|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Municipal Investments 151.9%
|
|
||
|
Alabama 0.7%
|
|
||
|
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a),
6/1/2049, GTY: Goldman Sachs Group, Inc.
|
|
800,000
|
834,990
|
|
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053
|
|
1,665,000
|
1,713,726
|
|
|
|
|
2,548,716
|
|
Alaska 2.3%
|
|
||
|
Alaska, Industrial Development & Export Authority Revenue, Tanana Chiefs Conference
Project, Series A, 4.0%, 10/1/2049
|
|
5,060,000
|
4,359,595
|
|
Alaska, Municipal Bond Bank Authority Revenue, Series 2, 4.0%, 6/1/2044
|
|
4,000,000
|
3,727,671
|
|
|
|
|
8,087,266
|
|
Arizona 2.7%
|
|
||
|
Arizona, Salt River Project Agricultural Improvement & Power District, Revenue,
Series A, 5.0%, 1/1/2054
|
|
5,000,000
|
5,051,634
|
|
Arizona, Salt Verde Financial Corp., Gas Revenue:
|
|
|
|
|
5.0%, 12/1/2037, GTY: Citigroup, Inc.
|
|
1,050,000
|
1,068,860
|
|
5.5%, 12/1/2029, GTY: Citigroup, Inc.
|
|
1,400,000
|
1,476,926
|
|
Arizona, Sierra Vista Industrial Development Authority Revenue, American Leadership
Academy Inc., 144A, 5.75%, 6/15/2058
|
|
1,000,000
|
901,903
|
|
Pima County, AZ, Industrial Development Authority, Education Revenue, American
Leadership Academy Project, 144A, 5.0%, 6/15/2052
|
|
1,150,000
|
945,339
|
|
|
|
|
9,444,662
|
|
California 15.2%
|
|
||
|
California, Bay Area Toll Authority, Toll Bridge Revenue:
|
|
|
|
|
Series B, 2.25% (b), 9/1/2026, LOC: Barclays Bank PLC
|
|
7,100,000
|
7,100,000
|
|
Series A, 2.35% (b), 9/1/2026, LOC: Barclays Bank PLC
|
|
13,135,000
|
13,135,000
|
|
California, Morongo Band of Mission Indians Revenue, Series B, 144A, Prerefunded,
5.0%, 10/1/2042
|
|
345,000
|
362,138
|
|
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup, Inc.
|
|
3,180,000
|
3,742,260
|
|
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC,
“II”, 144A, 7.0%, 1/1/2039
|
|
2,510,000
|
2,590,533
|
|
California, Statewide Communities Development Authority Revenue, Loma Linda
University Medical Center, Series A, 5.5%, 12/1/2054
|
|
1,000,000
|
1,000,149
|
|
California, University of California Revenue:
|
|
|
|
|
Series AL-2, 2.35% (b), 9/1/2026
|
|
3,800,000
|
3,800,000
|
|
Series AL-1, 2.4% (b), 9/1/2026
|
|
600,000
|
600,000
|
|
Series Z-2, 3.74% (b), 9/7/2026
|
|
650,000
|
650,000
|
|
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport:
|
|
|
|
|
Series A, AMT, 5.0%, 5/15/2042
|
|
3,750,000
|
3,765,819
|
|
Series A, AMT, 5.0%, 5/15/2044
|
|
6,430,000
|
6,473,672
|
|
Series A, AMT, 5.0%, 5/15/2045
|
|
1,250,000
|
1,265,963
|
|
San Francisco City & County, CA, Airports Commission, International Airport Revenue:
|
|
|
|
|
Series E, AMT, 5.0%, 5/1/2045
|
|
5,000,000
|
5,044,286
|
|
Series 2ND, AMT, 5.0%, 5/1/2048
|
|
2,965,000
|
2,966,296
|
|
|
|
|
52,496,116
|
|
Colorado 6.9%
|
|
||
|
Colorado, Canyons Metropolitan District No. 5, General Obligation, Series A, 5.25%,
12/1/2059, INS: BAM
|
|
1,500,000
|
1,515,745
|
|
Colorado, Denver Health & Hospital Authority Revenue, Series A, 6.0%, 12/1/2055
|
|
415,000
|
435,071
|
|
Colorado, Platte River Power Authority, Revenue:
|
|
|
|
|
Series LL, 5.0%, 6/1/2051
|
|
1,000,000
|
1,025,625
|
|
Series LL, 5.0%, 6/1/2056
|
|
2,000,000
|
2,033,615
|
|
Colorado, State Educational & Cultural Facilities Authority Revenue, National Jewish
Federation, Series B-5, 3.05% (b), 9/1/2026, LOC: TD Bank NA
|
|
600,000
|
600,000
|
|
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health
Obligation Group, Series A-1, 4.0%, 8/1/2044
|
|
9,960,000
|
9,005,067
|
|
Denver City & County, CO, Airport System Revenue, Series A, AMT, 5.25%, 12/1/2043
|
|
9,225,000
|
9,356,207
|
|
|
|
|
23,971,330
|
|
Connecticut 6.0%
|
|
||
|
Connecticut, State Health & Educational Facilities Authority Revenue, Yale University:
|
|
|
|
|
Series A, 2.9% (b), 9/1/2026
|
|
5,500,000
|
5,500,000
|
|
Series A-3, 2.9% (b), 9/1/2026
|
|
11,300,000
|
11,299,999
|
|
Series A-4, 2.9% (b), 9/1/2026
|
|
4,000,000
|
4,000,000
|
|
|
|
|
20,799,999
|
|
District of Columbia 0.4%
|
|
||
|
District of Columbia, Airport Authority, Dulles Toll Road Revenue, Series B, 4.0%,
10/1/2049
|
|
1,590,000
|
1,351,111
|
|
Florida 6.6%
|
|
||
|
City of Cape Coral, FL, Water & Sewer Revenue, 5.0%, 10/1/2051
|
|
4,000,000
|
4,034,876
|
|
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects, Series A, 5.0%, 6/15/2052
|
|
3,170,000
|
2,953,294
|
|
Highlands County, FL, Health Facilities Authority Revenue, AdventHealth Obligated
Group, Series C, 3.03% (b), 9/1/2026, SPA: PNC Bank NA
|
|
1,500,000
|
1,500,000
|
|
Miami-Dade County, FL, Aviation Revenue, Series A, AMT, 5.5%, 10/1/2055
|
|
4,000,000
|
4,123,922
|
|
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%,
7/1/2035, INS: AG
|
|
3,000,000
|
3,013,931
|
|
Miami-Dade County, FL, Transit System, Series A, 4.0%, 7/1/2050
|
|
5,000,000
|
4,346,841
|
|
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities,
Inc., Series B, 5.0%, 11/15/2049
|
|
3,000,000
|
2,969,182
|
|
|
|
|
22,942,046
|
|
Georgia 4.8%
|
|
||
|
Columbia County, GA, Hospital Authority Revenue, WellStar Health System Obligated
Group:
|
|
|
|
|
Series A, 5.125%, 4/1/2048
|
|
375,000
|
381,943
|
|
Series A, 5.75%, 4/1/2053
|
|
400,000
|
420,603
|
|
George L Smith II, GA, George L Smith II World Congress Center Authority,
Convention Center Hotel Second Tier Revenue, Series B, 144A, 5.0%, 1/1/2054
|
|
2,000,000
|
1,876,222
|
|
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
|
|
|
|
|
Series C, 5.0% (a), 9/1/2053, GTY: Royal Bank of Canada
|
|
770,000
|
805,954
|
|
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.
|
|
10,000,000
|
10,438,109
|
|
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2049
|
|
1,000,000
|
991,123
|
|
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project,
4.0%, 10/1/2047
|
|
1,800,000
|
1,574,712
|
|
|
|
|
16,488,666
|
|
Hawaii 1.0%
|
|
||
|
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.5%, 7/1/2054
|
|
1,000,000
|
1,037,723
|
|
Hawaii, State Department of Budget & Finance Revenue, Queen's Health Systems
Obligated Group:
|
|
|
|
|
Series C, 2.9% (b), 9/1/2026, LOC: TD Bank NA
|
|
900,000
|
900,000
|
|
Series B, 2.95% (b), 9/1/2026, LOC: Barclays Bank PLC
|
|
1,500,000
|
1,500,000
|
|
|
|
|
3,437,723
|
|
Idaho 0.5%
|
|
||
|
Idaho, State Health Facilities Authority Revenue, St Luke's Health System Ltd.
Obligated Group, Series 2025-A, 5.25%, 3/1/2050
|
|
1,500,000
|
1,535,341
|
|
Illinois 9.8%
|
|
||
|
Chicago, IL, O'Hare International Airport Revenue:
|
|
|
|
|
Series D, AMT, 5.0%, 1/1/2047
|
|
6,785,000
|
6,790,958
|
|
Series C, 5.25%, 1/1/2054
|
|
1,220,000
|
1,252,863
|
|
Series A, AMT, 5.5%, 1/1/2053
|
|
2,330,000
|
2,393,102
|
|
Series A, AMT, 5.5%, 1/1/2053, INS: AG
|
|
1,355,000
|
1,381,414
|
|
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A,
5.0%, 12/1/2052
|
|
3,000,000
|
3,007,736
|
|
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital
Appreciation-McCormick:
|
|
|
|
|
Series A, Zero Coupon, 6/15/2036, INS: NATL
|
|
3,500,000
|
2,348,249
|
|
Zero Coupon, 6/15/2044, INS: AG
|
|
2,500,000
|
1,071,981
|
|
Series B, Zero Coupon, 12/15/2051
|
|
10,000,000
|
2,671,016
|
|
Illinois, O'Hare International Airport Revenue, Series E, AMT, 5.5%, 1/1/2055
|
|
1,875,000
|
1,929,345
|
|
Illinois, State Finance Authority Revenue, Memorial Health System, 5.5%, 4/1/2056
|
|
1,000,000
|
1,028,765
|
|
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%,
11/15/2045
|
|
1,745,000
|
1,724,845
|
|
Illinois, State General Obligation:
|
|
|
|
|
Series B, 5.0%, 10/1/2033
|
|
1,970,000
|
2,026,590
|
|
Series A, 5.0%, 5/1/2034
|
|
3,500,000
|
3,577,210
|
|
5.5%, 5/1/2039
|
|
1,915,000
|
2,003,434
|
|
5.75%, 5/1/2045
|
|
735,000
|
764,334
|
|
|
|
|
33,971,842
|
|
Indiana 1.2%
|
|
||
|
Indiana, Finance Authority Revenue, DePauw University, Series A, 5.5%, 7/1/2052
|
|
4,000,000
|
4,021,748
|
|
Iowa 0.8%
|
|
||
|
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group,
Series B, 7.5%, 5/15/2053
|
|
2,000,000
|
2,196,314
|
|
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project,
4.0%, 10/1/2050
|
|
885,000
|
711,086
|
|
|
|
|
2,907,400
|
|
Kentucky 0.2%
|
|
||
|
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc.,
Obligated Group, Series A, 5.25%, 6/1/2041
|
|
800,000
|
800,346
|
|
Louisiana 1.7%
|
|
||
|
Louisiana, Public Facilities Authority Revenue, CHRISTUS Health Obligated Group,
Series B-2, 2.27% (b), 9/7/2026, LOC: TD Bank NA
|
|
5,000,000
|
5,000,000
|
|
Louisiana, State Gasoline & Fuels Tax Revenue, Series C, 2.9% (b), 9/1/2026, LOC:
TD
Bank NA
|
|
690,000
|
690,000
|
|
|
|
|
5,690,000
|
|
Maryland 3.4%
|
|
||
|
Maryland, State Department of Transportation Revenue, Aviation Administration:
|
|
|
|
|
Series A, AMT, 5.25%, 8/1/2049, INS: AG
|
|
3,500,000
|
3,582,589
|
|
Series A, AMT, 5.25%, 8/1/2054, INS: AG
|
|
4,000,000
|
4,062,920
|
|
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State
University Project:
|
|
|
|
|
5.0%, 7/1/2056
|
|
2,550,000
|
2,417,029
|
|
Series A, 5.75%, 7/1/2053
|
|
575,000
|
596,772
|
|
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist
Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046
|
|
745,000
|
746,687
|
|
Maryland, State Health & Higher Educational Facilities Authority Revenue, Johns
Hopkins Health System Corp., Series C, 3.0% (b), 9/1/2026, LOC: Bank of America
NA
|
|
500,000
|
500,000
|
|
|
|
|
11,905,997
|
|
Massachusetts 1.9%
|
|
||
|
Massachusetts, Educational Financing Authority, Issue M:
|
|
|
|
|
Series C, AMT, 3.0%, 7/1/2051
|
|
4,180,000
|
2,668,236
|
|
Series C, AMT, 4.125%, 7/1/2052
|
|
2,000,000
|
1,579,153
|
|
Massachusetts, General Obligation, Series B, 3.0%, 4/1/2048
|
|
3,000,000
|
2,227,231
|
|
|
|
|
6,474,620
|
|
Michigan 2.0%
|
|
||
|
Michigan, State Finance Authority, Hospital Revenue, McLaren Health Care, Series A,
4.0%, 2/15/2047
|
|
4,000,000
|
3,565,397
|
|
Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project, AMT,
5.0%, 6/30/2048
|
|
2,200,000
|
2,137,772
|
|
Wayne County, MI, Airport Authority Revenue, Series B, AMT, 5.5%, 12/1/2048,
INS: AG
|
|
1,000,000
|
1,038,755
|
|
|
|
|
6,741,924
|
|
Minnesota 2.0%
|
|
||
|
Minnesota, Duluth Economic Development Authority Revenue, Essentia Health
Obligated Group, Series A, 5.0%, 2/15/2058
|
|
5,350,000
|
5,159,878
|
|
Minnesota, State Office of Higher Education Revenue, AMT, 4.0%, 11/1/2042
|
|
1,715,000
|
1,621,140
|
|
|
|
|
6,781,018
|
|
Missouri 1.4%
|
|
||
|
Kansas City, MO, Industrial Development Authority, International Airport Terminal
Modernization Project:
|
|
|
|
|
Series A, AMT, 4.0%, 3/1/2057, INS: AG
|
|
2,000,000
|
1,658,427
|
|
Series B, AMT, 5.0%, 3/1/2055, INS: AG
|
|
1,540,000
|
1,519,661
|
|
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior
Services Obligated Group, Series C, 4.0%, 2/1/2048
|
|
2,000,000
|
1,700,242
|
|
|
|
|
4,878,330
|
|
Nebraska 3.0%
|
|
||
|
Nebraska, Nebraska Public Power District, Revenue:
|
|
|
|
|
Series A, 5.0%, 1/1/2051
|
|
2,000,000
|
2,033,856
|
|
Series A, 5.25%, 1/1/2055
|
|
8,000,000
|
8,261,520
|
|
|
|
|
10,295,376
|
|
New Jersey 4.2%
|
|
||
|
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge
Replacement Project, Series A, AMT, 5.125%, 7/1/2042, INS: AG
|
|
1,250,000
|
1,257,654
|
|
New Jersey, State Educational Facilities Authority Revenue, Steven Institute of
Technology, Series A, 4.0%, 7/1/2050
|
|
995,000
|
840,250
|
|
New Jersey, State Educational Facilities Authority Revenue, Stockton University,
Series A, 5.0%, 7/1/2041
|
|
685,000
|
685,043
|
|
New Jersey, State Higher Education Student Assistance Authority, Revenue, Series B,
AMT, 4.25%, 12/1/2045
|
|
890,000
|
870,642
|
|
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
|
|
|
|
|
Series AA, 4.0%, 6/15/2050
|
|
3,320,000
|
2,952,686
|
|
Series A, 5.0%, 12/15/2034
|
|
1,065,000
|
1,101,348
|
|
Series AA, 5.0%, 6/15/2046
|
|
3,640,000
|
3,678,406
|
|
Series AA, Prerefunded, 5.0%, 6/15/2046
|
|
1,960,000
|
2,066,183
|
|
Series BB, 5.25%, 6/15/2050
|
|
1,145,000
|
1,178,887
|
|
|
|
|
14,631,099
|
|
New York 20.3%
|
|
||
|
New York, Albany Capital Resource Corp. Revenue, Medical Center Hospital Obligated
Group, Series A, 5.25%, 5/1/2050
|
|
2,500,000
|
2,577,982
|
|
New York, Metropolitan Transportation Authority Revenue:
|
|
|
|
|
Series B, 5.0%, 11/15/2052
|
|
2,000,000
|
2,009,969
|
|
Series C-1, 5.25%, 11/15/2055
|
|
520,000
|
524,690
|
|
New York, State Dormitory Authority, Personal Income Tax Revenue, Series D, 5.0%,
2/15/2048
|
|
3,000,000
|
3,050,527
|
|
New York, State Housing Finance Agency Revenue, Liberty Street Realty LLC,
Series A, 2.26% (b), 9/7/2026, LIQ: Freddie Mac, LOC: Freddie Mac
|
|
300,000
|
300,000
|
|
New York, State Transportation Development Corp. Revenue, JFK Millennium
Partners LLC, Series A, AMT, 5.5%, 12/31/2060
|
|
2,190,000
|
2,195,423
|
|
New York, State Transportation Development Corp., Special Facilities Revenue, Delta
Air Lines, Inc., LaGuardia Airport C&D Redevelopment:
|
|
|
|
|
Series A, AMT, 5.0%, 1/1/2031
|
|
450,000
|
459,025
|
|
AMT, 5.625%, 4/1/2040
|
|
1,290,000
|
1,359,017
|
|
New York, State Transportation Development Corp., Special Facilities Revenue, John
F.
Kennedy International Airport Project:
|
|
|
|
|
AMT, 5.375%, 6/30/2060
|
|
2,085,000
|
2,063,542
|
|
AMT, 6.0%, 6/30/2059
|
|
1,385,000
|
1,448,945
|
|
New York, State Transportation Development Corp., Special Facilities Revenue,
Terminal 4 John F. Kennedy, International Project, AMT, 5.0%, 12/1/2041
|
|
265,000
|
269,978
|
|
New York, State Urban Development Corp., State Personal Income Tax Revenue,
Series A, 4.0%, 3/15/2045
|
|
8,830,000
|
8,057,567
|
|
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels,
Series A, 5.25%, 11/15/2055
|
|
4,000,000
|
4,120,924
|
|
New York City, NY, General Obligation:
|
|
|
|
|
Series L-4, 2.9% (b), 9/1/2026, LOC: U.S. Bank NA
|
|
4,100,000
|
4,100,000
|
|
Series A-4, 3.1% (b), 9/1/2026, SPA: State Street B&T Co.
|
|
8,800,000
|
8,800,000
|
|
Series G-6, 3.1% (b), 9/1/2026, LOC: Mizuho Bank Ltd.
|
|
700,000
|
700,000
|
|
New York City, NY, Municipal Water Finance Authority Revenue, Series CC, 2.9% (b),
9/1/2026, SPA: TD Bank NA
|
|
1,400,000
|
1,400,000
|
|
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems
Revenue:
|
|
|
|
|
Series AA-6, 2.9% (b), 9/1/2026, SPA: Mizuho Bank Ltd.
|
|
800,000
|
800,000
|
|
Series DD-2, 3.0% (b), 9/1/2026, SPA: JPMorgan Chase Bank NA
|
|
200,000
|
200,000
|
|
Series BB, 5.0%, 6/15/2056
|
|
5,000,000
|
5,060,900
|
|
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
|
|
|
|
|
Series H-3, 3.0% (b), 9/1/2026, SPA: Bank of America NA
|
|
900,000
|
900,000
|
|
Series C-4, 3.05% (b), 9/1/2026, SPA: Barclays Bank PLC
|
|
700,000
|
700,000
|
|
Series D, 4.25%, 5/1/2054
|
|
10,000,000
|
8,976,415
|
|
Series C, 5.0%, 11/1/2050
|
|
7,035,000
|
7,088,854
|
|
New York, NY, General Obligation, Series A, 4.0%, 8/1/2040
|
|
3,500,000
|
3,271,192
|
|
|
|
|
70,434,950
|
|
North Carolina 3.1%
|
|
||
|
City of Durham, NC, Water & Sewer Utility System Revenue:
|
|
|
|
|
4.25%, 8/1/2052
|
|
1,500,000
|
1,410,442
|
|
5.0%, 8/1/2055
|
|
4,250,000
|
4,381,210
|
|
North Carolina, State Turnpike Authority, Triangle Expressway System, Series A, 5.0%,
1/1/2058, INS: AG
|
|
5,000,000
|
5,014,467
|
|
|
|
|
10,806,119
|
|
Ohio 4.7%
|
|
||
|
Buckeye, OH, Tobacco Settlement Financing Authority, “2”, Series B-2, 5.0%, 6/1/2055
|
|
4,400,000
|
3,364,714
|
|
Columbus, OH, State Regional Airport Authority Revenue, Series A, AMT, 5.5%,
1/1/2050
|
|
4,435,000
|
4,593,844
|
|
Franklin County, OH, Trinity Health Corp., Obligated Group Revenue:
|
|
|
|
|
Series OH, 2.65% (a), 12/1/2048
|
|
2,500,000
|
2,500,268
|
|
Series A, 5.0%, 12/1/2047
|
|
2,950,000
|
2,974,954
|
|
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project,
Series A, 5.75%, 1/1/2053
|
|
570,000
|
583,197
|
|
Ohio, Brunswick City School District, General Obligation, 4.125%, 12/1/2048,
INS: BAM
|
|
2,500,000
|
2,359,610
|
|
|
|
|
16,376,587
|
|
Oklahoma 0.5%
|
|
||
|
Oklahoma, State Municipal Power Authority Revenue, Series A, 5.25%, 1/1/2056,
INS: AG
|
|
1,500,000
|
1,558,052
|
|
Oregon 0.0%
|
|
||
|
Oregon, State Facilities Authority Revenue, PeaceHealth Obligated Group, Series B,
2.75% (b), 9/1/2026, LOC: TD Bank NA
|
|
100,000
|
100,000
|
|
Pennsylvania 3.0%
|
|
||
|
Allegheny County, PA, Airport Authority Revenue, Series A, AMT, 5.5%, 1/1/2055,
INS: AG
|
|
2,000,000
|
2,059,338
|
|
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC
Obligated Group, Series 2025-B, 5.0%, 3/15/2050
|
|
1,000,000
|
1,003,470
|
|
Pennsylvania, State Economic Development Financing Authority Revenue, Waste
Management PA Obligated Group, AMT, 3.0% (a), 8/1/2045
|
|
2,000,000
|
2,000,175
|
|
Pennsylvania, State Economic Development Financing Authority Tax-Exempt Private
Activity Revenue, Major Bridges Package One Project, AMT, 6.0%, 6/30/2061
|
|
3,500,000
|
3,652,673
|
|
Pennsylvania, Turnpike Commission Oil Franchise Tax Revenue, Series A, 3.0%,
12/1/2051
|
|
2,500,000
|
1,753,840
|
|
|
|
|
10,469,496
|
|
South Carolina 1.1%
|
|
||
|
South Carolina, Public Service Authority Revenue, Series E, 5.25%, 12/1/2055
|
|
4,000,000
|
3,947,759
|
|
Tennessee 1.8%
|
|
||
|
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health
Obligation Group, Series A, 5.0%, 7/1/2036
|
|
1,040,000
|
1,058,117
|
|
Knox, TN, Health Educational & Housing Facility Board Revenue, Provident Group -
UTK Properties LLC, Series A-1, 5.5%, 7/1/2059, INS: BAM
|
|
1,145,000
|
1,172,296
|
|
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 5.25%,
7/1/2051
|
|
1,200,000
|
1,227,563
|
|
Nashville & Davidson County, TN, Metropolitan Government Health & Education
Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055
|
|
1,650,000
|
1,284,335
|
|
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052,
GTY: Goldman Sachs Group, Inc.
|
|
1,350,000
|
1,406,716
|
|
|
|
|
6,149,027
|
|
Texas 27.6%
|
|
||
|
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series A, 5.25%,
2/15/2045
|
|
250,000
|
260,035
|
|
Clifton, TX, Higher Education Finance Corp., Idea Public Schools, Series T, 4.0%,
8/15/2042
|
|
400,000
|
374,999
|
|
Conroe, TX, Independent School District, General Obligation, 4.0%, 2/15/2049
|
|
4,350,000
|
3,960,829
|
|
Dickinson, TX, Independent School District, 4.25%, 2/15/2053
|
|
2,500,000
|
2,274,173
|
|
Houston, TX, Airport System Revenue, Series A, AMT, 4.5%, 7/1/2053, INS: AG
|
|
5,000,000
|
4,617,152
|
|
Houston, TX, Airport System Revenue, United Airlines, Inc., Series B, AMT, 5.5%,
7/15/2039
|
|
2,345,000
|
2,443,285
|
|
Judson, TX, Independent School District, General Obligation, 4.0%, 2/1/2053
|
|
5,000,000
|
4,401,639
|
|
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian
University Project, Series A, 4.0%, 4/1/2057
|
|
2,050,000
|
1,651,099
|
|
North Texas, Tollway Authority Revenue:
|
|
|
|
|
5.0%, 1/1/2048
|
|
4,710,000
|
4,744,353
|
|
5.0%, 1/1/2050
|
|
1,435,000
|
1,444,161
|
|
Prosper, TX, Independent School District, General Obligation, 4.5%, 2/15/2055
|
|
2,000,000
|
1,896,349
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus
Health Obligated Group, Series B, 5.0%, 7/1/2048
|
|
5,000,000
|
5,053,663
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Baylor Scott & White Healthcare:
|
|
|
|
|
Series A, 2.95% (b), 9/1/2026, SPA: JPMorgan Chase Bank NA
|
|
2,300,000
|
2,300,000
|
|
Series C, 2.95% (b), 9/1/2026, SPA: Royal Bank of Canada
|
|
2,400,000
|
2,400,000
|
|
Texas, Dallas Independent School District, General Obligation, Series A, 5.0%,
2/15/2056
|
|
4,000,000
|
4,062,128
|
|
Texas, Frenship Independent School District, General Obligation, 5.0%, 2/15/2055
|
|
5,000,000
|
5,061,177
|
|
Texas, Grand Parkway Transportation Corp. Revenue, Series C, 4.0%, 10/1/2045
|
|
3,465,000
|
3,127,361
|
|
Texas, JPMorgan Chase Putters/Drivers Trust, Revenue, Series 2026-5113, 144A, 2.38%
(b), 9/7/2026, LIQ: JPMorgan Chase Bank NA
|
|
9,760,000
|
9,760,000
|
|
Texas, Lamar Consolidated Independent School District, General Obligation:
|
|
|
|
|
4.0%, 2/15/2053
|
|
6,000,000
|
5,093,769
|
|
5.0%, 2/15/2056
|
|
4,000,000
|
4,044,569
|
|
Series A, 5.0%, 2/15/2058
|
|
3,720,000
|
3,742,053
|
|
Texas, Lower Colorado River Authority Revenue, LCRA Transmission Services Corp.:
|
|
|
|
|
5.0%, 5/15/2055
|
|
3,500,000
|
3,517,304
|
|
5.25%, 5/15/2056
|
|
4,000,000
|
4,097,146
|
|
Texas, Pasadena Independent School District, 4.25%, 2/15/2053
|
|
5,000,000
|
4,548,347
|
|
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant
Express, AMT, 5.5%, 12/31/2058
|
|
1,720,000
|
1,757,148
|
|
Texas, State General Obligation:
|
|
|
|
|
2.45% (b), 9/7/2026, SPA: JPMorgan Chase Bank NA
|
|
470,000
|
470,000
|
|
Series A, AMT, 4.125%, 8/1/2044
|
|
3,000,000
|
2,747,693
|
|
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.
|
|
775,000
|
782,501
|
|
Texas, State Water Development Board Revenue, Revolving Fund, 4.75%, 10/15/2055
|
|
5,000,000
|
4,877,888
|
|
|
|
|
95,510,821
|
|
Virginia 2.6%
|
|
||
|
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
|
|
575,000
|
535,644
|
|
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform
66
P3 Project:
|
|
|
|
|
AMT, 5.0%, 12/31/2047
|
|
2,900,000
|
2,872,276
|
|
AMT, 5.0%, 12/31/2052
|
|
3,775,000
|
3,662,636
|
|
Williamsburg, VA, Economic Development Authority Revenue, College of William &
Mary Project, Series A, 4.125%, 7/1/2058, INS: AG
|
|
2,240,000
|
2,000,713
|
|
|
|
|
9,071,269
|
|
Washington 1.9%
|
|
||
|
Port of Seattle, WA, Revenue Bonds, Series B, AMT, 5.5%, 10/1/2050
|
|
4,000,000
|
4,171,467
|
|
Washington, State Higher Educational Facilities Authority, Gonzaga University Project,
Series A, 3.0%, 4/1/2049
|
|
3,515,000
|
2,395,077
|
|
|
|
|
6,566,544
|
|
West Virginia 1.3%
|
|
||
|
West Virginia, State Hospital Finance Authority Revenue, State University Health
System Obligated Group:
|
|
|
|
|
Series A, 5.0%, 6/1/2042
|
|
2,015,000
|
2,024,318
|
|
Series A, 5.5%, 6/1/2050
|
|
2,500,000
|
2,607,618
|
|
|
|
|
4,631,936
|
|
Wisconsin 2.6%
|
|
||
|
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project,
Series B, 5.0%, 7/1/2053
|
|
1,000,000
|
884,320
|
|
Wisconsin, Public Finance Authority Revenue, Renown Regional Medical Center
Obligated Group, Series A, 5.5%, 6/1/2055
|
|
2,000,000
|
2,056,416
|
|
Wisconsin, Public Finance Authority Revenue, SR 400 Peach Partners LLC, Series 2025,
AMT, 6.5%, 6/30/2060
|
|
1,030,000
|
1,127,472
|
|
Wisconsin, Public Finance Authority, Eastern Michigan University, Series A-1, 5.625%,
7/1/2055, INS: BAM
|
|
1,230,000
|
1,264,123
|
|
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk
Management Project, AMT, 4.0%, 9/30/2051
|
|
4,590,000
|
3,778,833
|
|
|
|
|
9,111,164
|
|
Puerto Rico 2.7%
|
|
||
|
Puerto Rico, General Obligation, Series A1, 4.0%, 7/1/2046
|
|
4,276,060
|
3,799,180
|
|
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon,
7/1/2046
|
|
14,900,000
|
5,363,245
|
|
|
|
|
9,162,425
|
|
Total Municipal Investments (Cost $529,510,959)
|
526,098,825
|
||
|
|
|||
|
Underlying Municipal Bonds of Inverse Floaters (c) 6.0%
|
|
||
|
Pennsylvania 3.0%
|
|
||
|
Pennsylvania, Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/2047 (d)
|
|
10,000,000
|
10,410,597
|
|
Trust: Pennsylvania, Southeastern Pennsylvania Transportation Authority,
Series 2022-XM1057, 144A, 12.63%, 6/1/2030, Leverage Factor at purchase
date: 4 to 1
|
|
|
|
|
Texas 3.0%
|
|
||
|
Texas, New Braunfels Independent School District, General Obligation, Series B, 5.0%,
2/1/2045 (d)
|
|
10,000,000
|
10,330,012
|
|
Trust: Texas, New Braunfels Independent School District, General Obligation,
Series 2022-XM1063, 144A, 11.69%, 2/1/2030, Leverage Factor at purchase
date: 4 to 1
|
|
|
|
|
Total Underlying Municipal Bonds of Inverse Floaters (Cost $20,806,185)
|
20,740,609
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Open-End Investment Companies 0.0%
|
|
||
|
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.27% (e)
(Cost $19,577)
|
|
19,575
|
19,577
|
|
|
|||
|
|
|
% of Net
Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $550,336,721)
|
157.9
|
546,859,011
|
|
|
Floating Rate Notes (c)
|
(4.3
)
|
(15,000,000
)
|
|
|
Series 2020-1 VMTPS
|
(54.9
)
|
(190,000,000
)
|
|
|
Other Assets and Liabilities, Net
|
1.3
|
4,458,189
|
|
|
Net Assets Applicable to Common Shareholders
|
100.0
|
346,317,200
|
|
|
(a)
|
Variable or floating rate security. These securities are shown at their current rate
as of August 31, 2026. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within
the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor
or ceiling feature are disclosed at the inherent
rate, where applicable.
|
|
(b)
|
Variable rate demand notes are securities whose interest rates are reset periodically
(usually daily mode or weekly mode) by
remarketing agents based on current market levels, and are not directly set as a fixed
spread to a reference rate. These securities
may be redeemed at par by the holder through a put or tender feature, and are shown
at their current rates as of August 31, 2026.
Date shown reflects the earlier of demand date or stated maturity date.
|
|
(c)
|
Securities represent the underlying municipal obligations of inverse floating rate
obligations held by the Fund. The Floating Rate
Notes represents leverage to the Fund and is the amount owed to the floating rate
note holders.
|
|
(d)
|
Security forms part of the below inverse floater. The Fund accounts for these inverse
floaters as a form of secured borrowing, by
reflecting the value of the underlying bond in the investments of the Fund and the
amount owed to the floating rate note holder as
a liability.
|
|
(e)
|
Current yield; not a coupon rate.
|
|
144A: Security exempt from registration under Rule 144A under the Securities Act of
1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
|
|
AG: Assured Guaranty, Inc.
|
|
AMT: Subject to alternative minimum tax.
|
|
BAM: Build America Mutual
|
|
GTY: Guaranty Agreement
|
|
INS: Insured
|
|
LIQ: Liquidity Facility
|
|
LOC: Letter of Credit
|
|
NATL: National Public Finance Guarantee Corp.
|
|
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury
securities which are held in escrow and used
to pay principal and interest on tax-exempt issues and to retire the bonds in full
at the earliest refunding date.
|
|
SPA: Standby Bond Purchase Agreement
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Municipal Investments (a)
|
$—
|
$546,839,434
|
$—
|
$546,839,434
|
|
Open-End Investment Companies
|
19,577
|
—
|
—
|
19,577
|
|
Total
|
$19,577
|
$546,839,434
|
$—
|
$546,859,011
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|