| Tax-Exempt Municipal Obligations — 107.9% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 0.5% | |||
| Texas Water Development Board, 4.80%, 10/15/52 | $ | 1,475 | $ 1,495,859 |
| $ 1,495,859 | |||
| Education — 8.0% | |||
| Arizona Industrial Development Authority, (Academies of Math and Science), 5.25%, 7/1/46(1) | $ | 770 | $ 773,981 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 185 | 155,311 | |
| Boyle County, KY, (Centre College): | |||
| 4.25%, 6/1/46 | 1,000 | 944,137 | |
| 4.50%, 6/1/53 | 605 | 565,600 | |
| 5.25%, 6/1/43 | 2,000 | 2,088,597 | |
| California Municipal Finance Authority, (Westside Neighborhood School), 6.20%, 6/15/54(1) | 2,120 | 2,238,437 | |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
| 5.375%, 6/15/38(1) | 210 | 210,193 | |
| 5.375%, 6/15/48(1) | 395 | 376,901 | |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | 410 | 380,773 | |
| Idaho Housing and Finance Association, (Alturas Preparatory Academy), 4.125%, 5/1/44 | 1,000 | 972,747 | |
| Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53(1) | 750 | 774,886 | |
| Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53(1) | 1,000 | 925,009 | |
| Kentucky Bond Development Corp., (University of Kentucky Central Utility Plant), 5.00%, 10/31/58 | 1,700 | 1,739,163 | |
| Pennsylvania University, 5.25%, 9/1/50(2) | 3,000 | 3,248,700 | |
| Public Finance Authority, WI, (Cornerstone Charter Academy): | |||
| 5.00%, 2/1/54 | 900 | 826,122 | |
| 5.00%, 2/1/64 | 1,835 | 1,640,717 | |
| Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54(1) | 455 | 420,813 | |
| Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
| 4.00%, 4/1/52(1) | 245 | 197,903 | |
| 5.00%, 4/1/40(1) | 620 | 624,704 | |
| 5.00%, 4/1/50(1) | 830 | 787,701 | |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy Johnston), 6.50%, 6/15/65(1) | 2,000 | 2,004,226 | |
| South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/44(1) | 1,000 | 1,011,468 | |
| $ 22,908,089 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Electric Utilities — 1.5% | |||
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | $ | 4,250 | $ 4,172,757 |
| $ 4,172,757 | |||
| Escrowed/Prerefunded — 0.0%† | |||
| Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
| Prerefunded to 4/1/30, 5.00%, 4/1/50(1) | $ | 10 | $ 10,761 |
| Prerefunded to 4/1/32, 4.00%, 4/1/52(1) | 5 | 5,270 | |
| $ 16,031 | |||
| General Obligations — 13.2% | |||
| Alvin Independent School District, TX, (PSF Guaranteed): | |||
| 5.25%, 2/15/50(2) | $ | 2,750 | $ 2,953,445 |
| 5.25%, 2/15/53(2) | 2,750 | 2,935,295 | |
| Chicago Board of Education, IL: | |||
| 5.00%, 12/1/42 | 4,955 | 4,819,547 | |
| 5.75%, 12/1/50 | 3,455 | 3,520,534 | |
| 6.00%, 12/1/49 | 1,750 | 1,812,512 | |
| Chicago, IL, 6.00%, 1/1/45 | 2,000 | 2,160,762 | |
| Jackson County School District No. 6, OR, 0.00%, 6/15/41 | 710 | 367,121 | |
| Massachusetts, 5.00%, 4/1/55(2) | 2,500 | 2,618,325 | |
| Mesquite Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/49(2) | 4,000 | 4,258,840 | |
| Northside Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/55(2) | 4,500 | 4,795,425 | |
| Puerto Rico: | |||
| 0.00%, 7/1/33 | 2,000 | 1,467,583 | |
| 4.00%, 7/1/35 | 2,127 | 2,147,328 | |
| Spring Independent School District, TX, (PSF Guaranteed), 5.25%, 8/15/55(2) | 3,600 | 3,835,188 | |
| Township of Freehold, NJ, 1.00%, 10/15/29 | 145 | 133,706 | |
| $ 37,825,611 | |||
| Hospital — 5.1% | |||
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/47 | $ | 2,330 | $ 2,347,420 |
| Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.25%, 8/1/49 | 2,000 | 2,045,033 | |
| California Municipal Finance Authority, (Gateways Hospital and Mental Health Centers), 5.25%, 9/1/55 | 775 | 797,521 | |
| Geisinger Authority, PA, (Geisinger Health System), 4.00%, 2/15/47 | 1,105 | 1,003,791 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Idaho Health Facilities Authority, ID, (St. Luke’s Health System), 4.375%, 3/1/53 | $ | 910 | $ 884,232 |
| Illinois Finance Authority, (Ascension), 4.00%, 2/15/36 | 505 | 505,628 | |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | 995 | 921,240 | |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57 | 2,550 | 2,573,586 | |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/44 | 1,330 | 1,330,110 | |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/48 | 500 | 461,515 | |
| West Virginia Hospital Finance Authority, (West Virginia University Health System Obligated Group), 4.375%, 6/1/53 | 1,390 | 1,342,003 | |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52 | 225 | 237,022 | |
| $ 14,449,101 | |||
| Housing — 5.9% | |||
| Dallas Housing Finance Corp., TX, (Hiline Illinois), (FNMA), 5.00%, 3/1/44 | $ | 2,825 | $ 3,016,405 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.70%, 7/1/53 | 1,380 | 1,384,298 | |
| Michigan Housing Development Authority, Social Bonds, 5.00%, 12/1/55 | 1,115 | 1,142,853 | |
| New Hampshire Business Finance Authority, Social Certificates, 4.75% to 6/1/35 (Put Date), 6/20/41 | 2,492 | 2,570,845 | |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.45%, 4/1/51 | 1,930 | 2,003,261 | |
| Public Finance Authority, WI, (KSU Bixby Real Estate Foundation LLC), 5.50%, 6/15/45 | 700 | 737,170 | |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (GNMA), 4.65%, 10/1/53 | 1,670 | 1,678,444 | |
| Texas Department of Housing and Community Affairs, (GNMA), 5.125%, 1/1/54 | 1,280 | 1,340,079 | |
| Washington Housing Finance Commission, Social Certificates, 3.375%, 4/20/37 | 3,310 | 3,109,182 | |
| $ 16,982,537 | |||
| Industrial Development Revenue — 5.1% | |||
| Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.70%, 5/1/53 | $ | 2,540 | $ 2,633,179 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.), 3.20%, 7/1/39 | 1,000 | 886,129 | |
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue (continued) | |||
| Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1) | $ | 2,000 | $ 1,950,803 |
| National Finance Authority, NH, (Covanta): | |||
| 4.625%, 11/1/42(1) | 1,415 | 1,294,003 | |
| (AMT), 4.875%, 11/1/42(1) | 1,555 | 1,455,799 | |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29(1) | 560 | 546,998 | |
| New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 | 2,560 | 2,947,910 | |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40 | 2,760 | 2,842,782 | |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 145 | 147,201 | |
| $ 14,704,804 | |||
| Insured - Education — 0.5% | |||
| Eastern Michigan University, (BAM), 5.25%, 3/1/55 | $ | 1,365 | $ 1,432,829 |
| $ 1,432,829 | |||
| Insured - Electric Utilities — 0.7% | |||
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J), (AG), 5.00%, 7/1/64 | $ | 1,875 | $ 1,935,334 |
| $ 1,935,334 | |||
| Insured - Hospital — 1.9% | |||
| Columbia County Hospital Authority, GA, (Wellstar Health System, Inc.), (AG), 5.00%, 4/1/53 | $ | 1,500 | $ 1,552,239 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | 940 | 884,327 | |
| West Virginia Hospital Finance Authority, (Vandalia Health), (AG), 5.50%, 9/1/48 | 2,000 | 2,132,876 | |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AG), 5.00%, 11/1/51 | 800 | 816,136 | |
| $ 5,385,578 | |||
| Insured - Housing — 0.4% | |||
| Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.25%, 7/1/64 | $ | 1,000 | $ 1,036,412 |
| $ 1,036,412 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Lease Revenue/Certificates of Participation — 0.5% | |||
| Hinds County, MS, Lease Purchase, (BAM), 4.625%, 9/1/54(1) | $ | 1,415 | $ 1,365,998 |
| $ 1,365,998 | |||
| Insured - Special Tax Revenue — 3.9% | |||
| Miami-Dade County, FL, Professional Sports Franchise Facilities: | |||
| (AG), 6.875%, 10/1/34 | $ | 4,000 | $ 4,473,097 |
| (AG), 7.00%, 10/1/39 | 6,000 | 6,687,595 | |
| $ 11,160,692 | |||
| Insured - Transportation — 7.0% | |||
| Metropolitan Transportation Authority, NY, Green Bonds, (AG), 4.00%, 11/15/48 | $ | 6,085 | $ 5,506,623 |
| New York Transportation Development Corp., (John F. Kennedy International Airport Terminal 6 Redevelopment), Green Bonds, (AG), (AMT), 5.25%, 12/31/54 | 2,360 | 2,444,819 | |
| North Carolina Turnpike Authority, (Triangle Expressway System): | |||
| (AG), 0.00%, 1/1/35 | 3,980 | 2,950,323 | |
| (AG), 0.00%, 1/1/36 | 13,000 | 9,233,338 | |
| $ 20,135,103 | |||
| Lease Revenue/Certificates of Participation — 8.3% | |||
| Baltimore, MD, (Harbor Point), 4.875%, 6/1/42 | $ | 320 | $ 329,511 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 2,610 | 2,720,605 | |
| New Hampshire Business Finance Authority, (Centurion Foundation Broward Health Medical Center LLC), 5.625%, 9/15/57 | 1,500 | 1,566,887 | |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/52 | 2,000 | 2,061,141 | |
| New Jersey Economic Development Authority, (School Facilities Construction): | |||
| 5.00%, 6/15/43 | 215 | 222,590 | |
| 5.00%, 6/15/44 | 4,205 | 4,381,147 | |
| New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38 | 20,000 | 12,424,822 | |
| $ 23,706,703 | |||
| Other Revenue — 2.5% | |||
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ | 3,195 | $ 2,506,329 |
| Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) | 390 | 395,638 | |
| Military Installation Development Authority, UT, 4.00%, 6/1/41 | 500 | 485,618 | |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue (continued) | |||
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | $ | 605 | $ 639,051 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 1,000 | 1,073,508 | |
| Public Finance Authority, WI, (Inperium), Social Bonds, 6.00%, 12/1/50(1)(3) | 620 | 641,881 | |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | 1,245 | 1,312,143 | |
| $ 7,054,168 | |||
| Senior Living/Life Care — 15.3% | |||
| Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37 | $ | 3,405 | $ 3,407,018 |
| Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42 | 665 | 665,782 | |
| Build NYC Resource Corp., NY, (Riverspring Health Senior Living, Inc.), 5.50%, 12/15/32(1) | 2,000 | 1,990,320 | |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50 | 100 | 100,115 | |
| Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58 | 1,110 | 815,498 | |
| Colorado Health Facilities Authority, (Covenant Living Communities and Services), 5.125%, 12/1/55 | 2,000 | 2,019,233 | |
| Fayetteville Public Facilities Board, AR, (Butterfield Trail Village), 5.50%, 12/1/54 | 500 | 518,592 | |
| Indiana Finance Authority, (Marquette), 5.25%, 3/1/50 | 4,000 | 4,092,356 | |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
| 5.00%, 11/15/33(1) | 470 | 484,588 | |
| 5.00%, 11/15/38(1) | 310 | 318,258 | |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1) | 1,650 | 1,640,845 | |
| Montgomery County Industrial Development Authority, PA, (ACTS Retirement Communities, Inc.), 5.25%, 11/15/53 | 1,500 | 1,524,225 | |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 1,475 | 1,186,652 | |
| National Finance Authority, NH, (The Vista): | |||
| 5.625%, 7/1/46(1) | 360 | 362,861 | |
| 5.75%, 7/1/54(1) | 780 | 783,040 | |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | |||
| 5.00%, 7/1/34 | 55 | 55,326 | |
| 5.00%, 7/1/49 | 2,000 | 1,853,066 | |
| New York Dormitory Authority, (Orchard Park CCRC, Inc.), 5.125%, 11/15/55 | 640 | 650,317 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/49 | $ | 3,000 | $ 2,901,997 |
| North Carolina Medical Care Commission, (Twin Lakes Community), 5.25%, 1/1/55 | 1,955 | 1,998,388 | |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/54 | 500 | 505,475 | |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): | |||
| 11.50%, 7/1/27(1) | 765 | 1,179,642 | |
| 11.50%, 7/1/27(1) | 100 | 107,996 | |
| Public Finance Authority, WI, (Mary's Woods at Marylhurst), 5.25%, 5/15/37(1) | 630 | 634,286 | |
| South Carolina Jobs-Economic Development Authority, (Rolling Green Village), 5.75%, 12/1/60 | 500 | 506,795 | |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58 | 2,000 | 2,193,211 | |
| Stamford Housing Authority, CT, (Mozaic Concierge Living), 6.00%, 10/1/40 | 500 | 535,943 | |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41 | 1,325 | 1,331,193 | |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37(1) | 820 | 702,966 | |
| Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37 | 1,000 | 1,011,750 | |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.25%, 12/1/56 | 1,010 | 1,033,979 | |
| Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51(1) | 1,335 | 1,214,404 | |
| Washington Housing Finance Commission, (Horizon House), 6.25%, 1/1/61 | 3,860 | 3,995,503 | |
| Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(1) | 305 | 294,256 | |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 5.75%, 8/15/54 | 1,000 | 1,046,586 | |
| $ 43,662,462 | |||
| Special Tax Revenue — 10.4% | |||
| Aerotropolis Regional Transportation Authority, CO, 5.75%, 12/1/54(1) | $ | 2,150 | $ 2,188,341 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39(1) | 1,640 | 1,688,990 | |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South): | |||
| 5.125%, 5/1/46 | 985 | 985,230 | |
| 6.00%, 5/1/56 | 2,000 | 2,118,837 | |
| Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 140 | 119,274 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Mida Mountain Village Public Infrastructure District, UT, 5.125%, 6/15/54(1) | $ | 1,190 | $ 1,203,825 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 3.00%, 11/1/47 | 4,205 | 3,258,174 | |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.50%, 3/15/53(2) | 2,000 | 2,188,680 | |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/44(2) | 6,900 | 7,283,502 | |
| Puerto Rico Sales Tax Financing Corp.: | |||
| 0.00%, 7/1/51 | 2,250 | 611,631 | |
| 5.00%, 7/1/58 | 4,015 | 4,015,383 | |
| Washington Metropolitan Area Transit Authority, D.C., Sustainability Bonds, 5.25%, 7/15/59(2) | 4,000 | 4,201,800 | |
| $ 29,863,667 | |||
| Transportation — 17.2% | |||
| California Municipal Finance Authority, (SFMTA Potrero Yard Modernization), 5.50%, 9/1/56 | $ | 835 | $ 915,253 |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55(2) | 1,500 | 1,553,655 | |
| Louisiana Public Facilities Authority, (I-10 Calcasieu River Bridge Public-Private Partnership), (AMT), 5.75%, 9/1/64 | 1,500 | 1,565,878 | |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53(2) | 4,000 | 4,180,440 | |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 1,520 | 1,554,428 | |
| Metropolitan Washington Airports Authority, D.C., (AMT), 4.00%, 10/1/51 | 2,175 | 1,977,842 | |
| New York Transportation Development Corp., (John F. Kennedy Airport Terminals 6 Redevelopment), Green Bonds, (AMT), 5.50%, 12/31/60 | 1,960 | 2,008,771 | |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One): | |||
| Green Bonds, (AMT), 5.375%, 6/30/60 | 1,645 | 1,655,014 | |
| Green Bonds, (AMT), 6.00%, 6/30/54 | 770 | 807,440 | |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | 2,105 | 2,104,890 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/38 | 1,950 | 2,059,807 | |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 5.75%, 6/30/60 | 6,500 | 6,813,806 | |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/49 | 5,990 | 6,063,649 | |
| South Jersey Transportation Authority, NJ, 5.25%, 11/1/52 | 775 | 808,850 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | $ | 3,965 | $ 3,918,229 |
| Texas Transportation Commission, (State Highway 249 System), 0.00%, 8/1/38 | 850 | 495,624 | |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(2) | 8,800 | 9,030,824 | |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39 | 860 | 853,180 | |
| Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/52 | 995 | 995,211 | |
| $ 49,362,791 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $295,406,961) | $308,656,526 | ||
| Taxable Municipal Obligations — 4.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.4% | |||
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29(1) | $ | 1,000 | $ 1,044,604 |
| $ 1,044,604 | |||
| General Obligations — 1.1% | |||
| Chicago, IL: | |||
| 7.375%, 1/1/33 | $ | 1,542 | $ 1,614,918 |
| 7.781%, 1/1/35 | 1,395 | 1,475,558 | |
| $ 3,090,476 | |||
| Insured - Education — 0.4% | |||
| Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41 | $ | 1,610 | $ 1,279,660 |
| $ 1,279,660 | |||
| Insured - Housing — 0.4% | |||
| Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University), (AG), 3.508%, 7/1/41 | $ | 1,500 | $ 1,197,607 |
| $ 1,197,607 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation — 0.5% | |||
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/45 | $ | 4,500 | $ 1,408,433 |
| $ 1,408,433 | |||
| Lease Revenue/Certificates of Participation — 0.1% | |||
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $ | 140 | $ 141,793 |
| National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38 | 100 | 101,274 | |
| $ 243,067 | |||
| Special Tax Revenue — 0.8% | |||
| American Samoa Economic Development Authority, 3.72%, 9/1/27(1) | $ | 735 | $ 725,066 |
| Oneida Indian Nation of New York, 8.00%, 9/1/40(1) | 1,500 | 1,519,267 | |
| $ 2,244,333 | |||
| Transportation — 0.4% | |||
| Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42 | $ | 1,500 | $ 1,303,484 |
| $ 1,303,484 | |||
| Total Taxable Municipal Obligations (identified cost $12,358,518) | $ 11,811,664 | ||
| Short-Term Investments — 0.2% |
| Security | Shares | Value | |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.55%(4) | 733,528 | $ 733,601 | |
| Total Short-Term Investments (identified cost $733,601) | $ 733,601 | ||
| Total Investments — 112.2% (identified cost $308,499,080) | $321,201,791 | ||
| Other Assets, Less Liabilities — (12.2)% | $(34,982,857) | ||
| Net Assets — 100.0% | $286,218,934 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2026, the aggregate value of these securities is $37,038,491 or 12.9% of the Trust's net assets. |
| (2) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| (3) | When-issued security. |
| (4) | The rate shown is the annualized seven-day yield as of June 30, 2026. |
| At June 30, 2026, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows: | |
| New York | 16.2% |
| Others, representing less than 10% individually | 83.8% |
| The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At June 30, 2026, 14.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.6% to 12.8% of total investments. |
| Abbreviations: | |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $308,656,526 | $ — | $308,656,526 |
| Taxable Municipal Obligations | — | 11,811,664 | — | 11,811,664 |
| Short-Term Investments | 733,601 | — | — | 733,601 |
| Total Investments | $733,601 | $320,468,190 | $ — | $321,201,791 |