| Nomura Tax-Free USA Fund | May 31, 2026 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.59% | |||
| Education Revenue Bonds — 12.82% | |||
| Arizona Industrial Development Authority Revenue | |||
| (ACCEL Schools Project) Series A 144A 5.25% 8/1/48 # | 350,000 | $ 304,636 | |
| (American Charter Schools Foundation Project) | |||
| 144A 6.00% 7/1/37 # | 225,000 | 229,405 | |
| 144A 6.00% 7/1/47 # | 400,000 | 404,104 | |
| (Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects) Series A 5.00% 7/15/49 | 375,000 | 344,145 | |
| (Empower College Prep Project) 144A 6.00% 7/1/49 # | 500,000 | 501,295 | |
| (Great Hearts Arizona Projects) | |||
| Series A 2.25% 7/1/46 | 2,295,000 | 1,502,995 | |
| Series A 2.375% 7/1/52 | 1,295,000 | 771,419 | |
| (KIPP NYC Public Charter Schools - Macombs Facility Project) Series A 4.00% 7/1/61 | 1,830,000 | 1,425,186 | |
| (Leman Academy Of Excellence of Projects) Series A 4.50% 7/1/54 | 3,560,000 | 2,944,512 | |
| (Odyssey Preparatory Academy Project) Series A 144A 5.50% 7/1/52 # | 375,000 | 355,710 | |
| (Social Bonds - Equitable School) Series A 4.00% 11/1/50 | 1,600,000 | 1,437,632 | |
| Board of Regents of the University of Texas System Revenue | |||
| Series A 5.00% 8/15/42 | 1,000,000 | 1,120,680 | |
| Series A 5.00% 8/15/50 | 3,100,000 | 3,412,821 | |
| Build NYC, New York Resource Revenue | |||
| (East Harlem Scholars Academy Charter School Project) 144A 5.75% 6/1/62 # | 1,250,000 | 1,205,063 | |
| (KIPP NYC Public School Facilities - Canal West Project) 5.25% 7/1/57 | 2,000,000 | 2,018,060 | |
| California Community College Financing Authority Student Housing Revenue | |||
| (Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 5,000,000 | 3,426,750 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series U-7 5.00% 6/1/46 | 2,055,000 | 2,385,526 | |
| Series V-1 5.00% 5/1/49 | 16,065,000 | 18,249,358 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series V-2 5.00% 4/1/51 | 1,000,000 | $ 1,124,370 | |
| California Enterprise Development Authority Revenue | |||
| (Heights Christian Schools Project) Series A 144A 6.375% 6/1/63 # | 4,110,000 | 3,958,053 | |
| California School Finance Authority Revenue | |||
| (Envision Education – Obligated Group) Series A 144A 5.00% 6/1/44 # | 750,000 | 733,755 | |
| (Fortune School Of Education Obligated Group) Series A 144A 5.00% 6/1/44 # | 1,175,000 | 1,123,159 | |
| Camden County, New Jersey Improvement Authority Revenue | |||
| (KIPP Cooper Norcross Academy - 2022 Project) 6.00% 6/15/62 | 1,325,000 | 1,361,689 | |
| Capital Trust Student Housing, Florida Revenue | |||
| (University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/58 # | 3,000,000 | 2,824,590 | |
| Chicago, Illinois Board of Education Dedicated Capital Improvement Tax Revenue | |||
| 5.75% 4/1/48 | 1,850,000 | 1,936,154 | |
| 5.75% 4/1/48 (BAM) | 2,000,000 | 2,129,000 | |
| DeKalb County, Georgia Development Authority Revenue | |||
| (The Globe Academy, INC. Project) Series A 5.00% 6/1/63 | 1,315,000 | 1,206,736 | |
| Delaware State Economic Development Authority Revenue | |||
| (Academia Antonia Alonso Charter School Project) 144A 5.75% 7/1/45 # | 2,270,000 | 2,329,610 | |
| Florida Development Finance Revenue | |||
| (Mater Academy Project) Series A 4.00% 6/15/42 | 500,000 | 463,335 | |
| Florida, Capital Projects Finance Authority Revenue | |||
| (Navigator Academy of Leadership Obligated Group Project) 144A 5.00% 6/15/64 # | 2,835,000 | 2,529,954 | |
| Illinois Finance Authority Revenue | |||
| (Rogers Park Montessori School Project) 144A 6.25% 8/1/45 # | 1,490,000 | 1,561,714 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Indiana Finance Authority Revenue | |||
| (CHF - Tippecanoe, LLC - Student Housing Project) | |||
| Series A 5.00% 6/1/53 | 2,500,000 | $ 2,421,850 | |
| Series A 5.125% 6/1/58 | 4,000,000 | 3,895,880 | |
| Knox County, Tennessee Health, Educational & Housing Facility Board Revenue | |||
| (University of Tennessee Project) Series A-1 5.00% 7/1/64 (BAM) | 3,000,000 | 3,041,880 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Arizona Autism Charter Schools Project) Series A 144A 5.00% 7/1/40 # | 250,000 | 251,150 | |
| (Choice Academies, Inc. Project) 144A 5.75% 9/1/45 # | 3,575,000 | 3,517,407 | |
| (Reid Traditional Schools Projects) 5.00% 7/1/47 | 2,035,000 | 1,899,184 | |
| (Social Bonds-Arizona Autism Charter Schools Project) Series A 144A 4.00% 7/1/61 # | 800,000 | 597,032 | |
| Massachusetts Development Finance Agency Revenue | |||
| Series B 4.00% 2/15/36 | 2,500,000 | 2,705,050 | |
| (Harvard University) Series A 5.00% 7/15/40 | 5,000,000 | 5,892,200 | |
| Miami-Dade County, Florida Educational Facilities Authority Revenue | |||
| (Academir Charter Schools Project) Series A 144A 5.50% 7/1/61 # | 750,000 | 690,743 | |
| New Hampshire, Business Finance Authority Revenue | |||
| (Abilene Christian University Energy Projects) Series A 5.25% 11/1/54 | 5,000,000 | 5,070,050 | |
| New York State Riverhead Industrial Development Agency Economic Job Development Revenue | |||
| (Riverhead Charter School Project) 5.25% 8/1/44 | 1,850,000 | 1,910,292 | |
| Palm Beach County, Florida Revenue Bonds | |||
| (Provident Group – PBAU Properties II LLC - Palm Beach Atlantic University Project) Senior Series A 144A 5.50% 10/1/45 # | 3,700,000 | 3,858,730 | |
| Pennsylvania State University Revenue | |||
| Series A 5.50% 9/1/55 | 4,000,000 | 4,334,160 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Permanent University Fund - University of Texas System Revenue | |||
| Series A 5.00% 7/1/39 | 2,000,000 | $ 2,343,900 | |
| Philadelphia, Pennsylvania Authority for Industrial Development Revenue | |||
| (Saint Joseph's University Project) 5.50% 11/1/60 | 4,745,000 | 4,911,882 | |
| Pima County, Arizona Industrial Development Authority Education Revenue | |||
| (Edkey Charter Schools Project) 144A 5.00% 7/1/55 #, ‡ | 750,000 | 600,000 | |
| Washington Higher Education Facilities Authority Revenue | |||
| (Gonzaga University) 4.00% 4/1/47 | 5,000,000 | 4,562,300 | |
| Washington State Housing Finance Commission Revenue | |||
| (Blakeley and Laurel Villages Portfolio) Series A 144A 5.25% 7/1/64 (BAM) # | 6,950,000 | 7,042,504 | |
| (Radford Court and Nordheim Court Portfolio) 5.50% 7/1/49 | 2,000,000 | 2,031,920 | |
| (The Evergreen School Project) 4.50% 7/1/55 | 2,000,000 | 1,867,600 | |
| Wisconsin Public Finance Authority Revenue | |||
| Series 1 5.75% 7/1/62 | 5,761,508 | 5,985,227 | |
| (CFP3 – Eastern Michigan University Student Housing Project) | |||
| Series A-1 5.375% 7/1/47 (BAM) | 2,775,000 | 2,910,337 | |
| Series A-1 5.50% 7/1/52 (BAM) | 4,000,000 | 4,164,440 | |
| 141,827,134 | |||
| Electric Revenue Bonds — 3.19% | |||
| Guam Power Authority Revenue | |||
| Series A 5.00% 10/1/43 | 2,000,000 | 2,083,820 | |
| Los Angeles, California Department of Water & Power Revenue | |||
| Series A 5.00% 7/1/50 | 1,500,000 | 1,547,130 | |
| Series A 5.00% 7/1/55 (BAM) | 1,000,000 | 1,029,470 | |
| New York Utility Debt Securitization Authority Revenue | |||
| Series 1 5.00% 12/15/41 | 2,500,000 | 2,812,425 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/42 ‡ | 3,665,000 | 2,698,357 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 155,000 | $ 114,119 | |
| Series A 6.75% 7/1/36 ‡ | 1,725,000 | 1,278,656 | |
| Series AAA 5.25% 7/1/26 ‡ | 320,000 | 235,200 | |
| Series CCC 5.25% 7/1/27 ‡ | 2,005,000 | 1,476,181 | |
| Series TT 5.00% 7/1/32 ‡ | 2,705,000 | 1,991,556 | |
| Series WW 5.00% 7/1/28 ‡ | 1,060,000 | 780,425 | |
| Series WW 5.25% 7/1/33 ‡ | 2,485,000 | 1,829,581 | |
| Series XX 4.75% 7/1/26 ‡ | 425,000 | 312,906 | |
| Series XX 5.75% 7/1/36 ‡ | 125,000 | 92,031 | |
| Series ZZ 4.75% 7/1/27 ‡ | 335,000 | 246,644 | |
| Series ZZ 5.25% 7/1/26 ‡ | 440,000 | 323,400 | |
| Salt River, Arizona Project Agricultural Improvement & Power District Electric System Revenue | |||
| (Salt River Project) | |||
| Series A 5.00% 1/1/47 | 1,500,000 | 1,574,940 | |
| Series B 5.25% 1/1/53 | 6,500,000 | 6,851,975 | |
| Series C 5.25% 1/1/55 | 7,500,000 | 7,969,500 | |
| 35,248,316 | |||
| Healthcare Revenue Bonds — 12.18% | |||
| Alachua County, Florida Health Facilities Authority Revenue | |||
| (Oak Hammock at the University of Florida, Inc. Project) 4.00% 10/1/40 | 1,750,000 | 1,687,158 | |
| Apple Valley, Minnesota Senior Living Revenue | |||
| (Senior Living LLC Project) | |||
| Series B 5.00% 1/1/47 | 1,815,000 | 993,713 | |
| Series D 7.25% 1/1/52 | 1,980,000 | 841,500 | |
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project First Tier) Series A2 5.125% 1/1/59 | 145,000 | 135,390 | |
| (Great Lakes Senior Living Communities LLC Project Fourth Tier) Series D 8.171% 1/1/59 ~ | 435,385 | 59,125 | |
| (Great Lakes Senior Living Communities LLC Project Second Tier) Series B 5.125% 1/1/59 | 438,686 | 346,141 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Arizona Industrial Development Authority Revenue | |||
| (Great Lakes Senior Living Communities LLC Project Third Tier) Series C 1.759% 1/1/59 ~ | 517,536 | $ 258,902 | |
| (ISF - Ativo Portfolio) Series A 144A 6.875% 3/1/55 # | 1,900,000 | 2,000,149 | |
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Health System) | |||
| Series A 3.00% 8/15/51 | 1,000,000 | 745,990 | |
| Series A 3.00% 8/15/51 (BAM) | 4,000,000 | 3,067,360 | |
| (Kaiser Permanente) Subseries A-2 5.00% 11/1/47 | 5,000,000 | 5,561,050 | |
| California Municipal Finance Authority Revenue | |||
| (Community Medical Centers) Series A 5.00% 2/1/47 | 2,025,000 | 2,027,167 | |
| City of Phoenix, Arizona Industrial Development Authority Housing Revenue | |||
| (Christian Care Surprise, Inc. Project) Series A 5.25% 12/1/60 | 2,250,000 | 2,155,207 | |
| City of Rochester, Minnesota Health Care Facilities Revenue | |||
| (Mayo Clinic) Series A 5.00% 11/15/45 | 3,000,000 | 3,253,200 | |
| Colorado Health Facilities Authority Revenue | |||
| (CommonSpirit Health) Series A-2 4.00% 8/1/49 (BAM) | 5,000,000 | 4,479,800 | |
| (Intermountain Healthcare) Series A 4.00% 5/15/52 | 3,000,000 | 2,694,000 | |
| Florida Development Finance Revenue | |||
| (Tampa General Hospital Project) Series A 5.25% 8/1/51 | 1,500,000 | 1,571,370 | |
| Glendale, Arizona Industrial Development Authority Revenue | |||
| (Glencroft Retirement Community Project) 5.25% 11/15/46 | 415,000 | 383,585 | |
| (The Beatitudes Campus Project) 5.00% 11/15/45 | 200,000 | 153,360 | |
| (The Terraces of Phoenix Project) Series A 5.00% 7/1/48 | 275,000 | 255,769 | |
| Grand Rapids Economic Development Revenue | |||
| (Beacon Hill at Eastgate Project) 6.00% 11/1/50 | 1,000,000 | 1,005,770 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Hillsborough County, Florida Industrial Development Authority Hospital Revenue | |||
| (Tampa General Hospital Project) Series A 3.50% 8/1/55 | 13,915,000 | $ 10,570,530 | |
| Illinois Finance Authority Revenue | |||
| (NorthShore - Edward-Elmhurst Health Credit Group) Series A 5.00% 8/15/51 | 3,775,000 | 3,796,970 | |
| (Springfield Sustainable Energy Partners) 5.50% 4/1/56 | 1,500,000 | 1,578,735 | |
| (The Admiral at the Lake Project) 5.25% 5/15/42 | 1,000,000 | 971,270 | |
| Jefferson County, Washington Public Hospital District No. 2 Revenue | |||
| (Jefferson Healthcare) Series A 6.875% 12/1/53 | 3,000,000 | 3,102,360 | |
| Kalispell, Montana Revenue | |||
| (Immanuel Lutheran Corporation Project) Series A 5.25% 5/15/52 | 1,000,000 | 908,960 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | |||
| (The Glen Retirement System Project) Series A 5.00% 1/1/49 | 1,905,000 | 1,492,891 | |
| Massachusetts Development Finance Agency Revenue | |||
| (Dana-Farber Cancer Institute Issue) Series Q 5.50% 12/1/56 | 1,635,000 | 1,740,474 | |
| Metropolitan Government Nashville and Davidson County, Health & Educational Facilities Board Revenue | |||
| (Vanderbilt University Medical Center) | |||
| Series B 5.00% 7/1/42 | 1,105,000 | 1,200,251 | |
| Series B 5.00% 7/1/43 | 1,100,000 | 1,186,900 | |
| Missouri State, Health and Educational Facilities Authority Revenue | |||
| (Mercy Health) 4.00% 6/1/53 | 5,000,000 | 4,393,300 | |
| Montgomery County, Pennsylvania Higher Education and Health Authority Revenue | |||
| (Thomas Jefferson University) Series B 4.00% 5/1/56 | 4,950,000 | 4,216,855 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Moon, Pennsylvania Industrial Development Authority Revenue | |||
| (Baptist Homes Society) 6.125% 7/1/50 | 1,895,000 | $ 1,892,195 | |
| New Hope, Texas Cultural Education Facilities Finance Revenue | |||
| (Legacy Midtown Park Project) Series A 5.50% 7/1/54 | 1,725,000 | 1,521,916 | |
| (Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 4,000,000 | 3,788,080 | |
| New York State Dormitory Authority Revenue | |||
| (Montefiore Obligated Group) Series A 3.00% 9/1/50 (AG) | 12,640,000 | 8,882,128 | |
| Ohio State | |||
| (Cleveland Clinic Health System) Series A 5.00% 1/1/35 | 2,500,000 | 2,832,275 | |
| Orange County, Florida Health Facilities Authority Revenue | |||
| (Orlando Health Obligated Group) 4.00% 10/1/52 | 6,245,000 | 5,478,239 | |
| Palm Beach County, Health Facilities Authority Revenue | |||
| (Lifespace Communities, Inc.) Series B 5.625% 5/15/61 | 870,000 | 876,682 | |
| Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
| (Tapestry Moon Senior Housing Project) | |||
| Series A 144A 6.50% 12/1/38 #, ‡ | 3,285,000 | 394,200 | |
| Series A 144A 6.75% 12/1/53 #, ‡ | 3,765,000 | 451,800 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (University of Pittsburgh Medical Center) Series A 4.00% 11/15/42 | 3,300,000 | 3,142,524 | |
| Pennsylvania Higher Educational Facilities Authority Revenue | |||
| (University of Pennsylvania Health System) 5.50% 8/15/55 | 5,000,000 | 5,369,100 | |
| Rhode Island Health and Educational Building Revenue | |||
| (Lifespan Obligated Group) 5.25% 5/15/49 | 950,000 | 990,679 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Seminole County, Florida Industrial Development Authority Revenue | |||
| (Legacy Pointe at UCF Project) Series A 5.50% 11/15/49 | 3,805,000 | $ 3,530,774 | |
| Tempe, Arizona Industrial Development Authority Revenue | |||
| (Mirabella at ASU Project) Series A 144A 6.125% 10/1/52 # | 2,195,000 | 1,702,310 | |
| Virginia Small Business Financing Authority Revenue | |||
| (LifeSpire of Virginia) | |||
| 4.00% 12/1/41 | 2,500,000 | 2,460,575 | |
| 4.00% 12/1/51 | 3,000,000 | 2,559,630 | |
| Washington State Housing Finance Commission Revenue | |||
| (Josephine Caring Community Project) Series A 144A 6.375% 7/1/60 # | 2,000,000 | 2,019,100 | |
| West Virginia Hospital Finance Authority Revenue | |||
| (West Virginia University Health System Obligated Group) | |||
| Series A 5.00% 6/1/53 | 2,000,000 | 2,027,900 | |
| Series A 5.50% 6/1/50 | 2,115,000 | 2,243,846 | |
| Westchester County, New York Local Development Revenue | |||
| (Purchase Senior Learning Community, Inc. Project) Series A 144A 5.00% 7/1/46 # | 2,500,000 | 2,428,875 | |
| (Westchester Medical Center Obligated Group Project) | |||
| 5.00% 11/1/51 (AG) | 1,250,000 | 1,266,237 | |
| 5.75% 11/1/53 (AG) | 2,500,000 | 2,666,350 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Kahala Nui Project) | |||
| 5.25% 11/15/55 | 1,750,000 | 1,782,602 | |
| 5.25% 11/15/61 | 3,500,000 | 3,546,480 | |
| Yavapai County, Arizona Industrial Development Authority Hospital Revenue | |||
| (Yavapai Regional Medical Center) 3.125% 8/1/43 | 1,250,000 | 1,072,088 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Yuma, Arizona Industrial Development Authority Hospital Revenue | |||
| (Yuma Regional Medical Center) Series A 5.25% 8/1/49 | 1,000,000 | $ 1,044,020 | |
| 134,805,807 | |||
| Housing Revenue Bonds — 2.21% | |||
| California CSCDA Community Improvement Authority Essential Housing Revenue | |||
| (Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 1,300,000 | 928,096 | |
| Connecticut Housing Finance Authority Revenue | |||
| (Housing Mortgage Finance Program) Series D 5.35% 11/15/48 | 3,000,000 | 3,109,350 | |
| Illinois Housing Development Authority Revenue | |||
| Series K 5.25% 10/1/43 (GNMA) (FNMA) (FHLMC) | 4,000,000 | 4,234,040 | |
| Nebraska Investment Finance Authority Single Family Housing Revenue | |||
| Series G 5.40% 9/1/53 (GNMA) (FNMA) (FHLMC) | 5,000,000 | 5,124,700 | |
| Pennsylvania Housing Finance Agency Single Family Mortgage Revenue | |||
| (Social Bonds) | |||
| Series 142A 5.00% 10/1/50 | 2,000,000 | 2,014,400 | |
| Series 143A 5.45% 4/1/51 | 3,000,000 | 3,094,020 | |
| Series 146A 4.75% 4/1/53 | 5,000,000 | 5,001,200 | |
| Washington State Housing Finance Commission Revenue | |||
| Series 1N 4.70% 12/1/49 (GNMA) (FNMA) (FHLMC) | 1,000,000 | 1,001,940 | |
| 24,507,746 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 14.18% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Legacy Cares, Inc. Project) | |||
| Series A 144A 6.00% 7/1/51 #, ‡ | 450,000 | 45 | |
| Series A 144A 7.75% 7/1/50 #, ‡ | 6,685,000 | 669 | |
| Arkansas Development Finance Authority Revenue | |||
| (Hybar Steel Project) | |||
| Series A 144A 6.875% 7/1/48 (AMT) # | 6,500,000 | 6,995,430 | |
| Series B 144A 7.375% 7/1/48 (AMT) # | 5,000,000 | 5,419,350 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Black Belt, Alabama Energy Gas District Revenue | |||
| (Gas Project) | |||
| Series A 5.25% 5/1/55 • | 1,250,000 | $ 1,299,775 | |
| Series B 5.00% 10/1/55 • | 3,440,000 | 3,632,193 | |
| Series E 5.00% 7/1/33 | 3,415,000 | 3,602,073 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority Revenue | |||
| (Senior) | |||
| Series A-2 Class 1 3.00% 6/1/48 | 5,000,000 | 3,558,350 | |
| Series A-2 Class 1 4.00% 6/1/48 | 5,000,000 | 4,364,000 | |
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| Series A-1 5.00% 4/1/56 • | 2,450,000 | 2,647,617 | |
| Series B 5.00% 1/1/55 • | 2,000,000 | 2,059,180 | |
| Series G 5.00% 11/1/55 • | 2,500,000 | 2,571,875 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline West Passenger Rail Project) Series B 144A 12.00% 1/1/65 (AMT) #, • | 7,925,000 | 4,438,000 | |
| Central Plains, Nebraska Energy Project Revenue | |||
| (Project No. 3) Series A 5.00% 9/1/34 | 2,000,000 | 2,105,640 | |
| Chandler, Arizona Industrial Development Authority Revenue | |||
| (Intel Corporation Project) Second Subseries 5.00% 9/1/52 (AMT) • | 3,750,000 | 3,796,387 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 9.175% 5/15/57 ^ | 28,335,000 | 1,309,644 | |
| City of Valparaiso, Indiana Exempt Facilities Refunding Revenue | |||
| (Pratt Paper (IN), LLC Project) 144A 4.875% 1/1/44 (AMT) # | 1,500,000 | 1,533,150 | |
| Colorado Regional Transportation District Revenue | |||
| (Denver Transit Partners Eagle P3 Project) Series A 4.00% 7/15/39 | 40,000 | 39,289 | |
| Erie County, New York Tobacco Asset Securitization Revenue | |||
| (Capital Appreciation-Asset-Backed) Series A 144A 1.654% 6/1/60 #, ^ | 96,800,000 | 2,588,432 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Finance Authority of Maine Revenue | |||
| (TimberHP Madison, LLC Project) 8.50% 6/1/35 (AMT) | 2,920,015 | $ 1,517,035 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) | |||
| 5.25% 7/1/53 (AG) (AMT) | 10,000,000 | 9,932,100 | |
| 5.50% 7/1/53 (AMT) | 5,000,000 | 3,550,000 | |
| George L Smith II World Congress Center, Georgia Authority Revenue | |||
| (Convention Center Hotel First Tier) Series A 4.00% 1/1/54 | 13,400,000 | 11,241,662 | |
| Indiana Finance Authority Exempt Facility Revenue | |||
| (Polyflow Indiana Project - Green Bonds) 144A 7.00% 3/1/39 (AMT) #, ‡ | 2,480,000 | 248 | |
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 8.656% 6/1/57 #, ^ | 122,985,000 | 7,831,685 | |
| Series F 144A 1.418% 6/1/57 #, ^ | 84,485,000 | 4,335,770 | |
| Lower Alabama Gas District Revenue | |||
| Series A 5.00% 9/1/34 | 2,000,000 | 2,105,640 | |
| Main Street Natural Gas Project, Georgia Revenue | |||
| Series C 5.00% 12/1/54 • | 2,000,000 | 2,112,380 | |
| Maricopa County, Arizona Industrial Development Authority Revenue | |||
| (Commercial Metals Company Project) 144A 4.00% 10/15/47 (AMT) # | 500,000 | 436,555 | |
| Mobile County, Alabama Industrial Development Authority Solid Waste Disposal Revenue | |||
| (AM/NS Calvert LLC Project) | |||
| Series A 5.00% 6/1/54 (AMT) | 2,500,000 | 2,441,975 | |
| Series B 4.75% 12/1/54 (AMT) | 2,000,000 | 1,885,700 | |
| M-S-R Energy Authority, California Gas Revenue | |||
| Series A 6.125% 11/1/29 | 940,000 | 989,773 | |
| New York Counties, New York Tobacco Trust V Pass-Through Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) Series S4B 144A 8.105% 6/1/60 #, ♦, ^ | 393,200,000 | 16,958,716 | |
| Puerto Rico Industrial Development Revenue | |||
| 7.00% 1/1/54 • | 2,500,000 | 2,396,875 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Salt Verde, Arizona Financial Senior Gas Revenue | |||
| 5.00% 12/1/37 | 4,025,000 | $ 4,248,750 | |
| Savannah, Georgia Convention Center Authority Revenue | |||
| (Convention Center Hotel - First Tier Bonds) Series A 5.25% 6/1/61 | 3,000,000 | 2,988,240 | |
| Southeast Energy Authority A Cooperative District, Alabama Revenue | |||
| Series A 5.00% 1/1/56 • | 3,000,000 | 3,068,820 | |
| (Project No. 2) Series B 4.00% 12/1/51 • | 5,000,000 | 5,059,350 | |
| Suffolk Regional Off-Track Betting, New York Revenue | |||
| 5.75% 12/1/44 | 1,000,000 | 1,029,260 | |
| 6.00% 12/1/53 | 4,000,000 | 4,090,880 | |
| Texas Municipal Gas Acquisition & Supply Revenue | |||
| 5.00% 1/1/55 • | 2,500,000 | 2,675,025 | |
| Series 2025 5.00% 1/1/36 | 4,000,000 | 4,274,760 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation - Second Subordinate Lien) Series C 7.322% 6/1/46 ^ | 15,440,000 | 2,665,099 | |
| (Capital Appreciation - Third Subordinate Lien) Series D 7.576% 6/1/46 ^ | 2,255,000 | 341,046 | |
| Tuscaloosa County, Alabama Industrial Development Authority Revenue | |||
| (Hunt Refining Project) Series A 144A 5.25% 5/1/44 # | 4,595,874 | 4,661,825 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62 | 2,170,000 | 2,111,887 | |
| 156,912,155 | |||
| Lease Revenue Bonds — 9.13% | |||
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| 1.074% 12/15/56 (AG) ^ | 44,795,000 | 10,199,373 | |
| 5.92% 12/15/56 ^ | 5,000,000 | 1,072,600 | |
| Series A 4.00% 6/15/52 | 12,885,000 | 11,147,200 | |
| Series A 5.61% 12/15/56 (BAM) ^ | 8,000,000 | 1,821,520 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| Metropolitan Pier & Exposition Authority, Illinois Revenue | |||
| (McCormick Place Expansion Project) | |||
| Series B 4.933% 12/15/51 (BAM) ^ | 12,975,000 | $ 3,864,604 | |
| Series B 5.118% 12/15/54 (BAM) ^ | 34,355,000 | 8,707,962 | |
| Series B 5.26% 12/15/54 ^ | 5,000,000 | 1,198,700 | |
| Series B-1 4.57% 6/15/47 (AG) ^ | 4,935,000 | 1,883,838 | |
| New Jersey State Transportation Trust Fund Authority Revenue | |||
| Series A 5.396% 12/15/39 (BAM) ^ | 10,700,000 | 6,413,794 | |
| (Transportation Program Bonds) | |||
| Series AA 5.00% 6/15/50 | 5,000,000 | 5,186,900 | |
| Series AA 5.00% 6/15/55 | 7,000,000 | 7,192,150 | |
| Series AA 5.25% 6/15/41 | 4,500,000 | 5,017,095 | |
| Series BB 5.25% 6/15/50 | 3,150,000 | 3,309,611 | |
| Series CC 5.25% 6/15/50 | 5,000,000 | 5,266,550 | |
| New York Liberty Development Revenue | |||
| (4 World Trade Center - Green Bond) Series A 2.875% 11/15/46 (BAM) | 16,960,000 | 12,826,339 | |
| New York State Thruway Authority State Personal Income Tax Revenue | |||
| Series A-1 3.00% 3/15/49 | 2,500,000 | 1,915,950 | |
| Virginia College Building Authority Revenue | |||
| (21st Century College And Equipment Programs) 5.25% 2/1/42 | 5,000,000 | 5,486,350 | |
| Washington Metropolitan Area Transit Authority Dedicated Revenue | |||
| (Second Lien) | |||
| Series A 5.25% 7/15/55 | 2,000,000 | 2,098,840 | |
| Series A 5.50% 7/15/60 | 6,000,000 | 6,419,160 | |
| 101,028,536 | |||
| Local General Obligation Bonds — 4.38% | |||
| Arapahoe County, Colorada Cherry Creek School District No. 5 | |||
| 5.25% 12/15/43 | 2,500,000 | 2,802,475 | |
| City of Chicago, Illinois O'Hare International Airport Revenue | |||
| (Senior Lien) Series A 6.00% 1/1/50 | 1,350,000 | 1,420,726 | |
| City of Goodyear, Arizona | |||
| 3.00% 7/1/39 | 750,000 | 678,758 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Collin and Dentan County, Texas Prosper Independent School District | |||
| 5.25% 2/15/55 (PSF) | 2,000,000 | $ 2,110,360 | |
| Fairfax County, Virginia Public Improvement Bonds | |||
| Series A 5.00% 10/1/36 | 5,000,000 | 5,679,200 | |
| Harris and Waller County, Texas Katy Independent School District | |||
| 5.25% 2/15/54 (PSF) | 5,000,000 | 5,280,350 | |
| Harris County, Texas Humble Independent School District | |||
| 3.00% 2/15/49 (PSF) | 2,770,000 | 2,074,675 | |
| Montgomery County, Maryland | |||
| Series A 5.00% 10/1/39 | 7,500,000 | 8,307,825 | |
| New York City, New York | |||
| Series G-1 5.25% 2/1/50 | 2,000,000 | 2,114,120 | |
| Palomar Health, California | |||
| Series A 6.746% 8/1/32 (AG) ^ | 5,000,000 | 3,922,550 | |
| Series A 7.00% 8/1/31 (AG) ^ | 3,315,000 | 2,715,747 | |
| Series A 7.07% 8/1/33 (AG) ^ | 5,000,000 | 3,749,900 | |
| Wake County, North Carolina General Obligation Public Improvement Bonds | |||
| Series A 4.00% 2/1/34 | 5,000,000 | 5,251,350 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Waterstone Project) 144A 5.50% 12/15/38 # | 2,309,426 | 2,313,675 | |
| 48,421,711 | |||
| Pre-Refunded/Escrowed to Maturity Bonds — 1.57% | |||
| California Health Facilities Financing Authority Revenue | |||
| (CommonSpirit Health) Series A 4.00% 4/1/49-30 § | 70,000 | 74,013 | |
| Central Texas Turnpike System Revenue | |||
| Series A 3.278% 8/15/26 (AMBAC) ^ | 1,340,000 | 1,331,719 | |
| Iowa Finance Authority Midwestern Disaster Area Revenue | |||
| (Iowa Fertilizer Company Project) 5.00% 12/1/50-32 § | 7,725,000 | 8,754,434 | |
| Metropolitan Washington, D.C. Airports Authority Dulles Toll Road Revenue | |||
| (Convertible Capital Appreciation Bonds) Series C 6.50% 10/1/41-26 (AG) §, ~ | 7,000,000 | 7,089,390 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||
| Ohio State | |||
| (Cleveland Clinic Health System) Series A 5.00% 1/1/35-34 § | 65,000 | $ 74,055 | |
| 17,323,611 | |||
| Special Tax Revenue Bonds — 15.57% | |||
| City of Bullhead, Arizona Excise Taxes Revenue | |||
| 2.55% 7/1/46 | 1,000,000 | 723,980 | |
| City of Houston, First Lien Texas Hotel Occupancy Tax & Special Revenue | |||
| Series C 5.00% 9/1/41 | 3,000,000 | 3,288,120 | |
| Series C 5.50% 9/1/58 | 5,000,000 | 5,287,800 | |
| Commonwealth of Puerto Rico Revenue | |||
| 3.189% 11/1/43 • | 29,277,934 | 20,238,372 | |
| Downtown Revitalization Public Infrastructure District Revenue | |||
| (SEG - Redevelopment Project) Series B 5.50% 6/1/55 (AG) | 2,750,000 | 2,932,738 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 25,825,598 | 25,342,143 | |
| Indianapolis, Indiana Local Public Improvement Bond Bank Revenue | |||
| Series F-1 5.25% 3/1/67 (BAM) | 4,000,000 | 4,138,600 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/32 | 300,000 | 319,695 | |
| Series A 5.00% 10/1/39 | 2,205,000 | 2,290,267 | |
| Metropolitan Government Nashville & Davidson County Sports Authority Revenue | |||
| (Stadium Project Senior Lien) Series A 5.25% 7/1/56 (AG) | 2,555,000 | 2,669,413 | |
| (Stadium Project) Series B 5.25% 7/1/56 (AG) | 1,130,000 | 1,176,918 | |
| New York City, New York Industrial Development Agency Revenue | |||
| (Yankee Stadium) 7.29% 3/1/27 (AG) ^ | 3,000,000 | 2,929,950 | |
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| Series B-1 3.00% 11/1/47 | 4,000,000 | 3,048,040 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| (Subordinate Bonds) | |||
| Series I 5.00% 11/1/47 | 3,000,000 | $ 3,171,725 | |
| Subseries F-1 5.00% 11/1/36 | 2,500,000 | 2,821,475 | |
| Subseries F-1 5.00% 2/1/53 | 4,850,000 | 5,008,449 | |
| New York State Thruway Authority State Personal Income Tax Revenue | |||
| Series A-1 3.00% 3/15/51 | 3,000,000 | 2,254,470 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 20,775,000 | 20,013,804 | |
| Series A-1 5.00% 7/1/58 | 5,560,000 | 5,494,337 | |
| Series A-1 5.674% 7/1/46 ^ | 100,000,000 | 36,501,000 | |
| Series A-1 6.013% 7/1/51 ^ | 57,611,000 | 15,472,586 | |
| Series A-2 4.329% 7/1/40 | 1,000,000 | 997,160 | |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue | |||
| (TBTA Capital Lockbox - City Sales Tax) Subordinate Series A-1 5.25% 5/15/64 | 3,000,000 | 3,121,590 | |
| Wisconsin Public Finance Authority Revenue | |||
| (American Dream @ Meadowlands Project) 144A 7.00% 12/1/50 # | 825,000 | 643,500 | |
| Wyandotte County, Kansas City, Kansas Unified Government Special Obligation Revenue | |||
| (Sales Tax - Vacation Village Project Area 1 and 2A) Series 2015A 5.75% 9/1/32 | 2,530,000 | 2,448,306 | |
| 172,334,438 | |||
| State General Obligation Bonds — 7.27% | |||
| California State | |||
| (Various Purpose) | |||
| 5.00% 9/1/43 | 5,000,000 | 5,505,800 | |
| 5.25% 8/1/44 | 2,000,000 | 2,229,320 | |
| Series C 5.00% 11/1/42 | 2,000,000 | 2,182,120 | |
| Commonwealth of Massachusetts | |||
| Series B 5.00% 6/1/43 | 3,350,000 | 3,692,203 | |
| Commonwealth of Pennsylvania | |||
| Series A 5.00% 8/15/34 | 2,500,000 | 2,857,200 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| State General Obligation Bonds (continued) | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/41 | 215,000 | $ 204,914 | |
| Series A-1 4.00% 7/1/46 | 18,175,844 | 16,120,338 | |
| Illinois State | |||
| 5.50% 5/1/39 | 3,725,000 | 3,961,500 | |
| Series A 4.00% 3/1/41 | 1,110,000 | 1,066,333 | |
| Series A 5.50% 3/1/47 | 5,000,000 | 5,238,750 | |
| Series B 5.50% 5/1/47 | 2,000,000 | 2,096,120 | |
| Series C 4.00% 10/1/48 | 1,605,000 | 1,437,165 | |
| Series C 5.50% 4/1/51 | 5,000,000 | 5,330,750 | |
| Series D 5.00% 9/1/40 | 5,000,000 | 5,363,150 | |
| Series E 5.00% 9/1/42 | 4,950,000 | 5,242,743 | |
| (Rebuild Illinois Program) Series B 4.00% 11/1/39 | 8,170,000 | 7,975,472 | |
| Oregon State | |||
| (Article XI-F(1) Projects and Refunding) Series F 5.00% 8/1/27 | 1,365,000 | 1,404,803 | |
| (Article XI-G Projects and Refunding) Series G 5.00% 8/1/27 | 1,250,000 | 1,286,450 | |
| Washington State | |||
| Series B 5.00% 6/1/46 | 1,500,000 | 1,585,995 | |
| Series D 5.00% 6/1/33 | 2,500,000 | 2,841,675 | |
| Series R 5.00% 7/1/34 | 2,500,000 | 2,871,825 | |
| 80,494,626 | |||
| Transportation Revenue Bonds — 13.25% | |||
| Alaska Railroad Corporation Cruise Port Revenue | |||
| 6.00% 10/1/50 (AG) (AMT) | 1,500,000 | 1,632,480 | |
| Arizona Department of Transportation State Highway Fund Revenue | |||
| 5.00% 7/1/40 | 5,290,000 | 6,009,705 | |
| Burbank-Glendale-Pasadena, California Airport Authority Brick Campaign Revenue | |||
| (Senior) Series B 5.25% 7/1/54 (AMT) | 2,275,000 | 2,361,723 | |
| California Municipal Finance Authority Revenue | |||
| (SFMTA Potrero Yard Modernization Project) | |||
| Series A 5.00% 9/1/60 | 735,000 | 761,071 | |
| Series A 5.50% 9/1/60 | 335,000 | 361,324 | |
| Central Texas Turnpike System Revenue | |||
| Series C 5.00% 8/15/41 | 1,575,000 | 1,707,820 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 12/1/48 (AMT) | 5,000,000 | $ 4,517,550 | |
| Series B 5.50% 11/15/42 (AMT) | 1,000,000 | 1,103,480 | |
| Series B 5.50% 11/15/43 (AMT) | 1,000,000 | 1,098,040 | |
| City of Charlotte, North Carolina Charlotte Douglas International Airport Revenue | |||
| 5.00% 7/1/46 | 750,000 | 805,118 | |
| 5.00% 7/1/47 | 1,250,000 | 1,329,175 | |
| City of Chicago, Illinois O'Hare International Airport Revenue | |||
| (Senior Lien) | |||
| Series A 5.25% 1/1/61 | 5,000,000 | 5,195,700 | |
| Series B 5.25% 1/1/44 | 2,000,000 | 2,168,160 | |
| Series B 5.50% 1/1/59 | 3,650,000 | 3,849,837 | |
| Series E 5.50% 1/1/55 (AMT) | 6,500,000 | 6,751,680 | |
| City of Dallas and Fort Worth, Texas International Airport Revenue | |||
| 5.00% 11/1/43 | 3,000,000 | 3,248,700 | |
| City of Los Angeles, California Department of Airports Revenue | |||
| (Sustainable Bonds) Series A 5.50% 5/15/55 (AMT) | 3,000,000 | 3,191,700 | |
| Colorado Bridge & Tunnel Enterprise Revenue | |||
| (Senior Infrastructure) Series A 5.25% 12/1/54 (AG) | 2,500,000 | 2,626,900 | |
| Florida Development Finance Revenue | |||
| (Brightline Florida Passenger Rail Project) 144A 14.286% 7/15/32 (AMT) #, • | 13,000,000 | 3,640,000 | |
| Hawaii State Airports System Revenue | |||
| Series A 5.50% 7/1/54 (AMT) | 1,200,000 | 1,277,796 | |
| Lee County, Florida Airport Revenue | |||
| 5.25% 10/1/49 (AMT) | 5,100,000 | 5,280,285 | |
| Louisiana Public Facilities Authority Revenue | |||
| (I-10 Calcasieu River Bridge Public-Private Partnership Project) | |||
| 5.00% 9/1/66 (AMT) | 2,610,000 | 2,558,948 | |
| 5.50% 9/1/59 (AMT) | 3,865,000 | 3,939,015 | |
| Massachusetts Port Authority Revenue | |||
| Series A 5.00% 7/1/40 (AMT) | 2,000,000 | 2,067,660 | |
| Miami-Dade County, Florida Aviation Revenue | |||
| Series A 4.00% 10/1/44 (AMT) | 1,500,000 | 1,400,700 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Monroe Country, Florida Airport Revenue | |||
| (Key West International Airport) Series 2022 5.00% 10/1/42 (AMT) | 1,505,000 | $ 1,552,046 | |
| New Jersey State Transportation Trust Fund Authority Revenue | |||
| (Transportation Program - Forward Delivery) Series AA 5.00% 6/15/29 | 5,000,000 | 5,326,750 | |
| New York Transportation Development Special Facilities Revenue | |||
| (JFK Airport Terminal 6 Redevelopment Project) Series A 5.50% 12/31/60 (AMT) | 5,000,000 | 5,080,150 | |
| (John F. Kennedy International Airport New Terminal One Project-Green Bonds) | |||
| 5.375% 6/30/60 (AMT) | 5,000,000 | 5,024,050 | |
| Series A 5.25% 12/31/54 (AG) (AMT) | 5,000,000 | 5,129,100 | |
| (John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds) Series B 0.00% 12/31/54 (AG) (AMT) ~ | 2,500,000 | 1,658,450 | |
| Pennsylvania Economic Development Financing Authority Revenue | |||
| (The PennDOT Major Bridges Package One Project) 6.00% 6/30/61 (AMT) | 2,750,000 | 2,911,205 | |
| Pennsylvania Turnpike Commission Revenue | |||
| Series C 6.25% 6/1/33 (AG) ~ | 4,000,000 | 4,000,000 | |
| Port Authority of New York & New Jersey Revenue | |||
| Series 248 5.00% 1/15/28 | 2,000,000 | 2,081,820 | |
| Port of Seattle Intermediate Lien Revenue | |||
| Series B 5.50% 10/1/50 (AMT) | 5,000,000 | 5,328,950 | |
| San Diego County, California Regional Airport Authority Revenue | |||
| Series B 4.00% 7/1/56 (AMT) (BAM) | 5,000,000 | 4,406,550 | |
| (Private Activity) Series B 5.50% 7/1/55 (AMT) | 5,000,000 | 5,315,450 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) Series A 4.00% 5/1/49 (AMT) | 3,955,000 | 3,604,824 | |
| Texas Private Activity Bond Surface Transportation Revenue | |||
| (NTE Mobility Partners LLC North Tarrant Express Project) 5.50% 12/31/58 (AMT) | 5,000,000 | 5,173,550 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| Texas Transportation Finance Revenue | |||
| Series A 5.50% 10/1/55 | 5,000,000 | $ 5,379,000 | |
| Wisconsin Public Finance Authority Revenue | |||
| (Senior Lien - Georgia SR 400 Express Lanes Project) | |||
| 5.75% 12/31/65 (AMT) | 7,500,000 | 7,778,700 | |
| 6.50% 12/31/65 (AMT) | 7,250,000 | 8,052,357 | |
| 146,687,519 | |||
| Water & Sewer Revenue Bonds — 1.84% | |||
| City & County of Honolulu, Hawaii Wastewater System Revenue | |||
| (Green Bonds) Series A 5.25% 7/1/54 | 2,105,000 | 2,218,396 | |
| City of Chicago, Illinois Waterworks Revenue | |||
| Series A 5.50% 11/1/66 | 1,475,000 | 1,553,028 | |
| City of San Francisco, California Public Utilities Commission Water Revenue | |||
| (Hetch Hetchy Water) Series E 5.25% 11/1/55 | 1,500,000 | 1,614,105 | |
| Great Lakes Water Authority Water Supply System Revenue | |||
| (Second Lien Bonds) | |||
| Series B 5.00% 7/1/44 | 2,000,000 | 2,170,220 | |
| Series B 5.00% 7/1/45 | 1,950,000 | 2,099,077 | |
| Series B 5.00% 7/1/46 | 1,000,000 | 1,069,860 | |
| Jefferson County, Alabama Sewer Revenue | |||
| 5.50% 10/1/53 | 4,500,000 | 4,703,580 | |
| New York City, Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution Bonds) Series BB 5.25% 6/15/56 | 2,900,000 | 3,070,549 | |
| Texas Water Development Board Revenue | |||
| (Master Trust) Series A 5.00% 10/15/44 | 1,725,000 | 1,865,071 | |
| 20,363,886 | |||
| Total Municipal Bonds (cost $1,084,784,405) | 1,079,955,485 | ||
| Number of shares | Value (US $) | ||
| Common Stock — 0.10%♣ | |||
| Industrial — 0.10% | |||
| TimberHP =, †, π | 225,640 | $ 1,084,967 | |
| Total Common Stock (cost $1,084,967) | 1,084,967 | ||
| Warrants — 0.02% | |||
| DesertXpress Enterprises =, † | 64,500 | 197,531 | |
| Total Warrants (cost $6) | 197,531 | ||
| Principal amount° | |||
| Short-Term Investments — 2.10% | |||
| Variable Rate Demand Notes — 2.10% | |||
| Arizona Industrial Development Authority Revenue | |||
| (Phoenix Children's Hospital) Series A 2.80% 2/1/48 (LOC - TD Bank, N.A.)¤ | 465,000 | 465,000 | |
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke's Health System Project) Series D 2.80% 3/1/60 (LOC - TD Bank, N.A.)¤ | 1,000,000 | 1,000,000 | |
| Illinois Finance Authority Revenue | |||
| (The University of Chicago Medical Center) Subseries 2009 D-1 2.80% 8/1/43 (LOC - TD Bank, N.A.)¤ | 2,000,000 | 2,000,000 | |
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution Bonds) Series CC 2.80% 6/15/41 (SPA - State Street)¤ | 7,000,000 | 7,000,000 | |
| Oregon State Facilities Authority Refunding Revenue | |||
| (PeaceHealth) Series B 2.80% 8/1/34 (LOC - TD Bank, N.A.)¤ | 8,300,000 | 8,300,000 | |
| San Francisco, California Bay Area Toll Authority Revenue | |||
| (Variable Rate Bonds) Series D 2.35% 4/1/59 (LOC - TD Bank, N.A.)¤ | 1,800,000 | 1,800,000 | |
| Tarrant County, Cultural Education Facilities Finance | |||
| (Baylor Health Care System Project) Series C 2.45% 11/15/50 (LOC - TD Bank, N.A.)¤ | 1,100,000 | 1,100,000 | |
| Principal amount° | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Variable Rate Demand Notes (continued) | |||
| Virginia Commonwealth University Health System Authority Revenue | |||
| Series B 2.80% 7/1/37 (LOC - TD Bank, N.A.)¤ | 1,600,000 | $ 1,600,000 | |
| Total Short-Term Investments (cost $23,265,000) | 23,265,000 | ||
| Total Value of Securities—99.81% (cost $1,109,134,378) | 1,104,502,983 | ||
| Receivables and Other Assets Net of Liabilities—0.19% | 2,157,188 | ||
| Net Assets Applicable to 108,480,871 Shares Outstanding—100.00% | $1,106,660,171 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2026, the aggregate value of Rule 144A securities was $109,766,944, which represents 9.92% of the Fund’s net assets. |
| ‡ | Security is currently in default. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2026. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| † | Non-income producing security. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At May 31, 2026, the aggregate value of restricted securities was $1,084,967, which represented 0.10% of the Fund’s net assets. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2026. |
| Restricted Securities | ||||||
| Investments | Date of Acquisition | Cost | Value | |||
| TimberHP | 6/26/25 | $1,084,967 | $1,084,967 |
| Summary of abbreviations: |
| AG – Insured by Assured Guaranty Inc. |
| AMBAC – Insured by American Municipal Bond Assurance Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| PSF – Guaranteed by Permanent School Fund |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |