, Essex County, New Jersey, Mass Transit Access Tax
Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment
Project, Series 2022 - AGM Insured
6
.000
11/15/62
658,914
510,000
Newark, New Jersey, General Obligation Bonds, Refunding
Qualified  General Improvement Series 2025A
5
.000
07/15/26
511,158
1,500,000
Ocean City, New Jersey, General Obligation Bonds, General
Improvement Series 2019
2
.250
09/15/33
1,350,341
1,605,000
Parsippany-Troy Hills Township, New Jersey, General Obligation
Bonds, General Improvement Series 2025
4
.000
10/15/26
1,613,441
55
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
2,625,000
Passaic County, New Jersey, General Obligation Bonds, General
Improvement Series 2019A
1
.000
%
12/01/34
$
2,091,853
1,054,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
1,108,038
1,477,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/33
1,480,466
669,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/37
661,325
4,698,000
Rahway, New Jersey, General Obligation Bonds, Bond
Anticipation Note Series 2025
4
.000
07/22/26
4,706,454
1,145,000
Somers Point, New Jersey, General Obligation Bonds,
Improvement Sewer Utility Series 2019
2
.000
10/01/31
1,046,136
1,000,000
South Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, BAN Series 2025A
4
.000
10/19/26
1,004,667
2,460,000
South Orange & Maplewood School District, Essex County, New
Jersey, General Obligation Bonds, Series 2021
2
.375
08/15/46
1,674,247
250,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
2
.000
07/15/26
249,283
190,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
3
.000
07/15/30
183,641
3,435,000
Union County Utilities Authority, New Jersey, Resource Recovery
Facility Lease Revenue Bonds, Covantan Union Inc. Lessee,
Refunding Series 2011B, (AMT)
5
.250
12/01/31
3,441,034
2,515,000
Union County Utilities Authority, New Jersey, Solid Waste System
County Deficiency Revenue Bonds, Series 2011A
5
.000
06/15/41
2,516,344
3,000,000
(a)
Union County, New Jersey, General Obligation Bonds, Bond
Anticipation Notes Series 2026
4
.000
06/11/27
3,043,139
1,280,000
Verona Township Board of Education, Essex County, New Jersey,
General Obligation Bonds, Refunding Series 2020
2
.250
03/01/39
997,829
405,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5
.000
07/01/39
452,774
2,000,000
Willingboro Township Board of Education, New Jersey, General
Obligation Bonds, School Series 2025
4
.250
08/15/44
2,039,076
1,085,000
Woodridge Boro, New Jersey, General Obligation Bonds,
General Improvement Series 2021
2
.000
09/01/32
968,186
TOTAL TAX OBLIGATION/GENERAL
100,131,144
TAX OBLIGATION/LIMITED - 18.0%
1,715,000
Bergen County Improvement Authority, New Jersey, County
Guaranteed Governmental Pooled Project Notes, Series 202
4
.000
10/14/26
1,722,980
650,000
Bergen County Improvement Authority, New Jersey, Guaranteed
Lease Revenue Bonds, County Administration Complex Project,
Series 2005
5
.000
11/15/26
657,157
2,610,000
Burlington County Bridge Commission, New Jersey,
Governmental Leasing Program Revenue Bonds, Notes Series
2025C-2
4
.000
07/31/26
2,614,575
450,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5
.000
01/15/29
478,058
1,000,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5
.000
01/15/30
1,083,977
795,000
Casino Reinvestement Development Authority, New Jersey,
Luxury Tax Revenue Bonds, Series 2024A
5
.000
11/01/41
858,362
600,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
04/01/29
641,580
650,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
04/01/31
720,413
250,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
04/01/32
281,415
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
56
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
350,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
%
04/01/33
$
399,174
1,135,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
01/01/33
1,230,595
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
01/01/34
545,021
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
01/01/35
547,025
1,065,000
Middlesex County Improvement Authority, New Jersey, County
Guaranteed Lease Revenue Bonds, Middlesex Regional
Educational Services Commission Projects, Refunding Series
2024
5
.000
10/15/33
1,218,252
2,940,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
5
.000
08/15/49
3,114,795
1,000,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
4
.000
08/15/53
940,309
3,600,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5
.250
11/01/47
3,789,849
3,775,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5
.000
11/01/52
3,863,427
3,220,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
3,216,213
192,836
New Jersey Economic Development Authority, Revenue
Refunding Bonds, Kapkowski Road Landfill Project, Series 2002
6
.500
04/01/28
197,868
255,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/29
255,341
175,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/30
175,228
3,845,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2018A
5
.000
06/15/31
3,849,856
505,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2019AA
5
.000
06/15/46
516,723
1,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC
5
.250
06/15/41
1,091,106
1,500,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
4
.250
06/15/44
1,493,321
14,250,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/30
12,366,136
5,300,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/32
4,289,808
4,620,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/33
3,599,847
1,045,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/34
782,497
2,360,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
3
.500
06/15/46
2,073,810
680,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4
.000
06/15/50
625,561
1,560,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024AA
4
.000
06/15/42
1,535,162
1,080,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
4
.125
06/15/55
988,673
500,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Little Falls Board of Education Project Series
2025
5
.000
09/15/37
559,656
1,110,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Refunding Series 2015
3
.750
05/01/36
1,110,259
57
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,115,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Series 2012
3
.500
%
05/01/35
$
1,115,118
1,920,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
1,897,333
1,756,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
1,751,020
1,570,000
Union County Improvement Authority, New Jersey, Lease
Revenue Bonds, Plainfield - Park Madison Redevelopment
Project, Refunding Series 2013A
5
.000
03/01/34
1,714,977
TOTAL TAX OBLIGATION/LIMITED
69,912,477
TRANSPORTATION - 11.3%
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5
.000
01/01/41
1,100,421
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5
.000
01/01/42
1,093,066
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5
.000
01/01/43
1,088,376
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2019
4
.000
01/01/44
998,086
665,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2024A
5
.000
01/01/49
693,353
1,090,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4
.000
07/01/35
1,090,447
1,500,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
1,520,894
2,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/47
2,016,954
1,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
3
.000
07/01/49
755,791
1,860,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Refunding Series 2025
5
.000
01/01/37
2,091,972
1,705,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013 -
AGM Insured, (AMT)
5
.000
01/01/31
1,730,534
1,645,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5
.625
01/01/52
1,646,293
1,245,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT)
5
.250
09/15/29
1,246,598
380,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B,
(AMT)
5
.625
11/15/30
380,570
1,000,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5
.000
10/01/37
1,013,186
2,000,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5
.000
10/01/47
2,003,006
1,315,000
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A -
AGM Insured
5
.250
01/01/29
1,406,416
775,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4
.000
01/01/42
778,189
2,010,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4
.000
01/01/43
2,011,599
1,000,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022B
5
.000
01/01/46
1,056,720
1,030,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022B
4
.500
01/01/48
1,037,849
2,250,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022B
5
.250
01/01/52
2,370,618
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
58
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
925,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A
5
.250
%
01/01/55
$
987,957
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fiftieth Series 2025
5
.000
10/15/36
1,168,741
2,950,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT)
5
.000
12/01/53
3,007,807
2,485,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fifth Series 2024
5
.000
09/01/54
2,597,424
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Second Series 2017, (AMT)
5
.000
10/15/33
1,014,655
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Refunding Series 2019A
- AGM Insured
5
.000
11/01/33
1,065,565
2,330,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A
4
.625
11/01/47
2,325,170
650,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A - BAM
Insured
5
.250
11/01/52
677,107
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4
.000
11/01/38
1,021,766
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4
.000
11/01/39
1,017,340
TOTAL TRANSPORTATION
44,014,470
U.S. GUARANTEED - 0.7% (d)
75,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Kennedy Health System Obligated Group Issue,
Refunding Series 2012, (ETM)
3
.750
07/01/27
75,300
2,125,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2016A, (Pre-refunded 7/01/26)
5
.000
07/01/43
2,128,903
600,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5
.250
06/15/46
692,413
TOTAL U.S. GUARANTEED
2,896,616
UTILITIES - 7.2%
500,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2025A
5
.500
07/01/43
544,782
1,100,000
Jersey City Municipal Utilities Authority, Hudson County, New
Jersey, Sewer Revenue Bonds, Series 2026D - BAM Insured
5
.000
10/15/51
1,166,758
530,000
New Jersey Economic Development Authority, Natural Gas
Facilities Revenue Bonds, New Jersey Natural Gas Company
Project, Refunding Series 2011C, (AMT)
3
.000
08/01/41
455,550
2,575,000
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, Middlesex Water Company, Series 2019, (AMT)
4
.000
08/01/59
2,222,412
5,000,000
(c)
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, New Jersey-American Water Company Inc.
Project, Refunding Series 2019A, (AMT), (Mandatory Put
12/03/29)
2
.200
10/01/39
4,753,690
565,000
(c)
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, New Jersey-American Water Company Inc.
Project, Refunding Series 2020B, (AMT), (Mandatory Put 6/01/28)
3
.750
11/01/34
568,359
500,000
New Jersey Environmental Infrastructure Trust, Environmental
Infrastructure Bonds, Green Series 2025A-SW1
5
.000
09/01/34
581,159
6,295,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2022A-2
5
.000
09/01/47
6,636,011
2,000,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2022A-2
5
.000
09/01/52
2,083,978
1,500,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2023A-W1
5
.000
09/01/30
1,650,406
500,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2023A-W1
5
.000
09/01/34
581,960
59
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
500,000
North Hudson Sewerage Authority, New Jersey, Gross Revenue
Lease Certificates, Senior Lien Series 2023 - BAM Insured
5
.000
%
06/01/38
$
559,365
750,000
North Hudson Sewerage Authority, New Jersey, Gross Revenue
Lease Certificates, Senior Lien Series 2023 - BAM Insured
5
.000
06/01/39
835,769
375,000
North Hudson Sewerage Authority, New Jersey, Gross Revenue
Lease Certificates, Senior Lien Series 2023 - BAM Insured
5
.000
06/01/44
405,251
5,000,000
Salem County Pollution Control Financing Authority, New
Jersey, Revenue Bonds, Atlantic City Electric Company Project,
Refunding Series 2020
2
.250
06/01/29
4,803,141
TOTAL UTILITIES
27,848,591
TOTAL MUNICIPAL BONDS
(Cost $388,984,995)
382,974,317
TOTAL LONG-TERM INVESTMENTS
(Cost $388,984,995)
382,974,317
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.2%  
X
4,685,000
MUNICIPAL BONDS - 1.2%  
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 1.2%
$
4,685,000
(e)
Rutgers State University, New Jersey, Revenue Bonds, Series
2009G
2
.450
05/01/39
$
4,685,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
4,685,000
TOTAL MUNICIPAL BONDS
(Cost $4,685,000)
4,685,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,685,000)
4,685,000
TOTAL INVESTMENTS - 99.8%
(Cost $393,669,995)
387,659,317
OTHER ASSETS & LIABILITIES, NET - 0.2%
807,296
NET ASSETS - 100%
$
388,466,613
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $3,004,245 or 0.8% of Total Investments.
(c)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(d)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
Portfolio of Investments May 31, 2026
(continued)
New Jersey Municipal Bond
60
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
New Jersey
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
382,974,317
$
–
$
382,974,317
Short-Term Investments:
Municipal Bonds
–
4,685,000
–
4,685,000
$
–
$
387,659,317
$
–
$
387,659,317
61
Portfolio of Investments May 31, 2026
New York Municipal Bond
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.8%   
X
1,002,236,419
MUNICIPAL BONDS - 97.8%  
X
–
CONSUMER STAPLES - 3.5%
$
15,110,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5
.000
%
06/01/38
$
14,008,091
76,105,000
(a)
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005C
0
.000
06/01/50
9,819,569
650,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5
.625
06/01/35
659,600
6,885,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5
.750
06/01/43
6,717,445
1,330,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Turbo Term Series 2016A.
Including 2016A-1, 2016A-2A and 2016A-2B
5
.000
06/01/45
1,162,676
10,000,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2021B-2
0
.000
06/01/66
839,644
3,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006
5
.000
06/01/48
2,872,647
TOTAL CONSUMER STAPLES
36,079,672
EDUCATION AND CIVIC ORGANIZATIONS - 8.1%
1,865,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Enterprise Charter
School Project, Series 2011A
7
.500
12/01/40
1,865,143
1,360,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4
.500
06/15/43
1,275,534
550,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Global Community Charter School Project, Series 2022A
5
.000
06/15/52
470,625
3,360,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5
.250
07/01/52
3,399,244
809,605
(b)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
2
.500
11/01/39
647,684
794,739
(b)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
2
.750
11/01/44
635,791
1,265,000
Build New York City Resource Corporation, New York, Revenue
Bonds, New World Preparatory Charter School Project, Series
2021A
4
.000
06/15/41
1,134,287
1,440,000
(a)
Build NYC Resource Corporation Revenue Bonds, New York, East
Harlem Scholars Academy Charter School Project, Series 2022
(Social Bonds)
5
.750
06/01/62
1,388,242
2,395,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/55
1,974,274
580,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5
.000
06/01/41
526,924
2,620,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5
.000
06/01/56
2,071,238
1,720,000
(a)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7
.250
07/01/53
1,782,506
4,000,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Barnard College, Taxable Series 2025A
5
.000
07/01/55
4,081,346
3,040,000
Dormitory Authority of the State of New York, General Revenue
Bonds, The New School University Series 2025A
5
.000
07/01/42
3,206,804
2,500,000
Dormitory Authority of the State of New York, General Revenue
Bonds, The New School University Series 2025A
4
.250
07/01/50
2,302,747
3,835,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5
.000
07/15/42
3,899,992
3,015,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5
.000
07/15/50
2,951,507
Portfolio of Investments May 31, 2026
(continued)
New York Municipal Bond
62
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,670,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5
.250
%
07/01/29
$
1,710,971
735,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5
.250
07/01/34
779,682
9,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Fordham University, Series 2020
4
.000
07/01/46
8,390,567
1,055,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2001-1 - AMBAC Insured
5
.500
07/01/40
1,228,622
1,950,000
Dormitory Authority of the State of New York, Revenue Bonds,
Pace University, Series 2024A
5
.500
05/01/56
2,012,413
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2020A
5
.000
07/01/53
1,025,245
8,665,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2022A
4
.000
07/01/42
8,629,570
3,450,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A
5
.500
12/01/36
3,297,931
6,675,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016B
0
.000
01/01/45
2,110,819
3,040,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5
.625
01/01/55
2,782,520
200,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, Evergreen Charter School Project,
Series 2022A
5
.500
06/15/57
196,355
7,835,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds,  University of Rochester Project, Series 2020A
4
.000
07/01/50
7,086,247
5,750,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds,  University of Rochester Project, Series 2023A
5
.000
07/01/53
5,965,588
300,000
(a)
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Academy of Health Sciences Charter School
Project, Social Impact Series 2022
5
.875
07/01/52
298,789
850,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, St. John Fisher University Project, Series 2024
5
.250
06/01/54
881,016
740,000
New York City Trust for Cultural Resources, New York, Revenue
Bonds, Lincoln Center for the Performing Arts, Series 2026A
5
.000
12/01/35
839,358
1,285,000
Troy Capital Resource Corporation, New York,  Revenue Bonds,
Rensselaer Polytechnic Institute, Refunding Series 2020A.
Forward Delivery
4
.000
09/01/40
1,255,783
160,000
Yonkers Economic Development Corporation, New York,
Educational Revenue Bonds, Lamartine/Warburton LLC-Charter
School of Educational Excellence Project, Series 2019A
4
.000
10/15/29
158,742
205,000
Yonkers Economic Development Corporation, New York,
Educational Revenue Bonds, Lamartine/Warburton LLC-Charter
School of Educational Excellence Project, Series 2019A
5
.000
10/15/39
205,062
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
82,469,168
FINANCIALS - 1.0%
5,710,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5
.250
10/01/35
6,507,469
3,475,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5
.500
10/01/37
4,064,591
TOTAL FINANCIALS
10,572,060
HEALTH CARE - 17.2%
6,735,000
Albany Capital Resource Corporation, New York, Revenue Bonds,
Albany Medical Center Hospital Series 2025A
5
.500
05/01/55
7,189,605
15,600,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4
.000
05/01/45
14,611,253
18,290,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4
.250
05/01/52
16,780,142
9,255,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
5
.000
05/01/52
9,415,148
63
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
11,965,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
5
.250
%
05/01/54
$
12,349,499
3,600,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5
.000
08/01/35
3,657,477
1,200,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
5
.000
09/01/30
1,263,648
2,680,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
5
.000
09/01/34
2,793,760
2,620,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
5
.000
09/01/35
2,727,282
5,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
4
.000
09/01/50
4,182,300
15,420,000
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai Health Obligated Group, Series 2025
5
.250
07/01/50
15,526,608
14,435,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4
.000
07/01/53
12,503,375
450,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/29
450,077
1,100,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/32
1,100,080
1,100,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/33
1,100,037
1,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/35
999,950
1,300,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5
.000
12/01/40
1,250,860
2,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/26
2,000,158
1,200,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/27
1,200,979
4,250,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/36
4,105,572
1,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5
.000
12/01/37
957,018
2,750,000
Dormitory Authority of the State of New York, Revenue Bonds,
Roswell Park Cancer Institute Obligated Group, Series 2025A
5
.500
07/01/55
2,937,951
400,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.250
10/01/49
412,195
6,280,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
5
.000
07/01/35
6,284,458
2,830,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
4
.000
07/01/41
2,670,580
11,000,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
5
.000
07/01/46
10,999,512
1,000,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Nuvance Health Issue, Series 2019B
5
.000
07/01/26
1,001,225
2,380,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5
.250
12/01/50
2,429,420
2,605,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5
.500
12/01/55
2,710,494
1,395,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series
2013A
5
.000
12/01/42
1,395,474
6,605,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series 2017
5
.000
12/01/46
6,605,308
4,600,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester Regional Health Project, Series 2020A
4
.000
12/01/46
4,014,054
375,000
Monroe County Industrial Development Corporation, New York,
Tax-Exempt Revenue Bonds, Highland Hospital of Rochester
Project, Series 2015
5
.000
07/01/34
375,453
19,010,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Refunding Series 2016
5
.000
11/01/46
17,806,530
Portfolio of Investments May 31, 2026
(continued)
New York Municipal Bond
64
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
380,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2023
6
.250
%
11/01/52
$
397,994
TOTAL HEALTH CARE
176,205,476
HOUSING/MULTIFAMILY - 0.5%
3,450,000
(a)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F
Series 2024
5
.250
12/15/31
3,557,162
1,155,000
New York State Housing Finance Agency, Multifamily Housing
Revenue Bonds, Cannon Street Senior Housing Project, Series
2007A, (AMT)
5
.300
02/15/39
1,155,656
TOTAL HOUSING/MULTIFAMILY
4,712,818
INDUSTRIALS - 2.4%
17,020,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5
.000
11/15/44
17,033,829
7,550,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 2 Series
2014
5
.150
11/15/34
7,556,511
TOTAL INDUSTRIALS
24,590,340
LONG-TERM CARE - 0.2%
535,000
Dormitory Authority of the State of New York, Non-State
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006
5
.000
11/01/31
542,525
550,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Saint Ann's Community Project, Series 2019
5
.000
01/01/40
550,835
265,000
(a)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1
6
.100
07/01/28
264,977
210,000
(a)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1
6
.200
07/01/33
208,660
TOTAL LONG-TERM CARE
1,566,997
MATERIALS - 0.2%
1,970,000
(a)
Build New York City Resource Corporation, New York, Solid
Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project,
Series 2014, (AMT)
5
.000
01/01/35
1,972,576
TOTAL MATERIALS
1,972,576
TAX OBLIGATION/GENERAL - 8.8%
5,150,000
Longwood Central School District, Suffolk County, New York,
General Obligation Bonds, Tax Anticipation Note Series 2025
4
.000
09/18/26
5,171,265
5,165,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2023A
4
.000
04/01/53
4,744,667
7,210,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series E-1
5
.000
03/01/39
7,384,558
6,050,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series E-1
5
.000
03/01/40
6,186,138
3,875,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series F-1
5
.000
04/01/45
3,932,021
5,450,000
New York City, New York, General Obligation Bonds, Fiscal 2022
Series A-1
5
.000
08/01/47
5,596,770
5,790,000
New York City, New York, General Obligation Bonds, Fiscal 2023
Series B-1
5
.250
10/01/47
6,081,923
3,750,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series A-1
5
.250
08/01/53
3,942,103
12,000,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series D
5
.250
10/01/51
12,670,483
14,000,000
North Hempstead, Nassau County, New York, General Obligation
Bonds, Bond Anticipation Notes, Series 2025B
4
.000
09/18/26
14,058,236
8,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/27
8,127,414
65
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
10,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
%
07/01/33
$
10,023,469
2,770,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
2,640,062
TOTAL TAX OBLIGATION/GENERAL
90,559,109
TAX OBLIGATION/LIMITED - 22.1%
6,460,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Green Series 2025
5
.250
11/01/55
6,904,927
3,035,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Series 2023A
5
.000
11/01/53
3,168,295
1,585,000
Dormitory Authority of the State of New York, Residential
Insitutions for Children Revenue Bonds, Series 2008-A1
5
.000
06/01/33
1,588,084
1,985,000
Dormitory Authority of the State of New York, Residential
Insitutions for Children Revenue Bonds, Series 2008-A1
5
.000
06/01/38
1,987,918
20,000
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2009C - AGC Insured
5
.125
10/01/36
20,032
3,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2025A
5
.000
10/01/38
3,375,692
10,000,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2026A
5
.000
10/01/38
11,162,158
3,000,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2026A
5
.000
10/01/39
3,320,921
2,040,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2021A
5
.000
03/15/49
2,089,343
17,140,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A Group C
5
.000
03/15/41
17,353,981
10,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018A
5
.000
03/15/42
10,245,269
1,410,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2024A
5
.000
03/15/53
1,456,813
2,170,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Green Fiscal 2022 Series A
4
.000
02/15/36
2,236,302
4,500,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Green Fiscal 2022 Series A
4
.000
02/15/43
4,502,580
5,710,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5
.000
02/15/39
5,776,566
3,955,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5
.000
02/15/42
3,996,368
1,045,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5
.000
02/15/45
1,053,598
2,935,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Green Series 2024A
4
.000
11/15/51
2,710,080
10,000,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Green Series 2024B-1
4
.000
11/15/54
9,032,595
5,450,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 2022A
5
.000
11/15/46
5,683,233
9,335,000
New York City Transitional Finance Authority, New York, Building
Aid Revenue Bonds, Fiscal 2020 Subseries S-1B
4
.000
07/15/43
9,130,409
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1
5
.000
05/01/40
5,006,160
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1
5
.000
08/01/36
5,018,449
5,375,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5
.000
02/01/43
5,420,986
4,020,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2020 Subseries B-1
4
.000
11/01/47
3,726,933
5,835,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series A-1
5
.250
05/01/52
6,152,136
3,670,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025H-1
5
.250
11/01/48
3,898,082
10,675,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024B
4
.375
05/01/53
10,199,900
Portfolio of Investments May 31, 2026
(continued)
New York Municipal Bond
66
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
5,000,000
New York City, New York, Educational Construction Fund
Revenue Bonds, Series 2021B
5
.000
%
04/01/52
$
5,075,374
9,585,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
5
.000
03/15/45
10,104,113
15,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Climate Certified Green Series 2022C
4
.125
03/15/57
13,706,244
7,000,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
5
.000
03/15/47
7,211,791
3,800,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
4
.000
03/15/49
3,534,452
500,000
Oneida Indian Nation, New York, Tax Revenue Bonds, Series
2024B
6
.000
09/01/43
541,923
12,393,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.010
07/01/46
4,523,646
15,386,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
15,204,354
1,750,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/29
1,544,418
1,930,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/32
1,636,743
1,250,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/34
1,013,833
5,430,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5
.000
01/01/36
4,233,823
2,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022 A
4
.000
05/15/51
1,810,177
1,650,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Subseries 2021A-1
5
.000
05/15/51
1,687,145
2,255,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
4
.125
05/15/52
2,092,680
7,020,000
Triborough Bridge and Tunnel Authority, New York, Sales Tax
Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-
City Sales Tax Series 2023A
4
.250
05/15/58
6,650,362
TOTAL TAX OBLIGATION/LIMITED
226,788,888
TRANSPORTATION - 28.6%
4,600,000
Build NYC Resource Corporation, New York, Airport Facilities
Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,
(AMT)
5
.500
07/01/55
4,738,880
2,000,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020A-1
5
.000
11/15/48
2,025,031
3,600,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
4
.750
11/15/45
3,625,840
2,000,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
5
.250
11/15/55
2,034,889
2,500,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Refunding Green Series 2016B
5
.000
11/15/37
2,515,750
6,655,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Refunding Series 2017D
4
.000
11/15/42
6,369,992
2,500,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2016C-1
5
.000
11/15/34
2,519,330
2,800,000
(b)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
2
.300
10/01/37
1,736,000
2,000,000
(b)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
2
.350
10/01/46
1,240,000
5,270,000
New York City, Industrial Development Agency, Senior Airport
Facilities Revenue Refunding Bonds, TrIPs Obligated Group,
Series 2012A, (AMT)
5
.000
07/01/28
5,273,273
67
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
5,000,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4
.000
%
01/01/42
$
4,999,986
3,000,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4
.000
01/01/43
2,983,016
2,400,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5
.000
01/01/48
2,529,427
3,720,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4
.000
10/31/46
3,426,217
18,765,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4
.000
04/30/53
16,620,521
4,750,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
4
.000
07/01/31
4,749,836
12,020,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/46
12,019,936
24,965,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.250
01/01/50
24,966,603
6,735,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green Series
2024A, (AMT)
5
.500
12/31/60
6,842,990
3,100,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
3,101,926
12,610,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/31
12,609,679
1,745,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5
.375
08/01/36
1,817,627
14,915,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2023 - BAM
Insured, (AMT)
5
.375
06/30/60
15,159,452
10,545,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5
.500
06/30/60
10,683,398
9,270,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport Terminal One Project, Green Series 2025, (AMT)
6
.000
06/30/55
9,847,789
2,080,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, New Terminal 1 John F Kennedy
International Airport Project, Green Series 2023, (AMT)
6
.000
06/30/54
2,168,660
1,280,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020A, (AMT)
5
.000
12/01/37
1,333,869
1,540,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5
.000
12/01/34
1,653,082
1,745,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5
.000
12/01/35
1,865,177
2,010,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
12/01/35
2,147,887
10,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
12/01/36
10,632,792
Portfolio of Investments May 31, 2026
(continued)
New York Municipal Bond
68
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
%
12/01/37
$
3,175,587
1,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
12/01/40
1,045,747
1,300,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/27
1,315,949
10,200,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/28
10,515,151
10,035,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5
.000
01/01/31
10,293,166
1,300,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
4
.375
10/01/45
1,245,055
5,400,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
6
.000
04/01/35
5,959,770
15,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Ninety-Eighth Series 2016
5
.250
11/15/56
15,025,886
2,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)
5
.000
11/01/44
2,573,921
10,230,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fifth Series 2017
5
.000
11/15/47
10,372,069
4,335,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fourth Series 2024
5
.000
07/15/49
4,569,475
5,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Six Series 2022, (AMT)
5
.000
01/15/47
5,161,747
4,800,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Twentieth Series 2019, (AMT)
4
.000
11/01/59
4,179,833
8,055,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding
Series 2017B
5
.000
11/15/38
8,181,927
10,900,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2019A
5
.000
11/15/49
11,074,415
14,200,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2021A
5
.000
11/15/56
14,458,501
TOTAL TRANSPORTATION
293,387,054
UTILITIES - 5.2%
4,875,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Green Series 2023E
5
.000
09/01/53
5,042,399
2,215,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5
.000
09/01/42
2,260,483
695,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5
.000
09/01/47
703,855
7,465,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2018 Series CC-1
5
.000
06/15/48
7,533,938
9,885,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series CC-1
4
.000
06/15/49
9,031,578
7,500,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2025 Series BB
5
.250
06/15/55
7,913,674
7,780,000
(d)
New York Energy Finance Development Corporation, Energy
Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)
5
.000
07/01/56
8,051,328
4,080,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5
.000
11/15/48
4,284,726
69
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
9,400,000
(a)
Niagara Area Development Corporation, New York, Solid Waste
Disposal Facility Revenue Refunding Bonds, Covanta Energy
Project, Series 2018A, (AMT)
4
.750
%
11/01/42
$
8,510,280
TOTAL UTILITIES
53,332,261
TOTAL MUNICIPAL BONDS
(Cost $1,002,481,883)
1,002,236,419
TOTAL LONG-TERM INVESTMENTS
(Cost $1,002,481,883)
1,002,236,419
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.8%  
X
18,000,000
MUNICIPAL BONDS - 1.8%  
X
–
TAX OBLIGATION/LIMITED - 1.8%
$
18,000,000
(e)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4
2
.850
08/01/45
$
18,000,000
TOTAL TAX OBLIGATION/LIMITED
18,000,000
TOTAL MUNICIPAL BONDS
(Cost $18,000,000)
18,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,000,000)
18,000,000
TOTAL INVESTMENTS - 99.6%
(Cost $1,020,481,883)
1,020,236,419
OTHER ASSETS & LIABILITIES, NET - 0.4%
4,065,775
NET ASSETS - 100%
$
1,024,302,194
AMT
Alternative Minimum Tax
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $73,428,199 or 7.2% of Total Investments.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(c)
When-issued or delayed delivery security.
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
Portfolio of Investments May 31, 2026
(continued)
New York Municipal Bond
70
them:
New York
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,002,236,419
$
–
$
1,002,236,419
Short-Term Investments:
Municipal Bonds
–
18,000,000
–
18,000,000
$
–
$
1,020,236,419
$
–
$
1,020,236,419