UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number  
811-05309 
Nuveen Investment Funds, Inc.
 
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
 
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917‑7700
Date of fiscal year end: March 31
Date of reporting period: March 31, 2026

Item 1.
Reports to Stockholders.

 
     LOGO   

Annual Shareholder Report  
 
March 31, 2026  
 
Nuveen Short Term Municipal Bond Fund
Class A Shares/FSHAX
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Short Term Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $62   0.61%
* Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
The Nuveen Short Term Municipal Bond Fund returned 2.74% for Class A Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Short Index, which returned 3.08%.
 
Top contributors to relative performance
 
Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.
 
Sector allocation, particularly an underweight to tax‑supported bonds and overweights to health care and transportation bonds.
 
Security selection in the tax‑supported, education and utility sectors.
 
Top detractors from relative performance
 
Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.
 
Security selection in the transportation, health care and housing sectors.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     2.74%        1.24%        1.30%  
       
Class A Shares at maximum sales charge (Offering Price)
     0.19      0.73      1.05
       
S&P Municipal Bond Index
     4.32      1.08      2.25
       
S&P Municipal Bond Short Index
     3.08      1.64      1.65
       
Lipper Short Municipal Debt Funds Classification Average
     3.24      1.65      1.47
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/ mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of March 31, 2026)
 
Fund net assets
   $    422,400,796  
Total number of portfolio holdings
     357  
Portfolio turnover (%)
     46%  
Total management fees paid for the year
   $ 1,682,292  
 
 
 
What did the Fund invest in? (as of March 31, 2026)
 
LOGO
LOGO
 
 
 
  (1)
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
670690593_AR_0326
5366900
  LOGO
 
 
   3   

 
    LOGO
  

Annual Shareholder Report  
 
March 31, 2026  
 
Nuveen Short Term Municipal Bond Fund
Class C Shares/NAAEX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Short Term Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class C Shares
  $142   1.41%
* Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
The Nuveen Short Term Municipal Bond Fund returned 1.98% for Class C Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund underperformed the S&P Municipal Bond Short Index, which returned 3.08%.
 
Top contributors to relative performance
 
Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.
 
Sector allocation, particularly an underweight to tax‑supported bonds and overweights to health care and transportation bonds.
 
Security selection in the tax‑supported, education and utility sectors.
 
Top detractors from relative performance
 
Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.
 
Security selection in the transportation, health care and housing sectors.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year    5‑Year    10‑Year
       
Class C Shares at NAV (excluding maximum sales charge)
   1.98%    0.45%    0.65%
       
S&P Municipal Bond Index
   4.32%    1.08%    2.25%
       
S&P Municipal Bond Short Index
   3.08%    1.64%    1.65%
       
Lipper Short Municipal Debt Funds Classification Average
   3.24%    1.65%    1.47%
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of March 31, 2026)
 
Fund net assets
     $  422,400,796  
Total number of portfolio holdings
     357  
Portfolio turnover (%)
     46%  
Total management fees paid for the year
     $    1,682,292  
 
 
What did the Fund invest in? (as of March 31, 2026)
 
LOGO
LOGO
 
 
 
  (1)
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
   3    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
670693506_AR_0326
5366900
  LOGO
 
 
   4   

 
    LOGO   

Annual Shareholder Report  
 
March 31, 2026   
 
Nuveen Short Term Municipal Bond Fund
Class I Shares/FSHYX
 
 
Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Short Term Municipal Bond Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $42   0.41%
* Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
The Nuveen Short Term Municipal Bond Fund returned 3.02% for Class I Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Bond Short Index, which returned 3.08%.
 
Top contributors to relative performance
 
Credit quality positioning, especially an overweight to A‑rated, BBB‑rated and non‑rated bonds.
 
Sector allocation, particularly an underweight to tax‑supported bonds and overweights to health care and transportation bonds.
 
Security selection in the tax‑supported, education and utility sectors.
 
Top detractors from relative performance
 
Duration and yield curve positioning, particularly an overweight to shorter-duration bonds.
 
Security selection in the transportation, health care and housing sectors.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (April 1, 2016 through March 31, 2026) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year    5‑Year    10‑Year
       
Class I Shares at NAV
   3.02%    1.46%    1.52%
       
S&P Municipal Bond Index
   4.32%    1.08%    2.25%
       
S&P Municipal Bond Short Index
   3.08%    1.64%    1.65%
       
Lipper Short Municipal Debt Funds Classification Average
   3.24%    1.65%    1.47%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of March 31, 2026)
 
Fund net assets
     $  422,400,796  
Total number of portfolio holdings
     357  
Portfolio turnover (%)
     46%  
Total management fees paid for the year
     $    1,682,292  
 
 
What did the Fund invest in? (as of March 31, 2026)
 
LOGO
LOGO
 
 
 
  (1)
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
   3    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
670690486_AR_0326
5366900
   LOGO
 
 
   4   


Item 2.

Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.


Item 3.

Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).


Item 4.

Principal Accountant Fees and Services.

Nuveen Investment Funds, Inc.

The following tables show the amount of fees that PricewaterhouseCoopers LLP (“PwC”), the independent registered public accounting firm, billed to the Registrant during the Registrant’s last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

 

Fiscal Year Ended

   
Audit Fees
Billed to Registrant1

 
   
Audit-Related Fees
Billed to Registrant2

 
   
Tax Fees
Billed to Registrant3

 
   
All Other Fees
Billed to Registrant4

 

March 31, 2026

    $31,814       $0       $0       $0  
 

 

 

 

       
Percentage approved pursuant to pre-approval exception     0%       0%       0%       0%  
 

 

 

 

       
March 31, 2025     $31,789       $0       $0       $0  
 

 

 

 

       
Percentage approved pursuant to pre-approval exception     0%       0%       0%       0%  
 

 

 

 

 

1

“Audit Fees” are the aggregate fees billed for professional services for the audit of the Registrant’s annual financial statements and services provided in connection with statutory and regulatory filings.

2

“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”.

3

“Tax Fees” are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4

“All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.


Fiscal Year Ended

   


Audit-Related Fees
Billed to Adviser
and Affiliated Fund
Service Providers


 
 
   


Tax Fees
Billed to Adviser
and Affiliated Fund
Service Providers


 
 
   


All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers


 
 

March 31, 2026

    $0       $0       $0  
 

 

 

 

     

Percentage approved pursuant to pre-approval exception

    0%       0%       0%  
 

 

 

 

     

March 31, 2025

    $0       $0       $0  
 

 

 

 

     

Percentage approved pursuant to pre-approval exception

    0%       0%       0%  
 

 

 

 

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s independence.

 

Fiscal Year Ended     Total Non-Audit Fees 
Billed to Registrant
     Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the
Registrant)
     Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)
        Total     

March 31, 2026

     $0        $0        $11,629,068        $11,629,068  

March 31, 2025

     $0        $0        $0        $0  

“Non-Audit Fees billed to Registrant” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.


Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.


Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

 

(b)

Not applicable.


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.


Report of Independent Registered
Public Accounting Firm
1
To the Board of Trustees of Nuveen Municipal Trust and Board of Directors of Nuveen
Investment Funds, Inc. and Shareholders of Nuveen All-American Municipal Bond Fund,
Nuveen Intermediate Duration Municipal Bond Fund, Nuveen Limited Term Municipal Bond
Fund and Nuveen Short Term Municipal Bond Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments,
of Nuveen All-American Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen
Limited Term Municipal Bond Fund (three of the funds constituting Nuveen Municipal Trust) and Nuveen Short Term
Municipal Bond Fund (one of the funds constituting Nuveen Investment Funds, Inc.) (hereafter collectively referred
to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026,
the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the
related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of each of the Funds as of March 31, 2026, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each
of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting
principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion
on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities
owned as of March 31, 2026 by correspondence with the custodian, agent banks and brokers; when replies were not
received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis
for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
May 28,
2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
2
Portfolio of Investments March 31, 2026
All-American
See Notes To Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 102.2%
27,444,780
EXCHANGE-TRADED FUNDS - 0.8%
27,444,780
1,100,000
(a)
Nuveen Municipal Income ETF
$
27,444,780
TOTAL EXCHANGE-TRADED FUNDS
(Cost $27,729,750)
27,444,780
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3533589293
MUNICIPAL BONDS - 101.4%
3533589293
ALABAMA - 2.1%
$
1,400,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5.500
%
09/01/45
1,511,145
1,540,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5.750
09/01/50
1,651,990
1,790,000
(b),(c)
Baldwin County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, Novelis Corporation
Project, Series 2025B, (AMT), (Mandatory Put 6/01/32)
4.625
06/01/55
1,791,311
2,800,000
(b),(c)
Baldwin County Industrial Development Authority,
Alabama,Solid Waste Disposal Revenue Bonds, Novelis
Corporation Project, Series 2026A, (AMT), (Mandatory Put
3/01/33)
4.300
03/01/56
2,716,721
3,500,000
Birmingham-Jefferson Civic Center Authority, Alabama, Special
Tax Bonds, Series 2018A
4.000
07/01/38
3,478,780
3,500,000
Birmingham-Jefferson Civic Center Authority, Alabama, Special
Tax Bonds, Series 2018A
4.000
07/01/43
3,318,994
10,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023A, (Mandatory Put 10/01/30)
5.250
01/01/54
10,610,253
24,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5.250
05/01/56
24,446,902
2,000,000
Hoover Industrial Development Board, Alabama,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Proejcet, Series 2019, (AMT)
5.750
10/01/49
2,042,808
4,220,000
Infirmary Health System Special Care Facilities Financing
Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health
System, Inc., Series 2016A
5.000
02/01/41
4,219,748
440,000
Mobile Spring Hill College Educational Building Authority,
Alabama, Revenue Bonds, Spring Hill College Project, Series
2015
5.875
04/15/45
308,742
11,250,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5.000
11/01/35
11,499,877
5,810,000
UAB Medicine Finance Authority, Alabama, Revenue Bonds,
Series 2019B
4.000
09/01/48
5,310,703
TOTAL ALABAMA
72,907,974
ARIZONA - 2.5%
2,890,000
(d)
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5.000
07/01/43
3,137,716
2,250,000
(d)
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5.000
07/01/44
2,421,675
330,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Refunding Series 2026A
5.000
06/01/41
365,104
450,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Refunding Series 2026A
5.000
06/01/42
494,536
545,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Refunding Series 2026A
5.000
06/01/44
589,206
700,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Refunding Series 2026A
5.000
06/01/45
749,753
700,000
Arizona Board of Regents, University of Arizona, System
Revenue Bonds, Refunding Series 2026A
5.000
06/01/46
743,767
1,220,000
(c)
Arizona Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Linder Village Project in
Meridian, Ada County, Idaho, Series 2020
5.000
06/01/31
1,231,757
2,000,000
(c)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Series 2021B
5.000
07/01/51
1,713,597
3
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
19,560,000
(c)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4.000
%
12/01/51
$
11,526,583
940,000
Arizona Industrial Development Authority, Senior National
Charter School Revolving Loan Fund Revenue Bonds, Social
Series 2026A
5.000
11/01/42
993,534
755,000
Arizona Industrial Development Authority, Senior National
Charter School Revolving Loan Fund Revenue Bonds, Social
Series 2026A
5.000
11/01/43
795,206
875,000
Arizona Industrial Development Authority, Senior National
Charter School Revolving Loan Fund Revenue Bonds, Social
Series 2026A
5.000
11/01/44
912,618
7,685,000
Chandler, Arizona, Excise Tax Revenue Bonds, Series 2026
5.000
07/01/40
8,600,438
7,740,000
Chandler, Arizona, General Obligation Bonds, Series 2026
5.000
07/01/39
8,719,074
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
5.000
09/01/35
1,035,898
2,235,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2023A-2, (Mandatory
Put 5/15/28)
5.000
01/01/53
2,323,315
6,380,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5.000
07/01/35
6,692,295
6,000,000
Phoenix Civic Improvement Corporation, Arizona, Revenue
Bonds, Civic Plaza Expansion Project, Series 2005B - FGIC
Insured
5.500
07/01/39
7,144,548
3,500,000
(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, American Leadership
Academy Project, Refunding Series 2022. Forward Delivery
4.000
06/15/41
2,994,567
1,000,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.250
12/01/28
1,042,067
13,155,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/32
14,004,190
7,000,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5.000
12/01/37
7,393,002
TOTAL ARIZONA
85,624,446
ARKANSAS - 0.7%
19,400,000
(b),(c)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Project, Series 2026B, (AMT), (Mandatory Put
3/03/36)
4.250
09/01/46
19,286,535
5,545,000
Arkansas Development Finance Authority, Revenue Bonds,
Baptist Memorial Health Care, Refunding Series 2020B-1
5.000
09/01/40
5,596,473
TOTAL ARKANSAS
24,883,008
CALIFORNIA - 16.0%
345,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5.000
06/01/43
384,362
410,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5.000
06/01/44
452,453
950,000
Anaheim Housing and Public Improvements Authority,
California, Revenue Bonds, Electric Utility Distribution System
Refunding Series 2025B
5.000
10/01/40
1,012,096
21,445,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023E,
(Mandatory Put 9/01/32)
5.000
02/01/55
22,711,289
2,000,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B,
(Mandatory Put 12/01/32)
5.000
01/01/55
2,043,210
9,275,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024G,
(Mandatory Put 8/01/32)
5.000
11/01/55
9,466,725
Portfolio of Investments March 31, 2026
(continued)
All-American
4
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
9,500,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5.000
%
10/01/55
$
9,596,098
2,630,000
(c)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4.000
02/01/56
1,673,052
25,260,000
(c)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments,
Series 2020A
5.000
02/01/50
19,980,660
5,000,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5.000
11/15/46
5,015,456
9,810,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2025A
5.000
12/01/32
10,719,320
1,335,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2025A
5.000
12/01/35
1,475,767
1,670,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5.000
08/15/42
1,607,417
485,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5.000
10/01/44
485,288
2,120,000
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
2,204,768
2,200,000
(c)
California Municipal Finance Authority, Charter School Lease
Revenue Bonds, Nova Academy Project, Series 2016A
5.000
06/15/36
2,172,870
1,000,000
California Municipal Finance Authority, Revenue Bonds, Biola
University, Refunding Series 2017
5.000
10/01/31
1,021,823
14,185,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/42
14,252,883
1,000,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/47
991,209
14,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/37
14,279,845
27,110,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/38
27,599,715
1,000,000
California Municipal Finance Authority, Revenue Bonds,
NorthBay Healthcare Group, Series 2017A
5.000
11/01/30
1,005,809
1,040,000
California Municipal Finance Authority, Revenue Bonds,
NorthBay Healthcare Group, Series 2017A
5.250
11/01/31
1,047,089
10,625,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5.000
02/01/42
10,672,608
8,835,000
(c)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside
LP Desalination Project, Series 2012, (AMT)
5.000
07/01/30
8,862,521
14,225,000
(c)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside
LP Desalination Project, Series 2012, (AMT)
5.000
07/01/37
14,245,842
1,450,000
California Public Finance Authority, Revenue Bonds, Henry
Mayo Newhall Hospital, Series 2017
5.000
10/15/37
1,453,576
415,000
(c)
California Public Finance Authority, Senior Living Revenue
Bonds, Enso Village, Refunding Green Series 2021A
5.000
11/15/46
383,982
810,000
(c)
California Public Finance Authority, Senior Living Revenue
Bonds, Enso Village, Refunding Green Series 2021A
5.000
11/15/51
716,689
1,805,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6.375
06/01/59
1,642,662
1,000,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Alliance for College-Ready Public Schools Projects
Series 2024
5.000
07/01/49
1,001,785
2,000,000
(c)
California School Finance Authority, Charter School Revenue
Bonds, Alliance for College-Ready Public Schools Projects
Series 2024
5.000
07/01/59
1,945,741
525,000
(c)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2024A
5.000
07/01/54
482,835
5
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,000,000
(c)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2024A
5.000
%
07/01/64
$
906,999
1,515,000
California State Public Works Board, Lease Revenue Bonds,
Various Capital Projects, Series 2025C
5.000
11/01/46
1,617,648
11,230,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2026
5.000
10/01/39
12,137,011
3,195,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5.000
08/01/45
3,450,486
1,425,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.000
08/01/39
1,595,650
4,490,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.000
08/01/42
4,970,917
4,105,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.000
08/01/43
4,515,404
1,000,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.000
08/01/44
1,091,076
2,245,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.000
08/01/45
2,424,520
10,885,000
California State, General Obligation Bonds, Various Purpose
Series 2026
5.000
10/01/43
12,038,161
11,210,000
California State, General Obligation Bonds, Various Purpose
Series 2026
5.000
10/01/44
12,291,603
7,685,000
California State, General Obligation Bonds, Various Purpose
Series 2026
5.000
10/01/45
8,335,837
3,200,000
California State, General Obligation Bonds, Various Purpose
Series 2026
5.000
10/01/46
3,443,579
5,000,000
California Statewide Communities Development Authority,
Student Housing Revenue Bonds, University of California, Irvine
East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series
2017
5.000
05/15/47
5,005,795
1,750,000
California Statewide Communities Development Authority,
Student Housing Revenue Bonds, University of California, Irvine
East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series
2017
5.000
05/15/50
1,740,867
3,800,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Center City Anaheim, Series
2020A
5.000
01/01/54
3,283,076
23,265,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Subordinate Lien
Series 2018C, (AMT)
5.000
05/15/44
23,400,598
3,125,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/40
3,394,828
7,190,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/41
7,756,835
6,250,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/42
6,701,024
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/43
5,326,741
5,625,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/44
5,953,562
6,230,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/45
6,546,982
6,500,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5.000
07/01/46
6,790,292
2,610,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5.000
07/01/43
2,780,559
2,450,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5.000
07/01/45
2,574,656
24,715,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5.000
05/01/47
25,845,338
6,640,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5.250
05/01/50
7,002,591
Portfolio of Investments March 31, 2026
(continued)
All-American
6
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,800,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
7.000
%
11/01/34
$
3,314,522
2,500,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
6.500
11/01/39
2,965,966
4,460,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009B
7.000
11/01/34
5,279,559
1,500,000
Newman-Crows Landing Unified School District, Stanislaus
County, California, General Obligation Bonds, 2024 Election
Measure S, Series 2025A
5.000
08/01/50
1,563,707
2,250,000
Newman-Crows Landing Unified School District, Stanislaus
County, California, General Obligation Bonds, 2024 Election
Measure T, Series 2025A
5.000
08/01/50
2,345,561
1,950,000
Oakland, California, General Obligation Bonds, Refunding
Series 2025
5.000
07/15/38
2,205,534
400,000
Oakland, California, General Obligation Bonds, Refunding
Series 2025
5.000
07/15/39
449,510
5,000,000
Peralta Community College District, Alameda County,
California, General Obligation, Election of 2018 , Series
2025C-1
5.000
08/01/50
5,220,612
13,685,000
Peralta Community College District, Alameda County,
California, General Obligation, Election of 2018 , Series
2025C-1
5.000
08/01/54
14,172,705
5,500,000
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Series 2011A
0.000
08/01/41
2,950,798
400,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/39
229,554
750,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/40
406,664
1,000,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/43
454,794
1,000,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/44
427,465
1,250,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/45
501,955
3,400,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/48
1,140,297
3,275,000
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0.000
08/01/50
981,510
15,000,000
(e)
Rialto Unified School District, San Bernardino County,
California, General Obligation Bonds, 2010 Election Series
2011A - AGM Insured
0.000
08/01/41
18,882,706
21,750,000
Sacramento City Unified School District, Sacramento County,
California, General Obligation Bonds, Election of 2024
Measure D Series 2025A
5.000
08/01/50
22,656,873
635,000
Sacramento, California, Special Tax Bonds, Community
Facilities District 05-1 College Square, Series 2007
5.900
09/01/37
640,273
6,500,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2017A, (AMT)
5.000
07/01/42
6,550,762
3,020,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Subordinate Series 2017A, (AMT)
5.000
07/01/47
3,020,222
11,715,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2016B,
(AMT)
5.000
05/01/46
11,715,416
5,000,000
San Francisco City and County Public Utilities Commission,
California, Wastewater Revenue Bonds, Series 2013B
4.000
10/01/42
4,843,729
4,500,000
San Francisco City and County, California, Multifamily Housing
Revenue Bonds, Sunnydale Hope SF Block 9, Series 2025B-1
5.000
02/01/46
4,609,919
4,735,000
(b)
San Francisco City and County, California, Multifamily Housing
Revenue Bonds, Sunnydale Hope SF Block 9, Series 2025B-2,
(Mandatory Put 8/01/28)
3.350
08/01/29
4,786,890
2,100,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5.250
01/15/44
2,101,030
7
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,000,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure T, Series
2025C - BAM Insured
5.000
%
08/01/47
$
1,061,838
985,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5.000
08/01/47
1,045,910
3,395,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5.000
08/01/48
3,585,496
3,300,000
Stockton Unified School District, San Joaquin County,
California, General Obligation Bonds, 2022 Election, Series
2025A - BAM Insured
5.000
08/01/49
3,470,103
275,000
(c)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6.250
09/01/47
280,281
12,860,000
University of California, General Revenue Bonds, Series
2025CD
5.000
05/15/36
14,829,651
3,945,000
University of California, General Revenue Bonds, Series
2025CD
5.000
05/15/40
4,401,290
2,480,000
University of California, General Revenue Bonds, Series
2025CD
5.250
05/15/40
2,933,226
7,810,000
University of California, General Revenue Bonds, Series
2025CD
5.500
05/15/40
9,098,166
4,895,000
University of California, General Revenue Bonds, Series
2025CE
5.000
11/15/41
5,461,978
5,000,000
Victor Valley Union High School District, San Bernardino
County, California, General Obligation Bonds, 20008 Election
Series 2009A - AGC Insured
5.750
08/01/31
5,048,061
2,485,000
Westminster School District, Orange County, California,
General Obligation Bonds, Series 2009-A1 - AGC Insured
0.000
08/01/26
2,462,350
1,405,000
Westminster School District, Orange County, California,
General Obligation Bonds, Series 2009-A1 - AGC Insured
0.000
08/01/28
1,314,049
2,920,000
Westminster School District, Orange County, California,
General Obligation Bonds, Series 2009-A1 - AGC Insured
0.000
08/01/29
2,646,841
TOTAL CALIFORNIA
557,587,853
COLORADO - 3.9%
1,000,000
(c)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5.500
12/01/44
1,018,480
2,000,000
(c)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5.750
12/01/54
1,973,616
499,000
Aviation Station North Metropolitan District 2, Denver County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2019A
4.000
12/01/29
498,911
2,060,000
Aviation Station North Metropolitan District 2, Denver County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2019A
5.000
12/01/39
2,066,096
1,350,000
Aviation Station North Metropolitan District 2, Denver County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2019A
5.000
12/01/48
1,319,778
575,000
(c)
Bella Mesa Metropolitan District, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Convertible Capital
Appreciation Series 2020A-3
6.750
12/01/49
589,644
500,000
(f)
Broadway Station Metropolitan District 2, Denver City and
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Series 2019A
5.125
12/01/48
350,859
1,000,000
Canyons Metropolitan District 5, Douglas County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Subordinate Refunding Series 2024B - BAM Insured
6.500
12/15/54
984,923
9,000,000
(c)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5.000
12/01/47
8,852,004
1,780,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5.250
12/01/50
1,867,058
Portfolio of Investments March 31, 2026
(continued)
All-American
8
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,065,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Community Leadership Academy
Project, Series 2008
6.500
%
07/01/38
$
2,067,505
3,040,000
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Community Leadership Academy, Inc.
Second Campus Project, Series 2013
7.350
08/01/43
3,045,227
6,680,000
(c)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6.875
02/01/59
6,981,824
1,400,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Christian Living Neighborhoods Project, Refunding Series 2016
5.000
01/01/37
1,400,771
2,550,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019B-1
4.000
08/01/39
2,473,224
1,315,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2025A
5.125
12/01/45
1,341,572
1,750,000
Colorado International Center Metropolitan District 14, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2018
5.875
12/01/46
1,750,337
1,000,000
Copper Ridge Metropolitan District, Colorado Springs,
Colorado, Tax Increment and Sales Tax Supported Revenue
Bonds, Series 2019
5.000
12/01/39
1,001,064
1,000,000
Crowfoot Valley Ranch Metropolitan District No. 2,  Douglas
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Subordinate Series 2024B
6.125
12/15/54
959,446
8,117,270
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0.000
12/01/31
5,298,451
2,955,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/28
2,982,385
5,005,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5.000
12/01/33
5,037,020
20,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/29
18,196
395,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/30
347,641
20,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/32
16,390
25,000
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000B - NPFG Insured
0.000
09/01/33
19,683
9,890,000
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004A - NPFG Insured
0.000
09/01/27
9,528,898
1,365,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
6.000
12/01/38
1,336,914
845,000
Green Valley Ranch East Metropolitan District 6, Adams
County, Colorado, Limited Tax General Obligation Bonds,
Series 2020A-3
5.875
12/01/50
853,752
2,900,000
(c)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5.500
12/01/44
2,937,758
2,000,000
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited
Tax General Obligation Bonds, Series 2020A-1
5.000
12/01/49
1,921,471
1,000,000
Independence Metropolitan District 3, Elbert County,
Colorado, Limited Tax General Obligation Bonds, Special
Revenue Refunding and Improvement Series 2024A
5.375
12/01/54
987,000
1,735,000
Jefferson Center Metropolitan District 1, Arvada, Jefferson
County, Colorado, Special Revenue Bonds, Subordinate Series
2020B
5.750
12/15/50
1,735,238
20,250,000
(f)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5.000
12/01/39
17,626,936
9
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
4,250,000
(c)
Prairie Center Metopolitan District No. 3, In the City of
Brighton, Adams County, Colorado, Limited Property Tax
Supported Primary Improvements Revenue Bonds, Refunding
Series 2017A
5.000
%
12/15/41
$
4,252,140
760,000
Prairie Center Metropolitan District No. 3, Brighton, Colorado,
Special Revenue Bonds, Park and Recreation Improvements
Series 2018
5.125
12/15/42
754,989
500,000
Prairie Center Metropolitan District No. 3, In the City of
Brighton, Adams County, Colorado, Limited Property Tax
Supported District Improvements Revenue Bonds, Refunding
Series 2024B
5.875
12/15/46
523,579
2,417,000
Prairie Farm Metropolitan District, In the City of Commerce
City, Adams County, Colorado, Limited Tax Convertible to
Unlimited Tax, General Obligation Bonds, Series 2018A
5.250
12/01/48
2,376,482
1,415,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6.250
11/15/28
1,480,536
3,080,000
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds,  Colorado Springs Utilities, Series 2008
6.500
11/15/38
3,646,552
2,380,000
(c)
Pueblo Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, EVRAZ Project, Series 2021A
4.750
12/01/45
2,270,665
3,555,000
(c)
Reagan Ranch Metropolitan District 1, Colorado Springs,
Colorado, General Obligation Bonds, Limited Tax & Special
Revenue, Series 2025
6.125
12/01/54
3,484,228
2,600,000
Redtail Ridge Metropolitan District, City of Louisville, Boulder
County, Colorado, General Obligation Limited Tax Capital
Appreciation Turbo Bonds, Series 2025
0.000
12/01/32
1,654,690
3,157,711
(c)
Ridge at Johnstown Metropolitan District 8, Larimer County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2024
5.875
12/01/44
3,086,636
500,000
(c)
Settler's Crossing Metropolitan District 1, Lakewood, Colorado,
Limited Tax General Obligation Bonds, Series 2020A
5.000
12/01/40
500,754
1,000,000
(c),(e)
St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,
General Obligation Bonds, Firestone Convertible Capital
Appreciation Limited Tax Series 2024A
0.000
09/20/54
733,178
1,500,000
(c)
STC Metropolitan District 2, Superior, Boulder County,
Colorado, Limited Tax General Obligation and Special Revenue
Bonds, Refunding Second Lien Series 2025A-2
6.250
12/01/55
1,500,089
2,621,000
Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax
General Obligation and Special Revenue Bonds, Convertible
to Unlimited Tax Refunding Subordinate Series 2019 - AGM
Insured
3.250
12/15/50
2,263,522
500,000
Velocity Metropolitan District 3, In the City of Aurora, Colorado,
Limited Tax General Obligation Bonds, Series 2019
5.125
12/01/34
501,446
2,000,000
Velocity Metropolitan District 3, In the City of Aurora, Colorado,
Limited Tax General Obligation Bonds, Series 2019
5.375
12/01/39
2,002,780
5,000,000
Velocity Metropolitan District 3, In the City of Aurora, Colorado,
Limited Tax General Obligation Bonds, Series 2019
5.500
12/01/48
4,924,307
7,740,000
(c)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8.000
12/01/54
5,086,272
2,200,000
(c)
West Globeville Metropolitan District 1, Denver, Colorado,
Special Assessment Revenue Bonds, Special Improvement
District 1, Series 2024
5.750
12/01/44
2,200,114
3,000,000
(c)
Windler Public Improvement Authority, Aurora, Colorado,
Limited Tax Supported Revenue Bonds, Series 2021A-1
4.125
12/01/51
2,253,122
TOTAL COLORADO
136,686,153
CONNECTICUT - 0.5%
2,500,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4.000
07/01/36
2,471,244
5,630,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4.000
07/01/38
5,421,913
5,000,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Trinity Health Credit Group, Series 2016CT
5.000
12/01/41
5,003,811
Portfolio of Investments March 31, 2026
(continued)
All-American
10
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT
(continued)
$
2,500,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2020A - BAM
Insured
4.000
%
05/01/36
$
2,559,165
2,550,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2020A - BAM
Insured
4.000
05/01/39
2,572,297
TOTAL CONNECTICUT
18,028,430
DELAWARE - 0.6%
12,395,000
(b)
Delaware Economic Development Authority, Exempt Facility
Revenue Bonds, NRG Energy Project, Refunding Series 2020A,
(Mandatory Put 10/01/35)
4.000
10/01/45
12,205,189
8,500,000
Delaware Health Facilities Authroity, Revenue Bonds, Beebe
Medical Center Project, Series 2018
5.000
06/01/43
8,549,643
970,000
(g)
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B, (UB)
4.600
07/01/44
967,688
TOTAL DELAWARE
21,722,520
DISTRICT OF COLUMBIA - 1.0%
11,935,000
Delaware State Housing Authority, District Of Columbia,Senior
Single Family Mortgage Revenue Bonds, Series 2024C.
5.000
10/01/37
13,340,030
1,320,000
District of Columbia, General Obligation Bonds, Series 2026A
5.000
06/01/42
1,450,638
5,170,000
District of Columbia, Income Tax Secured Revenue Bonds,
Series 2019A
4.000
03/01/37
5,216,300
7,180,000
District of Columbia, Washington, D.C., Revenue Bonds, Latin
American Montessori Bilingual Public Charter School, Series
2020
5.000
06/01/50
6,469,763
1,500,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Refunding & Subordinate Lien Series
2019B
4.000
10/01/37
1,480,398
2,890,000
(g)
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Refunding & Subordinate Lien Series
2019B, (UB)
4.000
10/01/53
2,388,489
3,745,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
improvement Projects, Second Senior Lien Series 2009B - AGC
Insured
0.000
10/01/31
3,105,440
TOTAL DISTRICT OF COLUMBIA
33,451,058
FLORIDA - 6.6%
1,450,000
Atlantic Beach, Florida, Healthcare Facilities Revenue
Refunding Bonds, Fleet Landing Project, Series 2013A
5.000
11/15/28
1,451,560
610,000
Ave Maria Stewardship Community District, Florida, Capital
Improvement Revenue Bonds, Phase 5 Master Improvement
Project, Series 2025
5.300
05/01/45
606,750
325,000
Boynton Village Community Development District, Florida,
Special Assessment Bonds, Series 2007-A1
5.750
05/01/37
325,276
8,605,000
Broward County, Florida, Port Facilities Revenue Bonds, Series
2019A
5.000
09/01/44
8,812,736
3,520,000
Broward County, Florida, Port Facilities Revenue Bonds, Series
2019B, (AMT)
4.000
09/01/38
3,496,384
245,000
(c)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5.000
12/15/40
239,617
7,910,000
(c)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5.000
12/15/50
7,045,110
3,470,000
(c)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5.000
12/15/55
3,009,460
1,500,000
Capital Trust Agency, Florida, Multifamily Housing Revenue
Bonds, The Gardens Apartments Project, Series 2015A
4.750
07/01/40
1,149,008
1,380,000
Capital Trust Agency, Florida, Multifamily Housing Revenue
Bonds, The Gardens Apartments Project, Series 2015A
5.000
07/01/50
1,034,296
565,000
(c)
Capital Trust Agency, Florida, Revenue Bonds, Renaissance
Charter School Project, Series 2019A
5.000
06/15/39
548,613
11
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
610,000
(c)
Capital Trust Agency, Florida, Revenue Bonds, Renaissance
Charter School Project, Series 2019A
5.000
%
06/15/49
$
546,582
2,290,000
(c)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
5.125
08/15/39
2,272,964
300,000
Cityplace Community Development District, Florida, Special
Assessement and  Revenue Bonds, Refunding Series 2012
5.000
05/01/26
300,401
1,255,000
Edgewater West Community Development District, Osceola
County, Florida, Special Assessment Revenue Bonds,
Assessment Area One Series 2024
5.250
05/01/44
1,237,715
1,500,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School, Inc.
Projects, Series 2014A
6.125
06/15/44
1,500,496
5,820,000
(c),(d)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project,
Series 2023, (AMT)
4.500
07/01/32
5,796,777
20,050,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12.000
07/15/32
4,157,765
6,100,000
(g)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT),
(UB)
5.000
07/01/44
5,936,130
8,230,000
(g)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (UB)
5.250
07/01/53
7,994,539
25,125,000
(b),(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
1.000
07/01/57
17,336,250
1,270,000
(c)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024A-1
5.000
06/01/44
1,258,064
6,500,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5.000
07/01/43
7,086,472
7,095,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5.000
07/01/45
7,606,961
1,650,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5.250
11/01/34
1,722,768
3,750,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5.250
11/01/35
3,886,725
1,330,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5.500
11/01/37
1,386,623
1,040,000
Jacksonville, Florida, Health Care Facilities Revenue Bonds,
Brooks Rehabilitation, Series 2020
4.000
11/01/37
1,006,956
1,085,000
Jacksonville, Florida, Health Care Facilities Revenue Bonds,
Brooks Rehabilitation, Series 2020
4.000
11/01/38
1,037,258
1,650,000
Jacksonville, Florida, Health Care Facilities Revenue Bonds,
Brooks Rehabilitation, Series 2020
4.000
11/01/39
1,559,803
2,170,000
Jacksonville, Florida, Health Care Facilities Revenue Bonds,
Brooks Rehabilitation, Series 2020
4.000
11/01/40
2,026,150
250,000
Lee County Industrial Development Authority, Florida, Charter
School Revenue Bonds, Lee County Community Charter
Schools, Series 2007A
5.250
06/15/27
250,140
740,000
(c)
Lee County Industrial Development Authority, Florida, Charter
School Revenue Bonds, Lee County Community Charter
Schools, Series 2012A
5.500
06/15/32
740,514
1,375,000
(c)
Lee County Industrial Development Authority, Florida, Charter
School Revenue Bonds, Lee County Community Charter
Schools, Series 2012A
5.750
06/15/42
1,375,093
Portfolio of Investments March 31, 2026
(continued)
All-American
12
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,375,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5.000
%
02/01/42
$
2,507,458
5,025,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5.000
02/01/43
5,272,841
2,205,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5.000
02/01/44
2,295,997
6,275,000
Miami, Florida, Limited Ad Valorem Tax Bonds, Forever
Infrastructure Programs Series 2024A
5.500
01/01/49
6,667,871
12,195,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2015A - BAM Insured, (AMT)
5.000
10/01/38
12,203,718
2,870,000
Miami-Dade County, Florida, Special Obligation Bonds,
Subordinate Series 2009 - BAM Insured
0.000
10/01/37
1,854,424
10,000,000
Miami-Dade County, Florida, Transit System Sales Surtax
Revenue Bonds, Series 2022
5.000
07/01/45
10,412,156
295,000
(c)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
4.750
05/01/31
297,391
250,000
(c)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
5.625
05/01/44
252,011
575,000
(c)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
6.000
05/01/55
571,851
1,950,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5.250
11/01/41
2,171,559
2,400,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5.250
11/01/42
2,655,764
2,460,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5.250
11/01/43
2,704,443
1,935,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5.250
11/01/44
2,109,890
3,000,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5.250
11/01/45
3,239,954
5,095,000
Putnam County Development Authority, Florida, Pollution
Control Revenue Bonds, Seminole Electric Cooperatice, Inc.
Project, Refunding Series 2018B
5.000
03/15/42
5,173,078
5,000,000
Sarasota County Public Hospital District, Florida, Hospital
Revenue Bonds, Sarasota Memorial Hospital Project, Series
2018
5.000
07/01/41
5,092,667
1,685,000
School Board of Lee County, Florida, Certificates of
Participation, Series 2023A
5.000
08/01/38
1,828,226
4,500,000
Seminole County Industrial Development Authority, Florida,
Retirement Facility Revenue Bonds, Legacy Pointe At UCF
Project, Series 2019A
5.250
11/15/39
4,428,926
1,015,000
Seminole County Industrial Development Authority, Florida,
Retirement Facility Revenue Bonds, Legacy Pointe At UCF
Project, Series 2019A
5.500
11/15/49
937,987
2,610,000
South Broward Hospital District, Florida, Hospital Revenue
Bonds, South Broward Hospital District Obligated Group,
Refunding Series 2016A
4.000
05/01/44
2,383,428
4,525,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
4.000
08/15/42
4,289,560
18,525,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
5.000
08/15/42
18,790,941
2,965,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017 - BAM Insured
5.000
08/15/42
3,018,798
2,030,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5.000
03/01/37
2,192,233
1,200,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5.000
03/01/39
1,284,431
13
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,215,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5.000
%
03/01/40
$
2,350,384
1,000,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5.250
03/01/41
1,074,121
2,250,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5.250
03/01/42
2,404,133
2,635,000
(c)
Tolomato Community Development District, Florida, Special
Assessment Bonds, Refunding Series 2022A - AGM Insured
4.000
05/01/40
2,556,282
13,000,000
Volusia County Educational Facilities Authority, Florida,
Revenue Bonds, Stetson University Inc. Project, Series 2015
5.000
06/01/40
12,999,845
TOTAL FLORIDA
231,764,324
GEORGIA - 1.5%
3,785,000
Atlanta Development Authority, Georgia, Economic
Development Certificates, Gulch Enterprise Zone Project,
Convertible Capital Appreciation Series 2024A-1 Class A
6.500
12/15/48
3,418,901
1,650,000
(c)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5.500
04/01/39
1,685,184
2,500,000
(f)
Atlanta Development Authority, Georgia, Senior Health Care
Facilities Revenue Bonds, Georgia Proton Treatment Center
Project, Current Interest Series 2017A-1
6.750
01/01/35
1,125,000
1,000,000
(f)
Atlanta Development Authority, Georgia, Senior Health Care
Facilities Revenue Bonds, Georgia Proton Treatment Center
Project, Current Interest Series 2017A-1
7.000
01/01/40
450,000
7,300,000
Columbia County School District, Georgia, General Obligation
Bonds, Series 2026
5.000
10/01/38
8,219,499
4,835,000
Fayette County Development Authority, Georgia, Revenue
Bonds, United States Soccer Federation, Inc. Project Series
2024
5.250
10/01/49
4,907,102
5,500,000
Griffin-Spalding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System Inc., Series
2017A
4.000
04/01/42
5,155,297
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Project Revenue
Bonds, Series 2007A
5.500
09/15/28
1,049,543
17,600,000
(b),(c)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4.000
08/01/52
17,565,011
4,500,000
Savannah Hospital Authority, Georgia, Revenue Bonds, Saint
Joseph's/Candler Health System, Inc., Anticipation Certificate
Series 2019A
4.000
07/01/39
4,305,812
615,000
Savannah-Georgia Convention Center Authority, Convention
Center Hotel First Tier Revenue Bonds, Series 2025A
5.250
06/01/40
649,578
2,735,000
(c)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6.000
06/01/50
2,665,710
1,000,000
(c)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6.250
06/01/61
989,885
TOTAL GEORGIA
52,186,522
GUAM - 0.2%
1,250,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.250
01/01/37
1,365,200
1,000,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.250
01/01/39
1,077,917
750,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.250
01/01/40
803,803
1,055,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2025A
5.250
07/01/41
1,126,724
1,000,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2025A
5.500
07/01/45
1,063,145
TOTAL GUAM
5,436,789
HAWAII - 0.0%
1,400,000
(c)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific University Project, Refunding
Series 2024
5.000
07/01/34
1,423,028
TOTAL HAWAII
1,423,028
Portfolio of Investments March 31, 2026
(continued)
All-American
14
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO - 0.4%
$
303,000
(c)
Eagle Avimor Community Infrastructure District 1, Ada, Boise,
and Gem Counties, Idaho, Special Assessment Revenue Bonds,
Assessment Area 5 Series 2024
5.875
%
09/01/53
$
306,822
1,000,000
(c)
Eagle Avimor Community Infrastructure District 1, Ada, Boise,
and Gem Counties, Idaho, Special Assessment Revenue Bonds,
Assessment Area 6 Series 2024B
5.500
09/01/53
980,758
1,485,000
(c)
Idaho Falls Auditorium District, Idaho, Certifications of
Participation,  Annual Appropriation Series 2021
5.250
05/15/51
1,427,739
4,200,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2018A
5.000
03/01/36
4,365,148
1,290,000
Idaho Housing and Finance Association, Grant and Revenue
Anticipation Bonds, Federal Highway Trust Funds, Series 2021A
4.000
07/15/38
1,292,423
2,000,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Idaho Arts Charter School, Inc. Project,
Refunding Series 2016A
5.000
12/01/38
1,992,536
2,500,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5.625
11/01/43
2,520,335
TOTAL IDAHO
12,885,761
ILLINOIS - 9.0%
6,350,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5.000
12/01/41
6,899,774
2,750,000
(g)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5.000
12/01/41
2,988,091
4,950,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5.000
12/01/42
5,366,831
2,410,000
(g)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5.000
12/01/42
2,612,942
1,375,000
(g)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5.000
12/01/44
1,468,636
1,550,000
(g)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5.000
12/01/45
1,643,439
325,000
(g)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5.000
12/01/46
339,924
1,250,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
5.000
12/01/45
1,275,085
2,220,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
4.000
12/01/50
1,900,766
7,215,000
(g)
Chicago, Illinois, General Obligation Bonds, Project &
Refunding Series 2017A, (UB)
6.000
01/01/38
7,281,913
1,190,000
(g)
Chicago, Illinois, General Obligation Bonds, Refunding Series
2016C, (UB)
5.000
01/01/38
1,190,134
6,000,000
(g)
Chicago, Illinois, General Obligation Bonds, Refunding Series
2020A, (UB)
5.000
01/01/30
6,220,418
3,210,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured, (AMT)
5.000
01/01/31
3,463,954
1,310,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5.000
01/01/33
1,431,400
450,000
Chicago, Illinois, Water Revenue Bonds, Refunding Second
Lien Series 2023B - AGM Insured
5.000
11/01/37
482,307
5,000,000
Illinois Finance Authority Revenue Bonds, OSF Healthcare
System, Series 2018A - BAM Insured
4.125
05/15/47
4,722,836
5,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
4.000
02/15/41
4,802
700,000
Illinois Finance Authority, Revenue Bonds, Dominican
University, Refunding Series 2022
5.000
03/01/42
658,509
220,000
(c)
Illinois Finance Authority, Revenue Bonds, Goodman Theatre
Project, Refunding Series 2025A
5.125
10/01/35
223,146
855,000
(c)
Illinois Finance Authority, Revenue Bonds, Goodman Theatre
Project, Refunding Series 2025A
6.000
10/01/45
865,443
760,000
(c)
Illinois Finance Authority, Revenue Bonds, Goodman Theatre
Project, Refunding Series 2025A
6.125
10/01/50
761,385
10,810,000
Illinois Finance Authority, Revenue Bonds, Mercy Health
Corporation, Series 2016
5.000
12/01/40
10,853,293
15
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
12,295,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
5.000
%
08/15/47
$
12,431,467
10,715,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5.000
11/15/45
10,714,879
1,965,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5.000
08/15/40
2,086,672
1,720,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5.000
08/15/41
1,827,324
14,715,000
Illinois Finance Authority, Revenue Bonds, The University of
Chicago Medical Center, Series 2016B
4.000
08/15/41
13,878,910
8,725,000
Illinois Finance Authority, Revenue Bonds, The University of
Chicago, Series 2018A
5.000
10/01/48
8,752,945
450,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2024A
5.250
04/01/49
469,322
7,335,000
Illinois Sports Facility Authority, State Tax Supported Bonds,
Refunding Series 2014 - AGM Insured
5.250
06/15/31
7,457,390
10,105,000
Illinois State, General Obligation Bonds, December Series
2023C
5.000
12/01/47
10,139,757
4,725,000
Illinois State, General Obligation Bonds, December Series
2023C
5.000
12/01/48
4,719,686
3,725,000
Illinois State, General Obligation Bonds, June Series 2016
4.000
06/01/36
3,663,129
10,000,000
Illinois State, General Obligation Bonds, May Series 2020
5.750
05/01/45
10,472,171
4,000,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/43
4,215,111
2,000,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/44
2,093,109
1,575,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/45
1,635,399
1,600,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/47
1,638,547
2,760,000
Illinois State, General Obligation Bonds, May Series 2024B
5.250
05/01/49
2,809,237
11,625,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/27
12,012,154
3,000,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/28
3,089,292
2,000,000
Illinois State, General Obligation Bonds, Refunding September
Series 2018A
5.000
10/01/28
2,100,032
27,690,000
Illinois State, General Obligation Bonds, September Series
2025D
5.000
09/01/37
29,761,600
6,570,000
Illinois State, General Obligation Bonds, September Series
2025D
5.000
09/01/39
6,976,563
10,000,000
Illinois State, General Obligation Bonds, September Series
2025E
5.000
09/01/44
10,279,519
6,010,000
Illinois State, General Obligation Bonds, September Series
2025E
5.000
09/01/45
6,121,754
14,185,000
Illinois State, General Obligation Bonds, September Series
2025F
5.250
09/01/46
14,639,980
13,140,000
Illinois State, General Obligation Bonds, September Series
2025F
5.250
09/01/48
13,403,533
4,000,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior
Obligation December Series 2025C
5.000
06/15/41
4,256,369
20,120,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Series 2025A
5.000
01/01/46
21,221,960
1,500,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2022A
4.000
12/15/42
1,415,239
10,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
AGM Insured
0.000
12/15/35
6,886,999
23,065,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0.000
06/15/37
14,498,062
1,837,000
Plano, Illinois, Special Tax Bonds, Special Service Area 1 &
2 Lakewood Springs Project, Refunding Series 2014 - AGM
Insured
5.000
03/01/34
1,839,065
Portfolio of Investments March 31, 2026
(continued)
All-American
16
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
3,045,000
Regional Transportation Authority, Cook, DuPage, Kane, Lake,
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 2001A - FGIC Insured
6.000
%
07/01/27
$
3,117,076
TOTAL ILLINOIS
313,279,280
INDIANA - 1.8%
2,000,000
(c)
Gary Local Public Improvement Bond Bank, Indiana, Economic
Development Revenue Bonds, Drexel Foundation for
Educational Excellence Project, Refunding Series 2020A
5.875
06/01/55
1,766,235
3,150,000
IIndiana Finance Authority, Hospital Revenue Bonds, Parkview
Health, Series 2018A
5.000
11/01/43
3,208,601
825,000
(c)
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Circle City Preparatory Inc. Project, Series 2021A
5.000
12/01/40
775,769
5,000,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Rose Hulman Institute Of Technology Project, Series
2018
4.000
06/01/44
4,683,358
1,640,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Valparaiso University Project, Series 2014
5.000
10/01/39
1,520,720
2,745,000
(c)
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Victory College Prep Project, Series 2021A
4.500
12/01/55
2,122,123
800,000
Indiana Finance Authority, Revenue Bonds, First Lien Thermal
Energy System Utility, Citizens Energy Group Project, Series
2025A
5.000
10/01/32
884,673
780,000
Indiana Finance Authority, Revenue Bonds, First Lien Thermal
Energy System Utility, Citizens Energy Group Project, Series
2025A
5.000
10/01/33
866,497
800,000
Indiana Finance Authority, Revenue Bonds, First Lien Thermal
Energy System Utility, Citizens Energy Group Project, Series
2025A
5.000
10/01/34
893,329
10,325,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2016A
5.000
10/01/41
10,379,054
4,880,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, First Lien Green Series 2016A
5.000
10/01/46
4,891,158
3,385,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
5.750
03/01/43
3,567,368
8,495,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6.000
03/01/53
8,745,844
1,815,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6.125
03/01/57
1,878,247
3,080,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1 - BAM Insured
5.000
03/01/53
3,148,100
3,225,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1 - BAM Insured
5.000
03/01/58
3,279,299
3,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1 - BAM Insured
5.250
03/01/67
3,078,315
8,435,000
(b)
Whiting, Indiana, Environmental Facilities Revenue Bonds,
BP Products North America Inc. Project, Series 2015, (AMT),
(Mandatory Put 6/10/31)
4.400
11/01/45
8,782,178
TOTAL INDIANA
64,470,868
IOWA - 1.0%
2,000,000
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Alcoa Inc. Project, Series 2012
4.750
08/01/42
2,000,152
25,575,000
(b),(h)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/42)
5.000
12/01/50
28,824,184
200,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5.000
05/15/39
205,362
245,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5.000
05/15/44
244,285
17
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA
(continued)
$
3,395,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5.000
%
05/15/49
$
3,170,852
TOTAL IOWA
34,444,835
KANSAS - 1.7%
1,500,000
Hutchinson, Kansas, Hospital Facilities Revenue Bonds,
Hutchinson Regional Medical Center, Inc., Series 2016
5.000
12/01/36
1,418,871
1,320,000
Hutchinson, Kansas, Hospital Facilities Revenue Bonds,
Hutchinson Regional Medical Center, Inc., Series 2016
5.000
12/01/41
1,168,322
8,505,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5.000
05/01/39
9,568,945
15,280,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5.000
05/01/42
16,876,647
15,735,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5.000
05/01/43
17,274,097
11,860,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5.000
05/01/45
12,799,175
1,250,000
Wichita, Kansas, Health Care Facilities Revenue Bonds,
Presbyterian Manors, Series 2024VIII
5.750
05/15/45
1,237,260
TOTAL KANSAS
60,343,317
KENTUCKY - 1.6%
6,675,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Refunding Series
2006B, (AMT)
2.125
10/01/34
5,562,431
2,545,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/43
2,575,418
2,600,000
Kentucky Bond Development Corporation, Transient Room Tax
Revenue Bonds, Lexington Center Corporation Project, Series
2018A
5.000
09/01/48
2,583,351
6,565,000
Kentucky Economic Development Finance Authority, Louisville
Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,
Series 2017A - AGM Insured
5.000
12/01/45
6,613,288
8,500,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-2
5.000
08/01/44
8,634,413
640,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5.000
07/01/26
640,940
2,100,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5.000
07/01/33
2,102,307
5,655,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, Next Generation Kentucky Information Highway Project,
Senior Series 2015A
5.000
07/01/37
5,659,478
6,455,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5.000
09/01/44
6,920,719
3,100,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5.000
09/01/45
3,292,170
3,885,000
Louisville/Jefferson County Metro Government, Kentucky,
Health System Revenue Bonds, Norton Healthcare Inc, Series
2016A
5.000
10/01/30
3,919,997
1,850,000
Louisville/Jefferson County Metro Government, Kentucky,
Health System Revenue Bonds, Norton Healthcare Inc, Series
2016A
5.000
10/01/31
1,865,479
5,415,000
Louisville/Jefferson County Metro Government, Kentucky,
Health System Revenue Bonds, Norton Healthcare, Inc., Series
2020A - BAM Insured
3.000
10/01/43
4,440,866
TOTAL KENTUCKY
54,810,857
Portfolio of Investments March 31, 2026
(continued)
All-American
18
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA - 0.1%
$
1,600,000
(c)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lake Charles Charter Academy Foundation Project, Refunding
Series 2024A
5.000
%
12/15/34
$
1,633,613
1,100,000
(c)
Plaquemines Port, Louisiana, Harbor and Terminal District
Facilities Revenue Bonds NOLA Terminal LLC Project Dock and
Wharf Series 2024A
9.000
12/01/44
954,855
500,000
(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010
6.350
07/01/40
541,025
1,650,000
(b)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-3,
(Mandatory Put 7/01/26)
2.200
06/01/37
1,647,461
TOTAL LOUISIANA
4,776,954
MAINE - 0.3%
4,690,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
5.000
07/01/46
4,295,015
4,970,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, MaineHealth Issue, Series 2020A
4.000
07/01/45
4,587,911
1,420,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021C
2.300
11/15/46
993,409
TOTAL MAINE
9,876,335
MARYLAND - 0.6%
10,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/39
10,004,159
665,000
(c)
Frederick County, Maryland, Tax Increment and Special Tax
Limited Obligation Bonds, Jefferson Technology Park Project,
Refunding Series 2020B
4.625
07/01/43
656,678
5,780,000
(b)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026B,
(Mandatory Put 8/15/36)
5.000
08/15/56
6,372,133
1,110,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026C
5.000
08/15/41
1,202,808
1,110,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026C
5.000
08/15/42
1,196,176
TOTAL MARYLAND
19,431,954
MASSACHUSETTS - 1.8%
8,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2024A
5.000
07/01/46
8,467,009
3,613,640
(c),(f)
Massachusetts Development Finance Agency, Health Care
Facility Revenue Bonds, Adventcare Project, Series 2007A
6.750
10/15/37
36
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5.000
07/01/44
1,000,261
1,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5.000
07/01/35
1,201,889
5,590,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5.000
07/01/37
5,595,564
3,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5.250
07/01/48
3,522,764
4,425,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center, Green Series 2017F
4.000
07/01/47
3,773,304
5,285,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/37
5,413,270
5,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/38
5,109,203
5,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/43
5,059,910
1,735,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2025N-2
5.000
07/01/35
1,904,944
16,140,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Issue Series 2025N-1
5.250
07/01/50
16,200,594
4,785,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2019A
5.000
07/01/39
4,804,300
19
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
1,235,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025G
5.000
%
12/01/45
$
1,324,349
TOTAL MASSACHUSETTS
63,377,397
MICHIGAN - 2.1%
1,345,000
Great Lakes Water Authority, Michigan, Sewer Disposal System
Revenue Bonds, Second Lien Series 2025C
5.500
07/01/50
1,430,724
12,240,000
Great Lakes Water Authority, Michigan, Sewer Disposal System
Revenue Bonds, Senior Lien Series 2018A
5.000
07/01/48
12,371,821
2,285,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Second Lien Series 2025D
5.500
07/01/50
2,430,635
3,105,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2023B
5.250
07/01/48
3,251,448
2,890,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2025C
5.250
07/01/50
3,016,305
10,945,000
Huron Valley School District, Oakland and Livingston Counties,
Michigan, General Obligation Bonds, School Building & Site
Series 2026-I
5.000
05/01/44
11,733,231
11,635,000
Huron Valley School District, Oakland and Livingston Counties,
Michigan, General Obligation Bonds, School Building & Site
Series 2026-I
5.000
05/01/45
12,397,437
1,260,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/38
1,383,593
1,000,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/39
1,092,091
1,090,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/40
1,185,660
1,800,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/43
1,920,865
1,400,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/44
1,485,145
2,360,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5.000
08/15/43
2,494,639
2,545,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5.000
08/15/44
2,674,795
1,115,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2024A
4.100
12/01/39
1,099,441
2,725,000
(g)
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2024A, (UB)
4.500
12/01/44
2,712,108
1,250,000
Michigan Public Educational Facilities Authority, Limited
Obligation Revenue Bonds,  Chandler Park Academy Project,
Series 2008
6.500
11/01/35
1,250,673
4,000,000
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
I-75 Improvement Project, Series 2018, (AMT)
5.000
12/31/43
4,018,886
1,550,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023B -
AGM Insured, (AMT)
5.000
12/01/33
1,710,264
1,690,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023B -
AGM Insured, (AMT)
5.500
12/01/41
1,849,740
1,365,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023B -
AGM Insured, (AMT)
5.500
12/01/43
1,478,201
TOTAL MICHIGAN
72,987,702
Portfolio of Investments March 31, 2026
(continued)
All-American
20
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA - 1.9%
$
150,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5.000
%
07/01/36
$
144,617
270,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5.000
07/01/47
229,009
2,805,000
(c)
Dakota County Community Development Agency, Minnesota,
Senior Housing Revenue Bonds, Walker Highview Hills LLC
Project, Refunding Series 2016A
5.000
08/01/46
2,633,271
3,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4.250
02/15/48
2,678,818
3,295,000
Forest Lake, Minnesota Charter School Lease Revenue Bonds,
North Lakes Academy, Refunding Series 2021A
5.000
07/01/41
3,052,751
11,160,000
Forest Lake, Minnesota Charter School Lease Revenue Bonds,
North Lakes Academy, Refunding Series 2021A
5.000
07/01/56
9,130,010
7,860,000
Minneapolis-Saint Paul Metropolitan Council, Minnesota,
General Obligation Wastewater Revenue Bonds, Refunding
Series 2026A
5.000
03/01/41
8,720,516
13,345,000
Minnesota State, General Obligation Bonds, State Trunk
Highway Series 2024B
5.000
08/01/36
15,088,963
4,345,000
Minnesota State, General Obligation Bonds, Various Purpose
Series 2024A
5.000
08/01/44
4,685,686
235,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Series 2016A
4.125
09/01/47
199,408
1,580,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Facility Revenue Bonds, HealthPartners Obligated
Group, Refunding Series 2015A
4.000
07/01/35
1,578,435
16,825,000
(c)
Saint Paul Port Authority, Minnesota, Solid Waste Disposal
Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series
2012-7, (AMT)
4.500
10/01/37
16,197,069
725,000
(c)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy Building Company, Refunding
Series 2025A
5.250
06/01/45
694,298
3,305,000
(c)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy, Refunding Series 2025
5.500
06/01/55
3,069,496
TOTAL MINNESOTA
68,102,347
MISSISSIPPI - 0.3%
4,500,000
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured
6.000
09/01/48
4,845,050
6,200,000
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured
6.000
09/01/53
6,598,854
TOTAL MISSISSIPPI
11,443,904
MISSOURI - 1.4%
3,185,000
Bi-State Development Agency, Missouri, Bi-State MetroLink
District, St Clair County Metrolink Extension Project Bonds,
Refunding Series 2006 - AGM Insured
5.250
07/01/27
3,284,880
2,500,000
(c)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6.750
06/15/55
2,415,917
2,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Children's Mercy Hospital, Series 2016
4.000
05/15/39
1,990,357
15,100,000
Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds, Plum Point Project, Refunding Series
2015A
4.000
01/01/35
15,102,287
5,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
07/15/31
4,163,790
7,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
07/15/32
5,595,008
6,250,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
07/15/33
4,777,980
21
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
7,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
%
07/15/34
$
5,107,594
6,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
07/15/35
4,178,145
2,000,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Series 2010A - AGC
Insured
0.000
07/15/36
1,324,944
1,288,000
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds,
Fashion Square Redevelopment Project, Series 2008A
6.300
08/22/26
270,480
1,259,000
Saint Louis, Missouri, Tax Increment Financing Revenue Notes,
Marquette Building Redevelopment Project, Series 2008-A
6.500
01/23/28
440,650
TOTAL MISSOURI
48,652,032
MONTANA - 0.1%
1,910,000
Montana Facility Finance Authority, Healthcare Facility Revenue
Bonds, Kalispell Regional Medical Center, Series 2018B
5.000
07/01/43
1,942,301
TOTAL MONTANA
1,942,301
NEBRASKA - 1.3%
38,040,000
Boys Town Village, Nebraska, Revenue Bonds, Boys Town
Project Series 2026
5.000
07/01/46
39,184,760
6,500,000
(g)
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2024C, (UB)
4.550
09/01/44
6,488,414
TOTAL NEBRASKA
45,673,174
NEVADA - 1.7%
1,150,000
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe
Regional Healthcare Project, Series 2017A
5.000
09/01/47
1,122,208
1,000,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5.000
06/15/38
1,118,715
1,000,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5.000
06/15/39
1,108,235
9,975,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5.000
06/15/42
10,850,843
6,400,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5.000
06/15/43
6,914,007
4,359,392
(c),(f)
Director of Nevada State Department of Business & Industry,
Environmental Improvement Revenue Bonds, Fulcrum Sierra
Holdings LLC, Green Series 2019, (AMT)
5.750
02/15/38
44
12,040,000
Nevada State, General Obligation Bonds, Limited Tax Capital
Improvement, Historic Preservation & Open Space Series
2026A
5.000
05/01/40
13,379,839
13,585,000
Nevada State, General Obligation Bonds, Limited Tax Capital
Improvement, Historic Preservation & Open Space Series
2026A
5.000
05/01/41
15,007,394
8,000,000
Nevada State, General Obligation Bonds, Limited Tax Capital
Improvement, Historic Preservation & Open Space Series
2026A
5.000
05/01/42
8,781,159
TOTAL NEVADA
58,282,444
NEW HAMPSHIRE - 0.9%
1,550,000
(c)
National Finance Authority Special Revenue Capital
Appreciation Bonds,New Hampshire, The Astro Sunterra
Projects, Waller County, Texas Municipal Utility Districts, Series
2026.
0.000
12/15/34
877,503
4,352,767
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2023-2 Class A
3.875
01/20/38
4,169,871
4,340,000
(c)
National Finance Authority, New Hampshire, Resource
Recovery Revenue Bonds, Covanta Project, Refunding Series
2018B
4.625
11/01/42
3,767,002
10,265,000
(c)
National Finance Authority, New Hampshire, Special
Revenue Bonds, Bridgeland Water & Utility Districts
418,489,492,493,157 & 159, Series 2025
5.875
12/15/33
10,132,709
2,500,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Tamarron Project, Fort Bend County, Texas, Series 2024
5.250
12/01/35
2,485,899
Portfolio of Investments March 31, 2026
(continued)
All-American
22
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE
(continued)
$
12,000,000
(c)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Covenant Health Group Series 2023
4.000
%
07/01/37
$
10,898,393
TOTAL NEW HAMPSHIRE
32,331,377
NEW JERSEY - 1.9%
9,090,000
(h)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2016AAA, (Pre-refunded 12/15/26)
5.500
06/15/29
9,287,168
2,255,000
New Jersey Economic Development Authority, Special
Facilities Revenue Bonds, Continental Airlines Inc., Series
2000A & 2000B, (AMT)
5.625
11/15/30
2,258,162
1,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A
5.000
09/01/37
1,092,940
1,825,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A
5.000
09/01/39
1,974,128
1,250,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
- BAM Insured
3.000
07/01/38
1,155,602
4,110,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
- BAM Insured
3.000
07/01/41
3,644,692
10,500,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0.000
12/15/37
6,602,090
3,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0.000
12/15/38
1,781,751
32,400,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0.000
12/15/39
18,267,697
4,500,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2015AA
5.250
06/15/41
4,503,759
3,955,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019AA
5.250
06/15/43
4,087,049
4,000,000
(h)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB, (Pre-refunded 12/15/28)
5.000
06/15/50
4,264,234
2,890,000
(d)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2027A
5.000
01/01/33
3,151,857
2,890,000
(d)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2027A
5.000
01/01/34
3,175,327
TOTAL NEW JERSEY
65,246,456
NEW YORK - 5.1%
1,835,000
Babylon Local Development Corporation II, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2023A
6.400
02/01/43
1,888,307
2,710,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Catholic Health
System, Inc. Project, Series 2015
5.250
07/01/35
2,707,865
250,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Charter School for
Applied Technologies, Series 2017A
5.000
06/01/35
252,750
1,790,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5.250
06/01/40
1,740,384
4,800,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5.500
06/01/55
4,158,173
1,260,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5.000
06/01/40
1,193,242
3,035,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5.000
06/01/55
2,442,494
8,145,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5.000
07/01/40
8,150,376
100,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5.000
12/01/34
96,099
300,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5.000
12/01/36
281,490
23
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
175,000
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2025A
5.000
%
10/01/38
$
194,567
900,000
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2025A
5.000
10/01/40
980,523
1,520,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.250
10/01/49
1,527,012
8,535,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
4.000
07/01/41
7,931,173
205,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Refunding Series 2020B
4.760
02/01/27
205,269
1,255,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Refunding Series 2020B
5.570
02/01/41
1,229,248
1,365,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2017A
6.240
02/01/47
1,357,119
1,000,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2020A
5.530
02/01/40
982,542
385,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2021A
4.050
02/01/31
373,579
885,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2021A
4.450
02/01/41
769,797
1,560,000
Hempstead Town Local Development Corporation, New York,
Education Revenue Bonds, The Academy Charter School
Project, Series 2021A
4.600
02/01/51
1,202,513
11,000,000
(g)
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1, (UB)
5.250
11/15/55
11,146,135
1,600,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024A-1
4.550
11/01/44
1,603,160
3,040,000
(g)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024B-1-A, (UB)
4.650
11/01/49
2,991,647
750,000
(c)
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
769,898
655,000
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street,
Taxable Class E Series 2024
4.375
12/15/31
666,528
3,000,000
(f)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.750
10/01/37
1,890,000
1,000,000
(f)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.875
10/01/46
630,000
2,000,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2026 Series DD
5.000
06/15/37
2,300,338
4,720,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2026 Series DD
5.000
06/15/38
5,331,170
1,475,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2026 Series DD
5.000
06/15/38
1,696,096
2,290,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2026 Series DD
5.000
06/15/39
2,558,131
Portfolio of Investments March 31, 2026
(continued)
All-American
24
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,040,000
(d)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2026 Series DD
5.000
%
06/15/46
$
2,159,103
4,590,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 258
4.450
10/01/44
4,746,469
415,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5.000
01/01/38
470,154
1,070,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5.000
01/01/43
1,164,608
525,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5.000
01/01/44
565,129
8,120,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A - AGM Insured, (AMT)
4.000
07/01/36
7,946,883
25,925,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/41
25,934,237
3,210,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/46
3,209,864
8,045,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.250
01/01/50
8,045,242
2,520,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5.250
08/01/31
2,621,237
9,275,000
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
9,574,420
1,100,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
4.000
12/01/41
1,037,119
10,000,000
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
01/01/32
10,224,560
4,000,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
5.000
10/01/40
4,058,466
6,200,000
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
6,802,139
10,965,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
5.625
04/01/40
11,528,275
5,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5.000
06/01/45
4,627,624
TOTAL NEW YORK
175,963,154
NORTH CAROLINA - 0.2%
4,035,000
Charlotte, North Carolina, Storm Water Fee Revenue Bonds,
Refunding Series 2024
5.000
12/01/36
4,586,605
1,000,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series
2021
4.000
09/01/46
857,693
TOTAL NORTH CAROLINA
5,444,298
NORTH DAKOTA - 0.5%
10,770,000
(g)
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2024A, (UB)
4.550
07/01/44
10,731,036
4,000,000
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2024D
4.500
07/01/44
3,981,802
2,500,000
North Dakota Public Finance Authority, State Revolving Fund
Program Revenue Bonds, Series 2024A
5.000
10/01/42
2,731,579
TOTAL NORTH DAKOTA
17,444,417
25
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO - 1.1%
$
5,195,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Bon
Secours Mercy Health, Inc., Series 2020A
4.000
%
12/01/40
$
4,964,095
15,000,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Capital Appreciation Series 2020B-3 Class 2
0.000
06/01/57
1,097,076
1,860,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5.000
06/01/55
1,501,950
3,770,000
Butler County, Ohio,  Hospital Facilities Revenue Bonds, UC
Health, Series 2016
5.000
11/15/45
3,648,085
2,625,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5.500
08/01/41
2,771,366
1,500,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5.500
08/01/42
1,572,873
1,475,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5.500
08/01/51
1,487,668
5,000,000
(c)
Ohio Air Quality Development Authority, Ohio, Exempt
Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,
(AMT)
5.000
07/01/49
4,533,835
960,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
4.350
09/01/44
951,616
3,750,000
Ohio State, Private Activity Bonds, Portsmouth Gateway Group,
LLC - Borrower, Portsmouth Bypass Project, Series 2015 - AGM
Insured, (AMT)
5.000
12/31/39
3,750,717
6,710,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Series 2025
5.000
12/01/35
7,699,597
3,080,000
University of Cincinnati, Ohio, General Receipts Bonds, Series
2025A
5.250
06/01/45
3,281,100
TOTAL OHIO
37,259,978
OKLAHOMA - 0.3%
1,470,000
Oklahoma City Airport Trust, Oklahoma, Revenue Bonds,
Junior Lien Thirty-Third Series 2018, (AMT)
5.000
07/01/47
1,476,482
8,550,000
Oklahoma County, Oklahoma, Finance Authority, Educational
Facilities Lease Revenue Bonds, Choctaw-Nicoma Park Public
Schools Project, Series 2023
5.000
09/01/41
9,055,500
TOTAL OKLAHOMA
10,531,982
OREGON - 1.1%
2,910,000
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue
Bonds, Columbia Memorial Hospital Project, Series 2024
5.250
08/01/54
2,819,414
10,000,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Series 2022A
0.000
06/15/48
3,339,950
16,260,000
Multnomah County School District 1J, Portland, Oregon,
General Obligation Bonds, Bidding Group 2 Series 2026
5.000
06/15/40
18,077,601
7,515,000
Multnomah County School District 1J, Portland, Oregon,
General Obligation Bonds, Bidding Group 2 Series 2026
5.000
06/15/42
8,254,377
175,000
Oregon Housing and Community Services Department,
Multifamily Housing Revenue Bonds, Refunding Series 2010A,
(AMT)
5.150
07/01/42
177,050
965,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5.000
11/15/37
1,090,290
1,030,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5.000
11/15/38
1,155,633
395,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5.000
11/15/39
440,355
4,100,000
(c)
Port of Morrow, Morrow County Oregon, Full Faith and Credit
Obligations, Series 2024A
5.150
10/01/26
4,099,851
TOTAL OREGON
39,454,521
Portfolio of Investments March 31, 2026
(continued)
All-American
26
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA - 6.1%
$
315,000
Allegheny Country Industrial Development Authority,
Pennsylvania, Environmental Improvement Revenue Bonds,
United States Steel Corporation Project, Series 2012, (AMT)
5.750
%
08/01/42
$
315,275
2,155,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, University of Pittsburgh Medical
Center, Series 2019A
4.000
07/15/37
2,125,153
8,775,000
Bucks County Industrial Development Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health
Network Project, Series 2021 - AGM Insured
3.000
08/15/53
6,226,854
4,860,000
Central Bradford Progress Authority, Pennsylvania, Revenue
Bonds, Guthrie Health, Series 2021B - BAM Insured
3.000
12/01/44
3,972,225
6,300,000
Central Bradford Progress Authority, Pennsylvania, Revenue
Bonds, Guthrie Health, Series 2021B - BAM Insured
4.000
12/01/51
5,408,207
520,000
Cumberland County Municipal Authority, Pennsylvania,
Revenue Bonds, Diakon Lutheran Social Ministries Project,
Series 2015
5.000
01/01/38
520,217
9,000,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2017A-2
5.000
02/15/39
9,097,728
1,200,000
Lancaster Municipal Authority, Pennsylvania, Healthcare
Facilities Revenue Bonds, Garden Spot Village Project Series
2024A
5.000
05/01/44
1,222,351
4,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
4.000
09/01/36
3,984,450
5,445,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
5.000
09/01/43
5,536,278
2,000,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019
4.000
09/01/37
1,977,146
8,750,000
Northampton County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health
Network Project, Series 2016A
4.000
08/15/34
8,755,999
2,410,000
(c),(f),(i)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless
Hills LLC Project, Series 2020A-1
10.000
12/01/40
241
2,410,000
(c),(f),(i)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless
Hills LLC Project, Series 2020A-2, (AMT)
10.000
12/01/40
241
1,650,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, National Gypsum Company,
Refunding Series 2014, (AMT)
5.500
11/01/44
1,646,544
1,000,000
(b)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC
Project, Refunding Series 2009C, (Mandatory Put 6/01/27)
5.250
12/01/37
1,001,892
5,000,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022, (AMT)
5.500
06/30/40
5,326,916
3,750,000
Pennsylvania Economic Development Financing Authority,
Private Activity Revenue Bonds, Pennsylvania Rapid Bridge
Replacement Project, Series 2015, (AMT)
5.000
12/31/38
3,754,743
4,000,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2017A
4.000
11/15/42
3,803,165
3,865,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
5.000
05/01/37
2,834,789
7,130,000
(b),(g)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2023-143A, (UB)
5.450
04/01/51
7,308,768
6,780,000
(g)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4.450
10/01/44
6,712,929
1,310,000
(g)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-144A, (UB)
4.650
10/01/51
1,273,778
27
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
4,545,000
(g)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A, (UB)
4.750
%
10/01/49
$
4,492,853
4,545,000
(g)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2025-148A, (UB)
4.800
10/01/55
4,436,390
14,880,000
Pennsylvania State, General Obligation Bonds, First Series
2026
5.000
04/01/39
16,657,905
4,345,000
Pennsylvania State, General Obligation Bonds, First Series
2026
5.000
04/01/40
4,841,145
4,900,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5.000
12/01/37
5,542,089
4,325,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5.000
12/01/38
4,856,290
5,770,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5.000
12/01/40
6,393,004
1,685,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5.000
12/01/41
1,862,739
3,685,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/37
4,167,877
4,085,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/38
4,586,808
2,575,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/43
2,808,118
1,930,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/44
2,086,546
2,250,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/45
2,409,923
1,720,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5.000
12/01/46
1,827,542
15,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6.250
06/01/33
15,079,610
25,430,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2017B-1
5.000
06/01/42
25,790,585
1,500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2021A
3.000
12/01/42
1,237,167
2,500,000
Philadelphia Authority for Industrial Development,
Pennsylvania, City Service  Agreement Revenue Bonds, Series
2018
5.000
05/01/36
2,592,968
2,250,000
Philadelphia Authority for Industrial Development,
Pennsylvania, City Service  Agreement Revenue Bonds, Series
2018
5.000
05/01/37
2,329,326
1,000,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
4.000
05/01/42
586,022
2,230,000
(c)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Mariana Bracetti Academy
Project, Series 2020A
5.375
06/15/50
2,052,651
2,000,000
Philadelphia Hospitals and Higher Education Facilities
Authority, Pennsylvania, Hospital Revenue Bonds, Temple
University Health System Obligated Group, Series of 2017
5.000
07/01/29
2,027,836
7,450,000
Philadelphia Hospitals and Higher Education Facilities
Authority, Pennsylvania, Hospital Revenue Bonds, Temple
University Health System Obligated Group, Series of 2017
5.000
07/01/30
7,544,161
1,000,000
Philadelphia Hospitals and Higher Education Facilities
Authority, Pennsylvania, Hospital Revenue Bonds, Temple
University Health System Obligated Group, Series of 2017
5.000
07/01/31
1,011,309
2,595,000
The Hospitals and Higher Education Facilities Authority of
Philadelphia, Pennsylvania, Hospital Revenue Bonds Temple
University Health System Obligated Group Series of 2017
5.000
07/01/33
2,617,176
TOTAL PENNSYLVANIA
212,643,929
Portfolio of Investments March 31, 2026
(continued)
All-American
28
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO - 1.7%
$
2,000,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
4.000
%
07/01/42
$
1,892,129
7,164,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.550
07/01/40
7,144,197
118,500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/51
30,374,311
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2019A-2A
4.550
07/01/40
997,236
14,500,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/37
14,013,884
5,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
4,632,764
TOTAL PUERTO RICO
59,054,521
SOUTH CAROLINA - 0.3%
1,485,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/48
1,571,770
1,660,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/49
1,751,974
3,650,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5.500
11/01/50
3,835,123
2,500,000
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, McLeod Health Projects, Refunding &
Improvement Series 2018
5.000
11/01/43
2,533,397
TOTAL SOUTH CAROLINA
9,692,264
SOUTH DAKOTA - 0.0%
510,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Sanford Health, Series 2015
5.000
11/01/45
511,213
TOTAL SOUTH DAKOTA
511,213
TENNESSEE - 2.4%
2,500,000
Bristol Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Pinnacle Project, Series 2016
5.625
06/01/35
2,197,491
4,000,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5.250
12/01/49
4,119,738
510,000
DeKalb Utility District, DeKalb County, Tennessee, Waterworks
Revenue Bonds, Refunding Series 2017
3.500
04/01/42
432,817
4,200,000
Greeneville Health and Educational Facilities Board, Tennessee,
Hospital Revenue Bonds, Ballad Health, Series 2018A
5.000
07/01/36
4,334,195
145,000
(h)
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-
Madison County General Hospital Project, Series 2018A, (Pre-
refunded 10/01/28)
5.000
04/01/41
153,076
2,740,000
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-
Madison County General Hospital Project, Series 2018A
5.000
04/01/41
2,780,291
9,570,000
(h)
Johnson City Health and Educational Facilities Board,
Tennessee, Hospital Revenue Refunding and Improvement
Bonds, Johnson City Medical Center, Series 1998C - NPFG
Insured, (ETM)
5.250
07/01/28
9,885,848
2,000,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
4.000
04/01/36
1,820,999
310,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5.000
04/01/36
311,614
2,955,000
Knox County Health, Educational and Housing Facility Board,
Tennessee, Hospital Revenue Bonds, Covenant Health,
Refunding Series 2016A
5.000
01/01/36
2,987,053
14,000,000
Knox County Health, Educational and Housing Facility Board,
Tennessee, Hospital Revenue Bonds, Covenant Health,
Refunding Series 2016A
5.000
01/01/42
14,095,096
29
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
100,000
(f)
Memphis/Shelby County Economic Development Growth
Engine Industrial Development Board, Tennessee, Tax
Increment Revenue Bonds, Graceland Project, Senior Series
2017A
4.750
%
07/01/27
$
95,265
2,930,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.000
07/01/38
3,198,314
2,500,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5.000
07/01/39
2,713,834
1,320,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Belmont University, Series 2023
5.000
05/01/42
1,387,944
2,000,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Belmont University, Series 2023
5.000
05/01/43
2,094,482
515,000
(c)
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Rocketship Education Project, Series 2017E
5.375
06/01/52
471,905
3,965,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A
5.000
07/01/40
3,974,305
385,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2017A
5.000
07/01/48
385,290
11,625,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University, Series 2023A
5.000
07/01/33
12,956,838
5,000,000
Metropolitan Government of Nashville-Davidson County,
Tennessee, General Obligation Bonds, Improvement Series
2026B
5.000
01/01/39
5,598,620
360,000
(c)
Nashville Metropolitan Development and Housing Agency,
Tennessee, Tax increment Bonds, Fifth & Broadway
Development Project, Series 2018
4.500
06/01/28
363,139
2,100,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5.625
09/01/26
2,114,779
3,135,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006C
5.000
02/01/27
3,173,644
500,000
West Knox Utility District of Knox County, Tennessee, Water
and Sewer Revenue Bonds, Refunding & Improvement Series
2016
5.000
06/01/41
500,311
TOTAL TENNESSEE
82,146,888
TEXAS - 6.5%
4,665,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/40
5,137,411
2,540,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/41
2,790,396
4,500,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/42
4,920,543
3,500,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/43
3,801,181
3,115,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/45
3,316,161
2,250,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2025
5.000
09/01/42
2,460,271
2,500,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2025
5.000
09/01/44
2,691,358
2,500,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2025
5.000
09/01/45
2,661,446
11,240,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5.000
08/15/39
12,624,234
6,420,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5.000
08/15/40
7,162,666
6,420,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5.000
08/15/41
7,131,824
5,135,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5.000
08/15/42
5,665,534
Portfolio of Investments March 31, 2026
(continued)
All-American
30
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,210,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5.000
%
08/15/43
$
3,516,885
3,850,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
4.000
08/15/44
3,718,632
400,000
(c)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Improvement Area 1 Project,
Series 2025
6.000
09/01/55
389,005
1,700,000
(c)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Major Improvement Area Project,
Series 2025
6.625
09/01/45
1,707,800
3,600,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Senior Lien Series 2020E
5.000
01/01/45
3,687,956
5,050,000
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Uplift Education Charter School,
Series 2014A
4.250
12/01/34
5,049,930
300,000
(c)
Clifton Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Valor Education Foundation, Series
2024A
5.750
06/15/44
288,708
1,595,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/39
1,762,214
1,675,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/40
1,835,893
1,760,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/41
1,914,637
1,710,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/42
1,850,414
1,955,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/43
2,104,058
4,010,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/44
4,283,207
4,170,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/45
4,426,836
3,850,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5.000
02/15/46
4,066,035
700,000
(c)
Denton County, Texas, Special Assessment Revenue Bonds,
Green Meadows Public Improvement District, Improvement
Area 1 Project, Series 2025
5.625
12/31/55
709,730
2,265,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5.000
08/15/38
2,471,722
2,175,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5.000
08/15/39
2,356,665
4,200,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5.000
08/15/40
4,525,758
1,555,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5.000
08/15/41
1,674,018
1,615,000
(d)
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5.000
08/15/42
1,733,400
2,970,000
Elgin, Bastrop and Travis Counties, Texas, Certificates of
Participation, Combination Tax Tax Increment Reinvestment
Zone 1, Subordinate Lien Series 2021A - BAM Insured
4.000
07/15/40
2,911,541
2,000,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4.750
11/01/42
2,000,010
795,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
5.250
08/01/33
859,655
1,185,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
5.000
08/01/35
1,251,632
1,000,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
5.250
08/01/37
1,060,021
795,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
5.250
08/01/38
838,291
700,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.500
02/15/37
810,398
31
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
445,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.500
%
02/15/38
$
511,326
1,775,000
Georgetown Independent School District, Williamson County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.000
02/15/39
1,958,248
10,000,000
Greater Texas Cultural Educational Facilities Finance
Corporation, Texas, Revenue Bonds, Biomedical Research
Institute Series 2024A
5.250
06/01/49
9,735,007
1,310,000
Gregory-Portland Independent School District, San Patricio
County, Texas, General Obligation Bonds, School Building
Series 2025
5.000
02/15/39
1,429,249
8,585,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Refunding Bonds, Young Men's
Christian Association of the Greater Houston Area, Series
2013A
5.000
06/01/33
8,176,934
2,255,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.500
07/15/36
2,378,606
1,340,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.500
07/15/37
1,403,897
1,150,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.500
07/15/38
1,199,100
1,220,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.500
07/15/39
1,264,915
10,385,000
(d)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C
0.000
09/01/49
3,164,481
1,360,000
Kerrville Health Facilities Development Corporation, Texas,
Revenue Bonds, Sid Peterson Memorial Hospital Project, Series
2015
5.000
08/15/30
1,363,131
1,280,000
Kerrville Health Facilities Development Corporation, Texas,
Revenue Bonds, Sid Peterson Memorial Hospital Project, Series
2015
5.000
08/15/35
1,283,180
2,535,000
Love Field Airport Modernization Corporation, Texas, Special
Facilities Revenue Bonds, Southwest Airlines Company - Love
Field Modernization Program Project, Series 2012, (AMT)
5.000
11/01/28
2,539,120
665,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Legacy at Willow
Bend Project, Series 2016
5.000
11/01/46
553,207
760,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Retirement Facility Revenue Bonds, Wesleyan Homes,
Inc. Project, Series 2014
5.500
01/01/43
760,361
6,625,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Foundation - College Station I LLC - Texas A&M
University Project, Series 2014A - AGM Insured
4.100
04/01/34
6,625,350
10,000,000
(f)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, NCCD - College
Station Properties LLC - Texas A&M University Project,  Series
2015A
5.000
07/01/47
9,405,958
10,880,000
(h)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
6.750
09/01/45
12,936,222
6,780,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2025A
5.000
01/01/39
7,516,448
2,000,000
Pflugerville, Travis and Williamson Counties, Texas, Certificates
of Obligation, Combination Tax and Revenue Limited Series
2023
5.000
08/01/43
2,121,389
Portfolio of Investments March 31, 2026
(continued)
All-American
32
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,500,000
Pflugerville, Travis and Williamson Counties, Texas, Certificates
of Obligation, Combination Tax and Revenue Limited Series
2023
5.000
%
08/01/44
$
1,582,111
1,000,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
6.125
09/15/45
1,038,697
620,000
(c)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
7.125
09/15/55
633,663
1,000,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2024A, (AMT)
5.125
01/01/44
949,030
555,000
(c)
Princeton, Texas, Special Assessment Revenue Bonds,
Winchester Crossing Public Improvement District 3 Project,
Series 2024
5.125
09/01/44
551,489
410,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5.000
02/01/29
410,076
1,805,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5.000
02/01/34
1,794,928
385,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5.125
02/01/39
378,316
645,000
SA Energy Acquisition Public Facilities Corporation, Texas, Gas
Supply Revenue Bonds, Series 2007
5.500
08/01/27
662,387
500,000
San Antonio Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5.000
08/15/39
552,795
3,000,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2016A
5.000
02/15/41
3,011,945
1,680,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
12/31/37
1,629,673
1,750,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
06/30/38
1,688,548
1,300,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
06/30/39
1,240,763
1,500,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
12/31/39
1,423,887
3,690,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
06/30/40
3,475,251
5,000,000
Waco, Texas, Certificates of Obligation, Combination Tax &
Revenue Series 2024A
5.000
02/01/49
5,169,072
TOTAL TEXAS
226,686,836
UTAH - 1.6%
500,000
(c)
Arrowhead Springs Public Infrastructure District, Utah, Special
Assessment Bonds, Arrowhead Springs Assessment Area,
Series 2025
5.625
12/01/54
500,831
2,000,000
Black Ridge Infrastructure Financing District, Hurricane City,
Utah, Special Assessment Bonds, Black Ridge Assessment
Area, Series 2025
5.500
12/01/40
2,007,126
2,000,000
Black Ridge Infrastructure Financing District, Hurricane City,
Utah, Special Assessment Bonds, Black Ridge Assessment
Area, Series 2025
6.000
12/01/45
2,012,869
7,500,000
Black Ridge Infrastructure Financing District, Hurricane City,
Utah, Special Assessment Bonds, Black Ridge Assessment
Area, Series 2025
6.250
12/01/54
7,484,569
33
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH
(continued)
$
3,715,000
(c)
High Star Ranch Infrastructure Financing District, Utah, Special
Assessment Bonds, High Star Ranch Assessment Area, Series
2026
6.250
%
12/01/55
$
3,715,422
2,000,000
Intermountain Power Agency, Utah, Power Supply Revenue
Bonds, Series 2022A
5.000
07/01/37
2,139,352
1,000,000
(c)
MIDA Mountain Village Public Infrastructure District, Utah,
Subordinate Tax Allocation Revenue Bonds, Series 2024-2
5.500
06/15/39
1,022,435
3,500,000
Military Installation Development Authority, Utah, Tax
Allocation Revenue Bonds Series 2021A-2
4.000
06/01/41
3,257,854
2,600,000
(c)
Red Bridge Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2021A
4.375
02/01/51
2,031,249
19,115,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2017A, (AMT)
5.000
07/01/42
19,121,371
1,750,000
(g)
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024C, (UB)
4.450
01/01/44
1,733,037
615,000
(g)
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024C, (UB)
4.700
01/01/54
601,141
8,325,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2024
5.000
06/15/38
9,191,684
1,000,000
(c)
Wakara Ridge Public Infrastructure District, Utah, Special
Assessment Bonds, Wakara Ridge Assessment Area, Series
2025
5.625
12/01/54
1,014,048
TOTAL UTAH
55,832,988
VIRGIN ISLANDS - 0.5%
6,800,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchman's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5.750
02/01/45
6,717,914
6,550,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchman's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6.000
12/01/55
6,373,731
1,100,000
(c)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6.000
04/01/53
1,083,777
1,000,000
Virgin Islands Transportation & Infrastructure Corporation,
Virgin Islands, Grant Anticipation Revenue Bonds, Federal
Highway Grant Anticipation Revenue Loan Note, Series 2025
5.000
09/01/29
1,053,619
1,655,000
Virgin Islands Transportation & Infrastructure Corporation,
Virgin Islands, Grant Anticipation Revenue Bonds, Federal
Highway Grant Anticipation Revenue Loan Note, Series 2025
5.000
09/01/31
1,780,826
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
09/01/44
1,320,146
TOTAL VIRGIN ISLANDS
18,330,013
VIRGINIA - 0.9%
6,000,000
(b)
Roanoke Economic Development Authority, Virginia, Hospital
Revenue Bonds, Carilion Clinic Obligated Group, Series
2020D, (Mandatory Put 7/01/30)
5.000
07/01/53
6,422,390
4,010,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Series 2007B1
5.000
06/01/47
3,302,753
10,000,000
(g)
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024A, (UB)
4.450
09/01/44
9,927,208
2,070,000
Virginia Port Authority, Commonwealth Port Fund Revenue
Bonds, Series 2023A
5.000
07/01/42
2,224,994
2,000,000
(c)
Virginia Small Business Finance Authority, Educational Facilities
Revenue Bonds, Provident Resource Group - Rixey Student
Housing Project, Series 2019A
5.500
07/01/49
1,605,381
4,060,000
Virginia Small Business Financing Authority, Revenue Bonds,
National Senior Campuses Inc Obligated Group, Series 2020A
4.000
01/01/40
4,067,928
5,695,000
Virginia Small Business Financing Authority, Revenue Bonds,
National Senior Campuses Inc Obligated Group, Series 2020A
4.000
01/01/45
5,339,476
TOTAL VIRGINIA
32,890,130
Portfolio of Investments March 31, 2026
(continued)
All-American
34
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON - 3.0%
$
2,495,000
Port of Seattle, Washington, General Obligation Bonds, Limited
Tax Series, Refunding  2024A, (AMT)
5.000
%
06/01/46
$
2,559,607
5,590,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2017C, (AMT)
5.000
05/01/30
5,707,230
4,000,000
Skagit County Public Hospital District 1, Washington, Revenue
Bonds, Skagit Valley Hospital, Refunding & Improvement Series
2016
5.000
12/01/32
4,028,716
1,120,000
Skagit County Public Hospital District 1, Washington, Revenue
Bonds, Skagit Valley Hospital, Refunding & Improvement Series
2016
5.000
12/01/37
1,124,449
1,400,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/40
1,546,170
1,700,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/41
1,873,440
2,000,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/42
2,189,873
1,150,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/43
1,251,822
1,100,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/44
1,187,455
1,500,000
Snohomish County Public Utility District 1, Washington, Electric
System Revenue Bonds, Refunding Series 2025A
5.000
12/01/45
1,604,810
3,630,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
4.000
08/01/44
3,303,790
1,045,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5.000
09/01/41
1,109,301
2,430,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5.000
09/01/42
2,564,007
1,900,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5.000
09/01/44
1,975,405
3,695,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5.000
09/01/45
3,807,395
7,605,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5.250
09/01/50
7,895,831
2,960,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5.000
10/01/41
2,962,531
3,090,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5.000
08/15/33
3,158,696
3,470,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5.000
08/15/34
3,542,922
2,695,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5.000
08/15/35
2,747,021
1,155,000
(c)
Washington State Housing Finance Commission, Nonprofit
Refunding Revenue Bonds, Wesley Homes at Lea Hill Project,
Series 2016
5.000
07/01/41
1,133,347
2,000,000
(c)
Washington State Housing Finance Commission, Nonprofit
Refunding Revenue Bonds, Wesley Homes at Lea Hill Project,
Series 2016
5.000
07/01/46
1,834,222
2,195,000
Washington State Housing Finance Commission, Revenue
Bonds, Riverview Retirement Community, Refunding Series
2012
5.000
01/01/48
2,029,840
13,860,333
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2023-
1 Class A
3.375
04/20/37
12,838,579
7,750,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5.000
06/01/41
8,595,178
9,630,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5.000
06/01/43
10,527,184
11,080,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5.000
06/01/44
12,026,910
TOTAL WASHINGTON
105,125,731
35
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA - 0.2%
$
875,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5.500
%
06/01/54
$
910,920
550,000
(b),(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)
5.450
01/01/55
597,967
1,500,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Refunding &
Improvement Series 2019A
5.000
09/01/31
1,557,675
1,800,000
West Virginia Hospital Finance Authority, Revenue Bonds, West
Virginia University Health System, Improvement Series 2023A
5.000
06/01/38
1,941,672
1,000,000
West Virginia Hospital Finance Authority, Revenue Bonds, West
Virginia University Health System, Improvement Series 2023A
5.000
06/01/39
1,071,244
TOTAL WEST VIRGINIA
6,079,478
WISCONSIN - 4.4%
1,745,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Cornerstone Charter Academy, North Carolina, Series
2016A
5.000
02/01/36
1,745,334
815,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Eno River Academy Project, Series 2020A
5.000
06/15/40
813,465
200,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Founders Academy of Las Vegas, Series 2020A
5.000
07/01/55
169,374
720,000
(c),(h)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A, (Pre-refunded 6/15/26)
5.000
06/15/46
722,661
1,430,000
(c)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North Carolina Charter Educational Foundation Project,
Series 2016A
5.000
06/15/46
1,148,071
1,100,000
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North East Carolina Preparatory School Project,
Refunding Series 2024A
5.250
06/15/54
1,058,173
10,952
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/47
69
9,573
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/48
60
9,420
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/49
59
9,114
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/50
56
8,961
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/51
55
11,641
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/52
72
11,488
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/53
70
11,105
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/54
68
10,876
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/55
66
10,646
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/56
65
Portfolio of Investments March 31, 2026
(continued)
All-American
36
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
11,795
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
%
01/01/57
$
71
11,488
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/58
69
11,182
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/59
67
10,952
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/60
66
10,799
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/61
64
10,493
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/62
62
10,263
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/63
61
10,033
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/64
59
9,880
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/65
58
10,646
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/66
63
128,214
(c)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2018A-1
0.000
01/01/67
754
1,000,000
(c)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6.150
01/01/55
981,673
3,950,000
(c)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6.250
01/01/65
3,872,545
26,928
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/46
170
26,549
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/47
166
26,359
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/48
165
26,169
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/49
163
25,790
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/50
160
28,255
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/51
174
699,467
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
3.750
07/01/51
470,624
28,066
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/52
172
37
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
27,687
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
%
01/01/53
$
169
27,497
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/54
168
27,118
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/55
165
26,738
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/56
162
26,549
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/57
160
26,169
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/58
158
25,980
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/59
156
25,790
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/60
154
25,411
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/61
152
25,221
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/62
150
24,842
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/63
147
24,652
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/64
146
24,463
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/65
144
24,083
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/66
142
313,660
(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0.000
01/01/67
1,844
2,000,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Bonnie Cone Classical Academy, Series 2024
5.625
06/15/54
1,545,426
5,730,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Bonnie Cone Classical Academy, Series 2024
5.625
06/15/59
4,337,223
1,650,000
(c)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Carolina International School, Series 2013A
7.000
08/01/43
1,651,346
3,845,000
Public Finance Authority of Wisconsin, Exempt Facilities
Revenue Bonds, National Gypsum Company Project, Refunding
Series 2016, (AMT)
4.000
08/01/35
3,684,808
14,000,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
6.750
12/01/42
10,920,000
5,000,000
(b)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022B, (Mandatory Put 10/01/30)
4.000
10/01/46
5,070,006
2,735,000
(c),(f)
Public Finance Authority of Wisconsin, Revenue Bonds,
Alabama Gulf Coast Zoo, Series 2018A
6.500
09/01/48
1,641,000
1,360,000
(c),(f)
Public Finance Authority of Wisconsin, Senior Revenue Bonds,
Maryland Proton Treatment Center, Series 2018A-1
6.250
01/01/38
612,000
Portfolio of Investments March 31, 2026
(continued)
All-American
38
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
4,065,000
(c),(f)
Public Finance Authority of Wisconsin, Senior Revenue Bonds,
Maryland Proton Treatment Center, Series 2018A-1
6.375
%
01/01/48
$
1,829,250
1,000,000
(c),(f)
Public Finance Authority of Wisconsin, Senior Revenue Bonds,
Maryland Proton Treatment Center, Series 2018B-2
0.000
01/01/49
500
4,300,000
Public Finance Authority of Wisconsin, Solid Waste Disposal
Revenue Bonds, Waste Management Inc., Refunding Series
2016A-2
2.875
05/01/27
4,273,457
10,050,000
(c)
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2018A
5.000
06/15/38
10,049,551
3,525,000
(c)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5.000
06/01/41
3,529,917
1,465,000
(c)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Subordinate Bonds, World Center Project Series 2024B
8.000
06/15/42
1,470,203
15,000,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5.750
06/30/60
15,485,657
11,155,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5.750
12/31/65
11,393,486
5,000,000
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Senior Series 2020C
0.000
12/15/45
2,026,573
6,495,000
(h)
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Supported by State Moral Obligation Junior Series 2020D,
(Pre-refunded 12/15/30)
0.000
12/15/60
1,691,927
7,500,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Children's Hospital of Wisconsin,
Inc., Series 2017
4.000
08/15/42
7,026,674
650,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,
Series 2024
5.450
10/01/39
680,428
1,880,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5.250
10/01/39
1,880,421
1,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5.375
10/01/44
999,999
3,500,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5.500
10/01/49
3,425,564
6,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated
Group, Series 2017A
4.000
04/01/39
5,793,834
2,980,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc.,
Series 2014A
5.000
07/01/34
2,982,933
2,100,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc.,
Series 2014A
4.350
07/01/36
2,081,339
5,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Woodland Hills Senior Housing
Project, Series 2014
5.000
12/01/34
4,961,802
4,435,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Woodland Hills Senior Housing
Project, Series 2014
5.000
12/01/44
3,983,196
4,225,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Woodland Hills Senior Housing
Project, Series 2014
5.250
12/01/49
3,728,745
22,000,000
Wisconsin State, General Obligation Bonds, Series 2026A
5.000
05/01/38
24,689,146
TOTAL WISCONSIN
154,435,552
TOTAL MUNICIPAL BONDS
(Cost $3,588,986,535)
3,533,589,293
39
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
32
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%
32
CAPITAL GOODS - 0.0%
$
321,690
(f),(i)
KDC Agribusiness Fairless Hills LLC
12.000
%
09/17/26
$
32
TOTAL CAPITAL GOODS
32
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $321,690)
32
SHARES
DESCRIPTION
MATURITY
VALUE
71,850
WARRANTS - 0.0%
71,850
TRANSPORTATION - 0.0%
57,480
(i)
BL Train Holdings West LLC
11/26/35
71,850
TOTAL TRANSPORTATION
71,850
TOTAL WARRANTS
(Cost $0)
71,850
TOTAL LONG-TERM INVESTMENTS
(Cost $3,617,037,975)
3,561,105,955
FLOATING RATE OBLIGATIONS - (2.6)%
(92,265,000)
OTHER ASSETS & LIABILITIES, NET -  0.4%
15,203,979
NET ASSETS - 100%
$
3,484,044,934
AMT
Alternative Minimum Tax
ETF
Exchange-Traded Fund
ETM
Escrowed to maturity
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)
Affiliated holding
(b)
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.
(c)
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 $381,871,642 or 10.8% of Total Investments.
(d)
When-issued or delayed delivery security.
(e)
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.
(f)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(g)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives
and/or inverse floating rate transactions.
(h)
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.
(i)
For fair value measurement disclosure purposes, investment classified as Level 3.
40
Portfolio of Investments March 31, 2026
Intermediate Duration
See Notes To Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 98.5%
8,732,430
EXCHANGE-TRADED FUNDS - 0.1%
8,732,430
350,000
(a)
Nuveen Municipal Income ETF
$
8,732,430
TOTAL EXCHANGE-TRADED FUNDS
(Cost $8,602,500)
8,732,430
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 0.5%
$
12,925,117
(b)
Federal Home Loan Mortgage Corporation, Notes, Series 2023
23-ML15
4
.140
%
01/25/40
12,819,476
5,295,078
(b)
Freddie Mac Multifamily, Series 2025 ML32
4
.837
03/25/42
5,435,544
4,913,065
Freddie Mac Multifamily ML Certificates, Series 2021 21-ML08
1
.877
07/25/37
3,999,728
4,679,276
Freddie Mac Multifamily ML Certificates, Series 2024 ML22
4
.547
10/25/40
4,752,126
3,472,449
(b)
Freddie Mac Multifamily ML Certificates, Series 2024 ML23
4
.564
04/25/42
3,641,582
4,394,489
(b)
Freddie Mac Multifamily ML Certificates, Series 2025 ML30
4
.783
07/25/42
4,586,431
7,797,093
Freddie Mac Multifamily ML Certificates, Series 2021 ML10
2
.032
01/25/38
6,258,260
4,552,723
Freddie Mac Multifamily Variable Rate Certificate, Series 2022
M068
3
.150
10/15/36
4,145,175
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $48,916,538)
45,638,322
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
8571322715
MUNICIPAL BONDS - 97.9%
8571322715
ALABAMA - 2.4%
1,850,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024B
4
.250
10/01/39
1,841,811
3,515,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024B
4
.550
10/01/44
3,500,642
1,360,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024C
4
.450
10/01/44
1,346,546
4,030,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024D
4
.300
10/01/44
3,969,550
1,490,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2025B
4
.800
10/01/40
1,532,475
7,630,000
Alabama State Port Authority, Docks Facilities Revenue Bonds,
Refunding Series 2017A - AGM Insured, (AMT)
5
.000
10/01/31
7,779,707
5,080,000
Birmingham-Jefferson Civic Center Authority, Alabama, Special
Tax Bonds, Series 2018A
4
.000
07/01/37
5,082,934
2,880,000
Birmingham-Jefferson Civic Center Authority, Alabama, Special
Tax Bonds, Series 2018B
5
.000
07/01/37
2,957,409
6,815,000
(b)
Black Belt Energy Gas District, Alabama, Gas PrePay Revenue
Bonds, Project 8 Series 2022A, (Mandatory Put 12/01/29)
4
.000
12/01/52
6,854,199
3,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas PrePay Revenue
Bonds, Series 2022F, (Mandatory Put 12/01/28)
5
.500
11/01/53
3,140,795
4,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023C, (Mandatory Put 6/01/32)
5
.500
10/01/54
4,317,702
5,480,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024A, (Mandatory Put 9/01/32)
5
.250
05/01/55
5,636,310
2,725,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024C, (Mandatory Put 7/01/31)
5
.000
05/01/55
2,891,543
11,015,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5
.250
05/01/56
11,220,109
1,450,000
(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025C
5
.250
08/01/27
1,471,700
1,925,000
(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025C
5
.250
08/01/28
1,971,790
1,850,000
(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025C
5
.250
08/01/30
1,914,579
5,500,000
(b),(c)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025C, (Mandatory Put 8/01/34)
5
.500
11/01/56
5,819,581
9,900,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D, (Mandatory Put 8/01/35)
5
.000
12/01/55
10,483,292
41
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ALABAMA
(continued)
$
5,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2023 Sub B-2, (Mandatory Put 12/01/30)
5
.250
%
12/01/53
$
5,338,899
1,045,000
Chatom Industrial Development Board, Alabama, Gulf
Opportunity Zone Revenue Bonds, PowerSouth Energy
Cooperative, Refunding Series 2020 - AGM Insured
5
.000
08/01/26
1,052,272
1,000,000
Chatom Industrial Development Board, Alabama, Gulf
Opportunity Zone Revenue Bonds, PowerSouth Energy
Cooperative, Refunding Series 2020 - AGM Insured
5
.000
08/01/28
1,045,312
1,000,000
Chatom Industrial Development Board, Alabama, Gulf
Opportunity Zone Revenue Bonds, PowerSouth Energy
Cooperative, Refunding Series 2020 - AGM Insured
5
.000
08/01/30
1,075,367
9,000,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Series 2025B
5
.000
09/01/33
9,161,357
3,720,000
Lower Alabama Gas District Gas Project Revenue Refunding
Bonds, Equitable Financial Life Insurance Company of America,
Series 2025A
5
.000
12/01/33
3,865,478
2,540,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024B, (AMT)
4
.750
12/01/54
2,335,080
2,235,000
(d)
Montgomery Medical Clinic Board, Alabama, Health Care
Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015
5
.000
09/01/25
178,800
1,725,000
(d)
Montgomery Medical Clinic Board, Alabama, Health Care
Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015
5
.000
03/01/26
138,000
2,160,000
(b)
Selma Industrial Development Board, Alabama, Gulf
Opportunity Zone Revenue Bonds, International Paper
Company Project, Refunding Series 2019A, (Mandatory Put
10/01/31)
3
.450
11/01/33
2,144,915
5,675,000
(b)
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 1, Refunding Series 2024A, (Mandatory
Put 4/01/32)
5
.000
08/01/54
6,016,325
1,000,000
(b)
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory
Put 5/01/32)
5
.000
06/01/49
1,053,249
8,000,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
8,177,690
10,000,000
(b)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 2, Series 2021B-1, (Mandatory Put
12/01/31)
4
.000
12/01/51
10,054,713
1,820,000
(b)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 3, Fixed Rate Series 2022A-1,
(Mandatory Put 12/01/29)
5
.500
01/01/53
1,937,704
13,660,000
(b)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put
8/01/28)
5
.000
05/01/53
14,155,049
4,025,000
(b)
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025C, (Mandatory Put
2/01/31)
5
.000
05/01/55
4,259,385
8,140,000
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025E
5
.000
10/01/30
8,640,924
21,395,000
(b)
Southeast Energy Authority, Alabama, Revenue Bonds
Cooperative District Energy Supply Series 2024C, (Mandatory
Put 11/01/32)
5
.000
10/01/55
22,776,443
4,005,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5
.000
09/01/35
4,313,945
4,250,000
(c)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5
.250
05/01/44
4,261,778
10,000,000
West Jefferson, Alabama, Industrial Development Board
Pollution Control Revenue Bonds, Alabama Power Company,
Refunding Series 1998
3
.650
06/01/28
10,108,726
TOTAL ALABAMA
205,824,085
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
42
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ALASKA - 0.2%
$
5,015,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
4
.000
%
12/01/41
$
4,810,518
4,000,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2024A
5
.000
12/01/39
4,279,022
1,900,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2022A-II
2
.350
12/01/39
1,557,286
1,850,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, Series 2025A-II
6
.000
12/01/56
2,050,181
1,575,000
Northern Tobacco Securitization Corporation, Alaska, Tobacco
Settlement Asset-Backed Bonds, Senior Series 2021A Class 1
5
.000
06/01/28
1,640,233
TOTAL ALASKA
14,337,240
ARIZONA - 1.6%
1,040,000
Arizona Board of Regents, Univeristy of Arizona, SPEED
Revenue Bonds, Stimulus Plan for Economic and Educational
Development, Series 2020C. Forward Delivery
5
.000
08/01/26
1,048,284
3,000,000
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2024A
4
.500
04/01/44
2,985,410
1,140,000
Arizona Industrial Development Authority, Single Family
Mortgage Revenue Bonds, Series 2025A
5
.000
10/01/45
1,156,643
16,915,000
(e)
Arizona State, Certificates of Participation, Refunding Series
2019A, (ETM)
5
.000
10/01/27
17,535,065
2,370,000
(b)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4
.100
12/01/37
2,397,540
3,605,000
(b)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4
.000
06/01/49
3,652,125
21,840,000
(b)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2022-2, (AMT), (Mandatory Put 9/01/27)
5
.000
09/01/52
22,189,696
7,830,000
Chandler, Arizona, Excise Tax Revenue Bonds, Series 2026
5
.000
07/01/35
9,018,265
6,970,000
Chandler, Arizona, General Obligation Bonds, Series 2026
5
.000
07/01/35
8,033,810
10,185,000
Chandler, Arizona, General Obligation Bonds, Series 2026
5
.000
07/01/36
11,767,906
800,000
Glendale Industrial Development Authority, Arizona, Revenue
Bonds, Midwestern University, Refunding Series 2020
4
.000
05/15/26
801,293
1,000,000
Glendale Union High School District 205, Maricopa County,
Arizona, General Obligation Bonds, School Improvement,
Project 2024, Series 2024A
5
.000
07/01/42
1,084,433
1,000,000
Glendale, Arizona, Excise Tax Revenue Bonds, Refunding
Senior Series 2024
5
.000
07/01/26
1,006,220
1,825,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4
.625
09/01/44
1,825,648
890,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2021A
4
.000
07/01/41
790,306
1,950,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Taxable Series 2019B
5
.000
07/01/39
1,965,042
460,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2021A
5
.000
09/01/27
475,165
2,170,000
Maricopa County Pollution Control Corporation, Arizona,
Pollution Control Revenue Bonds, El Paso Electric Company,
Refunding Series 2009A
3
.600
02/01/40
1,990,731
1,850,000
Maricopa County Unified School District 69 Paradise Valley,
Arizona, General Obligation Bonds, School Improvement
Project of 2023 Series 2025B
5
.000
07/01/32
2,081,748
1,500,000
Maricopa County Unified School District 69 Paradise Valley,
Arizona, General Obligation Bonds, School Improvement
Project of 2023, Series 2025A
5
.000
07/01/30
1,640,825
3,615,000
Northern Arizona University, Revenue Bonds, SPEED - Stimulus
Plan Economic Educational Development Fund, Refunding
Series 2020B - AGM Insured
5
.000
08/01/26
3,645,618
43
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
4,220,000
Northern Arizona University, Revenue Bonds, SPEED - Stimulus
Plan Economic Educational Development Fund, Refunding
Series 2020B - AGM Insured
5
.000
%
08/01/27
$
4,360,696
3,975,000
Northern Arizona University, Revenue Bonds, SPEED - Stimulus
Plan Economic Educational Development Fund, Refunding
Series 2020B - AGM Insured
5
.000
08/01/28
4,180,840
705,000
Paradise Valley Unified School District No. 69, Maricopa
County, Arizona, General Obligation Bonds, School
Improvement Project of 2019, Series 2022D
5
.000
07/01/37
766,316
9,405,000
Phoenix Civic Improvement Corporation, Arizona,
Transportation Excise Tax Revenue Bonds, Series 2025
5
.000
07/01/32
10,588,902
5,000,000
Phoenix Civic Improvement Corporation, Arizona,
Transportation Excise Tax Revenue Bonds, Series 2025
5
.000
07/01/36
5,724,829
1,210,000
Pima County Unified School District 1, Tucson, Arizona, General
Obligation Bonds, Project of 2023 School Improvement Series
2024A - AGM Insured
5
.000
07/01/36
1,337,444
1,160,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5
.000
08/01/34
1,316,830
835,000
Pinal County, Arizona, Pledged Revenue Obligations, Series
2025 - BAM Insured
5
.000
08/01/34
947,890
1,235,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/32
1,314,723
1,120,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.000
12/01/37
1,182,880
1,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5
.000
07/01/35
1,150,890
5,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5
.000
07/01/36
5,707,608
1,000,000
Tucson, Arizona, Water System Revenue Bonds, Obligations
Series 2024
5
.000
07/01/41
1,094,552
1,000,000
Tucson, Arizona, Water System Revenue Bonds, Obligations
Series 2024
5
.000
07/01/42
1,089,609
TOTAL ARIZONA
137,855,782
ARKANSAS - 0.8%
20,000,000
(b),(c)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Project, Series 2026A, (AMT), (Mandatory Put
3/01/33)
4
.000
09/01/46
19,912,512
3,140,000
(c)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5
.450
09/01/52
3,165,695
1,165,000
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2023, (AMT)
5
.700
05/01/53
1,187,367
5,000,000
(b)
Arkansas Development Finance Authority, Resource Recovery
Revenue Bonds, Weyerhaeuser Company Project, Series 2025,
(AMT), (Mandatory Put 10/15/32)
3
.875
10/15/65
4,978,153
11,415,000
(b)
Arkansas Development Finance Authority, Revenue Bonds,
Baptist Memorial Health Care, Refunding Series 2020B-2,
(Mandatory Put 9/01/27)
5
.000
09/01/44
11,640,929
160,000
Arkansas Development Finance Authority, Single Family
Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, Series 2024A
4
.100
07/01/39
158,120
1,195,000
Arkansas Development Finance Authority, Single Family
Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, Series 2024A
4
.450
07/01/44
1,187,610
2,750,000
Arkansas Development Finance Authority, Single Family
Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, Series 2025A
4
.600
07/01/45
2,743,332
610,000
Arkansas State University, Student Fee Revenue Bonds,
Jonesboro Campus, Refunding Series 2024B
5
.000
12/01/37
666,908
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
44
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARKANSAS
(continued)
$
620,000
Arkansas State University, Student Fee Revenue Bonds,
Jonesboro Campus, Refunding Series 2024B
5
.000
%
12/01/38
$
673,222
705,000
Arkansas State University, Student Fee Revenue Bonds,
Jonesboro Campus, Refunding Series 2024B
5
.000
12/01/40
757,172
2,305,000
Hot Springs School District 6, Garland County, Arkansas,
General Obligation Bonds, Refunding Series 2021
2
.000
06/01/29
2,178,495
2,500,000
Hot Springs School District 6, Garland County, Arkansas,
General Obligation Bonds, Refunding Series 2021
2
.000
06/01/30
2,312,520
2,905,000
Hot Springs School District 6, Garland County, Arkansas,
General Obligation Bonds, Refunding Series 2021
2
.000
06/01/31
2,624,797
1,610,000
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax
Bonds, Series 2014
5
.000
07/01/26
1,612,640
1,500,000
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax
Bonds, Series 2014
5
.000
07/01/28
1,503,050
1,935,000
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax
Bonds, Series 2014
5
.000
07/01/29
1,938,952
1,005,000
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax
Bonds, Series 2014
5
.000
07/01/30
1,007,061
4,595,000
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax
Bonds, Series 2014
5
.000
07/01/34
4,603,563
715,000
Pulaski County Public Facilities Board, Arkansas, Healthcare
Revenue Bonds, Baptist Health, Series 2014
5
.000
12/01/27
716,067
1,245,000
University of Arkansas, Fayetteville, Various Facilities Revenue
Bonds, Refunding & Improvement Series 2019A
5
.000
11/01/34
1,309,860
1,265,000
University of Arkansas, Fayetteville, Various Facilities Revenue
Bonds, Refunding & Improvement Series 2019A
5
.000
11/01/35
1,326,461
1,000,000
University of Arkansas, Various Facilities Revenue Bonds, UAMS
Campus, Refunding Series 2025
5
.000
09/01/32
1,119,241
TOTAL ARKANSAS
69,323,727
CALIFORNIA - 4.4%
9,005,000
Bay Area Toll Authority, California, Revenue Bonds, San
Francisco Bay Area Toll Bridge, Series 2026F-1
5
.000
04/01/42
10,581,495
5,000,000
Bay Area Toll Authority, California, Revenue Bonds, San
Francisco Bay Area Toll Bridge, Series 2026F-1
5
.000
04/01/43
5,848,328
5,000,000
Bay Area Toll Authority, California, Revenue Bonds, San
Francisco Bay Area Toll Bridge, Series 2026F-1
5
.000
04/01/44
5,805,929
3,755,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023F,
(Mandatory Put 11/01/30)
5
.500
10/01/54
4,085,412
8,880,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B,
(Mandatory Put 12/01/32)
5
.000
01/01/55
9,071,852
7,500,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024D,
(Mandatory Put 9/01/32)
5
.000
02/01/55
8,037,143
8,860,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024H,
(Mandatory Put 8/01/33)
5
.000
01/01/56
9,592,684
15,450,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C,
(Mandatory Put 10/01/33)
5
.000
12/01/55
16,118,310
10,000,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5
.000
10/01/55
10,101,156
4,920,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025G
5
.000
12/01/35
5,329,290
5,000,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Term Rate Series 2025F
5
.000
11/01/33
5,352,752
1,430,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5
.000
06/01/30
1,518,774
45
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,310,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5
.000
%
06/01/32
$
1,376,229
635,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5
.000
06/01/33
663,517
350,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
06/01/34
348,589
2,190,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
06/01/36
2,152,539
3,000,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
06/01/38
2,889,250
1,580,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
06/01/40
1,482,355
3,420,000
(b)
California Educational Facilities Authority, Revenue Bonds,
Stanford University Series 2025V-5, (Mandatory Put 3/01/35)
5
.000
03/01/55
4,044,074
1,205,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5
.000
08/15/35
1,204,636
1,345,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5
.000
08/15/36
1,344,787
15,911,335
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-2
3
.750
03/25/35
16,023,723
2,762,356
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-3
3
.250
08/20/36
2,641,802
4,135,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, California Academy of Sciences, San
Francisco, Series 2024A
3
.250
08/01/29
4,176,945
6,730,000
(b)
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
6,733,895
1,090,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building,
Series 2025
5
.000
05/15/36
1,267,073
1,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building,
Series 2025
5
.000
05/15/37
1,153,472
5,950,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A - AGM Insured, (AMT)
3
.250
12/31/32
5,658,343
4,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5
.000
12/31/33
4,114,377
5,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5
.000
12/31/34
5,133,216
3,750,000
(b)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Republic Services Inc. Project, Series 2021B,
(AMT), (Mandatory Put 7/15/26)
3
.250
07/01/51
3,750,227
4,685,000
(b)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Republic Services Inc. Project, Series 2026A,
(AMT), (Mandatory Put 6/15/26)
2
.800
03/01/56
4,681,828
4,525,000
(b)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Waste Management Inc. Project, Series 2024A,
(AMT), (Mandatory Put 6/01/26)
2
.875
11/01/46
4,522,633
2,590,000
(c)
California Pollution Control Financing Authority Water
Furnishing Revenue Bonds (Poseidon Resources (Channelside)
LP Desalination Project), Series 2023 (AMT), (AMT)
5
.000
07/01/34
2,800,924
2,500,000
(c)
California Pollution Control Financing Authority Water
Furnishing Revenue Bonds (Poseidon Resources (Channelside)
LP Desalination Project), Series 2023 (AMT), (AMT)
5
.000
07/01/35
2,691,323
2,500,000
(c)
California Pollution Control Financing Authority Water
Furnishing Revenue Bonds (Poseidon Resources (Channelside)
LP Desalination Project), Series 2023 (AMT), (AMT)
5
.000
07/01/36
2,673,576
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
46
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
7,505,000
(b),(c)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Republic Services Inc., Refunding
Series 2023, (AMT), (Mandatory Put 8/17/26)
2
.875
%
07/01/43
$
7,495,236
6,055,000
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Waste Management Inc., Refunding
Series 2015A-2, (AMT)
3
.625
07/01/27
6,056,020
4,900,000
(b)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Waste Management Inc., Refunding
Series 2015B-2, (AMT), (Mandatory Put 11/02/26)
3
.450
11/01/40
4,902,061
15,140,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2019
5
.000
11/01/37
15,836,273
2,120,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2024
5
.000
09/01/43
2,304,308
18,255,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2026
5
.000
10/01/39
19,729,398
10,500,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5
.000
08/01/30
11,505,430
4,450,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/29
4,455,295
1,500,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/27
1,504,371
2,695,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/31
2,701,052
4,200,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/36
4,206,404
6,180,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/41
6,185,465
885,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.000
12/01/28
917,866
2,530,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.000
12/01/33
2,606,122
3,790,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.250
12/01/38
3,884,841
4,900,000
(b)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5
.000
12/01/55
5,276,807
455,000
Colton Joint Unified School District, San Bernardino County,
California, General Obligation Bonds, Election of 2024 Series
2025A - BAM Insured
0
.000
08/01/39
262,114
575,000
Colton Joint Unified School District, San Bernardino County,
California, General Obligation Bonds, Election of 2024 Series
2025A - BAM Insured
0
.000
08/01/40
313,539
750,000
Colton Joint Unified School District, San Bernardino County,
California, General Obligation Bonds, Election of 2024 Series
2025A - BAM Insured
0
.000
08/01/44
326,544
6,000,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Escondido Portfolio, Social
Senior Lien Series 2021A-1
3
.000
06/01/48
4,202,031
6,605,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Monterrey Station
Apartments, Senior Lien Series 2021A-1
3
.000
07/01/43
5,293,494
4,045,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Pasadena Portfolio Social
Bond, Series 2021A-1
2
.650
12/01/46
3,403,424
5,145,000
(c)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Wood Creek Apartments,
Senior Lien Series 2021A-1
3
.000
12/01/49
3,612,663
47
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,430,000
El Dorado Union High School District, El Dorado County,
California, General Obligation Bonds, Series 2020 - AGM
Insured
5
.000
%
08/01/33
$
1,471,737
2,200,000
El Dorado Union High School District, El Dorado County,
California, General Obligation Bonds, Series 2020 - AGM
Insured
5
.000
08/01/34
2,261,582
7,715,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0
.000
06/01/66
773,165
4,125,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2022A-1
5
.000
06/01/51
4,043,110
1,320,000
Grant Joint Union High School District, Sacramento County,
California, General Obligation Bonds, Capital Appreciation
Election 2006 Series 2008 - AGM Insured
0
.000
08/01/26
1,308,358
2,015,000
Las Virgenes Unified School District, Los Angeles County,
California, General Obligation Bonds, 2006 Election, Series
2009B
0
.000
08/01/27
1,947,755
5,000,000
(f)
Long Beach Unified School District, Los Angeles County,
California, General Obligation Bonds, Election of 2016, Series
2026D
4
.000
08/01/47
4,753,386
5,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A
5
.000
07/01/28
5,178,586
4,980,000
Los Angeles, California, Wastewater System Revenue Bonds,
Refunding Series 2025A
5
.000
06/01/37
5,832,590
5,440,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2008,
Series 2013A
5
.875
08/01/28
5,753,137
8,500,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
6
.125
11/01/29
8,914,048
6,770,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6
.125
11/01/29
7,098,992
1,020,000
Orange County Local Transportation Authority, California,
Measure M2 Sales Tax Revenue Bonds, Refunding Limited Tax,
Series 2025
5
.000
02/15/35
1,210,916
8,040,000
Palomar Pomerado Health, California, General Obligation
Bonds, Convertible Capital Appreciation, Election 2004 Series
2010A
6
.750
08/01/40
8,473,781
5,355,000
Poway Unified School District, San Diego County, California,
General Obligation Bonds, School Facilities Improvement
District 2007-1, Series 2011A
0
.000
08/01/34
4,059,080
2,115,000
Riverside County Redevelopment Agency, California, Tax
Allocation Bonds, Jurupa Valley Project Area, Series 2011B
0
.000
10/01/34
1,555,365
2,000,000
Riverside County Redevelopment Agency, California, Tax
Allocation Bonds, Jurupa Valley Project Area, Series 2011B
0
.000
10/01/36
1,340,817
1,165,000
San Bernardino Community College District, California,
General Obligation Bonds, Election of 2008 Series 2025F
0
.000
08/01/45
448,555
5,000,000
San Bernardino Community College District, California,
General Obligation Bonds, Election of 2008 Series 2025F
0
.000
08/01/46
1,796,552
7,200,000
San Bernardino Community College District, California,
General Obligation Bonds, Election of 2008 Series 2025F
0
.000
08/01/47
2,418,735
5,000,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023A, (AMT)
5
.000
05/01/27
5,109,207
3,000,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2024A, (AMT)
5
.000
05/01/29
3,188,839
2,250,000
(f)
San Mateo Union High School District, San Mateo County,
California, General Obligation Bonds, Refunding Series 2026.
Forward Delivery
5
.000
09/01/33
2,618,763
1,825,000
(f)
San Mateo Union High School District, San Mateo County,
California, General Obligation Bonds, Refunding Series 2026.
Forward Delivery
5
.000
09/01/34
2,147,956
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
48
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
1,730,000
Santa Barbara Community College District, California, General
Obligation Bonds, Election of 2024 Series 2025A
0
.000
%
08/01/43
$
775,256
3,000,000
Victor Valley Union High School District, San Bernardino
County, California, General Obligation Bonds, 20008 Election
Series 2009A - AGC Insured
5
.750
08/01/31
3,028,837
1,450,000
Washington Township Health Care District, California, Revenue
Bonds, Refunding Series 2015A
3
.250
07/01/27
1,446,630
1,435,000
Washington Township Health Care District, California, Revenue
Bonds, Refunding Series 2015A
3
.500
07/01/28
1,428,200
1,355,000
Washington Township Health Care District, California, Revenue
Bonds, Refunding Series 2015A
3
.750
07/01/29
1,351,903
TOTAL CALIFORNIA
383,689,054
COLORADO - 3.1%
6,185,000
Adams and Arapahoe Counties Joint School District 28J,
Aurora, Colorado, General Obligation Bonds, Series 2025
5
.500
12/01/37
7,297,671
5,695,000
Adams and Arapahoe Counties Joint School District 28J,
Aurora, Colorado, General Obligation Bonds, Series 2025
5
.500
12/01/38
6,673,284
3,810,000
Adams and Arapahoe Counties Joint School District 28J,
Aurora, Colorado, General Obligation Bonds, Series 2025
5
.500
12/01/39
4,429,583
2,955,000
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2021
4
.250
12/01/41
2,694,540
1,600,000
(c)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.500
12/01/44
1,629,567
3,015,000
Arapahoe County School District 6, Littleton, Colorado,
General Obligation Bonds, Series 2019A
5
.500
12/01/32
3,222,074
1,255,000
Arapahoe County School District 6, Littleton, Colorado,
General Obligation Bonds, Series 2019A
5
.500
12/01/33
1,338,452
1,000,000
Broomfield, Colorado, Water Activity Enterprise Water Revenue
Bonds, Series 2026
5
.000
12/01/30
1,100,466
6,132,000
(c)
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2017
5
.000
12/01/29
6,140,188
1,115,000
Centerra Metropolitan District 1, Loveland, Colorado, Special
Revenue Bonds, Refunding & Improvement Series 2020A
4
.000
12/01/29
1,114,801
6,000,000
Cherry Creek School District 5,  Arapahoe County, Colorado,
General Obligation Bonds, Series 2024
5
.250
12/15/44
6,607,048
11,210,000
Colorado Bridge Enterprise, Revenue Bonds, Central 70
Project, Senior Series 2017, (AMT)
4
.000
06/30/51
9,298,336
10,000
(c)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Loveland Classical Schools Project,
Series 2016
3
.750
07/01/26
9,998
6,495,000
(c)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6
.500
02/01/45
6,761,091
1,235,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Regis University Project, Refunding Series 2016
5
.000
10/01/30
1,124,396
1,715,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Regis University Project, Refunding Series 2016
3
.125
10/01/31
1,383,612
5,070,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019A
5
.000
11/15/37
5,311,995
840,000
(b)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2024A, (Mandatory Put
11/15/29)
5
.000
11/15/59
899,292
4,710,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/36
4,892,579
33,615,000
(b)
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5
.000
08/01/49
33,649,281
2,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2020A
4
.000
12/01/40
1,927,847
405,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2025A
5
.125
12/01/45
413,184
14,655,000
(e)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Parkview Medical Center, Series 2016, (Pre-refunded 9/01/26)
3
.125
09/01/42
14,689,926
49
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
SCL Health System, Refunding Series 2019A
4
.000
%
01/01/36
$
1,006,721
2,755,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2021E
2
.125
11/01/42
1,924,695
6,510,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2021H
2
.000
05/01/42
4,466,021
7,345,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2024A-1
6
.000
11/01/55
8,129,926
24,465,000
Colorado State Education Loan Program, Tax and Revenue
Anticipation Notes,Series 2025B
5
.000
06/30/26
24,614,579
14,116,557
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0
.000
12/01/31
9,214,413
1,705,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.750
11/15/34
1,946,287
875,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.750
11/15/35
993,154
5,140,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/35
5,313,836
1,355,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2023B, (AMT)
5
.000
11/15/26
1,371,997
3,590,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2023B, (AMT)
5
.000
11/15/27
3,704,582
8,645,000
Denver City and County, Colorado, Special Facilities Airport
Revenue Bonds, United Airlines, Inc. Project, Refunding Series
2017, (AMT)
5
.000
10/01/32
8,651,629
1,500,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/31
1,511,383
500,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/32
503,502
645,000
Denver Convention Center Hotel Authority, Colorado, Revenue
Bonds, Convention Center Hotel, Refunding Senior Lien Series
2016
5
.000
12/01/33
649,126
3,035,000
Denver School District 1, Colorado, General Obligation Bonds,
Series 2025B
5
.000
12/01/27
3,160,580
1,665,000
(c)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopment
Area, Series 2018A
5
.250
12/01/39
1,669,110
310,000
(c)
Denver Urban Renewal Authority, Colorado, Tax Increment
Revenue Bonds, 9th and Colorado Urban Redevelopment
Area, Series 2018A
5
.250
12/01/39
310,664
10,350,000
Denver, Colorado, General Obligation Bonds, Vibrant Denver
Series 2026A
5
.500
08/01/42
11,922,072
9,670,000
Denver, Colorado, General Obligation Bonds, Vibrant Denver
Series 2026A
5
.500
08/01/43
11,062,153
5,900,000
(c)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
5,891,929
5,520,000
Fort Collins-Loveland Water District, Larimer and Weld
Counties, Colorado, Water Revenue Bonds, Series 2025
5
.000
12/01/32
6,232,000
1,000,000
Fort Collins-Loveland Water District, Larimer and Weld
Counties, Colorado, Water Revenue Bonds, Series 2025
5
.000
12/01/33
1,139,503
576,000
Independence Water & Sanitation District, Elbert County,
Colorado, Special Revenue Bonds, Refunding and
Improvement Series 2024
5
.125
12/01/33
592,509
2,205,000
Metropolitan Wastewater Reclamation District, Colorado,
Sewer Revenue Bonds, Improvement Series 2026A
4
.125
04/01/47
2,099,867
1,040,000
(c)
Peak Metropolitan District 1, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series 2021A
4
.000
12/01/35
936,347
3,945,000
(g)
Peak Metropolitan District 3, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Convertible Capital
Appreciation Bonds, Series 2022A-2
0
.000
12/01/42
2,892,468
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
50
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
750,000
Rampart Range Metropolitan District 5, Lone Tree, Douglas
County, Colorado, Limited Tax Supported and Special Revenue
Bonds, Series 2021
4
.000
%
12/01/36
$
708,796
600,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
01/15/28
616,998
550,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
07/15/28
570,773
750,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
01/15/29
783,753
500,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
07/15/29
525,834
555,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
01/15/30
587,047
445,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
07/15/30
473,132
1,035,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5
.000
01/15/31
1,105,484
3,400,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
4
.000
07/15/40
3,217,675
2,100,000
Riverwalk Metropolitan District 2, Glendale, Arapahoe County,
Colorado, Special Revenue Bonds, Series 2022A
4
.500
12/01/32
1,977,573
9,095,000
Riverwalk Metropolitan District 2, Glendale, Arapahoe County,
Colorado, Special Revenue Bonds, Series 2022A
5
.000
12/01/42
8,405,985
1,060,000
Snowmass Water and Sanitation District, Pitkin County,
Colorado, General Obligation Bonds, Series 2016
5
.000
12/01/36
1,070,602
1,000,000
Spring Mesa Metropolitan District, Jefferson County, Colorado,
General Obligation Bonds, Refunding Series 2015 - AGC
Insured
3
.750
12/01/44
920,299
600,000
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported and Special Revenue Bonds,
Special District 4, Series 2024A
6
.125
12/01/39
621,283
730,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
5
.000
12/01/41
637,517
1,025,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.250
12/01/32
1,032,344
TOTAL COLORADO
267,775,359
CONNECTICUT - 1.7%
5,050,000
(b)
Connecticut Health and Educational Facilities Authority, Chefa
Revenue Bonds, Yale University, Remarketing Series 2017B-2,
(Mandatory Put 7/01/26)
3
.200
07/01/37
5,057,445
1,890,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
5
.000
07/01/33
1,955,981
4,790,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/34
4,799,146
10,000,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/35
9,976,721
700,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Stamford Hospital, Series 2021L-1
4
.000
07/01/26
701,218
1,125,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Stamford Hospital, Series 2021L-1
4
.000
07/01/27
1,136,606
775,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Stamford Hospital, Series 2021L-1
4
.000
07/01/28
787,826
600,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Stamford Hospital, Series 2021L-1
4
.000
07/01/29
612,187
4,500,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Remarketing Series 1999U
5
.000
07/01/33
5,118,411
11,140,000
(b)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Series 2016A-2, (Mandatory
Put 7/01/26)
2
.000
07/01/42
11,123,431
1,220,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Variable Rate Demand
Obligations, Series 2001V-1
5
.000
07/01/36
1,403,851
51
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONNECTICUT
(continued)
$
3,790,000
(b)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale-New Haven Health Issue, Series 2024B,
(Mandatory Put 7/01/29)
5
.000
%
07/01/49
$
4,034,326
1,170,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2018D-1
4
.000
11/15/38
1,143,612
2,020,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2019B-1
3
.300
11/15/39
1,793,013
1,540,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2019E-1
2
.850
11/15/39
1,311,889
5,570,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2019F-1
2
.750
11/15/37
4,771,858
5,180,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020A-1
2
.450
05/15/38
4,191,334
2,035,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020A-1
3
.500
11/15/45
2,026,404
5,000,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020D-1
2
.350
11/15/40
3,894,205
2,850,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020E-1
2
.350
11/15/40
2,226,245
10,050,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020E-3
1
.850
05/15/38
7,385,886
11,105,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2021B-1
2
.100
11/15/40
8,367,650
22,870,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2021D-1
2
.300
11/15/41
17,178,503
1,025,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
4
.500
11/15/45
1,011,479
2,000,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Sustainability Green Series 2024D-1
4
.550
11/15/44
2,006,393
2,150,000
Connecticut State, General Obligation Bonds, Refunding Series
2023B
5
.000
08/01/26
2,167,849
8,955,000
Connecticut State, General Obligation Bonds, Refunding Series
2025D
5
.000
08/15/30
9,818,486
5,400,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2024B
5
.000
07/01/28
5,697,067
4,060,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2024B
5
.000
07/01/29
4,366,360
2,900,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2025A
5
.000
07/01/31
3,217,165
5,000,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2025A
5
.000
07/01/32
5,611,109
8,000,000
Greenwich, Connecticut, General Obligation Bonds, Bond
Anticipation Notes, Series 2026
4
.000
02/04/27
8,108,607
1,000,000
New Haven, Connecticut, General Obligation Bonds, Series
2025
5
.000
08/01/31
1,096,655
1,350,000
New Haven, Connecticut, General Obligation Bonds, Series
2025
5
.000
08/01/32
1,495,723
TOTAL CONNECTICUT
145,594,641
DELAWARE - 0.3%
2,855,000
(b)
Delaware Economic Development Authority, Exempt Facility
Revenue Bonds, NRG Energy Project, Refunding Series 2020B,
(Mandatory Put 10/01/35)
4
.000
10/01/40
2,811,280
2,505,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024A
4
.450
07/01/44
2,489,509
1,270,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B
4
.200
07/01/39
1,266,590
690,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B
4
.600
07/01/44
688,355
1,320,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024C
4
.450
07/01/44
1,311,837
2,040,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024D
4
.300
07/01/44
2,009,550
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
52
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DELAWARE
(continued)
$
1,260,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
4
.200
%
07/01/40
$
1,256,340
3,240,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025B
4
.650
07/01/40
3,306,387
1,750,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Taxable Series 2025D
4
.750
07/01/40
1,796,758
3,455,000
University of Delaware, Revenue Bonds, Series 2025A
5
.000
11/01/32
3,904,037
715,000
Wilmington, Delaware, General Obligation Bonds, Series 2025
5
.000
01/01/34
812,655
980,000
Wilmington, Delaware, General Obligation Bonds, Series 2025
5
.000
01/01/35
1,120,893
TOTAL DELAWARE
22,774,191
DISTRICT OF COLUMBIA - 1.5%
2,645,000
District of Columbia Student Dormitory Revenue Bonds,
Provident Group - Howard Properties LLC Issue, Series 2013
5
.000
10/01/30
2,645,330
143,565,000
District of Columbia Tobacco Settlement Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2006A
0
.000
06/15/46
33,068,274
8,340,000
District of Columbia Water and Sewer Authority, Public Utility
Revenue Bonds, Refunding Subordinate Lien Series 2014C
4
.000
10/01/41
7,850,188
3,190,000
District of Columbia, General Obligation Bonds, Series 2019A
5
.000
10/15/30
3,403,752
5,515,000
District of Columbia, General Obligation Bonds, Series 2024A
5
.000
08/01/41
6,026,045
9,165,000
District of Columbia, General Obligation Bonds, Series 2024A
5
.000
08/01/43
9,906,755
5,200,000
District of Columbia, General Obligation Bonds, Series 2026A
5
.000
06/01/30
5,669,927
7,000,000
(b)
District of Columbia, Revenue Bonds, Georgetown University,
Refunding Series 2025A, (Mandatory Put 4/03/35)
5
.000
04/01/60
7,665,081
1,260,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
Improvement Projects, Refunding First Senior Lien Series
2019A
5
.000
10/01/33
1,320,954
2,830,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
Improvement Projects, Refunding First Senior Lien Series
2019A
5
.000
10/01/34
2,960,646
1,625,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
Improvement Projects, Refunding First Senior Lien Series
2019A
5
.000
10/01/36
1,691,780
1,935,000
Metropolitan Washington Airports Authority, Virginia,
Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital
Improvement Projects, Refunding Second Senior Lien Series
2022A - AGM Insured
4
.000
10/01/52
1,664,342
5,610,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/26
5,674,983
5,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2019A, (AMT)
5
.000
10/01/31
5,298,494
8,300,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2021A, (AMT)
5
.000
10/01/27
8,560,851
2,460,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.000
10/01/33
2,685,168
5,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.000
10/01/34
5,430,364
2,440,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5
.000
10/01/35
2,635,364
3,620,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5
.000
10/01/27
3,733,769
5,795,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5
.000
10/01/28
6,081,896
2,840,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Green Series 2021A
5
.000
07/15/27
2,930,140
5,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2017B
5
.000
07/01/42
5,075,342
TOTAL DISTRICT OF COLUMBIA
131,979,445
53
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA - 3.9%
$
11,195,000
Broward County School Board, Florida, Certificates of
Participation, Series 2022A
5
.000
%
07/01/26
$
11,257,270
5,015,000
Broward County School Board, Florida, Certificates of
Participation, Series 2025A
5
.000
07/01/28
5,268,366
10,000,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2015A, (AMT)
5
.000
10/01/34
10,011,029
15,135,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2015A, (AMT)
5
.000
10/01/35
15,150,413
5,510,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2019A, (AMT)
5
.000
10/01/34
5,773,085
3,315,000
Broward County, Florida, Port Facilities Revenue Bonds, Series
2019B, (AMT)
2
.250
09/01/29
3,207,954
730,000
Cape Coral, Florida, Utility Improvement Assessment Bonds,
Refunding Various Areas Series 2017 - AGM Insured
2
.750
09/01/26
730,070
395,000
Cape Coral, Florida, Utility Improvement Assessment Bonds,
Refunding Various Areas Series 2017 - AGM Insured
3
.000
09/01/27
395,469
4,195,000
(c)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, Franklin Academy Projects, Series 2020
5
.000
12/15/35
4,144,913
160,000
(c)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Classical Preparatory Incorporated
Project, Series 2017A
5
.000
06/15/27
160,043
1,155,000
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Mater Academy Projects, Series
2020A
5
.000
06/15/35
1,163,986
1,000,000
(b),(c)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, GFL Solid Waste Southeast
LLC Project Series 2024A, (AMT), (Mandatory Put 10/01/31)
4
.375
10/01/54
1,005,173
6,250,000
(b)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, Waste Management, Inc.
Project, Series 2025A, (AMT), (Mandatory Put 9/01/28)
3
.400
09/01/50
6,252,236
4,720,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12
.000
07/15/32
978,785
20,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.000
07/01/38
14,900,000
16,285,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.000
07/01/41
12,132,325
5,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.250
07/01/53
4,856,950
30,615,000
(b),(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
1
.000
07/01/57
21,124,350
1,355,000
Florida Higher Educational Facilities Financing Authority,
Revenue Bonds, Nova Southeastern University Project,
Refunding Series 2016
5
.000
04/01/32
1,356,542
1,885,000
Florida Higher Educational Facilities Financing Authority,
Revenue Bonds, Nova Southeastern University Project,
Refunding Series 2016
5
.000
04/01/33
1,887,023
6,015,000
Florida Higher Educational Facilities Financing Authority,
Revenue Bonds, Nova Southeastern University Project,
Refunding Series 2016
5
.000
04/01/34
6,021,045
4,290,000
Florida Higher Educational Facilities Financing Authority,
Revenue Bonds, Nova Southeastern University Project,
Refunding Series 2016
5
.000
04/01/35
4,294,058
960,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2017-1
3
.600
07/01/37
917,820
1,990,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2018-2
4
.050
07/01/38
1,993,057
4,470,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2019-1
3
.000
07/01/39
3,891,188
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
54
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
7,550,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-5
4
.450
%
07/01/44
$
7,531,261
1,900,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
4
.600
07/01/40
1,925,003
4,115,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2026-1
6
.000
01/01/57
4,614,627
7,890,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Social Series 2021-2
2
.050
07/01/41
5,784,415
14,720,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5
.000
10/01/34
16,476,729
3,730,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5
.000
10/01/35
4,137,238
4,825,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/31
5,347,717
5,320,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/33
6,025,060
5,585,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/34
6,371,530
5,865,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/35
6,729,645
3,445,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
4
.250
07/01/49
3,273,225
1,980,000
Hillsborough County Industrial Development Authority, Florida,
Health System Revenue Bonds, BayCare Health System Series
2024C
5
.000
11/15/34
2,238,856
3,400,000
Hillsborough County, Florida, Solid Waste and Resource
Recovery Revenue Bonds, Refunding Series 2016A, (AMT)
4
.000
09/01/34
3,406,441
5,250,000
Jacksonville, Florida, Transportation Revenue Bonds, Refunding
Series 2026
5
.000
10/01/32
5,907,325
2,000,000
JEA, Florida, Electric System Revenue Bonds, Series Three
2024A
5
.000
10/01/30
2,190,165
5,195,000
JEA, Florida, Electric System Revenue Bonds, Subordinated
Series Three 2020A
5
.000
10/01/27
5,369,889
1,950,000
(f)
Manatee County School Board, Florida, Certificates of
Participation, Series 2026A
5
.000
07/01/32
2,158,480
5,115,000
(f)
Manatee County School Board, Florida, Certificates of
Participation, Series 2026A
5
.000
07/01/33
5,714,009
10,000,000
Miami Dade County, Florida, Professional Sports Franchise
Facilities Tax Revenue Bonds, Refunding Series 2009A - AGC
Insured
0
.000
10/01/45
3,911,211
5,060,000
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2018A
5
.000
04/01/53
5,060,952
2,175,000
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Refunding Series 2014B
5
.000
07/01/27
2,182,079
7,405,000
(b)
Miami-Dade County Industrial Development Authority, Florida,
Solid Waste Disposal Revenue Bonds, Waste Management Inc
Project, Series 2018B, (AMT), (Mandatory Put 7/01/26)
4
.000
11/01/48
7,410,067
3,000,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2024A, (AMT)
5
.000
10/01/27
3,090,266
7,350,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2024A, (AMT)
5
.000
10/01/29
7,824,424
16,265,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2024A, (AMT)
5
.000
10/01/33
17,955,078
6,000,000
Miami-Dade County, Florida, Water and Sewer System
Revenue Bonds, Refunding Series 2025B
5
.000
10/01/32
6,721,019
7,645,000
Orange County Health Facilities Authority Revenue Bonds,
Florida, Presbyterian Retirement Communities Obligated
Group Project Series 2023A
4
.000
08/01/36
7,580,554
4,010,000
Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th
Cent Contract Payments, Refunding Senior Series 2017A - AGM
Insured
5
.000
11/01/32
4,126,838
2,020,000
Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th
Cent Contract Payments, Refunding Senior Series 2017A - AGM
Insured
5
.000
11/01/34
2,072,469
55
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,000,000
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Refunding & Improvement Series 2019A-1
5
.000
%
10/01/49
$
992,866
6,190,000
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2025A
5
.000
08/01/30
6,745,626
585,000
(c)
Sawyers Landing Community Development District, Florida,
Special Assessment Revenue Bonds, Series 2021
4
.125
05/01/41
542,862
315,000
(c)
Seminole County Industrial Development Authority, Florida,
Educational Facilities Revenue Bonds, Galileo Schools for
Gifted Learning, Series 2021A
4
.000
06/15/36
295,419
425,000
(c)
Seminole County Industrial Development Authority, Florida,
Educational Facilities Revenue Bonds, Galileo Schools for
Gifted Learning, Series 2021A
4
.000
06/15/41
371,657
1,390,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/30
1,519,701
5,000,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/31
5,537,232
4,750,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/32
5,320,807
4,000,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/33
4,517,204
6,835,000
South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds, Baptist Health Systems of South Florida
Obligated Group, Refunding Series 2017
4
.000
08/15/42
6,479,368
1,890,000
Tampa, Florida, Capital Improvement Cigarette Tax Allocation
Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A
0
.000
09/01/34
1,377,897
1,495,000
(c)
Village Community Development District 15, Florida, Special
Assessment Revenue Bonds, Series 2024
4
.000
05/01/34
1,494,838
TOTAL FLORIDA
337,205,199
GEORGIA - 2.1%
1,000,000
(c)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-1
5
.000
04/01/34
1,017,815
4,150,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5
.000
07/01/33
4,569,052
7,000,000
Atlanta, Georgia, Airport Passenger Facilities Charge and
General Revenue Bonds, Subordinate Lien Green Series
2023E, (AMT)
5
.000
07/01/34
7,711,482
7,000,000
Atlanta, Georgia, Airport Passenger Facilities Charge and
General Revenue Bonds, Subordinate Lien Green Series
2023E, (AMT)
5
.000
07/01/35
7,666,968
6,250,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5
.000
04/01/32
7,002,226
1,850,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5
.000
04/01/33
2,094,221
6,000,000
Fulton County, Georgia, Water and Sewerage Revenue Bonds,
Refunding Series 2025
5
.000
01/01/33
6,779,516
1,315,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2018A
3
.600
12/01/33
1,308,604
1,240,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2018A
3
.850
12/01/38
1,190,637
2,940,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2019A
3
.050
12/01/34
2,754,263
4,565,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2019A
3
.350
12/01/39
4,106,108
8,290,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2019B
2
.950
12/01/39
7,145,725
4,250,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2021A
2
.400
12/01/41
3,226,076
990,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2023A
4
.150
12/01/38
990,692
3,925,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024A
4
.450
12/01/44
3,915,145
2,740,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024C
4
.000
12/01/39
2,684,706
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
56
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
5,040,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024C
4
.400
%
12/01/44
$
5,045,660
6,320,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025C
4
.800
12/01/40
6,483,544
3,450,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025G
6
.250
12/01/55
3,848,016
5,725,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Sub Series 2015A-1
3
.700
12/01/35
5,574,740
5,000,000
Georgia State, General Obligation Bonds, Series 2015A
4
.000
02/01/32
5,004,517
5,000,000
Georgia State, General Obligation Bonds, Series 2015A
4
.000
02/01/33
5,004,132
8,015,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4
.000
07/01/52
8,109,522
10,650,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022A, (Mandatory Put 12/01/29)
4
.000
09/01/52
10,758,501
11,685,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022B, (Mandatory Put 6/01/29)
5
.000
12/01/52
12,195,054
12,900,000
(b),(c)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4
.000
08/01/52
12,874,355
4,000,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023B, (Mandatory Put 3/01/30)
5
.000
07/01/53
4,195,619
4,000,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023E-1, (Mandatory Put 6/01/31)
5
.000
12/01/53
4,235,864
11,595,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024D, (Mandatory Put 4/01/31)
5
.000
04/01/54
12,316,781
3,000,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024E, (Mandatory Put 12/01/32)
5
.000
05/01/55
3,149,038
8,580,000
(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A, (Mandatory Put 6/01/32)
5
.000
06/01/55
9,180,562
6,750,000
Richmond County Board of Education, Georgia, General
Obligation Bonds, Sales Tax Series 2025
5
.000
10/01/32
7,595,132
TOTAL GEORGIA
179,734,273
GUAM - 0.1%
400,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/26
401,942
450,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/27
460,654
800,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/28
832,357
1,250,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/30
1,334,261
2,470,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/35
2,708,831
630,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/38
672,706
1,200,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024A
5
.000
07/01/39
1,278,233
650,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024B
5
.000
07/01/26
653,156
500,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024B
5
.000
07/01/27
511,838
1,000,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024B
5
.000
07/01/28
1,040,446
1,000,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024B
5
.000
07/01/29
1,055,753
1,100,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds,  Refunding Series 2024B
5
.000
07/01/30
1,174,150
TOTAL GUAM
12,124,327
57
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII - 0.4%
$
3,500,000
Hawaii County, Hawaii, General Obligation Bonds, Series
2017A
5
.000
%
09/01/29
$
3,574,489
21,240,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Refunding Series 2019
3
.200
07/01/39
17,914,600
6,515,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Series 2017A, (AMT)
3
.100
05/01/26
6,506,662
2,000,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Queens Health Systems, Series 2025A
5
.000
07/01/30
2,165,989
1,000,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Queens Health Systems, Series 2025A
5
.000
07/01/32
1,107,129
1,000,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Queens Health Systems, Series 2025A
5
.000
07/01/33
1,115,937
1,015,000
Hawaii State, General Obligation Bonds, Series 2017FK
5
.000
05/01/34
1,036,395
1,340,000
Honolulu City and County, Hawaii, Wastewater System Revenue
Bonds, First Bond Resolution, Senior Refunding Series 2025A
5
.000
07/01/37
1,511,071
TOTAL HAWAII
34,932,272
IDAHO - 0.2%
310,000
Boise City, Idaho, Airport Revenue Bonds, Aircraft Maintenance
Facilities Project, Subordinate Series 2015, (AMT)
3
.750
09/01/32
306,224
1,455,000
Boise City, Idaho, Airport Revenue Bonds, Employee Parking
Facilities Project, Series 2021B, (AMT)
4
.000
09/01/46
1,306,978
1,210,000
Boise City, Idaho, Airport Revenue Bonds, Public Parking
Facilities Project, Refunding Series 2021A
5
.000
09/01/51
1,223,062
1,800,000
(b)
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE
Trinity Helath Group, Series 2013ID, (Mandatory Put 5/01/26)
2
.625
12/01/48
1,799,667
110,000
(b)
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2025B, (Mandatory Put 3/01/32)
5
.000
03/01/60
119,098
1,000,000
(c)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, Victory Charter School, Inc. Project, Refunding
Series 2016A
5
.000
07/01/39
974,527
895,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2019C
2
.900
07/01/39
771,468
4,820,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, Series 2024A
4
.450
01/01/44
4,773,280
10,430,000
(c)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2021
3
.750
09/01/51
9,949,079
TOTAL IDAHO
21,223,383
ILLINOIS - 5.6%
4,700,000
Berwyn, Cook County, Illinois, General Obligation Bonds,
Series 2014A
5
.000
12/01/34
4,660,851
1,026,000
Cary, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2016 - BAM Insured
2
.900
03/01/28
1,019,613
943,000
Cary, Illinois, Special Tax Bonds, Special Service Area 1,
Refunding Series 2016 - BAM Insured
3
.050
03/01/30
943,007
1,391,000
Cary, Illinois, Special Tax Bonds, Special Service Area 2,
Refunding Series 2016 - BAM Insured
2
.900
03/01/28
1,382,341
1,418,000
Cary, Illinois, Special Tax Bonds, Special Service Area 2,
Refunding Series 2016 - BAM Insured
3
.050
03/01/30
1,418,010
1,380,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5
.000
12/01/41
1,499,479
1,250,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5
.000
12/01/42
1,355,260
5,950,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Second Lien Series 2020A
5
.000
12/01/45
6,069,401
6,005,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2018B
5
.000
01/01/37
6,253,155
1,010,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2022A
4
.500
01/01/48
956,249
4,740,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
01/01/29
4,995,432
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
58
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
7,965,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
%
01/01/30
$
8,508,213
1,100,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2024A
5
.000
01/01/27
1,116,809
1,285,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2024A
5
.000
01/01/28
1,329,748
1,500,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2024A
5
.000
01/01/29
1,576,774
1,000,000
Cook County Community Consolidated School District 64,
Illinois, Park Ridge, General Obligation Bonds, School Series
2025
5
.000
12/01/43
1,060,755
2,550,000
Cook County Community Consolidated School District 64,
Illinois, Park Ridge, General Obligation Bonds, School Series
2025
4
.250
12/01/47
2,460,154
3,450,000
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A
4
.000
11/15/41
3,298,835
1,150,000
DuPage County Forest Preserve District, Illinois, General
Obligation Bonds, Limited Tax Series 2025
5
.000
11/01/28
1,216,852
4,020,000
DuPage County School District 58 Downers Grove, Illinois,
General Obligation Bonds,  School Series 2022
5
.250
12/15/39
4,389,834
1,000,000
Effingham and Clay Counties Community Unit School District
Number 40, Effingham,  Illinois, General Obligation Bonds,
School Series 2019A - BAM Insured
4
.000
12/01/30
1,019,643
1,000,000
Effingham and Clay Counties Community Unit School District
Number 40, Effingham,  Illinois, General Obligation Bonds,
School Series 2019A - BAM Insured
4
.000
12/01/34
1,008,053
1,395,000
Effingham and Clay Counties Community Unit School District
Number 40, Effingham,  Illinois, General Obligation Bonds,
School Series 2019A - BAM Insured
4
.000
12/01/35
1,400,926
1,455,000
Effingham and Clay Counties Community Unit School District
Number 40, Effingham,  Illinois, General Obligation Bonds,
School Series 2019A - BAM Insured
4
.000
12/01/36
1,458,222
1,625,000
Elmhurst Park District, DuPage and Cook Counties, Illinois,
General Obligation Bonds, Series 2025
4
.125
12/15/45
1,578,989
1,045,000
Huntley, Illinois, Special Tax Bonds, Special Service Area 9,
Refunding Series 2017 - BAM Insured
3
.150
03/01/27
1,045,253
1,000,000
(b)
Illinois Development Finance Authority, Solid Waste Disposal
Revenue Bonds, Waste Management Inc. Project, Series 2019,
(Mandatory Put 11/02/26)
3
.450
11/01/44
1,000,877
3,390,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Refunding Series 2008A-2
4
.000
11/01/30
3,446,259
3,690,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Refunding Series 2008A-3
5
.000
11/01/30
3,834,061
4,960,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Series 2008A-1
4
.000
11/01/30
5,042,557
6,400,000
Illinois Finance Authority, Revenue Bonds, Ann & Robert H.
Lurie Children's Hospital of Chicago, Refunding Series 2017
4
.000
08/15/39
6,054,756
2,130,000
Illinois Finance Authority, Revenue Bonds, Art Institute of
Chicago, Series 2016
5
.000
03/01/30
2,132,269
28,010,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4
.000
02/15/41
28,350,058
85,000
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C
4
.000
02/15/41
81,631
915,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health
Alliance, Series 2016C, (Pre-refunded 2/15/27)
4
.000
02/15/41
926,109
2,375,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
3
.625
02/15/32
2,395,796
10,000,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
3
.750
02/15/34
10,098,266
70,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
4
.000
02/15/41
70,850
59
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,505,000
(e)
Illinois Finance Authority, Revenue Bonds, Ascension Health/
fkaPresence Health Network, Series 2016C, (Pre-refunded
2/15/27)
4
.000
%
02/15/41
$
1,523,272
2,505,000
Illinois Finance Authority, Revenue Bonds, Memorial Health
System, Series 2019
5
.000
04/01/31
2,635,076
1,300,000
Illinois Finance Authority, Revenue Bonds, Memorial Health
System, Series 2019
5
.000
04/01/32
1,362,387
4,510,000
Illinois Finance Authority, Revenue Bonds, Memorial Health
System, Series 2019
5
.000
04/01/34
4,696,775
7,610,000
Illinois Finance Authority, Revenue Bonds, Memorial Health
System, Series 2019
5
.000
04/01/36
7,872,761
2,410,000
(e)
Illinois Finance Authority, Revenue Bonds, Northwest
Community Hospital, Refunding Series 2016A, (Pre-refunded
7/01/26)
5
.000
07/01/33
2,424,502
3,170,000
(e)
Illinois Finance Authority, Revenue Bonds, Northwest
Community Hospital, Refunding Series 2016A, (Pre-refunded
7/01/26)
5
.000
07/01/34
3,189,076
5,010,000
(e)
Illinois Finance Authority, Revenue Bonds, Northwest
Community Hospital, Refunding Series 2016A, (Pre-refunded
7/01/26)
5
.000
07/01/35
5,040,148
1,000,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/27
1,001,383
1,935,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/28
1,942,302
2,000,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/29
2,007,484
795,000
Illinois Finance Authority, Revenue Bonds, Roosevelt University,
Series 2007
5
.400
04/01/27
795,363
4,000,000
(b)
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025B-1, (Mandatory
Put 8/15/30)
5
.000
08/15/43
4,239,643
4,000,000
(b)
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025B-2, (Mandatory
Put 8/15/35)
5
.000
08/15/44
4,432,477
1,545,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Refunding Series 2017C
5
.000
03/01/32
1,562,237
2,760,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Refunding Series 2017C
5
.000
03/01/33
2,787,930
2,005,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Refunding Series 2017C
5
.000
03/01/34
2,023,276
1,815,000
Illinois FInance Authority, Revenue Bonds, Southern Illinois
Healthcare Enterprises, Inc., Refunding Series 2017C
4
.000
03/01/35
1,757,545
3,150,000
(b)
Illinois Finance Authority, Revenue Bonds, University of
Chicago Medicine, Series 2022A, (Mandatory Put 8/15/27)
5
.000
08/15/52
3,220,469
8,750,000
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2014A
4
.000
10/01/38
8,750,182
5,100,000
(b)
Illinois Finance Authority, Revenue Bonds, University of
Chicago, Series 2021B, (Mandatory Put 8/15/31)
5
.000
08/15/53
5,498,479
3,070,000
(b),(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,
Series 2017, (AMT), (Mandatory Put 7/02/35)
4
.800
12/01/43
3,093,144
7,500,000
(b),(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPointJoliet Terminal Railroad Project,
Series 2016, (AMT), (Mandatory Put 12/31/34)
4
.125
12/01/43
7,324,573
13,655,000
(b),(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPointJoliet Terminal Railroad Project,
Series 2020, (AMT), (Mandatory Put 12/31/34)
4
.125
12/01/50
13,335,605
1,000,000
(b)
Illinois Finance Authority, Water Facilities Revenue Bonds,
American Water Capital Corporation Project, Refunding Series
2019, (Mandatory Put 10/01/29)
2
.450
10/01/39
967,234
21,355,000
Illinois Housing Development Authority, Revenue Bonds,
Green Series 2021B
2
.150
10/01/41
15,783,775
560,000
Illinois Housing Development Authority, Revenue Bonds, Series
2019D
2
.950
10/01/39
484,177
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
60
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
5,475,000
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2024I
4
.450
%
10/01/44
$
5,461,630
20,000,000
Illinois Municipal Electric Agency, Power Supply System
Revenue Bonds, Refunding Series 2025A
5
.000
02/01/34
22,538,358
1,000,000
Illinois State, General Obligation Bonds, June Series 2016
5
.000
06/01/28
1,003,348
3,090,000
Illinois State, General Obligation Bonds, June Series 2016
3
.500
06/01/29
3,090,824
12,200,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/26
12,355,201
1,100,000
Illinois State, General Obligation Bonds, November Series
2016
5
.000
11/01/27
1,113,158
3,225,000
Illinois State, General Obligation Bonds, November Series
2017C
5
.000
11/01/29
3,315,733
1,460,000
Illinois State, General Obligation Bonds, November Series
2017D
3
.250
11/01/26
1,463,903
6,135,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/26
6,213,046
16,075,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/27
16,610,355
4,950,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/28
5,097,331
2,000,000
Illinois State, General Obligation Bonds, November Series
2019B
5
.000
11/01/30
2,126,431
3,570,000
Illinois State, General Obligation Bonds, Refunding October
Series 2024
5
.000
02/01/27
3,634,985
2,000,000
Illinois State, General Obligation Bonds, Refunding October
Series 2024
5
.000
02/01/28
2,076,084
2,205,000
Illinois State, General Obligation Bonds, Refunding October
Series 2024
5
.000
02/01/29
2,327,658
1,600,000
Illinois State, General Obligation Bonds, Refunding September
Series 2018B
5
.000
10/01/32
1,661,043
7,100,000
Illinois State, General Obligation Bonds, Taxable September
Series 2025B
5
.250
09/01/29
7,615,951
6,615,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Lien Series 2016A
5
.000
12/01/31
6,626,283
7,160,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Lien Series 2016A
5
.000
12/01/32
7,176,563
5,800,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Series 2024A
5
.000
01/01/36
6,458,207
9,860,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2014C
5
.000
01/01/36
9,873,496
10,015,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2014C
5
.000
01/01/39
10,025,542
13,090,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015A
5
.000
01/01/40
13,089,025
3,540,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Senior Lien Series 2015B
5
.000
01/01/40
3,539,736
2,520,000
Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2001 - FGIC Insured
6
.000
11/01/26
2,554,773
1,485,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5
.000
12/01/30
1,505,855
1,215,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5
.000
12/01/31
1,231,336
1,645,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5
.000
12/01/32
1,665,807
1,725,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5
.000
12/01/33
1,745,331
1,815,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5
.000
12/01/34
1,834,830
61
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,845,000
LaSalle County, Illinois, General Obligation Bonds, Self-
Insurance Series 2019
4
.000
%
12/01/27
$
1,878,663
1,925,000
LaSalle County, Illinois, General Obligation Bonds, Self-
Insurance Series 2019
4
.000
12/01/28
1,963,565
1,560,000
LaSalle County, Illinois, General Obligation Bonds, Self-
Insurance Series 2019
4
.000
12/01/29
1,589,362
1,500,000
Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and
Greene Counties Community College District 536, Illinois,
General Obligation Bonds, Lewis & Clark Community College,
Refunding Series 2017A - AGM Insured
5
.000
11/01/31
1,517,771
4,385,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A - BAM
Insured
4
.000
06/15/50
3,929,609
1,905,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2012B
0
.000
12/15/51
520,623
1,810,000
(g)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
0
.000
12/15/37
1,437,407
9,045,000
(g)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
0
.000
12/15/42
6,875,726
6,000,000
(g)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
0
.000
12/15/47
4,352,972
1,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2020B
5
.000
06/15/42
1,027,927
9,580,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/29
8,474,435
3,970,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A
0
.000
06/15/30
3,444,447
15,000,000
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
AGM Insured
0
.000
12/15/40
7,922,909
365,000
Montgomery, Illinois, Lakewood Creek Project Special
Assessment Bonds, Series 2018 - BAM Insured
3
.200
03/01/27
366,203
250,000
Montgomery, Illinois, Lakewood Creek Project Special
Assessment Bonds, Series 2018 - BAM Insured
3
.300
03/01/28
250,567
432,000
Montgomery, Illinois, Lakewood Creek Project Special
Assessment Bonds, Series 2018 - BAM Insured
3
.450
03/01/30
433,241
260,000
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill
Station Redevelopment Project, Senior Lien Series 2019
4
.250
01/01/29
259,997
10,020,000
Northern Illinois Municipal Power Agency, Power Project
Revenue Bonds, Prairie State Project, Refunding Series 2016A
5
.000
12/01/41
10,081,280
325,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
5
.000
10/01/27
333,526
650,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
5
.000
10/01/28
679,781
1,488,000
Plano, Illinois, Special Tax Bonds, Special Service Area 1 &
2 Lakewood Springs Project, Refunding Series 2014 - AGM
Insured
5
.000
03/01/29
1,490,014
3,065,000
(e)
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco
Settlement Revenue Bonds, Series 2017, (Pre-refunded
6/01/26)
5
.000
06/01/27
3,077,794
1,283,000
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood
Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 -
BAM Insured
3
.700
03/01/29
1,290,037
1,073,000
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood
Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 -
BAM Insured
3
.800
03/01/30
1,079,157
2,187,000
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood
Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 -
BAM Insured
4
.000
03/01/33
2,201,032
2,125,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitization Bonds, Refunding Second Lien Series 2024A
5
.000
01/01/37
2,309,814
2,440,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitzation Bonds, Second Lien Series 2020A
5
.000
01/01/36
2,545,607
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
62
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
2,435,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitzation Bonds, Second Lien Series 2020A - BAM Insured
5
.000
%
01/01/37
$
2,550,798
2,715,000
Southwestern Illinois Development Authority, Illinois, Local
Government Revenue Bonds, Triad Community Unit School
District 2 Project, Series 2025B - BAM Insured
5
.000
04/01/39
2,948,703
2,105,000
Southwestern Illinois Development Authority, Illinois, Local
Government Revenue Bonds, Triad Community Unit School
District 2 Project, Series 2025B - BAM Insured
5
.000
04/01/40
2,264,722
3,960,000
Southwestern Illinois Development Authority, Illinois, Local
Government Revenue Bonds, Triad Community Unit School
District 2 Project, Series 2025B - BAM Insured
5
.000
04/01/41
4,228,238
2,935,000
Southwestern Illinois Development Authority, Local
Government Program Revenue Bonds, Southwestern Illinois
Flood District Council Project, Series 2016B
4
.000
10/15/40
2,905,272
965,000
Southwestern Illinois Development Authority, Local
Government Program Revenue Bonds, Southwestern Illinois
Flood District Council Project, Series 2020
4
.000
04/15/34
980,510
1,250,000
Southwestern Illinois Development Authority, Local
Government Program Revenue Bonds, Southwestern Illinois
Flood District Council Project, Series 2020
4
.000
10/15/35
1,262,377
5,675,000
Will County Community High School District 210 Lincoln-
Way, Illinois, General Obligation Bonds, Capital Appreciation
Refunding School Series 2013B
0
.000
01/01/30
4,957,024
TOTAL ILLINOIS
494,669,555
INDIANA - 2.4%
830,000
(b)
Indiana Finance Authority, Economic Development Revenue
Bonds, Republic Service, Inc. Project, Refunding Series 2010A,
(AMT), (Mandatory Put 6/01/26)
2
.900
05/01/28
829,902
2,100,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Earlham College, Refunding Series 2013A
5
.000
10/01/32
2,056,771
3,500,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, University of Indianapolis Project, Series 2017
5
.000
10/01/43
3,407,835
6,750,000
Indiana Finance Authority, Environmental Facilities Revenue
Bonds, Indianapolis Power & Light Company Project, Refunding
Series 2021B, (Mandatory Put 8/01/26)
1
.400
08/01/29
6,170,745
4,000,000
(b)
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, Southern Indiana Gas & Electric Company,
Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28)
4
.000
05/01/43
4,051,408
2,375,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project,
Refunding Series 2021A
4
.125
12/01/26
2,383,885
6,440,000
(b)
Indiana Finance Authority, Hospital Revenue Bonds, Goshen
Health, Series 2019B, (Mandatory Put 11/01/26)
2
.100
11/01/49
6,355,720
12,830,000
(b)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Obligation Group, Long Term Rate Series
2023B-3, (Mandatory Put 7/01/32)
5
.000
10/01/55
14,084,008
3,850,000
(b)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-1, (Mandatory Put 10/01/29)
5
.000
10/01/64
4,123,471
9,530,000
(b)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-2, (Mandatory Put 10/01/31)
5
.000
10/01/63
10,393,470
5,000,000
Indiana Finance Authority, Revenue Bonds, Ascension Senior
Credit Group, Series 2025A-1
5
.000
11/15/30
5,437,406
1,710,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, Series 2014A
5
.000
10/01/26
1,713,594
1,470,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Series 2021A
2
.050
07/01/41
1,077,705
11,335,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social PAC Series
2021B
2
.125
07/01/41
8,365,678
1,500,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social Series 2024A-1
4
.500
07/01/44
1,493,176
5,005,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social Series 2024B-1
4
.650
07/01/44
5,025,853
63
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
7,665,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social Series 2024C-1
4
.550
%
07/01/44
$
7,658,466
14,375,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Airport Authority Project Revenue Bonds, Refunding Series
2019D, (AMT)
5
.000
01/01/27
14,595,744
4,230,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Airport Authority Project Revenue Bonds, Refunding Series
2019D, (AMT)
5
.000
01/01/29
4,452,221
3,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)
5
.000
01/01/27
3,046,068
3,150,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Airport Authority Project Revenue Bonds, Series 2023I-2, (AMT)
5
.000
01/01/28
3,260,239
1,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Local Income Tax Revenue Bonds, Indianapolis Public
Transportation Corporation Project, Green Series 2025A
5
.000
07/15/37
1,108,453
1,375,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Local Income Tax Revenue Bonds, Indianapolis Public
Transportation Corporation Project, Green Series 2025A
5
.000
07/15/43
1,452,130
1,000,000
IPS Multi-School Building Corporation, Indiana, First Mortgage
Revenue Bonds, Ad Valorem Property Tax Social Series 2025
5
.000
07/15/36
1,124,572
2,000,000
IPS Multi-School Building Corporation, Indiana, First Mortgage
Revenue Bonds, Refunding & Improvement, Social Series 2024
5
.000
07/15/43
2,122,180
4,500,000
IPS Multi-School Building Corporation, Indiana, First Mortgage
Revenue Bonds, Social Series 2024
5
.000
07/15/41
4,813,404
4,750,000
IPS Multi-School Building Corporation, Indiana, First Mortgage
Revenue Bonds, Social Series 2024
5
.000
07/15/44
4,989,365
4,000,000
(b)
Mount Vernon, Indiana, Environmental Improvement Revenue
Bonds, Southern Indiana Gas and Electric Company Project,
Series 2015, (AMT), (Mandatory Put 9/01/28)
4
.250
09/01/55
4,039,447
33,040,000
Richmond Hospital Authority, Indiana, Revenue Bonds, Reid
Hospital Project, Refunding Series 2018B
5
.000
01/01/36
33,205,623
7,675,000
(b)
Rockport, Indiana, Pollution Control Revenue Refunding Bonds,
Indiana Michigan Power Company Project, Series 2025A,
(Mandatory Put 6/01/29)
3
.700
06/01/47
7,801,628
2,320,000
Valparaiso 21st Century School Building Corporation, Porter
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Refunding Series 2025
5
.000
07/15/32
2,579,207
2,480,000
(c)
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt
Paper LLC Project, Refunding Series 2024, (AMT)
4
.500
01/01/34
2,519,277
1,340,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2024A
- BAM Insured
5
.250
07/15/39
1,476,784
1,750,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2024A
- BAM Insured
5
.250
07/15/41
1,910,356
2,070,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
- BAM Insured
5
.000
07/15/35
2,286,267
2,190,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
- BAM Insured
5
.000
07/15/36
2,400,943
1,535,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
- BAM Insured
5
.000
07/15/37
1,671,172
17,320,000
(b)
Whiting, Indiana, Environmental Facilities Refunding Revenue
Bonds, BP Products North America Inc. Project, Refunidng
Series 2019A, (AMT), (Mandatory Put 6/05/26)
5
.000
12/01/44
17,380,793
4,375,000
(b)
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP
Products North America Inc. Project, Series 2008, (Mandatory
Put 6/21/35)
4
.200
06/01/44
4,506,074
TOTAL INDIANA
207,371,040
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
64
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IOWA - 0.9%
$
3,120,000
Des Moines, Iowa, General Obligation Bonds, Series 2025A
5
.000
%
06/01/33
$
3,520,114
2,555,000
Des Moines, Iowa, General Obligation Bonds, Series 2025A
5
.000
06/01/34
2,874,410
3,740,000
Des Moines, Iowa, General Obligation Bonds, Series 2025A
5
.000
06/01/35
4,171,986
1,755,000
Iowa City Community School District, Johnson County, Iowa,
General Obligaiton Bonds, School Series 2020 - BAM Insured
2
.500
06/01/39
1,398,528
7,300,000
Iowa Finance Authority, Health Facilities Revenue Bonds,
UnityPoint Health Project,  Series 2014C
4
.125
02/15/35
7,299,801
5,625,000
(b),(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/32)
4
.000
12/01/50
6,000,807
5,540,000
(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
6,243,831
9,030,000
(b),(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/42)
5
.000
12/01/50
10,177,219
2,000,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Series 2019D
2
.600
07/01/37
1,702,263
4,835,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Series 2020A
3
.750
01/01/50
4,838,811
7,400,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2021B
2
.200
07/01/41
5,497,434
2,250,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2021D
2
.100
07/01/38
1,758,008
2,835,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2024C
4
.500
07/01/44
2,822,103
800,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/27
818,733
2,100,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/28
2,189,632
1,600,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/30
1,718,079
1,605,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/31
1,746,269
1,610,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/32
1,742,580
1,000,000
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Bonds, Senior Class 1 Series 2021A-2
5
.000
06/01/33
1,077,801
8,180,000
(b)
PEFA Inc., Public Energy Facilities Authority, Inc., Iowa, Gas
Project Revenue Bonds, Series 2019, (Mandatory Put 9/01/26)
5
.000
09/01/49
8,242,061
5,000,000
Polk County, Iowa, General Obligation Capital Loan Notes,
Series 2025B
5
.000
06/01/45
5,247,324
1,000,000
Waterloo Community School District, Iowa, School
Infrastructure Sales, Services and Use Tax Revenue Bonds,
Series 2025 - BAM Insured
4
.500
07/01/43
1,008,327
TOTAL IOWA
82,096,121
KANSAS - 0.3%
6,960,000
Hutchinson, Kansas, General Obligation Bonds, Temporary
Notes Series 2025D
3
.375
10/01/28
6,976,401
3,635,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/29
3,918,878
5,000,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/30
5,481,628
5,000,000
(b)
Kansas Development Finance Authority, Hospital Revenue
Bonds, Advent Health Obligated Group, Series 2021B,
(Mandatory Put 11/15/31)
5
.000
11/15/54
5,472,468
5,000,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5
.000
06/15/28
5,019,433
65
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KANSAS
(continued)
$
2,400,000
(c)
Wyandotte County-Kansas City Unified Government, Kansas,
Sales Tax Special Obligation Bonds, Village East Project Areas
2B 3 and 5, Series 2022
5
.750
%
09/01/39
$
2,441,195
TOTAL KANSAS
29,310,003
KENTUCKY - 1.8%
110,000
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland
Hospital Corporation d/b/a King's Daughters Medical Center
Project, Refunding Series 2019
4
.000
02/01/33
109,486
500,000
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland
Hospital Corporation d/b/a King's Daughters Medical Center
Project, Refunding Series 2019
4
.000
02/01/34
492,282
180,000
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland
Hospital Corporation d/b/a King's Daughters Medical Center
Project, Refunding Series 2019
4
.000
02/01/35
176,004
1,110,000
Ashland, Kentucky, Medical Center Revenue Bonds, Ashland
Hospital Corporation d/b/a King's Daughters Medical Center
Project, Refunding Series 2019
4
.000
02/01/36
1,075,644
5,000,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Refunding Series
2006B, (AMT)
2
.125
10/01/34
4,166,615
21,420,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Series 2008A,
(AMT)
2
.000
02/01/32
18,899,374
1,000,000
Christian County, Kentucky, Hospital Revenue Bonds, Jennie
Stuart Medical Center, Series 2016
5
.375
02/01/36
1,000,844
3,515,000
Kentucky Asset/Liability Commission, General Fund Revenue
Project Notes, Federal Highway Trust Fund, First Refunding
Series 2024A
5
.000
09/01/26
3,547,408
3,200,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Health, Refunding Series 2017A
5
.000
06/01/37
3,207,586
1,190,000
Kentucky Economic Development Finance Authority, Hospital
Revenue Bonds, Owensboro Medical Health System, Series
2015A
4
.500
06/01/46
1,067,885
2,465,000
Kentucky Economic Development Finance Authority, Revenue
Bonds, CommonSpirit Health, Series 2019A-1
5
.000
08/01/28
2,573,859
1,635,000
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C
4
.400
07/01/44
1,610,784
1,555,000
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025A
4
.200
07/01/40
1,548,834
1,000,000
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025A
4
.500
07/01/45
992,476
1,000,000
Kentucky Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025C
4
.900
07/01/45
1,017,560
4,605,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 119, Series 2018
5
.000
05/01/37
4,735,479
2,650,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 131, Series 2024A
5
.000
10/01/28
2,803,526
3,250,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/31
3,596,873
5,000,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/33
5,621,449
9,875,000
Louisville and Jefferson County Metropolitan Government
Board of Water Works, Kentucky, Water System Revenue
Bonds, Series 2025
5
.000
11/15/33
11,284,465
12,025,000
Louisville and Jefferson County Metropolitan Sewer District,
Kentucky, Sewer and Drainage System Revenue Bonds,
Refunding Series 2025A
5
.000
05/15/33
13,570,021
1,320,000
Louisville Regional Airport Authority, Kentucky, Airport System
Revenue Bonds, Refunding Series 2014A, (AMT)
5
.000
07/01/26
1,324,243
3,280,000
Louisville Regional Airport Authority, Kentucky, Airport System
Revenue Bonds, Refunding Series 2014A, (AMT)
5
.000
07/01/28
3,286,064
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
66
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
(continued)
$
7,800,000
(b)
Louisville/Jefferson County Metro Government, Kentucky,
Health System Revenue Bonds, Norton Healthcare, Inc., Series
2023B, (Mandatory Put 10/01/29)
5
.000
%
10/01/47
$
8,246,794
6,110,000
Louisville-Jefferson County Metropolitan Government,
Kentucky, Pollution Control Revenue Bonds, Louisville Gas and
Electric Company Project, Series 2003A
2
.000
10/01/33
5,211,501
1,060,000
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-
Calloway County Public Hospital Corporation Project,
Refunding Series 2016
5
.000
08/01/26
1,063,694
1,110,000
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-
Calloway County Public Hospital Corporation Project,
Refunding Series 2016
5
.000
08/01/27
1,114,488
1,165,000
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-
Calloway County Public Hospital Corporation Project,
Refunding Series 2016
5
.000
08/01/28
1,169,388
1,230,000
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-
Calloway County Public Hospital Corporation Project,
Refunding Series 2016
5
.000
08/01/29
1,234,198
2,935,000
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-
Calloway County Public Hospital Corporation Project,
Refunding Series 2016
5
.000
08/01/37
2,937,625
15,000,000
(b)
Owen County, Kentucky, Waterworks System Revenue Bonds,
Kentucky-American Water Company Project, Refunding Series
2019A, (Mandatory Put 10/01/29)
2
.450
06/01/39
14,508,516
18,405,000
(b)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5
.000
01/01/55
19,493,093
1,000,000
(b)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2022A-1, (Mandatory Put 8/01/30)
4
.000
08/01/52
1,011,505
1,255,000
Rural Water Financing Agency, Kentucky, Public Projects
Revenue Bonds, Flexible Term Program, Series 2025H
3
.000
08/01/40
1,054,363
3,335,000
(b)
Trimble County, Kentucky, Environmental Facilities Revenue
Bonds, Louisville Gas & Electric Company Project, Series
2023A, (AMT), (Mandatory Put 6/01/27)
4
.700
06/01/54
3,375,422
5,700,000
(b)
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2016A,
(AMT), (Mandatory Put 9/01/27)
1
.300
09/01/44
5,526,353
1,300,000
University of Kentucky, General Receipts Bonds, Series 2018A
3
.000
10/01/34
1,226,112
5,475,000
University of Kentucky, General Receipts Bonds, Series 2018A
3
.125
10/01/37
5,000,840
TOTAL KENTUCKY
159,882,653
LOUISIANA - 1.7%
14,510,000
Calcasieu Parish Memorial Hospital Service District, Louisiana,
Revenue Bonds, Lake Charles Memorial Hospital, Refunding
Series 2019
5
.000
12/01/34
14,570,469
2,895,000
East Baton Rouge Parish Capital Improvement District,
Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024
5
.000
08/01/38
3,199,760
2,080,000
East Baton Rouge Parish Capital Improvement District,
Louisiana, Movebr Sales Tax Revenue Bonds, Series 2024
5
.000
08/01/39
2,282,406
870,000
Greater New Orleans Expressway Commission, Louisiana, Toll
Revenue Bonds, Subordinate Lien Refunding Series 2025
5
.000
11/01/42
928,253
5,295,000
Livingston Parish, Louisiana, Sales Tax Revenue Bonds, Series
2025
5
.000
10/01/31
5,841,258
2,470,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2021D
2
.350
12/01/41
1,871,756
3,050,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A
4
.400
12/01/44
3,004,189
2,085,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025A
4
.150
12/01/40
2,060,561
3,585,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Series 2025A
4
.500
12/01/45
3,535,894
1,090,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Bossier City, Louisiana Project, Refunding Series 2025
5
.000
06/01/33
1,220,828
67
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
11,230,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Entergy Lousiana, LLC Project, Refunding Series 2021B
2
.500
%
04/01/36
$
9,574,700
11,250,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Westlake
Chemical Corporation Projects, Refunding Series 2017
3
.500
11/01/32
10,934,391
1,430,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/28
1,462,481
1,065,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/29
1,088,698
1,185,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/30
1,209,858
1,765,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/31
1,799,175
1,150,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/32
1,170,658
2,695,000
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2017
5
.000
05/15/46
2,700,597
1,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Ochsner Clinic Foundation Project, Refunding Series 2025B
5
.000
05/15/30
1,072,935
1,000,000
(d)
Louisiana Public Facilities Authority, Revenue Bonds,
Archdiocese of New Orleans, Refunding Series 2017
5
.000
07/01/37
415,000
25,000
(e)
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016, (Pre-
refunded 5/15/26)
5
.000
05/15/30
25,075
1,110,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
5
.000
05/15/30
1,112,584
35,000
(e)
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016, (Pre-
refunded 5/15/26)
5
.000
05/15/32
35,105
3,430,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
5
.000
05/15/32
3,437,527
40,000
(e)
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016, (Pre-
refunded 5/15/26)
5
.000
05/15/33
40,120
3,915,000
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Refunding Series 2016
5
.000
05/15/33
3,923,274
1,100,000
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT)
5
.500
09/01/54
1,114,224
930,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Second Lien Series 2025A
4
.000
05/01/40
919,579
5,000,000
Louisiana State, General Obligation Bonds, Series 2016A
5
.000
09/01/34
5,041,262
7,050,000
Louisiana State, General Obligation Bonds, Series 2019A
5
.000
03/01/33
7,442,069
900,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, Louis Armstrong New Orleans International
Airport, Series 2023B, (AMT)
5
.000
01/01/37
958,154
980,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, Louis Armstrong New Orleans International
Airport, Series 2023B, (AMT)
5
.000
01/01/39
1,032,267
1,420,000
New Orleans Aviation Board, Louisiana, General Airport
Revenue Bonds, Louis Armstrong New Orleans International
Airport, Series 2023B, (AMT)
5
.000
01/01/40
1,488,767
5,195,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2021A
5
.000
12/01/26
5,267,485
6,105,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2024A
5
.000
12/01/40
6,326,940
795,000
New Orleans, Louisiana, General Obligation Bonds, Refunding
Series 2015
5
.000
12/01/27
796,146
3,265,000
(b),(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010B, (Mandatory Put 6/01/30)
6
.100
12/01/40
3,573,894
2,050,000
(b)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2011, (Mandatory Put 6/01/30)
3
.700
08/01/41
2,075,453
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
68
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
12,275,000
(b)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017C,
(Mandatory Put 7/03/28)
3
.300
%
06/01/37
$
12,382,565
1,375,000
Saint Tammany Parish Hospital Service District 2, Louisiana,
General Obligation Bonds, Series 2025 - BAM Insured
5
.000
03/01/33
1,509,149
760,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
5
.000
12/01/26
769,544
1,475,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
5
.000
12/01/29
1,550,884
1,500,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
5
.000
12/01/30
1,573,112
1,795,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
5
.000
12/01/32
1,877,014
1,630,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
4
.000
12/01/33
1,643,224
6,005,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior
Lien Series 2019B - AGM Insured
3
.000
12/01/35
5,656,231
3,900,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5
.000
12/01/31
4,276,952
TOTAL LOUISIANA
145,792,467
MAINE - 0.6%
4,645,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
4
.000
07/01/41
3,825,886
5,685,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
4
.000
07/01/46
4,420,664
840,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, MaineHealth Issue, Series 2020A
4
.000
07/01/37
830,164
200,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, Series 2021A - AGM Insured
5
.000
07/01/26
201,118
165,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, Series 2021A - AGM Insured
5
.000
07/01/27
169,547
240,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, Series 2021A - AGM Insured
5
.000
07/01/28
251,857
685,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, Series 2021A - AGM Insured
2
.500
07/01/29
678,980
200,000
Maine Health and Higher Educational Facilities Authority,
Revenue Bonds, Series 2021A - AGM Insured
5
.000
07/01/30
217,099
2,900,000
Maine Municipal Bond Bank, Transportation Infrastructure
Revenue Bonds, Transcap Program, Highway and Bridge Series
2026A
5
.000
09/01/32
3,256,613
10,000,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2020B
2
.350
11/15/40
7,788,411
3,125,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2021A
2
.050
11/15/41
2,162,466
7,425,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2022A
2
.400
11/15/41
5,639,083
6,280,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Series 2020D
2
.550
11/15/40
5,026,861
3,250,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Series 2021B
2
.200
11/15/41
2,330,319
10,675,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021C
2
.150
11/15/41
7,877,057
3,000,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021D
2
.400
11/15/41
2,278,418
1,205,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2024C
4
.550
11/15/44
1,200,065
5,125,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2025D
6
.000
11/15/55
5,649,633
2,435,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2026A
6
.000
11/15/56
2,696,088
TOTAL MAINE
56,500,329
69
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND - 2.2%
$
5,140,000
Anne Arundel County, Maryland, General Obligation Bonds,
Consolidated General Improvement, Series 2024
5
.000
%
10/01/36
$
5,782,851
5,000,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Series 2025
5
.000
03/01/33
5,668,907
5,505,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Series 2025
5
.000
03/01/36
6,289,945
11,110,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Series 2026
5
.000
03/01/43
12,181,908
11,735,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Series 2026
5
.000
03/01/44
12,768,151
1,270,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest
Village, Series 2016
3
.250
01/01/31
1,261,076
3,365,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest
Village, Series 2016
5
.000
01/01/37
3,367,617
1,760,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/27
1,784,825
2,780,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/29
2,815,104
1,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/30
1,011,607
1,365,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/31
1,379,500
145,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/34
146,030
1,500,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5
.000
09/01/39
1,500,624
3,000,000
Howard County Housing Commission, Maryland, Revenue
Bonds, Columbia Landing Project, Refunding Series 2021A
1
.600
06/01/29
2,791,727
5,000,000
Howard County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Project, Series 2018A
3
.000
02/15/30
4,996,455
22,335,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2019C
3
.000
09/01/39
19,473,297
10,375,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2020A
2
.500
09/01/40
8,272,981
15,055,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021A
1
.950
09/01/41
10,277,558
13,245,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021B
2
.100
09/01/41
9,706,675
20,000,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021C
2
.450
09/01/41
15,365,322
5,500,000
Maryland Department of Transportation, Consolidated
Transportation Revenue Bonds, Refunding Series 2025C
5
.000
11/01/31
6,127,484
1,000,000
Maryland Economic Development Corporation, Student
Housing Revenue Bonds, University of Maryland, College Park
Project, Refunding Series 2016 - AGM Insured
5
.000
06/01/28
1,003,495
7,010,000
(b)
Maryland Health and HIgher Educational Facilities
Authority,  Revenue Bonds, University of Maryland Medical
Systems, Series 2020B-2, (Mandatory Put 7/01/27)
5
.000
07/01/45
7,119,219
4,460,000
(b)
Maryland Health and Higher Educational Facilities
Authority,  Revenue Bonds, University of Maryland Medical
Systems, Series 2025B, (Mandatory Put 7/01/31)
5
.000
07/01/45
4,791,841
805,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/32
808,208
2,250,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/33
2,258,545
1,650,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/34
1,655,352
2,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
07/01/35
2,006,716
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
70
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
1,570,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds,  Mercy Medical Center, Series 2016A
5
.000
%
07/01/36
$
1,574,883
1,000,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Adventist HealthCare Issue, Series 2021B
4
.000
01/01/39
947,474
4,910,000
Maryland Transportation Authority, Revenue Bonds,
Transportation Facilities Projects, Refunding Series 2024A
5
.000
07/01/37
5,481,776
10,005,000
Montgomery County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2025A
5
.000
10/01/33
11,406,539
11,200,000
Montgomery County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2025A
5
.000
10/01/34
12,688,340
8,705,000
Washington Suburban Sanitary District, Montgomery and
Prince George's Counties, Maryland, General Obligation
Bonds, Consolidated Public Improvement, Series 2026
4
.000
06/01/45
8,448,095
TOTAL MARYLAND
193,160,127
MASSACHUSETTS - 2.3%
9,950,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5
.000
02/01/36
11,276,310
14,750,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5
.000
02/01/37
16,606,333
4,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2025B
5
.000
07/01/32
4,532,954
835,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2014A
5
.000
07/01/26
834,037
680,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2014A
5
.000
07/01/27
675,889
925,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2014A
5
.000
07/01/28
913,339
960,000
Massachusetts Development Finance Agency Revenue Bonds,
Lawrence General Hospital Issue, Series 2014A
5
.000
07/01/29
940,233
4,800,000
(c)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
4
.000
10/01/32
4,740,652
1,968,811
(c),(d)
Massachusetts Development Finance Agency, Health Care
Facility Revenue Bonds, Adventcare Project, Series 2007A
6
.650
10/15/28
20
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
3
.375
07/01/36
1,857,579
2,270,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2025B-1
5
.000
10/01/39
2,520,109
2,300,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/33
2,379,701
1,085,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/38
1,108,697
15,285,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Harvard University, Series 2025A-2, (Mandatory Put 11/15/35)
5
.000
05/15/55
17,519,225
415,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/32
452,539
320,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/33
348,946
300,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/34
327,136
270,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/35
294,423
135,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/36
147,211
145,000
(e)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/37
158,116
71
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
250,000
Massachusetts Development Finance Agency, Revenue Bonds,
Phillips Academy, Refunding Series 2024A
5
.000
%
09/01/30
$
275,286
425,000
Massachusetts Development Finance Agency, Revenue Bonds,
Phillips Academy, Refunding Series 2024A
5
.000
09/01/32
479,918
1,080,000
Massachusetts Development Finance Agency, Revenue Bonds,
Simmons University Issue, Series 2018L
5
.000
10/01/30
1,068,249
1,240,000
Massachusetts Development Finance Agency, Revenue Bonds,
Simmons University Issue, Series 2018L
5
.000
10/01/31
1,219,900
1,775,000
Massachusetts Development Finance Agency, Revenue Bonds,
Simmons University Issue, Series 2018L
5
.000
10/01/32
1,734,662
1,130,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series
2021G
5
.000
07/01/35
1,200,571
1,045,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series
2021G
5
.000
07/01/36
1,104,717
4,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
3
.625
07/01/37
3,909,929
4,245,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2019A
4
.000
07/01/37
4,001,386
2,320,000
Massachusetts Housing Finance Agency, Housing Bonds,
Series 2019B-1
3
.000
12/01/39
2,071,961
2,875,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2021A-1
2
.125
12/01/41
2,033,312
2,100,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2023A-3
3
.050
12/01/27
2,104,372
3,000,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Series 2019C-1
2
.900
12/01/39
2,487,230
1,900,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024A1
4
.550
12/01/44
1,903,649
5,350,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3
.500
06/01/29
5,385,419
7,570,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Series 2019-214
2
.800
12/01/39
6,411,349
2,330,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Series 2020-218
2
.300
12/01/40
1,802,115
4,930,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2020-220
2
.125
12/01/40
3,727,633
4,935,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-221
2
.200
12/01/41
3,646,264
3,235,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-223
2
.350
06/01/39
2,639,301
1,555,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2024-234
4
.100
12/01/39
1,533,302
5,000,000
Massachusetts Port Authority, Revenue Bonds, Refunding
Series 2016B, (AMT)
5
.000
07/01/43
5,000,834
3,220,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Senior Social Series 2020A
5
.000
08/15/36
3,481,767
14,035,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025B
5
.000
06/01/33
15,970,659
8,680,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025B
5
.000
06/01/34
9,937,077
2,800,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2024B
5
.000
11/01/37
3,122,237
2,800,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2024B
5
.000
11/01/38
3,103,352
2,575,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2025B
5
.000
06/01/31
2,866,301
12,115,000
Massachusetts State, Special Obligation Dedicated Tax
Revenue Bonds, Refunding Series 2005 - BAM Insured
5
.500
01/01/34
13,845,845
1,790,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2025A
5
.000
06/01/35
2,079,559
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
72
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
1,530,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2025A
5
.000
%
06/01/36
$
1,763,066
2,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2025A
5
.000
06/01/37
2,286,903
1,650,000
Massachusetts State, Transportation Fund Revenue Bonds,
Refunding Series 2025A
5
.000
06/01/36
1,901,346
2,180,000
Massachusetts State, Transportation Fund Revenue Bonds,
Refunding Series 2025A
5
.000
06/01/37
2,492,724
945,000
North Attleborough, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan, Series 2026
4
.000
03/15/46
896,806
1,650,000
North Attleborough, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan, Series 2026
4
.000
03/15/47
1,552,156
1,865,000
North Attleborough, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan, Series 2026
4
.000
03/15/48
1,733,281
7,370,417
Somerville, Massachusetts, General Obligation Bonds, Bond
Anticipation Notes Series 2025B
5
.000
07/01/26
7,416,096
TOTAL MASSACHUSETTS
197,823,983
MICHIGAN - 2.2%
780,000
Marquettte, Michigan, Electric Utility System Revenue Bonds,
Refunding Series 2016A
5
.000
07/01/30
783,892
1,315,000
(b)
Michigan Finance Authority, Hospital Revenue Bonds,
Bronson Healthcare Group, Inc., Series 2019B, (Mandatory Put
11/16/26)
5
.000
11/15/44
1,318,949
11,740,000
(b)
Michigan Finance Authority, Hospital Revenue Bonds, McLaren
Health Care, Refunding Series 2015D-1, (Mandatory Put
4/13/28)
1
.200
10/15/30
11,183,565
17,380,000
(b)
Michigan Finance Authority, Hospital Revenue Bonds, McLaren
Health Care, Refunding Series 2015D-2, (Mandatory Put
4/13/28)
1
.200
10/15/38
16,595,613
1,000,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/32
1,110,128
1,500,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/33
1,673,905
1,230,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/34
1,376,561
10,680,000
(b)
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity
Health Credit Group, Refunding Series 2022B-MI, (Mandatory
Put 12/01/28)
5
.000
12/01/43
11,150,585
1,800,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
5
.000
06/01/28
1,876,442
2,500,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
5
.000
06/01/33
2,677,092
2,435,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
4
.000
06/01/34
2,466,772
1,000,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
4
.000
06/01/35
1,008,348
2,470,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2018A
3
.800
10/01/38
2,398,129
8,730,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2021A
2
.250
10/01/41
6,330,935
7,700,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
3
.700
04/01/30
7,699,923
2,255,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Fixed Rate Series 2018C
3
.650
12/01/39
2,153,671
13,000,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2019B
2
.950
12/01/39
11,205,600
73
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
25,205,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2020C
2
.600
%
12/01/40
$
20,328,273
9,620,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2021A
2
.150
12/01/41
7,094,378
20,000,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5
.000
04/15/33
22,566,624
22,850,000
Michigan Strategic Fund, Limited Obligation Pollution Control
Revenue Refunding Bonds, Detroit Edison Company, Variable
Rate Demand Obligations, Series 1995CC
1
.450
09/01/30
20,240,288
21,550,000
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Detroit Edison Company Exempt Facilities Project, Refunding
Variable Rate Series 2008ET-2
1
.350
08/01/29
19,642,293
2,255,000
(b)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Graphic Packaging International, LLC Coated Recycled Board
Machine Project, Green Series 2021, (AMT), (Mandatory Put
10/01/26)
4
.000
10/01/61
2,255,207
1,335,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2025D, (AMT)
5
.000
12/01/31
1,451,021
1,100,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2025F, (AMT)
5
.000
12/01/31
1,195,598
2,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2025G, (AMT)
5
.000
12/01/32
2,185,558
5,000,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2025G, (AMT)
5
.000
12/01/33
5,478,174
6,620,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Refunding Series
2025G, (AMT)
5
.000
12/01/34
7,277,272
TOTAL MICHIGAN
192,724,796
MINNESOTA - 1.6%
1,910,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/33
1,967,331
1,230,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/37
1,255,163
7,135,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4
.250
02/15/43
6,823,709
7,550,000
Edina Independent School District 273, Hennepin County,
Minnesota, General Obligation Bonds, Facilities Maintenance
Capital Notes Alternative Facilities and School Building
Refunding Series 2024A
5
.000
02/01/28
7,891,010
5,435,000
Edina Independent School District 273, Hennepin County,
Minnesota, General Obligation Bonds, Facilities Maintenance
Capital Notes Alternative Facilities and School Building
Refunding Series 2024A
3
.000
02/01/36
5,196,401
4,360,000
Hennepin County, Minnesota, General Obligation Bonds,
Series 2025A
5
.000
12/01/32
4,922,377
4,580,000
Hennepin County, Minnesota, General Obligation Bonds,
Series 2025A
5
.000
12/01/33
5,218,923
12,490,000
(b)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2023A, (Mandatory Put 11/15/28)
5
.000
11/15/52
13,089,442
1,370,000
Minneapolis-Saint Paul Housing and Redevelopment Authority,
Minnesota, Health Care System Revenue Bonds, Allina Health
System, Refunding Series 2017A
5
.000
11/15/28
1,399,849
1,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate
Lien Series 2019B, (AMT)
5
.000
01/01/27
1,015,281
3,122,840
Minnesota Housing Finance Agency, Homeownership Finance
Bonds, Mortgage-Backed Securities Program, Series 2017E
2
.850
06/01/47
2,652,810
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
74
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
2,330,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2013C
3
.900
%
07/01/43
$
2,257,570
6,065,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020B
2
.625
01/01/40
5,002,200
4,525,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020B
3
.500
07/01/50
4,516,642
5,430,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020E
2
.500
07/01/40
4,346,213
4,605,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020I
2
.000
07/01/40
3,263,594
4,110,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021D
2
.200
07/01/41
3,053,305
9,245,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021H
2
.350
07/01/41
7,040,364
10,070,000
Minnesota State, Certificates of Participation, State Office
Building Project, Series 2023
5
.000
11/01/36
11,196,246
10,060,000
Minnesota State, General Obligation Bonds, State Trunk
Highway Series 2021B
5
.000
08/01/32
11,330,654
14,745,000
Minnesota State, General Obligation Bonds, State Trunk
Highway Series 2021B
5
.000
08/01/33
16,721,937
4,160,000
(b)
Rochester, Minnesota, Health Care Facilities Revenue Bonds,
Mayo Clinic, Series 2025B, (Mandatory Put 5/15/32)
5
.000
11/15/55
4,564,329
6,465,000
Saint Paul Independent School District 625, Ramsey County,
Minnesota, Certificates of Participation, Series 2018B
3
.500
02/01/39
6,291,164
2,650,000
White Bear Lake Independent School District 624, Ramsey
County, Minnesota, General Obligation Bonds, Facilities
Maintenance Series 2021A
2
.000
02/01/28
2,596,872
3,095,000
White Bear Lake Independent School District 624, Ramsey
County, Minnesota, General Obligation Bonds, Facilities
Maintenance Series 2021A
2
.000
02/01/29
2,960,353
4,135,000
White Bear Lake Independent School District 624, Ramsey
County, Minnesota, General Obligation Bonds, Facilities
Maintenance Series 2021A
2
.000
02/01/30
3,884,676
TOTAL MINNESOTA
140,458,415
MISSISSIPPI - 0.3%
5,595,000
Mississippi Business Finance Corporation, Pollution Control
Revenue, Mississippi Power, Series 2002
3
.200
09/01/28
5,595,750
1,000,000
Mississippi Business Finance Corporation, Revenue Bonds,
System Energy Resources, Inc. Project, Refunding Series 2021
2
.375
06/01/44
647,366
1,365,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 202
5
.500
06/01/45
1,458,643
2,490,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2020A
2
.450
12/01/39
2,074,583
1,565,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2020A
3
.750
06/01/49
1,573,152
1,470,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2021A
2
.000
12/01/40
1,060,210
2,830,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2024A
4
.000
12/01/39
2,777,688
6,560,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2024C
4
.650
12/01/44
6,542,814
1,780,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2026A
6
.250
12/01/55
1,989,347
2,000,000
Mississippi State, Gaming Tax Revenue Bonds, Series 2019A
5
.000
10/15/37
2,058,618
1,590,000
Mississippi State, Gaming Tax Revenue Bonds, Series 2019A
4
.000
10/15/38
1,553,408
TOTAL MISSISSIPPI
27,331,579
75
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 1.5%
$
825,000
Cape Girardeau County Industrial Development Authority,
Missouri, Health Facilities Revenue Bonds, Southeasthealth,
Series 2016A
6
.000
%
03/01/33
$
826,235
2,475,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Refunding Series 2025
4
.000
03/01/31
2,607,614
3,915,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Refunding Series 2025
4
.000
03/01/32
4,149,498
3,730,000
Kansas City Industrial Development Authority, Missouri, Airport
Special Obligation Bonds, Kansas City International Airport
Project, Refunding Series 2019A, (AMT)
5
.000
03/01/38
3,830,257
5,215,000
Kansas City Industrial Development Authority, Missouri, Airport
Special Obligation Bonds, Kansas City International Airport
Terminal Modernization Project, Series 2019A, (AMT)
5
.000
03/01/44
5,281,131
8,000,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Refunding & Improvement Series 2016A
4
.000
01/01/40
7,865,874
4,595,000
Kansas City, Missouri, Water Revenue Bonds, Series 2017A
4
.000
12/01/39
4,544,677
4,000,000
Ladue School District, Saint Louis County, Missouri, General
Obligation Bonds, Series 2021
2
.000
03/01/32
3,563,112
3,000,000
Lees Summit Industrial Development Authority, Missouri,
Revenue Bonds, John Knox Village, Series 2024A
5
.000
08/15/39
3,050,681
4,335,000
(f)
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Refunding Series 2026A
5
.000
05/01/33
4,878,756
10,425,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2
.900
09/01/33
9,736,987
12,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998B
2
.900
09/01/33
11,208,042
15,240,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998C
2
.750
09/01/33
13,894,479
12,110,000
(b)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021B,
(Mandatory Put 5/01/26)
4
.000
05/01/51
12,122,816
2,125,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025A
4
.000
04/01/45
1,975,834
11,970,000
(b)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025C,
(Mandatory Put 4/01/35)
5
.000
04/01/59
13,324,106
1,010,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024C
4
.550
11/01/44
1,006,487
5,070,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
4
.450
11/01/44
5,019,524
2,990,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024G
3
.950
11/01/39
2,929,777
3,530,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2019C
2
.750
11/01/39
3,025,206
1,500,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2020A
2
.550
11/01/40
1,201,782
1,015,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2021A
2
.150
11/01/41
749,356
4,215,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2021B
2
.000
11/01/41
3,045,764
6,375,000
North Kansas City School District 74, Missouri, General
Obligation Bonds, Improvement Series 2025
5
.000
03/01/44
6,799,912
1,920,000
Springfield School District R12, Greene County, Missouri,
General Obligation Bonds, School Building Series 2025
5
.500
03/01/29
2,070,214
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
76
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
1,935,000
Springfield School District R12, Greene County, Missouri,
General Obligation Bonds, School Building Series 2025
5
.500
%
03/01/30
$
2,131,128
1,220,000
Springfield School District R12, Greene County, Missouri,
General Obligation Bonds, School Building Series 2025
5
.500
03/01/31
1,368,224
885,000
Stoddard County Industrial Development Authority, Missouri,
Health Facility Revenue Bonds, Southeasthealth, Series 2016B
6
.000
03/01/37
886,737
TOTAL MISSOURI
133,094,210
MONTANA - 0.5%
1,505,000
Cascade County High School District A Great Falls, Montana,
General Obligation Bonds, School Buidling Series 2018
5
.000
07/01/38
1,554,915
740,000
Flathead County School District 44 Whitefish, Montana,
General Obligation Bonds, School Building Series 2025 - BAM
Insured
5
.000
07/01/34
833,861
700,000
Flathead County School District 44 Whitefish, Montana,
General Obligation Bonds, School Building Series 2025 - BAM
Insured
5
.000
07/01/36
796,663
485,000
Flathead County School District 44 Whitefish, Montana,
General Obligation Bonds, School Building Series 2025 - BAM
Insured
5
.000
07/01/38
545,085
25,675,000
Forsyth, Montana Pollution Control Revenue Bonds, Portland
General Electric Company Project, Refunding Series 1998A
2
.125
05/01/33
22,193,198
2,725,000
Forsyth, Rosebud County, Montana, Pollution Control Revenue
Refunding Bonds, Northwestern Corporation Colstrip Project,
Series 2023
3
.875
07/01/28
2,767,308
1,000,000
Gallatin County School District 44 Belgrade, Montana, General
Obligation Bonds, School Building Series 2019
4
.000
06/01/33
1,021,676
535,000
Lewis and Clark County High School District, Montana, General
Obligation Bonds, School Building Series 2025 - BAM Insured
5
.000
07/01/36
608,445
665,000
Lewis and Clark County High School District, Montana, General
Obligation Bonds, School Building Series 2025 - BAM Insured
5
.000
07/01/37
750,245
540,000
Lewis and Clark County High School District, Montana, General
Obligation Bonds, School Building Series 2025 - BAM Insured
5
.000
07/01/38
605,668
1,045,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2021A-1
2
.000
12/01/41
754,205
1,665,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2021B
2
.000
12/01/41
1,201,677
995,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024A
3
.950
12/01/39
973,841
1,000,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024A
4
.450
12/01/44
992,485
365,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024B
3
.900
12/01/39
355,473
805,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2024B
4
.300
12/01/44
792,812
2,000,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
4
.250
12/01/40
1,996,043
4,365,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2026A
5
.750
06/01/56
4,782,209
590,000
Montana Facility Finance Authority, Montana, Health Facilities
Reveue Bonds, Bozeman Deaconess Health Services Obligated
Group, Series 2018
3
.250
06/01/32
578,889
1,875,000
(b)
Montana Facility Finance Authority, Revenue Bonds, Benefis
Health System Obligated Group, Series 2025A, (Mandatory Put
2/15/30)
5
.000
02/15/65
1,988,711
TOTAL MONTANA
46,093,409
77
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NATIONAL - 0.4%
$
18,555,000
(c)
Federal Home Loan Mortgage Corporation, National,
Multifamily Variable Rate Certificates Relating to Corporate
Taxable Debt Series 2019
3
.150
%
01/15/36
$
17,290,517
18,324,716
Federal Home Loan Mortgage Corporation, National,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Class A Series 2019M-053
2
.550
06/15/35
16,362,095
4,973,704
Freddie Mac Multi-Family ML Certificates, Series ML 05, Series
2019A
3
.400
01/25/36
4,752,317
TOTAL NATIONAL
38,404,929
NEBRASKA - 0.9%
6,640,000
(b)
Central Plains Energy Project, Nebraska, Gas Project 4 Revenue
Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)
5
.000
05/01/54
7,025,198
2,025,000
Douglas County Hospital Authority 2, Nebraska, Hospital
Revenue Bonds, Madonna Rehabilitation Hospital Project,
Series 2014
5
.000
05/15/28
2,026,473
8,520,000
Douglas County Hospital Authority 2, Nebraska, Hospital
Revenue Bonds, Madonna Rehabilitation Hospital Project,
Series 2014
5
.000
05/15/44
8,519,666
1,070,000
Lincoln, Nebraska, Airport Revenue Bonds, Series 2021, (AMT)
4
.000
07/01/36
1,081,658
750,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/26
750,542
200,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/27
200,108
835,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/28
835,403
485,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/29
485,214
1,000,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/30
1,000,341
180,000
Madison County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Faith Regional Health Services Project, Series
2018
5
.000
07/01/33
180,043
160,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2019D
2
.600
09/01/34
142,857
7,205,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2019D
2
.850
09/01/39
6,178,450
10,000,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2020A
2
.550
09/01/40
8,041,790
610,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2021A
1
.950
09/01/37
473,470
17,770,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2021C
2
.300
09/01/41
13,381,446
2,290,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2023A
4
.125
09/01/38
2,290,332
4,275,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2026A
6
.250
03/01/55
4,780,806
1,605,000
Papillion-LaVista School District 27, Sarpy County, Nebraska,
General Obligation Bonds, Refunding Series 2020B
4
.000
12/01/26
1,620,498
1,775,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Refunding Series 2019
4
.000
06/15/33
1,808,537
2,240,000
Sarpy County, Nebraska, Limited Tax Highway Allocation Fund
Pledge Bonds, Series 2021
2
.000
06/01/27
2,209,582
6,320,000
Saunders County School District 1, Ashland-Greenwood,
Nebraska, General Obligation Bonds, Series 2021
2
.000
12/15/50
3,261,608
3,660,000
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Regional West Medical Center Project,
Refunding & Improvement Series 2016A
5
.250
02/01/28
3,662,581
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
78
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA
(continued)
$
1,355,000
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital
Revenue Bonds, Regional West Medical Center Project,
Refunding & Improvement Series 2016A
5
.250
%
02/01/29
$
1,353,208
5,790,000
Southeast Community College Area, Nebraska, Certificates of
Participation, Series 2018
3
.375
12/15/37
5,599,803
TOTAL NEBRASKA
76,909,614
NEVADA - 0.5%
8,400,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
4
.000
06/15/46
7,910,390
895,000
(b),(c)
Director of the State of Nevada Department of Business and
Industry, Solid Waste Disposal Revenue Bonds, Republic
Services Inc., Variable Rate Demand Series 2001, (AMT),
(Mandatory Put 6/01/26)
3
.450
12/01/26
895,463
1,585,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/32
1,560,224
2,060,000
Henderson, Nevada, Limited Obligation Bonds, Local
Improvement District T-18 Inspirada, Refunding Series 2016
4
.000
09/01/35
1,984,311
3,585,000
Las Vegas Convention and Visitors Authority, Nevada, Revenue
Bonds, Refunding Series 2017B
4
.000
07/01/34
3,601,872
2,860,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Refunding Series 2021A
2
.200
10/01/41
2,117,811
3,670,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Senior Series 2025C
4
.750
10/01/40
3,765,684
6,405,000
(f)
Truckee Meadows Water Authority, Nevada, Water Revenue
Bonds, Refunding Series 2026
5
.000
07/01/32
7,171,949
6,760,000
Washoe County School District, Nevada, General Obligation
Bonds, Limited Tax Improvement Series 2024B
3
.000
06/01/38
6,007,623
5,000,000
(b)
Washoe County, Nevada, Gas and Water Facilities Revenue
Bonds, Sierra Pacific Power Company, Refunding Series 2016B,
(Mandatory Put 10/01/29)
3
.625
03/01/36
5,033,089
TOTAL NEVADA
40,048,416
NEW HAMPSHIRE - 1.3%
11,226,040
National Finance Authority, New Hampshire, Municipal
Certificates Series 2020-1 Class A
4
.125
01/20/34
11,259,787
15,071,345
National Finance Authority, New Hampshire, Municipal
Certificates Series 2022-2 Class A
4
.000
10/20/36
14,857,575
2,901,844
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2023-2 Class A
3
.875
01/20/38
2,779,914
12,727,320
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-1 Class A
4
.250
07/01/51
12,525,607
5,540,153
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-2 Class A
3
.625
08/20/39
5,210,809
5,723,980
(b)
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2024-4 Class A
4
.180
11/20/39
5,603,154
6,831,270
(b)
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2025-3 Class A-1
4
.794
02/20/41
6,998,140
6,395,000
(b)
National Finance Authority, New Hampshire, Solid Waste
Disposal Revenue Bonds, Waste Management, INC., Project,
Refunding Series 2018A, (AMT), (Mandatory Put 7/01/26)
4
.000
10/01/33
6,403,288
7,900,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Forestar Group Houston Area Projects, Fort Bend,
Galveston, Montgomery, and Walker Counties, Texas, Series
2026
6
.500
12/01/34
7,906,258
14,000,000
New Hampshire Business Finance Authority, Pollution Control
Revenue Bonds, United Illuminating Company, Refunding
Series 2003A
4
.500
10/01/33
14,483,952
1,000,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Concord Hospital, Series 2021A
4
.000
10/01/32
1,022,772
1,020,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Concord Hospital, Series 2021A
4
.000
10/01/34
1,032,101
1,000,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Concord Hospital, Series 2021A
4
.000
10/01/38
982,160
79
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE
(continued)
$
2,830,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series
2025
5
.000
%
08/01/32
$
3,113,267
1,000,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Elliot Hospital, Series 2016
5
.000
10/01/38
1,004,386
1,545,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Southern New Hampshire Medical Center,
Series 2016
3
.500
10/01/34
1,524,562
1,520,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2024A
4
.050
07/01/39
1,510,493
2,020,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2024A
4
.500
07/01/44
2,013,295
10,370,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2024C
4
.450
07/01/44
10,344,262
2,505,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2025A
4
.150
07/01/40
2,495,039
2,380,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2025A
4
.500
07/01/45
2,359,081
TOTAL NEW HAMPSHIRE
115,429,902
NEW JERSEY - 2.7%
1,580,000
Borough of Fair Lawn, Bergen County, New Jersey, General
Obligation Bonds, General Capital and Water Utility Series
2021
2
.000
09/01/32
1,413,532
1,220,000
Clifton, New Jersey, General Obligation Bonds, Refunding
Series 2021 - BAM Insured
2
.000
08/15/29
1,158,651
2,075,000
Clifton, New Jersey, General Obligation Bonds, Refunding
Series 2021 - BAM Insured
2
.000
08/15/30
1,928,994
2,060,000
Clifton, New Jersey, General Obligation Bonds, Refunding
Series 2021 - BAM Insured
2
.000
08/15/31
1,876,707
2,430,000
East Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, Series 2020
2
.000
07/15/30
2,269,395
1,385,000
East Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, Series 2021
2
.000
02/15/27
1,368,249
1,355,000
East Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, Series 2021
2
.000
02/15/30
1,275,419
1,410,000
Flemington-Raritan Regional School District, Hunterdon
County, New Jersey, General Obligation Bonds, Series 2019
2
.375
09/01/34
1,236,683
1,585,000
Gloucester Township, New Jersey, General Obligation Bonds,
Series 2019 - BAM Insured
2
.250
02/01/29
1,534,798
1,000,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.250
08/01/43
1,003,527
6,180,000
New Jersey Economic Development Authority, Lease Revenue
Bonds, State House Project, Series 2017B
5
.000
06/15/37
6,433,984
2,600,000
(c)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6
.375
01/01/35
2,701,848
4,115,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Series 2020A
5
.000
11/01/32
4,392,263
1,555,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5
.000
01/01/28
1,558,098
2,345,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013
- AGM Insured, (AMT)
5
.000
01/01/31
2,385,565
2,000,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5
.375
01/01/43
2,002,081
7,310,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
7,261,923
25,000,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Refunding Series 2015XX
5
.000
06/15/27
25,026,272
730,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5
.000
06/15/26
733,654
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
80
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
430,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5
.000
%
06/15/28
$
451,682
5,000,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5
.000
10/01/47
4,951,955
37,560,000
(b)
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
35,383,571
5,310,000
(b)
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
5,330,109
1,000,000
(b)
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2025A, (Mandatory Put 7/01/35)
5
.000
07/01/64
1,153,078
3,345,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
2
.375
07/01/46
2,183,661
1,230,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group
Issue, Refunding Series 2016
5
.000
07/01/35
1,231,227
205,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A,
(AMT)
3
.500
12/01/29
204,957
530,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A,
(AMT)
3
.750
12/01/31
530,008
540,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A,
(AMT)
4
.000
12/01/32
540,157
235,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Lien Series 2017-1A,
(AMT)
3
.750
12/01/33
234,937
525,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3
.750
10/01/35
511,929
1,100,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.000
07/01/36
1,248,138
915,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.000
07/01/37
1,031,039
155,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/29
155,689
3,110,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2018A
5
.000
06/15/28
3,124,499
6,855,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2018A
5
.000
06/15/29
6,885,464
5,635,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Forward Delivery Series 2022AA
5
.000
06/15/33
6,254,794
5,020,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4
.000
06/15/42
4,912,667
1,830,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - FGIC Insured
0
.000
12/15/31
1,515,084
10,230,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
5
.000
12/15/33
10,906,387
3,980,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
4
.000
12/15/39
3,960,937
7,570,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019AA
3
.750
06/15/33
7,573,380
6,190,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
5
.000
06/15/33
6,502,414
2,570,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
4
.000
06/15/36
2,604,940
1,845,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2025B
5
.000
01/01/34
2,091,535
2,875,000
Ocean City, New Jersey, General Obligation Bonds, General
Improvement Series 2019
2
.250
09/15/33
2,557,683
81
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY
(continued)
$
2,350,000
Ocean City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2016
1
.000
%
11/15/28
$
2,221,637
1,530,000
South Orange & Maplewood School District, Essex County,
New Jersey, General Obligation Bonds, Series 2021
2
.125
08/15/42
1,057,652
6,190,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/28
6,438,256
14,170,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/29
14,732,404
3,320,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/31
3,439,756
2,190,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/34
2,266,207
9,205,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/36
9,489,878
11,265,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
4
.000
06/01/37
11,231,121
2,270,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
2,175,237
2,585,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
2
.000
07/15/26
2,569,026
TOTAL NEW JERSEY
237,214,738
NEW MEXICO - 0.5%
6,355,000
Farmington, New Mexico, Pollution Control Revenue Bonds,
Public Service Company of New Mexico San Juan and Four
Corners Projects, Refunding Series 2016B
2
.150
04/01/33
5,500,668
3,500,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Subordinate Lien Series 2025C
5
.000
12/15/32
3,955,225
1,180,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2018B
3
.750
07/01/38
1,130,798
3,110,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2018C
3
.750
07/01/38
2,966,647
3,550,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2019D
3
.000
07/01/39
3,118,355
2,530,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2019F
2
.850
07/01/39
2,176,178
2,485,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021A
2
.150
07/01/41
1,842,741
4,845,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021C
2
.100
07/01/41
3,558,814
3,490,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021D
2
.350
07/01/41
2,657,747
1,060,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024C
4
.100
09/01/39
1,047,457
1,950,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024C
4
.600
09/01/44
1,939,355
7,205,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024E
4
.450
09/01/44
7,142,568
590,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024G
4
.100
09/01/39
583,018
3,700,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024G
4
.375
09/01/44
3,679,259
2,360,000
(b)
New Mexico Municipal Energy Acquisition Authority, Gas
Supply Revenue Bonds, Refunding & Acquisition Series 2025,
(Mandatory Put 11/01/30)
5
.000
06/01/54
2,489,001
TOTAL NEW MEXICO
43,787,831
NEW YORK - 5.8%
1,250,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Series 2023B
5
.000
11/01/35
1,425,873
650,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Albert Einstein College of Medicine, Inc, Series 2023
7
.250
06/01/55
672,414
3,390,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5
.250
06/01/40
3,296,035
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
82
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
4,030,000
(c)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020B-1
5
.000
%
06/01/40
$
3,816,479
1,125,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Saint Johns University, Series 2025
5
.000
07/01/34
1,272,915
1,170,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Saint Johns University, Series 2025
5
.000
07/01/36
1,324,573
5,000,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Northwell Healthcare Inc, Series 2019B-1, (Mandatory Put
11/01/28)
1
.800
05/01/48
4,806,586
1,400,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5
.000
12/01/27
1,411,603
1,300,000
(c)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series
2017
5
.000
12/01/29
1,293,304
5,140,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2016A
Group A
5
.000
02/15/37
5,172,835
6,965,000
(e)
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2018A,
(ETM)
5
.000
03/15/28
7,301,307
1,040,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2018A
5
.000
03/15/34
1,049,968
8,345,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018A
5
.000
03/15/40
8,604,293
6,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5
.000
03/15/34
6,825,873
1,000,000
Erie County, New York, General Obligation Bonds, Public
Improvement Series 2025A
5
.000
09/15/35
1,160,673
1,000,000
Erie County, New York, General Obligation Bonds, Public
Improvement Series 2025A
5
.000
09/15/37
1,146,719
5,000,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A - BAM Insured
5
.000
02/15/42
5,061,321
8,195,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5
.000
09/01/39
8,489,550
6,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020D-1
5
.000
11/15/43
6,204,177
8,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Refunding Series 2025A
5
.000
11/15/41
8,566,645
1,195,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Series 2016D
5
.000
11/15/31
1,208,015
5,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Series 2021A-2
4
.000
11/15/42
4,734,203
2,400,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds,  University of Rochester Project, Series
2025A
5
.000
07/01/33
2,721,423
1,000,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds,  University of Rochester Project, Series
2025A
5
.000
07/01/34
1,143,965
930,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds, Saint Ann's Community Project, Series
2019
4
.000
01/01/30
917,377
1,910,000
Monroe County Industrial Development Corporation, New
York, Revenue Bonds, Saint Ann's Community Project, Series
2019
5
.000
01/01/40
1,853,322
1,525,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/28
1,532,847
1,000,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/29
1,006,138
83
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
655,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014B
5
.000
%
07/01/30
$
657,358
2,455,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014B
5
.000
07/01/32
2,462,359
5,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2025A
5
.000
04/01/36
5,727,650
5,685,000
Nassau County, New York, General Obligation Bonds,
Refunding General Improvement Series 2017C
5
.000
10/01/36
5,854,395
5,200,000
(b)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2025B-2, (Mandatory Put 7/02/29)
3
.950
11/01/64
5,293,738
1,630,000
New York City Industrial Development Agency, New York,
PILOT Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Refunding Series 2021A - AGM
Insured
4
.000
01/01/32
1,692,608
1,065,000
New York City Industrial Development Agency, New York,
PILOT Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Refunding Series 2021A - AGM
Insured
3
.000
01/01/33
1,026,079
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2018 Series AA
5
.000
06/15/38
5,113,777
2,100,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5
.000
02/01/43
2,119,827
6,235,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1
5
.000
08/01/40
6,451,520
8,050,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2022 Subseries F-1
5
.000
02/01/43
8,422,433
3,020,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series
A-1
5
.000
11/01/39
3,291,267
7,240,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2024G-1
5
.000
05/01/41
7,813,643
10,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025C-1
5
.000
05/01/40
10,875,173
5,185,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025E
5
.000
11/01/39
5,650,734
2,550,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024B
5
.000
05/01/38
2,783,567
11,260,000
New York City, New York, General Obligation Bonds, Fiscal
2018 Series F-1
5
.000
04/01/43
11,498,821
11,000,000
New York City, New York, General Obligation Bonds, Fiscal
2026 Series B-1
5
.000
08/01/31
12,103,046
2,000,000
(f)
New York City, New York, General Obligation Bonds, Fiscal
2026, Subseries Series F-1
5
.000
08/01/29
2,142,068
5,000,000
(f)
New York City, New York, General Obligation Bonds, Fiscal
2026, Subseries Series F-1
5
.000
08/01/30
5,427,564
3,750,000
(f)
New York City, New York, General Obligation Bonds, Fiscal
2026, Subseries Series F-1
5
.000
08/01/31
4,124,581
5,000
New York City, New York, General Obligation Bonds, Refunding
Fiscal 2015 Series C
5
.000
08/01/29
5,009
1,005,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding
Green Series 2022A-CL2
3
.125
09/15/50
736,755
18,000,000
New York State Dormitory Authority, Personal Income Tax
Revenue Bonds, General Purpose Series 2026A
5
.000
03/15/34
20,396,032
5,000,000
New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 2004B, (AMT)
4
.000
05/15/32
5,035,413
600,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Green Bond Series
2018I
3
.625
11/01/33
598,728
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
84
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,000,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Green Bond Series
2018I
3
.875
%
11/01/38
$
1,969,972
2,330,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Sustainability Series
2019P
2
.600
11/01/34
2,040,391
10,105,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Sustainability Series
2019P
2
.850
11/01/39
8,349,657
8,105,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Refunding Series 2019C
3
.850
11/01/39
7,735,785
17,620,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Refunding Series 2020H
2
.300
11/01/40
13,615,809
3,190,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Green Series 2024C-1
4
.375
11/01/44
3,139,308
4,400,000
(b)
New York State Housing Finance Agency, Housing Revenue
Bonds, 160 West 2nd Street Series 2011A-2, (Mandatory Put
4/01/32)
3
.600
11/01/44
4,419,672
5,000,000
(b)
New York State Housing Finance Agency, State Personal
Income Tax Revenue Bonds, Sustainability Series 2024A-2,
(Mandatory Put 6/15/29)
3
.350
06/15/54
5,014,359
9,685,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 223
3
.000
10/01/39
8,471,153
10,175,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 225
2
.300
10/01/40
7,902,189
6,000,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 227
2
.300
10/01/40
4,659,767
21,935,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 231
2
.400
10/01/41
16,683,289
5,305,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 233
2
.200
04/01/36
4,356,959
12,255,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 239
2
.450
10/01/41
9,406,561
2,485,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 273
6
.000
10/01/55
2,744,154
1,000,000
New York State Power Authority, General Revenue Bonds,
Green Series 2024A
5
.000
11/15/33
1,155,303
2,250,000
New York State Power Authority, General Revenue Bonds,
Green Series 2024A
5
.000
11/15/36
2,564,990
1,000,000
New York State Power Authority, General Revenue Bonds,
Green Series 2024A
5
.000
11/15/37
1,128,575
755,000
New York State Thruway Authority, General Revenue Bonds,
Refunding Series 2024Q
5
.000
01/01/28
788,534
1,190,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/30
1,191,149
910,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
4
.000
07/01/32
904,959
8,075,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
4
.000
07/01/33
8,001,876
8,585,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/34
8,591,647
18,530,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/41
18,536,602
2,690,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A - AGM Insured, (AMT)
4
.000
07/01/46
2,376,076
29,965,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.250
01/01/50
29,965,902
85
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
1,100,000
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
$
1,101,108
2,500,000
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
06/30/54
2,521,047
7,800,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5
.000
12/01/29
8,241,954
15,020,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
4
.000
01/01/36
14,799,217
1,000,000
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
1,097,119
4,375,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)
5
.000
07/15/35
4,780,754
3,180,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)
5
.000
07/15/36
3,443,419
1,910,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)
5
.000
07/15/37
2,057,851
2,435,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/28
2,447,368
2,695,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/29
2,705,758
4,200,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/30
4,210,093
2,100,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/31
2,102,868
1,335,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/32
1,336,552
3,080,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5
.000
07/01/33
3,083,367
10,675,000
Suffolk County, New York, General Obligation Bonds, Public
Improvement Series 2024A
3
.000
10/15/39
9,775,693
1,000,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5
.000
06/01/32
1,082,348
2,275,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5
.000
06/01/33
2,451,996
8,585,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding
Series 2017B
5
.000
11/15/34
8,771,004
2,760,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding
Series 2017B
5
.000
11/15/35
2,816,972
3,750,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2
5
.000
11/15/39
4,049,358
5,815,000
Utility Debt Securitization Authority, New York, Restructuring
Bonds, Series 2025TE-2
5
.000
06/15/33
6,445,511
9,875,000
Utility Debt Securitization Authority, New York, Restructuring
Bonds, Series 2025TE-2
5
.000
12/15/33
11,014,286
1,105,000
Yonkers, New York, General Obligation Bonds, Serial Series
2022F - BAM Insured
5
.000
11/15/42
1,173,990
TOTAL NEW YORK
508,548,849
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
86
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH CAROLINA - 1.0%
$
1,745,000
Appalachian State University, North Carolina, Revenue Bonds,
Millennial Campus Indoor Facilities Project Series 2024
5
.000
%
11/01/28
$
1,841,070
1,000,000
Appalachian State University, North Carolina, Revenue Bonds,
Millennial Campus Indoor Facilities Project Series 2024
5
.000
11/01/29
1,072,093
10,140,000
(b)
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, DBA Carolinas HealthCare
System, Variable Rate Demand Series 2021B, (Mandatory Put
6/15/27)
3
.250
01/15/50
10,186,536
5,480,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5
.000
12/01/33
6,272,781
5,000,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5
.000
12/01/34
5,769,332
1,145,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 54-A
4
.550
07/01/44
1,141,212
9,560,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 55A
4
.000
07/01/39
9,413,342
4,165,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 55A
4
.350
01/01/44
4,129,382
5,925,000
(f)
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 60
6
.250
07/01/57
6,742,042
1,125,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Social Series 53-A
4
.000
07/01/39
1,107,742
3,110,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2019-42
2
.625
07/01/39
2,612,806
4,640,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2020-43
2
.800
01/01/40
3,907,291
12,735,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2021-47
2
.300
07/01/41
9,609,463
2,290,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2025-59A
6
.250
01/01/57
2,591,368
11,625,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Series 2015C
5
.000
01/01/29
11,706,256
5,265,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2025B
5
.000
05/01/33
5,957,451
TOTAL NORTH CAROLINA
84,060,167
NORTH DAKOTA - 1.0%
3,525,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement  Special Assessment Bonds,
Refunding Series 2024A
3
.450
04/01/27
3,525,745
1,250,000
Fargo, North Dakota, General Obligation Bonds, Refunding
Improvement Series 2021A
4
.000
05/01/26
1,250,859
1,320,000
Fargo, North Dakota, General Obligation Bonds, Refunding
Improvement Series 2021A
4
.000
05/01/27
1,320,891
1,385,000
Fargo, North Dakota, General Obligation Bonds, Refunding
Improvement Series 2021A
4
.000
05/01/28
1,385,700
5,690,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
5
.000
12/01/32
5,957,880
5,920,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
5
.000
12/01/33
6,167,586
2,675,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
5
.000
12/01/34
2,780,061
500,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3
.000
05/01/33
445,019
500,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3
.000
05/01/36
417,331
3,440,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3
.000
05/01/46
2,282,435
1,795,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
4
.500
05/01/39
1,809,430
2,825,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2019C
3
.200
07/01/39
2,517,668
2,500,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020A
3
.000
07/01/40
2,143,265
87
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH DAKOTA
(continued)
$
4,535,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020B
2
.350
%
07/01/40
$
3,574,151
6,900,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2021A
2
.250
07/01/41
5,174,118
10,000,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2021B
2
.450
07/01/41
7,696,959
5,275,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2024A
4
.550
07/01/44
5,255,916
5,050,000
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2024D
4
.175
07/01/39
5,036,394
2,975,000
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2025C
5
.750
07/01/56
3,248,868
3,785,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/28
3,814,436
3,000,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/29
3,017,035
1,310,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/31
1,312,776
3,480,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/34
3,414,022
10,980,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/38
10,681,349
3,395,000
Ward County Health Care, North Dakota, Revenue Bonds,
Trinity Obligated Group, Series 2017C
5
.000
06/01/43
3,189,199
TOTAL NORTH DAKOTA
87,419,093
OHIO - 4.3%
4,475,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/27
4,586,538
6,775,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/28
7,072,880
18,030,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/29
19,109,029
13,640,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/31
14,667,448
8,075,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/32
8,663,514
4,450,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/33
4,758,154
4,045,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/34
4,280,026
2,825,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/35
2,974,267
835,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5
.000
06/01/36
875,492
7,755,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4
.000
06/01/37
7,776,141
2,810,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4
.000
06/01/38
2,796,536
2,155,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4
.000
06/01/39
2,115,927
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
88
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
8,775,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
3
.000
%
06/01/48
$
6,142,923
3,845,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4
.000
06/01/48
3,223,984
13,385,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5
.000
06/01/55
10,808,388
11,545,000
Columbus City School District, Franklin County, Ohio, General
Obligation Bonds, Refunding Various Purpose Series 2026A
5
.000
12/01/31
12,844,682
6,500,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025A,
(AMT)
5
.000
01/01/40
6,892,520
5,695,000
Columbus Regional Airport Authority, Ohio, Revenue Bonds,
John Glenn Columbus International Airport, Series 2025A,
(AMT)
5
.250
01/01/41
6,097,516
3,460,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025-1
5
.000
04/01/34
3,953,470
3,250,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025A
5
.000
10/01/32
3,661,020
4,010,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025A
5
.000
10/01/33
4,560,159
3,000,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025A
5
.000
10/01/34
3,440,542
2,700,000
(b)
Franklin County, Ohio, Revenue Bonds, CHE Trinity Health
Credit Group, Variable Rate Demand Obligation Series 2013,
(Mandatory Put 5/01/26)
2
.625
12/01/46
2,699,524
1,000,000
Franklin County, Ohio, Sales Tax Revenue Bonds, Various
Purpose Series 2018
5
.000
06/01/43
1,025,697
1,520,000
Huber Heights City School District, Montgomery County, Ohio,
General Obligation Bonds, Refunding Series 2025
5
.000
12/01/32
1,707,228
1,115,000
Montgomery County, Ohio, Hospital Facilities Revenue Bonds,
Kettering Health Network Obligated Group Project, Refunding
& Improvement Series 2021
3
.000
08/01/40
951,401
1,750,000
Muskingum County, Ohio, Hospital Facilities Revenue Bonds,
Genesis HealthCare System Obligated Group Project, Series
2013
5
.000
02/15/27
1,753,665
7,000,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Generation Corporation
Project, Refunding Series 2009D, (Mandatory Put 9/15/21)
3
.375
08/01/29
6,883,736
2,200,000
Ohio Air Quality Development Authority, Ohio, Pollution
Control Revenue Bonds, FirstEnergy Nuclear Generation
Project, Refunding Series 2009A, (Mandatory Put 6/01/22)
4
.750
06/01/33
2,270,078
5,350,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005A, (AMT)
3
.750
01/01/29
5,399,739
25,825,000
(b)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007A, (AMT), (Mandatory Put 10/01/29)
2
.500
08/01/40
24,757,407
18,600,000
(b)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007B, (AMT), (Mandatory Put 10/01/29)
2
.500
11/01/42
17,831,085
12,595,000
(b)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014B, (AMT), (Mandatory Put 10/01/29)
2
.600
06/01/41
12,155,355
16,950,000
(b)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dayton Power & Light Company Project, Refunding
Collateralized Series 2015A, (AMT), (Mandatory Put 6/01/27)
4
.250
11/01/40
17,169,765
5,940,000
(b)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dueke Energy Corporation Project, Refunding Series
2022A, (AMT), (Mandatory Put 6/01/27)
4
.250
11/01/39
5,991,840
195,000
(c)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT)
3
.750
01/15/28
195,410
89
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
5,100,000
(b)
Ohio Higher Educational Facility Commission, Revenue
Bonds, Case Western Reserve University Project, Series 2019C,
(Mandatory Put 12/01/26)
1
.625
%
12/01/34
$
5,036,259
1,815,000
Ohio Higher Educational Facility Commission, Senior Hospital
Parking Revenue Bonds, University Circle Incorporated 2020
Project, Series 2020
5
.000
01/15/36
1,878,967
1,950,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2019B
3
.000
09/01/39
1,705,713
3,585,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2020A
2
.750
09/01/40
2,975,999
1,390,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2020B
2
.250
09/01/40
1,076,926
3,605,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2021A
2
.250
09/01/41
2,697,633
4,865,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2021C
2
.450
09/01/41
3,737,615
1,300,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
4
.350
09/01/44
1,288,647
8,295,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024B
4
.500
09/01/44
8,249,372
2,900,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Social Series 2025A
4
.150
09/01/40
2,875,301
10,000,000
Ohio State, General Obligation Bonds, Common Schools
Series 2026A
5
.000
09/15/42
11,034,114
10,000,000
Ohio State, General Obligation Bonds, Common Schools
Series 2026A
5
.000
09/15/43
10,959,387
5,585,000
Ohio State, General Obligation Bonds, Higher Education
Refunding Series 2025D
5
.000
11/01/31
6,231,361
9,000,000
Ohio State, General Obligation Bonds, Higher Education
Refunding Series 2025D
5
.000
11/01/33
10,254,973
2,000,000
Ohio State, General Obligation Bonds, Higher Education Series
2025C
5
.000
11/01/31
2,231,463
5,360,000
Ohio State, General Obligation Bonds, Higher Education Series
2025C
5
.000
11/01/33
6,107,406
5,075,000
Ohio State, General Obligation Bonds, Highway Capital
Improvement Series 2026Z
5
.000
05/01/31
5,621,523
5,000,000
Ohio State, General Obligation Bonds, Refunding Highway
Capital Improvement Series 2026AA
5
.000
05/01/29
5,362,143
5,655,000
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and
Infrastructure Commission, Infrastructure Projects, Junior Lien
Series 2018A
5
.000
02/15/27
5,774,530
6,000,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Series 2025
5
.000
12/01/32
6,781,687
1,750,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Refunding Series
2025
5
.000
12/01/31
1,953,803
1,185,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Refunding Series
2025
5
.000
12/01/32
1,337,081
1,730,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Various Purpose
Series 2026
5
.000
12/01/32
1,952,025
5,000,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Various Purpose
Series 2026
5
.000
12/01/45
5,365,869
3,175,000
Toledo-Lucas County Port Authority, Ohio, Development
Revenue Bonds, Northwest Ohio Bond Fund, HB Magruder
Memorial Hospital Project, Series 2021F
2
.250
11/15/36
2,543,639
370,000
Tuscarawas County Economic Development and Finance
Alliance, Ohio, Higher Education Facilities Revenue Bonds,
Ashland University, Refunding & Improvement Series 2015
5
.375
03/01/27
370,067
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
90
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
4,700,000
(e)
Van Wert County Hospital, Ohio, Revenue Bonds, Van Wert
Health Obligated Group Refunding Facilities Improvement
Series 2020, (Pre-refunded 12/01/29)
6
.125
%
12/01/49
$
5,174,795
11,700,000
Washington County, Ohio, Hospital Facilities Revenue Bonds,
Memorial Health System Obligated Group, Series 2022
6
.375
12/01/37
12,445,105
TOTAL OHIO
375,116,489
OKLAHOMA - 2.3%
1,110,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Refunding Series 2020
4
.000
12/01/28
1,139,934
1,775,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2
.000
09/01/28
1,706,573
1,850,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2
.000
09/01/29
1,743,133
1,800,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2
.750
09/01/30
1,740,775
1,790,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2
.750
09/01/31
1,698,798
7,830,000
Canadian County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Piedmont Public Schools Project, Series
2024
4
.000
08/15/33
8,026,603
12,345,000
Canadian County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Piedmont Public Schools Project, Series
2024
4
.000
08/15/34
12,588,555
1,725,000
Carter County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Plainview Public
Schools Project, Series 2021A
4
.000
12/01/35
1,766,950
10,000,000
Cleveland County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Public
Schools Project, Series 2021
4
.000
06/01/31
10,275,801
910,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/27
922,681
945,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/28
966,975
960,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/29
989,995
875,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/30
904,468
690,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/31
716,119
930,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/32
967,382
800,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/33
828,897
900,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/34
929,470
1,070,000
Cleveland County Public Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Norman
Technology Center Project, Series 2021
4
.000
05/01/35
1,098,000
1,470,000
Comanche County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Elgin Public
Schools Project, Series 2017A
5
.000
12/01/28
1,531,133
91
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
1,410,000
Comanche County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Elgin Public
Schools Project, Series 2017A
5
.000
%
12/01/31
$
1,464,603
2,720,000
Garfield County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Enid Public
Schools Project, Series 2016A
5
.000
09/01/29
2,740,748
5,445,000
Garfield County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Enid Public
Schools Project, Series 2016A
5
.000
09/01/31
5,485,628
3,220,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
3
.625
09/01/36
3,222,206
1,365,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Amber-Pocasset
Public Schools Project, Series 2019
4
.000
09/01/32
1,386,440
1,485,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Amber-Pocasset
Public Schools Project, Series 2019
4
.000
09/01/34
1,492,098
1,000,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Amber-Pocasset
Public Schools Project, Series 2019
4
.000
09/01/36
989,409
1,890,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Tuttle Public
Schools Project, Series 2019
4
.000
09/01/32
1,919,686
1,790,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Tuttle Public
Schools Project, Series 2019
4
.000
09/01/33
1,804,596
1,000,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Tuttle Public
Schools Project, Series 2019
4
.000
09/01/34
1,005,098
1,000,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/30
1,078,426
1,000,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/31
1,091,468
2,490,000
Lincoln County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Stroud Public Schools Project, Series
2016
5
.000
09/01/26
2,510,777
890,000
Love County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Marietta Public
Schools Project, Series 2021
4
.000
12/01/33
915,298
920,000
Love County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Marietta Public
Schools Project, Series 2021
4
.000
12/01/34
944,731
960,000
Love County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Marietta Public
Schools Project, Series 2021
4
.000
12/01/35
980,869
1,280,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Purcell Public
Schools Project, Series 2018
5
.000
09/01/30
1,341,930
1,565,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Purcell Public
Schools Project, Series 2018
5
.000
09/01/34
1,623,216
5,725,000
Oklahoma City, Oklahoma, General Obligation Bonds, Series
2025
5
.000
03/01/33
6,471,720
6,065,000
Oklahoma County Independent School District 89 Oklahoma
City, Oklahoma, General Obligation Bonds, Combined
Purpose Series 2024A
1
.250
07/01/26
6,044,904
590,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.000
08/15/28
606,895
9,505,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.000
08/15/33
9,694,708
8,615,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.000
08/15/38
8,692,368
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
92
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
3,795,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.250
%
08/15/43
$
3,817,298
2,505,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/57
2,442,266
4,975,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Taxable Series 2022
5
.500
08/15/37
5,152,297
975,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2019A
3
.000
09/01/39
845,327
1,430,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2020A
3
.000
09/01/40
1,225,861
3,095,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2026A
6
.000
09/01/57
3,474,279
745,000
Pontotoc County Educational Facilities Authority, Oklahoma,
Facilities Lease Revenue Bonds, Ada Public Schools Project,
Series 2021
4
.000
09/01/29
762,529
440,000
Pontotoc County Educational Facilities Authority, Oklahoma,
Facilities Lease Revenue Bonds, Ada Public Schools Project,
Series 2021
4
.000
09/01/30
451,046
1,110,000
Pontotoc County Educational Facilities Authority, Oklahoma,
Facilities Lease Revenue Bonds, Ada Public Schools Project,
Series 2021
4
.000
09/01/31
1,137,771
7,800,000
Tulsa County Independent School District 001 Tulsa,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2022A
2
.000
03/01/27
7,711,521
7,000,000
(f)
Tulsa County Independent School District 9 Union Board of
Education, Oklahoma, General Obligation Bonds, Building
Series 2026
2
.000
04/01/28
6,838,628
1,540,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Berryhill Public Schools
Project, Series 2020
2
.000
09/01/27
1,506,768
1,605,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Berryhill Public Schools
Project, Series 2020
2
.000
09/01/28
1,543,127
1,670,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Berryhill Public Schools
Project, Series 2020
2
.000
09/01/29
1,573,531
3,150,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Berryhill Public Schools
Project, Series 2020
2
.000
09/01/30
2,908,311
10,755,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Broken Arrow Public Schools
Project, Series 2016
5
.000
09/01/26
10,773,963
5,650,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Broken Arrow Public Schools
Project, Series 2021A
4
.000
09/01/30
5,819,931
5,425,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Broken Arrow Public Schools
Project, Series 2021A
4
.000
09/01/31
5,595,897
9,955,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jenks Public Schools Project,
Series 2015
5
.000
09/01/26
9,972,553
3,415,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Owasso Public Schools Project,
Series 2025
5
.000
09/01/31
3,739,982
7,180,000
Tulsa, Oklahoma, General Obligation Bonds, Series 2024C
0
.050
10/01/37
4,553,225
2,600,000
Washington County Rural Water District 3, Oklahoma, Revenue
Bonds, Refunding & Capital improvement Series 2020
3
.000
09/15/35
2,454,052
2,165,000
Weatherford Industrial Trust Educational, Oklahoma, Facilities
Lease Revenue Bonds, Weatherford Public Schools Project,
Series 2019
5
.000
03/01/29
2,270,053
2,015,000
Weatherford Industrial Trust Educational, Oklahoma, Facilities
Lease Revenue Bonds, Weatherford Public Schools Project,
Series 2019
5
.000
03/01/31
2,117,302
93
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
2,500,000
Weatherford Industrial Trust Educational, Oklahoma, Facilities
Lease Revenue Bonds, Weatherford Public Schools Project,
Series 2019
5
.000
%
03/01/33
$
2,610,669
TOTAL OKLAHOMA
205,348,251
OREGON - 1.0%
5,070,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Convertible
Deferred Interest Series 2017D
5
.000
06/15/36
5,176,857
1,850,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Series 2025A
0
.000
06/15/37
1,175,043
5,000,000
Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, General Obligation Bonds, Series 2025A
0
.000
06/15/38
2,995,402
1,765,000
Benton and Linn Counties District School District 509J
Corvallis, Oregon, General Obligation Bonds, Series 2018A
5
.000
06/15/38
1,826,366
1,260,000
Clackamas Community College District, Oregon, General
Obligation Bonds, Deferred Interest Series 2017A
5
.000
06/15/40
1,281,163
1,665,000
Clackamas County School District 62, Oregon City, Oregon,
General Obligation Bonds, Refunding Series 2018A
0
.000
06/15/34
1,223,258
1,525,000
Clackamas County School District 62, Oregon City, Oregon,
General Obligation Bonds, Refunding Series 2018A
0
.000
06/15/35
1,064,786
1,070,000
Clackamas County School District 62, Oregon City, Oregon,
General Obligation Bonds, Refunding Series 2018A
0
.000
06/15/37
679,597
2,150,000
Clackamas County School District 62, Oregon City, Oregon,
General Obligation Bonds, Refunding Series 2018A
0
.000
06/15/39
1,240,879
2,800,000
Multnomah-Clackamas Counties School District 10JT Greham-
Barlow, Oregon, General Obligation Bonds, Deferred interest
Series 2019A
0
.000
06/15/38
1,676,022
1,000,000
Oregon Department of Transportation, Revenue Bonds, Grant
Anticipation, Social 2024
5
.000
05/15/39
1,093,572
6,585,000
(b)
Oregon Health and Science University, Revenue Bonds, Green
Series 2021B-2, (Mandatory Put 2/01/32)
5
.000
07/01/46
7,140,520
1,830,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2017D
3
.450
01/01/38
1,727,181
3,085,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2018C
3
.900
07/01/38
3,027,996
7,955,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2019A
2
.650
07/01/39
6,709,214
7,420,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2021A
2
.250
07/01/41
5,564,052
2,710,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2025A
4
.750
07/01/40
2,778,419
5,000,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Refunding Subordinate Lien Series 2024A
5
.000
11/15/33
5,698,979
550,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/31
613,977
1,000,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/32
1,129,111
3,325,000
Oregon State, General Obligation Bonds, Veterans Welfare
Series 108 of 2021O
2
.600
12/01/42
2,551,232
4,840,000
(c)
Port of Morrow, Morrow County Oregon, Full Faith and Credit
Obligations, Series 2024A
5
.150
10/01/26
4,839,824
4,050,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Green Series 2023-29, (AMT)
5
.000
07/01/38
4,333,294
5,000,000
Port of Portland, Oregon, International Airport Revenue Bonds,
Series 2022-28, (AMT)
5
.000
07/01/33
5,448,232
1,925,000
Salem Hospital Facility Authority, Oregon, Revenue Bonds,
Salem Health Projects, Refunding Series 2016A
5
.000
05/15/33
1,928,542
3,700,000
Tri-County Metropolitan Transportation District, Oregon,
Capital Grant Receipt Revenue Bonds, Series 2018A
4
.000
10/01/33
3,732,389
3,000,000
University of Oregon, General Revenue Bonds, Refunding
Series 2026A
5
.000
04/01/36
3,452,952
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
94
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON
(continued)
$
6,510,000
Washington County, Oregon, General Obligation Bonds, Full
Faith & Credit Obligation Series 2025
5
.000
%
06/01/33
$
7,416,887
TOTAL OREGON
87,525,746
PENNSYLVANIA - 4.1%
1,000,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2023A
- AGM Insured, (AMT)
5
.000
01/01/28
1,032,918
1,400,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2023A
- AGM Insured, (AMT)
5
.000
01/01/29
1,473,549
2,500,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2023A
- AGM Insured, (AMT)
5
.000
01/01/30
2,670,500
1,000,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
5
.000
04/01/36
1,029,281
10,085,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
4
.000
04/01/37
9,893,776
5,205,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
4
.000
04/01/38
5,059,437
5,680,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
4
.000
04/01/44
5,155,721
2,335,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
4
.000
04/01/44
2,194,808
1,445,000
(c)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Project, Series 2018
5
.000
05/01/28
1,495,330
2,234,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
2,381,765
27,211,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
25,623,023
14,973,000
(g)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0
.000
06/30/44
11,051,348
4,690,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
4,788,937
1,025,000
Capital Region Water, Pennsylvania, Water Revenue Bonds,
Series 2018
5
.000
07/15/27
1,053,181
5,190,000
(b)
Clarion County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Pennsylvania-American Water Company
Project, Refunding Series 2019, (AMT), (Mandatory Put
12/03/29)
2
.450
12/01/39
4,791,161
22,030,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured
4
.000
06/01/39
21,193,673
2,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
2,029,158
4,465,000
Lehigh County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Lehigh Valley Health Network, Series
2019A
4
.000
07/01/49
3,767,446
7,560,000
Lehigh County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, Pennsylvania Power and
Light Company, Series 2016A
3
.000
09/01/29
7,548,695
16,805,000
(b)
Luzerne County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Pennsylvania-American Water
Company Project, Refunding Series 2019, (AMT), (Mandatory
Put 12/03/29)
2
.450
12/01/39
15,805,444
3,160,000
Pennsylvania Economic Development Financing Authority,
Private Activity Revenue Bonds, Pennsylvania Rapid Bridge
Replacement Project, Series 2015, (AMT)
5
.000
12/31/34
3,167,109
95
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
11,000,000
(b)
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2025A, (Mandatory Put 3/15/35)
5
.000
%
03/15/60
$
11,970,626
1,000,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services
Inc Project, Refunding Series 2019A, (AMT), (Mandatory Put
4/15/26)
3
.250
04/01/34
999,928
1,000,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services Inc
Project, Series 2019B-1, (AMT), (Mandatory Put 4/15/26)
3
.250
04/01/49
999,924
1,600,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services Inc
Project, Series 2019B-2, (AMT), (Mandatory Put 7/15/26)
3
.250
04/01/49
1,600,097
1,250,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2009, (Mandatory Put 12/01/26)
0
.950
12/01/33
1,229,652
4,715,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2013, (AMT), (Mandatory Put 5/01/26)
3
.000
08/01/45
4,714,134
5,225,000
(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2025, (AMT), (Mandatory Put 6/01/26)
2
.875
06/01/49
5,222,267
1,020,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
5
.000
05/01/37
748,120
10,785,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
5
.000
05/01/42
7,241,051
1,135,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Widener University, Series 2021A
3
.000
07/15/39
911,508
19,900,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-120
3
.100
10/01/36
18,188,415
13,055,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-124B
3
.500
10/01/37
12,355,510
6,615,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-128B
3
.500
10/01/34
6,525,130
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
2
.500
10/01/34
870,270
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
2
.700
10/01/39
851,731
3,930,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-131A
3
.000
10/01/39
3,421,175
3,355,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.125
10/01/35
2,739,873
10,150,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.350
10/01/40
7,952,318
15,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-137
2
.450
10/01/41
11,513,538
4,800,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-1394A
4
.000
10/01/37
4,763,265
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
4
.600
10/01/44
993,475
9,000,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5
.000
08/15/29
9,688,924
6,000,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5
.000
08/15/33
6,781,305
3,215,000
Pennsylvania State, General Obligation Bonds, First Series
2023
5
.000
09/01/38
3,531,215
5,000,000
Pennsylvania State, General Obligation Bonds, First Series
2024
5
.000
08/15/30
5,466,987
2,690,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate
Series 2014A
4
.500
12/01/34
2,711,786
5,215,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate
Series 2014A
4
.750
12/01/37
5,263,903
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
96
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
16,220,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.375
%
12/01/38
$
16,948,987
6,000,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate First Series 2026
5
.000
06/01/29
6,416,302
4,715,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2016B-2
5
.000
06/01/29
4,731,766
22,160,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2016B-2
5
.000
06/01/35
22,219,650
3,075,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2017
5
.000
12/01/29
3,190,899
3,425,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2017
5
.000
12/01/31
3,544,565
5,645,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Series 2016A
5
.000
12/01/36
5,701,832
3,845,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Third Series 2017
5
.000
12/01/31
3,979,227
2,420,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Third Series 2017
5
.000
12/01/32
2,500,388
2,240,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Third Series 2017
4
.000
12/01/36
2,253,482
1,175,000
(e)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2016A-1, (Pre-refunded 6/01/26)
5
.000
12/01/28
1,179,706
3,130,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2017A-1
5
.000
12/01/36
3,213,301
1,835,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
5
.000
05/01/31
1,594,115
2,060,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
5
.000
05/01/33
1,692,444
1,165,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, La Salle University, Series 2017
5
.000
05/01/34
930,488
3,000,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
07/01/32
3,276,820
440,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
3
.375
06/01/26
438,466
3,120,000
Washington County Industrial Development Authority,
Pennsylvania, College Revenue Bonds, AICUP Financing
Program-Washington and Jefferson College Project, Series
2017-PP5
3
.375
11/01/36
2,758,314
1,200,000
Wilson School District, Berks County, Pennsylvania, General
Obligation Bonds, Notes Series 2025D
5
.000
05/15/37
1,312,653
800,000
Wilson School District, Berks County, Pennsylvania, General
Obligation Bonds, Notes Series 2025D
5
.000
05/15/38
870,808
TOTAL PENNSYLVANIA
361,216,600
PUERTO RICO - 2.9%
19,655,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5
.000
07/01/30
20,740,247
22,060,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5
.000
07/01/35
22,797,733
350,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021A
5
.000
07/01/33
365,940
5,575,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
4
.000
07/01/42
5,274,308
16,071,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/27
15,454,992
27,360,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/29
24,607,559
62,704,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/31
52,200,114
19,876,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/33
15,304,657
2,532,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.500
07/01/34
2,531,978
97
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PUERTO RICO
(continued)
$
11,678,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.550
%
07/01/40
$
11,645,719
24,197,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/46
8,521,143
1,087,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
1,013,695
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
952,125
4,743,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured Cofina Project Series 2018B-1
4
.500
07/01/34
4,742,958
15,604,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.329
07/01/40
15,395,673
7,773,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.329
07/01/40
7,669,223
76,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.784
07/01/58
70,281
8,891,454
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/27
9,064,073
16,747,234
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
17,688,499
1,913,507
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.750
07/01/31
2,090,141
8,047,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
5,848,990
2,683,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/33
2,679,923
2,942,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/35
2,901,061
1,205,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/37
1,164,602
TOTAL PUERTO RICO
250,725,634
RHODE ISLAND - 0.7%
1,290,000
Rhode Island Health and Educational Building Corporation,
Educational Institution Revenue Bonds, St. George's School,
Series 2021
5
.000
10/01/28
1,360,246
2,000,000
Rhode Island Health and Educational Building Corporation,
Hospital Financing Revenue Bonds, Care New England Issue,
Refunding Series 2016B
5
.000
09/01/36
1,990,965
1,470,000
Rhode Island Health and Educational Building Corporation,
Public Schools Financing Program Revenue Bonds, City of
Providence, Series 2021D - BAM Insured
5
.000
05/15/27
1,508,143
3,275,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2019 Series 70
3
.000
10/01/39
2,864,536
2,420,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2019 Series 71
3
.000
10/01/39
2,106,678
13,950,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2021 Series 75A
2
.250
10/01/41
10,428,124
10,000,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bonds, Series 73-A
2
.300
10/01/40
7,766,279
4,550,000
Rhode Island Housing and Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, Series 2020-72A
2
.550
10/01/40
3,655,010
4,000,000
Rhode Island Housing and Mortgage Finance Corporation,
Homeownership Opportunity Bonds, Series 83-A
4
.600
10/01/44
3,973,901
4,750,000
Rhode Island Infrastructure Bank, State Revolving Fund
Revenue Bonds, Master Trust Green Refunding Series 2026B
5
.000
10/01/30
5,214,306
137,445,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2007A
0
.000
06/01/52
19,468,246
3,645,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2015B
4
.500
06/01/45
3,544,372
TOTAL RHODE ISLAND
63,880,806
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
98
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA - 1.5%
$
5,780,000
Greenville Hospital System Board of Trustees, South Carolina,
Hospital Revenue Bonds, Series 2014B
5
.000
%
05/01/34
$
5,790,143
1,055,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5
.000
11/01/34
1,056,497
1,170,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Lexington Medical Center, Series
2016
5
.000
11/01/35
1,171,570
6,400,000
(b)
Patriots Energy Group Financing Agency, South Carolina,
Gas Supply Revenue Bonds, Series 2023A-1, (Mandatory Put
8/01/31)
5
.250
10/01/54
6,884,770
1,000,000
Patriots Energy Group, South Carolina, Gas System Revenue
Bonds, Improvement and Refunding Series 2021A
2
.250
06/01/41
687,911
2,500,000
South Carolina Association of Governmental Organizations,
Educational Facilities Corporation for Pickens School District,
Installment Purchase Revenue Bonds, Pickens County,
Refunding Series 2025
5
.000
12/01/31
2,769,693
2,680,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2019B
2
.900
07/01/39
2,310,094
5,720,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2020B
2
.150
07/01/40
4,391,219
17,830,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2021A
2
.050
07/01/41
13,071,752
1,865,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2024A
4
.500
07/01/44
1,856,515
5,145,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2024B
4
.375
07/01/44
5,103,458
995,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025A
4
.150
07/01/40
991,044
8,590,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025A
4
.500
07/01/45
8,525,367
4,575,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025B
4
.625
07/01/40
4,673,121
6,095,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025C
6
.250
01/01/56
6,847,339
7,005,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6
.000
07/01/56
7,795,258
5,390,000
(b)
South Carolina Jobs Economic Development Authority,
Economic Development Revenue Bonds, Foothill Affordable
Housing Foundation - Paddock Club & Fairway Projects, Senior
Credit Enhanced Series 2025, (Mandatory Put 3/01/35)
4
.000
03/01/62
5,399,977
3,445,000
(f)
South Carolina Jobs-Economic Dev Auth, Revenue Bonds,
International Paper Company Project, Refunding Environmental
Improvement Series 2023A, (AMT)
3
.950
04/01/33
3,423,667
1,305,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, FMU Student
Housing LLC - Francis Marion University Project, Series 2014A
5
.000
08/01/27
1,306,059
3,925,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, FMU Student
Housing LLC - Francis Marion University Project, Series 2014A
5
.000
08/01/32
3,925,897
2,650,000
(b)
South Carolina Jobs-Economic Development Authority,
Hospital Revenue Bonds, Bon Secours Mercy Health, Inc, Series
2025B-2, (Mandatory Put 11/01/32)
5
.000
11/01/49
2,952,145
4,595,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding & Improvement Series 2020A
5
.000
12/01/31
4,999,596
2,565,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
12/01/29
2,575,490
5,330,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
12/01/29
5,349,456
1,405,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
12/01/31
1,410,746
2,920,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
12/01/31
2,929,715
99
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH CAROLINA
(continued)
$
730,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
%
12/01/37
$
732,986
1,525,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2016A
5
.000
12/01/37
1,528,129
4,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Refunding Series 2024B - AGM Insured
5
.000
12/01/42
4,306,782
10,000,000
South Carolina Transportation Infrastructure Bank, Revenue
Bonds, Refunding Series 2017A
5
.000
10/01/39
10,204,346
4,615,000
Spartanburg County School District 5, South Carolina, General
Obligation Bonds, Series 2022
3
.000
03/01/37
4,174,510
TOTAL SOUTH CAROLINA
129,145,252
SOUTH DAKOTA - 0.6%
200,000
Mitchell School District 17-2, South Dakota, General Obligation
Bonds, Limited Tax Refunding Certificates, Series 2021
2
.000
08/01/26
199,064
400,000
Mitchell School District 17-2, South Dakota, General Obligation
Bonds, Limited Tax Refunding Certificates, Series 2021
2
.000
08/01/27
392,636
400,000
Mitchell School District 17-2, South Dakota, General Obligation
Bonds, Limited Tax Refunding Certificates, Series 2021
2
.000
08/01/29
380,499
1,575,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5
.000
11/01/32
1,765,626
1,170,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5
.000
11/01/33
1,323,801
1,000,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5
.000
11/01/34
1,138,563
1,545,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Monument Health, Inc., Series 2020A
5
.000
09/01/27
1,585,495
2,515,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Regional Health, Refunding Series 2017
5
.000
09/01/31
2,568,039
3,925,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021A
2
.100
11/01/41
2,869,883
7,500,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021B
2
.050
11/01/41
5,473,057
3,500,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024A
4
.450
11/01/44
3,491,308
13,055,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
4
.500
11/01/44
12,986,472
7,710,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2025A
4
.200
11/01/40
7,675,125
2,395,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2025E
6
.250
05/01/56
2,707,906
4,055,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2026A
6
.000
11/01/56
4,549,529
3,205,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Social Series
2023A
4
.150
11/01/38
3,214,737
TOTAL SOUTH DAKOTA
52,321,740
TENNESSEE - 1.5%
1,630,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
5
.000
08/01/26
1,641,890
1,900,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
5
.000
08/01/28
1,983,907
2,895,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
3
.375
04/01/26
2,895,000
3,250,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5
.000
04/01/29
3,287,722
2,605,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5
.000
04/01/30
2,632,896
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
100
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
2,810,000
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Revenue Bonds, University Health System, Inc.,
Series 2017
5
.000
%
04/01/31
$
2,836,959
5,210,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2016A
5
.000
07/01/40
5,222,227
11,800,000
Metropolitan Government of Nashville-Davidson County,
Tennessee, General Obligation Bonds, Improvement Series
2021C
1
.750
01/01/37
9,522,056
5,920,000
Metropolitan Government of Nashville-Davidson County,
Tennessee, General Obligation Bonds, Improvement Series
2026C
4
.000
01/01/45
5,740,281
1,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Refunding Series 2026D, (AMT)
5
.000
07/01/34
1,106,234
1,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Refunding Series 2026D, (AMT)
5
.000
07/01/35
1,109,283
2,135,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5
.000
07/01/33
2,350,585
3,250,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5
.000
07/01/34
3,595,260
1,600,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5
.000
07/01/35
1,774,854
2,115,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5
.000
07/01/36
2,340,367
4,435,000
Murfreesboro, Tennessee, General Obligation Bonds, Series
2021
3
.000
06/01/30
4,405,378
1,860,000
(b)
Rutherford County Health and Educational Facilities Board,
Tennessee, Revenue Bonds, Ascension Health Group, Series
2025B-1, (Mandatory Put 11/15/30)
5
.000
11/15/48
2,010,184
6,500,000
Shelby County Health, Educational and Housing Facilities
Board, Tennessee, Revenue Bonds, Methodist Le Bonheur
Healthcare, Series 2025A
5
.000
06/01/35
7,119,426
15,810,000
(b)
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2021A, (Mandatory Put 9/01/28)
4
.000
12/01/51
15,969,110
4,095,000
(b)
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2022A, (Mandatory Put 12/01/30)
5
.500
10/01/53
4,354,849
5,535,000
Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2026A
5
.000
11/01/34
5,910,767
420,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2015-1C
3
.950
07/01/35
419,990
1,275,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2018-2
3
.700
07/01/38
1,226,134
3,280,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2018-3
3
.750
07/01/38
3,143,234
6,335,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2018-4
3
.900
07/01/38
6,216,428
5,765,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-1
3
.750
07/01/39
5,515,437
6,615,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-2
3
.000
07/01/39
5,810,681
2,440,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-3
2
.600
07/01/39
2,041,952
3,930,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-4
2
.900
07/01/39
3,387,563
3,840,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-1
2
.250
07/01/41
2,884,155
7,135,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-2
2
.250
07/01/41
5,350,338
5,340,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-3
2
.300
07/01/41
4,029,410
215,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Social Series 2024-2A
4
.450
07/01/44
212,878
1,350,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Social Series 2025-2A
4
.850
07/01/40
1,386,820
101
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
3,245,000
The Tennessee Energy Acquisition Corporation, Gas Project
Revenue Bonds, Refunding Series 2025A
5
.000
%
12/01/35
$
3,438,760
2,250,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5
.625
09/01/26
2,265,835
TOTAL TENNESSEE
135,138,850
TEXAS - 9.3%
11,020,000
Alamo Community College District, Texas General Obligation
Bonds, Refunding Limited Tax Series 2025
5
.000
08/15/33
12,393,825
10,195,000
Alamo Community College District, Texas General Obligation
Bonds, Refunding Limited Tax Series 2025
5
.000
08/15/34
11,542,772
5,000,000
Aldine Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding School Building Series
2017A
5
.000
02/15/45
5,033,629
2,050,000
Aldine Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding School Building Series
2024B
5
.000
02/15/28
2,143,714
2,610,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5
.000
01/01/28
2,625,112
2,840,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5
.000
01/01/30
2,854,227
1,600,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5
.000
01/01/32
1,606,250
5,000,000
Austin, Texas, Certificates of Obligation, Series 2025
5
.000
09/01/33
5,650,085
5,000,000
(f)
Austin, Texas, Water and Wastewater System Revenue Bonds,
Refunding & Improvement Series 2026
5
.000
11/15/31
5,548,592
20,000,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2024B
5
.000
08/15/40
21,871,796
9,255,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5
.000
08/15/28
9,781,005
8,500,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025B
5
.000
08/15/36
9,633,523
5,000,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
5
.000
08/15/29
5,389,448
8,525,000
Board of Regents of the University of Texas, Permanent
University Fund Bonds, Series 2024A
5
.000
07/01/38
9,412,928
9,125,000
Board of Regents of the University of Texas, Permanent
University Fund Bonds, Series 2024A
5
.000
07/01/39
10,030,272
10,860,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Anticipation Notes Subordinate Lien Series 2021C
5
.000
01/01/27
10,926,635
4,150,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Refunding Senior Lien Series 2025A
5
.000
01/01/30
4,466,802
1,000,000
City of Houston, Texas, Convention & Entertainment Facilities
Department Hotel Occupancy Tax and Special Revenue Bonds,
Refunding Series 2019
5
.000
09/01/34
1,040,521
1,000,000
City of Houston, Texas, Convention & Entertainment Facilities
Department Hotel Occupancy Tax and Special Revenue Bonds,
Refunding Series 2019
5
.000
09/01/35
1,036,781
1,000,000
City of Houston, Texas, Convention & Entertainment Facilities
Department Hotel Occupancy Tax and Special Revenue Bonds,
Refunding Series 2019
5
.000
09/01/36
1,034,301
3,325,000
Collin County, Texas, General Obligation Bonds, Limited Tax
Permanent Improvement Series 2023
5
.000
02/15/36
3,655,259
1,310,000
Collin County, Texas, General Obligation Bonds, Limited Tax
Permanent Improvement Series 2023
5
.000
02/15/37
1,431,088
7,575,000
Comal Independent School District, Texas, General Obligation
Bonds, Refunding Series 2025
5
.000
02/01/33
8,541,125
3,000,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, Refunding Series 2024
5
.000
02/15/30
3,255,557
5,000,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, Refunding Series 2025
5
.000
02/15/34
5,658,231
1,200,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/32
1,337,985
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
102
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,965,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5
.000
%
03/01/33
$
3,293,001
3,090,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5
.000
03/01/34
3,449,879
3,280,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5
.000
03/01/35
3,672,813
3,395,000
Crowley Independent School District, Tarrant and Johnson
Counties, Texas, General Obligation Bonds, Refunding Series
2025
5
.000
02/01/33
3,819,050
5,570,000
Crowley Independent School District, Tarrant and Johnson
Counties, Texas, General Obligation Bonds, Refunding Series
2025
5
.000
02/01/34
6,314,129
2,710,000
Cypress-Fairbanks Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding Series 2026
5
.000
02/15/31
2,982,098
9,090,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding Series 2023C, (AMT)
5
.000
11/01/27
9,377,827
7,445,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding & Improvement Series 2025A-1, (AMT)
5
.000
11/01/30
8,032,744
4,000,000
Dallas Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2026A
5
.000
02/15/33
4,503,720
5,445,000
Dallas Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2026A
5
.000
02/15/34
6,161,814
10,035,000
Dallas, Texas, General Obligation Bonds, Refunding and
Improvement Series 2024B
5
.000
02/15/27
10,250,615
9,120,000
Dallas, Texas, General Obligation Bonds, Series 2025
5
.000
02/15/32
10,155,185
5,900,000
Dallas, Texas, Waterworks and Sewer System Revenue Bonds,
Refunding Series 2016A
5
.000
10/01/41
5,936,710
3,000,000
Denton County, Texas, General Obligation Bonds, Refunding
Permanent Improvement Series 2025
5
.000
07/15/32
3,354,287
9,070,000
Eagle Mountain and Saginaw Independent School District,
Tarrant County, Texas, General Obligation Bonds, Refunding
Series 2025A
5
.000
08/15/33
10,295,979
2,775,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4
.750
11/01/42
2,775,014
2,400,000
Fort Bend County, Texas, General Obligation Bonds, Refunding
Road Series 2025
5
.000
03/01/33
2,682,859
3,405,000
Fort Bend County, Texas, General Obligation Bonds, Refunding
Road Series 2025
5
.000
03/01/34
3,834,385
4,000,000
Grand Prairie Independent School District, Dallas County,
Texas, General Obligation Bonds, Refunding Series 2015
4
.000
02/15/31
4,002,595
5,215,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Refunding Series 2020A
4
.125
07/01/26
5,234,330
4,025,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Refunding Series 2020A
3
.950
07/01/27
4,089,849
3,060,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Refunding Series 2020A
3
.750
07/01/28
3,114,843
3,650,000
(b)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2022B, (Mandatory Put
12/01/28)
5
.000
06/01/50
3,827,455
8,960,000
(b)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2024C, (Mandatory Put
7/01/29)
5
.000
07/01/54
9,481,778
1,000,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Texas Childrens
Hospital, Series 2019A
4
.000
10/01/35
1,006,261
10,710,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Medical Center,
Refunding Series 2026
5
.000
12/01/29
11,562,579
103
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,590,000
Harris County Flood Control District, Texas, General Obligation
Bonds, Refunding Improvement, Green Series 2023A
4
.000
%
09/15/48
$
1,445,807
4,560,000
Harris County, Texas, General Obligation Bonds, Refunding
Permanent Improvement Series 2025A
5
.000
09/15/33
5,164,215
4,650,000
Harris County, Texas, General Obligation Bonds, Refunding
Permanent Improvement Series 2025A
5
.000
09/15/34
5,304,190
1,715,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5
.000
09/15/33
1,942,243
1,800,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5
.000
09/15/34
2,053,235
1,750,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding First
Lien Series 2025A
5
.000
08/15/32
1,954,088
1,270,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding
Senior Lien Series 2016A
5
.000
08/15/41
1,274,716
6,995,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2023A - AGM Insured, (AMT)
5
.000
07/01/28
7,309,369
11,005,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2023A - AGM Insured, (AMT)
5
.000
07/01/30
11,845,315
11,535,000
Houston, Texas, Airport System Revenue Bonds, Refunding
Subordinate Lien Series 2023A - AGM Insured, (AMT)
5
.000
07/01/32
12,619,793
2,000,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal E Project, Refunding Series
2014, (AMT)
5
.000
07/01/29
2,001,960
1,000,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal E Project, Series 2021B-1,
(AMT)
4
.000
07/15/41
910,737
7,725,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5
.250
07/15/33
8,120,936
1,600,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5
.250
07/15/34
1,678,891
12,050,000
Houston, Texas, Combined Utility System Revenue Bonds,
Refunding First Lien Series 2014D
5
.000
11/15/39
12,065,390
3,175,000
Houston, Texas, Combined Utility System Revenue Bonds,
Refunding First Lien Series 2018D
5
.000
11/15/32
3,334,827
2,630,000
Houston, Texas, Combined Utility System Revenue Bonds,
Refunding First Lien Series 2018D
5
.000
11/15/33
2,756,305
8,500,000
Houston, Texas, General Obligation Bonds, Refunding Series
2024A
5
.000
03/01/41
9,145,548
7,500,000
Houston, Texas, General Obligation Bonds, Refunding Series
2024A
5
.000
03/01/42
8,036,611
3,820,000
(f)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C
5
.000
09/01/45
4,031,469
5,000,000
(f)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C
5
.000
09/01/46
5,222,423
4,235,000
(f)
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding First Lien Series 2026C
5
.500
09/01/58
4,498,391
1,000,000
Houston, Texas, Hotel Occupancy Tax and Special Revenue
Bonds, Convention and Entertainment Facilities Department,
Refunding Series 2021
3
.000
09/01/33
968,190
4,750,000
Humble Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding School Building Series
2026A
5
.000
02/15/32
5,277,200
2,925,000
Hurst-Euless-Bedford Independent School District, Tarrant
County, Texas, General Obligation Bonds, School Building
Series 2024
5
.000
08/15/26
2,951,145
2,830,000
Hutto, Texas, Certificates of Obligation Bonds, Combination Tax
& Waterworks & Sewer System Revenue Series 2026
4
.000
08/01/43
2,673,703
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
104
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,055,000
Katy Independent School District, Harris, Fort Bend and Waller
Counties, Texas, General Obligation Bonds, Refunding Series
2024
5
.000
%
02/15/29
$
2,187,644
1,575,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Schoolhouse Refunding Series
2019
5
.000
02/01/43
1,620,785
1,000,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/26
1,001,505
2,025,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/27
2,028,129
1,570,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/28
1,572,440
2,000,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/29
2,003,004
2,000,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds Series 2015, (AMT)
5
.000
11/01/30
2,002,870
4,115,000
Lower Colorado River Authority, Texas, Transmission Contract
Revenue Bonds, LCRA Transmission Services Corporation
Project, Refunding Series 2021
5
.000
05/15/27
4,224,081
4,590,000
Matagorda County Navigation District 1, Texas, Pollution
Control Revenue Bonds, Central Power & Light Company
Project, Refunding Series 2001A
2
.600
11/01/29
4,468,084
2,720,000
McCamey County Hospital District, Texas, General Obligation
Bonds, Series 2013
5
.250
12/01/28
2,721,279
2,335,000
(c)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
2,337,867
1,800,000
(b)
Mission Economic Development Corporation, Texas,
Solid Waste Disposal Revenue Bonds, Graphic Packaging
International, LLC Project, Green Series 2025, (AMT),
(Mandatory Put 6/01/30)
5
.000
12/01/64
1,867,570
2,570,000
(b)
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Republic Services Inc. Project,
Adjustable Rate Series 2020A, (AMT), (Mandatory Put 5/01/26)
3
.000
05/01/50
2,569,767
10,000,000
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Waste Management Inc.
Project, Series 2023A, (AMT), (Mandatory Put 7/01/27)
4
.250
06/01/48
10,082,178
5,000,000
Montgomery County, Texas, General Obligation Bonds, Limited
Tax Refunding Series 2025A
5
.000
03/01/32
5,547,621
2,900,000
North East Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding Series 2025
5
.000
08/01/33
3,278,611
3,020,000
North Texas Municipal Water District, Texas, Regional
Wastewater Revenue Bonds, Improvement and Refunding
Series 2025
4
.000
06/01/43
2,958,129
3,860,000
(e)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7
.000
09/01/43
4,552,781
9,195,000
(e)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
6
.750
09/01/45
10,932,772
5,355,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5
.000
01/01/27
5,450,872
4,010,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2024A
5
.000
01/01/41
4,359,384
3,750,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2008D - AGC Insured
0
.000
01/01/38
2,363,514
2,250,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2017A
5
.000
01/01/43
2,305,632
5,000,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2019A
3
.000
01/01/35
4,799,962
5,950,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier, Series 2020A
4
.000
01/01/37
5,980,208
5,000,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding Second Tier Series 2024B
5
.000
01/01/32
5,520,416
105
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,280,000
Pasadena Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Series 2015
4
.000
%
02/15/34
$
5,281,862
4,500,000
Pearland Independent School District, Brazoria County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5
.000
02/15/32
5,022,599
965,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2020, (AMT)
3
.625
01/01/35
868,175
6,865,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
2
.750
01/01/36
5,342,913
13,675,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
2
.875
01/01/41
9,735,320
1,000,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2021A, (AMT)
3
.000
01/01/50
603,459
2,000,000
(c)
Port Beaumont Navigation District, Jefferson County, Texas,
Dock and Wharf Facility Revenue Bonds, Jefferson Gulf Coast
Energy Project, Series 2024A, (AMT)
5
.000
01/01/39
1,901,245
1,270,000
Port of Houston Authority, Harris County, Texas, General
Obligation Bonds, First Lien Series 2021
5
.000
10/01/26
1,285,726
2,315,000
Round Rock, Texas, Combined Tax and Revenue Certificates of
Obligation, Series 2021A
2
.000
08/15/43
1,543,771
1,180,000
Round Rock, Texas, Combined Tax and Revenue Certificates of
Obligation, Series 2021C
2
.000
08/15/43
786,890
1,520,000
Round Rock, Texas, Combined Tax and Revenue Certificates of
Obligation, Series 2021C
2
.000
08/15/46
928,958
3,910,000
San Antonio, Texas, Water System Revenue Bonds, Refunding
Junior Lien Series 2025C
5
.000
05/15/32
4,366,290
4,260,000
(b)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2026F, (Mandatory Put 5/01/30)
5
.000
11/15/55
4,565,606
3,765,000
(b)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2025C, (Mandatory Put 11/15/32)
5
.000
11/15/64
4,160,556
4,990,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025B
4
.650
07/01/40
5,092,245
5,835,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
4
.750
07/01/40
5,982,314
6,810,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
6
.000
01/01/57
7,584,864
13,980,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Series 2024C
4
.450
01/01/44
13,844,493
3,535,000
Texas Department of Housing and Community Affairs, Single
Family Mortgage Revenue Bonds, Series 2018A
4
.125
09/01/38
3,543,544
4,835,000
Texas Department of Housing and Community Affairs, Single
Family Mortgage Revenue Bonds, Series 2021A
2
.050
09/01/41
3,536,491
18,170,000
(b)
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put
1/01/30)
5
.500
01/01/54
19,186,413
15,850,000
(b)
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put
1/01/34)
5
.500
01/01/54
17,314,946
10,000,000
(b)
Texas Municipal Gas Acquisition and Supply Corporation V,
Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put
1/01/34)
5
.000
01/01/55
10,629,831
6,500,000
Texas Municipal Gas Acquisition and Supply Corporation VI,
Gas Supply Revenue Bonds, Series 2025
5
.000
01/01/36
6,907,179
7,000,000
Texas Private Activity Bond Surface Transporation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Refunding Senior Lien Series
2019A
4
.000
12/31/37
6,834,426
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
106
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
3,940,000
Texas Private Activity Bond Surface Transporation Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Refunding Senior Lien Series
2019A
4
.000
%
12/31/38
$
3,807,136
10,000,000
Texas Private Activity Bond Surface Transporation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
06/30/58
9,701,370
1,700,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4
.000
12/31/32
1,723,534
2,800,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4
.000
06/30/33
2,828,223
1,600,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4
.000
06/30/35
1,591,391
10,560,000
Texas State Transportation Commission, General Obligation
Bonds, Mobility Fund Refunding Series 2025
5
.000
10/01/36
12,000,371
5,790,000
Texas State, General Obligation Bonds, College Student Loan
Series 2023A, (AMT)
5
.000
08/01/36
6,251,147
6,665,000
Texas State, General Obligation Bonds, Texas Transportation
Commission, Mobility Fund Refunding Series 2024
5
.000
10/01/32
7,447,914
10,400,000
Texas State, General Obligation Bonds, Transportation
Commission Highway Improvement, Series 2016A
5
.000
04/01/35
10,415,757
12,000,000
Texas Transportation Commission, Central Texas Turnpike
System Revenue Bonds, Refunding Second Tier Series 2024C
5
.000
08/15/38
13,130,221
6,115,000
Texas Transportation Commission, General Obligation Bonds,
Highway Improvement Refunding Series 2024
5
.000
04/01/26
6,115,000
5,590,000
Texas Transportation Commission, General Obligation Bonds,
Highway Improvement Refunding Series 2024
5
.000
04/01/28
5,863,495
5,000,000
Texas Transportation Commission, Highway Fund Revenue
Bonds, Refunding First Tier Series 2024
5
.000
10/01/32
5,618,732
1,125,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
0
.000
08/01/35
758,063
1,605,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
0
.000
08/01/36
1,025,699
2,120,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
0
.000
08/01/37
1,281,119
1,100,000
Texas Transportation Commission, State Highway 249 System
Revenue Bonds, First Tier Toll Series 2019A
0
.000
08/01/39
593,336
1,000,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2017A
5
.000
10/15/42
1,016,904
7,385,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2018A
5
.000
10/15/30
7,719,082
5,890,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2022
5
.000
10/15/47
6,096,649
15,315,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
5
.000
10/15/33
17,399,496
3,750,000
Travis County, Texas, General Obligation Bonds, Permanent
Improvement Limited Tax Series 2024
5
.000
03/01/39
4,098,203
10,780,000
Travis County, Texas, General Obligation Bonds, Permanent
Improvement Limited Tax Series 2024
5
.000
03/01/40
11,716,412
2,000,000
Williamson County, Texas, General Obligation Bonds, Tax Road
Series 2025
5
.000
02/15/28
2,089,556
2,270,000
Williamson County, Texas, General Obligation Bonds, Tax Road
Series 2025
5
.000
02/15/29
2,407,484
TOTAL TEXAS
813,983,474
107
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH - 0.6%
$
1,055,000
(c)
Black Desert Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds Series 2021A
3
.250
%
03/01/31
$
1,005,797
1,600,000
(c)
Black Desert Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds Series 2021A
3
.500
03/01/36
1,450,107
1,300,000
(c)
Downtown East Streetcar Sewer Public Infrastructure District,
South Salt Lake, Salt Lake County, Utah, Limited Tax General
Obligation Bonds, Series 2022A
5
.750
03/01/42
1,300,114
1,790,000
(c)
MIDA Military Installation Development Authority Golf and
Equestrian Center Public Infrastructure District, Utah, Limited
Tax and Tax Allocation Revenue Bonds, Series 2021
4
.125
06/01/36
1,693,440
1,250,000
(c)
MIDA Mountain Village Public Infrastructure District, Utah,
Subordinate Tax Allocation Revenue Bonds, Series 2024-2
5
.500
06/15/39
1,278,044
6,790,000
Salt Lake City School District, Salt Lake County, Utah, General
Obligation Bonds, School Bond Guaranty Program, Series 2013
5
.000
03/01/38
7,651,151
3,900,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2021A, (AMT)
5
.000
07/01/26
3,921,595
5,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2021A, (AMT)
5
.000
07/01/31
5,424,530
1,405,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.000
07/01/30
1,507,645
9,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.000
07/01/31
9,764,155
5,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.000
07/01/33
5,494,774
2,700,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.000
07/01/35
2,939,221
1,145,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/36
1,263,149
1,125,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/37
1,233,388
6,420,000
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024E
4
.600
07/01/44
6,383,183
TOTAL UTAH
52,310,293
VERMONT - 0.2%
5,000,000
University of Vermont and State Agricultural College, General
Obligation Bonds, Series 2026A
5
.000
10/01/33
5,646,505
820,000
University of Vermont and State Agricultural College, General
Obligation Bonds, Series 2026A
4
.000
10/01/45
778,268
2,985,000
Vermont Economic Development Authority, Mortgage
Revenue Bonds, Wake Robin Corporation Project, Series 2021A
4
.000
05/01/37
2,861,850
3,439,000
Vermont Housing Finance Agency, Multiple Purpose Bonds,
Series 2021A
2
.450
11/01/41
2,637,140
3,440,000
Vermont Housing Finance Agency, Multiple Purpose Bonds,
Social Series 2024C
4
.450
11/01/44
3,405,752
TOTAL VERMONT
15,329,515
VIRGINIA - 1.8%
5,310,000
Amelia County Industrial Development Authority, Virginia,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Series 2002, (AMT)
1
.450
04/01/27
5,180,446
7,310,000
(b)
Arlington County Industrial Development Authority, Virginia,
Hospital Revenue Bonds, Virginia Hospital Center, Series
2023A, (Mandatory Put 7/01/31)
5
.000
07/01/53
7,799,047
6,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4
.000
10/01/28
6,210,637
10,550,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
10/01/29
11,405,859
4,310,000
(b)
Federal Home Loan Mortgage Corporation, Virginia ,National,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Series 2025ML-033.
4
.641
10/25/40
4,456,810
6,303,511
(b)
Federal Home Loan Mortgage Corporation, Virginia,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Class A Green Series 2024ML-028
4
.533
11/25/42
6,449,748
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
108
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
3,825,712
(b)
Federal Home Loan Mortgage Corporation, Virginia,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Series 2025ML-031
4
.603
%
06/25/42
$
3,917,692
5,000,000
(e)
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Bond Anticipation Notes, Series 2021A, (ETM)
5
.000
07/01/26
5,030,088
870,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Refunding Series 2021A
4
.000
12/01/35
850,026
1,060,000
Stafford County Economic Development Authority, Virginia,
Hospital Facilities Revenue Bonds, Mary Washington
Healthcare Obligated Group, Refunding Series 2016
3
.125
06/15/31
1,046,880
710,000
(c)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Refunding
Series 2015A
5
.000
07/01/45
539,483
2,810,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-3
4
.400
10/01/44
2,768,189
1,500,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-4
4
.450
07/01/45
1,460,411
1,710,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-5
4
.150
07/01/40
1,703,200
500,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-5
4
.500
07/01/45
496,238
2,100,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-1
4
.650
07/01/40
2,153,868
1,005,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-2
4
.700
07/01/40
1,035,710
1,560,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
4
.600
07/01/40
1,596,383
7,505,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2020B
2
.200
03/01/40
5,776,954
10,010,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2023D
3
.450
08/01/28
10,012,033
2,600,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3
.625
06/01/29
2,601,491
1,350,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
4
.100
09/01/40
1,314,202
3,925,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
4
.450
09/01/45
3,872,789
12,875,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/49
12,385,529
10,185,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
9,691,623
5,480,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/32
5,871,906
4,000,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
01/01/34
4,237,074
4,890,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/36
5,108,466
3,330,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/37
3,466,244
4,540,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
01/01/38
4,714,750
2,000,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/47
1,992,638
109
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
3,190,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
%
12/31/52
$
3,094,044
5,250,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/31
5,315,348
5,500,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/34
5,508,063
10,000,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/37
9,759,461
2,565,000
(b)
Wise County Industrial Development Authority, Virginia, Solid
Waste and Sewage Disposal Revenue Bonds, Virginia Electric
and Power Company, Series 2009A, (Mandatory Put 10/01/30)
3
.125
10/01/40
2,549,585
TOTAL VIRGINIA
161,372,915
WASHINGTON - 2.9%
3,725,000
Energy Northwest, Washington, Electric Revenue Bonds,
Columbia Generating Station, Refunding Series 2024A
5
.000
07/01/38
4,116,497
2,750,000
Energy Northwest, Washington, Electric Revenue Bonds,
Nuclear Project 1, Refunding Series 2024B
5
.000
07/01/26
2,766,896
7,915,000
King and Snohomish Counties School District 417 Northshore,
Washington, General Obligation Bonds, Refunding Series 2025
5
.000
12/01/34
9,061,275
9,520,000
King County, Washington, General Obligation Bonds,
Refunding Limited Tax Series 2025B
5
.000
12/01/31
10,612,825
7,980,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2017C, (AMT)
5
.000
05/01/31
8,140,492
11,570,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5
.000
05/01/31
11,802,694
5,000,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5
.000
05/01/33
5,091,978
5,315,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2019, (AMT)
5
.000
04/01/29
5,624,683
9,685,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Private Activity Series 2022B, (AMT)
5
.000
08/01/30
10,427,143
3,055,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2016
5
.000
02/01/29
3,059,104
2,740,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2021C, (AMT)
5
.000
08/01/32
2,966,641
2,340,000
Skagit County Public Hospital District 1, Washington, Revenue
Bonds, Skagit Valley Hospital, Refunding & Improvement Series
2016
5
.000
12/01/37
2,349,296
2,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
5
.000
08/01/28
2,088,323
5,930,000
Washington Health Care Facilities Authority, Revenue Bonds,
MultiCare Health System, Series 2015A
5
.000
08/15/40
5,931,651
14,085,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2012A
5
.000
10/01/33
14,092,766
6,115,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5
.000
10/01/30
6,409,000
1,720,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5
.000
10/01/31
1,799,765
6,140,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5
.000
10/01/32
6,414,881
5,120,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5
.000
08/15/29
5,253,931
2,250,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5
.000
08/15/31
2,304,489
2,755,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5
.000
08/15/34
2,812,897
6,015,000
Washington Health Care Facilities Authority, Revenue Bonds,
Virginia Mason Medical Center, Series 2017
5
.000
08/15/36
6,123,986
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
110
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
6,900,000
Washington State Housing Finance Commission, Single Family
Program Bonds, Series 2021-1N
2
.200
%
06/01/41
$
5,131,673
5,580,000
Washington State Housing Finance Commission, Single Family
Program Bonds, Series 2021-2N
2
.400
12/01/41
4,235,648
38,955,856
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2021-
1 Class A
3
.500
12/20/35
37,351,767
6,032,547
(b)
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series
2024A-1
4
.084
03/01/50
5,814,596
7,970,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5
.000
06/01/32
8,931,301
5,040,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Vehicle Related Fees Refunding Series R-2022D
4
.000
07/01/28
5,204,293
11,035,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Vehicle Related Fees Refunding Series R-2023B
5
.000
07/01/42
11,875,744
9,590,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Vehicle Related Fees, Refunding Series R-2024C
5
.000
08/01/27
9,905,892
2,000,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax, Series 2019B
5
.000
06/01/39
2,065,202
5,645,000
Washington State, General Obligation Bonds, Refunding
Various Purpose Series R-2018D
5
.000
08/01/27
5,830,191
4,155,000
Washington State, General Obligation Bonds, Refunding
Various Purpose Series R-2018D
5
.000
08/01/32
4,277,845
5,090,000
Washington State, General Obligation Bonds, Refunding
Various Purpose Series R-2023A
5
.000
08/01/27
5,257,663
5,145,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5
.000
07/01/28
5,426,880
6,760,000
Washington State, General Obligation Bonds, Various Purpose
Series 2021A
5
.000
08/01/44
7,043,830
4,030,000
Washington State, General Obligation Bonds, Various Purpose
Series 2023A
5
.000
08/01/45
4,223,528
4,975,000
Whidbey Island Public Hospital District, Island County,
Washington, General Obligation Bonds, Whidbey General
Hospital, Series 2013
5
.500
12/01/33
4,797,758
TOTAL WASHINGTON
256,625,024
WEST VIRGINIA - 0.4%
475,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5
.000
06/01/30
506,523
1,010,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5
.000
06/01/32
1,089,701
1,665,000
(b)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2009A, (Mandatory Put
6/01/28)
3
.700
12/01/42
1,692,381
5,895,000
(b)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2009B, (Mandatory Put
6/01/28)
3
.700
12/01/42
5,991,943
1,675,000
(b),(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/55
1,821,081
11,480,000
(b),(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 5/15/32)
4
.625
04/15/55
11,681,730
3,240,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2023D
4
.300
11/01/38
3,260,592
1,710,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024A
4
.400
11/01/44
1,684,424
111
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WEST VIRGINIA
(continued)
$
1,945,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
3
.900
%
11/01/39
$
1,893,013
2,555,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
4
.300
11/01/44
2,516,480
5,435,000
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds,
Senior Lien Series 2018
5
.000
06/01/43
5,549,658
TOTAL WEST VIRGINIA
37,687,526
WISCONSIN - 2.2%
6,780,000
Central Brown County Water Authority, Wisconsin, Water
System Revenue Bonds, Refunding Series 2024A
5
.000
11/01/33
7,617,544
2,900,000
(f)
Elkhart Lake-Glenbeulah School District, Sheboygan County,
Wisconsin, General Obligation Bonds, Promissory Notes Series
2026
4
.000
03/01/46
2,650,600
2,000,000
Madison Metropolitan School District, Dane County, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025A
5
.000
03/01/31
2,204,158
1,700,000
Madison Metropolitan School District, Dane County, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025A
5
.000
03/01/32
1,899,542
1,500,000
Madison Metropolitan School District, Dane County, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025A
5
.000
03/01/33
1,693,642
4,555,000
Middleton-Cross Plains Area School District, Dane County,
Wisconsin, General Obligation Bonds, Refunding Series 2021A
2
.000
03/01/27
4,491,041
4,320,000
Milwaukee, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2024-N1 - AGM Insured
5
.000
04/01/30
4,626,937
1,475,000
Mukwonago Area School District, Waukesha County,
Wisconsin, General Obligation Bonds, Promissory Note Series
2025
4
.250
04/01/44
1,460,383
10,035,000
Public Finance Authority of Wisconsin, Lease Development
Revenue Bonds, KU Campus Development Corporation-
Central District Development Project, Series 2016
5
.000
03/01/41
10,038,450
25,400,000
(c)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream Meadowlands Project,
Series 2017
6
.500
12/01/37
19,812,000
2,755,000
(b)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/26)
3
.300
10/01/46
2,758,085
8,520,000
(b)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/30)
3
.700
10/01/46
8,615,278
7,960,000
Public Finance Authority of Wisconsin, Solid Waste Disposal
Revenue Bonds, Waste Management Inc., Refunding Series
2016A-2
2
.875
05/01/27
7,910,865
1,820,000
(c)
Public Finance Authority, Wisconsin, Educational Revenue
Bonds, Lake Norman Charter School, Series 2018A
4
.000
06/15/28
1,813,165
4,170,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4
.050
11/01/30
4,134,739
6,635,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4
.300
11/01/30
6,622,692
4,700,000
Racine Unified School District, Racine County, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025
4
.000
04/01/44
4,564,840
1,500,000
Sheboygan Area School District, Manitowoc and Sheboygan
Counties, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2024
3
.000
03/01/39
1,337,703
1,525,000
Sheboygan Area School District, Manitowoc and Sheboygan
Counties, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2024
3
.000
03/01/40
1,331,054
6,130,000
West Allis-West Milwaukee, et al School District, Wisconsin,
General Obligation Bonds, Promissory Notes Series 2025
3
.000
04/01/39
5,496,641
1,080,000
Wisconsin Health & Educational Facs Authority, Health Facilities
Revenue Bonds, UnityPoint Health Project, Series 2014A
5
.000
12/01/26
1,080,971
4,115,000
Wisconsin Health & Educational Facs Authority, Health Facilities
Revenue Bonds, UnityPoint Health Project, Series 2014A
5
.000
12/01/27
4,128,191
Portfolio of Investments March 31, 2026
(continued)
Intermediate Duration
112
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
8,205,000
(b)
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Advocate Aurora Health Credit Group, Series 2018 B-1,
(Mandatory Put 7/01/27)
5
.000
%
08/15/54
$
8,249,602
3,230,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
4
.000
10/01/41
2,791,634
30,000
(b)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Advocate Aurora Health Credit
Group, Series 2018C-1, (Mandatory Put 7/29/26)
5
.000
08/15/54
30,213
2,120,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Gundersen Health System,
Refunding Series 2021A
4
.000
10/15/34
2,152,405
1,455,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Gundersen Health System,
Refunding Series 2021A
4
.000
10/15/35
1,467,770
5,490,000
(b),(e)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic Health System,
Inc., Series 2020B-2, (Pre-refunded 8/15/26), (Mandatory Put
2/15/27)
5
.000
02/15/51
5,540,942
1,470,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4
.000
01/01/37
1,410,430
1,950,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Saint Camillus Health System Inc,
Series 2019A
5
.000
11/01/39
1,950,486
4,440,000
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue Bonds, Social Series 2024C
4
.125
09/01/39
4,398,745
2,750,000
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2019A
3
.000
11/01/39
2,465,053
1,650,000
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2021C
2
.500
11/01/41
1,235,579
1,080,000
(b)
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2023E, (Mandatory Put
5/01/27)
3
.875
11/01/54
1,080,554
4,785,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-1
5
.000
05/01/32
5,380,087
7,000,000
Wisconsin State, General Obligation Bonds, Refunding Series
2025-3
5
.000
05/01/31
7,760,841
12,000,000
Wisconsin State, General Obligation Bonds, Refunding Series
2026-1
5
.000
05/01/32
13,492,381
12,965,000
Wisconsin State, General Obligation Bonds, Series 2025A
5
.000
05/01/35
14,661,400
9,905,000
Wisconsin State, General Obligation Bonds, Series 2025B
5
.000
05/01/33
11,228,025
TOTAL WISCONSIN
191,584,668
WYOMING - 0.9%
16,475,000
Campbell County, Wyoming Solid Waste Facilities Revenue
Bonds, Basin Electric Power Cooperative, Dry Fork Station
Facilities, Series 2019A
3
.625
07/15/39
15,325,006
960,000
Casper Community College District, Natrona County,
Wyoming, Revenue Bonds, Refunding Series 2021
4
.000
04/15/37
969,107
1,000,000
Casper Community College District, Natrona County,
Wyoming, Revenue Bonds, Refunding Series 2021
4
.000
04/15/38
1,005,269
800,000
Consolidated Wyoming Municipalities Electric Power System
Joint Powers Board, Wyoming, Electric Facilities Improvement
Lease Revenue Bonds, Gillette Electrical System Project,
Refunding Series 2022
5
.000
06/01/33
881,343
1,415,000
Consolidated Wyoming Municipalities Electric Power System
Joint Powers Board, Wyoming, Electric Facilities Improvement
Lease Revenue Bonds, Gillette Electrical System Project,
Refunding Series 2022
5
.000
06/01/34
1,549,443
8,755,000
Sweetwater County 2023 Specific Purpose Joint Powers Board,
Wyoming, Sales and Use Excise Tax Revenue Bonds, Series
2023
5
.000
06/15/27
8,993,223
28,275,000
Sweetwater County, Wyoming, Pollution Control Revenue
Refunding Bonds, Idaho Power Company Project, Series 2006
1
.700
07/15/26
28,114,330
113
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WYOMING
(continued)
$
2,145,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2015 Series 6
3
.900
%
12/01/34
$
2,145,025
6,500,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2019 Series 3
2
.650
12/01/39
5,436,884
3,250,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2020 Series 1
3
.000
12/01/40
2,762,144
6,675,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2020 Series 2
2
.250
12/01/40
5,139,585
6,000,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2021 Series 3
2
.250
12/01/41
4,475,661
2,700,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2023 Series 1
4
.200
12/01/38
2,707,708
TOTAL WYOMING
79,504,728
TOTAL MUNICIPAL BONDS
(Cost $8,838,885,435)
8,571,322,715
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
155330
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%
155330
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
812,771
(d),(h)
Jackson Hospital
13
.000
04/30/26
65,022
1,128,848
(d),(h)
Jackson Hospital, Inc. and Jackson Hospital Financing, LLC
13
.000
04/30/26
90,308
TOTAL HEALTH CARE EQUIPMENT & SERVICES
155,330
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,938,084)
155,330
TOTAL LONG-TERM INVESTMENTS
(Cost $8,898,342,557)
8,625,848,797
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.1%
12,398,674
MUNICIPAL BONDS - 0.1%
12,398,674
FLORIDA - 0.1%
12,400,000
City of Jacksonville FL
2
.360
05/06/26
12,398,674
TOTAL FLORIDA
12,398,674
TOTAL MUNICIPAL BONDS
(Cost $12,400,000)
12,398,674
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,400,000)
12,398,674
TOTAL INVESTMENTS - 98.6%
(Cost $8,910,742,557)
8,638,247,471
OTHER ASSETS & LIABILITIES, NET -  1.4%
119,893,506
NET ASSETS - 100%
$
8,758,140,977
AMT
Alternative Minimum Tax
ETF
Exchange-Traded Fund
ETM
Escrowed to maturity
(a)
Affiliated holding
(b)
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.
(c)
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 $368,939,498 or 4.3% of Total Investments.
(d)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(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.
(f)
When-issued or delayed delivery security.
(g)
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.
(h)
For fair value measurement disclosure purposes, investment classified as Level 3.
114
Portfolio of Investments March 31, 2026
Limited Term
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.5%
4444068019
MUNICIPAL BONDS - 96.5%
4444068019
ALABAMA - 2.0%
$
975,000
Alabama Housing Finance Authority, Collateralized Single
Family Mortgage Revenue Bonds, Series 2024C
4.100
%
10/01/39
$
963,690
7,970,000
Alabama Public School and College Authority, Capital
Improvement Pool Revenue Bonds, Refunding Series 2020A
5.000
11/01/27
8,271,335
2,410,000
(a)
Black Belt Energy Gas District, Alabama, Gas PrePay Revenue
Bonds, Project 8 Series 2022A, (Mandatory Put 12/01/29)
4.000
12/01/52
2,423,862
5,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D
5.000
11/01/28
5,177,832
2,500,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D
5.000
11/01/29
2,609,946
5,800,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023C, (Mandatory Put 6/01/32)
5.500
10/01/54
6,260,668
2,500,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024A, (Mandatory Put 9/01/32)
5.250
05/01/55
2,571,309
2,665,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024B, (Mandatory Put 9/01/32)
5.000
10/01/55
2,813,086
3,000,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2024C, (Mandatory Put 7/01/31)
5.000
05/01/55
3,183,350
5,000,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5.250
05/01/56
5,093,105
1,100,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5.000
08/01/29
1,152,144
4,250,000
(a)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D, (Mandatory Put 8/01/35)
5.000
12/01/55
4,500,403
4,000,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Series 2025B
5.000
09/01/33
4,071,714
2,480,000
Lower Alabama Gas District Gas Project Revenue Refunding
Bonds, Equitable Financial Life Insurance Company of America,
Series 2025A
5.000
12/01/33
2,576,986
5,030,000
(a)
Mobile Industrial Development Board, Alabama, Pollution
Control Revenue Refunding Bonds, Alabama Power Company
Barry Plan, Series 2007A, (Mandatory Put 6/26/29)
3.375
06/01/34
5,079,357
1,030,000
(a)
Selma Industrial Development Board, Alabama, Gulf
Opportunity Zone Revenue Bonds, International Paper
Company Project, Refunding Series 2019A, (Mandatory Put
10/01/31)
3.450
11/01/33
1,022,807
4,000,000
(a)
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 2, Refunding Series 2024B, (Mandatory
Put 5/01/32)
5.000
06/01/49
4,212,994
10,750,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5.000
11/01/35
10,988,771
9,000,000
(a)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 2, Series 2021B-1, (Mandatory Put
12/01/31)
4.000
12/01/51
9,049,242
5,800,000
(a)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 4, Series 2022B-1, (Mandatory Put
8/01/28)
5.000
05/01/53
6,010,197
2,190,000
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025E
5.000
10/01/30
2,324,770
1,000,000
(a)
Southeast Energy Authority, Alabama, Revenue Bonds
Cooperative District Energy Supply Series 2024C, (Mandatory
Put 11/01/32)
5.000
10/01/55
1,064,568
685,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5.000
09/01/30
726,037
TOTAL ALABAMA
92,148,173
115
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ALASKA - 1.3%
$
1,020,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
3.850
%
06/01/34
$
1,019,167
1,040,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
3.850
12/01/34
1,036,475
12,390,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2020A-II
2.000
12/01/35
10,189,956
23,000,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2020B-II
2.000
12/01/35
18,915,980
3,560,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, General Series 2022A-II
2.150
12/01/36
2,853,644
8,110,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, Series 2022B-1
2.150
06/01/36
6,593,395
720,000
Alaska Housing Finance Corporation, Mortgage Revenue
Bonds, Series 2025A-II
6.000
12/01/56
797,908
5,145,000
Alaska Industrial Development and Export Authority, Revenue
Bonds, Greater Fairbanks Community Hospital Foundation
Project, Refunding Series 2019
5.000
04/01/27
5,251,638
5,575,000
Alaska Industrial Development and Export Authority, Revenue
Bonds, Greater Fairbanks Community Hospital Foundation
Project, Refunding Series 2019
5.000
04/01/29
5,908,062
165,000
Alaska Municipal Bond Bank, General Obligation Bonds, Three
Series 2015
5.250
10/01/36
165,260
1,035,000
Alaska State, General Obligation Bonds, Refunding Series
2024B
5.000
08/01/28
1,092,206
1,850,000
North Slope Borough, Alaska, General Obligation Bonds,
General Purpose Series 2023A
5.000
06/30/26
1,861,193
1,570,000
North Slope Borough, Alaska, General Obligation Bonds,
General Purpose Series 2024A
5.000
06/30/28
1,652,388
2,000,000
North Slope Borough, Alaska, General Obligation Bonds,
Series 2024A
5.000
06/30/30
2,178,411
1,775,000
Northern Tobacco Securitization Corporation, Alaska, Tobacco
Settlement Asset-Backed Bonds, Senior Series 2021A Class 1
5.000
06/01/28
1,848,516
TOTAL ALASKA
61,364,199
ARIZONA - 1.5%
5,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2025A
5.000
07/01/29
5,364,354
5,055,000
(b)
Arizona State, Certificates of Participation, Refunding Series
2019A, (ETM)
5.000
10/01/27
5,240,305
6,760,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4.100
12/01/37
6,838,554
1,520,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4.000
06/01/49
1,539,870
9,510,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2022-2, (AMT), (Mandatory Put 9/01/27)
5.000
09/01/52
9,662,271
3,790,000
Chandler, Arizona, Excise Tax Revenue Bonds, Series 2026
5.000
07/01/27
3,908,657
3,600,000
Chandler, Arizona, General Obligation Bonds, Series 2017
2.300
07/01/28
3,528,206
5,000,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2023A-1, (Mandatory
Put 5/15/26)
5.000
01/01/53
5,011,157
4,530,000
(a)
Maricopa County Pollution Control Corporation, Arizona,
Pollution Control Revenue Bonds, Public Service Company
of New Mexico Palo Verde Project, Refunding Series 2010A,
(Mandatory Put 10/01/26)
0.875
06/01/43
4,480,316
2,150,000
(a)
Maricopa County Pollution Control Corporation, Arizona,
Pollution Control Revenue Bonds, Public Service Company
of New Mexico Palo Verde Project, Refunding Series 2010B,
(Mandatory Put 10/01/26)
0.875
06/01/43
2,126,419
3,000,000
Maricopa County Unified School District 69 Paradise Valley,
Arizona, General Obligation Bonds, School Improvement
Project of 2023 Series 2025B
5.000
07/01/30
3,281,649
Portfolio of Investments March 31, 2026
(continued)
Limited Term
116
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
6,350,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5.000
%
07/01/36
$
6,594,678
615,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5.000
08/01/28
648,562
1,225,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5.000
08/01/29
1,317,033
2,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5.000
07/01/28
2,107,775
1,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5.000
07/01/29
1,075,134
3,515,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5.000
07/01/30
3,844,999
3,715,000
Yavapai County Industrial Development Authority, Arizona,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Series 2002, (AMT)
1.300
06/01/27
3,603,559
TOTAL ARIZONA
70,173,498
ARKANSAS - 0.3%
6,285,000
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds,
Capital Improvement Series 2022
2.875
11/01/32
6,240,909
2,560,000
Rogers School District 30, Benton County, Arkansas, General
Obligation Bonds, Refunding Series 2019
3.000
02/01/27
2,560,566
3,915,000
Rogers School District 30, Benton County, Arkansas, General
Obligation Bonds, Refunding Series 2019
3.000
02/01/29
3,915,977
TOTAL ARKANSAS
12,717,452
CALIFORNIA - 3.1%
2,375,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0.000
08/01/26
2,355,142
2,540,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0.000
08/01/27
2,452,328
2,710,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0.000
08/01/28
2,542,748
2,000,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2023F,
(Mandatory Put 11/01/30)
5.500
10/01/54
2,175,985
2,575,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B,
(Mandatory Put 12/01/32)
5.000
01/01/55
2,630,633
4,500,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024D,
(Mandatory Put 9/01/32)
5.000
02/01/55
4,822,286
2,900,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024H,
(Mandatory Put 8/01/33)
5.000
01/01/56
3,139,818
600,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C
5.000
10/01/28
620,467
1,250,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C
5.000
10/01/29
1,300,311
4,640,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5.000
10/01/55
4,686,936
2,030,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5.000
06/01/27
2,076,594
2,915,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
5.000
06/01/28
3,035,053
19,790,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A - AGM Insured, (AMT)
3.000
12/31/30
19,002,053
1,500,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5.000
02/01/27
1,520,345
117
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
940,000
(a)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Republic Services Inc. Project, Series 2026A,
(AMT), (Mandatory Put 6/15/26)
2.800
%
03/01/56
$
939,364
9,415,000
(a)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Waste Management Inc. Project, Series 2019A,
(AMT), (Mandatory Put 10/01/29)
2.400
10/01/44
9,134,641
6,495,000
(a),(c)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Republic Services Inc., Refunding
Series 2023, (AMT), (Mandatory Put 8/17/26)
2.875
07/01/43
6,486,550
6,840,000
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Waste Management Inc., Refunding
Series 2015A-2, (AMT)
3.625
07/01/27
6,841,153
10,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5.000
08/01/28
10,566,699
2,000,000
California State, General Obligation Bonds, Various Purpose
Series 2024
5.000
08/01/31
2,224,553
4,590,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/29
4,595,462
1,000,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.000
12/01/27
1,002,914
1,070,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.000
12/01/26
1,079,545
350,000
(c)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.000
12/01/27
360,193
2,815,000
(a)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5.000
12/01/55
3,031,472
8,625,000
Federal Home Loan Mortgage Corporation, California,
Multifamily Variable Rate Certificates Relating to Municipal
Securities Class A Series 2019M-057
2.400
10/15/29
8,231,153
2,045,000
Lemon Grove School District, San Diego County, California,
General Obligation Bonds, Election 1998 Series 2002C
0.000
08/01/27
1,972,596
1,500,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding &
Subordinate Green Series 2023A, (AMT)
5.000
05/15/26
1,504,271
2,250,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding &
Subordinate Green Series 2023A, (AMT)
5.000
05/15/27
2,306,367
2,000,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding &
Subordinate Green Series 2023A, (AMT)
5.000
05/15/28
2,089,415
2,870,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding &
Subordinate Green Series 2023A, (AMT)
5.000
05/15/29
3,047,259
3,565,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Subordinate Lien
Series 2021D, (AMT)
5.000
05/15/30
3,841,122
1,860,000
Oxnard School District, Ventura County, California, General
Obligation Bonds, Bond Anticipation Notes Series 2026
0.000
02/01/31
1,572,881
2,780,000
(a)
Sacramento Municipal Utility District, California, Electric
Revenue Bonds, Refunding Series 2023D, (Mandatory Put
10/15/30)
5.000
08/15/49
3,054,184
2,000,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, International Senior Series 2023B,
(AMT)
5.000
07/01/28
2,096,570
2,000,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, International Senior Series 2023B,
(AMT)
5.000
07/01/29
2,131,588
2,750,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Senior Series 2025B, (AMT)
5.000
07/01/30
2,970,234
Portfolio of Investments March 31, 2026
(continued)
Limited Term
118
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
4,370,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5.000
%
05/01/36
$
4,544,233
3,475,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019H, (AMT)
5.000
05/01/28
3,631,352
TOTAL CALIFORNIA
141,616,470
COLORADO - 2.3%
2,980,000
Boulder Larimer & Weld Counties School District RE-1J Saint
Vrain Valley, Colorado, General Obligation Bonds, Series 2024
5.000
12/15/29
3,235,745
1,000,000
Broomfield City and County, Colorado, Sewer Activity
Enterprise Revenue Bonds, Refunding Series 2026
5.000
12/01/28
1,062,744
1,000,000
Broomfield City and County, Colorado, Sewer Activity
Enterprise Revenue Bonds, Refunding Series 2026
5.000
12/01/29
1,082,880
1,000,000
Broomfield, Colorado, Water Activity Enterprise Water Revenue
Bonds, Series 2026
5.000
12/01/29
1,082,880
5,330,000
Cherry Creek School District 5,  Arapahoe County, Colorado,
General Obligation Bonds, Refunding Series 2025
5.000
12/15/30
5,871,297
700,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2024A, (Mandatory Put
11/15/29)
5.000
11/15/59
749,410
18,555,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5.000
08/01/49
18,573,922
1,010,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2022A
5.000
11/01/26
1,022,896
13,000,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2022C, (Mandatory Put
8/15/28)
5.000
05/15/62
13,671,275
11,850,000
Colorado Housing and Finance Authority, Multi Family Project
Bonds, Class I Series 2025C-2
3.350
07/01/28
11,867,543
630,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2021E
1.950
11/01/36
502,307
2,500,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2021H
1.800
11/01/36
1,957,836
3,390,000
Colorado Housing and Finance Authority, Single Family
Mortgage Bonds, Class I Series 2024A-1
6.000
11/01/55
3,752,273
1,610,000
Colorado State Education Loan Program, Tax and Revenue
Anticipation Notes, Series 2025A
5.000
06/30/26
1,619,637
13,165,000
Colorado State Education Loan Program, Tax and Revenue
Anticipation Notes, Series 2025B
5.000
06/30/26
13,245,491
257,000
Cornerstar Metropolitan District, Arapahoe County, Colorado,
General Obligation Bonds, Limited Tax Convertible to
Unlimited Tax, Refunding Series 2017A
4.500
12/01/27
257,014
4,925,309
Dawson Trails Metropolitan District 1, Colorado, In The
Town of Castle Rock, Limited Tax General Obligation Capital
Appreciation Turbo Bonds, Series 2024
0.000
12/01/31
3,214,936
6,440,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5.000
11/15/26
6,527,582
5,600,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022A, (AMT)
5.000
11/15/27
5,794,058
4,170,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5.000
12/01/26
4,225,966
1,290,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2023B, (AMT)
5.000
11/15/26
1,306,182
738,000
Gardens on Havana Metropolitan District 3, Arapahoe County,
Colorado, Special Revenue Bonds, Refunding Series 2017A
4.625
12/01/27
738,109
1,635,000
Garfield, Eagle and Pitkin Counties School District RE-1,
Roaring Fork, Colorado, General Obligation Bonds, Refunding
Series 2007
0.000
12/15/26
1,604,604
425,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5.000
07/15/26
427,066
119
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,425,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5.000
%
01/15/27
$
1,443,866
625,000
Regional Transportation District, Colorado, Private Activity
Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A
5.000
07/15/27
637,557
805,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
4.125
12/01/31
746,928
TOTAL COLORADO
106,222,004
CONNECTICUT - 1.9%
6,815,000
(a)
Connecticut Health and Educational Facilities Authority, Chefa
Revenue Bonds, Yale University, Remarketing Series 2017B-2,
(Mandatory Put 7/01/26)
3.200
07/01/37
6,825,046
4,490,000
(a)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale-New Haven Health Issue, Series 2024B,
(Mandatory Put 7/01/29)
5.000
07/01/49
4,779,453
1,955,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2018D-1
3.750
11/15/33
1,964,186
5,000,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2019F-1
2.600
11/15/34
4,446,133
3,525,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020A-1
2.300
11/15/35
2,933,043
4,350,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020C-1
1.950
11/15/35
3,579,024
1,190,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2020C-2, (AMT)
2.200
11/15/34
989,964
3,425,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2021A-1
1.700
05/15/34
2,807,843
4,075,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2021B-1
2.000
11/15/36
3,240,764
12,115,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2021D-1
2.000
11/15/36
9,634,811
2,835,000
(a)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025B-2, (Mandatory Put
5/15/28)
3.300
05/15/60
2,846,204
12,000,000
Connecticut State, General Obligation Bonds, Refunding Series
2025D
5.000
08/15/29
12,934,674
1,520,000
Connecticut State, General Obligation Bonds, Series 2022E
5.000
11/15/26
1,543,510
2,600,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2024B
5.000
07/01/28
2,743,032
1,955,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2024B
5.000
07/01/29
2,102,521
5,000,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Series 2025A
5.000
07/01/29
5,377,291
8,000,000
Danbury, Connecticut, General Obligation Bonds, Anticipation
Notes Series 2026
4.000
02/22/27
8,110,948
5,000,000
Greenwich, Connecticut, General Obligation Bonds, Bond
Anticipation Notes, Series 2026
4.000
02/04/27
5,067,879
3,455,000
University of Connecticut, General Obligation Bonds, Series
2017A
5.000
01/15/36
3,506,722
TOTAL CONNECTICUT
85,433,048
DELAWARE - 0.1%
2,735,000
Delaware Economic Development Authority, Gas Facilities
Revenue Bonds, Delmarva Power & Light Company Project,
Refunding Series 2020A
3.600
01/01/31
2,804,529
1,600,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024D
4.000
07/01/39
1,575,454
1,325,000
Wilmington, Delaware, General Obligation Bonds, Series 2025
5.000
01/01/29
1,409,766
180,000
Wilmington, Delaware, General Obligation Bonds, Series 2025
5.000
01/01/30
194,933
TOTAL DELAWARE
5,984,682
Portfolio of Investments March 31, 2026
(continued)
Limited Term
120
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DISTRICT OF COLUMBIA - 1.6%
$
6,750,000
District of Columbia, General Obligation Bonds, Refunding
Series 2024B
5.000
%
08/01/31
$
7,476,049
10,000,000
District of Columbia, General Obligation Bonds, Refunding
Series 2024C
5.000
12/01/30
10,986,241
4,050,000
District of Columbia, General Obligation Bonds, Series 2026A
5.000
06/01/29
4,347,580
3,700,000
District of Columbia, Income Tax Secured Revenue Bonds,
Refunding Series 2023C
5.000
10/01/32
4,153,931
3,500,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Forward Delivery Refunding Series
2020A, (AMT)
5.000
10/01/32
3,752,312
5,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Forward Delivery Series
2020A, (AMT)
5.000
10/01/31
5,377,889
5,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2016A, (AMT)
5.000
10/01/32
5,042,692
5,295,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2017, (AMT)
5.000
10/01/30
5,440,586
8,200,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2021A, (AMT)
5.000
10/01/27
8,457,708
3,000,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2022A, (AMT)
5.000
10/01/28
3,148,523
6,540,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2023A, (AMT)
5.000
10/01/33
7,138,619
3,880,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5.000
10/01/27
4,001,940
6,205,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2024A, (AMT)
5.000
10/01/28
6,512,194
TOTAL DISTRICT OF COLUMBIA
75,836,264
FLORIDA - 4.0%
4,185,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2015A, (AMT)
5.000
10/01/27
4,191,581
2,000,000
Broward County, Florida, Airport System Revenue Bonds,
Series 2017, (AMT)
5.000
10/01/34
2,040,603
500,000
(a),(c)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, GFL Solid Waste Southeast
LLC Project Series 2024A, (AMT), (Mandatory Put 10/01/31)
4.375
10/01/54
502,587
2,360,000
(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12.000
07/15/32
489,393
5,055,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.000
07/01/34
3,765,975
4,765,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.000
07/01/35
3,549,925
17,415,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.000
07/01/36
12,974,175
5,215,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5.000
07/01/37
3,885,175
18,065,000
(a),(c)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
1.000
07/01/57
12,464,850
1,325,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2018-2
3.750
07/01/33
1,319,726
6,925,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2019-1
2.800
07/01/34
6,291,719
1,575,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2024-5
3.950
07/01/39
1,549,184
1,785,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2026-1
6.000
01/01/57
2,001,728
121
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
2,310,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Social Series 2021-1
1.800
%
07/01/36
$
1,827,800
2,825,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Social Series 2021-2
1.800
07/01/36
2,235,296
15,910,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5.000
10/01/29
17,112,231
7,870,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5.000
10/01/30
8,590,420
1,800,000
Florida State Board of Education, Public Education Capital
Outlay Bonds, Refunding Series 2017B
4.000
06/01/32
1,820,029
2,375,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5.000
07/01/29
2,554,983
4,595,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5.000
07/01/30
5,026,392
5,065,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5.000
07/01/32
5,684,054
4,060,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5.000
07/01/28
4,277,870
22,060,000
Greater Orlando Aviation Authority, Florida, Airport Facilities
Revenue Bonds, Series 2019A, (AMT)
5.000
10/01/27
22,736,880
2,610,000
Hillsborough County Aviation Authority, Florida, Revenue
Bonds, Tampa International Airport, Alternative Minimum Tax
Refunding Subordinate Lien Series 2022A, (AMT)
5.000
10/01/26
2,637,370
9,030,000
Lee County, Florida, Airport Revenue Bonds, Refunding Series
2021A, (AMT)
5.000
10/01/30
9,718,073
2,000,000
(d)
Manatee County School Board, Florida, Certificates of
Participation, Series 2026A
5.000
07/01/30
2,168,802
2,230,000
(d)
Manatee County School Board, Florida, Certificates of
Participation, Series 2026A
5.000
07/01/31
2,448,175
2,485,000
Manatee County School District, Florida, Sales Tax Revenue
Bonds, Series 2017 - AGM Insured
5.000
10/01/26
2,515,274
2,200,000
Manatee County School District, Florida, Sales Tax Revenue
Bonds, Series 2017 - AGM Insured
5.000
10/01/27
2,241,394
3,120,000
Manatee County School District, Florida, Sales Tax Revenue
Bonds, Series 2017 - AGM Insured
5.000
10/01/28
3,177,875
2,715,000
Manatee County School District, Florida, Sales Tax Revenue
Bonds, Series 2017 - AGM Insured
5.000
10/01/29
2,761,864
4,505,000
(a)
Miami-Dade County Industrial Development Authority, Florida,
Solid Waste Disposal Revenue Bonds, Waste Management Inc
Project, Series 2018B, (AMT), (Mandatory Put 7/01/26)
4.000
11/01/48
4,508,082
4,100,000
Miami-Dade County, Florida, Aviation Revenue Bonds,
Refunding Series 2024A, (AMT)
5.000
10/01/28
4,302,981
2,240,000
Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th
Cent Contract Payments, Refunding Senior Series 2017A - AGM
Insured
5.000
11/01/29
2,312,595
9,215,000
Orlando, Florida, Tourist Development Tax Revenue Bonds, 6th
Cent Contract Payments, Refunding Senior Series 2017A - AGM
Insured
5.000
11/01/30
9,501,645
2,525,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5.000
10/01/28
2,668,142
2,635,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5.000
10/01/29
2,835,939
1,135,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5.000
10/01/30
1,240,906
780,000
Seminole County, Florida, Water and Sewer Revenue Bonds,
Refunding Series 2025A
5.000
10/01/30
856,591
1,370,000
Seminole County, Florida, Water and Sewer Revenue Bonds,
Refunding Series 2025A
5.000
10/01/31
1,526,791
TOTAL FLORIDA
184,315,075
Portfolio of Investments March 31, 2026
(continued)
Limited Term
122
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA - 2.2%
$
3,500,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5.000
%
07/01/30
$
3,770,146
2,000,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding
Series 2023G, (AMT)
5.000
07/01/26
2,011,074
1,250,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding
Series 2023G, (AMT)
5.000
07/01/27
1,281,496
2,625,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding
Series 2023G, (AMT)
5.000
07/01/28
2,742,973
5,000,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding
Series 2023G, (AMT)
5.000
07/01/29
5,311,383
3,250,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5.000
04/01/30
3,543,515
2,925,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2020A
2.750
12/01/35
2,594,805
2,750,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2021A
2.250
12/01/36
2,222,017
1,930,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2024A
4.100
12/01/39
1,898,467
1,045,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025C
3.900
06/01/31
1,058,024
580,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025C
3.900
12/01/31
588,089
1,110,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025C
3.950
06/01/32
1,132,969
450,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025C
3.950
12/01/32
458,696
1,500,000
Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, Series 2025G
6.250
12/01/55
1,673,050
5,075,000
Georgia State, General Obligation Bonds, Series 2017A
5.000
02/01/29
5,181,024
5,190,000
Georgia State, General Obligation Bonds, Series 2017A
5.000
02/01/31
5,294,106
1,470,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4.000
07/01/52
1,487,336
10,110,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022A, (Mandatory Put 12/01/29)
4.000
09/01/52
10,213,000
5,000,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022B, (Mandatory Put 6/01/29)
5.000
12/01/52
5,218,252
9,000,000
(a),(c)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4.000
08/01/52
8,982,108
7,150,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023B, (Mandatory Put 3/01/30)
5.000
07/01/53
7,499,669
3,500,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023E-1, (Mandatory Put 6/01/31)
5.000
12/01/53
3,706,381
3,200,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2024D, (Mandatory Put 4/01/31)
5.000
04/01/54
3,399,198
5,570,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A, (Mandatory Put 6/01/32)
5.000
06/01/55
5,959,875
3,000,000
(a)
Monroe County Development Authority, Georgia, Pollution
Control Revenue Bonds, Georgia Power Company - Scherer
Plant, Series 2009-2, (Mandatory Put 3/06/31)
2.800
10/01/48
2,952,890
11,500,000
Richmond County Board of Education, Georgia, General
Obligation Bonds, Sales Tax Series 2025
5.000
10/01/29
12,424,914
TOTAL GEORGIA
102,605,457
GUAM - 0.0%
2,100,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5.000
01/01/30
2,220,305
TOTAL GUAM
2,220,305
123
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HAWAII - 0.6%
$
4,835,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Refunding Series 2019
3.200
%
07/01/39
$
4,078,017
10,780,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Series 2017A, (AMT)
3.100
05/01/26
10,766,204
6,055,000
Honolulu City and County, Hawaii, General Obligation Bonds,
Refunding Series 2017D
5.000
09/01/30
6,249,974
7,660,000
Maui County, Hawaii, General Obligation Bonds, Series 2025
5.000
09/01/29
8,273,854
TOTAL HAWAII
29,368,049
IDAHO - 0.5%
2,250,000
(a)
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE
Trinity Helath Group, Series 2013ID, (Mandatory Put 5/01/26)
2.625
12/01/48
2,249,584
4,815,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2018A
5.000
03/01/29
5,080,357
4,880,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2018A
5.000
03/01/31
5,121,705
5,010,000
(a)
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2025B, (Mandatory Put 3/01/32)
5.000
03/01/60
5,424,357
6,000,000
Idaho State Building Authority, Sales Tax Revenue Education
Bonds, School Modernization Facilities Series 2024A
5.000
06/01/28
6,314,814
TOTAL IDAHO
24,190,817
ILLINOIS - 3.9%
780,000
Chanpaign County Community Unit School District 4, Illinois,
General Obligation Bonds, School Building Series 2020A
0.000
01/01/27
759,689
585,000
Chanpaign County Community Unit School District 4, Illinois,
General Obligation Bonds, School Building Series 2020A
0.000
01/01/28
549,390
1,185,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5.000
01/01/27
1,201,692
3,250,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5.000
01/01/28
3,356,985
20,000
(b)
DuPage County School District 58 Downers Grove, Illinois,
General Obligation Bonds, Limited Tax Capital Appreciation
School Series 2018, (ETM)
0.000
12/15/26
19,624
980,000
DuPage County School District 58 Downers Grove, Illinois,
General Obligation Bonds, Limited Tax Capital Appreciation
School Series 2018
0.000
12/15/26
956,881
1,050,000
DuPage County School District 58 Downers Grove, Illinois,
General Obligation Bonds, Limited Tax Capital Appreciation
School Series 2018
0.000
12/15/27
990,249
8,130,000
Grundy, Kendall, and Will Counties Community Consolidated
School District 201, Minooka, Illinois, General Obligation
Bonds, Refunding School Series 2019
3.000
10/15/27
8,135,725
11,300,000
(a)
Illinois Finance Authority, Midwestern Disaster Area Industrial
Development Revenue Bonds, Cargill, Incorporated Project,
Series 2012, (Mandatory Put 11/01/26)
1.250
11/01/38
11,143,240
1,635,000
Illinois Finance Authority, Revenue Bonds, Advocate Health
Care Network, Series 2008A-1
4.000
11/01/30
1,662,214
1,700,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5.000
08/15/30
1,823,214
3,000,000
(b)
Illinois Finance Authority, Revenue Bonds, Swedish Covenant
Hospital, Series 2016A, (ETM)
5.000
08/15/26
3,026,714
1,055,000
(a)
Illinois Finance Authority, Revenue Bonds, University of
Chicago Medicine, Series 2022A, (Mandatory Put 8/15/27)
5.000
08/15/52
1,078,601
4,000,000
(a)
Illinois Finance Authority, Revenue Bonds, University of
Chicago Medicine, Series 2025A-1, (Mandatory Put 8/15/30)
5.000
08/15/54
4,308,040
3,100,000
(a),(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,
Series 2017, (AMT), (Mandatory Put 7/02/35)
4.800
12/01/43
3,123,370
8,680,000
(a),(c)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPointJoliet Terminal Railroad Project,
Series 2020, (AMT), (Mandatory Put 12/31/34)
4.125
12/01/50
8,476,972
Portfolio of Investments March 31, 2026
(continued)
Limited Term
124
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,000,000
(a)
Illinois Finance Authority, Water Facilities Revenue Bonds,
American Water Capital Corporation Project, Refunding Series
2019, (Mandatory Put 10/01/29)
2.450
%
10/01/39
$
967,234
2,000,000
(a)
Illinois Finance Authority, Water Facilities Revenue Bonds,
American Water Capital Corporation Project, Refunding Series
2020, (Mandatory Put 9/01/28)
3.875
05/01/40
2,033,553
10,135,000
Illinois Housing Development Authority, Revenue Bonds,
Green Series 2021B
1.950
10/01/36
8,100,806
15,000,000
Illinois Municipal Electric Agency, Power Supply System
Revenue Bonds, Refunding Series 2025A
5.000
02/01/31
16,405,056
5,475,000
Illinois State, General Obligation Bonds, June Series 2016
5.000
06/01/28
5,493,328
1,100,000
Illinois State, General Obligation Bonds, November Series
2017C
5.000
11/01/29
1,130,948
6,545,000
Illinois State, General Obligation Bonds, November Series
2017D
3.250
11/01/26
6,562,495
2,360,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/26
2,390,023
3,015,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/27
3,115,410
5,965,000
Illinois State, General Obligation Bonds, November Series
2017D
5.000
11/01/28
6,142,541
5,000,000
Illinois State, General Obligation Bonds, November Series
2019B
5.000
11/01/30
5,316,078
10,830,000
Illinois State, General Obligation Bonds, October Series 2016
5.000
02/01/28
11,008,825
2,545,000
Illinois State, General Obligation Bonds, Refunding October
Series 2024
5.000
02/01/27
2,591,327
11,000,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5.000
06/15/28
11,540,609
5,000,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5.000
06/15/29
5,343,733
1,005,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Lien Series 2016A
5.000
12/01/32
1,007,325
1,475,000
Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2001 - FGIC Insured
6.000
11/01/26
1,495,353
1,235,000
LaSalle and Bureau Counties High School District 120 LaSalle-
Peru, Illinois, General Obligation Bonds, School Building Series
2017 - BAM Insured
5.000
12/01/26
1,252,150
1,925,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
5.000
12/15/26
1,951,492
360,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
5.000
12/15/27
371,018
1,945,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
5.000
12/15/28
2,004,621
650,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2017B
5.000
12/15/30
667,186
1,000,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/33
1,015,381
1,000,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/36
1,006,665
1,895,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/40
1,896,689
2,010,000
North Barrington, Lake County, Illinois, Special Tax Bonds,
Special Service Area 19, Refunding Series 2019 - BAM Insured
4.000
02/01/44
1,958,945
250,000
Northern Illinois University, Auxiliary Facilities System Revenue
Bonds, Series 2021 - BAM Insured
5.000
10/01/26
252,435
1,218,000
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood
Grove Special Service Areas 1, 3 & 4, Refunding Series 2017 -
BAM Insured
3.600
03/01/28
1,224,698
8,240,000
Sales Tax Securitization Corporation, Illinois, Sales Tax
Securitization Bonds, Series 2018C
5.000
01/01/28
8,564,189
3,665,000
Southwestern Illinois Development Authority, Health Facility
Revenue Bonds, Hospital Sisters Services, Inc. Obligated
Group, Series 2017A
5.000
02/15/27
3,732,572
125
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
13,615,000
Springfield, Illinois, Electric Revenue Bonds, Refunding Senior
Lien Series 2024 - BAM Insured
5.000
%
03/01/29
$
14,392,351
TOTAL ILLINOIS
181,547,636
INDIANA - 2.1%
1,770,000
(a)
Indiana Finance Authority, Economic Development Revenue
Bonds, Republic Service, Inc. Project, Refunding Series 2010A,
(AMT), (Mandatory Put 6/01/26)
2.900
05/01/28
1,769,791
8,885,000
(a)
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, Southern Indiana Gas & Electric Company,
Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28)
4.000
03/01/38
8,997,401
21,115,000
(a)
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, Southern Indiana Gas & Electric Company,
Refunding Series 2013A, (AMT), (Mandatory Put 8/01/28)
4.000
05/01/43
21,386,370
1,100,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project,
Refunding Series 2021A
4.125
12/01/26
1,104,115
5,750,000
(a)
Indiana Finance Authority, Environmental Revenue Bonds,
Duke Energy Indiana, Inc. Project, Refunding Series 2009A-1,
(AMT), (Mandatory Put 6/01/27)
3.750
03/01/31
5,786,625
7,490,000
(a)
Indiana Finance Authority, Environmental Revenue Bonds,
Duke Energy Indiana, Inc. Project, Refunding Series 2009A-1,
(AMT), (Mandatory Put 6/01/32)
4.500
05/01/35
7,541,768
5,000,000
(a)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Obligation Group, Long Term Rate Series
2023B-1, (Mandatory Put 7/01/28)
5.000
10/01/62
5,228,420
7,765,000
(a)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-1, (Mandatory Put 10/01/29)
5.000
10/01/64
8,316,559
1,540,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, Refunding First Lien Forward Delivery
Series 2022A
5.000
10/01/26
1,558,839
1,665,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, Refunding First Lien Forward Delivery
Series 2022A
5.000
10/01/27
1,724,787
1,250,000
Indiana Finance Authority, Wastewater Utility Revenue Bonds,
CWA Authority Project, Series 2015A
5.000
10/01/26
1,252,627
3,520,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Series 2020B-1
1.950
07/01/35
2,927,033
1,250,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Series 2021A
1.900
07/01/36
999,456
2,610,000
Indiana Housing and Community Development Authority,
Single Family Mortgage Revenue Bonds, Social PAC Series
2021B
1.900
07/01/36
2,086,865
6,000,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Airport Authority Project Revenue Bonds, Refunding Series
2019D, (AMT)
5.000
01/01/27
6,092,137
3,485,000
(a)
Rockport, Indiana, Pollution Control Revenue Refunding Bonds,
Indiana Michigan Power Company Project, Series 2025A,
(Mandatory Put 6/01/29)
3.700
06/01/47
3,542,498
2,800,000
Valparaiso 21st Century School Building Corporation, Porter
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Refunding Series 2025
5.000
01/15/29
2,965,905
1,000,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2024A
- BAM Insured
5.000
07/15/29
1,065,805
1,000,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2024A
- BAM Insured
5.000
07/15/30
1,082,308
1,000,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2024A
- BAM Insured
5.000
01/15/31
1,086,968
3,775,000
(a)
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP
Products North America Inc. Project, Series 2008, (Mandatory
Put 6/21/35)
4.200
06/01/44
3,888,098
Portfolio of Investments March 31, 2026
(continued)
Limited Term
126
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
5,755,000
(a)
Whiting, Indiana, Environmental Facilities Revenue Bonds,
BP Products North America Inc. Project, Series 2015, (AMT),
(Mandatory Put 6/10/31)
4.400
%
11/01/45
$
5,991,871
TOTAL INDIANA
96,396,246
IOWA - 0.4%
6,285,000
(a),(b)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/32)
4.000
12/01/50
6,704,902
240,000
(b)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5.000
12/01/50
270,491
940,000
(a),(b)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/42)
5.000
12/01/50
1,059,423
3,000,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Green Series
2021A
1.850
07/01/35
2,476,954
2,345,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Series 2019D
2.450
07/01/34
2,073,185
3,120,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Series 2020A
2.500
01/01/35
2,759,144
4,555,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2021B
2.000
07/01/36
3,662,327
1,955,000
Iowa Finance Authority, Single Family Mortgage Revenue
Bonds, Social Series 2021D
2.000
07/01/36
1,571,866
TOTAL IOWA
20,578,292
KANSAS - 0.7%
8,515,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2024A
5.000
09/01/27
8,819,831
4,320,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5.000
09/01/28
4,567,722
1,820,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5.000
09/01/29
1,962,134
10,360,000
(a)
Kansas Development Finance Authority, Hospital Revenue
Bonds, Advent Health Obligated Group, Series 2021B,
(Mandatory Put 11/15/31)
5.000
11/15/54
11,338,954
3,620,000
Maize, Kansas, General Obligation Bonds, Temporary Notes
Series 2026A
2.750
08/01/29
3,573,198
4,175,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5.000
06/15/28
4,191,227
TOTAL KANSAS
34,453,066
KENTUCKY - 3.6%
8,250,000
Boone County, Kentucky, Collateralized Pollution Control
Revenue Bonds, Duke Energy Kentucky, Refunding Series
2008A
3.700
08/01/27
8,295,660
6,075,000
(a)
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Series 2004A,
(AMT), (Mandatory Put 9/01/26)
1.750
10/01/34
6,012,903
29,000,000
(a)
Carroll County, Kentucky, Pollution Control Revenue Bonds,
Kentucky Utilities Company Project, Refunding Series 2016A,
(Mandatory Put 9/01/26)
1.550
09/01/42
28,670,505
4,470,000
Kentucky Asset/Liability Commission, General Fund Revenue
Project Notes, Federal Highway Trust Fund, First Refunding
Series 2024A
5.000
09/01/26
4,511,213
4,545,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 132, Refunding Series 2025B
5.000
04/01/30
4,930,267
2,500,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5.000
09/01/30
2,728,826
2,250,000
Kentucky Turnpike Authority, Economic Development Road
Revenue Bonds, Revitalization Projects, Refunding Series
2024A
5.000
07/01/27
2,320,443
127
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY
(continued)
$
8,585,000
Louisville and Jefferson County Metropolitan Government
Board of Water Works, Kentucky, Water System Revenue
Bonds, Series 2025
5.000
%
11/15/30
$
9,445,134
14,960,000
Louisville and Jefferson County Metropolitan Sewer District,
Kentucky, Sewer and Drainage System Revenue Bonds,
Refunding Series 2025A
5.000
05/15/31
16,512,654
4,200,000
(a)
Louisville/Jefferson County Metro Government, Kentucky,
Health System Revenue Bonds, Norton Healthcare, Inc., Series
2023B, (Mandatory Put 10/01/29)
5.000
10/01/47
4,440,581
4,000,000
Louisville-Jefferson County Metropolitan Government,
Kentucky, Pollution Control Revenue Bonds, Louisville Gas and
Electric Company Project, Series 2001A
0.900
09/01/26
3,954,154
8,000,000
Louisville-Jefferson County Metropolitan Government,
Kentucky, Pollution Control Revenue Bonds, Louisville Gas and
Electric Company Project, Series 2001B, (AMT)
1.350
11/01/27
7,705,628
17,100,000
(a)
Louisville-Jefferson County Metropolitan Government,
Kentucky, Pollution Control Revenue Bonds, Louisville Gas
and Electric Company Project, Series 2005A, (Mandatory Put
7/01/26)
1.750
02/01/35
17,018,163
3,805,000
Oldham County School District Finance Corporation, Kentucky,
School Building Revenue Bonds, Refunding Second Series
2016
4.000
09/01/27
3,857,691
1,350,000
(a)
Owen County, Kentucky, Water Facilities Revenue Bonds,
Kentucky-American Water Company Project, Refunding Series
2020, (Mandatory Put 9/01/28)
3.875
06/01/40
1,372,648
1,800,000
(a)
Owen County, Kentucky, Waterworks System Revenue Bonds,
Kentucky-American Water Company Project, Refunding Series
2019A, (Mandatory Put 10/01/29)
2.450
06/01/39
1,741,022
5,605,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5.000
01/01/55
5,936,364
2,950,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2022A-1, (Mandatory Put 8/01/30)
4.000
08/01/52
2,983,939
3,075,000
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2001A
0.625
09/01/26
3,038,657
10,200,000
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2001B,
(AMT)
1.350
11/01/27
9,847,543
21,345,000
(a)
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2016A,
(AMT), (Mandatory Put 9/01/27)
1.300
09/01/44
20,694,737
TOTAL KENTUCKY
166,018,732
LOUISIANA - 1.8%
5,000,000
Livingston Parish, Louisiana, Sales Tax Revenue Bonds, Series
2025
5.000
10/01/29
5,363,988
845,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2021D
2.100
12/01/36
672,583
1,875,000
Louisiana Housing Corporation, Single Family Mortgage
Revenue Bonds, Home Ownership Program, Series 2024A
4.000
12/01/39
1,834,604
14,620,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds, Westlake
Chemical Corporation Projects, Refunding Series 2017
3.500
11/01/32
14,209,849
6,340,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Series 2025B
5.000
05/01/30
6,916,808
12,000,000
Louisiana State, General Obligation Bonds, Refunding Series
2024E
5.000
09/01/31
13,357,199
5,045,000
Louisiana State, General Obligation Bonds, Series 2024B
5.000
08/01/27
5,207,143
925,000
New Orleans, Louisiana, Sewerage Service Revenue Bonds,
Series 2015
5.000
06/01/26
926,439
2,780,000
(a),(c)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2008, (Mandatory Put 6/01/30)
6.100
06/01/38
3,043,467
1,255,000
(a)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2011, (Mandatory Put 6/01/30)
3.700
08/01/41
1,270,582
Portfolio of Investments March 31, 2026
(continued)
Limited Term
128
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
5,695,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-1,
(Mandatory Put 7/01/26)
4.050
%
06/01/37
$
5,712,208
17,200,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-3,
(Mandatory Put 7/01/26)
2.200
06/01/37
17,173,529
5,325,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017B-2,
(Mandatory Put 7/01/26)
2.375
06/01/37
5,319,102
1,500,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5.000
12/01/28
1,579,826
2,300,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5.000
12/01/29
2,460,665
TOTAL LOUISIANA
85,047,992
MAINE - 0.4%
2,250,000
Maine Municipal Bond Bank, Transportation Infrastructure
Revenue Bonds, Transcap Program, Highway and Bridge Series
2026A
5.000
09/01/31
2,498,492
2,955,000
Maine State Housing Authority, Multifamily Mortgage Purchase
Bonds, Series 2021A
1.850
11/15/36
2,244,715
1,165,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Series 2020D
2.300
11/15/35
969,360
3,000,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Series 2021B
2.050
11/15/36
2,382,626
2,030,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021C
1.900
11/15/36
1,601,148
2,000,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2021D
2.200
11/15/36
1,606,774
4,275,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2025D
6.000
11/15/55
4,712,621
800,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2026A
6.000
11/15/56
885,778
TOTAL MAINE
16,901,514
MARYLAND - 1.7%
6,000,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Refunding Series 2024A
5.000
07/01/29
6,460,529
6,760,000
Baltimore County, Maryland, General Obligation Bonds,
Consolidated Public Improvement, Refunding Series 2024A
5.000
07/01/30
7,408,904
10,000
Baltimore County, Maryland, Revenue Bonds, Oak Crest
Village, Series 2016
3.250
01/01/31
9,930
1,000,000
Baltimore, Maryland, Convention Center Hotel Revenue Bonds,
Refunding Series 2017
5.000
09/01/26
1,004,359
6,820,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2019C
2.700
09/01/34
6,112,502
4,250,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2020A
2.300
09/01/35
3,556,005
4,880,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2020D
1.950
09/01/35
4,038,888
12,000,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021A
1.800
09/01/36
9,446,423
8,310,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021B
1.875
09/01/36
6,611,975
12,000,000
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Series 2021C
2.200
09/01/36
9,697,033
10,000,000
Maryland Department of Transportation, Consolidated
Transportation Revenue Bonds, Series 2025B
5.000
10/01/30
10,981,938
129
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MARYLAND
(continued)
$
4,630,000
Montgomery County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2018A
5.000
%
11/01/29
$
4,912,016
3,985,000
Montgomery County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2025A
5.000
10/01/30
4,385,183
3,570,000
Prince George's County, Maryland, General Obligation Bonds,
Consolidated Public Improvement Series 2025A
5.000
08/01/30
3,910,313
TOTAL MARYLAND
78,535,998
MASSACHUSETTS - 1.1%
1,005,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5.000
02/01/29
1,081,341
3,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2025B
5.000
07/01/31
3,352,993
2,780,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/29
2,905,130
2,750,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/30
2,864,790
2,520,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/31
2,619,246
2,110,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/32
2,188,903
160,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (ETM)
5.000
07/15/26
161,114
170,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (ETM)
5.000
07/15/27
175,157
175,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (ETM)
5.000
07/15/28
184,189
220,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (ETM)
5.000
07/15/30
239,900
1,975,000
Massachusetts Housing Finance Agency, Housing Bonds,
Series 2019B-1
2.750
12/01/34
1,746,473
1,000,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2022A-2
2.650
06/01/26
999,314
2,290,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2022C-3
4.000
06/01/26
2,291,769
2,420,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2023A-3
3.050
12/01/27
2,425,038
2,800,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Series 2023C2
4.000
12/01/27
2,811,199
1,000,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3.500
06/01/29
1,006,620
5,000,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2020-220
1.950
12/01/35
4,108,696
1,000,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-221
2.000
12/01/36
794,260
2,725,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-222
2.000
12/01/36
2,164,360
7,385,000
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Social Series 2021-223
2.150
12/01/36
5,919,707
5,000,000
Massachusetts School Building Authority, Senior Dedicated
Sales Tax Revenue Bonds, Subordinated Refunding Social
Series 2025B
5.000
02/15/30
5,476,097
5,520,000
Massachusetts State, General Obligation Bonds, Refunding
Series 2025B
5.000
06/01/29
5,939,545
TOTAL MASSACHUSETTS
51,455,841
MICHIGAN - 3.1%
4,175,000
Detroit City School District, Wayne County, Michigan, Unlimited
Tax School Building and Site Improvement Bonds, Series
2001A - AGM Insured
6.000
05/01/29
4,413,795
2,400,000
Great Lakes Water Authority, Michigan, Sewer Disposal System
Revenue Bonds, Refunding Second Lien Series 2025B
5.000
07/01/35
2,722,943
5,000,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Refunding Senior Lien Series 2025A
5.000
07/01/31
5,531,372
Portfolio of Investments March 31, 2026
(continued)
Limited Term
130
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MICHIGAN
(continued)
$
7,535,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2024A
5.000
%
07/01/27
$
7,769,017
2,600,000
Michigan Finance Authority, Hospital Revenue Bonds,
Beaumont-Spectrum Consolidation, Fixed Refunding Series
2022A
5.000
04/15/27
2,660,464
5,290,000
(a)
Michigan Finance Authority, Hospital Revenue Bonds,
Bronson Healthcare Group, Inc., Series 2019B, (Mandatory Put
11/16/26)
5.000
11/15/44
5,305,885
4,780,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5.000
07/01/29
5,115,990
2,000,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
5.000
06/01/27
2,046,832
5,115,000
Michigan Finance Authority, Tobacco Settlement Asset- Backed
Bonds, 2007 Sold Tobacco Receipts, Senior Current Interest
Series 2020A-CL-1
5.000
06/01/28
5,332,223
7,115,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2018A
3.550
10/01/33
7,065,122
2,180,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2022A
3.300
04/01/26
2,180,000
6,400,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2023A
3.750
04/01/27
6,400,418
1,365,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
3.700
04/01/30
1,364,986
1,870,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Fixed Rate Series 2018C
3.350
12/01/34
1,804,858
4,670,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2016A
3.100
12/01/31
4,581,800
10,020,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2019B
2.700
12/01/34
8,937,378
14,835,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Series 2020C
2.350
12/01/35
12,476,274
6,000,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2021A
1.950
12/01/36
4,772,050
2,000,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2022A
4.000
12/01/37
1,973,662
5,655,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2024II
5.000
10/15/27
5,867,422
3,890,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5.000
04/15/29
4,163,518
2,000,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5.000
04/15/30
2,178,781
3,045,000
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan
Program, Series 2023
5.000
11/15/26
3,093,426
12,165,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Consumers Energy Company Project, Series 2019, (AMT),
(Mandatory Put 10/01/27)
3.350
10/01/49
12,144,735
7,730,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Consumers Energy Company Project, Variable Rate Series
2005, (AMT), (Mandatory Put 10/08/26)
0.875
04/01/35
7,602,642
7,230,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue
Bonds, Detroit Edison Company Exempt Facilities Project,
Collateralized Series 2023DT, (AMT), (Mandatory Put 6/03/30)
3.875
06/01/53
7,191,249
2,285,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Graphic Packaging International, LLC Coated Recycled Board
Machine Project, Green Series 2021, (AMT), (Mandatory Put
10/01/26)
4.000
10/01/61
2,285,210
7,500,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023E -
AGM Insured, (AMT)
5.000
12/01/28
7,893,214
TOTAL MICHIGAN
144,875,266
131
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA - 1.5%
$
2,740,000
Eastern Carver County Independent School District 112,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2025A
5.000
%
02/01/29
$
2,921,662
4,990,000
Hennepin County, Minnesota, General Obligation Bonds, Sales
Tax Series 2019B
5.000
12/15/34
5,246,462
3,535,000
Hennepin County, Minnesota, General Obligation Bonds,
Series 2025A
5.000
12/01/30
3,891,779
4,155,000
Hennepin County, Minnesota, General Obligation Bonds,
Series 2025A
5.000
12/01/31
4,641,197
5,030,000
(a)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2023A, (Mandatory Put 11/15/28)
5.000
11/15/52
5,271,409
1,270,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020B
2.400
01/01/35
1,091,137
2,275,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020E
2.250
07/01/35
1,879,979
4,330,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2020I
1.875
07/01/35
3,586,439
5,595,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021D
2.000
07/01/36
4,501,593
5,045,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021F
2.000
07/01/36
4,056,298
8,415,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2021H
2.150
07/01/36
6,825,345
3,285,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2022A
2.600
07/01/37
2,795,968
6,820,000
Minnesota Public Facilities Authority, State Clean Water
Revolving Fund Revenue Bonds, Series 2016A
5.000
03/01/31
6,831,492
2,000,000
Minnesota Rural Water Finance Authority, Public Projects
Construction Notes, Series 2025
3.300
08/01/26
2,000,584
4,315,000
Minnesota State, General Obligation Bonds, State Trunk
Highway Series 2021B
5.000
08/01/31
4,804,007
6,000,000
Minnesota State, General Obligation Bonds, Various Purpose
Bid Groups 1 & 2 Series 2025A
5.000
08/01/30
6,579,688
TOTAL MINNESOTA
66,925,039
MISSISSIPPI - 0.7%
7,755,000
(a)
Lowndes County, Mississippi, Solid Waste Disposal and
Pollution Control Revenue Bonds, International Paper
Company Project, Refunding Series 2022, (Mandatory Put
4/01/27)
2.650
04/01/37
7,711,296
5,865,000
Mississippi Business Finance Corporation, Pollution Control
Revenue, Mississippi Power, Series 2002
3.200
09/01/28
5,865,787
3,500,000
Mississippi Development Bank, Special Obligation Bonds,
Mississippi Highway Refunding Project, Refunding Series
2024A
5.000
01/01/30
3,783,851
6,000,000
Mississippi Development Bank, Special Obligation Bonds,
Mississippi Highway Refunding Project, Refunding Series
2024A
5.000
01/01/31
6,571,639
1,000,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 202
6.250
12/01/55
1,117,611
1,230,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2020A
2.250
12/01/35
1,004,571
615,000
Mississippi Home Corporation, Single Family Mortgage
Revenue Bonds, Series 2021A
1.800
12/01/35
498,292
1,500,000
Mississippi State, Gaming Tax Revenue Bonds, Series 2019A
5.000
10/15/26
1,517,886
2,365,000
Warren County, Mississippi, Gulf Opportunity Zone Revenue
Bonds, International Paper Company Project, Refunding Series
20218
4.000
09/01/32
2,410,470
TOTAL MISSISSIPPI
30,481,403
Portfolio of Investments March 31, 2026
(continued)
Limited Term
132
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI - 1.1%
$
2,250,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Refunding Series 2025
4.000
%
03/01/29
$
2,335,190
2,650,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Refunding Series 2025
4.000
03/01/30
2,773,989
5,330,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2.900
09/01/33
4,978,239
11,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998B
2.900
09/01/33
10,274,039
5,255,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998C
2.750
09/01/33
4,791,042
12,640,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021B,
(Mandatory Put 5/01/26)
4.000
05/01/51
12,653,377
2,520,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, SSM Health Care, Series 2022A
5.000
06/01/27
2,577,356
5,000,000
Missouri Highways and Transportation Commission, State Road
Revenue Bonds, State Appropriations Mega Projects Series
2025A
5.000
05/01/31
5,543,458
2,695,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
4.125
11/01/39
2,668,379
730,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2019C
2.500
11/01/34
634,121
1,065,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2021A
1.950
11/01/36
849,138
1,890,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Homeownership Loan
Program, Series 2021B
1.800
11/01/36
1,480,124
TOTAL MISSOURI
51,558,452
MONTANA - 0.2%
1,115,000
Gallatin County, Montana, General Obligation Bonds, Series
2023
5.000
07/01/33
1,263,549
1,300,000
Gallatin County, Montana, General Obligation Bonds, Series
2023
5.000
07/01/35
1,443,633
1,000,000
Lewis and Clark County School District 9 East Helena, Montana,
General Obligation Bonds, School Building Series 2018
5.000
07/01/27
1,028,184
1,055,000
Lewis and Clark County School District 9 East Helena, Montana,
General Obligation Bonds, School Building Series 2018
5.000
07/01/28
1,105,941
1,335,000
Lewis and Clark County School District 9 East Helena, Montana,
General Obligation Bonds, School Building Series 2018
5.000
07/01/29
1,397,765
2,000,000
(a)
Montana Board of Housing, Multifamily Housing Revenue
Bonds, Aurora Apartments Series 2024, (Mandatory Put
2/01/28)
3.320
07/01/46
2,008,941
750,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2021A-1
1.850
12/01/36
590,111
485,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2021B
1.850
12/01/36
381,605
1,710,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2026A
5.750
06/01/56
1,873,443
TOTAL MONTANA
11,093,172
NATIONAL - 0.1%
2,575,669
Freddie Mac Multi-Family ML Certificates, Series ML 05, Series
2019A
3.400
01/25/36
2,461,021
TOTAL NATIONAL
2,461,021
133
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA - 0.7%
$
8,370,000
(a)
Central Plains Energy Project, Nebraska, Gas Project 4 Revenue
Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)
5.000
%
05/01/54
$
8,855,559
5,040,000
(a)
Central Plains Energy Project, Nebraska, Gas Supply
Revenue Bonds, Refunding Series 2025A Subseries 2025A-1,
(Mandatory Put 8/01/31)
5.000
08/01/55
5,337,585
1,915,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2019D
2.600
09/01/34
1,709,825
8,895,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2020A
2.350
09/01/35
7,488,524
2,490,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2021A
1.850
09/01/35
2,045,941
3,555,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Series 2021C
2.100
09/01/36
2,850,242
1,665,000
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Social Series 2026A
6.250
03/01/55
1,861,998
1,630,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Series 2022B
5.000
12/15/27
1,634,359
TOTAL NEBRASKA
31,784,033
NEVADA - 0.4%
6,385,000
Clark County, Nevada, Airport Revenue Bonds, Junior
Subordinate Lien Notes Series 2021B, (AMT)
5.000
07/01/27
6,551,436
895,000
(a),(c)
Director of the State of Nevada Department of Business and
Industry, Solid Waste Disposal Revenue Bonds, Republic
Services Inc., Variable Rate Demand Series 2001, (AMT),
(Mandatory Put 6/01/26)
3.450
12/01/26
895,462
1,355,000
(b)
Las Vegas Valley Water District, Nevada, General Obligation
Bonds, Refunding Water Improvement Series 2016A, (Pre-
refunded 6/01/26)
5.000
06/01/31
1,360,541
1,970,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Refunding Series 2021A
1.850
10/01/33
1,679,064
1,970,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Refunding Series 2021A
2.000
10/01/36
1,572,447
3,000,000
Nevada Housing Division, Single Family Housing Mortgage
Revenue Bonds, Refunding Series 2021B
2.200
10/01/36
2,418,645
5,000,000
(d)
Truckee Meadows Water Authority, Nevada, Water Revenue
Bonds, Refunding Series 2026
5.000
07/01/31
5,533,684
TOTAL NEVADA
20,011,279
NEW HAMPSHIRE - 1.0%
8,485,000
National Finance Authority, New Hampshire, Pollution Control
Revenue Bonds, New York State Electric & Gas Corporation
Project, Refunding Series 2022A, (AMT)
4.000
12/01/28
8,593,236
3,605,000
(a)
National Finance Authority, New Hampshire, Solid Waste
Disposal Revenue Bonds, Waste Management, INC., Project,
Refunding Series 2018A, (AMT), (Mandatory Put 7/01/26)
4.000
10/01/33
3,609,672
2,000,000
(c)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Forestar Group Houston Area Projects, Fort Bend,
Galveston, Montgomery, and Walker Counties, Texas, Series
2026
6.500
12/01/34
2,001,585
11,000,000
New Hampshire Business Finance Authority, Pollution Control
Revenue Bonds, United Illuminating Company, Refunding
Series 2003A
4.500
10/01/33
11,380,248
5,000,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth College, Series 2015A, (Mandatory
Put 8/03/27)
3.300
06/01/40
5,013,426
4,500,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth College, Series 2015D, (Mandatory
Put 8/03/27)
3.300
06/01/38
4,512,083
6,050,000
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth College, Series 2025A
5.000
06/01/32
6,779,720
2,505,000
New Hampshire Housing Finance Authority, Single Family
Mortgage Acquisition Bonds, Social Series 2024C
4.100
07/01/39
2,489,377
TOTAL NEW HAMPSHIRE
44,379,347
Portfolio of Investments March 31, 2026
(continued)
Limited Term
134
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW JERSEY - 2.0%
$
1,000,000
Delran Township, New Jersey, General Obligation Bonds,
Series 2019
2.000
%
10/15/27
$
978,566
1,000,000
Delran Township, New Jersey, General Obligation Bonds,
Series 2019
2.000
10/15/28
961,185
1,000,000
Delran Township, New Jersey, General Obligation Bonds,
Series 2019
2.000
10/15/29
944,614
1,000,000
Freehold Township Board of Education, Monmouth County,
New Jersey, General Obligation Bonds, School Series 2025
4.000
08/15/29
1,047,112
3,975,000
Gloucester Township, New Jersey, General Obligation Bonds,
Series 2019 - BAM Insured
2.000
02/01/27
3,929,510
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
1,006,939
6,180,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3.375
07/01/30
6,139,355
6,135,000
(b)
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Series 2018EEE, (Pre-refunded 12/15/28)
5.000
06/15/33
6,543,592
920,000
New Jersey Economic Development Authority, Special
Facilities Revenue Bonds, Continental Airlines Inc., Series 1999,
(AMT)
5.250
09/15/29
921,079
2,600,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Refunding Series
2016A
5.000
07/01/29
2,612,487
3,200,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Series 2024B
3.500
05/01/29
3,235,229
7,475,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Social Series 2025B
3.050
11/01/29
7,462,832
7,230,000
New Jersey Transportation Trust Fund Authority, Federal
Highway Reimbursement Revenue Notes, Series 2018A
5.000
06/15/28
7,263,707
1,645,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2014BB-1
5.000
06/15/30
1,740,006
2,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
5.000
06/15/32
2,106,810
5,125,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/27
5,244,414
4,490,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/28
4,670,075
14,110,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/29
14,670,023
3,580,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/34
3,704,576
2,275,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
4.000
06/01/37
2,268,158
6,795,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
2.250
07/15/28
6,484,018
6,710,000
Union County, New Jersey, General Obligation Bonds, Series
2018
3.000
03/01/28
6,712,133
TOTAL NEW JERSEY
90,646,420
NEW MEXICO - 0.9%
13,640,000
(a)
Farmington, New Mexico, Pollution Control Revenue Bonds,
Public Service Company of New Mexico San Juan Project,
Refunding Series 2010A, (Mandatory Put 10/01/26)
0.875
06/01/40
13,490,399
15,000,000
New Mexico Finance Authority, New Mexico, Transportation
Revenue Bonds, State Transportation Commission, Refunding
Senior Lien Series 2024A
5.000
06/15/27
15,447,915
2,980,000
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Subordinate Lien Series 2025C
5.000
12/15/29
3,233,546
1,695,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2019D
2.800
07/01/34
1,539,995
2,160,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021A
1.950
07/01/36
1,739,096
985,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2021C
1.875
07/01/36
787,639
135
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW MEXICO
(continued)
$
1,180,000
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2024E
4.125
%
09/01/39
$
1,169,036
1,760,000
San Juan County, New Mexico, Gross Receipts Tax Revenue
Bonds, Refunding Series 2015A
5.000
06/15/26
1,762,962
203,000
(c)
Winrock Town Center Tax Increment Development District
1, Albuquerque, New Mexico, Gross Receipts Tax Increment
Bonds, Senior Lien Series 2022
3.750
05/01/28
201,646
TOTAL NEW MEXICO
39,372,234
NEW YORK - 6.9%
10,000,000
(a)
Chautauqua County Capital Resource Corporation, New York,
Facilities Revenue Bonds, NRG Energy Project Refunding Series
2020, (Mandatory Put 4/03/28)
4.250
04/01/42
10,159,956
1,725,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
5.000
09/01/27
1,759,142
5,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Northwell Healthcare Inc, Series 2019B-1, (Mandatory Put
11/01/28)
1.800
05/01/48
4,806,586
8,600,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5.000
07/01/30
8,625,871
2,500,000
(a)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2024B, (Mandatory Put 9/01/29)
3.000
09/01/49
2,492,968
5,020,000
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Climate Bond Certified, Refunding Green
Series 2016B-2
5.000
11/15/32
5,081,374
2,250,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Refunding Green Climate
Certified Series 2020E
5.000
11/15/32
2,450,258
1,065,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014B
5.000
07/01/26
1,067,752
1,500,000
Nassau County Local Economic Assistance Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014B
5.000
07/01/27
1,507,624
10,020,000
(a)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Green Series 2023A-2,
(Mandatory Put 12/30/27)
3.700
05/01/63
10,023,356
3,075,000
(a)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024B-2, (Mandatory Put 7/03/28)
3.700
05/01/64
3,103,706
5,865,000
New York City Housing Development Corporation, New
York, Multifamily Housing Revenue Bonds, Sustainable
Neighborhood Green Series 2020D-1B
2.000
11/01/35
4,807,923
3,185,000
New York City Housing Development Corporation, New
York, Multifamily Housing Revenue Bonds, Sustainable
Neighborhood Series 2019A-3A
3.450
11/01/34
3,123,928
3,040,000
New York City Housing Development Corporation, New
York, Multifamily Housing Revenue Bonds, Sustainable
Neighborhood Series 2019G-1B
2.550
11/01/34
2,709,724
675,000
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, The Churchill School and Center for
Learning Disabilities Inc., Short Term Auction Rate Series 1999
- AGM Insured
2.250
10/01/29
641,488
8,845,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries A
5.000
11/01/28
9,377,383
8,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series
A-1
5.000
11/01/27
8,308,801
545,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2024G-1
5.000
05/01/27
559,553
4,665,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025C-1
5.000
05/01/29
4,992,849
65,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
5.000
05/01/29
69,568
Portfolio of Investments March 31, 2026
(continued)
Limited Term
136
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
1,455,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
5.000
%
05/01/30
$
1,583,843
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025F-1
5.000
11/01/28
5,300,952
6,600,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025F-1
5.000
11/01/29
7,127,234
4,390,000
New York City, New York, General Obligation Bonds, Fiscal
2017 Series A-1
5.000
08/01/33
4,419,021
27,510,000
New York City, New York, General Obligation Bonds, Fiscal
2020 Series C-1
5.000
08/01/27
28,375,820
7,710,000
New York City, New York, General Obligation Bonds, Fiscal
2025 Series A
5.000
08/01/27
7,959,850
12,500,000
New York City, New York, General Obligation Bonds, Fiscal
2025 Series A
5.000
08/01/28
13,150,195
5,500,000
New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 2004B, (AMT)
4.000
05/15/32
5,538,954
2,620,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Climate Bond Certified/Sustainability Green
Series 2021J-2, (Mandatory Put 5/01/27)
1.100
11/01/61
2,549,251
6,370,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Green Series 2022A-2, (Mandatory Put
5/01/27)
2.500
11/01/60
6,326,608
7,415,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Refunding Series 2019C
3.500
11/01/34
7,278,452
4,185,000
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Refunding Series 2020H
2.100
11/01/35
3,448,047
8,140,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Green Series 2024C-2,
(Mandatory Put 5/01/29)
3.600
11/01/63
8,169,777
6,675,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Series 2023C-2, (Mandatory Put
5/01/29)
3.800
11/01/62
6,677,442
1,835,000
(a)
New York State Housing Finance Agency, State Personal
Income Tax Revenue Bonds, Economic Development and
Housing Sustainability Green Series 2024B-2, (Mandatory Put
12/15/29)
3.350
12/15/54
1,842,425
9,820,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 223
2.650
10/01/34
8,801,482
2,615,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 225
2.000
10/01/35
2,160,952
3,460,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 227
2.100
10/01/35
2,816,621
3,555,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 231
2.000
10/01/33
3,063,442
9,990,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 231
2.200
10/01/36
8,101,886
4,830,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 239
2.200
10/01/36
3,917,128
16,400,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 242
2.950
10/01/37
14,617,149
1,380,000
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Social Series 273
6.000
10/01/55
1,523,917
10,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A
5.000
03/15/29
10,706,695
1,785,000
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
1,786,798
5,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/27
5,141,514
137
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
%
12/01/28
$
2,087,071
2,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/29
2,113,322
3,015,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
4.000
10/01/30
3,064,277
3,105,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023,
(AMT)
5.000
12/01/26
3,148,117
10,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023,
(AMT)
5.000
12/01/27
10,339,031
4,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Second Series 2017, (AMT)
5.000
10/15/33
4,060,168
500,000
Suffolk County Economic Development Corporation, New
York, Revenue Bonds, Catholic Health Services of Long Island
Obligated Group Project, Series 2014
5.000
07/01/27
502,486
2,220,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5.000
06/01/26
2,226,916
2,200,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5.000
06/01/28
2,289,666
1,245,000
Suffolk Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Senior Series
2021A-2
5.000
06/01/32
1,347,523
3,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, MTA Bridges and Tunnels, Bond
Anticipation Notes Series 2025A
5.000
03/01/28
3,138,565
8,100,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, MTA Bridges and Tunnels, Senior Lien
Green Climate Bond Certified Series 2022E-1
5.000
11/15/27
8,378,152
1,925,000
TSASC Inc., New York, Tobacco Settlement Asset-Backed
Bonds, Fiscal 2017 Series A
5.000
06/01/26
1,931,062
10,000,000
Utility Debt Securitization Authority, New York, Restructuring
Bonds, Series 2025TE-2
5.000
06/15/32
10,920,919
4,000,000
Utility Debt Securitization Authority, New York, Restructuring
Bonds, Series 2025TE-2
5.000
12/15/32
4,393,738
1,350,000
Yonkers, New York, General Obligation Bonds, Refunding
Series 2026D
5.000
08/01/31
1,502,282
TOTAL NEW YORK
319,498,560
NORTH CAROLINA - 1.1%
6,730,000
(a)
Charlotte-Mecklenburg Hospital Authority, North Carolina,
Health Care Revenue Bonds, DBA Carolinas HealthCare
System, Variable Rate Demand Series 2021B, (Mandatory Put
6/15/27)
3.250
01/15/50
6,760,886
2,540,000
(d)
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement Series 60
6.250
07/01/57
2,890,259
875,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2019-42
2.450
07/01/34
793,022
2,810,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2020-43
2.625
01/01/35
2,520,005
5,000,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2021-47
2.000
07/01/36
4,020,117
1,800,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2025-59A
6.250
01/01/57
2,036,883
1,095,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, Refunding Series 45
1.950
07/01/33
925,207
1,645,000
North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Refunding Series 2015A
5.000
01/01/28
1,656,318
Portfolio of Investments March 31, 2026
(continued)
Limited Term
138
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH CAROLINA
(continued)
$
11,335,000
North Carolina State, General Obligation Bonds, Refunding
Series 2025C
5.000
%
06/01/30
$
12,406,186
5,500,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2025B
5.000
05/01/30
6,000,386
10,730,000
Raleigh, North Carolina, North Carolina, Limited Obligation
Bonds, Series 2024
5.000
10/01/27
11,132,996
TOTAL NORTH CAROLINA
51,142,265
NORTH DAKOTA - 0.8%
2,395,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement  Special Assessment Bonds,
Refunding Series 2024A
3.450
04/01/27
2,395,506
2,380,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2017A
5.000
12/01/26
2,403,585
2,555,000
Grand Forks, North Dakota, Health Care System Revenue
Bonds, Altru Health System Obligated Group, Series 2021
5.000
12/01/27
2,613,108
225,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
4.000
05/01/27
225,257
500,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3.000
05/01/28
486,025
400,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3.000
05/01/29
382,909
430,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3.000
05/01/30
404,799
355,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2021
3.000
05/01/32
322,544
5,330,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2023C
5.000
05/01/32
5,513,321
670,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/29
699,367
530,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/30
558,395
555,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/31
589,228
580,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/32
619,569
610,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5.000
05/01/33
653,858
6,235,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2019C
2.800
07/01/32
5,942,915
2,285,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2019C
3.000
07/01/34
2,130,081
2,745,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020A
2.700
07/01/35
2,442,478
3,250,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2020B
2.100
07/01/35
2,664,859
3,600,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Series 2021A
2.050
07/01/36
2,914,430
2,540,000
North Dakota Housing Finance Agency, Home Mortgage
Finance Program Bonds, Social Series 2021B
2.300
07/01/36
2,063,515
1,290,000
North Dakota Housing Finance Agency, Home Mortgage
Program Revenue Bonds, Social Series 2025C
5.750
07/01/56
1,408,753
TOTAL NORTH DAKOTA
37,434,502
OHIO - 4.8%
1,500,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/27
1,537,387
9,130,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/28
9,531,423
9,285,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/29
9,840,673
139
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
7,160,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
%
06/01/31
$
7,699,335
2,600,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/32
2,789,491
3,110,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/33
3,325,361
5,895,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/34
6,237,517
4,470,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
5.000
06/01/35
4,706,184
1,275,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4.000
06/01/38
1,268,891
1,015,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020A-2 Class 1
4.000
06/01/39
996,597
4,400,000
Columbus City School District, Franklin County, Ohio, General
Obligation Bonds, Refunding Various Purpose Series 2026A
5.000
12/01/30
4,829,899
6,900,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025-1
5.000
04/01/30
7,517,674
5,670,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025A
5.000
10/01/30
6,226,759
3,375,000
(a)
Franklin County, Ohio, Revenue Bonds, CHE Trinity Health
Credit Group, Variable Rate Demand Obligation Series 2013,
(Mandatory Put 5/01/26)
2.625
12/01/46
3,374,405
6,000,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005B, (AMT)
3.700
07/01/28
6,042,034
3,345,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005C, (AMT)
3.700
04/01/28
3,366,975
15,750,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007A, (AMT), (Mandatory Put 10/01/29)
2.500
08/01/40
15,098,903
10,000,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2007B, (AMT), (Mandatory Put 10/01/29)
2.500
11/01/42
9,586,605
2,380,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014A, (Mandatory Put 10/01/29)
2.400
12/01/38
2,270,115
10,905,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014B, (AMT), (Mandatory Put 10/01/29)
2.600
06/01/41
10,524,347
20,250,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dayton Power & Light Company Project, Refunding
Collateralized Series 2015A, (AMT), (Mandatory Put 6/01/27)
4.250
11/01/40
20,512,551
12,635,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dueke Energy Corporation Project, Refunding Series
2022A, (AMT), (Mandatory Put 6/01/27)
4.250
11/01/39
12,745,269
275,000
(c)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT)
3.750
01/15/28
275,578
1,330,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2019A
3.500
09/01/34
1,316,317
2,510,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2019B
2.800
09/01/34
2,273,715
1,470,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2020A
2.500
09/01/35
1,281,055
3,685,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2021A
2.050
09/01/36
2,969,110
Portfolio of Investments March 31, 2026
(continued)
Limited Term
140
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
2,920,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Series 2021C
2.250
%
09/01/36
$
2,375,752
1,570,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
3.800
09/01/35
1,541,124
1,595,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
3.850
03/01/36
1,571,531
1,450,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024A
3.850
09/01/36
1,421,892
6,180,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Mortgage-Backed Securities Program, Social Series
2024B
4.100
09/01/39
6,094,408
1,855,000
Ohio State, General Obligation Bonds, Conservation Projects
Refunding Series 2022A
4.000
09/01/27
1,894,950
5,000,000
Ohio State, General Obligation Bonds, Higher Education
Refunding Series 2025D
5.000
11/01/30
5,497,818
1,000,000
Ohio State, General Obligation Bonds, Higher Education Series
2025C
5.000
11/01/30
1,099,564
11,970,000
Ohio State, General Obligation Bonds, Highway Capital
Improvement Series 2026Z
5.000
05/01/29
12,836,969
3,545,000
Ohio State, General Obligation Bonds, Infrastructure
Improvement Refunding Series 2022C
4.000
09/01/27
3,621,347
6,960,000
Ohio State, General Obligation Bonds, Refunding Highway
Capital Improvement Series 2026AA
5.000
05/01/29
7,464,102
2,440,000
(a)
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health
System Obligated Group, Series 2019C, (Mandatory Put
5/01/28)
2.750
01/01/52
2,427,172
5,050,000
Ohio Water Development Authority, Water Pollution Control
Loan Fund Revenue Bonds, Series 2020A
5.000
12/01/39
5,332,706
1,400,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Refunding Series
2025B
5.000
12/01/31
1,563,043
1,000,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Refunding Series
2025B
5.000
12/01/32
1,128,338
2,100,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Various Purpose
Series 2026
5.000
12/01/26
2,134,620
2,500,000
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Various Purpose
Series 2026
5.000
12/01/27
2,600,942
TOTAL OHIO
218,750,448
OKLAHOMA - 3.7%
1,000,000
Blaine County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Watonga Public
Schools Project, Series 2022
5.000
12/01/31
1,068,771
1,015,000
Blaine County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Watonga Public
Schools Project, Series 2022
5.000
12/01/32
1,088,529
1,600,000
Bryan County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Durant Public
Schools Project, Series 2020
2.000
09/01/27
1,567,427
5,000,000
Canadian County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Mustang Public
Schools Project, Series 2023A
5.000
09/01/31
5,447,164
5,035,000
Canadian County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Yukon Public
Schools Project, Series 2023
5.000
09/01/27
5,184,647
4,400,000
Canadian County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Piedmont Public Schools Project, Series
2024
4.000
08/15/32
4,537,324
141
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
9,095,000
Cleveland County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Moore Public
Schools Project, Series 2021
4.000
%
06/01/27
$
9,226,834
8,010,000
Cleveland County Independent School District 2 Moore,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2022
2.000
03/01/27
7,908,323
9,000,000
Cleveland County Independent School District 2 Moore,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2026
2.000
03/01/28
8,798,756
1,000,000
Clinton Public Works Authority,  Oklahoma, Educational
Facilities, Lease Revenue Bonds, Series 2022
5.000
10/01/27
1,025,642
1,000,000
Clinton Public Works Authority,  Oklahoma, Educational
Facilities, Lease Revenue Bonds, Series 2022
3.250
10/01/28
996,867
4,410,000
Cushing Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Cushing Public
Schools Project, Series 2022
5.000
09/01/32
4,830,500
2,330,000
Garfield County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Enid Public
Schools Project, Series 2016A
5.000
09/01/26
2,351,872
200,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/26
201,569
450,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/27
461,731
525,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/29
548,038
560,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/30
582,836
1,100,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/31
1,141,778
860,000
Garvin County Educational Facilities Authority, Oklahoma,
Lease Revenue Bonds, Wynnewood Public Schools Project,
Series 2018
5.000
09/01/32
890,043
1,305,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Minco Public
Schools Project, Series 2018
5.000
09/01/31
1,355,180
1,000,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Minco Public
Schools Project, Series 2018
5.000
09/01/32
1,033,760
1,305,000
Grady County School Finance Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Minco Public
Schools Project, Series 2018
5.000
09/01/33
1,344,489
5,045,000
Kay County Public Buildings Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Ponca City Public Schools
Project, Series 2022
5.000
09/01/27
5,173,697
1,000,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5.000
07/01/28
1,046,055
1,000,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5.000
07/01/29
1,063,874
1,455,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Blanchard Public
Schools Project, Series 2019
4.000
09/01/26
1,460,503
630,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Blanchard Public
Schools Project, Series 2019
4.000
09/01/27
637,849
720,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Blanchard Public
Schools Project, Series 2019
4.000
09/01/28
735,337
Portfolio of Investments March 31, 2026
(continued)
Limited Term
142
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
800,000
McClain County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Blanchard Public
Schools Project, Series 2019
4.000
%
09/01/29
$
822,215
1,100,000
Okarche Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Okarche Public
Schools Project, Series 2016
5.000
09/01/27
1,110,177
1,125,000
Okarche Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Okarche Public
Schools Project, Series 2016
5.000
09/01/28
1,135,410
5,200,000
Oklahoma City, Oklahoma, General Obligation Bonds, Series
2024
4.000
03/01/27
5,272,467
1,030,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Harrah Public Schools Project,
Series 2024
5.000
09/01/28
1,077,462
590,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/26
592,109
1,000,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/27
1,013,709
1,195,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/28
1,219,056
1,000,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/29
1,026,135
1,000,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/30
1,030,076
1,000,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/31
1,030,314
1,000,000
Oklahoma County Finance Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Jones Public Schools Project,
Series 2020
4.000
09/01/32
1,026,671
3,650,000
Oklahoma County Independent School District 1 Putnam City,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2024
3.250
04/01/26
3,650,000
5,875,000
Oklahoma County Independent School District 89 Oklahoma
City, Oklahoma, General Obligation Bonds, Combined
Purpose Series 2024A
1.250
07/01/26
5,855,534
6,850,000
Oklahoma County Independent School District 89, Oklahoma
City, Oklahoma, General Obligation Bonds, Combined
Purpose Series 2025A
1.000
07/01/27
6,716,111
1,900,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.000
08/15/26
1,909,191
3,175,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.000
08/15/27
3,236,351
1,400,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.000
08/15/28
1,440,089
385,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5.000
08/15/29
395,520
635,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2020A
2.650
09/01/35
563,348
1,210,000
Oklahoma Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 2026A
6.000
09/01/57
1,358,280
7,515,000
Oklahoma Industries Authority, Educational Facilities Lease
Revenue Bonds, Oklahoma City Public Schools Project Series
2024
5.000
04/01/27
7,693,971
2,000,000
Payne County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Stillwater Public
Schools Project, Series 2024 - BAM Insured
5.000
09/01/26
2,017,605
143
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OKLAHOMA
(continued)
$
260,000
Pittsburg County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, McAlester Public
Schools Project, Series 2021
4.000
%
12/01/28
$
265,469
405,000
Pittsburg County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, McAlester Public
Schools Project, Series 2021
4.000
12/01/29
415,634
350,000
Pittsburg County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, McAlester Public
Schools Project, Series 2021
4.000
12/01/30
360,294
260,000
Pittsburg County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, McAlester Public
Schools Project, Series 2021
4.000
12/01/31
268,447
380,000
Pittsburg County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, McAlester Public
Schools Project, Series 2021
4.000
12/01/32
393,820
545,000
Pontotoc County Educational Facilities Authority, Oklahoma,
Facilities Lease Revenue Bonds, Ada Public Schools Project,
Series 2021
4.000
09/01/26
546,790
1,290,000
Pontotoc County Educational Facilities Authority, Oklahoma,
Facilities Lease Revenue Bonds, Ada Public Schools Project,
Series 2021
4.000
09/01/28
1,314,159
770,000
Rogers County Industrial Development Authority, Oklahoma,
Capital Improvement Revenue Bonds, Refunding Series 2017
4.000
04/01/26
770,000
715,000
Rogers County Industrial Development Authority, Oklahoma,
Capital Improvement Revenue Bonds, Refunding Series 2017
4.000
04/01/27
715,152
400,000
Sand Springs Municipal Authority, Oklahoma, Utility System
Revenue Bonds, Refunding Series 2020
3.000
11/01/31
394,201
500,000
Sand Springs Municipal Authority, Oklahoma, Utility System
Revenue Bonds, Refunding Series 2020
3.000
11/01/32
484,520
530,000
Sand Springs Municipal Authority, Oklahoma, Utility System
Revenue Bonds, Refunding Series 2020
3.000
11/01/33
508,034
1,990,000
Stephens County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Marlow Public
Schools Project, Series 2022
5.000
09/01/34
2,147,480
1,075,000
Stephens County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Marlow Public
Schools Project, Series 2022
5.000
09/01/35
1,150,200
8,750,000
Tulsa County Independent School District 001 Tulsa,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2024A
0.050
04/01/26
8,750,000
10,000,000
Tulsa County Independent School District 4, Tulsa County,
Oklahoma, Combined Purpose Bixby Series 2024
4.000
07/01/26
10,031,213
10,740,000
Tulsa County Industrial Authority, Oklahoma, Educational
Facilities Lease Revenue Bonds, Broken Arrow Public Schools
Project, Series 2019A
5.000
09/01/28
11,293,891
1,475,000
Wagoner County School Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Wagoner Public
Schools Project, Series 2019
4.000
09/01/27
1,493,376
300,000
Wagoner County School Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Wagoner Public
Schools Project, Series 2019
4.000
09/01/28
305,759
530,000
Washington County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Caney Valley
Public Schools Project, Series 2021
3.000
09/01/27
527,878
490,000
Washington County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Caney Valley
Public Schools Project, Series 2021
3.000
09/01/29
479,959
1,850,000
Washington County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Caney Valley
Public Schools Project, Series 2021
3.000
09/01/31
1,768,068
1,760,000
Weatherford Industrial Trust Educational, Oklahoma, Facilities
Lease Revenue Bonds, Weatherford Public Schools Project,
Series 2019
5.000
03/01/27
1,790,244
TOTAL OKLAHOMA
169,075,784
Portfolio of Investments March 31, 2026
(continued)
Limited Term
144
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON - 1.0%
$
1,085,000
Benton and Linn Counties District School District 509J
Corvallis, Oregon, General Obligation Bonds, Series 2018A
5.000
%
06/15/26
$
1,090,544
1,000,000
Benton and Linn Counties District School District 509J
Corvallis, Oregon, General Obligation Bonds, Series 2018A
5.000
06/15/27
1,029,620
2,390,000
Clackamas County School District 12, North Clackamas,
Oregon, General Obligation Bonds, Series 2017B
5.000
06/15/27
2,459,349
2,105,000
Clackamas County School District 12, North Clackamas,
Oregon, General Obligation Bonds, Series 2017B
5.000
06/15/28
2,165,772
1,000,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5.000
06/15/30
1,091,019
1,250,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5.000
06/15/31
1,382,609
3,040,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5.000
06/15/32
3,404,369
11,585,000
(a)
Oregon Health and Science University, Revenue Bonds,
Exchange Series 2021C, (Mandatory Put 2/01/29)
4.000
07/01/42
11,865,091
7,545,000
Oregon Housing and Community Services Department, Single
Family Mortgage Program Revenue Bonds, Series 2021A
2.050
07/01/36
6,108,160
1,130,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5.000
11/15/29
1,222,699
8,000,000
(c)
Port of Morrow, Morrow County Oregon, Full Faith and Credit
Obligations, Series 2024A
5.150
10/01/26
7,999,709
2,770,000
Portland, Oregon, Water System Revenue Bonds, Refunding
Second Lien Series 2024A
5.000
05/01/28
2,910,158
1,000,000
Salem-Keizer School District 24J, Marion and Polk Counties,
Oregon, General Obligation Bonds, Series 2009B
0.000
06/15/27
966,602
TOTAL OREGON
43,695,701
PENNSYLVANIA - 3.9%
2,055,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
5.000
04/01/26
2,055,000
4,435,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Allegheny Health Network
Obligated Group Issue, Series 2018A
5.000
04/01/27
4,518,558
1,513,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6.000
06/30/34
1,613,076
16,283,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5.000
06/30/39
15,332,758
8,137,000
(e)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
0.000
06/30/44
6,005,798
1,575,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8.000
06/30/34
1,608,225
3,775,000
(a)
Clarion County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Pennsylvania-American Water Company
Project, Refunding Series 2019, (AMT), (Mandatory Put
12/03/29)
2.450
12/01/39
3,484,901
5,230,000
Lehigh County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, Pennsylvania Power and
Light Company, Series 2016B
2.625
02/15/27
5,230,991
4,565,000
Lower Merion School District, Montgomery County,
Pennsylvania, General Obligation Bonds, Series 2019
4.000
11/15/30
4,659,536
8,065,000
(a)
Luzerne County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Pennsylvania-American Water
Company Project, Refunding Series 2019, (AMT), (Mandatory
Put 12/03/29)
2.450
12/01/39
7,585,296
3,625,000
(a)
Montgomery County Industrial Development Authority,
Pennsylvania, Facilities Revenue Bonds, Constellation Energy
Generation LLC Project, Refunding Series 2023A, (Mandatory
Put 4/03/28)
4.100
04/01/53
3,701,889
1,000,000
North Allegheny School District, Allegheny County,
Pennsylvania, General Obligation Bonds, Series 2025
5.000
05/01/30
1,088,956
145
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
504,166
(f)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Series 2013A0 & AE2
2.200
%
06/30/27
$
221,833
277,700
(f)
Northampton County Industrial Development Authority,
Pennsylvania, Recovery Revenue Bonds, Northampton
Generating Project, Senior Lien Taxable Series 2013B, (cash
5.000%, PIK 5.000%)
0.900
06/30/27
49,986
1,500,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services Inc
Project, Series 2019B-1, (AMT), (Mandatory Put 4/15/26)
3.250
04/01/49
1,499,886
1,000,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Republic Services Inc
Project, Series 2019B-2, (AMT), (Mandatory Put 7/15/26)
3.250
04/01/49
1,000,060
15,000,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management
Inc., Project, Refunding Series 2021B, (AMT), (Mandatory Put
11/02/26)
1.100
06/01/31
14,801,718
3,750,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2009, (Mandatory Put 12/01/26)
0.950
12/01/33
3,688,956
1,270,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-122
3.250
10/01/28
1,269,991
1,845,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-123B
3.450
10/01/32
1,823,338
6,220,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-124B
3.200
10/01/32
6,164,270
3,390,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-125A, (AMT)
3.000
04/01/27
3,389,588
3,345,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-125A, (AMT)
3.050
10/01/27
3,345,488
8,730,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-125A, (AMT)
3.400
10/01/32
8,464,627
1,035,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-128A, (AMT)
3.650
10/01/32
1,017,087
2,555,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-129
2.950
10/01/34
2,359,749
8,070,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
2.500
10/01/34
7,023,078
4,850,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-132A
2.300
10/01/35
4,049,084
10,010,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-137
2.250
10/01/36
8,125,812
3,620,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A
3.950
04/01/35
3,603,063
9,000,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2023
5.000
09/01/27
9,314,535
5,000,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5.000
08/15/29
5,382,736
8,250,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5.000
08/15/33
9,324,294
5,000,000
Pennsylvania State, General Obligation Bonds, First Series
2024
5.000
08/15/30
5,466,987
6,000,000
Pennsylvania State, General Obligation Bonds, First Series
2026
5.000
04/01/28
6,283,966
4,420,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate Second Series 2016B-2
5.000
06/01/29
4,435,717
850,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Saint Joseph's University Project,
Refunding Series 2020C. Forward Delivery
5.000
11/01/26
859,271
1,000,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Saint Joseph's University Project,
Refunding Series 2020C. Forward Delivery
5.000
11/01/27
1,030,410
Portfolio of Investments March 31, 2026
(continued)
Limited Term
146
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,000,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Saint Joseph's University Project,
Refunding Series 2020C. Forward Delivery
5.000
%
11/01/28
$
1,045,888
1,000,000
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Saint Joseph's University Project,
Refunding Series 2020C. Forward Delivery
5.000
11/01/29
1,058,792
3,100,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5.000
07/01/29
3,288,115
380,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
3.375
06/01/26
378,675
1,200,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Excela Health Project, Series
2020A
5.000
07/01/27
1,221,193
TOTAL PENNSYLVANIA
177,873,177
PUERTO RICO - 2.9%
2,500,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Forward Delivery Series 2022A
5.000
07/01/33
2,626,054
3,700,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5.000
07/01/30
3,904,295
2,500,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2020A
5.000
07/01/35
2,583,605
935,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
5.000
07/01/33
977,581
3,285,000
(b)
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds, Hospital de la Concepcion, Series 2017A, (Pre-
refunded 11/15/26)
3.550
11/15/30
3,304,188
19,395,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/27
18,651,582
35,362,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/29
31,804,551
30,188,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/31
25,131,045
9,642,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0.000
07/01/33
7,424,407
436,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4.500
07/01/34
435,996
5,731,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4.329
07/01/40
5,654,486
15,937,053
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/27
16,246,455
11,448,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.625
07/01/29
12,091,426
1,860,601
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5.750
07/01/31
2,032,351
1,520,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0.000
07/01/33
1,104,817
791,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/33
790,093
TOTAL PUERTO RICO
134,762,932
RHODE ISLAND - 0.7%
3,440,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2019 Series 70
2.800
10/01/34
3,111,567
14,005,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2021 Series 75A
2.050
10/01/36
11,257,496
9,795,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, 2022 Series 76A
2.350
10/01/36
8,079,055
3,070,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bonds, Series 73-A
2.100
10/01/35
2,499,141
5,000,000
Rhode Island Housing & Mortgage Finance Corporation,
Homeownership Opportunity Bonds, Series 74
2.125
10/01/36
4,013,170
147
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
RHODE ISLAND
(continued)
$
1,230,000
Rhode Island Housing and Mortgage Finance Corporation,
Homeownership Opportunity Bond Program, Series 2020-72A
2.300
%
10/01/35
$
1,026,881
2,915,000
Rhode Island Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed Bonds, Series 2015B
4.500
06/01/45
2,834,525
TOTAL RHODE ISLAND
32,821,835
SOUTH CAROLINA - 0.7%
455,000
Lexington County Health Services District, Inc., South Carolina,
Hospital Revenue Bonds, Refunding Series 2017
5.000
11/01/26
460,677
6,000,000
(a)
Patriots Energy Group Financing Agency, South Carolina,
Gas Supply Revenue Bonds, Series 2023A-1, (Mandatory Put
8/01/31)
5.250
10/01/54
6,454,472
3,985,000
South Carolina Association of Governmental Organizations,
Educational Facilities Corporation for Pickens School District,
Installment Purchase Revenue Bonds, Pickens County,
Refunding Series 2025
5.000
12/01/29
4,299,787
1,140,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2019B
2.650
07/01/34
1,026,570
2,830,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2020B
2.000
07/01/35
2,355,070
6,105,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2021A
1.850
07/01/36
4,864,715
600,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2023A
4.450
07/01/38
610,934
2,805,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2024B
4.000
07/01/39
2,757,773
3,860,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2025C
6.250
01/01/56
4,336,461
2,800,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6.000
07/01/56
3,115,877
TOTAL SOUTH CAROLINA
30,282,336
SOUTH DAKOTA - 0.5%
925,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Vocational Education Program, Refunding
Series 2026
5.000
08/01/30
1,004,878
3,060,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021A
1.900
11/01/36
2,422,389
5,000,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2021B
1.850
11/01/36
3,944,157
7,310,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2022B
2.300
11/01/37
5,885,233
1,225,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2022C
4.125
11/01/37
1,226,014
2,275,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
4.000
11/01/37
2,244,283
2,755,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2025E
6.250
05/01/56
3,114,941
2,030,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2026A
6.000
11/01/56
2,277,569
TOTAL SOUTH DAKOTA
22,119,464
TENNESSEE - 1.1%
3,650,000
Hamilton County, Tennessee, General Obligation Bonds,
Refunding Series 2024B
5.000
05/01/30
3,986,512
2,335,000
Knox County Health, Educational and Housing Facility Board,
Tennessee, Hospital Revenue Bonds, East Tennessee Children's
Hospital, Series 2019
5.000
11/15/32
2,444,376
2,810,000
Knox County Health, Educational and Housing Facility Board,
Tennessee, Hospital Revenue Bonds, East Tennessee Children's
Hospital, Series 2019
5.000
11/15/33
2,926,538
800,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5.000
07/01/26
803,742
700,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5.000
07/01/27
717,638
Portfolio of Investments March 31, 2026
(continued)
Limited Term
148
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE
(continued)
$
2,000,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5.000
%
07/01/31
$
2,174,849
2,655,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026B, (AMT)
5.000
07/01/32
2,904,686
10,800,000
(a)
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2021A, (Mandatory Put 9/01/28)
4.000
12/01/51
10,908,690
1,640,000
(a)
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series
2022A, (Mandatory Put 12/01/30)
5.500
10/01/53
1,744,066
2,305,000
Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2026A
5.000
11/01/34
2,461,485
840,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2015-1C
3.850
07/01/32
840,121
2,900,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-1
3.400
07/01/34
2,852,131
3,050,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2019-2
2.800
07/01/34
2,771,082
605,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2020-3A
2.100
07/01/35
496,074
1,800,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-1
2.050
07/01/36
1,458,775
2,285,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-2
2.000
07/01/37
1,773,074
3,345,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2021-3
2.050
07/01/36
2,707,992
900,000
Tennessee Housing Development Agency, Residential Finance
Program Bonds, Series 2022-2
4.050
07/01/37
893,873
3,250,000
The Tennessee Energy Acquisition Corporation, Gas Project
Revenue Bonds, Refunding Series 2025A
5.000
12/01/35
3,444,059
2,000,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5.625
09/01/26
2,014,075
TOTAL TENNESSEE
50,323,838
TEXAS - 10.9%
1,445,000
Arlington, Texas, Water and Wastewater System Revenue
Bonds, Refunding Improvement  Series 2024
5.000
06/01/26
1,451,105
1,290,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5.000
01/01/27
1,298,511
1,920,000
Austin Convention Enterprises Inc., Texas, Convention Center
Hotel Revenue Bonds, Refunding First Tier Series 2017A
5.000
01/01/29
1,930,796
2,175,000
Austin, Texas, Airport System Revenue Bonds, Refunding Series
2025, (AMT)
5.000
11/15/29
2,318,496
5,365,000
Austin, Texas, Certificates of Obligation, Series 2025
5.000
09/01/29
5,771,127
2,315,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2023
5.000
09/01/27
2,396,562
1,050,000
Austin, Texas, Water and Wastewater System Revenue Bonds,
Refunding Forward Delivery Series 2023
5.000
11/15/26
1,066,109
12,015,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2024B
5.000
08/15/29
12,950,842
6,950,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5.000
08/15/28
7,345,001
13,415,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Anticipation Notes Subordinate Lien Series 2021C
5.000
01/01/27
13,497,312
10,410,000
Clear Creek Independent School District, Galveston and Harris
Counties, Texas, General Obligation Bonds, Refunding &
School Building Series 2025
5.000
02/15/33
11,727,828
5,000,000
Clear Creek Independent School District, Galveston and Harris
Counties, Texas, General Obligation Bonds, Refunding &
School Building Series 2025
5.000
02/15/34
5,669,435
2,500,000
Collin County, Texas, General Obligation Bonds, Refunding
Limited Tax Permanent Improvement, Tax Notes Series 2025
5.000
02/15/30
2,699,407
3,830,000
Collin County, Texas, General Obligation Bonds, Refunding
Limited Tax Permanent Improvement, Tax Notes Series 2025
5.000
02/15/31
4,194,063
5,000,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, Refunding Series 2025
5.000
02/15/30
5,425,928
149
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
2,480,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5.000
%
03/01/30
$
2,673,896
2,455,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5.000
03/01/31
2,678,236
2,595,000
Corpus Christi, Texas, General Obligation Bonds, General
Improvement Refunding Series 2025C
5.000
03/01/32
2,861,444
6,885,000
Cypress-Fairbanks Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding Series 2025
5.000
02/15/29
7,356,994
6,810,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds Refunding Series 2023C, (AMT)
5.000
11/01/27
7,025,633
3,000,000
Dallas Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2026A
5.000
02/15/32
3,344,963
3,000,000
Denton County, Texas, General Obligation Bonds, Refunding
Permanent Improvement Series 2025
5.000
07/15/30
3,269,191
9,980,000
Denton, Texas, Certificates of Obligation, Series 2025
5.000
02/15/30
10,787,462
6,725,000
Fort Bend County, Texas, Certificates of Obligation, Series 2025
5.000
03/01/30
7,258,555
3,525,000
Fort Bend County, Texas, General Obligation Bonds, Tax Road
Series 2024
5.000
03/01/28
3,683,091
2,595,000
Fort Worth, Texas, General Obligation Bonds, General Purpose
Series 2025
5.000
03/01/31
2,850,888
1,295,000
Fort Worth, Texas, General Obligation Bonds, Tax Notes Series
2025
5.000
03/01/30
1,402,243
3,005,000
Fort Worth, Texas, General Obligation Bonds, Tax Notes Series
2025
5.000
03/01/30
3,253,853
3,665,000
Frisco Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, Refunding Series
2025A
5.000
02/15/30
3,977,206
8,000,000
Frisco Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, Refunding Series
2025B
5.000
02/15/31
8,795,583
5,105,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5.000
02/15/27
5,216,026
5,450,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5.000
02/15/28
5,686,910
5,780,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5.000
02/15/29
6,143,230
9,570,000
Grand Prairie Independent School District, Dallas County,
Texas, General Obligation Bonds, Refunding Series 2015
4.000
02/15/32
9,575,415
1,640,000
Greenville Independent School District, Hunt County, Texas,
General Obligation Bonds, School Building Series 2026
5.000
02/15/27
1,675,238
5,185,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Refunding Series 2020C-3,
(Mandatory Put 12/01/26)
5.000
06/01/32
5,258,380
10,305,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2019B-3, (Mandatory Put
12/01/26)
5.000
07/01/49
10,450,840
3,240,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2022B, (Mandatory Put
12/01/28)
5.000
06/01/50
3,397,522
8,310,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2024C, (Mandatory Put
7/01/29)
5.000
07/01/54
8,793,925
5,855,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Medical Center,
Refunding Series 2026
5.000
12/01/29
6,321,093
4,530,000
Harris County Flood Control District, Texas, Contract Tax Bonds,
Refunding Series 2025A
5.000
09/15/29
4,857,480
5,680,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5.000
09/15/29
6,115,872
Portfolio of Investments March 31, 2026
(continued)
Limited Term
150
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
6,570,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5.000
%
09/15/30
$
7,185,986
2,550,000
Harris County, Texas, Road Revenue Bonds, Refunding, Series
2024A
5.000
09/15/27
2,641,878
2,505,000
Harris County, Texas, Road Revenue Bonds, Refunding, Series
2024A
5.000
09/15/28
2,647,889
1,710,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding First
Lien Series 2024A
5.000
08/15/26
1,725,605
2,535,000
Harris County, Texas, Toll Road Revenue Bonds, Refunding First
Lien Series 2024A
5.000
08/15/27
2,618,789
4,230,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.250
07/15/33
4,446,804
1,000,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5.250
07/15/34
1,049,307
3,000,000
Houston, Texas, Combined Utility System Revenue Bonds,
Combined First Lien Series 2024A
5.000
11/15/26
3,045,466
7,080,000
Houston, Texas, General Obligation Bonds, Public
Improvement Refunding Series 2025
5.000
03/01/29
7,529,127
6,000,000
Houston, Texas, General Obligation Bonds, Public
Improvement Refunding Series 2025
5.000
03/01/30
6,482,973
9,040,000
Houston, Texas, General Obligation Bonds, Refunding Public
Improvement Series 2016A
5.000
03/01/27
9,057,777
3,180,000
Irving Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2023
5.000
02/15/36
3,483,307
3,420,000
Irving Independent School District, Dallas County, Texas,
General Obligation Bonds, School Building Series 2023
5.000
02/15/37
3,720,134
5,055,000
Irving, Dallas County, Texas, General Obligation Bonds, Series
2024
5.000
09/15/28
5,330,991
6,055,000
Irving, Dallas County, Texas, General Obligation Bonds, Series
2024
5.000
09/15/29
6,498,925
1,255,000
Leander, Texas, Certificates of Obligation, Combination Tax &
Revenue Series 2025
5.000
08/15/29
1,345,209
1,000,000
Leander, Texas, Certificates of Obligation, Combination Tax &
Revenue Series 2025
5.000
08/15/30
1,088,080
1,300,000
Lower Colorado River Authority, Texas, Revenue Bonds,
Refunding Series 2023A
5.000
05/15/26
1,303,783
7,250,000
Matagorda County Navigation District 1, Texas, Pollution
Control Revenue Bonds, Central Power & Light Company
Project, Refunding Series 1996, (AMT)
4.250
05/01/30
7,425,261
1,880,000
(c)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4.625
10/01/31
1,882,308
750,000
(a)
Mission Economic Development Corporation, Texas,
Solid Waste Disposal Revenue Bonds, Graphic Packaging
International, LLC Project, Green Series 2025, (AMT),
(Mandatory Put 6/01/30)
5.000
12/01/64
778,154
1,840,000
(a)
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Republic Services Inc. Project,
Adjustable Rate Series 2020A, (AMT), (Mandatory Put 5/01/26)
3.000
05/01/50
1,839,833
3,750,000
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Waste Management Inc.
Project, Series 2023A, (AMT), (Mandatory Put 7/01/27)
4.250
06/01/48
3,780,817
5,140,000
North East Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding Series 2025
5.000
08/01/30
5,612,355
5,430,000
North Texas Municipal Water District, Texas, Regional
Wastewater Revenue Bonds, Improvement and Refunding
Series 2025
5.000
06/01/31
5,993,347
7,375,000
North Texas Municipal Water District, Water System Revenue
Bonds, Refunding & Improvement Series 2025
5.000
09/01/29
7,923,288
3,570,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5.000
01/01/27
3,633,915
4,930,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2025A
5.000
01/01/30
5,324,588
151
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,000,000
Pasadena Independent School District, Harris County, Texas,
General Obligation Bonds, School Building Series 2015A
4.000
%
02/15/32
$
5,002,829
4,255,000
Pearland Independent School District, Brazoria County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5.000
02/15/31
4,684,263
8,730,000
Plano Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2025
5.000
02/15/28
9,132,354
7,000,000
Red River Education Finance Corporation, Texas, Higher
Education Revenue Bonds, Texas Christian University Project,
Refunding & Improvement Series 2024
5.000
03/15/35
7,928,549
1,750,000
San Antonio, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5.000
02/01/30
1,892,501
1,750,000
San Antonio, Texas, Combination Tax and Revenue Certificates
of Obligation, Taxable Series 2024
5.000
02/01/32
1,941,812
2,150,000
San Antonio, Texas, Water System Revenue Bonds, Refunding
Junior Lien Series 2025C
5.000
05/15/30
2,337,915
5,000,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.000
02/01/28
5,224,000
5,000,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5.000
02/01/29
5,330,088
8,955,000
(a),(b)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2022E, (Pre-refunded 5/15/26),
(Mandatory Put 5/15/26)
5.000
11/15/52
8,979,618
2,320,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2026E
5.000
11/15/28
2,457,294
3,195,000
(a)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2026F, (Mandatory Put 5/01/30)
5.000
11/15/55
3,424,205
7,610,000
(a)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2025B, (Mandatory Put 11/15/29)
5.000
11/15/64
8,135,280
2,920,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
6.000
01/01/57
3,252,247
2,475,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Series 2019A
3.500
07/01/34
2,451,651
4,645,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Series 2024C
4.100
01/01/39
4,619,968
3,405,000
Texas Department of Housing and Community Affairs, Single
Family Mortgage Revenue Bonds, Series 2021A
1.850
09/01/36
2,699,633
4,000,000
(a)
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023A, (Mandatory Put
1/01/30)
5.500
01/01/54
4,223,756
15,040,000
(a)
Texas Municipal Gas Acquisition and Supply Corporation IV,
Gas Supply Revenue Bonds, Series 2023B, (Mandatory Put
1/01/34)
5.500
01/01/54
16,430,081
5,665,000
(a)
Texas Municipal Gas Acquisition and Supply Corporation V,
Texas, Gas Supply Revenue Bonds, Series 2024, (Mandatory Put
1/01/34)
5.000
01/01/55
6,021,799
4,000,000
Texas Private Activity Bond Surface Transpiration Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Refunding Series 2023, (AMT)
5.000
12/31/33
4,217,825
2,900,000
Texas Private Activity Bond Surface Transpiration Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Refunding Series 2023, (AMT)
5.000
06/30/34
3,055,012
3,025,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
12/31/30
3,087,746
4,070,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4.000
06/30/31
4,147,796
Portfolio of Investments March 31, 2026
(continued)
Limited Term
152
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
5,000,000
Texas State Transportation Commission, General Obligation
Bonds, Mobility Fund Refunding Series 2025
5.000
%
10/01/31
$
5,547,972
3,155,000
Texas State University System, Financing Revenue Bonds,
Refunding Series 2024
5.000
03/15/27
3,228,019
7,500,000
Texas State, General Obligation Bonds, Texas Transportation
Commission, Mobility Fund Refunding Series 2024
5.000
10/01/31
8,297,885
5,315,000
Texas Transportation Commission, Central Texas Turnpike
System Revenue Bonds, Refunding Second Tier Series 2024C
5.000
08/15/31
5,826,580
4,355,000
Texas Transportation Commission, General Obligation Bonds,
Highway Improvement Refunding Series 2024
5.000
04/01/28
4,568,072
12,710,000
Texas Water Development Board, State Water Implementation
Revenue Fund Bonds, Master Trust Series 2025
5.000
04/15/30
13,841,062
TOTAL TEXAS
501,837,399
UTAH - 0.8%
1,000,000
Alpine School District Local Building Authority, Utah County,
Utah, Lease Revenue Bonds, Series 2025
5.000
03/15/30
1,087,897
1,100,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.000
07/01/26
1,106,091
1,215,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.000
07/01/27
1,245,614
1,100,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.000
07/01/28
1,147,969
1,635,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.000
07/01/29
1,733,695
1,470,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5.000
07/01/30
1,577,394
2,000,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2025A, (AMT)
5.000
07/01/28
2,087,217
5,210,000
(a)
Utah County, Utah, Hospital Revenue Bonds, IHC Health
Services Inc., Series 2020B-2, (Mandatory Put 8/01/26)
5.000
05/15/60
5,245,258
3,610,000
Utah Housing Corporation, Single Family Mortgage Bonds,
Series 2024E
4.050
07/01/39
3,572,871
700,000
Utah Telecommunication Open Infrastructure Agency, Utah,
Revenue Bonds, Refunding Sales Tax and Telecommunication
Series 2022
5.000
06/01/26
702,424
1,515,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2024
5.000
06/15/30
1,656,049
1,125,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2024
5.000
06/15/31
1,247,225
1,375,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2024
5.000
06/15/32
1,543,127
6,600,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025
5.000
12/15/28
7,021,362
3,190,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Subordinate Series 2024
5.000
06/15/30
3,483,006
TOTAL UTAH
34,457,199
VERMONT - 0.2%
1,155,000
Vermont Housing Finance Agency, Multiple Purpose Bonds,
Series 2021A
2.200
11/01/36
928,971
2,915,000
Vermont Housing Finance Agency, Multiple Purpose Bonds,
Social Series 2024C
4.125
11/01/39
2,886,206
1,715,000
Vermont State, General Obligation Bonds, Vermont Citizen
Series 2025A
5.000
08/15/29
1,850,309
1,000,000
Vermont State, General Obligation Bonds, Vermont Citizen
Series 2025A
5.000
08/15/30
1,097,726
1,420,000
Vermont State, General Obligation Bonds, Vermont Citizen
Series 2025A
5.000
08/15/31
1,582,579
TOTAL VERMONT
8,345,791
153
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA - 1.4%
$
4,525,000
Charles City County Industrial Development Authority,
Virginia, Solid Waste Disposal Facility Revenue Bonds, Waste
Management, Inc., Series 2002, (AMT)
1.450
%
04/01/27
$
4,414,598
14,990,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4.000
10/01/27
15,331,280
11,265,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4.000
10/01/28
11,660,471
5,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5.000
10/01/29
5,405,621
5,270,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Intermediate Lien Bond Anticipation Notes Series 2023A
5.000
07/01/27
5,427,739
7,530,000
Loudoun County, Virginia, General Obligation Bonds, Public
Improvement Series 2019A
5.000
12/01/26
7,657,661
5,350,000
Loudoun County, Virginia, General Obligation Bonds, Public
Improvement Series 2023A
5.000
12/01/35
5,965,008
1,800,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-3
4.000
10/01/39
1,764,364
2,720,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-4
4.100
07/01/40
2,692,517
1,300,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3.625
06/01/29
1,300,746
2,000,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4.000
01/01/36
1,965,885
1,715,000
(a)
Wise County Industrial Development Authority, Virginia, Solid
Waste and Sewage Disposal Revenue Bonds, Virginia Electric
and Power Company, Series 2009A, (Mandatory Put 10/01/30)
3.125
10/01/40
1,704,693
TOTAL VIRGINIA
65,290,583
WASHINGTON - 2.2%
2,530,000
King and Snohomish Counties School District 417 Northshore,
Washington, General Obligation Bonds, Refunding Series 2025
5.000
12/01/30
2,774,867
2,500,000
King County School District 414 Lake Washington, Washington,
General Obligation Bonds, Series 2017
4.000
12/01/33
2,524,655
11,000,000
King County, Washington, Sewer Revenue Bonds, Refunding
Series 2025A
5.000
07/01/30
12,023,450
4,905,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2025B, (AMT)
5.000
10/01/29
5,230,005
3,770,000
Port of Seattle, Washington, Revenue Bonds, Refunding First
Lien Series 2016B, (AMT)
5.000
10/01/28
3,773,824
6,500,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2024B, (AMT)
5.000
07/01/27
6,671,050
3,750,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2024B, (AMT)
5.000
07/01/28
3,918,532
4,275,000
Port of Seattle, Washington, Revenue Bonds, Refunding
Intermediate Lien Series 2024B, (AMT)
5.000
07/01/31
4,648,740
2,910,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5.000
10/01/26
2,939,791
3,055,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5.000
10/01/27
3,146,467
2,380,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Series 2018B
5.000
10/01/28
2,496,068
3,755,000
Washington State Housing Finance Commission, Single Family
Program Bonds, Series 2021-1N
2.000
12/01/36
2,982,448
1,500,000
Washington State Housing Finance Commission, Single Family
Program Bonds, Series 2021-2N
2.250
12/01/36
1,212,009
3,544,216
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2021-
1 Class A
3.500
12/20/35
3,398,276
6,880,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5.000
06/01/29
7,387,690
7,590,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5.000
06/01/31
8,402,226
Portfolio of Investments March 31, 2026
(continued)
Limited Term
154
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WASHINGTON
(continued)
$
2,700,000
Washington State, General Obligation Bonds, Refunding Motor
Vehicle Fuel Tax Series R-2025E
5.000
%
08/01/32
$
3,031,037
210,000
Washington State, General Obligation Bonds, Refunding Motor
Vehicle Fuel Tax, Series R-2020D
5.000
07/01/26
211,317
5,040,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5.000
07/01/29
5,420,309
8,225,000
Washington State, General Obligation Bonds, Various Purpose
Series 2026A
5.000
08/01/31
9,131,219
10,000,000
Washington State, General Obligation Bonds, Various Purpose,
Refunding Series R-2026A
5.000
07/01/30
10,943,044
TOTAL WASHINGTON
102,267,024
WEST VIRGINIA - 0.7%
865,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5.000
06/01/29
913,957
2,515,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Refunidng Series 2015A, (Mandatory
Put 6/15/28)
3.375
03/01/40
2,532,721
2,605,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2009B, (Mandatory Put
6/01/28)
3.700
12/01/42
2,647,839
1,000,000
(a),(c)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)
5.450
01/01/55
1,087,213
9,555,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Wheeling Power Company
- Mitchell Project, Refunding Series 2013A, (AMT), (Mandatory
Put 6/18/27)
3.000
06/01/37
9,490,789
2,120,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Series 2014A
5.000
09/01/27
2,122,797
1,015,000
West Virginia Hospital Finance Authority, Hospital Revenue
Bonds, Charleston Area Medical Center, Series 2014A
5.000
09/01/28
1,016,266
2,405,000
(a)
West Virginia Hospital Finance Authority, Revenue Bonds, West
Virginia University Health System System Obligated Group,
Improvement Series 2025B, (Mandatory Put 6/01/33)
5.000
06/01/55
2,598,362
7,750,000
(a)
West Virginia University, Revenue Bonds, West Virginia
University Projects, Refunding Series 2019B, (Mandatory Put
10/01/29)
5.000
10/01/41
8,258,648
TOTAL WEST VIRGINIA
30,668,592
WISCONSIN - 2.7%
2,750,000
Dane County, Wisconsin, General Obligation Bonds, Airport
Project Promissory Note Series 2022D
5.000
06/01/29
2,909,052
2,460,000
Madison Metropolitan School District, Dane County, Wisconsin,
General Obligation Bonds, School Building & Facility
Improvement Series 2023
4.000
03/01/36
2,504,638
6,435,000
Madison, Wisconsin, General Obligation Bonds, Promissory
Notes Series 2023A
5.000
10/01/26
6,513,718
9,800,000
Madison, Wisconsin, Industrial Development Revenue
Refunding Bonds, Madison Gas and Electric Company Projects,
Series 2020A
3.750
10/01/27
9,929,348
3,665,000
Milwaukee Area Technical College District, Wisconsin, General
Obligation Promissory Notes, Series 2023-24C
5.000
06/01/26
3,679,554
8,885,000
(a)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/26)
3.300
10/01/46
8,894,950
12,510,000
(a)
Public Finance Authority of Wisconsin, Solid Waste Disposal
Revenue Bonds, Waste Management Inc., Refunding Series
2016A-3, (Mandatory Put 6/01/26)
1.100
07/01/29
12,461,037
155
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
4,000,000
(a)
Public Finance Authority of Wisconsin, Solid Waste Disposal
Revenue Bonds, Waste Management Inc., Refunding Series
2016A-4, (Mandatory Put 6/01/26)
1.100
%
04/01/33
$
3,984,389
2,250,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4.050
11/01/30
2,230,974
2,500,000
Public Finance Authority, Wisconsin, Exempt Facilities Revenue
Bonds, Celanese Project, Refunding Series 2016C
4.300
11/01/30
2,495,363
7,080,000
(a)
University of Wisconsin Hospitals and Clinics Authority,
Revenue Bonds, Sustainability Series 2002B, (Mandatory Put
10/01/31)
5.000
04/01/54
7,687,293
3,830,000
Waushara County, Wisconsin Note Anticipation Notes, Series
2022A
4.500
06/01/27
3,834,023
4,015,000
(a)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Advocate Aurora Health Credit
Group, Series 2018C-1, (Mandatory Put 7/29/26)
5.000
08/15/54
4,043,530
5,000,000
(a),(b)
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Marshfield Clinic Health System,
Inc., Series 2020B-2, (Pre-refunded 8/15/26), (Mandatory Put
2/15/27)
5.000
02/15/51
5,046,396
1,770,000
Wisconsin Housing and Ecconomic Development Authority,
Home Ownership Revenue Bonds, Series 2019C
2.200
03/01/31
1,630,700
1,785,000
Wisconsin Housing and Ecconomic Development Authority,
Home Ownership Revenue Bonds, Series 2019C
2.200
09/01/31
1,628,655
5,075,000
Wisconsin Housing and Ecconomic Development Authority,
Home Ownership Revenue Bonds, Series 2019C
2.500
09/01/34
4,424,559
1,005,000
(a)
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2023B, (Mandatory Put
11/01/26)
3.750
05/01/54
1,005,462
695,000
(a)
Wisconsin Housing and Economic Development Authority,
Housing Revenue Bonds, Series 2023E, (Mandatory Put
5/01/27)
3.875
11/01/54
695,357
9,250,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-2
5.000
05/01/28
9,718,036
10,000,000
Wisconsin State, General Obligation Bonds, Refunding Series
2025-3
5.000
05/01/30
10,921,952
9,845,000
Wisconsin State, General Obligation Bonds, Refunding Series
2026-1
5.000
05/01/31
10,915,069
6,580,000
Wisconsin State, General Obligation Bonds, Series 2025B
5.000
05/01/32
7,398,322
TOTAL WISCONSIN
124,552,377
WYOMING - 0.7%
20,555,000
Sweetwater County, Wyoming, Pollution Control Revenue
Refunding Bonds, Idaho Power Company Project, Series 2006
1.700
07/15/26
20,438,198
2,510,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2019 Series 3
2.450
12/01/34
2,199,721
1,315,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2020 Series 1
2.625
12/01/35
1,156,769
2,575,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2020 Series 2
2.100
12/01/35
2,085,898
5,375,000
Wyoming Community Development Authority, Housing
Revenue Bonds, 2021 Series 3
2.000
12/01/36
4,269,150
TOTAL WYOMING
30,149,736
TOTAL MUNICIPAL BONDS
(Cost $4,542,618,913)
4,444,068,019
TOTAL LONG-TERM INVESTMENTS
(Cost $4,542,618,913)
4,444,068,019
Portfolio of Investments March 31, 2026
(continued)
Limited Term
156
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.3%
11,498,771
MUNICIPAL BONDS - 0.3%
11,498,771
FLORIDA - 0.3%
$
11,500,000
City of Jacksonville FL
2.360
%
05/06/26
$
11,498,771
TOTAL FLORIDA
11,498,771
TOTAL MUNICIPAL BONDS
(Cost $11,499,924)
11,498,771
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,499,924)
11,498,771
TOTAL INVESTMENTS - 96.8%
(Cost $4,554,118,837)
4,455,566,790
OTHER ASSETS & LIABILITIES, NET -  3.2%
149,347,768
NET ASSETS - 100%
$
4,604,914,558
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
(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)
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.
(c)
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 $70,446,985 or 1.6% of Total Investments.
(d)
When-issued or delayed delivery security.
(e)
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.
(f)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
157
Portfolio of Investments March 31, 2026
Short Term
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 100.0%
422421396
MUNICIPAL BONDS - 100.0%
422421396
ALABAMA - 3.7%
$
2,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Prepay BP PLC, Series 2024D
5
.000
%
11/01/27
$
2,049,269
500,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A
5
.000
05/01/27
503,993
300,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5
.000
08/01/27
306,622
1,000,000
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025D
5
.000
08/01/28
1,035,471
1,000,000
Black Belt Energy Gas District, Alabama, Gas Supply Revenue
Bonds, Series 2023 Sub B-1
5
.000
06/01/27
1,019,755
1,600,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Fixed Rate Series 2023B-1
5
.500
11/01/27
1,655,149
1,000,000
Energy Southeast Cooperative District, Alabama, Energy
Supply Revenue Bonds, Series 2025B
5
.000
03/01/28
1,020,736
1,000,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.000
10/01/27
1,032,096
670,000
(a)
Mobile Industrial Development Board, Alabama, Pollution
Control Revenue Refunding Bonds, Alabama Power Company
Barry Plan, Series 2007A, (Mandatory Put 6/26/29)
3
.375
06/01/34
676,574
1,500,000
Southeast Alabama Gas Supply District, Alabama, Gas Supply
Revenue Bonds, Project 1, Refunding Series 2024A
5
.000
04/01/28
1,545,808
1,500,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/27
1,529,048
1,270,000
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 3, Fixed Rate Series 2022A-1
5
.000
12/01/26
1,285,443
500,000
Southeast Energy Authority, Alabama, Energy Supply Revenue
Bonds, Cooperative District Series 2025E
5
.000
10/01/27
513,339
300,000
Southeast Energy Authority, Alabama, Revenue Bonds, A
Cooperative District Energy Supply Series 2025D
5
.000
09/01/28
311,407
1,000,000
Southeast Energy Authority, Alabama, Revenue Bonds,
Cooperative District Energy Supply Series 2025B
5
.000
01/01/28
1,012,436
TOTAL ALABAMA
15,497,146
ALASKA - 2.3%
815,000
Alaska Housing Finance Corporation, Collateralized Mortgage
Bonds, Veterans Mortgage Program, 2024 First Series
3
.250
12/01/27
818,806
1,020,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2024A
5
.000
12/01/27
1,059,316
5,000,000
Alaska Housing Finance Corporation, General Obligation
Bonds, State Capital Project II, Series 2025A
5
.000
12/01/27
5,184,421
510,000
Alaska Municipal Bond Bank, General Obligation Bonds,
Refunding Three Series 2025
5
.000
10/01/29
550,131
1,110,000
Alaska State, General Obligation Bonds, Refunding Series
2024B
5
.000
08/01/27
1,146,267
1,000,000
North Slope Borough, Alaska, General Obligation Bonds,
Series 2024A
5
.000
06/30/29
1,071,844
TOTAL ALASKA
9,830,785
ARIZONA - 3.3%
650,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4
.100
12/01/37
657,553
425,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2019, (AMT), (Mandatory Put 6/01/29)
4
.000
06/01/49
430,556
1,920,000
(a)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2022-2, (AMT), (Mandatory Put 9/01/27)
5
.000
09/01/52
1,950,742
1,000,000
Chandler, Arizona, General Obligation Bonds, Series 2026
5
.000
07/01/27
1,031,308
30,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5
.000
07/01/26
30,185
Portfolio of Investments March 31, 2026
(continued)
Short Term
158
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
510,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5
.000
%
07/01/27
$
525,648
380,000
Kyrene Elementary School District 28, Maricopa County,
Arizona, School Improvement Bonds, Project 2017, Series
2023D
5
.000
07/01/28
400,477
6,015,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019D, (Mandatory Put
5/15/26)
5
.000
01/01/46
6,030,555
1,165,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement &
Project of 2023 Series 2025B
5
.000
07/01/28
1,228,303
450,000
Pinal County, Arizona, Pledged Revenue Obligations,
Refunding Series 2025 - BAM Insured
5
.000
08/01/28
474,558
1,000,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2025
5
.000
07/01/29
1,075,134
TOTAL ARIZONA
13,835,019
CALIFORNIA - 3.5%
2,400,000
Alta Loma School District, San Bernardino, California, General
Obligation Bonds, 1999 Election Series 2002B - NPFG Insured
0
.000
08/01/26
2,380,720
1,000,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/26
991,639
1,000,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/27
965,484
1,000,000
Brea Olinda Unified School District, Orange County, California,
General Obligation Bonds, Election 1999 Series 2003A - NPFG
Insured
0
.000
08/01/28
938,283
1,750,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2024B
5
.000
12/01/27
1,776,463
150,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C
5
.000
10/01/28
155,117
500,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D
5
.000
07/01/30
517,185
500,000
(a)
California Municipal Finance Authority, Solid Waste Disposal
Revenue Bonds, Waste Management Inc. Project, Series 2022A,
(AMT), (Mandatory Put 10/02/28)
3
.450
10/01/41
499,934
1,000,000
(a),(b)
California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, Republic Services Inc., Refunding
Series 2023, (AMT), (Mandatory Put 8/17/26)
2
.875
07/01/43
998,699
2,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2025
5
.000
08/01/28
2,113,340
2,070,000
Los Angeles Department of Airports, California, Revenue
Bonds, Los Angeles International Airport, Refunding
Subordinate Green Series 2025A, (AMT)
5
.000
05/15/29
2,197,848
1,000,000
San Diego County Regional Airport Authority, California,
Airport Revenue Bonds, Senior Series 2025B, (AMT)
5
.000
07/01/29
1,065,794
TOTAL CALIFORNIA
14,600,506
COLORADO - 5.9%
333,000
(b)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
3
.375
12/01/26
329,938
100,000
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Aspen View Academy Project, Series 2021
4
.000
05/01/26
99,989
640,000
(a),(c)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
AdventHealth Obligated Group, Series 2019B, (Pre-refunded
11/19/26)
5
.000
11/15/49
649,874
1,805,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Adventist Health, Sunbelt Obligated Group, Series 2016C,
(Mandatory Put 11/15/26)
5
.000
11/15/36
1,830,221
500,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/26
503,647
159
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
2,285,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue
Bonds, CommonSpirit Health, Series 2019B-2, (Mandatory Put
8/01/26)
5
.000
%
08/01/49
$
2,287,330
10,095,000
(a)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Intermountain Healthcare, Series 2022A, (Mandatory Put
8/17/26)
5
.000
05/15/62
10,186,591
2,300,000
Colorado Housing and Finance Authority, Multi Family Project
Bonds, Class I Series 2025C-2
3
.350
07/01/28
2,303,405
3,525,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Series 2022D, (AMT)
5
.250
11/15/26
3,578,333
2,080,000
Denver City and County, Colorado, Airport System Revenue
Bonds, Subordinate Lien Series 2018A, (AMT)
5
.000
12/01/27
2,148,114
290,000
Gold Hill Mesa Metropolitan District 2, Colorado Springs, El
Paso County, Colorado, Limited Tax General Obligation and
Special Revenue Bonds, Refunding & Improvement Series
2022A - BAM Insured
5
.000
12/01/26
294,046
510,000
Ravenna Metropolitan District, Douglas County, Colorado,
General Obligation Bonds, Refunding Limited Tax Series 2023
- AGM Insured
5
.000
12/01/27
525,608
TOTAL COLORADO
24,737,096
CONNECTICUT - 2.1%
55,000
(a)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale University, Series 2016A-2, (Mandatory
Put 7/01/26)
2
.000
07/01/42
54,918
630,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3
.200
05/15/28
633,934
650,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025A-1
3
.200
11/15/28
656,059
590,000
(a)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Social Series 2025B-2, (Mandatory Put
5/15/28)
3
.300
05/15/60
592,332
2,000,000
Connecticut State, General Obligation Bonds, Refunding Series
2025D
5
.000
08/15/29
2,155,779
1,060,000
Connecticut State, General Obligation Bonds, Series 2025A
5
.000
03/15/28
1,109,917
1,000,000
Connecticut State, General Obligation Bonds, Series 2025A
5
.000
03/15/29
1,069,490
1,180,000
Connecticut State, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, Refunding Forward
Delivery Series 2021C
5
.000
01/01/27
1,202,367
1,340,000
University of Connecticut, General Obligation Bonds,
Refunding Series 2023A
5
.000
08/15/27
1,385,947
TOTAL CONNECTICUT
8,860,743
DELAWARE - 0.3%
225,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.250
07/01/27
225,847
205,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.300
01/01/28
206,170
585,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.350
07/01/28
589,155
430,000
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2025A
3
.400
01/01/29
434,223
TOTAL DELAWARE
1,455,395
DISTRICT OF COLUMBIA - 1.4%
6,010,000
Metropolitan Washington D.C. Airports Authority, Airport
System Revenue Bonds, Refunding Series 2017, (AMT)
5
.000
10/01/26
6,079,616
TOTAL DISTRICT OF COLUMBIA
6,079,616
FLORIDA - 4.7%
1,735,000
(a),(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 6/15/26)
1
.000
07/01/57
1,197,150
720,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.650
01/01/28
714,841
350,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.700
07/01/28
347,180
Portfolio of Investments March 31, 2026
(continued)
Short Term
160
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
815,000
Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, Series 2025-5
2
.750
%
01/01/29
$
810,322
5,090,000
Florida Municipal Power Agency, Power Supply Revenue
Bonds, All Requirements Project, Series 2025A
5
.000
10/01/29
5,474,623
200,000
Florida State Board of Education, Public Education Capital
Outlay Bonds, Refunding Series 2017B
4
.000
06/01/32
202,226
2,000,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2025D
5
.000
07/01/29
2,151,564
1,600,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5
.000
07/01/26
1,610,236
2,600,000
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT)
5
.000
10/01/26
2,625,712
2,555,000
(a)
Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Advent Health Obligated Group, Series
2021C, (Mandatory Put 11/15/26)
5
.000
11/15/52
2,590,700
1,000,000
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2025A
5
.000
08/01/30
1,089,762
350,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/28
369,841
365,000
Seminole County School District, Florida, Sales Tax Revenue
Bonds, Series 2025
5
.000
10/01/29
392,834
180,000
Seminole County, Florida, Water and Sewer Revenue Bonds,
Refunding Series 2025A
5
.000
10/01/29
194,414
TOTAL FLORIDA
19,771,405
GEORGIA - 3.4%
1,605,000
Atlanta, Georgia, Airport General Revenue Bonds, Green Series
2025B-1, (AMT)
5
.000
07/01/28
1,677,132
1,300,000
Douglas County School District, Georgia, General Obligation
Bonds, Series 2025
5
.000
04/01/29
1,391,967
1,500,000
Fulton County, Georgia, Water and Sewerage Revenue Bonds,
Refunding Series 2025
5
.000
01/01/29
1,597,196
2,855,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2021A, (Mandatory Put 9/01/27)
4
.000
07/01/52
2,888,669
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023A
5
.000
06/01/26
1,002,550
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023A
5
.000
06/01/27
1,016,534
1,000,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023D
5
.000
12/01/26
1,010,439
250,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5
.000
12/01/26
252,891
500,000
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2025A
5
.000
12/01/27
513,741
1,905,000
Richmond County Board of Education, Georgia, General
Obligation Bonds, Sales Tax Series 2025
5
.000
10/01/28
2,019,165
1,045,000
Wayne County School District, Georgia, General Obligation
Sales Tax Bonds, Series 2023
5
.250
09/01/27
1,084,096
TOTAL GEORGIA
14,454,380
GUAM - 0.1%
500,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.000
01/01/29
522,228
TOTAL GUAM
522,228
HAWAII - 0.7%
2,080,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific Health Obligated Group, Series
2023C
5
.000
07/01/28
2,178,112
25,000
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaiian Electric Company, Inc. and
Subsidiary Projects, Series 2017A, (AMT)
3
.100
05/01/26
24,968
800,000
Maui County, Hawaii, General Obligation Bonds, Series 2025
5
.000
09/01/29
864,110
TOTAL HAWAII
3,067,190
161
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO - 0.5%
$
450,000
(a)
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE
Trinity Helath Group, Series 2013ID, (Mandatory Put 5/01/26)
2
.625
%
12/01/48
$
449,917
270,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3
.125
07/01/28
269,965
725,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3
.200
01/01/29
724,903
590,000
Idaho Housing and Finance Association, Single Family
Mortgage Revenue Bonds, PAC Series 2025C
3
.300
07/01/29
589,908
TOTAL IDAHO
2,034,693
ILLINOIS - 4.3%
3,045,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Refunding Senior Lien Series 2024C
5
.000
01/01/27
3,094,721
3,000,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023C
5
.000
01/01/27
3,045,844
1,165,000
Cook County School District 78 Rosemont, Illinois, General
Obligation Bonds, Series 2020 - AGM Insured
5
.000
12/01/26
1,180,326
615,000
Illinois State, General Obligation Bonds, November Series
2017C
5
.000
11/01/29
632,303
655,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/26
663,333
920,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/27
950,639
1,150,000
Illinois State, General Obligation Bonds, November Series
2017D
5
.000
11/01/28
1,184,228
1,005,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5
.000
06/15/28
1,054,392
1,055,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation March Series 2025A
5
.000
06/15/29
1,127,528
2,330,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding
Junior Obligation September Series 2021C
5
.000
06/15/27
2,395,346
1,000,000
Oak Park, Illinois, General Obligation Bonds, Refunding
Corporate Purpose Series 2026
5
.000
11/01/28
1,055,567
500,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5
.000
10/01/27
518,104
525,000
University of Illinois, Health Services Facilities System Revenue
Bonds, Refunding Series 2023
5
.000
10/01/28
549,828
700,000
Will County School District 86, Joliet, Illinois, General
Obligation Bonds, School Series 2023 - BAM Insured
5
.000
03/01/28
726,462
TOTAL ILLINOIS
18,178,621
INDIANA - 1.7%
500,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5
.000
07/15/26
503,202
565,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5
.000
07/15/27
580,896
505,000
Avon Community School Building Corporation, Hendricks
County, Indiana, First Mortgage Bonds, Ad Valorem Property
Tax Series 2023
5
.000
01/15/28
524,482
1,000,000
(a)
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Series 2025D-1, (Mandatory Put 10/01/29)
5
.000
10/01/64
1,071,031
700,000
Indiana Finance Authority, Hospital Revenue Bonds, Marion
General Hospital Project, Series 2021A
5
.000
07/01/26
703,134
405,000
Mount Vernon of Hancock County Multi-School Building
Corporation, Indiana, First Mortgage Bonds, Series 2022
5
.000
01/15/27
411,983
1,000,000
(a)
Mount Vernon, Indiana, Environmental Improvement Revenue
Bonds, Southern Indiana Gas and Electric Company Project,
Series 2015, (AMT), (Mandatory Put 9/01/28)
4
.250
09/01/55
1,009,862
555,000
(a)
Rockport, Indiana, Pollution Control Revenue Refunding Bonds,
Indiana Michigan Power Company Project, Series 2025A,
(Mandatory Put 6/01/29)
3
.700
06/01/47
564,157
750,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5
.000
07/15/29
795,961
Portfolio of Investments March 31, 2026
(continued)
Short Term
162
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
(continued)
$
800,000
Westfield-Washington Multi-School Building Corporation,
Hamilton County, Indiana, First Mortgage Bonds, Series 2025C
5
.000
%
01/15/30
$
855,010
TOTAL INDIANA
7,019,718
IOWA - 0.0%
140,000
(a),(c)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32), (Mandatory Put
12/01/32)
4
.000
12/01/50
149,353
TOTAL IOWA
149,353
KANSAS - 1.2%
1,000,000
Hutchinson, Kansas, General Obligation Bonds, Temporary
Notes Series 2025D
3
.375
10/01/28
1,002,357
1,295,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/28
1,369,260
545,000
Kansas Department of Transportation, Highway Revenue
Bonds, Refunding Series 2025A
5
.000
09/01/29
587,562
550,000
Maize, Kansas, General Obligation Bonds, Temporary Notes
Series 2026A
2
.750
08/01/29
542,889
650,000
Manhattan, Kansas, General Obligation Bonds, Temporary
Notes, Series 2024-02 - BAM Insured
5
.000
06/15/28
652,526
1,000,000
Olathe, Kansas, General Obligation Bonds, Temporary Notes
Series 2025A
5
.000
09/01/26
1,010,329
TOTAL KANSAS
5,164,923
KENTUCKY - 2.2%
875,000
Kentucky Asset/Liability Commission, General Fund Revenue
Project Notes, Federal Highway Trust Fund, First Refunding
Series 2024A
5
.000
09/01/26
883,068
595,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 128, Series 2023A
5
.000
11/01/27
617,026
480,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 132, Refunding Series 2025B
5
.000
04/01/30
520,688
750,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/28
792,103
200,000
(a)
Owen County, Kentucky, Waterworks System Revenue Bonds,
Kentucky-American Water Company Project, Refunding Series
2019A, (Mandatory Put 10/01/29)
2
.450
06/01/39
193,447
1,000,000
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B
5
.000
08/01/28
1,032,065
360,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Refunding Series 2024B, (Mandatory Put 8/01/32)
5
.000
01/01/55
381,283
3,500,000
(a)
Public Energy Authority of Kentucky, Gas Supply Revenue
Bonds, Series 2019C-1, (Mandatory Put 2/01/28)
4
.000
02/01/50
3,532,715
1,000,000
(a)
Trimble County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project Series 2023A,
(AMT), (Mandatory Put 6/01/27)
4
.700
06/01/54
1,006,052
500,000
(a)
Trimble County, Kentucky, Pollution Control Revenue Bonds,
Louisville Gas and Electric Company Project, Series 2016A,
(AMT), (Mandatory Put 9/01/27)
1
.300
09/01/44
484,768
TOTAL KENTUCKY
9,443,215
LOUISIANA - 2.3%
540,000
Livingston Parish, Louisiana, Sales Tax Revenue Bonds, Series
2025
5
.000
10/01/29
579,311
3,250,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Insurance
Assessment Revenue Bonds, Louisiana Insurance Guaranty
Association Project, Series 2022B
5
.000
08/15/26
3,280,267
3,000,000
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Refunding Series 2025B
5
.000
05/01/29
3,216,363
625,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-1,
(Mandatory Put 7/01/26)
4
.050
06/01/37
626,889
163
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
(continued)
$
35,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017A-3,
(Mandatory Put 7/01/26)
2
.200
%
06/01/37
$
34,946
1,040,000
(a)
Saint John the Baptist Parish, Louisiana, Revenue Bonds,
Marathon Oil Corporation Project, Refunding Series 2017C,
(Mandatory Put 7/03/28)
3
.300
06/01/37
1,049,113
755,000
Shreveport, Louisiana, Water and Sewer Revenue Bonds,
Refunding Series 2025
5
.000
12/01/27
779,226
TOTAL LOUISIANA
9,566,115
MAINE - 0.7%
2,000,000
Maine Municipal Bond Bank, Transportation Infrastructure
Revenue Bonds, Transcap Program, Highway and Bridge Series
2026A
5
.000
09/01/28
2,114,204
885,000
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2025D
2
.850
11/15/28
877,855
TOTAL MAINE
2,992,059
MASSACHUSETTS - 2.0%
165,000
Boston, Massachusetts, General Obligation Bonds, Series
2025A
5
.000
02/01/29
177,533
1,950,000
Massachusetts Educational Financing Authority, Education
Loan Revenue Bonds, Issue M, Senior Series 2021B, (AMT)
5
.000
07/01/27
1,989,240
575,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2023A-3
3
.050
12/01/27
576,197
750,000
Massachusetts Housing Finance Agency, Multifamily Housing
Bonds, Green Sustainability Series 2024B3
3
.400
12/01/27
751,702
5,000,000
Massachusetts Port Authority, Revenue Bonds, Series 2019A,
(AMT)
5
.000
07/01/26
5,027,306
TOTAL MASSACHUSETTS
8,521,978
MICHIGAN - 2.6%
455,000
Detroit City School District, Wayne County, Michigan, Unlimited
Tax School Building and Site Improvement Bonds, Series
2001A - AGM Insured
6
.000
05/01/29
481,024
200,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/28
209,704
275,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/29
293,568
300,000
East Grand Rapid Public Schools, Kent County, Michigan,
General Obligation Bonds, School Building & Site Refunding
Series 2026II
5
.000
05/01/30
325,839
635,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2024A
3
.700
04/01/30
634,994
850,000
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2025A-1
2
.875
04/01/28
847,830
1,920,000
Michigan Housing Development Authority, Single Family
Mortgage Revenue Bonds, Social Series 2025A
3
.350
12/01/28
1,932,147
3,110,000
Michigan State Building Authority, Revenue Bonds, Facilities
Program, Refunding Series 2025I
5
.000
04/15/29
3,328,674
3,065,000
(a)
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
Consumers Energy Company Project, Series 2019, (AMT),
(Mandatory Put 10/01/27)
3
.350
10/01/49
3,059,894
TOTAL MICHIGAN
11,113,674
MINNESOTA - 1.6%
1,130,000
Eastern Carver County Independent School District 112,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2025A
5
.000
02/01/28
1,179,588
900,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2019A
4
.375
08/01/29
907,590
420,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Yinghua Academy Project, Series 2013A
6
.000
07/01/33
420,467
1,060,000
(a)
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2023A, (Mandatory Put 11/15/28)
5
.000
11/15/52
1,110,873
Portfolio of Investments March 31, 2026
(continued)
Short Term
164
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
275,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.700
%
07/01/28
$
277,775
285,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.800
01/01/29
288,377
265,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
3
.850
07/01/29
268,597
2,030,000
Saint Cloud, Minnesota, Health Care Revenue Bonds,
CentraCare Health System, Series 2016A
5
.000
05/01/27
2,033,538
95,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Nova Classical
Academy, Refunding Series 2021A
2
.000
09/01/26
94,103
175,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5
.000
11/15/27
179,661
TOTAL MINNESOTA
6,760,569
MISSISSIPPI - 0.7%
1,195,000
Mississippi Development Bank, Special Obligation Bonds,
Mississippi Highway Refunding Project, Refunding Series
2024A
5
.000
01/01/28
1,243,892
1,410,000
Mississippi Development Bank, Special Obligation Bonds,
Municipal Energy Agency of Mississippi, Power Supply Project,
Refunding Series 2015A - AGM Insured
5
.000
03/01/28
1,412,325
265,000
Warren County, Mississippi, Gulf Opportunity Zone Revenue
Bonds, International Paper Company Project, Refunding Series
20218
4
.000
09/01/32
270,095
TOTAL MISSISSIPPI
2,926,312
MISSOURI - 2.1%
1,000,000
(a)
Kansas City Planned Industrial Expansion Authority, Missouri,
Multifamily Housing Revenue Bonds, The Depot on Old Santa
Fe Series 2023, (Mandatory Put 7/01/27)
5
.000
07/01/45
1,014,967
160,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Refunding Series 1998A
2
.900
09/01/33
149,441
1,000,000
Missouri Environmental Improvement and Energy Resources
Authority, Revenue Bonds, Union Electric Company Project,
Series 1998B
2
.900
09/01/33
934,003
2,655,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2021B,
(Mandatory Put 5/01/26)
4
.000
05/01/51
2,657,810
285,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.200
11/01/26
285,250
525,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.250
05/01/27
526,689
300,000
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, First Place Home Ownership Loan
Program Series 2024E
3
.300
11/01/27
301,483
505,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, Gree Bonds, MoPEP Facilities,
Series 2022
5
.000
12/01/26
512,517
630,000
Saint Louis County Industrial Development Authority, Missouri,
Health Facilities Revenue Bonds, Ranken-Jordan Project,
Refunding & Improvement Series 2016
5
.000
11/15/26
630,375
1,630,000
Springfield, Missouri, Special Obligation Bonds, Refunding
Series 2017B, (AMT)
5
.000
07/01/26
1,638,490
TOTAL MISSOURI
8,651,025
MONTANA - 0.2%
365,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3
.200
06/01/29
367,862
370,000
Montana Board of Housing, Single Family Mortgage Bonds,
Series 2025A
3
.250
12/01/29
373,130
TOTAL MONTANA
740,992
165
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEBRASKA - 1.0%
$
2,710,000
Metropolitan Utilities District of Omaha, Nebraska, Gas System
Revenue Bonds, Series 2023
5
.000
%
12/01/26
$
2,754,857
1,255,000
Sarpy County School District 037 Gretna Public Schools,
Nebraska, General Obligation Bonds, Series 2022B
5
.000
12/15/27
1,258,356
TOTAL NEBRASKA
4,013,213
NEVADA - 0.4%
1,450,000
Clark County School District, Nevada, General Obligation
Bonds, Limited Tax Building Series 2018B - AGM Insured
5
.000
06/15/27
1,492,948
110,000
(a),(b)
Director of the State of Nevada Department of Business and
Industry, Solid Waste Disposal Revenue Bonds, Republic
Services Inc., Variable Rate Demand Series 2001, (AMT),
(Mandatory Put 6/01/26)
3
.450
12/01/26
110,057
TOTAL NEVADA
1,603,005
NEW HAMPSHIRE - 0.4%
1,190,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Dartmouth College, Series 2015B, (Mandatory
Put 8/03/27)
3
.300
06/01/40
1,193,195
500,000
New Hampshire Housing Finance Authority, Multi-Family
Housing Revenue Bonds, Series 2024-2
3
.150
07/01/27
500,531
TOTAL NEW HAMPSHIRE
1,693,726
NEW JERSEY - 1.1%
520,000
(a)
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
521,969
1,275,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023A, (AMT)
5
.000
12/01/26
1,292,281
1,420,000
New Jersey Housing and Mortgage Finance Agency,
Multifamily Revenue Bonds, Social Series 2025B
3
.050
11/01/29
1,417,689
1,500,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/30
1,558,895
TOTAL NEW JERSEY
4,790,834
NEW MEXICO - 0.2%
775,000
Albuquerque Municipal School District 12, Bernalillo and
Sandoval Counties, New Mexico, General Obligation Bonds,
Refunding Series 2025B
5
.000
08/01/28
818,196
TOTAL NEW MEXICO
818,196
NEW YORK - 4.2%
1,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5
.000
03/15/30
1,088,290
1,000,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Refunding Series 2025B
5
.000
11/15/27
1,038,857
1,300,000
(a)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2025B-2, (Mandatory Put 7/02/29)
3
.950
11/01/64
1,323,435
2,635,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2021 Subseries F-1
5
.000
11/01/27
2,736,711
1,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2025 Subseries Series
A-1
5
.000
11/01/27
1,038,600
1,370,000
New York City, New York, General Obligation Bonds, Fiscal
2025 Series A
5
.000
08/01/27
1,414,396
500,000
(d)
New York City, New York, General Obligation Bonds, Fiscal
2026, Subseries Series F-1
5
.000
08/01/29
535,517
1,200,000
(a)
New York State Housing Finance Agency, Affordable Housing
Revenue Bonds, Sustainability Green Series 2025B-2,
(Mandatory Put 5/01/29)
3
.600
11/01/64
1,206,345
1,000,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5
.000
11/15/27
1,042,920
1,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A
5
.000
03/15/29
1,070,670
Portfolio of Investments March 31, 2026
(continued)
Short Term
166
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
2,895,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023,
(AMT)
5
.000
%
12/01/26
$
2,935,201
2,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, MTA Bridges and Tunnels, Bond
Anticipation Notes Series 2025A
5
.000
03/01/28
2,092,376
TOTAL NEW YORK
17,523,318
NORTH CAROLINA - 1.9%
670,000
City of Raleigh, North Carolina, Combined Enterprise System
Revenue and Refunding Bonds, Series 2026
5
.000
12/01/28
713,109
1,745,000
North Carolina Housing Finance Agency, Home Ownership
Revenue Bonds, 1998 Trust Agreement, Series 2025-59A
2
.950
07/01/29
1,739,912
2,000,000
North Carolina State, Federal Grant Anticipation Revenue
Bonds, Refunding Vehicle Series 2025
5
.000
03/01/28
2,092,760
1,500,000
North Carolina State, Limited Obligation Bonds, Refunding
Series 2025B
5
.000
05/01/28
1,576,523
1,700,000
North Carolina Turnpike Authority, Triangle Expressway System
Revenue Bonds, Refunding Senior Lien Series 2017 - AGM
Insured
5
.000
01/01/27
1,728,650
TOTAL NORTH CAROLINA
7,850,954
NORTH DAKOTA - 0.4%
455,000
Cass County Joint Water Reserve District, North Dakota,
Temporary Improvement  Special Assessment Bonds,
Refunding Series 2024A
3
.450
04/01/27
455,096
450,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/26
450,678
475,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/27
484,077
480,000
Horace, Cass County, North Dakota, General Obligation Bonds,
Refunding Improvement Series 2024C
5
.000
05/01/28
495,739
TOTAL NORTH DAKOTA
1,885,590
OHIO - 4.1%
1,085,000
Cleveland, Ohio, Airport System Revenue Bonds, Series 2018A,
(AMT)
5
.000
01/01/27
1,101,580
265,000
Cleveland-Cuyahoga County Port Authroity, Ohio, Cultural
Facility Revenue Bonds, The Cleveland Museum of Natural
History Project, Series 2021
5
.000
07/01/26
266,380
500,000
Columbus City School District, Franklin County, Ohio, General
Obligation Bonds, Refunding Various Purpose Series 2026A
5
.000
12/01/30
548,852
2,500,000
Columbus, Ohio, General Obligation Bonds, Various Purpose
Series 2025-1
5
.000
04/01/28
2,622,814
1,090,000
Dublin, Ohio, General Obligation Bonds, Limited Tax
Refunding Various Purpose Improvement Series 2025
5
.000
12/01/29
1,182,327
675,000
(a)
Franklin County, Ohio, Revenue Bonds, CHE Trinity Health
Credit Group, Variable Rate Demand Obligation Series 2013,
(Mandatory Put 5/01/26)
2
.625
12/01/46
674,881
1,165,000
(a),(b)
Jefferson County Port Authority, Ohio, Economic Development
Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023,
(AMT), (Mandatory Put 12/01/28)
5
.000
12/01/53
1,188,826
500,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2005A, (AMT)
3
.750
01/01/29
504,649
1,430,000
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, American Electric Power Company Project, Refunding
Series 2014C, (AMT)
3
.650
12/01/27
1,436,791
1,125,000
(a)
Ohio Air Quality Development Authority, Ohio, Revenue
Bonds, Dayton Power & Light Company Project, Refunding
Collateralized Series 2015A, (AMT), (Mandatory Put 6/01/27)
4
.250
11/01/40
1,139,586
2,000,000
Ohio State, General Obligation Bonds, Refunding Highway
Capital Improvement Series 2026AA
5
.000
05/01/29
2,144,857
1,750,000
(b)
Rocky River, Ohio, General Obligation Bonds, Fire Station
Improvement Bond Anticipation Notes, Series 2026
4
.000
02/11/27
1,767,864
167
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
(continued)
$
1,025,000
Upper Arlington, Ohio, General Obligation Bonds, Various
Purpose Limited Tax Refunding Series 2025
5
.000
%
12/01/28
$
1,089,040
1,750,000
Wyoming, Ohio, General Obligation Bonds, Various Purpose
Bond Anticipation Notes, Series 2026
4
.000
10/13/26
1,761,665
TOTAL OHIO
17,430,112
OKLAHOMA - 1.3%
125,000
Cherokee County Economic Development Authority,
Oklahoma, Educational Facilities Lease Revenue Bonds,
Tahlequah Public Schools Project, Series 2026
5
.000
09/01/30
133,968
1,500,000
Cleveland County Educational Facilities Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Norman Public
Schools Project, Series 2023C
5
.000
06/01/28
1,566,415
1,000,000
Cleveland County Independent School District 2 Moore,
Oklahoma, General Obligation Bonds, Combined Purpose
Series 2026
2
.000
03/01/28
977,640
775,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/27
795,684
250,000
Lawton Industrial Development Authority, Oklahoma, Sales Tax
Revenue Bonds, Refunding Series 2025A
5
.000
07/01/28
261,513
660,000
Payne County Economic Development Authority, Oklahoma,
Educational Facilities Lease Revenue Bonds, Stillwater Public
Schools Project, Series 2024 - BAM Insured
5
.000
09/01/26
665,810
1,000,000
(d)
Tulsa County Independent School District 9 Union Board of
Education, Oklahoma, General Obligation Bonds, Building
Series 2026
2
.000
04/01/28
976,947
TOTAL OKLAHOMA
5,377,977
OREGON - 1.5%
1,000,000
Chemeketa Community College District, Oregon, General
Obligation Bonds, Series 2025B
5
.000
06/15/28
1,052,897
1,500,000
Mount Hood Community College District, Oregon, General
Obligation Bonds, Series 2025
5
.000
06/15/29
1,609,930
650,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/27
675,995
550,000
Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Subordinate Lien Series 2026A
5
.000
11/15/28
583,985
200,000
(b)
Port of Morrow, Morrow County Oregon, Full Faith and Credit
Obligations, Series 2024A
5
.150
10/01/26
199,993
1,085,000
Salem-Keizer School District 24J, Marion and Polk Counties,
Oregon, General Obligation Bonds, Series 2009B
0
.000
06/15/27
1,048,763
1,115,000
Washington Multnomah & Yamhill Counties School District 1J
Hillsboro, Oregon, General Obligation Bonds, Series 2017
5
.000
06/15/26
1,120,721
TOTAL OREGON
6,292,284
PENNSYLVANIA - 1.8%
135,000
Lehigh County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, Pennsylvania Power and
Light Company, Series 2016A
3
.000
09/01/29
134,798
60,000
(a)
Montgomery County Industrial Development Authority,
Pennsylvania, Facilities Revenue Bonds, Constellation Energy
Generation LLC Project, Refunding Series 2023A, (Mandatory
Put 4/03/28)
4
.100
04/01/53
61,273
1,690,000
Montgomery County, Pennsylvania, General Obligation Bonds,
Series 2025A
5
.000
03/01/28
1,770,326
1,015,000
North Allegheny School District, Allegheny County,
Pennsylvania, General Obligation Bonds, Series 2025
5
.000
05/01/28
1,065,935
475,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2013, (AMT), (Mandatory Put 5/01/26)
3
.000
08/01/45
474,913
315,000
(a)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Waste Management Inc.,
Project, Series 2025, (AMT), (Mandatory Put 6/01/26)
2
.875
06/01/49
314,835
1,140,000
Pennsylvania State, General Obligation Bonds, First Refunding
Series 2025A
5
.000
08/15/29
1,227,264
Portfolio of Investments March 31, 2026
(continued)
Short Term
168
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,000,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
%
07/01/28
$
1,044,942
1,390,000
University of Pittsburgh of the Commonwealth System of
Higher Education, Pennsylvania, Pitt Asset Notes, Series 2023
5
.000
02/15/29
1,480,424
TOTAL PENNSYLVANIA
7,574,710
PUERTO RICO - 1.7%
1,050,000
(c)
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds, Hospital de la Concepcion, Series 2017A, (Pre-
refunded 11/15/26)
3
.550
11/15/30
1,056,133
536,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/27
515,455
691,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/29
621,485
84,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/31
69,928
4,189,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/27
4,270,325
801,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
5
.625
07/01/29
846,020
TOTAL PUERTO RICO
7,379,346
SOUTH CAROLINA - 0.9%
1,000,000
South Carolina Association of Governmental Organizations,
Educational Facilities Corporation for Pickens School District,
Installment Purchase Revenue Bonds, Pickens County,
Refunding Series 2025
5
.000
12/01/28
1,060,930
1,175,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6
.000
01/01/30
1,302,612
1,200,000
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Bonds, Series 2026A
6
.000
07/01/30
1,343,154
TOTAL SOUTH CAROLINA
3,706,696
SOUTH DAKOTA - 0.8%
1,770,000
Rapid City, South Dakota, Water Revenue Bonds, Refunding
Series 2025
5
.000
11/01/29
1,910,136
850,000
South Dakota Health and Educational Facilities Authority,
Revenue Bonds, Vocational Education Program, Refunding
Series 2026
5
.000
08/01/28
894,608
410,000
South Dakota Housing Development Authority,
Homeownership Mortgage Revenue Bonds, Series 2024C
3
.300
11/01/29
413,061
TOTAL SOUTH DAKOTA
3,217,805
TENNESSEE - 1.1%
100,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Revenue Bonds, CommonSpirit Health, Series
2019A-1
5
.000
08/01/28
104,416
1,000,000
Metropolitan Government of Nashville and Davidson County
Sports Authority, Tennessee, Revenue Bonds, Stadium Project,
Subordinate Senior Series 2023A - AGM Insured
5
.000
07/01/28
1,048,732
260,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2022B, (AMT)
5
.000
07/01/26
261,217
1,300,000
Metropolitan Nashville Airport Authority, Tennessee, Airport
Improvement Revenue Bonds, Series 2026A
5
.000
07/01/29
1,395,152
2,000,000
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006B
5
.625
09/01/26
2,014,075
TOTAL TENNESSEE
4,823,592
TEXAS - 14.3%
1,250,000
Austin, Texas, Airport System Revenue Bonds, Series 2019B,
(AMT)
5
.000
11/15/27
1,290,700
420,000
Bexar County Hospital District, Texas, Certificates of Obligation,
Series 2023
5
.000
02/15/27
428,365
4,715,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2025A
5
.000
08/15/28
4,982,976
169
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
545,000
Central Texas Regional Mobility Authority, Revenue Bonds,
Anticipation Notes Subordinate Lien Series 2021C
5
.000
%
01/01/27
$
548,344
1,605,000
Collin County, Texas, General Obligation Bonds, Refunding
Limited Tax Permanent Improvement, Tax Notes Series 2025
5
.000
02/15/29
1,705,862
1,570,000
Cypress-Fairbanks Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding Series 2025
5
.000
02/15/29
1,677,630
1,200,000
Dallas Fort Worth International Airport, Texas, Joint Revenue
Bonds, Refunding & Improvement Series 2025A-1, (AMT)
5
.000
11/01/28
1,261,162
1,000,000
Denton, Texas, Certificates of Obligation, Series 2025
5
.000
02/15/30
1,080,908
1,615,000
Dickinson Independent School District, Galveston County,
Texas, General Obligation Bonds, Refunding Series 2023A
5
.000
02/15/27
1,647,587
1,485,000
Fort Bend County, Texas, General Obligation Bonds, Tax Road
Series 2024
5
.000
03/01/27
1,517,162
630,000
Frisco Independent School District, Collin and Denton
Counties, Texas, General Obligation Bonds, Refunding Series
2025A
5
.000
02/15/30
683,667
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5
.000
02/15/28
1,043,470
1,000,000
Frisco, Collin and Denton Counties, Texas, General Obligation
Bonds, Refunding & Improvement Series 2025
5
.000
02/15/29
1,062,842
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5
.000
02/15/27
510,437
500,000
Grand Prairie, Texas, Combination Tax and Revenue Certificates
of Obligation, Series 2024
5
.000
02/15/28
521,082
360,000
Greenville Independent School District, Hunt County, Texas,
General Obligation Bonds, School Building Series 2026
5
.000
02/15/27
367,735
5,675,000
(a)
Harris County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Memorial
Hermann Health System, Series 2019B-3, (Mandatory Put
12/01/26)
5
.000
07/01/49
5,755,315
500,000
Harris County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Medical Center,
Refunding Series 2026
5
.000
12/01/29
539,803
1,450,000
Harris County Flood Control District, Texas, Contract Tax Bonds,
Refunding Series 2025A
5
.000
09/15/29
1,554,822
1,850,000
Harris County, Texas, General Obligation Bonds, Refunding
Road Series 2025A
5
.000
09/15/29
1,991,965
610,000
Harris County, Texas, Road Revenue Bonds, Refunding, Series
2024A
5
.000
09/15/27
631,979
3,630,000
Houston, Texas, Airport System Revenue Bonds, Refunding &
Subordinate Lien Series 2018C, (AMT)
5
.000
07/01/26
3,649,457
1,295,000
Houston, Texas, General Obligation Bonds, Refunding Public
Improvement Series 2016A
5
.000
03/01/27
1,297,547
1,000,000
Irving, Dallas County, Texas, General Obligation Bonds, Series
2024
5
.000
09/15/28
1,054,598
1,170,000
Katy Independent School District, Harris, Fort Bend and Waller
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5
.000
02/15/28
1,224,143
1,275,000
Klein Independent School District, Harris County, Texas,
General Obligation Bonds, Refunding Schoolhouse Series
2025
5
.000
08/01/29
1,368,679
1,185,000
Lake Dallas Independent School District, Denton County, Texas,
General Obligation Bonds, Refunding Series 2025
5
.000
08/15/29
1,270,950
460,000
Lewisville Independent School District, Denton and Tarrant
Counties, Texas, General Obligation Bonds, School Building
Series 2025
5
.000
08/15/28
486,253
100,000
(a)
Mission Economic Development Corporation, Texas,
Solid Waste Disposal Revenue Bonds, Graphic Packaging
International, LLC Project, Green Series 2025, (AMT),
(Mandatory Put 6/01/30)
5
.000
12/01/64
103,754
235,000
(a)
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Republic Services Inc. Project,
Adjustable Rate Series 2020A, (AMT), (Mandatory Put 5/01/26)
3
.000
05/01/50
234,979
Portfolio of Investments March 31, 2026
(continued)
Short Term
170
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,250,000
Mission Economic Development Corporation, Texas, Solid
Waste Disposal Revenue Bonds, Waste Management Inc.
Project, Series 2023A, (AMT), (Mandatory Put 7/01/27)
4
.250
%
06/01/48
$
1,260,272
1,000,000
New Hope Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Texas Christian University Project,
Series 2026A
5
.000
03/15/28
1,046,116
2,780,000
North East Independent School District, Bexar County, Texas,
General Obligation Bonds, Refunding Series 2025
5
.000
08/01/29
2,987,938
1,905,000
North Texas Tollway Authority, System Revenue Bonds,
Refunding First Tier Series 2023A
5
.000
01/01/27
1,939,106
1,510,000
Pearland Independent School District, Brazoria County, Texas,
General Obligation Bonds, Refunding School Building Series
2025
5
.000
02/15/30
1,638,051
1,365,000
Plano Independent School District, Collin County, Texas,
General Obligation Bonds, School Building Series 2025
5
.000
02/15/28
1,427,911
1,060,000
San Antonio, Texas, General Obligation Bonds, Tax Notes
Series 2024
5
.000
02/01/27
1,082,476
1,500,000
Spring Branch Independent School District, Harris County,
Texas, General Obligation Bonds, Refunding School Building
Series 2025
5
.000
02/01/29
1,599,026
595,000
(a),(c)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2022E, (Pre-refunded 5/15/26),
(Mandatory Put 5/15/26)
5
.000
11/15/52
596,636
230,000
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Hospital Revenue Bonds, Scott & White
Healthcare Project, Series 2026E
5
.000
11/15/28
243,611
1,035,000
(a)
Tarrant County Cultural Education Facilities Finance
Corporation, Texas, Revenue Bonds, Texas Health Resources
System, Series 2025B, (Mandatory Put 11/15/29)
5
.000
11/15/64
1,106,441
545,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
2
.950
07/01/28
541,487
565,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2025D
3
.000
01/01/29
560,116
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.650
07/01/28
496,761
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.700
01/01/29
496,030
500,000
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, Refunding Series 2026A
2
.700
07/01/29
495,111
250,000
Texas Municipal Gas Acquisition and Supply Corporation VI,
Gas Supply Revenue Bonds, Series 2025
5
.000
01/01/27
253,149
1,055,000
Texas Transportation Commission, Central Texas Turnpike
System Revenue Bonds, Refunding Second Tier Series 2024C
5
.000
08/15/31
1,156,546
TOTAL TEXAS
60,420,957
UTAH - 0.5%
630,000
Alpine School District Local Building Authority, Utah County,
Utah, Lease Revenue Bonds, Series 2025
5
.000
03/15/29
673,222
1,405,000
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding
Series 2025
5
.000
12/15/28
1,494,699
TOTAL UTAH
2,167,921
VIRGIN ISLANDS - 0.4%
1,645,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/26
1,653,610
TOTAL VIRGIN ISLANDS
1,653,610
VIRGINIA - 2.1%
1,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4
.000
10/01/27
1,022,768
1,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
4
.000
10/01/28
1,035,106
1,000,000
Fairfax County, Virginia, General Obligation Bonds, Public
Improvement Series 2026A
5
.000
10/01/29
1,081,124
171
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
(continued)
$
3,285,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Intermediate Lien Bond Anticipation Notes Series 2023A
5
.000
%
07/01/27
$
3,383,325
260,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2
.650
01/01/28
258,137
265,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2024F-3
2
.700
07/01/28
263,427
1,500,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2024H
3
.600
12/01/28
1,500,149
500,000
Virginia Housing Development Authority, Rental Housing
Bonds, Series 2025A
3
.250
09/01/29
500,466
TOTAL VIRGINIA
9,044,502
WASHINGTON - 4.0%
2,525,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2015C, (AMT)
5
.000
04/01/26
2,525,000
1,550,000
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien
Series 2018A, (AMT)
5
.000
05/01/27
1,585,357
5,485,000
(a)
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2019B-3, (Mandatory Put
8/01/26)
5
.000
08/01/49
5,490,594
5,040,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5
.000
07/01/28
5,316,127
1,780,000
Washington State, General Obligation Bonds, Various Purpose
Refunding Series 2025B
5
.000
07/01/29
1,914,316
TOTAL WASHINGTON
16,831,394
WEST VIRGINIA - 0.5%
300,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5
.000
06/01/27
306,724
610,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Appalachian Power
Company - Amos Project, Series 2009A, (Mandatory Put
6/01/28)
3
.700
12/01/42
620,032
115,000
(a)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Wheeling Power Company
- Mitchell Project, Refunding Series 2013A, (AMT), (Mandatory
Put 6/18/27)
3
.000
06/01/37
114,227
400,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5
.000
11/01/27
414,618
500,000
West Virginia Housing Development Fund, Housing Finance
Revenue Bonds, Social Series 2024D
5
.000
11/01/28
528,424
TOTAL WEST VIRGINIA
1,984,025
WISCONSIN - 1.8%
155,000
Public Finance Authority of Wisconsin, Hospital Revenue
Bonds, Carson Valley Medical Center, Series 2021A
3
.000
12/01/26
152,751
325,000
Public Finance Authority of Wisconsin, Hospital Revenue
Bonds, Renown Regional Medical Center Project, Series 2020A
5
.000
06/01/26
326,159
1,670,000
(a)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022A-2, (Mandatory Put 10/01/26)
3
.300
10/01/46
1,671,870
1,300,000
Racine, Racine County, Wisconsin, General Obligation Bonds,
Promissory Notes Series 2025
4
.500
03/15/27
1,301,646
1,150,000
University of Wisconsin Hospitals and Clinics Authority,
Revenue Bonds, Sustainability Series 2024A
5
.000
04/01/27
1,176,125
455,000
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, PHW Muskego, Inc. Project, Series 2021
5
.000
10/01/26
456,777
250,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Agnesian HealthCare, Inc., Series
2017
5
.000
07/01/26
251,208
230,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, PHM / New Richmond Senior
Housing, Inc., Refunding Series 2021
2
.250
07/01/26
228,356
Portfolio of Investments March 31, 2026
(continued)
Short Term
172
See Notes To Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
2,090,000
Wisconsin State, General Obligation Bonds, Refunding Series
2024-2
5
.000
%
05/01/28
$
2,195,751
TOTAL WISCONSIN
7,760,643
WYOMING - 0.1%
600,000
Consolidated Wyoming Municipalities Electric Power System
Joint Powers Board, Wyoming, Electric Facilities Improvement
Lease Revenue Bonds, Gillette Electrical System Project,
Refunding Series 2022
5
.000
06/01/26
602,230
TOTAL WYOMING
602,230
TOTAL MUNICIPAL BONDS
(Cost $421,725,985)
422,421,396
TOTAL LONG-TERM INVESTMENTS
(Cost $421,725,985)
422,421,396
BORROWINGS - (1.1)% (e)
(
4,445,750
)
OTHER ASSETS & LIABILITIES, NET -  1.1%
4,425,150
NET ASSETS - 100%
$
422,400,796
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 $5,792,527 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.
(d)
When-issued or delayed delivery security.
(e)
Borrowings as a percentage of Total Investments is 1.1%.
Statement of Assets and Liabilities
See Notes to Financial Statements
173
March 31, 2026
All-American
Intermediate
Duration
Limited Term
Short Term
ASSETS
Long-term investments, at value
$
3,533,661,175‌
$
8,617,116,367‌
$
4,444,068,019‌
$
422,421,396‌
Affiliated investments, at value
++
27,444,780‌
8,732,430‌
–‌
–‌
Short-term investments, at value
–‌
12,398,674‌
11,498,771‌
–‌
Cash
3,035,115‌
51,360,702‌
30,035,458‌
1,004,893‌
Receivables:
Interest
44,938,244‌
100,361,570‌
53,056,354‌
5,408,264‌
Investments sold
13,438,456‌
24,089,316‌
38,759,098‌
1,230,000‌
Reimbursement from Adviser
6,807‌
2,166‌
–‌
31,139‌
Shares sold
3,389,883‌
8,313,063‌
5,076,296‌
134,302‌
Sale of Vistra Vision interest
#
(1)
12,536,789‌
46,462,572‌
49,041,076‌
386,135‌
Other
378,670‌
526,062‌
351,316‌
76,990‌
Total assets
3,638,829,919‌
8,869,362,922‌
4,631,886,388‌
430,693,119‌
LIABILITIES
Borrowings
–‌
–‌
–‌
4,445,750‌
Floating rate obligations
92,265,000‌
–‌
–‌
–‌
Payables:
Management fees
1,209,363‌
2,820,313‌
1,382,475‌
143,077‌
Dividends
1,834,657‌
5,615,767‌
1,828,722‌
152,104‌
Interest
753,280‌
37,024‌
14,918‌
1,948‌
Investments purchased - when-issued/delayed-delivery settlement
48,506,212‌
81,006,349‌
13,274,274‌
1,520,997‌
Shares redeemed
8,349,485‌
18,326,351‌
7,381,044‌
1,779,550‌
Vistra Vision sale transactions costs
(1)
288,064‌
1,067,594‌
1,126,841‌
8,872‌
Accrued expenses:
Custodian fees
443,442‌
651,149‌
514,489‌
79,945‌
Directors/Trustees fees
312,701‌
495,466‌
338,675‌
35,998‌
Professional fees
64,856‌
60,738‌
53,090‌
35,293‌
Shareholder reporting expenses
55,304‌
79,098‌
89,933‌
13,402‌
Shareholder servicing agent fees
341,720‌
895,104‌
817,770‌
36,579‌
12b-1 distribution and service fees
347,708‌
148,624‌
139,864‌
38,808‌
Other
13,193‌
18,368‌
9,735‌
—‌
Total liabilities
154,784,985‌
111,221,945‌
26,971,830‌
8,292,323‌
Commitments and contingencies
(2)
Net assets
$
3,484,044,934‌
$
8,758,140,977‌
$
4,604,914,558‌
$
422,400,796‌
NET ASSETS CONSIST OF:
Paid-in capital
$
4,605,561,101‌
$
9,192,244,551‌
$
4,780,775,133‌
$
439,109,636‌
Total distributable earnings (loss)
(
1,121,516,167‌
)
(
434,103,574‌
)
(
175,860,575‌
)
(
16,708,840‌
)
Net assets
$
3,484,044,934‌
$
8,758,140,977‌
$
4,604,914,558‌
$
422,400,796‌
   Long-term investments, cost
$
3,589,308,225‌
$
8,889,740,057‌
$
4,542,618,913‌
$
421,725,985‌
++
   Affiliated investments, cost
$
27,729,750‌
$
8,602,500‌
$
—‌
$
—‌
   Short-term investments, cost
$
—‌
$
12,400,000‌
$
11,499,924‌
$
—‌
#
   Net of discount of
$
557,031‌
$
2,064,413‌
$
2,178,980‌
$
17,157‌
(1)
Refer to Note 4 of the Notes to Financial Statements for more information.
(2)
As disclosed in Notes to Financial Statements.
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
174
All-American
Intermediate
Duration
Limited Term
Short Term
CLASS A:
Net assets
$
1,658,487,413‌
$
747,345,623‌
$
743,132,064‌
$
203,006,075‌
Shares outstanding
168,884,436‌
84,974,720‌
67,945,518‌
20,671,285‌
Net asset value ("NAV") per share
$
9.82‌
$
8.79‌
$
10.94‌
$
9.82‌
Maximum sales charge
4.20%
3.00%
2.50%
2.50%
Offering price per share (NAV per share plus maximum sales charge)
$
10.25‌
$
9.06‌
$
11.22‌
$
10.07‌
CLASS C:
Net assets
$
72,941,936‌
$
22,982,661‌
$
13,803,341‌
$
4,692,819‌
Shares outstanding
7,429,712‌
2,611,495‌
1,267,531‌
479,458‌
NAV and offering price per share
$
9.82‌
$
8.80‌
$
10.89‌
$
9.79‌
CLASS R6:
Net assets
$
135,369,749‌
$
—‌
$
—‌
$
—‌
Shares outstanding
13,718,062‌
—‌
—‌
—‌
NAV and offering price per share
$
9.87‌
$
—‌
$
—‌
$
—‌
CLASS I:
Net assets
$
1,617,245,836‌
$
7,987,812,693‌
$
3,847,979,153‌
$
214,701,902‌
Shares outstanding
164,033,572‌
905,309,563‌
353,255,524‌
21,824,797‌
NAV and offering price per share
$
9.86‌
$
8.82‌
$
10.89‌
$
9.84‌
Authorized shares - per class
Unlimited
Unlimited
Unlimited
2 billion
Par value per share
$
0.01
$
0.01
$
0.01
$
0.0001
Statement of Operations
See Notes to Financial Statements
175
Year Ended March 31, 2026
All-American
Intermediate
Duration
Limited Term
Short Term
INVESTMENT INCOME
Dividends from affiliated investments
$
709,930‌
$
285,543‌
$
—‌
$
—‌
Interest
182,404,024‌
309,198,702‌
151,936,879‌
14,298,299‌
Total investment income
183,113,954‌
309,484,245‌
151,936,879‌
14,298,299‌
EXPENSES
Management fees
14,799,483‌
31,282,013‌
16,267,760‌
1,682,292‌
12b-1 service fees - Class A
3,467,281‌
1,447,075‌
1,540,762‌
392,030‌
12b-1 distribution and service fees - Class C
875,081‌
256,458‌
166,050‌
51,645‌
Shareholder servicing agent fees - Class A
625,518‌
264,199‌
471,534‌
59,034‌
Shareholder servicing agent fees - Class C
31,600‌
9,359‌
10,152‌
1,552‌
Shareholder servicing agent fees - Class R6
6,838‌
—‌
—‌
—‌
Shareholder servicing agent fees - Class I
626,051‌
2,729,796‌
2,387,375‌
68,416‌
Interest expense
4,450,931‌
178,107‌
144,702‌
51,590‌
Directors/Trustees fees
178,810‌
399,411‌
226,734‌
20,726‌
Custodian expenses, net
354,917‌
534,198‌
408,814‌
64,192‌
Registration fees
147,462‌
169,884‌
115,625‌
90,207‌
Professional fees
111,220‌
138,726‌
46,522‌
51,640‌
Shareholder reporting expenses
104,974‌
165,080‌
169,051‌
27,294‌
Other
12,395‌
26,448‌
48,879‌
11,871‌
Total expenses before fee waiver/expense reimbursement
25,792,561‌
37,600,754‌
22,003,960‌
2,572,489‌
Fee waiver/expense reimbursement
(57,216‌)
(22,834‌)
—‌
(341,705‌)
Net expenses
25,735,345‌
37,577,920‌
22,003,960‌
2,230,784‌
Net investment income (loss)
157,378,609‌
271,906,325‌
129,932,919‌
12,067,515‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(1,887,351‌)
(1,623,936‌)
4,982,405‌
452,256‌
Futures contracts
650,259‌
—‌
—‌
—‌
Net realized gain (loss)
(1,237,092‌)
(1,623,936‌)
4,982,405‌
452,256‌
Change in unrealized appreciation (depreciation) on:
Investments
(51,617,094‌)
63,186,830‌
32,394,416‌
(498,015‌)
Affiliated investments
16,190‌
161,903‌
—‌
—‌
Net change in unrealized appreciation (depreciation)
(51,600,904‌)
63,348,733‌
32,394,416‌
(498,015‌)
Net realized and unrealized gain (loss)
(52,837,996‌)
61,724,797‌
37,376,821‌
(45,759‌)
Net increase (decrease) in net assets from operations
$
104,540,613‌
$
333,631,122‌
$
167,309,740‌
$
12,021,756‌
Statement of Changes in Net Assets
See Notes to Financial Statements
176
All-American
Intermediate Duration
Year Ended
3/31/26
Year Ended
3/31/25
Year Ended
3/31/26
Year Ended
3/31/25
OPERATIONS
Net investment income (loss)
$
157,378,609‌
$
170,457,795‌
$
271,906,325‌
$
243,470,963‌
Net realized gain (loss)
(1,237,092‌)
1,366,546‌
(1,623,936‌)
49,642,861‌
Net change in unrealized appreciation (depreciation)
(51,600,904‌)
(98,508,707‌)
63,348,733‌
(157,916,947‌)
Net increase (decrease) in net assets from operations
104,540,613‌
73,315,634‌
333,631,122‌
135,196,877‌
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(74,016,084‌)
(76,635,222‌)
(23,201,937‌)
(22,409,276‌)
Class C
(3,040,990‌)
(3,714,821‌)
(610,588‌)
(678,338‌)
Class R6
(5,891,053‌)
(5,490,382‌)
—‌
—‌
Class I
(77,948,046‌)
(80,835,437‌)
(254,179,940‌)
(219,001,552‌)
Total distributions
(160,896,173‌)
(166,675,862‌)
(277,992,465‌)
(242,089,166‌)
FUND SHARE TRANSACTIONS
Subscriptions
1,001,215,508‌
797,338,410‌
3,182,734,996‌
1,992,487,176‌
Reinvestments of distributions
136,933,755‌
140,824,897‌
214,504,910‌
187,632,826‌
Redemptions
(1,504,212,820‌)
(1,288,486,105‌)
(2,357,130,460‌)
(1,825,307,273‌)
Net increase (decrease) from Fund share transactions
(366,063,557‌)
(350,322,798‌)
1,040,109,446‌
354,812,729‌
Net increase (decrease) in net assets
(422,419,117‌)
(443,683,026‌)
1,095,748,103‌
247,920,440‌
Net assets at the beginning of period
3,906,464,051‌
4,350,147,077‌
7,662,392,874‌
7,414,472,434‌
Net assets at the end of period
$
3,484,044,934‌
$
3,906,464,051‌
$
8,758,140,977‌
$
7,662,392,874‌
See Notes to Financial Statements
177
Limited Term
Short Term
Year Ended
3/31/26
Year Ended
3/31/25
Year Ended
3/31/26
Year Ended
3/31/25
OPERATIONS
Net investment income (loss)
$
129,932,919‌
$
133,405,880‌
$
12,067,515‌
$
12,410,509‌
Net realized gain (loss)
4,982,405‌
64,598,345‌
452,256‌
589,338‌
Net change in unrealized appreciation (depreciation)
32,394,416‌
(99,978,823‌)
(498,015‌)
1,462,162‌
Net increase (decrease) in net assets from operations
167,309,740‌
98,025,402‌
12,021,756‌
14,462,009‌
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(21,080,583‌)
(21,888,542‌)
(5,695,521‌)
(5,217,884‌)
Class C
(319,202‌)
(429,893‌)
(106,655‌)
(129,875‌)
Class I
(113,572,313‌)
(116,835,869‌)
(7,024,356‌)
(7,152,465‌)
Total distributions
(134,972,098‌)
(139,154,304‌)
(12,826,532‌)
(12,500,224‌)
FUND SHARE TRANSACTIONS
Subscriptions
1,085,596,647‌
1,109,047,713‌
193,088,331‌
148,665,351‌
Reinvestments of distributions
111,945,602‌
112,696,325‌
10,848,584‌
10,056,647‌
Redemptions
(1,349,857,437‌)
(1,685,090,763‌)
(193,200,509‌)
(244,382,912‌)
Net increase (decrease) from Fund share transactions
(152,315,188‌)
(463,346,725‌)
10,736,406‌
(85,660,914‌)
Net increase (decrease) in net assets
(119,977,546‌)
(504,475,627‌)
9,931,630‌
(83,699,129‌)
Net assets at the beginning of period
4,724,892,104‌
5,229,367,731‌
412,469,166‌
496,168,295‌
Net assets at the end of period
$
4,604,914,558‌
$
4,724,892,104‌
$
422,400,796‌
$
412,469,166‌
Financial Highlights
178
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
All-American
Class
A
3/31/26
$
9.96
$
0.41
$
(
0.13
)
$
0.28
$
(
0.42
)
$
$
(
0.42
)
$
9.82
3/31/25
10.20
0.41
(
0.25
)
0.16
(
0.40
)
(
0.40
)
9.96
3/31/24
10.13
0.38
0.06
0.44
(
0.37
)
(
0.37
)
10.20
3/31/23
11.08
0.36
(
0.97
)
(
0.61
)
(
0.34
)
(
0.34
)
10.13
3/31/22
12.09
0.34
(
1.01
)
(
0.67
)
(
0.34
)
(
0.34
)
11.08
Class
C
3/31/26
9.96
0.33
(
0.13
)
0.20
(
0.34
)
(
0.34
)
9.82
3/31/25
10.20
0.32
(
0.24
)
0.08
(
0.32
)
(
0.32
)
9.96
3/31/24
10.13
0.30
0.06
0.36
(
0.29
)
(
0.29
)
10.20
3/31/23
11.08
0.28
(
0.98
)
(
0.70
)
(
0.25
)
(
0.25
)
10.13
3/31/22
12.09
0.24
(
1.01
)
(
0.77
)
(
0.24
)
(
0.24
)
11.08
Class
R6
3/31/26
10.01
0.44
(
0.13
)
0.31
(
0.45
)
(
0.45
)
9.87
3/31/25
10.25
0.43
(
0.24
)
0.19
(
0.43
)
(
0.43
)
10.01
3/31/24
10.18
0.41
0.06
0.47
(
0.40
)
(
0.40
)
10.25
3/31/23
11.14
0.38
(
0.98
)
(
0.60
)
(
0.36
)
(
0.36
)
10.18
3/31/22
12.16
0.37
(
1.02
)
(
0.65
)
(
0.37
)
(
0.37
)
11.14
Class
I
3/31/26
10.01
0.44
(
0.14
)
0.30
(
0.45
)
(
0.45
)
9.86
3/31/25
10.24
0.43
(
0.24
)
0.19
(
0.42
)
(
0.42
)
10.01
3/31/24
10.18
0.40
0.05
0.45
(
0.39
)
(
0.39
)
10.24
3/31/23
11.13
0.38
(
0.97
)
(
0.59
)
(
0.36
)
(
0.36
)
10.18
3/31/22
12.14
0.37
(
1.02
)
(
0.65
)
(
0.36
)
(
0.36
)
11.13
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.  
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on
the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the
Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on
borrowings, as described in Notes to Financial Statements.
(d)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
179
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Including
Interest
(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest
(c),(d)
Net
Expenses
Excluding
Interest
(d)
NII
(Loss)
(d)
Portfolio
Turnover
Rate
2
.89‌
%
$
1,658,487
0
.78‌
%
0
.66‌
%
0
.78‌
%
0
.66‌
%
4
.19‌
%
61‌
%
1
.53‌
1,836,003
0
.82‌
0
.66‌
0
.82‌
0
.66‌
3
.99‌
33‌
4
.47‌
2,057,942
0
.76‌
0
.67‌
0
.76‌
0
.67‌
3
.81‌
59‌
(
5
.48‌
)
2,207,643
0
.82‌
0
.66‌
0
.82‌
0
.66‌
3
.50‌
47‌
(
5
.76‌
)
3,012,154
0
.70‌
0
.64‌
0
.70‌
0
.64‌
2
.80‌
27‌
2
.08‌
72,942
1
.58‌
1
.46‌
1
.58‌
1
.46‌
3
.39‌
61‌
0
.74‌
101,990
1
.62‌
1
.46‌
1
.62‌
1
.46‌
3
.19‌
33‌
3
.68‌
138,312
1
.56‌
1
.47‌
1
.56‌
1
.47‌
3
.00‌
59‌
(
6
.26‌
)
184,011
1
.62‌
1
.46‌
1
.62‌
1
.46‌
2
.70‌
47‌
(
6
.54‌
)
265,767
1
.50‌
1
.44‌
1
.50‌
1
.44‌
2
.00‌
27‌
3
.14‌
135,370
0
.55‌
0
.43‌
0
.55‌
0
.43‌
4
.41‌
61‌
1
.82‌
131,342
0
.59‌
0
.43‌
0
.59‌
0
.43‌
4
.23‌
33‌
4
.71‌
137,329
0
.53‌
0
.44‌
0
.53‌
0
.44‌
4
.04‌
59‌
(
5
.30‌
)
142,935
0
.58‌
0
.42‌
0
.58‌
0
.42‌
3
.74‌
47‌
(
5
.58‌
)
159,516
0
.47‌
0
.41‌
0
.47‌
0
.41‌
3
.04‌
27‌
3
.02‌
1,617,246
0
.58‌
0
.46‌
0
.58‌
0
.46‌
4
.39‌
61‌
1
.86‌
1,837,129
0
.62‌
0
.46‌
0
.62‌
0
.46‌
4
.20‌
33‌
4
.60‌
2,016,564
0
.56‌
0
.47‌
0
.56‌
0
.47‌
4
.00‌
59‌
(
5
.23‌
)
2,264,482
0
.62‌
0
.46‌
0
.62‌
0
.46‌
3
.69‌
47‌
(
5
.55‌
)
4,249,974
0
.50‌
0
.44‌
0
.50‌
0
.44‌
3
.00‌
27‌
180
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Intermediate Duration
Class
A
3/31/26
$
8.73
$
0.28
$
0.06
$
0.34
$
(0.28)
$
$
(0.28)
$
8.79
3/31/25
8.85
0.27
(0.12)
0.15
(0.27)
(0.27)
8.73
3/31/24
8.77
0.25
0.07
0.32
(0.24)
(0.24)
8.85
3/31/23
9.05
0.21
(0.29)
(0.08)
(0.20)
(0.20)
8.77
3/31/22
9.57
0.18
(0.52)
(0.34)
(0.18)
(0.18)
9.05
Class
C
3/31/26
8.74
0.21
0.06
0.27
(0.21)
(0.21)
8.80
3/31/25
8.85
0.20
(0.12)
0.08
(0.19)
(0.19)
8.74
3/31/24
8.77
0.18
0.07
0.25
(0.17)
(0.17)
8.85
3/31/23
9.06
0.14
(0.30)
(0.16)
(0.13)
(0.13)
8.77
3/31/22
9.57
0.10
(0.51)
(0.41)
(0.10)
(0.10)
9.06
Class
I
3/31/26
8.76
0.29
0.07
0.36
(0.30)
(0.30)
8.82
3/31/25
8.88
0.29
(0.13)
0.16
(0.28)
(0.28)
8.76
3/31/24
8.80
0.26
0.08
0.34
(0.26)
(0.26)
8.88
3/31/23
9.08
0.23
(0.30)
(0.07)
(0.21)
(0.21)
8.80
3/31/22
9.60
0.20
(0.52)
(0.32)
(0.20)
(0.20)
9.08
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.  
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on
the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the
Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on
borrowings, as described in Notes to Financial Statements.
(d)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
181
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Including
Interest
(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest
(c),(d)
Net
Expenses
Excluding
Interest
(d)
NII
(Loss)
(d)
Portfolio
Turnover
Rate
3.96‌
%
$
747,346
0.63‌
%
0.63‌
%
0.63‌
%
0.63‌
%
3.13‌
%
24‌
%
1.65‌
719,633
0.64‌
0.63‌
0.64‌
0.63‌
3.01‌
27‌
3.70‌
765,602
0.65‌
0.65‌
0.65‌
0.65‌
2.82‌
24‌
(0.90‌)
845,566
0.65‌
0.64‌
0.65‌
0.64‌
2.38‌
21‌
(3.66‌)
940,178
0.63‌
0.63‌
0.63‌
0.63‌
1.87‌
26‌
3.11‌
22,983
1.43‌
1.43‌
1.43‌
1.43‌
2.33‌
24‌
0.94‌
27,985
1.45‌
1.44‌
1.45‌
1.44‌
2.21‌
27‌
2.86‌
34,831
1.45‌
1.45‌
1.45‌
1.45‌
2.02‌
24‌
(1.80‌)
43,566
1.45‌
1.44‌
1.45‌
1.44‌
1.58‌
21‌
(4.34‌)
55,713
1.43‌
1.43‌
1.43‌
1.43‌
1.07‌
26‌
4.16‌
7,987,813
0.43‌
0.43‌
0.43‌
0.43‌
3.33‌
24‌
1.85‌
6,914,775
0.44‌
0.43‌
0.44‌
0.43‌
3.21‌
27‌
3.90‌
6,614,040
0.45‌
0.45‌
0.45‌
0.45‌
3.02‌
24‌
(0.67‌)
7,112,564
0.45‌
0.44‌
0.45‌
0.44‌
2.57‌
21‌
(3.46‌)
8,785,900
0.43‌
0.43‌
0.43‌
0.43‌
2.06‌
26‌
182
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Limited Term
Class
A
3/31/26
$
10.86
$
0.29
$
0.09
$
0.38
$
(
0.30
)
$
$
(
0.30
)
$
10.94
3/31/25
10.95
0.27
(
0.08
)
0.19
(
0.28
)
(
0.28
)
10.86
3/31/24
10.87
0.24
0.07
0.31
(
0.23
)
(
0.23
)
10.95
3/31/23
10.92
0.16
(
0.08
)
0.08
(
0.13
)
(
0.13
)
10.87
3/31/22
11.32
0.12
(
0.40
)
(
0.28
)
(
0.12
)
(
0.12
)
10.92
Class
C
3/31/26
10.81
0.20
0.09
0.29
(
0.21
)
(
0.21
)
10.89
3/31/25
10.91
0.18
(
0.09
)
0.09
(
0.19
)
(
0.19
)
10.81
3/31/24
10.82
0.15
0.08
0.23
(
0.14
)
(
0.14
)
10.91
3/31/23
10.88
0.07
(
0.08
)
(
0.01
)
(
0.05
)
(
0.05
)
10.82
3/31/22
11.27
0.03
(
0.39
)
(
0.36
)
(
0.03
)
(
0.03
)
10.88
Class
I
3/31/26
10.82
0.31
0.08
0.39
(
0.32
)
(
0.32
)
10.89
3/31/25
10.91
0.29
(
0.08
)
0.21
(
0.30
)
(
0.30
)
10.82
3/31/24
10.82
0.26
0.08
0.34
(
0.25
)
(
0.25
)
10.91
3/31/23
10.88
0.18
(
0.08
)
0.10
(
0.16
)
(
0.16
)
10.82
3/31/22
11.28
0.14
(
0.40
)
(
0.26
)
(
0.14
)
(
0.14
)
10.88
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.  
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on
the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the
Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on
borrowings, as described in Notes to Financial Statements.
See Notes to Financial Statements
183
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Expenses
Including
Interest
(c)
Expenses
Excluding
Interest
NII
(Loss)
Portfolio
Turnover
Rate
3
.53‌
%
$
743,132
0
.63‌
%
0
.63‌
%
2
.61‌
%
30‌
%
1
.74‌
790,406
0
.63‌
0
.62‌
2
.45‌
27‌
2
.89‌
928,083
0
.63‌
0
.63‌
2
.19‌
22‌
0
.77‌
1,152,357
0
.61‌
0
.60‌
1
.45‌
33‌
(
2
.55‌
)
1,523,484
0
.59‌
0
.59‌
1
.05‌
28‌
2
.69‌
13,803
1
.43‌
1
.43‌
1
.81‌
30‌
0
.86‌
18,998
1
.43‌
1
.42‌
1
.64‌
27‌
2
.17‌
31,105
1
.43‌
1
.43‌
1
.38‌
22‌
(
0
.11‌
)
49,258
1
.41‌
1
.40‌
0
.65‌
33‌
(
3
.25‌
)
70,792
1
.39‌
1
.39‌
0
.26‌
28‌
3
.62‌
3,847,979
0
.43‌
0
.43‌
2
.81‌
30‌
1
.96‌
3,915,488
0
.43‌
0
.42‌
2
.65‌
27‌
3
.20‌
4,270,180
0
.43‌
0
.43‌
2
.38‌
22‌
0
.90‌
5,565,627
0
.41‌
0
.40‌
1
.65‌
33‌
(
2
.35‌
)
6,860,653
0
.39‌
0
.39‌
1
.25‌
28‌
184
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Short Term
Class
A
3/31/26
$
9.84
$
0.27
$
$
0.27
$
(
0.29
)
$
$
(
0.29
)
$
9.82
3/31/25
9.80
0.27
0.05
0.32
(
0.28
)
(
0.28
)
9.84
3/31/24
9.79
0.22
0.01
0.23
(
0.22
)
(
0.22
)
9.80
3/31/23
9.82
0.12
(
0.05
)
0.07
(
0.10
)
(
0.10
)
9.79
3/31/22
10.18
0.08
(
0.36
)
(
0.28
)
(
0.08
)
(
0.08
)
9.82
Class
C
3/31/26
9.80
0.19
0.19
(
0.20
)
(
0.20
)
9.79
3/31/25
9.76
0.19
0.05
0.24
(
0.20
)
(
0.20
)
9.80
3/31/24
9.76
0.14
0.14
(
0.14
)
(
0.14
)
9.76
3/31/23
9.79
0.04
(
0.04
)
(
0.03
)
(
0.03
)
9.76
3/31/22
10.15
(
)
(e)
(
0.36
)
(
0.36
)
(
)
(e)
9.79
Class
I
3/31/26
9.85
0.29
0.29
(
0.30
)
(
0.30
)
9.84
3/31/25
9.81
0.29
0.05
0.34
(
0.30
)
(
0.30
)
9.85
3/31/24
9.81
0.24
0.24
(
0.24
)
(
0.24
)
9.81
3/31/23
9.84
0.14
(
0.05
)
0.09
(
0.12
)
(
0.12
)
9.81
3/31/22
10.19
0.10
(
0.35
)
(
0.25
)
(
0.10
)
(
0.10
)
9.84
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.  
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on
the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the
Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on
borrowings, as described in Notes to Financial Statements.
(d)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
(e)
Value rounded to zero.
See Notes to Financial Statements
185
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Including
Interest
(c)
Gross
Expenses
Excluding
Interest
Net
Expenses
Including
Interest
(c),(d)
Net
Expenses
Excluding
Interest
(d)
NII
(Loss)
(d)
Portfolio
Turnover
Rate
2
.74‌
%
$
203,006
0
.69‌
%
0
.68‌
%
0
.61‌
%
0
.60‌
%
2
.72‌
%
46‌
%
3
.28‌
185,521
0
.71‌
0
.68‌
0
.63‌
0
.60‌
2
.79‌
29‌
2
.36‌
205,142
0
.72‌
0
.71‌
0
.72‌
0
.71‌
2
.27‌
41‌
0
.77‌
281,531
0
.69‌
0
.69‌
0
.69‌
0
.69‌
1
.20‌
52‌
(
2
.80‌
)
277,719
0
.67‌
0
.67‌
0
.67‌
0
.67‌
0
.77‌
37‌
1
.98‌
4,693
1
.49‌
1
.48‌
1
.41‌
1
.40‌
1
.92‌
46‌
2
.45‌
5,273
1
.51‌
1
.48‌
1
.43‌
1
.40‌
1
.99‌
29‌
1
.43‌
8,102
1
.52‌
1
.51‌
1
.52‌
1
.51‌
1
.46‌
41‌
0
.00‌
(e)
13,160
1
.49‌
1
.49‌
1
.49‌
1
.49‌
0
.41‌
52‌
(
3
.50‌
)
12,359
1
.47‌
1
.47‌
1
.47‌
1
.47‌
(
0
.02‌
)
37‌
3
.02‌
214,702
0
.49‌
0
.48‌
0
.41‌
0
.40‌
2
.92‌
46‌
3
.48‌
221,675
0
.51‌
0
.48‌
0
.43‌
0
.40‌
2
.99‌
29‌
2
.44‌
282,925
0
.52‌
0
.51‌
0
.52‌
0
.51‌
2
.45‌
41‌
0
.98‌
404,284
0
.49‌
0
.49‌
0
.49‌
0
.49‌
1
.39‌
52‌
(
2
.51‌
)
447,376
0
.47‌
0
.47‌
0
.47‌
0
.47‌
0
.97‌
37‌
186
Notes to Financial Statements
1. General Information 
Trust and Fund Information:
Nuveen Municipal Trust and Nuveen Investment Funds, Inc. (each a “Trust” and collectively, the “Trusts”), are
open-end management investment companies registered under the Investment Company Act of 1940, (the “1940 Act”), as amended. Nuveen
Municipal Trust is comprised of Nuveen All-American Municipal Bond Fund (“All-American”), Nuveen Intermediate Duration Municipal Bond Fund
(“Intermediate Duration”) and Nuveen Limited Term Municipal Bond Fund (“Limited Term”), among others, and Nuveen Investment Funds, Inc.
is comprised of Nuveen Short Term Municipal Bond Fund (“Short Term”), among others, (each a “Fund” and collectively, the “Funds”). Nuveen
Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. Nuveen Investment Funds, Inc. was incorporated in the State of
Maryland on August 20, 1987. The Funds, were each organized as a series of predecessor trusts or corporations prior to that date.
Current Fiscal Period
: The end of the reporting period for the Funds is March 31, 2026, and the period covered by these Notes to Financial
Statements is the fiscal year ended March 31, 2026 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Funds’ investment adviser, Nuveen Fund Advisors, LLC (the “Adviser”), is a subsidiary of Nuveen, LLC
(“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall
responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides
certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-
advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolios of the Funds.
Share Classes and Sales Charges:
Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $250,000 or
more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of
1% (0.70% for Limited Term and Short Term) if redeemed within eighteen months (twelve months for Short Term) of purchase. Class C Shares are
sold without an up-front sales charge. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares
automatically convert to Class A Shares eight years after purchase. Class R6 Shares and Class I Shares are sold without an up-front sales charge.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ
from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust
from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the ’’Board’’) has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive
from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of
select Nuveen-advised funds.
Custodian Fee Credit:
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and
Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit
with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount
of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the
current fiscal period, the custodian fee credit earned by each Fund was as follows:
Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of
distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications:
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising
out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide
general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims
that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts
and expects the risk of loss to be remote.
Fund
Gross
Custodian Fee
Credits
All-American
$
Intermediate Duration
Limited Term
Short Term
187
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains
and losses on securities transactions are based upon the specific identification method. Investment Income, is comprised of interest income, which is
recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income
also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in
lieu of cash. Dividend income is recorded on the ex-dividend date.
Multiclass Operations and Allocations:
Income and expenses of the Funds that are not directly attributable to a specific class of shares are
prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are
recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of
Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and
Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting
agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral
received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities
collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted
to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are
presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.
The Funds’ investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
(“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-
term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the
Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment,
is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
“total assets” and significant segment revenues and expenses are listed on the Statement of Operations.  
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal
period, the Funds adopted the new guidance. See Note 7 for more income tax information. 
New Accounting Pronouncement (ASU No. 2025-11)
: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270)
Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are
required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual
reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within
annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the
implications of these changes on the financial statements.
3. Investment Valuation and Fair Value Measurements 
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. 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).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
188
Notes to Financial Statements
(continued)
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to
value them:
The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds'
liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further
described in these Notes to Financial Statements. The Funds, where applicable, have a receivable for the sale of their interest in Vistra Vision, which
is not reflected in the tables above. The carrying value of this receivable approximates fair value. The “Receivable for sale of Vistra Vision interest” is
generally classified as Level 2 and further described in these Notes to Financial Statements.
All-American
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Exchange-Traded Funds
$
27,444,780
$
$
$
27,444,780
Municipal Bonds
3,533,588,811
482
3,533,589,293
Variable Rate Senior Loan Interests
32
32
Warrants
71,850
71,850
Total
$
27,444,780
$
3,533,588,811
$
72,364
$
3,561,105,955
Intermediate Duration
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Exchange-Traded Funds
$
8,732,430
$
$
$
8,732,430
Mortgage-Backed Securities
45,638,322
45,638,322
Municipal Bonds
8,571,322,715
8,571,322,715
Variable Rate Senior Loan Interests
155,330
155,330
Short-Term Investments:
Municipal Bonds
12,398,674
12,398,674
Total
$
8,732,430
$
8,629,359,711
$
155,330
$
8,638,247,471
Limited Term
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
$
4,444,068,019
$
$
4,444,068,019
Short-Term Investments:
Municipal Bonds
11,498,771
11,498,771
Total
$
$
4,455,566,790
$
$
4,455,566,790
Short Term
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
$
422,421,396
$
$
422,421,396
Total
$
$
422,421,396
$
$
422,421,396
189
4. Portfolio Securities
Inverse Floating Rate Securities:
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created
by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option
bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating
rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b)
an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters
typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,
which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity
Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income
received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse
Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential
appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the
interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and
because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more
than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to
the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party
or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse
Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse
Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first
owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited
Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of
an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the
Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB
Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in
“Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB
Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component
of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of
the end of the fiscal period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and
Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the
Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets
and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related
borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not
show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of
the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the fiscal period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-
deposited Inverse Floaters was as follows:
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average
annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
Fund
Floating Rate
Obligations: Self-
Deposited
Inverse Floaters
Floating Rate
Obligations:
Externally-Deposited
Inverse Floaters
Total
All-American
$
92,265,000
$
$
92,265,000
Intermediate Duration
Limited Term
Short Term
190
Notes to Financial Statements
(continued)
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that
Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the
terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of
Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire
the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated
to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus
any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made
by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be
effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater
than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the
Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the
fiscal period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving
such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters,
in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the
sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus
any shortfalls in interest cash flows (sometimes referred to as “shortfall payments”). Under these agreements, a Fund’s potential exposure to losses
related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts
owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on
Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, the Funds' maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters
and externally-deposited Inverse Floaters was as follows:
Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the
holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the
security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices
of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
Fund
Average Floating
Rate Obligations
Outstanding
Average Annual
Interest Rate
And Fees
All-American
$
137,624,726
3.06
%
Intermediate Duration
Limited Term
Short Term
Fund
Maximum Exposure
to Recourse Trusts:
Self-Deposited
Inverse Floaters
Maximum Exposure
to Recourse Trusts:
Externally-Deposited
Inverse Floaters
Total
All-American
$
92,265,000
$
$
92,265,000
Intermediate Duration
Limited Term
Short Term
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
U.S.
Government
Sales
All-American
$
2,272,728,334
$
49,677,088
$
2,576,753,947
$
50,000,000
Intermediate Duration
3,011,601,821
9,982,343
1,922,157,207
140,091
Limited Term
1,357,174,925
1,530,812,101
Short Term
213,170,615
195,416,166
191
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
Sale of Vistra Vision interests:
On September 18, 2024, Vistra Corp. (“Vistra”) and Nuveen agreed to terms for the sale of the Vistra Vision interest.
In exchange for its interest in Vistra Vision, the Funds agreed to receive proceeds from the sale over a series of payments from Vistra through
December 31, 2026. The resulting receivables have been discounted using an effective interest rate of 6.18%. The receivable, net of discount,
and related transaction costs are recognized as “Receivable for sale of Vistra Vision interest” and “Payable for Vistra Vision sale transactions costs,”
respectively, on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Futures Contracts:
During the current fiscal period, All-American managed the duration of its portfolio by shorting interest rate futures contracts.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a
futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker
equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments
and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-
to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value
of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a
receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss
equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized
gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of
Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the
possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with
a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
During the current fiscal period, the effect of derivative contracts on the Funds’ Statement of Operations was as follows:
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Fund
Average Notional Amount of Futures
Contracts Outstanding
*
All-American
$–**
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of
the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
**
The Fund invested in futures contracts during the current fiscal period. However, the Fund did not hold any such positions at the beginning
of the fiscal period or at the end of each fiscal quarter within the current fiscal period and therefore are not included as part of this
calculation.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
All-American
Futures contracts
Interest rate
$
650,259
$
192
Notes to Financial Statements
(continued)
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Year Ended
3/31/26
Year Ended
3/31/25
All-American
Shares
Value
Shares
Value
Subscriptions:
Class A
33,231,725
$328,570,552
27,065,412
$275,543,562
Class A - automatic conversion of Class C
45,930
454,364
22,648
231,220
Class C
1,381,601
13,668,237
1,064,843
10,849,623
Class R6
5,601,442
55,596,369
4,467,976
45,570,171
Class I
60,819,809
602,925,986
45,536,377
465,143,834
Total subscriptions
101,080,507
1,001,215,508
78,157,256
797,338,410
Reinvestments of distributions:
Class A
6,605,879
65,263,667
6,634,435
67,369,635
Class C
290,114
2,864,628
339,725
3,449,481
Class R6
390,128
3,874,558
349,075
3,561,863
Class I
6,545,759
64,930,902
6,516,561
66,443,918
Total reinvestments of distributions
13,831,880
136,933,755
13,839,796
140,824,897
Redemptions:
Class A
(55,246,696)
(545,904,900)
(51,321,621)
(521,779,549)
Class C
(4,432,684)
(43,835,599)
(4,710,751)
(47,899,211)
Class C - automatic conversion to Class A
(45,941)
(454,364)
(22,651)
(231,220)
Class R6
(5,389,041)
(53,341,513)
(5,098,971)
(52,021,380)
Class I
(86,914,853)
(860,676,444)
(65,387,885)
(666,554,745)
Total redemptions
(152,029,215)
(1,504,212,820)
(126,541,879)
(1,288,486,105)
Net increase (decrease)
(37,116,828)
$(366,063,557)
(34,544,827)
$(350,322,798)
Year Ended
3/31/26
Year Ended
3/31/25
Intermediate Duration
Shares
Value
Shares
Value
Subscriptions:
Class A
24,857,303
$219,280,610
13,669,407
$120,899,844
Class A - automatic conversion of Class C
22,155
196,659
4,223
37,298
Class C
482,952
4,242,810
588,891
5,228,313
Class I
336,668,213
2,959,014,917
210,209,139
1,866,321,721
Total subscriptions
362,030,623
3,182,734,996
224,471,660
1,992,487,176
Reinvestments of distributions:
Class A
2,287,177
20,147,420
2,169,785
19,177,870
Class C
64,238
565,619
70,805
626,096
Class I
21,933,273
193,791,871
18,928,356
167,828,860
Total reinvestments of distributions
24,284,688
214,504,910
21,168,946
187,632,826
Redemptions:
Class A
(24,608,657)
(216,214,280)
(19,917,630)
(176,151,754)
Class C
(1,117,052)
(9,822,962)
(1,385,606)
(12,272,296)
Class C - automatic conversion to Class A
(22,155)
(196,659)
(4,219)
(37,298)
Class I
(242,717,905)
(2,130,896,559)
(184,597,812)
(1,636,845,925)
Total redemptions
(268,465,769)
(2,357,130,460)
(205,905,267)
(1,825,307,273)
Net increase (decrease)
117,849,542
$1,040,109,446
39,735,339
$354,812,729
193
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain
such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the
Funds are subject to federal taxation.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains
and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted
in reclassifications among the components of net assets relate primarily to paydowns and taxable market discount. Temporary and permanent
differences have no impact on a Fund's net assets.
Year Ended
3/31/26
Year Ended
3/31/25
Limited Term
Shares
Value
Shares
Value
Subscriptions:
Class A
9,142,649
$100,288,939
7,166,218
$78,488,579
Class A - automatic conversion of Class C
825
8,968
12,635
138,977
Class C
151,746
1,662,219
134,396
1,462,823
Class I
90,147,587
983,636,521
94,351,024
1,028,957,334
Total subscriptions
99,442,807
1,085,596,647
101,664,273
1,109,047,713
Reinvestments of distributions:
Class A
1,625,153
17,818,760
1,707,797
18,689,391
Class C
28,585
311,924
38,121
415,361
Class I
8,589,577
93,814,918
8,588,672
93,591,573
Total reinvestments of distributions
10,243,315
111,945,602
10,334,590
112,696,325
Redemptions:
Class A
(15,586,908)
(170,893,025)
(20,853,814)
(228,249,071)
Class C
(668,676)
(7,307,174)
(1,254,630)
(13,689,773)
Class C - automatic conversion to Class A
(829)
(8,968)
(12,689)
(138,977)
Class I
(107,487,566)
(1,171,648,270)
(132,399,838)
(1,443,012,942)
Total redemptions
(123,743,979)
(1,349,857,437)
(154,520,971)
(1,685,090,763)
Net increase (decrease)
(14,057,857)
$(152,315,188)
(42,522,108)
$(463,346,725)
Year Ended
3/31/26
Year Ended
3/31/25
Short Term
Shares
Value
Shares
Value
Subscriptions:
Class A
8,206,863
$80,857,689
5,116,424
$50,356,150
Class C
243,973
2,390,950
174,234
1,705,425
Class I
11,125,545
109,839,692
9,820,001
96,603,776
Total subscriptions
19,576,381
193,088,331
15,110,659
148,665,351
Reinvestments of distributions:
Class A
515,847
5,083,739
463,905
4,561,207
Class C
9,764
95,860
11,613
113,723
Class I
574,255
5,668,985
546,577
5,381,717
Total reinvestments of distributions
1,099,866
10,848,584
1,022,095
10,056,647
Redemptions:
Class A
(6,907,797)
(68,066,388)
(7,664,895)
(75,334,245)
Class C
(312,249)
(3,067,302)
(478,065)
(4,680,899)
Class I
(12,371,533)
(122,066,819)
(16,709,914)
(164,367,768)
Total redemptions
(19,591,579)
(193,200,509)
(24,852,874)
(244,382,912)
Net increase (decrease)
1,084,668
$10,736,406
(8,720,120)
$(85,660,914)
194
Notes to Financial Statements
(continued)
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as
follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of year end, the components of accumulated earnings on a tax basis were as follows:
The tax character of distributions paid was as follows:
As of year end, the Funds had capital loss carryforwards, which will not expire:
As of year end, the Funds utilized the following capital loss carryforwards:
8. Management Fees and Other Transactions with Affiliates
Management Fees:
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
All-American
$
3,518,315,849
$
70,028,340
$
(119,503,234)
$
(49,474,894)
Intermediate Duration
8,899,662,928
104,354,528
(365,769,985)
(261,415,457)
Limited Term
4,551,264,630
40,114,259
(135,812,099)
(95,697,840)
Short Term
421,703,799
1,939,561
(1,221,964)
717,597
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
All-American
$
15,510,552
$
601,146
$
$
(49,474,894)
$
(1,075,185,563)
$
$
(12,967,408)
$
(1,121,516,167)
Intermediate
Duration
26,604,171
910,860
(261,415,457)
(175,218,562)
(24,984,586)
(434,103,574)
Limited Term
19,095,096
978,944
(95,697,840)
(89,024,874)
(11,211,901)
(175,860,575)
Short Term
1,573,706
7,112
717,597
(17,976,258)
(1,030,997)
(16,708,840)
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 2, 2026 through March 31, 2026
and paid on April 1, 2026.
3/31/26
3/31/25
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital Gains
All-American
$
158,671,318
$
2,224,855
$
$
163,511,540
$
3,164,322
$
Intermediate Duration
$
271,668,927
$
6,323,538
$
$
233,954,500
$
8,134,666
$
Limited Term
$
128,492,999
$
6,479,099
$
$
131,052,380
$
8,101,924
$
Short Term
$
12,769,663
$
56,869
$
$
12,444,845
$
55,379
$
1
Each Fund designates these amounts paid during the period as Exempt Interest Dividends.
Fund
Short-Term
Long-Term
Total
All-American
$
535,502,680
$
539,682,883
$
1,075,185,563
Intermediate Duration
134,866,229
40,352,333
175,218,562
Limited Term
89,024,874
89,024,874
Short Term
2,253,303
15,722,955
17,976,258
Fund
Utilized
All-American
$
Intermediate Duration
Limited Term
5,165,449
Short Term
398,094
195
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed
by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual
Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.  
As of the end of the current fiscal period, the complex-level fee rate for the Fund was as follows:
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that the total annual Fund operating
expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and
disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts
and for the time periods stated in the following table. The expense limitation expiring on July 31, 2028, may be terminated or modified prior to the
date only with the approval of the Board.
The Adviser has voluntarily agreed to waive its investment management fees for a Fund, and/or reimburse other expenses of the Fund, in an amount
equal to the management fee of the Nuveen exchange-traded funds (the “Nuveen ETFs”) paid by the Fund on its investment in the Nuveen ETFs in
order for the Fund’s net expenses to not increase due to the impact of the Nuveen ETFs’ management fees. The Adviser will adjust each Fund’s other
Average Daily Net Assets
All-
American
Intermediate
Duration
Limited
Term
Short
Term
For the first $125 million
0.3000
%
0.3000
%
0.2500
%
0.2500
%
For the next $125 million
0.2875
0.2875
0.2375
0.2375
For the next $250 million
0.2750
0.2750
0.2250
0.2250
For the next $500 million
0.2625
0.2625
0.2125
0.2125
For the next $1 billion
0.2500
0.2500
0.2000
0.2000
For the next $3 billion
0.2250
0.2250
0.1750
0.1750
For the next $5 billion
0.2000
0.2000
0.1500
0.1500
For net assets over $10 billion
0.1875
0.1875
0.1375
0.1375
Complex-Level Asset Breakpoint Level*
Complex-Level Fee
For the first $124.3 billion
0.1600
%
For the next $75.7 billion
0.1350
For the next $200 billion
0.1325
For eligible assets over $400 billion
0.1300
Fund
Complex-Level Fee
All-American
0.1563
%
Intermediate Duration
0.1563
Limited Term
0.1563
Short Term
0.1563
Fund
Temporary
Expense Cap
Temporary
Expense Cap
Expiration Date
Permanent
Expense Cap
Intermediate Duration
N/A
N/A
0.75%
Short Term
0.45%
7/31/2028
N/A
N/A - Not Applicable.
196
Notes to Financial Statements
(continued)
expense reimbursement arrangements, as necessary, to record the impact of this waiver and/or reimbursement. Such voluntary commitment will be
in force for as long the Fund invests in the Nuveen ETFs and may only be amended with approval of the Board. See Affiliated Investments in these
Notes to Financial Statements for more information on the Nuveen ETFs held by the Funds during the current fiscal period.
Distribution and Service Fees:
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur
a 0.20% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 and
Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the “Distributor”), a
wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining
shareholder accounts.
Other Transactions with Affiliates:
The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed
by the Sub-Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the
Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity
by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring
broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as
concessions to financial intermediaries as follows:
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for
providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as
follows:
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the
first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
Fund
Purchases
Sales
Realized
Gain (Loss)
All-American
$
9,467,100
$
9,179,400
$
(1,374,446)
Intermediate Duration
4,280,588
Limited Term
3,678,041
Short Term
9,113,375
582
Fund
Sales Charges
Collected
(Unaudited)
Paid to Financial
Intermediaries
(Unaudited)
All-American
$
1,860,761
$
1,812,424
Intermediate Duration
872,838
856,263
Limited Term
219,273
209,655
Short Term
135,414
132,772
Fund
Commission
Advances
(Unaudited)
All-American
$
1,557,658
Intermediate Duration
824,420
Limited Term
178,434
Short Term
125,678
Fund
12b-1 Fees
Retained
(Unaudited)
All-American
$
58,171
Intermediate Duration
23,726
Limited Term
6,882
Short Term
5,017
197
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to
their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows: 
Affiliated Investments:
 Investments in other investment companies advised by the Adviser are deemed to be “affiliated investments”. A complete
schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form
N-PORT and is available on the SEC’s website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available
for each of the affiliated investments at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, or upon request by calling (800) 257-
8787. Information regarding transactions with affiliated investments is as follows:
9. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include
recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising
from such agreements, while not quantifiable, is expected to be remote. As of the end of the fiscal period, the Funds did not have any unfunded
commitments.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the
enforcement of the Funds’ rights under contracts. As of the end of the fiscal period, the Funds are not subject to any material legal proceedings.
10. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser (“Participating Funds”), have
established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary
purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s
capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw
on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the
Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other
Participating Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed. 
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the
Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest
expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the
relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each
Participating Fund.
During the current period, the following Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as
follows:
Fund
CDSC
Retained
(Unaudited)
All-American
$
139,983
Intermediate Duration
19,491
Limited Term
1,489
Short Term
20,118
Issue
Value at
3/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Shares at
3/31/26
Value at
3/31/26
Dividend
Income
All-American
Exchange-Traded Funds
Nuveen Municipal Income ETF
$17,376,590
$10,052,000
$–
$–
$16,190
1,100,000
$27,444,780
$709,930
Total
$17,376,590
$10,052,000
$–
$–
$16,190
1,100,000
$27,444,780
$709,930
Intermediate Duration
Exchange-Traded Funds
Nuveen Municipal Income ETF
$1,861,777
$6,708,750
$–
$–
$161,903
350,000
$8,732,430
$285,543
Total
$1,861,777
$6,708,750
$–
$–
$161,903
350,000
$8,732,430
$285,543
198
Notes to Financial Statements
(continued)
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on
the Borrowings were as follows:
Borrowings outstanding as of the end of the fiscal period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities.
Fund
Maximum
Outstanding
Balance
All-American
$
42,400,000
Intermediate Duration
47,000,000
Limited Term
32,600,000
Short Term
13,404,626
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
All-American
51
$
16,259,414
5.19
%
Intermediate Duration
5
18,697,347
5.21
Limited Term
7
8,661,565
5.50
Short Term
17
6,797,081
5.49
199
Important Tax Information
(Unaudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must
be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications
of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which
will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being
from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:
Fund
Net Long-Term
Capital Gains
All-American
$
Intermediate Duration
Limited Term
Short Term


Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The Fund does not pay any remuneration to its officers, but the Fund does reimburse Nuveen Fund Advisors, LLC, the Fund’s investment adviser and an affiliate of the Fund’s officers, for an allocable portion of Nuveen Fund Advisors, LLC’s cost of the compensation for the Fund’s Chief Compliance Officer. The aggregate remuneration paid to the directors/trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund’s investment adviser and an affiliate of the Fund’s officers, by the Fund is reported as “Directors/Trustees fees” and “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

 


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.


Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.


Item 16.

Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)

Not applicable to open-end investment companies.

 

(b)

Not applicable to open-end investment companies.


Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)

Not applicable.

 

(b)

Not applicable.


Item 19.

Exhibits.

 

(a)(1)

Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

 

(a)(2)

Not applicable.

 

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4)

Not applicable.

 

(a)(5)

Not applicable.

 

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Investment Funds, Inc.

 

Date: August 17, 2026

   

By:

 

/s/ Jordan M. Farris

 
     

Jordan M. Farris

 
     

Chief Administrative Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: August 17, 2026

   

By:

 

/s/ Jordan M. Farris

 
     

Jordan M. Farris

 
     

Chief Administrative Officer

(principal executive officer)

 

Date: August 17, 2026

   

By:

 

/s/ Marc Cardella

 
     

Marc Cardella

 
     

Vice President and Controller

(principal financial officer)

 

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: R5.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d39801dncsra_htm.xml