|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
Municipal Bonds — 88.3%
|
|||||
|
Alabama — 1.9%
|
|||||
|
Black Belt Energy Gas District, AL, Gas Project Revenue, Series G
|
5.000%
|
10/1/35
|
$3,000,000
|
$3,164,951
|
|
|
Southeast Energy Authority, AL, Cooperative District Energy Supply Revenue:
|
|
|
|
|
|
|
Series A
|
5.000%
|
6/1/35
|
2,000,000
|
2,042,495
(a)(b)
|
|
|
Series H
|
5.000%
|
11/1/35
|
3,925,000
|
4,177,803
|
|
|
Total Alabama
|
9,385,249
|
||||
|
Arizona — 1.9%
|
|||||
|
Arizona State IDA, Education Revenue, Aliante and Skye Canyon Campus
Project
|
4.000%
|
12/15/51
|
700,000
|
545,222
(c)
|
|
|
Glendale, AZ, IDA Revenue, Series 2016, Refunding
|
5.000%
|
5/15/39
|
3,500,000
|
3,500,208
|
|
|
Maricopa County, AZ, IDA Education Revenue:
|
|
|
|
|
|
|
Horizon Community Learning Center Project, Series 2016, Refunding
|
5.000%
|
7/1/35
|
350,000
|
350,163
|
|
|
Reid Traditional Schools Project
|
5.000%
|
7/1/36
|
250,000
|
250,014
|
|
|
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series B, NATL
|
5.500%
|
7/1/43
|
1,000,000
|
1,227,784
|
|
|
Phoenix, AZ, IDA Revenue:
|
|
|
|
|
|
|
Basis School Inc., Refunding
|
5.000%
|
7/1/35
|
100,000
|
100,024
(c)
|
|
|
Great Hearts Academies, Series A
|
5.000%
|
7/1/44
|
1,000,000
|
1,000,936
|
|
|
Salt Verde, AZ, Financial Corp., Natural Gas Revenue:
|
|
|
|
|
|
|
Series 2007
|
5.500%
|
12/1/29
|
1,900,000
|
2,020,662
|
|
|
Series 2007
|
5.000%
|
12/1/37
|
500,000
|
526,965
|
|
|
Yavapai County, AZ, IDA Education Revenue, Ariona Agribusiness & Equine
Center Inc., Project, Series 2012
|
5.000%
|
3/1/32
|
175,000
|
175,063
(c)
|
|
|
Total Arizona
|
9,697,041
|
||||
|
California — 8.3%
|
|||||
|
California State Community Choice Financing Authority Revenue:
|
|
|
|
|
|
|
Clean Energy Project, Green Bonds, Series A
|
5.000%
|
5/1/35
|
2,000,000
|
2,064,019
(a)(b)
|
|
|
Clean Energy Project, Green Bonds, Series A-1
|
5.000%
|
2/1/36
|
1,000,000
|
1,076,009
(a)(b)
|
|
|
Clean Energy Project, Green Bonds, Series B
|
5.000%
|
3/1/36
|
4,750,000
|
4,957,532
|
|
|
California State Community Housing Agency Essential Housing Revenue:
|
|
|
|
|
|
|
Aster, Senior Bonds, Series A-1
|
4.000%
|
2/1/56
|
850,000
|
727,584
(c)
|
|
|
Fountains at Emerald Park, Series A
|
3.000%
|
8/1/56
|
5,975,000
|
4,223,805
(c)
|
|
|
California State MFA Revenue, Terry Manor Apartments, Series A, FNMA -
Collateralized HUD Section 8
|
4.200%
|
8/1/40
|
3,550,000
|
3,619,308
|
|
|
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
|
5.000%
|
11/21/45
|
3,500,000
|
3,507,865
(c)(d)
|
|
|
California Statewide CDA Community Improvement Authority Essential
Housing Revenue:
|
|
|
|
|
|
|
Anaheim Social Bond, Series A-2
|
3.250%
|
4/1/57
|
1,600,000
|
1,198,215
(c)
|
|
|
City of Orange, Social Bond, Series A-2
|
3.000%
|
3/1/57
|
2,350,000
|
1,664,120
(c)
|
|
|
Dublin, Social Bonds, Series A
|
3.000%
|
2/1/57
|
4,300,000
|
3,117,488
(c)
|
|
|
Pasadena, Social Bonds
|
3.000%
|
12/1/56
|
3,250,000
|
2,371,053
(c)
|
|
|
City & County of San Francisco, CA, Community Facilities District No 1,
Special Tax Revenue, Series A
|
4.000%
|
9/1/42
|
2,000,000
|
1,904,724
(c)
|
|
|
Los Angeles, CA, Community Facilities District, Special Tax Revenue,
Series 2021
|
4.000%
|
9/1/46
|
1,460,000
|
1,356,288
|
|
|
Los Angeles, CA, Department of Airports Revenue:
|
|
|
|
|
|
|
Refunding
|
5.000%
|
5/15/46
|
5,000
|
5,508
(d)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
California — continued
|
|||||
|
Subordinated, Los Angeles International Airport, Series C, Refunding
|
4.000%
|
5/15/35
|
$1,500,000
|
$1,530,570
(d)
|
|
|
Los Angeles, CA, Department of Water & Power, Power System Revenue,
Series 2022
|
5.000%
|
7/1/46
|
1,000,000
|
1,040,722
|
|
|
Menifee Union School District, CA, Special Tax Revenue:
|
|
|
|
|
|
|
Improvement Area Five, Series 2021
|
4.000%
|
9/1/41
|
800,000
|
783,098
|
|
|
Improvement Area Five, Series 2021
|
4.000%
|
9/1/45
|
860,000
|
813,130
|
|
|
M-S-R Energy Authority, CA, Natural Gas Revenue, Series A
|
6.500%
|
11/1/39
|
2,250,000
|
2,784,797
|
|
|
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, Series A, Refunding
|
5.000%
|
5/1/35
|
3,000,000
|
3,224,874
(d)
|
|
|
Total California
|
41,970,709
|
||||
|
Colorado — 2.8%
|
|||||
|
Aurora, CO, Crossroads Metropolitan District No 2, GO, Convertible CAB,
Series A-1, Refunding, Step bond (0.000% to 12/1/27 then 6.250%)
|
0.000%
|
12/1/55
|
950,000
|
904,346
|
|
|
City & County of Denver, CO, Airport System Revenue:
|
|
|
|
|
|
|
Series A, Refunding
|
5.500%
|
11/15/35
|
2,000,000
|
2,256,663
(d)
|
|
|
Series A, Refunding
|
5.000%
|
11/15/37
|
1,450,000
|
1,563,696
(d)
|
|
|
Series A, Refunding
|
5.500%
|
11/15/38
|
2,100,000
|
2,333,771
(d)
|
|
|
Colorado State Health Facilities Authority Revenue:
|
|
|
|
|
|
|
Improvement Second Tier Bonds, Bethesda Project
|
5.500%
|
9/15/54
|
1,255,000
|
1,278,129
|
|
|
Valley View Hospital Association Project
|
5.000%
|
5/15/45
|
1,000,000
|
1,000,620
|
|
|
Denver, CO, Health & Hospital Authority Revenue, Series 2025
|
6.000%
|
12/1/55
|
250,000
|
269,429
|
|
|
District of Vauxmont Metropolitan, CO, GO, Series 2019, Refunding, AG
|
3.250%
|
12/15/50
|
938,000
|
824,867
|
|
|
E-470 Public Highway Authority Revenue, CO, Series A, Refunding, NATL
|
0.000%
|
9/1/34
|
5,000,000
|
3,827,751
|
|
|
Total Colorado
|
14,259,272
|
||||
|
Connecticut — 0.8%
|
|||||
|
Connecticut State HEFA Revenue:
|
|
|
|
|
|
|
Masonicare Issue, Series F, Refunding
|
5.000%
|
7/1/34
|
1,500,000
|
1,500,961
|
|
|
Stamford Hospital Issue, Series M, Refunding
|
5.000%
|
7/1/34
|
600,000
|
644,103
|
|
|
Connecticut State Housing Finance Authority Revenue, Housing Mortgage
Finance, Series B
|
4.100%
|
11/15/39
|
1,685,000
|
1,684,957
|
|
|
Total Connecticut
|
3,830,021
|
||||
|
Delaware — 0.1%
|
|||||
|
|
|||||
|
Delaware State EDA Revenue, Charter Schools Revenue, Series 2022,
Refunding
|
4.000%
|
6/1/42
|
730,000
|
636,729
|
|
|
District of Columbia — 4.0%
|
|||||
|
District of Columbia Revenue:
|
|
|
|
|
|
|
GO, Series A, Refunding
|
5.000%
|
1/1/45
|
5,000,000
|
5,360,400
|
|
|
KIPP DC Issue, Series A, Refunding
|
5.000%
|
7/1/37
|
2,500,000
|
2,533,390
|
|
|
Series A, Refunding
|
5.000%
|
7/1/48
|
1,250,000
|
1,251,650
|
|
|
Metropolitan Washington, DC, Airports Authority Aviation Revenue:
|
|
|
|
|
|
|
Series A
|
0.000%
|
10/1/37
|
11,000,000
|
6,538,872
|
|
|
Series B, Refunding
|
4.000%
|
10/1/36
|
1,490,000
|
1,502,986
|
|
|
Series B, Refunding
|
4.000%
|
10/1/37
|
3,140,000
|
3,158,738
|
|
|
Total District of Columbia
|
20,346,036
|
||||
|
Florida — 2.9%
|
|||||
|
Capital Trust Authority, AL Educational Facilities Revenue, Florida Institute of
Technology Project, Series A
|
5.250%
|
7/1/55
|
335,000
|
331,401
(c)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Florida — continued
|
|||||
|
Charlotte County, FL, IDA Revenue, Town & Country Utilities Project,
Series 2025
|
6.125%
|
10/1/55
|
$1,500,000
|
$1,562,000
(d)
|
|
|
Double Branch, FL, Community Development District, Special Assessment
Revenue, Senior Lien, Series A, Refunding
|
4.250%
|
5/1/34
|
890,000
|
890,009
|
|
|
East Nassau, FL, Stewardship District, Special Assessment Revenue,
Series 2025
|
6.250%
|
5/1/56
|
800,000
|
833,906
|
|
|
Florida State Development Finance Corp., Educational Facilities Revenue:
|
|
|
|
|
|
|
Series 2021
|
4.000%
|
7/1/45
|
600,000
|
517,379
|
|
|
Series 2021
|
4.000%
|
7/1/55
|
750,000
|
592,135
|
|
|
Florida State Development Finance Corp., Healthcare Facilities Revenue, UF
Health Jacksonville Project, Refunding
|
5.000%
|
2/1/52
|
1,000,000
|
962,562
|
|
|
Florida State Development Finance Corp., Senior Living Revenue,
Series 2021, Refunding
|
5.000%
|
6/1/51
|
1,300,000
|
1,244,981
(c)
|
|
|
Lakewood Ranch Stewardship District, FL, Special Assessment Revenue,
Southeast Sector Project, Series 2025
|
6.000%
|
5/1/56
|
525,000
|
556,195
|
|
|
Metropica, FL, Community Development District, Special Assessment
Revenue, Assessment Area One Project, Series 2026
|
5.700%
|
5/1/56
|
540,000
|
547,950
|
|
|
Miami-Dade County, FL, IDA, Educational Facilities Revenue, Mater
Academy Project, Series 2026
|
5.375%
|
6/15/60
|
1,400,000
|
1,418,596
|
|
|
Orange County, FL, Health Facilities Authority Revenue, Orlando Health
Obligated Group, Series A
|
5.000%
|
10/1/42
|
1,250,000
|
1,334,848
|
|
|
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace
Communities Inc., Series B
|
5.625%
|
5/15/61
|
175,000
|
178,291
|
|
|
Seminole County, FL, IDA Revenue:
|
|
|
|
|
|
|
Galileo Schools for Gifted Learning Project, Series A
|
4.000%
|
6/15/36
|
315,000
|
299,476
(c)
|
|
|
Galileo Schools for Gifted Learning Project, Series A
|
4.000%
|
6/15/41
|
425,000
|
379,121
(c)
|
|
|
Galileo Schools for Gifted Learning Project, Series A
|
4.000%
|
6/15/51
|
830,000
|
661,162
(c)
|
|
|
Galileo Schools for Gifted Learning Project, Series A
|
4.000%
|
6/15/56
|
805,000
|
616,620
(c)
|
|
|
Wildblue, FL, Community Development District, Special Assessment
Revenue, Series 2026
|
5.750%
|
5/1/56
|
840,000
|
853,468
|
|
|
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue, Series 2024
|
4.800%
|
5/1/55
|
690,000
|
670,934
(c)
|
|
|
Total Florida
|
14,451,034
|
||||
|
Georgia — 2.1%
|
|||||
|
Atlanta, GA, Development Authority Revenue:
|
|
|
|
|
|
|
PRG-CAU Properties LLC Project, Series A
|
6.000%
|
7/1/50
|
100,000
|
104,431
(c)
|
|
|
PRG-CAU Properties LLC Project, Series A
|
6.000%
|
7/1/55
|
100,000
|
103,634
(c)
|
|
|
DeKalb County, GA, Housing Authority Revenue, Series 2024
|
4.000%
|
3/1/34
|
5,000,000
|
5,025,700
|
|
|
Georgia State Municipal Electric Authority, Power Revenue, Georgia Project
1, Subordinated, Series B, Refunding, BAM
|
5.250%
|
1/1/54
|
1,750,000
|
1,846,280
|
|
|
Main Street Natural Gas Inc., GA, Gas Project Revenue, Series E
|
5.000%
|
6/1/31
|
3,300,000
|
3,523,837
(a)(b)
|
|
|
Total Georgia
|
10,603,882
|
||||
|
Idaho — 0.3%
|
|||||
|
|
|||||
|
Idaho State Health Facilities Authority Revenue, Series A, Refunding
|
4.375%
|
3/1/53
|
1,515,000
|
1,472,100
|
|
|
Illinois — 6.8%
|
|||||
|
Chicago, IL, Board of Education, GO:
|
|
|
|
|
|
|
Dedicated, Series B, Refunding
|
5.000%
|
12/1/40
|
1,800,000
|
1,794,531
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Illinois — continued
|
|||||
|
Dedicated, Series C
|
5.250%
|
12/1/39
|
$1,500,000
|
$1,495,828
|
|
|
Series A
|
5.000%
|
12/1/35
|
1,910,000
|
1,937,472
|
|
|
Chicago, IL, GO:
|
|
|
|
|
|
|
Series A
|
6.000%
|
1/1/50
|
1,500,000
|
1,581,211
|
|
|
Series A, Refunding
|
4.000%
|
1/1/36
|
3,850,000
|
3,704,238
|
|
|
Chicago, IL, O’Hare International Airport Revenue:
|
|
|
|
|
|
|
Senior Lien, Series A
|
5.500%
|
1/1/55
|
3,825,000
|
3,961,856
(d)
|
|
|
Senior Lien, Series E, BAM
|
5.000%
|
1/1/60
|
1,000,000
|
1,005,237
(d)
|
|
|
Illinois State Finance Authority Revenue:
|
|
|
|
|
|
|
Bondana-Champaign, Learning Facility
|
5.250%
|
10/1/53
|
2,500,000
|
2,617,423
|
|
|
Learn Charter, School Project, Series 2021, Refunding
|
4.000%
|
11/1/51
|
1,500,000
|
1,305,043
|
|
|
Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project, Series 2023
|
5.000%
|
10/1/48
|
2,500,000
|
2,606,514
|
|
|
Illinois State Finance Authority, Student Housing & Academic Facilities
Revenue, CHF Chicago LLC, University of Illinois Chicago Project
|
5.000%
|
2/15/47
|
500,000
|
480,609
|
|
|
Illinois State, GO:
|
|
|
|
|
|
|
Series A
|
5.000%
|
12/1/31
|
2,870,000
|
2,952,761
|
|
|
Series B
|
5.250%
|
5/1/40
|
2,650,000
|
2,840,436
|
|
|
Series B
|
5.250%
|
5/1/41
|
1,250,000
|
1,333,842
|
|
|
Metropolitan Pier & Exposition Authority, IL, Revenue, McCormick Place
Expansion Project, Series A, Refunding
|
4.000%
|
6/15/52
|
2,900,000
|
2,559,169
|
|
|
St. Clair County, IL, USD:
|
|
|
|
|
|
|
School Facilities Improvement District No 187, GO, Series A, AG
|
5.000%
|
1/1/49
|
1,000,000
|
1,023,198
|
|
|
School Facilities Improvement District No 187, GO, Series A, AG
|
5.000%
|
1/1/54
|
1,000,000
|
1,014,273
|
|
|
Total Illinois
|
34,213,641
|
||||
|
Indiana — 2.3%
|
|||||
|
Indiana State Finance Authority Revenue:
|
|
|
|
|
|
|
CWA Authority Project, Series A, Refunding
|
5.000%
|
10/1/43
|
1,550,000
|
1,703,041
|
|
|
Greenwood Village South Project, Series A
|
5.750%
|
5/15/60
|
1,000,000
|
1,029,676
|
|
|
Marian University Project, Series 2026
|
5.250%
|
9/15/56
|
1,285,000
|
1,294,327
|
|
|
Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding
|
5.000%
|
10/1/45
|
1,000,000
|
1,083,190
|
|
|
Indianapolis, IN, Local Public Improvement Bond Bank:
|
|
|
|
|
|
|
Series A
|
5.250%
|
2/1/54
|
3,500,000
|
3,578,916
|
|
|
Series B
|
4.125%
|
2/1/52
|
3,185,000
|
2,996,797
|
|
|
Total Indiana
|
11,685,947
|
||||
|
Iowa — 1.0%
|
|||||
|
Iowa State Finance Authority Revenue, Series A, Refunding
|
4.000%
|
5/15/46
|
3,850,000
|
3,432,394
|
|
|
Iowa State Higher Education Loan Authority Revenue, University of Dubuque
Project
|
6.000%
|
10/1/55
|
1,490,000
|
1,568,341
|
|
|
Total Iowa
|
5,000,735
|
||||
|
Kentucky — 1.4%
|
|||||
|
Kentucky State Bond Development Corp., Senior Revenue, University of
Kentucky Central Utility Plant Project, Series A
|
5.500%
|
10/31/56
|
1,950,000
|
2,097,057
|
|
|
Kentucky State PEA, Gas Supply Revenue, Series B
|
5.000%
|
12/1/33
|
3,640,000
|
3,748,473
|
|
|
Louisville/Jefferson County, KY, Metropolitan Government Health System
Revenue, Norton Healthcare Inc., Series A, Refunding
|
5.000%
|
10/1/31
|
1,135,000
|
1,139,712
|
|
|
Total Kentucky
|
6,985,242
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Louisiana — 2.0%
|
|||||
|
Louisiana State PFA Revenue:
|
|
|
|
|
|
|
Calcasieu River Bridge, Public-Private Partnership Project, Series 2024
|
5.500%
|
9/1/59
|
$3,250,000
|
$3,334,626
(d)
|
|
|
Ochsner Clinic Foundation Project, Series A, Refunding
|
5.250%
|
5/15/55
|
2,500,000
|
2,609,438
|
|
|
St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project,
Series A-3, Refunding
|
2.200%
|
7/1/26
|
4,000,000
|
4,000,000
(a)(b)
|
|
|
Total Louisiana
|
9,944,064
|
||||
|
Maryland — 0.1%
|
|||||
|
|
|||||
|
Gaithersburg, MD, Economic Development Revenue, Asbury Maryland
Obligated Group, Series A, Refunding
|
5.000%
|
1/1/36
|
750,000
|
759,462
|
|
|
Massachusetts — 0.8%
|
|||||
|
Massachusetts State HFA Revenue, Series A, Refunding
|
5.100%
|
12/1/30
|
540,000
|
540,554
(d)
|
|
|
Massachusetts State Port Authority Revenue, Series B, Refunding
|
4.000%
|
7/1/46
|
3,500,000
|
3,310,086
(d)
|
|
|
Total Massachusetts
|
3,850,640
|
||||
|
Michigan — 1.5%
|
|||||
|
Detroit, MI, GO:
|
|
|
|
|
|
|
Financial Recovery, Series B-1 Step bond (4.000% to 4/1/34 then 6.000%)
|
4.000%
|
4/1/44
|
2,126,348
|
1,740,084
(b)
|
|
|
Unlimited Tax, Series C
|
6.000%
|
5/1/43
|
500,000
|
560,033
|
|
|
Kentwood, MI, EDC Revenue:
|
|
|
|
|
|
|
Series 2021
|
4.000%
|
11/15/45
|
1,125,000
|
1,005,906
|
|
|
Series 2022, Refunding
|
4.000%
|
11/15/31
|
425,000
|
426,359
|
|
|
Series 2022, Refunding
|
4.000%
|
11/15/43
|
695,000
|
635,852
|
|
|
Michigan State Finance Authority Revenue:
|
|
|
|
|
|
|
Series 2015, Refunding
|
5.000%
|
12/1/45
|
250,000
|
244,990
|
|
|
Series 2017, Refunding
|
5.250%
|
2/1/32
|
1,855,000
|
1,861,801
|
|
|
Michigan State HDA Revenue, Rental Housing, Series A
|
4.450%
|
10/1/34
|
100,000
|
100,036
|
|
|
Michigan State Strategic Fund Ltd. Obligation Revenue, Bedrock Detroit –
Transformational Brownfield Plan Project, Series 2026
|
5.500%
|
10/1/53
|
1,220,000
|
1,245,603
(c)
|
|
|
Total Michigan
|
7,820,664
|
||||
|
Minnesota — 0.7%
|
|||||
|
Duluth, MN, EDA Revenue:
|
|
|
|
|
|
|
Benedictine Health System, Series A, Refunding
|
4.000%
|
7/1/31
|
1,000,000
|
980,862
|
|
|
Benedictine Health System, Series A, Refunding
|
4.000%
|
7/1/36
|
1,250,000
|
1,185,854
|
|
|
Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project,
Series A, Refunding
|
5.000%
|
6/1/32
|
1,150,000
|
1,160,554
|
|
|
Total Minnesota
|
3,327,270
|
||||
|
Mississippi — 0.4%
|
|||||
|
|
|||||
|
Gulfport, MS, Hospital Revenue, Series 2025
|
5.500%
|
7/1/55
|
1,875,000
|
1,937,740
|
|
|
Missouri — 3.0%
|
|||||
|
Kansas City, MO, IDA, Airport System Revenue:
|
|
|
|
|
|
|
Kansas City International Airport Terminal Modernization Project, Series A
|
4.000%
|
3/1/39
|
3,000,000
|
2,957,839
(d)
|
|
|
Kansas City International Airport Terminal Modernization Project, Series B
|
5.000%
|
3/1/46
|
2,700,000
|
2,733,324
(d)
|
|
|
Missouri State HEFA Revenue:
|
|
|
|
|
|
|
University of Health Sciences & Pharmacy in St. Louis Educational
Facilities, Series A, Refunding
|
4.000%
|
5/1/43
|
1,400,000
|
1,321,858
|
|
|
University of Health Sciences & Pharmacy in St. Louis Educational
Facilities, Series B, Refunding
|
4.000%
|
5/1/45
|
1,750,000
|
1,647,016
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Missouri — continued
|
|||||
|
University of Health Sciences and Pharmacy in St. Louis Educational
Facilities, Series A, Refunding
|
4.000%
|
5/1/34
|
$2,000,000
|
$1,935,571
|
|
|
University of Health Sciences and Pharmacy in St. Louis Educational
Facilities, Series A, Refunding
|
4.000%
|
5/1/40
|
2,300,000
|
2,173,137
|
|
|
St. Louis, MO, Municipal Finance Corp., Series 2020, AG
|
5.000%
|
10/1/45
|
2,250,000
|
2,331,093
|
|
|
Total Missouri
|
15,099,838
|
||||
|
Nebraska — 0.5%
|
|||||
|
|
|||||
|
Omaha, NE, Public Power District, Electric System Revenue, Series A
|
5.250%
|
2/1/48
|
2,500,000
|
2,669,987
|
|
|
Nevada — 0.2%
|
|||||
|
|
|||||
|
Las Vegas, NV, Special Improvement District No 818, Special Assessment
Revenue, Local Improvement Bonds, Series 2024
|
5.000%
|
12/1/54
|
1,190,000
|
1,192,682
|
|
|
New Hampshire — 1.7%
|
|||||
|
National Finance Authority, NH, Revenue:
|
|
|
|
|
|
|
Grace Christian School Project
|
6.000%
|
8/1/65
|
1,000,000
|
1,012,154
|
|
|
Social Certificates, Series 2
|
3.625%
|
8/20/39
|
3,341,158
|
3,209,564
|
|
|
New Hampshire State Health & Education Facilities Authority Act Revenue,
Refunding
|
5.000%
|
10/1/37
|
4,500,000
|
4,507,854
|
|
|
Total New Hampshire
|
8,729,572
|
||||
|
New Jersey — 2.4%
|
|||||
|
New Jersey State EDA Revenue:
|
|
|
|
|
|
|
Central Jersey College Prep Charter School Project, Series 2025
|
5.250%
|
11/1/60
|
430,000
|
432,999
|
|
|
Provident Group-Montclair Properties LLC, Montclair State University
Student Housing Project, Refunding, AG
|
5.000%
|
6/1/37
|
1,250,000
|
1,267,467
|
|
|
Special Facility, Port Newark Container Terminal LLC Project, Refunding
|
5.000%
|
10/1/37
|
3,000,000
|
3,039,553
(d)
|
|
|
New Jersey State Higher Education, Student Assistance Authority Revenue,
Series A, Refunding
|
4.250%
|
12/1/46
|
2,000,000
|
2,015,484
(d)
|
|
|
Passaic County, NJ, Improvement Authority Revenue, Paterson Arts and
Science Charter School Project, Series 2023
|
5.375%
|
7/1/53
|
1,000,000
|
1,014,648
|
|
|
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
|
5.000%
|
6/1/36
|
4,000,000
|
4,123,681
|
|
|
Total New Jersey
|
11,893,832
|
||||
|
New Mexico — 0.9%
|
|||||
|
Farmington, NM, Revenue, Public Service Company of New Mexico San
Juan Project, Series B, Refunding
|
2.150%
|
4/1/33
|
2,000,000
|
1,737,265
|
|
|
Mesa Del Sol Public Improvement District No 1 Revenue, Special Levy
Improvement Bonds, Series A
|
5.450%
|
10/1/55
|
500,000
|
507,149
(c)(f)
|
|
|
Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement
Residences Project, Series 2012, Refunding
|
5.000%
|
5/15/32
|
2,155,000
|
2,156,347
|
|
|
Total New Mexico
|
4,400,761
|
||||
|
New York — 9.5%
|
|||||
|
New York City, NY, HDC, MFH Revenue:
|
|
|
|
|
|
|
Sustainable Development, Green Bonds, Series D-1B, Refunding, FHA
|
2.400%
|
11/1/50
|
4,000,000
|
2,671,810
|
|
|
Sustainable Development, Green Bonds, Series J
|
3.350%
|
11/1/65
|
5,670,000
|
4,259,615
|
|
|
New York State Liberty Development Corp. Revenue:
|
|
|
|
|
|
|
1 World Trade Center Project, Series 2021, Refunding
|
2.750%
|
2/15/44
|
3,000,000
|
2,419,457
|
|
|
4 World Trade Center Project, Green Bonds, Refunding, BAM-TCRS
|
3.000%
|
11/15/51
|
3,500,000
|
2,585,688
|
|
|
New York State Thruway Authority, Personal Income Tax Revenue, Climate
Bond Certified, Series C, Green Bonds
|
5.000%
|
3/15/54
|
7,300,000
|
7,551,934
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
New York — continued
|
|||||
|
New York State Transportation Development Corp., Exempt Facility Revenue,
New York State Thruway Service Area Project, Series 2021
|
4.000%
|
10/31/46
|
$2,000,000
|
$1,872,378
(d)
|
|
|
New York State Transportation Development Corp., Special Facilities
Revenue:
|
|
|
|
|
|
|
John F. Kennedy International Airport Terminal Six Redevelopment
Project, Green Bonds, Series A, Refunding, AG
|
5.250%
|
12/31/54
|
2,780,000
|
2,879,914
(d)
|
|
|
LaGuardia Airport Terminal B Redevelopment Project, Series A
|
5.000%
|
7/1/46
|
2,000,000
|
2,000,125
(d)
|
|
|
New York State Urban Development Corp. Revenue, Series A
|
5.000%
|
3/15/44
|
10,000,000
|
10,819,219
|
|
|
Oneida Indian Nation of New York, NY:
|
|
|
|
|
|
|
Series A
|
8.000%
|
9/1/40
|
575,000
|
582,386
(c)
|
|
|
Tax Exempt Bonds
|
6.000%
|
9/1/43
|
825,000
|
898,047
(c)
|
|
|
Port Authority of New York & New Jersey Revenue, Consolidated Series
207, Refunding
|
5.000%
|
9/15/29
|
3,525,000
|
3,642,095
(d)
|
|
|
Triborough Bridge & Tunnel Authority, NY, Revenue, Sales Tax-MTA Bridges
& Tunnels, Series A
|
5.250%
|
5/15/57
|
5,600,000
|
5,876,012
|
|
|
Total New York
|
48,058,680
|
||||
|
North Carolina — 0.3%
|
|||||
|
North Carolina State Medical Care Commission, Retirement Facilities First
Mortgage Revenue:
|
|
|
|
|
|
|
Series A
|
5.000%
|
10/1/39
|
250,000
|
263,463
|
|
|
Series A
|
5.125%
|
10/1/54
|
1,500,000
|
1,516,425
|
|
|
Total North Carolina
|
1,779,888
|
||||
|
North Dakota — 0.1%
|
|||||
|
|
|||||
|
North Dakota State HFA Revenue, Housing Mortgage Finance, Series A
|
5.000%
|
7/1/50
|
500,000
|
514,490
|
|
|
Ohio — 1.4%
|
|||||
|
Cleveland Cuyahoga County, OH, Port Authority Revenue:
|
|
|
|
|
|
|
Cleveland Museum of Natural History Project, Series 2021
|
4.000%
|
7/1/46
|
950,000
|
878,525
|
|
|
Playhouse Square Foundation Project, Series 2018, Refunding
|
5.500%
|
12/1/53
|
2,500,000
|
2,523,212
|
|
|
Hamilton County, OH, Revenue, Life Enriching Communities Project,
Series 2012, Refunding
|
5.000%
|
1/1/32
|
655,000
|
655,534
|
|
|
Ohio State Hospital Revenue:
|
|
|
|
|
|
|
Cleveland Clinic Health System Obligated Group, Series A, Refunding
|
4.000%
|
1/1/43
|
15,000
|
15,315
(e)
|
|
|
Premier Health Partners Obligated Group, Series 2020, Refunding
|
4.000%
|
11/15/41
|
455,000
|
429,005
|
|
|
Port of Greater Cincinnati, OH, Development Authority Revenue, Duke Energy
Convention Center Project, Series A, Refunding
|
5.000%
|
12/1/58
|
2,740,000
|
2,818,355
|
|
|
Total Ohio
|
7,319,946
|
||||
|
Pennsylvania — 3.4%
|
|||||
|
Allegheny County, PA, Airport Authority Revenue, Series A, AG
|
4.000%
|
1/1/46
|
3,500,000
|
3,308,708
(d)
|
|
|
Chester County, PA, IDA Revenue, Series A
|
5.000%
|
8/1/30
|
720,000
|
720,350
|
|
|
Indiana County, PA, IDA Revenue, Foundation For Indiana University Of
Pennsylvania Project, Refunding, BAM
|
4.000%
|
5/1/54
|
1,000,000
|
928,324
|
|
|
Pennsylvania State Economic Development Financing Authority Revenue,
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project, Series 2022, AG
|
5.750%
|
12/31/62
|
2,250,000
|
2,380,324
(d)
|
|
|
Pennsylvania State Turnpike Commission Revenue:
|
|
|
|
|
|
|
Subordinated, Series A
|
4.900%
|
12/1/44
|
5,000,000
|
5,026,352
|
|
|
Subordinated, Series A
|
4.000%
|
12/1/49
|
2,160,000
|
2,013,590
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Pennsylvania — continued
|
|||||
|
Philadelphia, PA, Authority for IDR:
|
|
|
|
|
|
|
Independence Charter School, West Project, Series 2019
|
4.000%
|
6/15/29
|
$170,000
|
$168,429
|
|
|
Independence Charter School, West Project, Series 2019
|
5.000%
|
6/15/39
|
500,000
|
499,836
|
|
|
St. Joseph’s University, Series 2017
|
5.000%
|
11/1/47
|
1,155,000
|
1,177,617
(e)
|
|
|
St. Joseph’s University, Series 2017, Unrefunded
|
5.000%
|
11/1/47
|
1,195,000
|
1,196,365
|
|
|
Total Pennsylvania
|
17,419,895
|
||||
|
Puerto Rico — 0.9%
|
|||||
|
Puerto Rico Commonwealth, GO, Restructured, Series A-1
|
4.000%
|
7/1/37
|
1,550,000
|
1,556,540
|
|
|
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,
Series A-1
|
4.750%
|
7/1/53
|
2,900,000
|
2,869,541
|
|
|
Total Puerto Rico
|
4,426,081
|
||||
|
Rhode Island — 0.2%
|
|||||
|
|
|||||
|
Rhode Island State Student Loan Authority Revenue, Series A
|
5.000%
|
12/1/44
|
920,000
|
939,806
(d)
|
|
|
South Carolina — 2.4%
|
|||||
|
South Carolina State Jobs, EDA Hospital Facilities Revenue:
|
|
|
|
|
|
|
Bon Secours Mercy Health Inc., Series A, Refunding
|
4.000%
|
12/1/44
|
1,300,000
|
1,243,819
|
|
|
Series A
|
5.500%
|
11/1/54
|
5,000,000
|
5,335,074
|
|
|
South Carolina State Public Service Authority Revenue:
|
|
|
|
|
|
|
Santee Cooper, Series B, Refunding
|
5.000%
|
12/1/46
|
2,500,000
|
2,660,557
|
|
|
Series A, Unrefunded
|
5.000%
|
12/1/36
|
2,700,000
|
2,702,547
|
|
|
Total South Carolina
|
11,941,997
|
||||
|
Tennessee — 2.7%
|
|||||
|
Johnson City, TN, Health & Educational Facilities Board Revenue, Tapestry at
Roan Hill Project, HUD Section 8
|
3.600%
|
12/1/26
|
3,000,000
|
3,008,051
(a)(b)
|
|
|
Knox County, TN, Health, Educational & Housing Facility Board Revenue:
|
|
|
|
|
|
|
University Health System Inc., Series A-1, BAM
|
5.250%
|
7/1/49
|
1,250,000
|
1,308,792
|
|
|
University Health System Inc., Series A-1, BAM
|
5.500%
|
7/1/54
|
1,000,000
|
1,052,649
|
|
|
University Health System Inc., Series A-1, BAM
|
5.500%
|
7/1/59
|
1,750,000
|
1,839,622
|
|
|
Williamson County, TN, Industrial Development Board Revenue, Series 2023,
HUD Section 8
|
5.000%
|
5/1/27
|
6,625,000
|
6,671,120
(a)(b)
|
|
|
Total Tennessee
|
13,880,234
|
||||
|
Texas — 7.6%
|
|||||
|
Anna, TX, Special Assessment Revenue, Sherley Tract Public Improvement
District No 2, Series 2025
|
5.875%
|
9/15/51
|
679,000
|
702,773
(c)
|
|
|
Arlington, TX, Higher Education Finance Corp., Education Revenue, Riverwalk
Education Foundation Inc., PSF - GTD
|
4.500%
|
8/15/60
|
1,000,000
|
990,487
|
|
|
Beaumont, TX, Housing Authority Revenue, Residential Development Senior
Lien, Series A
|
6.500%
|
7/1/55
|
1,125,000
|
1,133,525
(c)
|
|
|
Clifton, TX, Higher Education Finance Corp., Education Revenue:
|
|
|
|
|
|
|
Idea Public Schools, Series A, PSF - GTD
|
4.000%
|
8/15/47
|
1,410,000
|
1,331,090
|
|
|
Series 2024, PSF - GTD
|
4.500%
|
8/15/54
|
2,280,000
|
2,222,480
|
|
|
Yes Prep Public Schools Inc., PSF - GTD
|
4.250%
|
4/1/48
|
2,525,000
|
2,415,004
|
|
|
FW Texas Street PFC Residential Development Revenue, River District
Project, Series 2025
|
5.000%
|
5/1/38
|
1,500,000
|
1,594,219
|
|
|
Galveston, TX, Wharves & Terminal Revenue:
|
|
|
|
|
|
|
First Lien, Series A
|
5.500%
|
8/1/42
|
500,000
|
541,203
(d)
|
|
|
First Lien, Series A
|
5.500%
|
8/1/43
|
400,000
|
431,434
(d)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Texas — continued
|
|||||
|
First Lien, Series A
|
5.500%
|
8/1/44
|
$550,000
|
$590,051
(d)
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue,
Series A, Refunding
|
5.000%
|
6/1/28
|
570,000
|
566,231
|
|
|
Houston, TX, HFC Revenue, Series 2025
|
5.250%
|
10/1/54
|
1,250,000
|
1,245,988
|
|
|
Irving, TX, Hotel Occupancy Tax Revenue:
|
|
|
|
|
|
|
Refunding
|
5.000%
|
8/15/33
|
240,000
|
245,544
|
|
|
Refunding
|
5.000%
|
8/15/34
|
300,000
|
307,061
|
|
|
Refunding
|
5.000%
|
8/15/36
|
430,000
|
438,050
|
|
|
Refunding
|
5.000%
|
8/15/39
|
600,000
|
605,901
|
|
|
Series 2019, Refunding
|
5.000%
|
8/15/31
|
100,000
|
102,781
|
|
|
Lake Houston, TX , Redevelopment Authority Revenue:
|
|
|
|
|
|
|
Refunding
|
3.000%
|
9/1/34
|
150,000
|
135,831
|
|
|
Refunding
|
3.000%
|
9/1/37
|
220,000
|
190,476
|
|
|
Refunding
|
3.000%
|
9/1/38
|
200,000
|
170,121
|
|
|
Refunding
|
3.000%
|
9/1/39
|
250,000
|
208,885
|
|
|
Refunding
|
3.000%
|
9/1/40
|
225,000
|
184,595
|
|
|
Refunding
|
3.000%
|
9/1/44
|
500,000
|
374,311
|
|
|
Refunding
|
3.000%
|
9/1/47
|
600,000
|
426,175
|
|
|
Lower Colorado River, TX, Authority Revenue, Series A, Refunding
|
6.000%
|
5/15/52
|
3,250,000
|
3,502,783
|
|
|
Matagorda County, TX, Navigation District No 1, Revenue, AEP Texas Central
Co., Refunding, Series A, AMBAC
|
4.400%
|
5/1/30
|
2,250,000
|
2,362,413
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Capital
Improvement Revenue, Texas A&M University, Cain Hall Redevelopment
Project, Series 2018, AG
|
4.000%
|
7/1/48
|
1,705,000
|
1,486,626
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement
Facility Revenue, Westminster Manor Project, Refunding
|
4.000%
|
11/1/55
|
250,000
|
212,854
|
|
|
Port Authority of Houston of Harris County, TX, Series 2023
|
5.000%
|
10/1/48
|
5,745,000
|
6,013,793
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement
Facility Revenue, Buckner Retirement Services Inc. Project, Refunding
|
5.000%
|
11/15/37
|
2,750,000
|
2,776,684
|
|
|
Texas State Community Housing & EDC Revenue, Senior Lien, Agape
Helotes, Series A-1
|
6.250%
|
1/1/65
|
1,175,000
|
1,120,170
(c)
|
|
|
Texas State Municipal Gas Acquisition & Supply Corp., Gas Supply Revenue,
Series 2026
|
5.000%
|
4/1/36
|
3,500,000
|
3,705,253
|
|
|
Total Texas
|
38,334,792
|
||||
|
Utah — 1.0%
|
|||||
|
Utah State Building Ownership Authority, Lease Revenue, Series 2022
|
5.000%
|
5/15/41
|
2,960,000
|
3,198,638
|
|
|
Utah State Infrastructure Agency, Tax-Exempt Telecommunications Revenue:
|
|
|
|
|
|
|
Series 2021
|
4.000%
|
10/15/33
|
1,225,000
|
1,215,354
|
|
|
Series 2021
|
4.000%
|
10/15/41
|
500,000
|
474,070
|
|
|
Total Utah
|
4,888,062
|
||||
|
Virginia — 0.7%
|
|||||
|
|
|||||
|
Henrico County, VA, EDA Revenue, Refunding, AG
|
5.929%
|
8/23/27
|
3,550,000
|
3,622,405
(g)
|
|
|
Washington — 2.7%
|
|||||
|
Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit
Pacific Medical Center, Series 2023, Refunding
|
6.875%
|
12/1/49
|
3,325,000
|
3,676,775
|
|
|
Port of Seattle, WA, Intermediate Lien Revenue:
|
|
|
|
|
|
|
Series 2022, Refunding
|
5.000%
|
8/1/41
|
2,000,000
|
2,118,532
(d)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Washington — continued
|
|||||
|
Series B, Refunding
|
5.000%
|
8/1/37
|
$1,500,000
|
$1,611,290
(d)
|
|
|
Series B, Refunding
|
5.000%
|
8/1/38
|
3,000,000
|
3,210,329
(d)
|
|
|
Series B, Refunding
|
5.000%
|
8/1/47
|
1,000,000
|
1,027,991
(d)
|
|
|
Washington State HFC Revenue:
|
|
|
|
|
|
|
Non-Profit Housing, Blakeley and Laurel Villages Portfolio, Series A, BAM
|
5.250%
|
7/1/64
|
1,000,000
|
1,022,675
(c)
|
|
|
Social Certificates, Series 2024
|
4.221%
|
3/1/50
|
1,084,596
|
1,067,773
(b)
|
|
|
Total Washington
|
13,735,365
|
||||
|
West Virginia — 0.1%
|
|||||
|
|
|||||
|
Ohio County, WV, Tax Increment Revenue, The Highlands Project,
Series 2024, Refunding
|
5.250%
|
6/1/53
|
750,000
|
755,279
|
|
|
Wisconsin — 4.5%
|
|||||
|
Public Finance Authority, WI, Revenue:
|
|
|
|
|
|
|
Charter School Certificates, Series 1
|
5.750%
|
7/1/62
|
1,388,315
|
1,453,223
|
|
|
Conference Center Facilities Revenue, Series A
|
4.000%
|
9/1/56
|
2,000,000
|
1,514,033
(c)
|
|
|
Georgia SR 400 Express Lanes Project
|
5.750%
|
12/31/65
|
1,000,000
|
1,048,278
(d)
|
|
|
Georgia SR 400 Express Lanes Project
|
6.500%
|
12/31/65
|
500,000
|
559,773
(d)
|
|
|
Grand Hyatt San Antonio Hotel Acquisition Project, Series A
|
5.000%
|
2/1/62
|
2,000,000
|
1,988,403
|
|
|
Multi-Family Affordable Housing Certificates, Series 1
|
6.810%
|
4/28/36
|
1,600,000
|
1,661,539
(c)
|
|
|
Roseman University Of Health Sciences, Refunding
|
4.000%
|
4/1/42
|
20,000
|
21,082
(c)(e)
|
|
|
Roseman University Of Health Sciences, Unrefunded
|
4.000%
|
4/1/42
|
830,000
|
753,197
(c)
|
|
|
Senior Airport Facilities, Trips Obligated Group, Series B, Refunding
|
5.250%
|
7/1/28
|
340,000
|
340,311
(d)
|
|
|
Series 2025, Refunding
|
5.250%
|
6/15/65
|
250,000
|
234,502
|
|
|
St. James Place Project, Tax-Exempt Bond, Series A-1
|
6.750%
|
12/1/60
|
900,000
|
927,413
(c)
|
|
|
Student Housing, Series A
|
5.750%
|
7/1/53
|
2,000,000
|
1,986,460
(c)
|
|
|
Wisconsin State HEFA Revenue:
|
|
|
|
|
|
|
Series A
|
5.500%
|
2/15/54
|
2,200,000
|
2,308,461
|
|
|
Series A, Refunding
|
4.000%
|
4/1/36
|
7,825,000
|
7,933,490
|
|
|
Total Wisconsin
|
22,730,165
|
||||
|
|
|||||
|
Total Municipal Bonds (Cost — $441,181,023)
|
446,511,235
|
||||
|
Municipal Bonds Deposited in Tender Option Bond Trusts(h) — 6.9%
|
|||||
|
Alaska — 1.3%
|
|||||
|
|
|||||
|
Alaska State Industrial Development and Export Authority Revenue, Tanana
Chief Conference Project, Series 2019A
|
4.000%
|
10/1/44
|
6,930,000
|
6,675,652
|
|
|
Colorado — 1.3%
|
|||||
|
|
|||||
|
City and County of Denver, CO, Department of Aviation Airport Revenue,
Series 2022D
|
5.750%
|
11/15/37
|
5,675,000
|
6,374,353
|
|
|
District of Columbia — 0.3%
|
|||||
|
|
|||||
|
Metropolitan Washington Airports Authority Revenue, Dulles Metrorail and
Capital Improvement Projects
|
4.000%
|
10/1/53
|
2,050,000
|
1,790,766
|
|
|
Florida — 1.3%
|
|||||
|
|
|||||
|
Orange County, FL, Health Facilities Authority Revenue, Series 2022
|
4.000%
|
10/1/52
|
7,265,000
|
6,478,859
|
|
|
Nevada — 0.8%
|
|||||
|
|
|||||
|
Las Vegas, NV, Convention Center Authority Revenue, Series B
|
5.000%
|
7/1/43
|
3,900,000
|
4,008,078
|
|
|
New York — 1.0%
|
|||||
|
|
|||||
|
Port Authority of New York and New Jersey Consolidated Bonds,
Series 2018
|
5.000%
|
11/1/49
|
4,745,000
|
4,827,993
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|
|||||
|
Texas — 0.9%
|
|||||
|
Grand Parkway Transportation Corp., TX, System Toll Revenue, Subordinated
Tier Toll Revenue, Series A
|
5.000%
|
10/1/48
|
$4,500,000
|
$4,580,966
|
|
|
|
|||||
|
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $33,739,810)
|
34,736,667
|
||||
|
Collateralized Mortgage Obligations(i) — 3.5%
|
|||||
|
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates,
2019-ML05 AUS
|
3.400%
|
1/25/36
|
2,916,025
|
2,793,195
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates,
2024-ML22 AUS
|
4.548%
|
10/25/40
|
2,702,562
|
2,819,198
(b)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily VRD Certificates,
M053 A
|
2.550%
|
6/15/35
|
6,505,000
|
5,741,941
|
|
|
National Finance Authority Affordable Housing Certificates, 2024-1 A
|
4.150%
|
10/20/40
|
1,493,965
|
1,497,723
|
|
|
New Hampshire Business Finance Authority, 2024-1 A
|
4.250%
|
7/20/41
|
1,947,250
|
1,957,245
|
|
|
Washington State Housing Finance Commission, 2023-1 A
|
3.375%
|
4/20/37
|
3,208,239
|
3,013,305
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $18,260,464)
|
17,822,607
|
||||
|
Total Investments before Short-Term Investments (Cost — $493,181,297)
|
499,070,509
|
||||
|
|
|
|
|
Shares
|
|
|
Short-Term Investments — 5.0%
|
|||||
|
Money Market Funds — 4.0%
|
|||||
|
Putnam Government Money Market Fund, Class P Shares
(Cost — $20,270,936)
|
3.420%
|
|
20,270,936
|
20,270,936
(j)(k)
|
|
|
|
|
|
Maturity
Date
|
Face
Amount
|
|
|
Municipal Bonds — 1.0%
|
|||||
|
New York — 1.0%
|
|||||
|
New York City, NY, Municipal Water Finance Authority, Water & Sewer
System Revenue, Second General Resolution Fiscal 2014, Series AA-1,
Refunding, SPA - JPMorgan Chase & Co. (Cost — $5,000,000)
|
2.900%
|
6/15/50
|
$5,000,000
|
5,000,000
(l)(m)
|
|
|
|
|||||
|
Total Short-Term Investments (Cost — $25,270,936)
|
25,270,936
|
||||
|
Total Investments — 103.7% (Cost — $518,452,233)
|
524,341,445
|
||||
|
TOB Floating Rate Notes — (4.6)%
|
(23,395,000
)
|
||||
|
Other Assets in Excess of Other Liabilities — 0.9%
|
4,593,005
|
||||
|
Total Net Assets — 100.0%
|
$505,539,450
|
||||
|
(a)
|
Maturity date shown represents the mandatory tender date.
|
|
(b)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
|
|
(c)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers.
|
|
(d)
|
Income from this issue is considered a preference item for purposes of calculating
the alternative minimum tax (“AMT”).
|
|
(e)
|
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or
U.S. government agency securities.
|
|
(f)
|
Securities traded on a when-issued or delayed delivery basis.
|
|
(g)
|
Bonds are generally escrowed to maturity by government securities and/or U.S. government
agency securities.
|
|
(h)
|
Represents securities deposited into a special purpose entity, referred to as a Tender
Option Bond (“TOB”) trust..
|
|
(i)
|
Collateralized mortgage obligations are secured by an underlying pool of mortgages
or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations.
The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject
to an upper and/or lower limit.
|
|
(j)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(k)
|
In this instance, as defined in the Investment Company Act of 1940, as amended (the
“1940 Act”), an “Affiliated Company” represents Fund ownership of at
least 5% of the outstanding voting securities of an issuer, or a company which is
under common ownership or control with the Fund. At June 30, 2026, the
total market value of investments in Affiliated Companies was $20,270,936 and the
cost was $20,270,936 (Note 2).
|
|
(l)
|
Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no
more than 7 days notice. The interest rate generally resets on a daily or weekly basis
and is determined on the specific interest rate reset date by the
remarketing agent, pursuant to a formula specified in official documents for the VRDO,
or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The
SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s
Short-term Obligation Rate Transparency System.
|
|
(m)
|
Maturity date shown is the final maturity date. The security may be sold back to the
issuer before final maturity.
|
|
Abbreviation(s) used in this schedule:
|
||
|
AG
|
—
|
Assured Guaranty — Insured Bonds
|
|
AMBAC
|
—
|
American Municipal Bond Assurance Corporation — Insured Bonds
|
|
BAM
|
—
|
Build America Mutual — Insured Bonds
|
|
CAB
|
—
|
Capital Appreciation Bonds
|
|
CDA
|
—
|
Communities Development Authority
|
|
CWA
|
—
|
Clean Water Act
|
|
EDA
|
—
|
Economic Development Authority
|
|
EDC
|
—
|
Economic Development Corporation
|
|
FHA
|
—
|
Federal Housing Administration — Insured Bonds
|
|
FHLMC
|
—
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
—
|
Federal National Mortgage Association
|
|
GO
|
—
|
General Obligation
|
|
GTD
|
—
|
Guaranteed
|
|
HDA
|
—
|
Housing Development Authority
|
|
HDC
|
—
|
Housing Development Corporation
|
|
HEFA
|
—
|
Health & Educational Facilities Authority
|
|
HFA
|
—
|
Housing Finance Agency
|
|
HFC
|
—
|
Housing Finance Commission
|
|
HUD
|
—
|
Housing & Urban Development
|
|
IDA
|
—
|
Industrial Development Authority
|
|
IDR
|
—
|
Industrial Development Revenue
|
|
MFA
|
—
|
Municipal Finance Authority
|
|
MFH
|
—
|
Multi-Family Housing
|
|
MTA
|
—
|
Metropolitan Transportation Authority
|
|
NATL
|
—
|
National Public Finance Guarantee Corporation — Insured Bonds
|
|
PCFA
|
—
|
Pollution Control Financing Authority
|
|
PEA
|
—
|
Public Energy Authority
|
|
PFA
|
—
|
Public Facilities Authority
|
|
PFC
|
—
|
Public Facilities Corporation
|
|
PSF
|
—
|
Permanent School Fund
|
|
SPA
|
—
|
Standby Bond Purchase Agreement — Insured Bonds
|
|
TCRS
|
—
|
Transferable Custodial Receipts
|
|
USD
|
—
|
Unified School District
|
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Municipal Bonds
|
—
|
$446,511,235
|
—
|
$446,511,235
|
|
Municipal Bonds Deposited in Tender Option Bond Trusts
|
—
|
34,736,667
|
—
|
34,736,667
|
|
Collateralized Mortgage Obligations
|
—
|
17,822,607
|
—
|
17,822,607
|
|
Total Long-Term Investments
|
—
|
499,070,509
|
—
|
499,070,509
|
|
Short-Term Investments†:
|
|
|
|
|
|
Money Market Funds
|
$20,270,936
|
—
|
—
|
20,270,936
|
|
Municipal Bonds
|
—
|
5,000,000
|
—
|
5,000,000
|
|
Total Short-Term Investments
|
20,270,936
|
5,000,000
|
—
|
25,270,936
|
|
Total Investments
|
$20,270,936
|
$504,070,509
|
—
|
$524,341,445
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
|
Affiliate
Value at
September 30, 2025
|
Purchased
|
Sold
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
June 30,
2026
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||||||
|
Money Market Funds:
|
|
|
|
||||||
|
Putnam Government Money Market
Fund, Class P Shares
|
—
|
$82,050,882
|
82,050,882
|
$61,779,946
|
61,779,946
|
—
|
$223,088
|
—
|
$20,270,936
|
|
Putnam Short Term Investment Fund,
Class P Shares
|
$6,471,505
|
13,433,687
|
13,433,687
|
19,905,192
|
19,905,192
|
—
|
11,912
|
—
|
—
|