| ActivePassive Intermediate Municipal Bond ETF |
| Schedule of Investments |
| November 30, 2024 (Unaudited) |
| |
| MUNICIPAL BONDS - 94.2% | Par | | Value |
| Alabama - 2.0% |
| Alabama Federal Aid Highway Finance Authority, 5.00%, 09/01/2036 | | $ | 50,000 | | $ | 51,818 |
| Alabama Public School and College Authority, 5.00%, 11/01/2027 | | 35,000 | | 37,289 |
| Black Belt Energy Gas District |
5.50%, 06/01/2049 (a) | | 20,000 | | 21,370 |
4.00%, 10/01/2049 (a) | | 215,000 | | 217,283 |
4.00%, 12/01/2049 (a) | | 310,000 | | 311,280 |
4.00%, 06/01/2051 (a) | | 125,000 | | 126,672 |
4.00%, 07/01/2052 (a) | | 20,000 | | 20,267 |
4.00%, 10/01/2052 (a) | | 80,000 | | 80,553 |
4.00%, 12/01/2052 (a) | | 510,000 | | 513,035 |
5.50%, 11/01/2053 (a) | | 30,000 | | 31,929 |
5.25%, 01/01/2054 (a) | | 10,000 | | 10,785 |
5.25%, 05/01/2055 (a) | | 20,000 | | 21,827 |
| County of Jefferson AL Sewer Revenue, 5.00%, 10/01/2030 | | 85,000 | | 94,041 |
| Houston County Health Care Authority, 5.00%, 10/01/2030 | | 135,000 | | 136,975 |
Industrial Development Board of the City of Mobile Alabama, 1.00%, 06/01/2034 (a) | | 1,075,000 | | 1,058,312 |
Southeast Energy Authority A Cooperative District, 5.00%, 05/01/2053 (a) | | 180,000 | | 188,140 |
| Tuscaloosa City Board of Education, 5.00%, 08/01/2041 | | 15,000 | | 15,563 |
| | | 2,937,139 |
| | | | | | |
Alaska - 0.0%(b) |
| State of Alaska, 5.00%, 08/01/2029 | | 10,000 | | 10,989 |
| | | | | | |
| Arizona - 1.5% |
| Arizona Board of Regents, 5.00%, 07/01/2032 | | 840,000 | | 966,207 |
Chandler Industrial Development Authority, 3.80%, 12/01/2035 (a) | | 115,000 | | 116,892 |
| City of Glendale AZ, 5.00%, 07/01/2026 | | 15,000 | | 15,518 |
| City of Phoenix AZ, 5.00%, 07/01/2025 | | 275,000 | | 278,262 |
| Gilbert Water Resource Municipal Property Corp., 5.00%, 07/15/2031 | | 20,000 | | 22,754 |
| Industrial Development Authority of the County of Pima, 5.00%, 04/01/2031 | | 270,000 | | 291,875 |
| Maricopa County Industrial Development Authority, 5.00%, 01/01/2033 | | 190,000 | | 196,676 |
| Maricopa County Special Health Care District, 5.00%, 07/01/2030 | | 40,000 | | 44,298 |
| Maricopa County Union High School District No 210-Phoenix, 5.00%, 07/01/2027 | | 20,000 | | 21,174 |
| Salt River Project Agricultural Improvement & Power District |
| 5.00%, 01/01/2030 | | 45,000 | | 48,099 |
| 5.00%, 01/01/2031 | | 20,000 | | 21,353 |
| 5.00%, 01/01/2032 | | 195,000 | | 223,122 |
| Salt Verde Financial Corp., 5.00%, 12/01/2032 | | 10,000 | | 10,888 |
| State of Arizona, 5.00%, 10/01/2028 | | 30,000 | | 32,687 |
| | | 2,289,805 |
| | | | | | |
| Arkansas - 0.2% |
| City of Fayetteville AR Sales & Use Tax Revenue, 2.88%, 11/01/2032 | | 265,000 | | 258,955 |
| | | | | | |
| California - 7.6% |
| Alameda County Joint Powers Authority, 5.00%, 12/01/2032 | | 20,000 | | 23,500 |
| Anaheim Public Financing Authority |
0.00%, 09/01/2031 (c) | | 170,000 | | 137,115 |
0.00%, 09/01/2032 (c) | | 150,000 | | 116,558 |
0.00%, 09/01/2033 (c) | | 20,000 | | 14,961 |
| Bay Area Toll Authority |
| 4.00%, 04/01/2029 | | 35,000 | | 35,837 |
| 4.00%, 04/01/2032 | | 185,000 | | 188,768 |
2.13%, 04/01/2053 (a) | | 35,000 | | 34,862 |
| Bay Area Water Supply & Conservation Agency, 5.00%, 10/01/2027 | | 15,000 | | 16,036 |
Beverly Hills Unified School District CA, 0.00%, 08/01/2033 (c) | | 130,000 | | 99,408 |
| California Community Choice Financing Authority |
4.00%, 10/01/2052 (a) | | 85,000 | | 86,812 |
5.00%, 07/01/2053 (a) | | 20,000 | | 21,211 |
5.00%, 12/01/2053 (a) | | 55,000 | | 58,438 |
| California Health Facilities Financing Authority |
| 5.00%, 12/01/2031 | | 110,000 | | 122,611 |
| 5.00%, 08/15/2032 | | 20,000 | | 20,716 |
| 4.00%, 03/01/2033 | | 65,000 | | 65,001 |
3.00%, 08/15/2054 (a) | | 855,000 | | 854,836 |
| California Infrastructure & Economic Development Bank |
| 5.00%, 10/01/2026 | | 65,000 | | 68,074 |
| 5.00%, 10/01/2026 | | 20,000 | | 20,946 |
| 5.00%, 01/01/2028 | | 15,000 | | 16,018 |
| 5.00%, 06/01/2028 | | 75,000 | | 81,489 |
| 5.00%, 10/01/2028 | | 220,000 | | 232,740 |
| 5.00%, 10/01/2028 | | 45,000 | | 49,376 |
| 5.00%, 04/01/2033 | | 80,000 | | 94,974 |
| 4.00%, 10/01/2045 | | 35,000 | | 35,975 |
3.00%, 10/01/2047 (a) | | 140,000 | | 140,029 |
| California State Public Works Board |
| 5.00%, 12/01/2024 | | 320,000 | | 320,000 |
| 5.00%, 10/01/2029 | | 20,000 | | 21,234 |
| 5.00%, 02/01/2030 | | 25,000 | | 27,858 |
| California State University |
| 5.00%, 11/01/2027 | | 20,000 | | 21,221 |
| 3.00%, 11/01/2033 | | 60,000 | | 59,368 |
3.13%, 11/01/2051 (a) | | 150,000 | | 150,029 |
| California Statewide Communities Development Authority |
| 4.13%, 03/01/2034 | | 40,000 | | 40,062 |
5.00%, 04/01/2036 (a) | | 40,000 | | 44,223 |
5.00%, 04/01/2038 (a) | | 25,000 | | 27,639 |
5.00%, 04/01/2038 (a) | | 15,000 | | 16,584 |
5.00%, 04/01/2045 (a) | | 45,000 | | 49,751 |
| City & County of San Francisco CA |
| 5.00%, 06/15/2027 | | 20,000 | | 21,316 |
| 5.00%, 06/15/2028 | | 70,000 | | 76,317 |
| City of Los Angeles Department of Airports, 5.00%, 05/15/2031 | | 25,000 | | 28,215 |
| City of San Francisco CA Public Utilities Commission Water Revenue, 5.00%, 11/01/2032 | | 95,000 | | 98,790 |
| Coast Community College District, 4.50%, 08/01/2039 | | 100,000 | | 105,368 |
| County of San Bernardino CA, 5.00%, 10/01/2027 | | 35,000 | | 37,537 |
Foothill-Eastern Transportation Corridor Agency, 0.00%, 01/01/2028 (c) | | 45,000 | | 41,282 |
| Glendale Community College District/CA, 5.25%, 08/01/2041 | | 40,000 | | 42,938 |
| Golden State Tobacco Securitization Corp. |
0.00%, 06/01/2028 (c) | | 100,000 | | 90,341 |
| 5.00%, 06/01/2034 | | 20,000 | | 20,219 |
| 5.00%, 06/01/2040 | | 60,000 | | 60,657 |
| 5.00%, 06/01/2040 | | 40,000 | | 40,438 |
| 5.00%, 06/01/2045 | | 55,000 | | 55,602 |
Grossmont Union High School District, 0.00%, 08/01/2032 (c) | | 35,000 | | 27,698 |
| Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | | 70,000 | | 74,400 |
Los Angeles County Development Authority, 3.38%, 01/01/2046 (a) | | 25,000 | | 25,050 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 5.00%, 06/01/2026 | | 180,000 | | 186,856 |
| Los Angeles Department of Water & Power |
| 5.00%, 07/01/2026 | | 200,000 | | 207,699 |
| 5.00%, 07/01/2027 | | 30,000 | | 31,994 |
| 5.00%, 07/01/2029 | | 45,000 | | 50,180 |
| 5.00%, 07/01/2032 | | 150,000 | | 165,536 |
| Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/01/2028 | | 65,000 | | 70,981 |
| Los Angeles Unified School District/CA |
| 5.00%, 07/01/2026 | | 30,000 | | 31,193 |
| 5.00%, 07/01/2028 | | 20,000 | | 21,833 |
| 5.00%, 07/01/2029 | | 15,000 | | 16,135 |
| 5.00%, 07/01/2030 | | 25,000 | | 28,445 |
| 3.00%, 07/01/2031 | | 155,000 | | 154,625 |
| 5.00%, 07/01/2031 | | 1,250,000 | | 1,447,495 |
| Marin Community College District |
| 4.00%, 08/01/2041 | | 35,000 | | 36,183 |
| 5.00%, 08/01/2041 | | 20,000 | | 20,815 |
| Metropolitan Water District of Southern California |
| 5.00%, 07/01/2027 | | 45,000 | | 48,084 |
| 5.00%, 07/01/2029 | | 70,000 | | 78,058 |
| 5.00%, 07/01/2031 | | 80,000 | | 92,587 |
| Municipal Improvement Corp. of Los Angeles |
| 5.00%, 05/01/2027 | | 105,000 | | 111,312 |
| 5.00%, 11/01/2028 | | 190,000 | | 198,375 |
| 4.00%, 11/01/2033 | | 35,000 | | 35,570 |
| Northern California Sanitation Agencies Financing Authority, 5.00%, 12/01/2029 | | 85,000 | | 95,420 |
Poway Unified School District, 0.00%, 08/01/2032 (c) | | 25,000 | | 19,733 |
Rancho Santiago Community College District, 0.00%, 09/01/2030 (c) | | 50,000 | | 41,847 |
| Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2033 | | 45,000 | | 52,324 |
| Sacramento Municipal Utility District, 5.00%, 08/15/2026 | | 20,000 | | 20,866 |
| San Diego Community College District |
| 5.00%, 08/01/2026 | | 20,000 | | 20,815 |
| 5.00%, 08/01/2030 | | 60,000 | | 62,404 |
| 5.00%, 08/01/2031 | | 20,000 | | 20,801 |
| San Diego County Regional Transportation Commission, 5.00%, 04/01/2030 | | 15,000 | | 16,978 |
| San Diego County Water Authority |
| 5.00%, 05/01/2028 | | 20,000 | | 21,623 |
| 5.00%, 05/01/2030 | | 20,000 | | 22,684 |
| 5.00%, 05/01/2030 | | 210,000 | | 238,185 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue |
| 5.00%, 10/01/2029 | | 65,000 | | 72,884 |
| 5.00%, 10/01/2031 | | 20,000 | | 23,281 |
| 5.00%, 10/01/2034 | | 20,000 | | 23,418 |
San Joaquin Hills Transportation Corridor Agency, 0.00%, 01/15/2032 (c) | | 20,000 | | 15,583 |
San Mateo County Community College District, 0.00%, 09/01/2033 (c) | | 25,000 | | 19,059 |
| Santa Clara Unified School District, 5.00%, 07/01/2031 | | 20,000 | | 23,147 |
| Santa Clara Valley Water District Safe Clean Water Revenue, 5.00%, 12/01/2026 | | 160,000 | | 167,569 |
| Southern California Public Power Authority |
| 5.00%, 07/01/2027 | | 15,000 | | 16,001 |
0.65%, 07/01/2040 (a) | | 25,000 | | 24,492 |
| State of California |
| 5.00%, 11/01/2028 | | 155,000 | | 168,862 |
| 3.00%, 09/01/2029 | | 70,000 | | 69,911 |
| 3.25%, 09/01/2031 | | 20,000 | | 20,002 |
| 5.00%, 11/01/2031 | | 130,000 | | 137,771 |
| 5.00%, 08/01/2032 | | 1,000,000 | | 1,156,661 |
| 3.50%, 09/01/2032 | | 130,000 | | 130,000 |
| State of California Department of Water Resources |
| 5.00%, 12/01/2028 | | 185,000 | | 203,871 |
| 5.00%, 12/01/2030 | | 210,000 | | 240,678 |
| 5.00%, 12/01/2031 | | 305,000 | | 348,666 |
| 5.00%, 12/01/2032 | | 35,000 | | 39,916 |
| 5.00%, 12/01/2033 | | 30,000 | | 32,290 |
| University of California |
| 3.25%, 05/15/2029 | | 235,000 | | 235,213 |
| 5.00%, 05/15/2029 | | 35,000 | | 37,075 |
| 5.00%, 05/15/2029 | | 30,000 | | 33,379 |
| 5.00%, 05/15/2029 | | 15,000 | | 16,703 |
| 5.00%, 05/15/2031 | | 20,000 | | 22,982 |
| 4.00%, 05/15/2033 | | 50,000 | | 51,172 |
| 5.00%, 05/15/2034 | | 20,000 | | 23,964 |
| Ventura County Community College District, 3.13%, 08/01/2031 | | 35,000 | | 35,022 |
Yosemite Community College District, 0.00%, 08/01/2031 (c) | | 20,000 | | 16,308 |
| | | 11,333,944 |
| | | | | | |
| Colorado - 1.9% |
| Adams & Arapahoe Joint School District 28J Aurora |
| 5.00%, 12/01/2030 | | 60,000 | | 62,530 |
| 5.00%, 12/01/2032 | | 70,000 | | 72,730 |
| City & County of Denver CO Airport System Revenue |
| 5.00%, 11/15/2027 | | 35,000 | | 37,218 |
| 5.00%, 11/15/2032 | | 250,000 | | 286,013 |
| 5.00%, 11/15/2032 | | 335,000 | | 345,974 |
| City of Aurora CO Water Revenue |
| 5.00%, 08/01/2034 | | 115,000 | | 119,244 |
| 5.00%, 08/01/2035 | | 70,000 | | 72,583 |
| 5.00%, 08/01/2036 | | 20,000 | | 20,738 |
| 5.00%, 08/01/2041 | | 220,000 | | 228,119 |
| Colorado Health Facilities Authority |
| 5.00%, 08/01/2025 | | 25,000 | | 25,280 |
| 5.00%, 08/01/2026 | | 205,000 | | 211,382 |
| 5.00%, 01/01/2027 | | 35,000 | | 36,575 |
| 5.00%, 08/01/2028 | | 55,000 | | 58,870 |
| 5.00%, 08/01/2028 | | 20,000 | | 21,407 |
| 3.13%, 09/01/2042 | | 105,000 | | 105,257 |
5.00%, 11/15/2049 (a) | | 65,000 | | 67,387 |
5.00%, 11/15/2057 (a) | | 20,000 | | 22,732 |
| Denver City & County School District No 1, 4.00%, 12/01/2027 | | 130,000 | | 135,108 |
| Douglas County School District No Re-1 Douglas & Elbert Counties |
| 5.00%, 12/15/2026 | | 40,000 | | 41,874 |
| 5.00%, 12/15/2028 | | 35,000 | | 38,136 |
| Regional Transportation District Sales Tax Revenue |
| 5.00%, 11/01/2026 | | 45,000 | | 47,004 |
| 5.00%, 11/01/2027 | | 85,000 | | 90,682 |
| 5.00%, 11/01/2029 | | 25,000 | | 27,712 |
| 5.00%, 11/01/2031 | | 40,000 | | 45,612 |
| 5.00%, 11/01/2033 | | 10,000 | | 10,571 |
| State of Colorado |
| 5.00%, 12/15/2025 | | 95,000 | | 97,119 |
| 5.00%, 12/15/2026 | | 200,000 | | 209,047 |
| 5.00%, 12/15/2026 | | 80,000 | | 83,619 |
| 5.00%, 12/15/2027 | | 40,000 | | 42,702 |
| 5.00%, 12/15/2031 | | 20,000 | | 22,707 |
| 5.00%, 03/15/2032 | | 95,000 | | 99,206 |
| | | 2,785,138 |
| | | | | | |
| Connecticut - 0.6% |
| Connecticut State Health & Educational Facilities Authority |
| 5.00%, 07/01/2029 | | 160,000 | | 177,171 |
2.80%, 07/01/2057 (a) | | 20,000 | | 19,912 |
| State of Connecticut, 5.00%, 09/15/2026 | | 420,000 | | 436,784 |
| State of Connecticut Special Tax Revenue |
| 5.00%, 05/01/2027 | | 20,000 | | 21,096 |
| 5.00%, 07/01/2027 | | 125,000 | | 132,339 |
| 5.00%, 05/01/2031 | | 65,000 | | 72,162 |
| | | 859,464 |
| | | | | | |
| Delaware - 0.4% |
| Delaware Transportation Authority, 5.00%, 07/01/2028 | | 25,000 | | 27,121 |
| State of Delaware |
| 5.00%, 01/01/2027 | | 81,000 | | 85,014 |
| 5.00%, 02/01/2027 | | 105,000 | | 110,415 |
| 5.00%, 01/01/2028 | | 150,000 | | 160,960 |
| 5.00%, 01/01/2029 | | 105,000 | | 114,843 |
| 5.00%, 05/01/2029 | | 35,000 | | 38,524 |
| 5.00%, 02/01/2031 | | 30,000 | | 34,074 |
| 5.00%, 03/01/2031 | | 35,000 | | 39,804 |
| 5.00%, 05/01/2033 | | 40,000 | | 46,916 |
| | | 657,671 |
| | | | | | |
| District of Columbia - 2.5% |
| District of Columbia |
| 5.00%, 10/15/2025 | | 290,000 | | 295,383 |
| 5.00%, 06/01/2026 | | 180,000 | | 181,902 |
| 5.00%, 01/01/2027 | | 35,000 | | 36,691 |
| 5.00%, 06/01/2027 | | 45,000 | | 47,622 |
| 5.00%, 08/01/2027 | | 1,000,000 | | 1,062,246 |
| 5.00%, 10/15/2028 | | 250,000 | | 272,218 |
| 5.00%, 12/01/2028 | | 20,000 | | 21,729 |
| 5.00%, 01/01/2029 | | 45,000 | | 49,200 |
| 5.00%, 10/15/2029 | | 90,000 | | 98,521 |
| 5.00%, 01/01/2030 | | 55,000 | | 61,200 |
| 5.00%, 06/01/2033 | | 10,000 | | 10,478 |
| 5.00%, 10/15/2033 | | 285,000 | | 308,977 |
| District of Columbia Income Tax Revenue |
| 5.00%, 10/01/2026 | | 105,000 | | 109,485 |
| 5.00%, 03/01/2027 | | 25,000 | | 26,306 |
| 5.00%, 03/01/2027 | | 15,000 | | 15,784 |
| 5.00%, 10/01/2028 | | 195,000 | | 212,168 |
| 5.00%, 05/01/2029 | | 270,000 | | 296,831 |
| 5.00%, 10/01/2029 | | 30,000 | | 33,233 |
| 5.00%, 12/01/2029 | | 25,000 | | 27,778 |
| 5.00%, 03/01/2030 | | 80,000 | | 89,273 |
| 5.00%, 10/01/2030 | | 55,000 | | 61,947 |
| 5.00%, 03/01/2031 | | 60,000 | | 66,011 |
| 5.00%, 10/01/2031 | | 50,000 | | 57,119 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 0.00%, 10/01/2032 (c) | | 30,000 | | 23,095 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue |
| 5.00%, 07/15/2027 | | 20,000 | | 21,192 |
| 5.00%, 07/15/2028 | | 85,000 | | 91,916 |
| 5.00%, 07/15/2028 | | 50,000 | | 54,069 |
| 5.00%, 07/15/2028 | | 20,000 | | 21,627 |
| 5.00%, 07/15/2031 | | 50,000 | | 56,595 |
| 5.00%, 07/15/2032 | | 20,000 | | 22,883 |
| | | 3,733,479 |
| | | | | | |
| Florida - 5.3% |
| Brevard County School District, 5.00%, 07/01/2029 | | 110,000 | | 120,457 |
| Central Florida Expressway Authority |
| 5.00%, 07/01/2027 | | 740,000 | | 781,739 |
| 5.00%, 07/01/2028 | | 170,000 | | 183,213 |
| 5.00%, 07/01/2031 | | 40,000 | | 44,895 |
| 5.00%, 07/01/2032 | | 70,000 | | 79,200 |
| City of Jacksonville FL, 5.00%, 10/01/2026 | | 90,000 | | 93,582 |
| County of Manatee FL Public Utilities Revenue, 5.00%, 10/01/2032 | | 200,000 | | 229,852 |
| County of Miami-Dade FL Water & Sewer System Revenue |
| 5.00%, 10/01/2028 | | 110,000 | | 116,355 |
| 5.00%, 10/01/2029 | | 15,000 | | 15,842 |
| 5.00%, 10/01/2032 | | 40,000 | | 46,001 |
| Florida Department of Management Services |
| 5.00%, 11/01/2027 | | 45,000 | | 47,787 |
| 5.00%, 11/01/2028 | | 365,000 | | 394,814 |
| Florida Municipal Power Agency, 5.00%, 10/01/2027 | | 85,000 | | 87,836 |
| Hillsborough County Industrial Development Authority, 5.00%, 11/15/2029 | | 1,185,000 | | 1,300,608 |
| Hillsborough County School Board |
| 5.00%, 07/01/2028 | | 15,000 | | 15,783 |
| 5.00%, 07/01/2029 | | 355,000 | | 384,456 |
| JEA Electric System Revenue, 5.00%, 10/01/2027 | | 700,000 | | 744,215 |
| JEA Water & Sewer System Revenue |
| 5.00%, 10/01/2026 | | 25,000 | | 26,027 |
| 5.00%, 10/01/2026 | | 20,000 | | 20,821 |
| 5.00%, 10/01/2028 | | 220,000 | | 233,634 |
| 5.00%, 10/01/2030 | | 270,000 | | 303,481 |
| Lee County Industrial Development Authority/FL, 5.00%, 04/01/2029 | | 20,000 | | 21,646 |
| Orlando Utilities Commission, 5.00%, 10/01/2026 | | 30,000 | | 31,194 |
Polk County Housing Finance Authority, 4.15%, 12/01/2040 (a) | | 20,000 | | 20,262 |
| Sarasota County School Board |
| 5.00%, 07/01/2026 | | 15,000 | | 15,502 |
| 5.00%, 07/01/2028 | | 45,000 | | 48,450 |
| 5.00%, 07/01/2033 | | 45,000 | | 51,854 |
| School Board of Miami-Dade County |
| 4.00%, 08/01/2029 | | 50,000 | | 50,041 |
| 5.00%, 02/01/2031 | | 20,000 | | 20,395 |
| 3.25%, 02/01/2033 | | 235,000 | | 230,337 |
| State of Florida |
| 5.00%, 06/01/2026 | | 70,000 | | 72,384 |
| 5.00%, 06/01/2028 | | 1,130,000 | | 1,164,943 |
| 5.00%, 06/01/2029 | | 20,000 | | 22,013 |
| 5.00%, 06/01/2030 | | 105,000 | | 117,616 |
| 5.00%, 07/01/2030 | | 105,000 | | 117,893 |
| 5.00%, 06/01/2031 | | 30,000 | | 34,132 |
| 5.00%, 06/01/2031 | | 30,000 | | 34,132 |
| 5.00%, 06/01/2033 | | 225,000 | | 262,897 |
| State of Florida Department of Transportation Turnpike System Revenue, 5.00%, 07/01/2028 | | 20,000 | | 21,626 |
| Tampa Bay Water, 6.00%, 10/01/2029 | | 300,000 | | 338,422 |
| | | 7,946,337 |
| | | | | | |
| Georgia - 2.7% |
| Bartow County Development Authority |
3.95%, 12/01/2032 (a) | | 90,000 | | 92,604 |
2.88%, 08/01/2043 (a) | | 135,000 | | 134,509 |
| Columbus Medical Center Hospital Authority |
5.00%, 07/01/2054 (a) | | 60,000 | | 61,046 |
5.00%, 07/01/2054 (a) | | 45,000 | | 47,994 |
Development Authority of Burke County, 3.80%, 10/01/2032 (a) | | 165,000 | | 166,598 |
| Georgia Ports Authority, 5.00%, 07/01/2031 | | 20,000 | | 22,729 |
| Georgia State Road & Tollway Authority, 5.00%, 06/01/2030 | | 165,000 | | 184,288 |
| Griffin-Spalding County School System |
| 5.00%, 09/01/2027 | | 15,000 | | 15,927 |
| 5.00%, 09/01/2028 | | 160,000 | | 173,265 |
| Gwinnett County Water & Sewerage Authority, 5.00%, 08/01/2029 | | 60,000 | | 66,349 |
| Main Street Natural Gas, Inc. |
| 5.50%, 09/15/2027 | | 55,000 | | 57,924 |
4.00%, 03/01/2050 (a) | | 60,000 | | 60,529 |
4.00%, 07/01/2052 (a) | | 20,000 | | 20,281 |
| Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2026 | | 200,000 | | 207,194 |
| Private Colleges & Universities Authority, 5.00%, 09/01/2032 | | 1,645,000 | | 1,893,590 |
| State of Georgia |
| 5.00%, 07/01/2028 | | 415,000 | | 435,406 |
| 5.00%, 07/01/2029 | | 40,000 | | 44,183 |
| 3.00%, 02/01/2030 | | 35,000 | | 34,936 |
| 5.00%, 02/01/2031 | | 40,000 | | 41,954 |
| 5.00%, 07/01/2031 | | 225,000 | | 241,822 |
| 5.00%, 07/01/2031 | | 50,000 | | 57,115 |
| 2.50%, 02/01/2033 | | 25,000 | | 23,414 |
| | | 4,083,657 |
| | | | | | |
| Hawaii - 1.1% |
| City & County Honolulu HI Wastewater System Revenue, 5.00%, 07/01/2030 | | 1,000,000 | | 1,032,198 |
| City & County of Honolulu HI |
| 5.00%, 03/01/2028 | | 145,000 | | 155,755 |
| 5.00%, 09/01/2028 | | 30,000 | | 32,543 |
| 5.00%, 11/01/2028 | | 55,000 | | 59,855 |
| 5.00%, 03/01/2029 | | 55,000 | | 60,161 |
| 5.00%, 03/01/2031 | | 95,000 | | 105,499 |
| 5.00%, 03/01/2031 | | 20,000 | | 22,573 |
| State of Hawaii |
| 5.00%, 01/01/2031 | | 150,000 | | 159,734 |
| 4.00%, 10/01/2031 | | 55,000 | | 55,807 |
| | | 1,684,125 |
| | | | | | |
| Idaho - 0.2% |
| Idaho Housing & Finance Association, 5.00%, 08/15/2030 | | 200,000 | | 224,113 |
| Idaho State Building Authority, 5.00%, 06/01/2026 | | 80,000 | | 82,688 |
| | | 306,801 |
| | | | | | |
| Illinois - 8.9% |
| Chicago Board of Education |
| 5.50%, 12/01/2026 | | 20,000 | | 20,274 |
0.00%, 12/01/2028 (c) | | 130,000 | | 111,474 |
0.00%, 12/01/2028 (c) | | 95,000 | | 81,462 |
0.00%, 12/01/2029 (c) | | 95,000 | | 78,235 |
0.00%, 12/01/2029 (c) | | 75,000 | | 61,765 |
0.00%, 12/01/2030 (c) | | 220,000 | | 173,975 |
0.00%, 12/01/2030 (c) | | 70,000 | | 55,356 |
| Chicago Midway International Airport |
| 5.00%, 01/01/2027 | | 15,000 | | 15,678 |
| 5.00%, 01/01/2028 | | 20,000 | | 21,308 |
| 5.00%, 01/01/2033 | | 70,000 | | 80,202 |
| 5.00%, 01/01/2034 | | 15,000 | | 17,112 |
| Chicago O'Hare International Airport |
| 5.00%, 01/01/2032 | | 20,000 | | 20,026 |
| 5.00%, 01/01/2034 | | 50,000 | | 54,181 |
| Chicago Transit Authority Capital Grant Receipts Revenue, 5.00%, 06/01/2027 | | 20,000 | | 20,869 |
| City of Chicago IL |
| 5.00%, 01/01/2029 | | 270,000 | | 285,428 |
| 5.00%, 01/01/2032 | | 140,000 | | 149,614 |
| City of Chicago IL Wastewater Transmission Revenue |
| 5.00%, 01/01/2030 | | 180,000 | | 198,040 |
| 5.00%, 01/01/2031 | | 560,000 | | 624,573 |
| 5.00%, 01/01/2032 | | 105,000 | | 118,271 |
| 5.00%, 01/01/2033 | | 140,000 | | 158,133 |
| City of Chicago IL Waterworks Revenue |
| 5.00%, 11/01/2028 | | 20,000 | | 20,690 |
| 5.00%, 11/01/2031 | | 455,000 | | 512,735 |
| 5.00%, 11/01/2032 | | 175,000 | | 196,860 |
| Cook Kane Lake & McHenry Counties Community College District No 512, 4.00%, 12/15/2029 | | 20,000 | | 20,687 |
| County of Will IL, 5.00%, 11/15/2041 | | 20,000 | | 20,390 |
| Illinois Finance Authority |
| 5.00%, 01/01/2027 | | 30,000 | | 31,424 |
| 5.00%, 07/01/2027 | | 335,000 | | 349,940 |
| 5.00%, 02/15/2029 | | 30,000 | | 31,331 |
| 5.00%, 04/01/2030 | | 1,000,000 | | 1,108,051 |
| 5.00%, 07/01/2031 | | 110,000 | | 114,329 |
| 5.00%, 04/01/2033 | | 1,000,000 | | 1,151,434 |
| 4.00%, 01/01/2040 | | 25,000 | | 25,679 |
| Illinois Sports Facilities Authority, 5.00%, 06/15/2029 | | 20,000 | | 21,470 |
| Illinois State Toll Highway Authority |
| 5.00%, 01/01/2027 | | 85,000 | | 88,842 |
| 5.00%, 01/01/2030 | | 265,000 | | 293,012 |
| 4.00%, 12/01/2031 | | 20,000 | | 20,208 |
| Kendall Kane & Will Counties Community Unit School District No 308, 5.00%, 02/01/2029 | | 125,000 | | 134,323 |
| Metropolitan Pier & Exposition Authority |
0.00%, 12/15/2030 (c) | | 70,000 | | 56,995 |
0.00%, 06/15/2031 (c) | | 35,000 | | 27,919 |
0.00%, 12/15/2031 (c) | | 20,000 | | 15,654 |
0.00%, 06/15/2032 (c) | | 80,000 | | 61,386 |
0.00%, 12/15/2032 (c) | | 35,000 | | 26,343 |
| Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2030 | | 110,000 | | 114,073 |
| Regional Transportation Authority |
| 5.00%, 07/01/2026 | | 20,000 | | 20,669 |
| 5.75%, 06/01/2029 | | 90,000 | | 98,776 |
| Sales Tax Securitization Corp. |
| 5.00%, 01/01/2027 | | 80,000 | | 83,434 |
| 5.00%, 01/01/2027 | | 35,000 | | 36,503 |
| 5.00%, 01/01/2028 | | 60,000 | | 63,687 |
| 5.00%, 01/01/2029 | | 15,000 | | 16,195 |
| 5.00%, 01/01/2030 | | 175,000 | | 191,241 |
| 5.00%, 01/01/2030 | | 170,000 | | 185,525 |
| 5.00%, 01/01/2032 | | 285,000 | | 319,285 |
| 5.00%, 01/01/2033 | | 105,000 | | 118,851 |
| 5.00%, 01/01/2033 | | 45,000 | | 50,936 |
| 5.00%, 01/01/2034 | | 45,000 | | 50,820 |
| 5.00%, 01/01/2034 | | 25,000 | | 28,233 |
| State of Illinois |
| 5.00%, 10/01/2025 | | 15,000 | | 15,231 |
| 5.00%, 11/01/2025 | | 50,000 | | 50,842 |
| 5.00%, 12/01/2025 | | 15,000 | | 15,278 |
| 5.50%, 05/01/2026 | | 490,000 | | 506,238 |
| 5.00%, 10/01/2026 | | 45,000 | | 46,526 |
| 5.00%, 10/01/2026 | | 1,000,000 | | 1,033,919 |
| 5.00%, 03/01/2027 | | 20,000 | | 20,834 |
| 5.00%, 05/01/2027 | | 770,000 | | 804,184 |
| 5.00%, 10/01/2027 | | 185,000 | | 194,594 |
| 5.00%, 11/01/2027 | | 75,000 | | 79,002 |
| 5.00%, 12/01/2027 | | 20,000 | | 21,101 |
| 4.00%, 03/01/2028 | | 20,000 | | 20,469 |
| 5.00%, 07/01/2028 | | 105,000 | | 111,695 |
| 5.00%, 10/01/2028 | | 25,000 | | 26,700 |
| 5.00%, 11/01/2028 | | 385,000 | | 403,081 |
| 5.00%, 02/01/2029 | | 15,000 | | 15,536 |
| 5.00%, 03/01/2029 | | 20,000 | | 21,487 |
| 5.00%, 10/01/2029 | | 15,000 | | 16,244 |
| 5.00%, 12/01/2029 | | 40,000 | | 43,432 |
| 4.00%, 02/01/2030 | | 40,000 | | 40,580 |
| 5.00%, 03/01/2030 | | 35,000 | | 38,105 |
| 5.00%, 03/01/2030 | | 20,000 | | 21,774 |
| 5.00%, 03/01/2030 | | 20,000 | | 21,774 |
| 5.00%, 05/01/2030 | | 40,000 | | 43,639 |
| 5.50%, 05/01/2030 | | 130,000 | | 140,036 |
| 5.00%, 07/01/2030 | | 55,000 | | 60,125 |
| 5.00%, 10/01/2030 | | 20,000 | | 21,928 |
| 5.00%, 03/01/2031 | | 240,000 | | 264,330 |
| 5.00%, 03/01/2031 | | 75,000 | | 82,603 |
| 5.00%, 05/01/2031 | | 45,000 | | 49,646 |
| 5.00%, 12/01/2031 | | 20,000 | | 22,188 |
| 5.00%, 03/01/2032 | | 45,000 | | 50,066 |
| 5.00%, 03/01/2032 | | 265,000 | | 294,834 |
| 5.00%, 05/01/2032 | | 80,000 | | 89,141 |
| 5.00%, 05/01/2032 | | 40,000 | | 44,570 |
| 5.00%, 07/01/2032 | | 15,000 | | 16,738 |
| 5.00%, 12/01/2032 | | 25,000 | | 26,077 |
| 5.00%, 12/01/2032 | | 35,000 | | 39,219 |
| 5.00%, 03/01/2033 | | 45,000 | | 49,812 |
| 5.00%, 03/01/2033 | | 120,000 | | 131,239 |
| 5.00%, 05/01/2033 | | 75,000 | | 83,144 |
| 5.00%, 07/01/2033 | | 40,000 | | 44,435 |
| 5.00%, 03/01/2034 | | 20,000 | | 22,102 |
| 5.00%, 05/01/2034 | | 60,000 | | 67,878 |
| | | 13,266,282 |
| | | | | | |
| Indiana - 1.1% |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue, 5.00%, 08/15/2026 | | 135,000 | | 139,884 |
| Indiana Finance Authority |
| 5.00%, 10/01/2026 | | 40,000 | | 41,621 |
| 5.00%, 02/01/2027 | | 165,000 | | 173,153 |
| 5.00%, 06/01/2027 | | 345,000 | | 360,162 |
| 5.00%, 06/01/2028 | | 125,000 | | 130,469 |
| 5.00%, 02/01/2029 | | 270,000 | | 295,220 |
| 5.00%, 06/01/2029 | | 70,000 | | 77,077 |
| 5.00%, 02/01/2030 | | 90,000 | | 95,768 |
0.70%, 12/01/2046 (a) | | 30,000 | | 29,098 |
2.10%, 11/01/2049 (a) | | 20,000 | | 19,339 |
2.25%, 12/01/2058 (a) | | 210,000 | | 208,014 |
| Indianapolis Local Public Improvement Bond Bank, 5.00%, 06/01/2026 | | 30,000 | | 30,919 |
| | | 1,600,724 |
| | | | | | |
| Iowa - 0.8% |
| Iowa Finance Authority |
| 5.00%, 08/01/2026 | | 45,000 | | 46,735 |
| 5.00%, 08/01/2027 | | 280,000 | | 296,983 |
| 5.00%, 08/01/2029 | | 15,000 | | 15,849 |
| 5.00%, 08/01/2031 | | 30,000 | | 33,996 |
| 5.00%, 08/01/2032 | | 380,000 | | 430,544 |
| 5.00%, 08/01/2034 | | 25,000 | | 29,041 |
| State of Iowa, 5.00%, 06/01/2029 | | 295,000 | | 324,428 |
| | | 1,177,576 |
| | | | | | |
| Kansas - 0.9% |
| State of Kansas Department of Transportation |
| 5.00%, 09/01/2026 | | 355,000 | | 360,327 |
| 5.00%, 09/01/2029 | | 750,000 | | 827,111 |
| 5.00%, 09/01/2029 | | 25,000 | | 25,358 |
| 5.00%, 09/01/2031 | | 15,000 | | 17,056 |
| 5.00%, 09/01/2032 | | 20,000 | | 23,083 |
| Wyandotte County Unified School District No 500 Kansas City, 4.00%, 09/01/2034 | | 30,000 | | 30,661 |
| | | 1,283,596 |
| | | | | | |
| Kentucky - 1.1% |
| Kentucky Public Energy Authority |
4.00%, 12/01/2049 (a) | | 35,000 | | 35,085 |
4.00%, 08/01/2052 (a) | | 15,000 | | 15,291 |
5.00%, 05/01/2055 (a) | | 120,000 | | 127,531 |
| Kentucky State Property & Building Commission |
| 5.00%, 11/01/2026 | | 1,000,000 | | 1,040,353 |
| 5.00%, 11/01/2027 | | 40,000 | | 41,555 |
| Kentucky Turnpike Authority, 5.00%, 07/01/2028 | | 45,000 | | 48,577 |
| Louisville/Jefferson County Metropolitan Government |
| 2.00%, 10/01/2033 | | 15,000 | | 12,236 |
1.75%, 02/01/2035 (a) | | 130,000 | | 126,570 |
5.00%, 10/01/2047 (a) | | 110,000 | | 118,435 |
| | | 1,565,633 |
| | | | | | |
| Louisiana - 1.7% |
| Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2029 | | 200,000 | | 217,978 |
Parish of St John the Baptist LA, 2.38%, 06/01/2037 (a) | | 320,000 | | 314,748 |
| State of Louisiana |
| 5.00%, 05/01/2028 | | 870,000 | | 936,161 |
| 5.00%, 09/01/2029 | | 40,000 | | 44,094 |
| 5.00%, 09/01/2030 | | 55,000 | | 61,613 |
| 5.00%, 09/01/2033 | | 35,000 | | 40,639 |
| State of Louisiana Gasoline & Fuels Tax Revenue, 5.00%, 05/01/2031 | | 750,000 | | 844,244 |
| | | 2,459,477 |
| | | | | | |
| Maine - 0.9% |
| Finance Authority of Maine, 5.00%, 07/01/2027 | | 20,000 | | 21,113 |
| Maine Municipal Bond Bank, 5.00%, 11/01/2028 | | 1,260,000 | | 1,369,260 |
| | | 1,390,373 |
| | | | | | |
| Maryland - 3.7% |
| County of Prince George's MD |
| 5.00%, 09/15/2029 | | 105,000 | | 116,323 |
| 5.00%, 07/01/2031 | | 80,000 | | 91,331 |
| Maryland Stadium Authority |
| 5.00%, 06/01/2025 | | 175,000 | | 176,683 |
| 5.00%, 06/01/2027 | | 265,000 | | 279,850 |
| 5.00%, 06/01/2029 | | 750,000 | | 820,817 |
| 5.00%, 03/01/2031 | | 115,000 | | 128,673 |
| Maryland State Transportation Authority, 5.00%, 07/01/2027 | | 345,000 | | 365,167 |
| State of Maryland |
| 5.00%, 08/01/2027 | | 65,000 | | 69,046 |
| 5.00%, 08/01/2029 | | 210,000 | | 232,125 |
| 5.00%, 03/15/2030 | | 20,000 | | 22,364 |
| 5.00%, 03/15/2031 | | 115,000 | | 130,718 |
| 5.00%, 08/01/2031 | | 245,000 | | 280,036 |
| 5.00%, 06/01/2032 | | 1,140,000 | | 1,317,433 |
| 5.00%, 06/01/2034 | | 225,000 | | 258,252 |
| State of Maryland Department of Transportation |
| 5.00%, 10/01/2027 | | 20,000 | | 21,314 |
| 4.00%, 10/01/2030 | | 735,000 | | 774,319 |
| 3.00%, 11/01/2030 | | 85,000 | | 84,589 |
| 3.00%, 09/01/2031 | | 20,000 | | 19,844 |
| 2.13%, 10/01/2031 | | 20,000 | | 18,141 |
| 2.50%, 10/01/2033 | | 55,000 | | 50,338 |
| 3.50%, 10/01/2033 | | 70,000 | | 70,080 |
| University System of Maryland, 5.00%, 04/01/2026 | | 225,000 | | 231,634 |
| | | 5,559,077 |
| | | | | | |
| Massachusetts - 0.8% |
| Commonwealth of Massachusetts |
| 5.00%, 11/01/2031 | | 40,000 | | 45,965 |
| 5.00%, 01/01/2033 | | 100,000 | | 106,330 |
| Massachusetts Clean Water Trust, 5.00%, 08/01/2025 | | 30,000 | | 30,421 |
| Massachusetts Development Finance Agency |
| 5.00%, 10/01/2027 | | 25,000 | | 26,812 |
5.00%, 07/01/2050 (a) | | 70,000 | | 76,655 |
| Massachusetts Housing Finance Agency |
| 3.35%, 06/01/2027 | | 265,000 | | 266,290 |
| 3.05%, 12/01/2027 | | 590,000 | | 589,355 |
| | | 1,141,828 |
| | | | | | |
| Michigan - 1.8% |
| Detroit Regional Convention Facility Authority, 5.00%, 10/01/2032 | | 600,000 | | 674,768 |
| Great Lakes Water Authority Water Supply System Revenue, 5.00%, 07/01/2029 | | 20,000 | | 21,946 |
| Michigan Finance Authority |
| 5.00%, 04/15/2033 | | 30,000 | | 33,645 |
| 3.00%, 11/15/2033 | | 600,000 | | 579,105 |
| Michigan State Building Authority |
| 5.00%, 10/15/2030 | | 200,000 | | 207,787 |
| 5.00%, 04/15/2031 | | 235,000 | | 238,622 |
| Michigan State Housing Development Authority |
| 3.10%, 12/01/2031 | | 345,000 | | 334,980 |
4.50%, 12/01/2042 (a) | | 25,000 | | 25,287 |
| Michigan State University, 5.00%, 08/15/2029 | | 40,000 | | 44,078 |
| State of Michigan |
| 5.00%, 03/15/2026 | | 190,000 | | 195,057 |
| 5.00%, 05/01/2027 | | 15,000 | | 15,822 |
| State of Michigan Trunk Line Revenue |
| 5.00%, 11/15/2031 | | 140,000 | | 159,535 |
| 5.00%, 11/15/2032 | | 90,000 | | 102,348 |
| 5.00%, 11/15/2032 | | 10,000 | | 11,517 |
| Utica Community Schools/MI, 5.00%, 05/01/2026 | | 55,000 | | 56,726 |
| | | 2,701,223 |
| | | | | | |
| Minnesota - 1.7% |
| Farmington Independent School District No 192, 5.00%, 02/01/2027 | | 20,000 | | 20,997 |
| Osseo Independent School District No 279, 5.00%, 02/01/2034 | | 75,000 | | 85,035 |
| South Washington County Independent School District No 833/MN, 5.00%, 02/01/2028 | | 150,000 | | 160,858 |
| State of Minnesota |
| 5.00%, 08/01/2026 | | 65,000 | | 67,474 |
| 5.00%, 08/01/2028 | | 925,000 | | 1,003,480 |
| 5.00%, 08/01/2028 | | 70,000 | | 75,939 |
| 5.00%, 08/01/2028 | | 50,000 | | 54,242 |
| 5.00%, 09/01/2028 | | 95,000 | | 103,230 |
| 5.00%, 08/01/2029 | | 420,000 | | 464,445 |
| 5.00%, 09/01/2029 | | 95,000 | | 105,214 |
| 5.00%, 11/01/2031 | | 105,000 | | 119,732 |
| University of Minnesota, 5.00%, 01/01/2028 | | 310,000 | | 332,174 |
| | | 2,592,820 |
| | | | | | |
| Mississippi - 1.4% |
| State of Mississippi |
| 5.00%, 10/01/2028 | | 10,000 | | 10,619 |
| 5.00%, 11/01/2032 | | 100,000 | | 104,321 |
| 5.00%, 11/01/2032 | | 75,000 | | 76,505 |
| 4.00%, 11/01/2034 | | 20,000 | | 20,222 |
| 5.00%, 11/01/2034 | | 50,000 | | 52,161 |
| 4.00%, 11/01/2035 | | 1,630,000 | | 1,648,107 |
| 5.00%, 11/01/2035 | | 20,000 | | 20,864 |
| West Rankin Utility Authority, 5.00%, 01/01/2048 | | 150,000 | | 160,591 |
| | | 2,093,390 |
| | | | | | |
| Missouri - 0.5% |
| Curators of the University of Missouri, 5.00%, 11/01/2030 | | 455,000 | | 511,578 |
| Health & Educational Facilities Authority of the State of Missouri |
| 5.00%, 06/01/2028 | | 220,000 | | 234,537 |
4.00%, 05/01/2051 (a) | | 30,000 | | 30,337 |
| Missouri State Environmental Improvement & Energy Resources Authority, 2.75%, 09/01/2033 | | 20,000 | | 18,147 |
| | | 794,599 |
| | | | | | |
| Montana - 0.1% |
City of Forsyth MT, 3.90%, 03/01/2031 (a) | | 85,000 | | 85,001 |
| | | | | | |
| Nebraska - 0.4% |
Central Plains Energy Project, 4.00%, 12/01/2049 (a) | | 500,000 | | 501,494 |
| Omaha Public Power District, 5.00%, 02/01/2027 | | 20,000 | | 21,005 |
| | | 522,499 |
| | | | | | |
| Nevada - 1.0% |
| County of Clark Department of Aviation, 5.00%, 07/01/2032 | | 100,000 | | 108,689 |
| County of Clark NV |
| 5.00%, 07/01/2026 | | 200,000 | | 206,816 |
| 5.00%, 07/01/2030 | | 80,000 | | 89,383 |
| 2.10%, 06/01/2031 | | 105,000 | | 92,981 |
| Las Vegas Valley Water District |
| 5.00%, 06/01/2027 | | 105,000 | | 110,910 |
| 5.00%, 06/01/2028 | | 15,000 | | 16,172 |
| State of Nevada Highway Improvement Revenue |
| 3.00%, 12/01/2029 | | 780,000 | | 777,724 |
| 5.00%, 12/01/2030 | | 50,000 | | 52,443 |
| 4.00%, 12/01/2033 | | 80,000 | | 81,487 |
| | | 1,536,605 |
| | | | | | |
| New Jersey - 2.7% |
| New Jersey Economic Development Authority |
| 5.00%, 07/01/2027 | | 25,000 | | 26,092 |
| 5.50%, 06/15/2029 | | 55,000 | | 58,083 |
| 5.00%, 11/01/2029 | | 90,000 | | 98,709 |
| 5.50%, 06/15/2030 | | 65,000 | | 68,643 |
| 5.25%, 06/15/2031 | | 35,000 | | 35,420 |
| 5.50%, 06/15/2031 | | 140,000 | | 147,847 |
| 3.13%, 07/01/2031 | | 255,000 | | 251,341 |
| 5.00%, 06/15/2036 | | 175,000 | | 183,086 |
| New Jersey Transportation Trust Fund Authority |
0.00%, 12/15/2026 (c) | | 65,000 | | 60,881 |
0.00%, 12/15/2026 (c) | | 130,000 | | 121,762 |
| 5.00%, 06/15/2028 | | 50,000 | | 53,617 |
| 5.00%, 06/15/2028 | | 110,000 | | 117,958 |
0.00%, 12/15/2028 (c) | | 20,000 | | 17,508 |
0.00%, 12/15/2028 (c) | | 180,000 | | 157,573 |
| 5.00%, 12/15/2028 | | 20,000 | | 21,632 |
0.00%, 12/15/2029 (c) | | 290,000 | | 245,390 |
0.00%, 12/15/2030 (c) | | 25,000 | | 20,428 |
| 4.10%, 06/15/2031 | | 15,000 | | 15,172 |
0.00%, 12/15/2031 (c) | | 20,000 | | 15,752 |
| 5.00%, 12/15/2031 | | 100,000 | | 109,536 |
| 5.00%, 06/15/2032 | | 260,000 | | 295,196 |
| 5.00%, 06/15/2032 | | 85,000 | | 95,590 |
| 5.00%, 06/15/2032 | | 90,000 | | 100,492 |
0.00%, 12/15/2032 (c) | | 70,000 | | 53,104 |
0.00%, 12/15/2032 (c) | | 110,000 | | 84,044 |
0.00%, 12/15/2033 (c) | | 105,000 | | 76,735 |
| 5.00%, 12/15/2033 | | 230,000 | | 245,385 |
| New Jersey Turnpike Authority |
| 5.00%, 01/01/2027 | | 445,000 | | 465,943 |
| 5.00%, 01/01/2031 | | 475,000 | | 505,679 |
| 5.00%, 01/01/2031 | | 80,000 | | 83,437 |
| 5.00%, 01/01/2033 | | 90,000 | | 95,533 |
| Tobacco Settlement Financing Corp. |
| 5.00%, 06/01/2026 | | 30,000 | | 30,703 |
| 5.00%, 06/01/2030 | | 110,000 | | 115,958 |
| | | 4,074,229 |
| | | | | | |
| New Mexico - 0.3% |
City of Farmington NM, 3.90%, 06/01/2040 (a) | | 20,000 | | 20,409 |
| State of New Mexico |
| 5.00%, 03/01/2025 | | 35,000 | | 35,168 |
| 5.00%, 03/01/2027 | | 15,000 | | 15,767 |
| 5.00%, 03/01/2028 | | 15,000 | | 16,113 |
| 5.50%, 03/01/2028 | | 100,000 | | 108,964 |
| 5.00%, 03/01/2029 | | 140,000 | | 153,137 |
| 5.00%, 03/01/2030 | | 20,000 | | 22,266 |
| State of New Mexico Severance Tax Permanent Fund |
| 5.00%, 07/01/2028 | | 20,000 | | 21,555 |
| 5.00%, 07/01/2029 | | 45,000 | | 49,278 |
| 5.00%, 07/01/2030 | | 50,000 | | 55,645 |
| | | 498,302 |
| | | | | | |
| New York - 6.0% |
| City of New York NY |
| 5.00%, 08/01/2027 | | 25,000 | | 26,530 |
| 5.00%, 08/01/2029 | | 265,000 | | 273,685 |
| 5.00%, 08/01/2030 | | 150,000 | | 167,981 |
| 5.00%, 09/01/2030 | | 200,000 | | 224,272 |
| 5.00%, 10/01/2031 | | 40,000 | | 45,508 |
| 4.00%, 08/01/2032 | | 120,000 | | 121,460 |
| 5.00%, 12/01/2032 | | 90,000 | | 93,368 |
| 3.00%, 10/01/2034 | | 60,000 | | 58,718 |
| County of Westchester NY, 4.00%, 12/01/2027 | | 20,000 | | 20,641 |
| Empire State Development Corp. |
| 5.00%, 03/15/2029 | | 155,000 | | 170,463 |
| 5.00%, 03/15/2030 | | 40,000 | | 44,645 |
| 5.00%, 03/15/2033 | | 90,000 | | 99,264 |
| Hudson Yards Infrastructure Corp. |
| 5.00%, 02/15/2027 | | 20,000 | | 21,103 |
| 5.00%, 02/15/2032 | | 95,000 | | 98,830 |
| 5.00%, 02/15/2033 | | 60,000 | | 62,364 |
| Long Island Power Authority |
| 5.00%, 09/01/2033 | | 35,000 | | 40,963 |
| 3.00%, 09/01/2049 | | 35,000 | | 34,628 |
0.85%, 09/01/2050 (a) | | 20,000 | | 19,524 |
1.50%, 09/01/2051 (a) | | 25,000 | | 23,992 |
| Metropolitan Transportation Authority |
| 5.00%, 11/15/2028 | | 20,000 | | 20,671 |
| 5.00%, 11/15/2028 | | 15,000 | | 16,190 |
0.00%, 11/15/2032 (c) | | 40,000 | | 29,921 |
| 3.00%, 11/15/2032 | | 55,000 | | 51,628 |
| 4.00%, 11/15/2032 | | 85,000 | | 85,804 |
| Metropolitan Transportation Authority Dedicated Tax Fund |
| 3.00%, 11/15/2028 | | 120,000 | | 119,499 |
0.00%, 11/15/2032 (c) | | 70,000 | | 52,979 |
| New York City Housing Development Corp. |
0.60%, 05/01/2061 (a) | | 275,000 | | 269,471 |
3.40%, 11/01/2062 (a) | | 50,000 | | 50,053 |
3.70%, 05/01/2063 (a) | | 15,000 | | 15,066 |
3.73%, 05/01/2063 (a) | | 20,000 | | 20,139 |
3.80%, 11/01/2063 (a) | | 35,000 | | 35,501 |
| New York City Municipal Water Finance Authority, 5.00%, 06/15/2029 | | 35,000 | | 38,692 |
| New York City Transitional Finance Authority, 5.00%, 05/01/2032 | | 20,000 | | 22,927 |
| New York City Transitional Finance Authority Building Aid Revenue |
| 5.00%, 07/15/2027 | | 230,000 | | 243,532 |
| 5.00%, 07/15/2029 | | 20,000 | | 22,016 |
| 5.00%, 07/15/2030 | | 30,000 | | 33,689 |
| 5.00%, 07/15/2031 | | 25,000 | | 28,606 |
| 5.00%, 07/15/2031 | | 20,000 | | 20,449 |
| 3.13%, 07/15/2032 | | 20,000 | | 19,902 |
| 5.00%, 07/15/2033 | | 20,000 | | 23,110 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |
| 5.00%, 11/01/2027 | | 255,000 | | 272,489 |
| 5.00%, 11/01/2028 | | 155,000 | | 169,104 |
| 5.00%, 11/01/2029 | | 60,000 | | 62,842 |
| 3.00%, 08/01/2030 | | 230,000 | | 229,407 |
| 3.00%, 02/01/2033 | | 100,000 | | 100,017 |
| New York Liberty Development Corp., 2.10%, 11/15/2032 | | 30,000 | | 26,025 |
| New York State Dormitory Authority |
| 5.00%, 03/15/2026 | | 255,000 | | 262,604 |
| 5.00%, 03/15/2027 | | 105,000 | | 110,963 |
| 5.00%, 02/15/2028 | | 130,000 | | 136,707 |
| 5.00%, 02/15/2031 | | 40,000 | | 44,267 |
| 5.00%, 02/15/2032 | | 310,000 | | 323,881 |
| 5.00%, 03/15/2032 | | 165,000 | | 183,849 |
| 2.00%, 07/01/2033 | | 160,000 | | 139,884 |
| New York State Housing Finance Agency |
0.65%, 11/01/2056 (a) | | 55,000 | | 53,578 |
2.50%, 11/01/2060 (a) | | 90,000 | | 87,701 |
2.50%, 11/01/2060 (a) | | 75,000 | | 73,385 |
1.00%, 11/01/2061 (a) | | 20,000 | | 18,978 |
3.10%, 05/01/2062 (a) | | 140,000 | | 139,409 |
3.10%, 05/01/2062 (a) | | 130,000 | | 128,673 |
3.45%, 05/01/2062 (a) | | 100,000 | | 100,011 |
3.60%, 11/01/2062 (a) | | 330,000 | | 330,642 |
3.60%, 11/01/2062 (a) | | 125,000 | | 125,305 |
3.65%, 11/01/2062 (a) | | 65,000 | | 65,211 |
3.75%, 11/01/2062 (a) | | 20,000 | | 20,202 |
3.80%, 11/01/2062 (a) | | 125,000 | | 125,512 |
3.45%, 11/01/2063 (a) | | 50,000 | | 50,056 |
3.45%, 11/01/2063 (a) | | 20,000 | | 20,065 |
3.60%, 11/01/2063 (a) | | 20,000 | | 20,171 |
3.88%, 11/01/2063 (a) | | 20,000 | | 20,137 |
| New York State Thruway Authority, 5.00%, 01/01/2028 | | 425,000 | | 425,555 |
| New York Transportation Development Corp., 5.00%, 12/01/2033 | | 35,000 | | 37,997 |
| Port Authority of New York & New Jersey |
5.00%, 10/15/2027 (d) | | 55,000 | | 57,623 |
| 4.00%, 12/01/2027 | | 15,000 | | 15,620 |
| Suffolk County Water Authority |
| 3.00%, 06/01/2028 | | 195,000 | | 193,810 |
| 3.00%, 06/01/2032 | | 140,000 | | 140,087 |
| Triborough Bridge & Tunnel Authority |
| 5.00%, 11/15/2029 | | 1,035,000 | | 1,150,112 |
0.00%, 11/15/2030 (c) | | 135,000 | | 110,187 |
0.00%, 11/15/2032 (c) | | 25,000 | | 18,980 |
5.00%, 05/15/2050 (a) | | 175,000 | | 180,232 |
| Trust for Cultural Resources of The City of New York |
| 5.00%, 07/01/2031 | | 50,000 | | 56,502 |
| 4.00%, 12/01/2033 | | 30,000 | | 31,418 |
| Utility Debt Securitization Authority, 5.00%, 06/15/2027 | | 145,000 | | 146,554 |
| | | 8,873,536 |
| | | | | | |
| North Carolina - 1.0% |
| Charlotte-Mecklenburg Hospital Authority |
1.95%, 01/15/2048 (a) | | 20,000 | | 18,287 |
3.45%, 01/15/2048 (a) | | 20,000 | | 20,044 |
| City of Charlotte NC Water & Sewer System Revenue, 5.00%, 07/01/2027 | | 30,000 | | 31,808 |
| City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027 | | 90,000 | | 95,807 |
| County of Mecklenburg NC, 5.00%, 09/01/2030 | | 20,000 | | 22,541 |
| County of Wake NC, 5.00%, 05/01/2030 | | 95,000 | | 106,518 |
| State of North Carolina |
| 5.00%, 03/01/2026 | | 50,000 | | 51,374 |
| 5.00%, 05/01/2027 | | 230,000 | | 242,939 |
| 5.00%, 03/01/2028 | | 620,000 | | 622,828 |
| 5.00%, 05/01/2029 | | 110,000 | | 120,787 |
| 3.00%, 05/01/2031 | | 20,000 | | 19,904 |
| 5.00%, 05/01/2031 | | 125,000 | | 141,726 |
| 3.00%, 05/01/2033 | | 25,000 | | 24,597 |
| | | 1,519,160 |
| | | | | | |
| Ohio - 2.7% |
| American Municipal Power, Inc., 4.00%, 02/15/2034 | | 20,000 | | 20,574 |
| Buckeye Tobacco Settlement Financing Authority |
| 5.00%, 06/01/2029 | | 235,000 | | 250,637 |
| 5.00%, 06/01/2030 | | 20,000 | | 21,522 |
| 5.00%, 06/01/2032 | | 25,000 | | 26,726 |
| 5.00%, 06/01/2033 | | 115,000 | | 122,714 |
| 5.00%, 06/01/2034 | | 125,000 | | 133,190 |
| City of Columbus OH |
| 5.00%, 04/01/2027 | | 30,000 | | 31,628 |
| 5.00%, 08/15/2027 | | 40,000 | | 42,527 |
| 5.00%, 08/15/2028 | | 75,000 | | 81,370 |
| City of Columbus OH Sewerage Revenue, 5.00%, 06/01/2032 | | 20,000 | | 20,577 |
| County of Cuyahoga OH, 5.00%, 12/01/2026 | | 60,000 | | 62,460 |
| County of Hamilton OH Sales Tax Revenue |
| 4.00%, 12/01/2031 | | 60,000 | | 60,862 |
| 4.00%, 12/01/2032 | | 135,000 | | 136,718 |
| Northeast Ohio Regional Sewer District, 5.00%, 11/15/2032 | | 20,000 | | 23,126 |
| Ohio State University, 5.00%, 12/01/2029 | | 45,000 | | 50,001 |
| Ohio Water Development Authority |
| 5.00%, 12/01/2026 | | 110,000 | | 115,098 |
| 5.00%, 06/01/2027 | | 80,000 | | 84,563 |
| Ohio Water Development Authority Water Pollution Control Loan Fund |
| 5.00%, 06/01/2027 | | 45,000 | | 47,567 |
| 5.00%, 12/01/2027 | | 140,000 | | 147,915 |
| 5.00%, 12/01/2027 | | 55,000 | | 58,786 |
| 5.00%, 12/01/2030 | | 70,000 | | 73,593 |
| 5.00%, 06/01/2033 | | 105,000 | | 116,595 |
| 5.00%, 12/01/2033 | | 10,000 | | 11,705 |
| State of Ohio |
| 5.00%, 12/15/2025 | | 165,000 | | 168,629 |
| 5.00%, 12/15/2026 | | 100,000 | | 104,584 |
| 5.00%, 01/01/2027 | | 110,000 | | 115,018 |
| 5.00%, 01/01/2027 | | 40,000 | | 41,825 |
| 5.00%, 02/01/2027 | | 35,000 | | 36,684 |
| 5.00%, 05/01/2027 | | 95,000 | | 100,276 |
| 5.00%, 09/15/2027 | | 60,000 | | 63,845 |
| 5.00%, 05/01/2028 | | 10,000 | | 10,784 |
| 5.00%, 12/15/2028 | | 40,000 | | 43,584 |
| 5.00%, 09/01/2030 | | 120,000 | | 134,903 |
| 5.00%, 10/01/2031 | | 1,240,000 | | 1,400,854 |
| 5.00%, 05/01/2039 | | 40,000 | | 42,202 |
5.00%, 08/15/2054 (a) | | 25,000 | | 27,805 |
| | | 4,031,447 |
| | | | | | |
| Oklahoma - 1.2% |
| Canadian County Educational Facilities Authority, 3.00%, 09/01/2029 | | 185,000 | | 182,245 |
| Cleveland County Independent School District No 2 Moore, 4.00%, 03/01/2027 | | 135,000 | | 138,561 |
| Cleveland County Independent School District No 29 Norman, 4.00%, 03/01/2027 | | 30,000 | | 30,765 |
| Oklahoma Capitol Improvement Authority |
| 5.00%, 07/01/2027 | | 30,000 | | 31,692 |
| 5.00%, 07/01/2029 | | 1,000,000 | | 1,097,324 |
| Oklahoma County Independent School District No 89 Oklahoma City, 3.00%, 07/01/2027 | | 20,000 | | 20,064 |
| Oklahoma Industries Authority, 5.00%, 04/01/2027 | | 25,000 | | 26,200 |
| Oklahoma Water Resources Board, 5.00%, 04/01/2026 | | 210,000 | | 216,053 |
| Tulsa County Industrial Authority, 5.00%, 09/01/2027 | | 60,000 | | 63,494 |
| | | 1,806,398 |
| | | | | | |
| Oregon - 1.1% |
| City of Portland OR Sewer System Revenue, 5.00%, 12/01/2030 | | 45,000 | | 50,663 |
Oregon State Business Development Commission, 3.80%, 12/01/2040 (a) | | 15,000 | | 15,179 |
| Oregon State Facilities Authority, 5.00%, 07/01/2047 | | 20,000 | | 21,128 |
| State of Oregon |
| 5.00%, 05/01/2027 | | 60,000 | | 63,375 |
| 5.00%, 05/01/2028 | | 355,000 | | 382,599 |
| 5.00%, 05/01/2030 | | 1,000,000 | | 1,116,423 |
| State of Oregon Department of Transportation, 5.00%, 05/15/2028 | | 15,000 | | 16,163 |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, 09/01/2041 | | 15,000 | | 15,585 |
| | | 1,681,115 |
| | | | | | |
| Pennsylvania - 2.9% |
| Allegheny County Hospital Development Authority |
| 5.00%, 07/15/2028 | | 345,000 | | 370,848 |
| 5.00%, 07/15/2031 | | 200,000 | | 215,461 |
| 5.00%, 07/15/2033 | | 10,000 | | 10,746 |
| City of Philadelphia PA Water & Wastewater Revenue, 5.00%, 09/01/2027 | | 20,000 | | 21,181 |
| Commonwealth of Pennsylvania |
| 5.00%, 05/01/2027 | | 20,000 | | 21,082 |
| 5.00%, 01/01/2028 | | 470,000 | | 489,661 |
| 5.00%, 09/01/2028 | | 15,000 | | 16,249 |
| 3.00%, 03/15/2030 | | 70,000 | | 69,976 |
| 5.00%, 08/15/2032 | | 420,000 | | 424,788 |
| 5.00%, 09/01/2032 | | 1,350,000 | | 1,550,971 |
| 3.00%, 09/15/2033 | | 45,000 | | 44,737 |
| Erie City Water Authority, 5.00%, 12/01/2043 | | 25,000 | | 26,109 |
| General Authority of Southcentral Pennsylvania, 5.00%, 06/01/2034 | | 50,000 | | 57,273 |
| Montgomery County Higher Education and Health Authority, 5.00%, 09/01/2033 | | 65,000 | | 69,342 |
| Pennsylvania Housing Finance Agency |
| 2.80%, 10/01/2031 | | 120,000 | | 113,455 |
| 2.80%, 10/01/2031 | | 75,000 | | 70,910 |
| 3.20%, 10/01/2031 | | 30,000 | | 29,643 |
| 3.20%, 10/01/2032 | | 30,000 | | 29,356 |
| 3.45%, 10/01/2032 | | 40,000 | | 39,880 |
| Pennsylvania Turnpike Commission, 4.00%, 06/01/2033 | | 355,000 | | 358,898 |
| Philadelphia Authority for Industrial Development, 5.00%, 07/01/2027 | | 45,000 | | 47,481 |
| School District of Philadelphia |
| 5.00%, 09/01/2026 | | 60,000 | | 61,943 |
| 5.00%, 06/01/2027 | | 55,000 | | 57,796 |
| 5.00%, 06/01/2034 | | 80,000 | | 91,285 |
| State Public School Building Authority, 5.00%, 06/01/2031 | | 35,000 | | 36,186 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, 5.00%, 02/15/2029 | | 25,000 | | 27,278 |
| | | 4,352,535 |
| | | | | | |
Rhode Island - 0.0%(b) |
| Rhode Island Health and Educational Building Corp., 5.00%, 05/15/2034 | | 20,000 | | 22,467 |
| | | | | | |
| South Carolina - 1.1% |
| Greenville County School District, 5.00%, 12/01/2027 | | 15,000 | | 16,006 |
Patriots Energy Group Financing Agency, 5.25%, 02/01/2054 (a) | | 650,000 | | 708,911 |
| South Carolina Jobs-Economic Development Authority, 5.00%, 11/01/2031 | | 750,000 | | 844,169 |
| South Carolina Transportation Infrastructure Bank |
| 3.38%, 10/01/2032 | | 15,000 | | 15,001 |
| 4.00%, 10/01/2033 | | 40,000 | | 42,368 |
| | | 1,626,455 |
| | | | | | |
| South Dakota - 0.8% |
| South Dakota Conservancy District, 5.00%, 08/01/2026 | | 365,000 | | 378,471 |
| South Dakota Health & Educational Facilities Authority, 5.00%, 07/01/2031 | | 750,000 | | 836,292 |
| | | 1,214,763 |
| | | | | | |
| Tennessee - 0.7% |
| Johnson City Health & Educational Facilities Board |
| 5.00%, 07/01/2031 | | 20,000 | | 21,945 |
| 5.00%, 07/01/2033 | | 110,000 | | 122,349 |
Knox County Health Educational & Housing Facility Board, 3.95%, 12/01/2027 (a) | | 20,000 | | 20,109 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.00%, 07/01/2033 | | 95,000 | | 108,082 |
| Metropolitan Government of Nashville & Davidson County TN |
| 5.00%, 01/01/2028 | | 95,000 | | 101,708 |
| 5.00%, 07/01/2029 | | 25,000 | | 26,954 |
| 5.00%, 07/01/2032 | | 90,000 | | 96,043 |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue, 5.00%, 05/15/2028 | | 35,000 | | 37,750 |
| State of Tennessee |
| 5.00%, 05/01/2028 | | 70,000 | | 75,585 |
| 5.00%, 05/01/2029 | | 90,000 | | 99,102 |
| 5.00%, 05/01/2032 | | 20,000 | | 23,087 |
| Tennessee Energy Acquisition Corp. |
4.00%, 11/01/2049 (a) | | 70,000 | | 70,295 |
5.00%, 05/01/2052 (a) | | 160,000 | | 172,098 |
| | | 975,107 |
| | | | | | |
| Texas - 11.5% |
| Board of Regents of the University of Texas System |
| 5.00%, 08/15/2025 | | 1,130,000 | | 1,145,915 |
| 5.00%, 08/15/2025 | | 85,000 | | 86,197 |
| 5.00%, 08/15/2026 | | 10,000 | | 10,372 |
| 5.00%, 08/15/2027 | | 50,000 | | 53,051 |
| 5.00%, 08/15/2027 | | 25,000 | | 26,526 |
| 5.00%, 08/15/2030 | | 25,000 | | 28,000 |
| Central Texas Turnpike System, 5.00%, 08/15/2033 | | 1,020,000 | | 1,160,175 |
| City of Austin TX, 5.00%, 09/01/2033 | | 30,000 | | 34,708 |
| City of Austin TX Electric Utility Revenue, 5.00%, 11/15/2028 | | 35,000 | | 38,063 |
| City of Austin TX Water & Wastewater System Revenue |
| 5.00%, 11/15/2026 | | 160,000 | | 166,795 |
| 5.00%, 11/15/2029 | | 40,000 | | 44,292 |
| City of Dallas TX |
| 5.00%, 02/15/2026 | | 45,000 | | 46,141 |
| 5.00%, 02/15/2028 | | 35,000 | | 37,473 |
| 5.00%, 02/15/2031 | | 200,000 | | 225,219 |
| 5.00%, 02/15/2032 | | 10,000 | | 11,397 |
| City of Dallas TX Hotel Occupancy Tax Revenue, 5.00%, 08/15/2026 | | 25,000 | | 25,837 |
| City of Houston TX, 5.00%, 03/01/2028 | | 15,000 | | 15,662 |
| City of Houston TX Airport System Revenue, 5.00%, 07/01/2029 | | 255,000 | | 273,756 |
| City of Houston TX Combined Utility System Revenue |
| 5.00%, 11/15/2026 | | 1,015,000 | | 1,059,681 |
| 5.00%, 11/15/2027 | | 20,000 | | 21,303 |
0.00%, 12/01/2028 (c) | | 35,000 | | 30,970 |
| City of San Antonio TX, 5.00%, 08/01/2027 | | 650,000 | | 688,908 |
| City of San Antonio TX Electric & Gas Systems Revenue |
| 5.00%, 02/01/2028 | | 415,000 | | 443,346 |
| 5.00%, 02/01/2029 | | 30,000 | | 30,999 |
| 5.00%, 02/01/2030 | | 10,000 | | 11,052 |
| 5.00%, 02/01/2032 | | 220,000 | | 224,961 |
2.00%, 02/01/2049 (a) | | 20,000 | | 18,903 |
3.65%, 02/01/2053 (a) | | 200,000 | | 201,749 |
Clear Creek Independent School District, 3.60%, 02/15/2035 (a) | | 65,000 | | 65,153 |
| Conroe Independent School District, 5.00%, 02/15/2027 | | 90,000 | | 94,569 |
| County of Bexar TX |
| 5.00%, 06/15/2030 | | 60,000 | | 61,838 |
| 4.00%, 06/15/2031 | | 20,000 | | 20,092 |
| County of Harris TX |
| 5.00%, 08/15/2025 | | 260,000 | | 263,735 |
| 5.00%, 09/15/2026 | | 35,000 | | 36,405 |
| 5.00%, 08/15/2030 | | 415,000 | | 428,543 |
| 5.00%, 09/15/2032 | | 75,000 | | 86,544 |
| 5.00%, 08/15/2033 | | 20,000 | | 20,599 |
| County of Harris TX Toll Road Revenue, 5.00%, 08/15/2027 | | 220,000 | | 233,485 |
| Cypress-Fairbanks Independent School District |
| 5.00%, 02/15/2026 | | 20,000 | | 20,524 |
| 5.00%, 02/15/2027 | | 85,000 | | 89,222 |
| 5.00%, 02/15/2028 | | 20,000 | | 21,458 |
| Dallas Area Rapid Transit |
| 5.00%, 12/01/2026 | | 20,000 | | 20,784 |
| 5.00%, 12/01/2027 | | 110,000 | | 116,397 |
| 5.00%, 12/01/2028 | | 75,000 | | 80,688 |
| 5.25%, 12/01/2030 | | 30,000 | | 33,641 |
| Dallas College |
| 5.00%, 02/15/2026 | | 15,000 | | 15,373 |
| 5.00%, 02/15/2030 | | 35,000 | | 38,561 |
| 5.00%, 02/15/2031 | | 265,000 | | 295,695 |
| Dallas Fort Worth International Airport |
| 5.00%, 11/01/2028 | | 30,000 | | 32,485 |
| 5.00%, 11/01/2028 | | 20,000 | | 21,657 |
| 5.00%, 11/01/2031 | | 55,000 | | 62,126 |
| Dallas Independent School District, 5.00%, 02/15/2027 | | 90,000 | | 94,529 |
| Denton Independent School District, 5.00%, 08/15/2032 | | 25,000 | | 28,539 |
Dickinson Independent School District, 3.50%, 08/01/2037 (a) | | 390,000 | | 390,231 |
| Fort Bend Independent School District |
0.88%, 08/01/2050 (a) | | 80,000 | | 78,600 |
0.72%, 08/01/2051 (a) | | 250,000 | | 236,294 |
| Harris County Cultural Education Facilities Finance Corp., 5.00%, 05/15/2029 | | 30,000 | | 32,522 |
Harris County Industrial Development Corp., 4.05%, 11/01/2050 (a) | | 25,000 | | 25,540 |
| Harris County-Houston Sports Authority, 5.00%, 11/15/2027 | | 1,000,000 | | 1,060,745 |
Houston Independent School District, 4.00%, 06/01/2039 (a) | | 70,000 | | 70,303 |
| Leander Independent School District, 5.00%, 02/15/2028 | | 50,000 | | 53,438 |
| Lewisville Independent School District |
| 5.00%, 08/15/2028 | | 20,000 | | 21,691 |
| 5.00%, 08/15/2030 | | 400,000 | | 448,002 |
| 5.00%, 08/15/2032 | | 40,000 | | 46,049 |
| Lower Colorado River Authority |
| 5.00%, 05/15/2027 | | 70,000 | | 73,799 |
| 5.00%, 05/15/2028 | | 200,000 | | 214,893 |
| 5.00%, 05/15/2029 | | 225,000 | | 245,658 |
| 5.00%, 05/15/2030 | | 10,000 | | 11,070 |
| Matagorda County Navigation District No 1 |
| 2.60%, 11/01/2029 | | 35,000 | | 33,251 |
| 4.40%, 05/01/2030 | | 95,000 | | 99,682 |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/2026 | | 430,000 | | 448,006 |
| Midland Independent School District, 5.00%, 02/15/2027 | | 25,000 | | 26,242 |
North East Independent School District/TX, 3.75%, 08/01/2049 (a) | | 20,000 | | 20,265 |
| North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/2028 | | 20,000 | | 21,591 |
| North Texas Tollway Authority |
| 5.00%, 01/01/2027 | | 625,000 | | 654,414 |
| 5.00%, 01/01/2033 | | 85,000 | | 88,091 |
| Northside Independent School District |
0.70%, 06/01/2050 (a) | | 160,000 | | 157,352 |
2.00%, 06/01/2052 (a) | | 30,000 | | 28,957 |
| Northwest Independent School District, 5.00%, 02/15/2042 | | 50,000 | | 51,226 |
| Permanent University Fund - University of Texas System, 5.00%, 07/01/2034 | | 15,000 | | 17,053 |
| Pflugerville Independent School District, 5.00%, 02/15/2033 | | 15,000 | | 16,961 |
| Plano Independent School District |
| 5.00%, 02/15/2027 | | 55,000 | | 57,647 |
| 5.00%, 02/15/2030 | | 110,000 | | 121,416 |
Prosper Independent School District, 3.00%, 02/15/2053 (a) | | 105,000 | | 104,813 |
| Round Rock Independent School District, 4.00%, 08/01/2032 | | 60,000 | | 62,748 |
| San Antonio Water System, 5.00%, 05/15/2027 | | 55,000 | | 58,079 |
| Spring Independent School District, 5.00%, 08/15/2028 | | 1,250,000 | | 1,266,081 |
Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 07/01/2053 (a) | | 490,000 | | 548,113 |
| Tarrant Regional Water District Water Supply System Revenue, 5.00%, 03/01/2030 | | 115,000 | | 127,674 |
| Texas A&M University |
| 5.00%, 05/15/2027 | | 70,000 | | 73,935 |
| 5.00%, 05/15/2028 | | 20,000 | | 21,053 |
| 5.00%, 05/15/2032 | | 525,000 | | 602,523 |
| 5.00%, 05/15/2034 | | 25,000 | | 29,338 |
| Texas State University System, 5.00%, 03/15/2029 | | 80,000 | | 83,918 |
| Texas Tech University System, 5.00%, 02/15/2033 | | 20,000 | | 23,073 |
| Texas Transportation Commission |
| 5.00%, 04/01/2026 | | 20,000 | | 20,563 |
| 5.00%, 04/01/2031 | | 20,000 | | 22,599 |
| Texas Water Development Board |
| 5.00%, 08/01/2026 | | 30,000 | | 31,102 |
| 5.00%, 10/15/2026 | | 25,000 | | 26,038 |
| 5.00%, 08/01/2027 | | 10,000 | | 10,580 |
| 5.00%, 08/01/2028 | | 40,000 | | 43,161 |
| 5.00%, 08/01/2029 | | 100,000 | | 109,844 |
| 5.00%, 10/15/2030 | | 55,000 | | 61,605 |
| 5.00%, 10/15/2031 | | 20,000 | | 22,712 |
| 4.00%, 10/15/2032 | | 80,000 | | 81,658 |
| 5.00%, 10/15/2032 | | 10,000 | | 11,483 |
| 4.00%, 10/15/2033 | | 65,000 | | 66,248 |
| Trinity River Authority Central Regional Wastewater System Revenue |
| 5.00%, 08/01/2026 | | 65,000 | | 67,399 |
| 5.00%, 08/01/2029 | | 325,000 | | 357,740 |
| | | 17,229,162 |
| | | | | | |
| Utah - 0.9% |
County of Utah UT, 5.00%, 05/15/2060 (a) | | 135,000 | | 138,614 |
| Intermountain Power Agency |
| 5.00%, 07/01/2026 | | 310,000 | | 320,079 |
| 5.00%, 07/01/2027 | | 35,000 | | 36,974 |
| 5.00%, 07/01/2031 | | 320,000 | | 362,227 |
| Nebo School District |
| 5.00%, 07/01/2026 | | 50,000 | | 51,759 |
| 5.00%, 07/01/2027 | | 15,000 | | 15,873 |
| 5.00%, 07/01/2028 | | 50,000 | | 53,993 |
| State of Utah, 5.00%, 07/01/2027 | | 25,000 | | 26,513 |
| University of Utah |
| 5.00%, 08/01/2027 | | 20,000 | | 21,203 |
| 5.00%, 08/01/2029 | | 20,000 | | 22,042 |
| 5.00%, 08/01/2030 | | 40,000 | | 44,840 |
| Utah Transit Authority |
| 5.00%, 06/15/2028 | | 175,000 | | 176,942 |
| 5.00%, 06/15/2029 | | 20,000 | | 20,222 |
| 5.00%, 06/15/2031 | | 95,000 | | 96,054 |
| | | 1,387,335 |
| | | | | | |
| Virginia - 1.6% |
| County of Fairfax VA |
| 5.00%, 10/01/2026 | | 100,000 | | 104,035 |
| 5.00%, 10/01/2028 | | 25,000 | | 27,191 |
| Fairfax County Industrial Development Authority |
| 5.00%, 05/15/2031 | | 35,000 | | 35,988 |
| 5.00%, 05/15/2032 | | 70,000 | | 79,881 |
| Virginia College Building Authority |
| 5.00%, 02/01/2025 | | 210,000 | | 210,656 |
| 5.00%, 02/01/2026 | | 20,000 | | 20,510 |
| 5.00%, 02/01/2027 | | 70,000 | | 73,489 |
| 5.00%, 02/01/2027 | | 70,000 | | 73,489 |
| 5.00%, 02/01/2027 | | 20,000 | | 20,997 |
| 5.00%, 02/01/2028 | | 15,000 | | 16,067 |
| 4.00%, 02/01/2029 | | 315,000 | | 322,015 |
| 5.00%, 02/01/2031 | | 285,000 | | 322,148 |
| 5.00%, 02/01/2031 | | 90,000 | | 94,160 |
| 3.00%, 02/01/2032 | | 30,000 | | 29,554 |
| Virginia Commonwealth Transportation Board |
| 5.00%, 09/15/2026 | | 15,000 | | 15,613 |
| 5.00%, 05/15/2027 | | 125,000 | | 132,028 |
| 5.00%, 05/15/2029 | | 285,000 | | 313,424 |
| Virginia Public Building Authority |
| 5.00%, 08/01/2030 | | 100,000 | | 112,211 |
| 5.00%, 08/01/2031 | | 35,000 | | 39,867 |
| Virginia Public School Authority |
| 5.00%, 04/15/2027 | | 55,000 | | 58,035 |
| 5.00%, 08/01/2028 | | 280,000 | | 283,961 |
| | | 2,385,319 |
| | | | | | |
| Washington - 5.2% |
| Benton County School District No 400 Richland, 5.00%, 12/01/2027 | | 25,000 | | 26,683 |
| Central Puget Sound Regional Transit Authority |
| 5.00%, 11/01/2030 | | 245,000 | | 275,180 |
| 5.00%, 11/01/2030 | | 25,000 | | 25,513 |
| 5.00%, 11/01/2032 | | 45,000 | | 45,924 |
| 5.00%, 11/01/2035 | | 95,000 | | 96,950 |
| City of Seattle WA Municipal Light & Power Revenue, 5.00%, 09/01/2031 | | 165,000 | | 174,924 |
| County of King WA Sewer Revenue |
| 4.00%, 07/01/2030 | | 310,000 | | 314,622 |
| 5.00%, 01/01/2032 | | 35,000 | | 39,879 |
| 4.00%, 07/01/2032 | | 20,000 | | 20,263 |
| Energy Northwest |
| 5.00%, 07/01/2026 | | 20,000 | | 20,704 |
| 5.00%, 07/01/2027 | | 50,000 | | 52,884 |
| 5.00%, 07/01/2028 | | 70,000 | | 75,640 |
| 5.00%, 07/01/2030 | | 365,000 | | 392,933 |
| 5.00%, 07/01/2031 | | 90,000 | | 96,538 |
| Grant County Public Utility District No 2 Electric Revenue, 4.00%, 01/01/2026 | | 1,560,000 | | 1,576,449 |
| King County School District No 401 Highline, 5.00%, 12/01/2026 | | 55,000 | | 56,104 |
| King County School District No 411 Issaquah |
| 4.00%, 12/01/2028 | | 35,000 | | 36,695 |
| 5.00%, 12/01/2032 | | 90,000 | | 95,340 |
| Seattle Housing Authority, 1.00%, 06/01/2026 | | 225,000 | | 214,817 |
| Snohomish County Housing Authority, 4.00%, 04/01/2033 | | 1,810,000 | | 1,837,533 |
| Snohomish County School District No 15 Edmonds |
| 5.00%, 12/01/2030 | | 20,000 | | 22,481 |
| 5.00%, 12/01/2033 | | 25,000 | | 29,047 |
| Snohomish County School District No 201 Snohomish, 5.00%, 12/01/2028 | | 170,000 | | 185,236 |
| State of Washington |
| 5.00%, 02/01/2026 | | 20,000 | | 20,510 |
| 5.00%, 02/01/2027 | | 60,000 | | 62,978 |
| 5.00%, 02/01/2027 | | 30,000 | | 31,489 |
| 5.00%, 08/01/2027 | | 45,000 | | 47,765 |
| 5.00%, 02/01/2028 | | 25,000 | | 26,794 |
| 5.00%, 08/01/2028 | | 95,000 | | 102,818 |
| 5.00%, 08/01/2028 | | 40,000 | | 43,292 |
| 5.00%, 02/01/2029 | | 15,000 | | 16,370 |
| 5.00%, 02/01/2029 | | 10,000 | | 10,913 |
| 5.00%, 06/01/2029 | | 260,000 | | 285,473 |
| 5.00%, 07/01/2029 | | 220,000 | | 224,772 |
| 5.00%, 08/01/2029 | | 25,000 | | 27,530 |
| 5.00%, 08/01/2029 | | 50,000 | | 55,060 |
| 5.00%, 02/01/2030 | | 60,000 | | 66,798 |
| 5.00%, 02/01/2030 | | 80,000 | | 89,064 |
| 5.00%, 08/01/2030 | | 55,000 | | 61,747 |
| 5.00%, 08/01/2030 | | 15,000 | | 16,840 |
| 5.00%, 02/01/2031 | | 20,000 | | 22,595 |
| 5.00%, 02/01/2031 | | 20,000 | | 22,595 |
| 5.00%, 02/01/2031 | | 80,000 | | 90,379 |
| 5.00%, 02/01/2031 | | 25,000 | | 28,243 |
| 5.00%, 08/01/2031 | | 20,000 | | 22,755 |
| 5.00%, 08/01/2031 | | 300,000 | | 328,731 |
| 5.00%, 08/01/2033 | | 70,000 | | 81,491 |
| Washington Health Care Facilities Authority |
| 5.00%, 01/01/2047 | | 120,000 | | 125,176 |
5.00%, 08/01/2049 (a) | | 120,000 | | 122,338 |
| | | 7,746,855 |
| | | | | | |
| West Virginia - 0.4% |
West Virginia Economic Development Authority, 3.38%, 03/01/2040 (a) | | 545,000 | | 542,991 |
| | | | | | |
| Wisconsin - 1.3% |
| State of Wisconsin |
| 5.00%, 11/01/2026 | | 105,000 | | 109,677 |
| 5.00%, 11/01/2026 | | 115,000 | | 120,122 |
| 5.00%, 05/01/2027 | | 25,000 | | 26,388 |
| 5.00%, 05/01/2028 | | 20,000 | | 21,548 |
| 5.00%, 05/01/2028 | | 70,000 | | 75,418 |
| 5.00%, 05/01/2028 | | 100,000 | | 107,740 |
| 5.00%, 05/01/2029 | | 35,000 | | 36,885 |
| 5.00%, 05/01/2029 | | 30,000 | | 32,929 |
| 5.00%, 05/01/2029 | | 30,000 | | 32,929 |
| 5.00%, 05/01/2030 | | 30,000 | | 33,509 |
| 5.00%, 05/01/2030 | | 205,000 | | 228,976 |
| 5.00%, 05/01/2030 | | 150,000 | | 167,544 |
| 5.00%, 11/01/2030 | | 185,000 | | 194,430 |
| 5.00%, 11/01/2030 | | 275,000 | | 289,017 |
| 5.00%, 05/01/2031 | | 40,000 | | 45,352 |
| 5.00%, 05/01/2031 | | 105,000 | | 119,050 |
| 5.00%, 05/01/2032 | | 75,000 | | 86,194 |
| 5.00%, 05/01/2033 | | 80,000 | | 93,112 |
| State of Wisconsin Environmental Improvement Fund Revenue, 5.00%, 06/01/2033 | | 55,000 | | 63,975 |
| Wisconsin Department of Transportation |
| 5.00%, 07/01/2030 | | 30,000 | | 33,634 |
| 5.00%, 07/01/2032 | | 25,000 | | 28,775 |
Wisconsin Housing & Economic Development Authority Housing Revenue, 3.75%, 05/01/2054 (a) | | 25,000 | | 25,060 |
| | | 1,972,264 |
TOTAL MUNICIPAL BONDS (Cost $140,533,406) | | 140,597,647 |
| | | | | | |
| EXCHANGE TRADED FUNDS - 3.1% | | Shares | | Value |
iShares National Muni Bond ETF (e) | | 42,993 | | 4,666,460 |
TOTAL EXCHANGE TRADED FUNDS (Cost $4,580,655) | | 4,666,460 |
| | | | | | |
| SHORT-TERM INVESTMENTS - 4.7% | | | Value |
| Investments Purchased with Proceeds from Securities Lending - 3.2% | | Units | | |
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (f) | | 4,703,212 | | 4,703,212 |
| | | | | | |
| Money Market Funds - 1.5% | | Shares | | |
First American Government Obligations Fund - Class X, 4.56% (f) | | 2,302,244 | | 2,302,244 |
TOTAL SHORT-TERM INVESTMENTS (Cost $7,005,456) | | 7,005,456 |
| | | | | | |
TOTAL INVESTMENTS - 102.0% (Cost $152,119,517) | | 152,269,563 |
| Liabilities in Excess of Other Assets - (2.0)% | | (3,028,533) |
| TOTAL NET ASSETS - 100.0% | | | | | $ | 149,241,030 |
| two | –% |
| Percentages are stated as a percent of net assets. | –% |
ActivePassive Intermediate Municipal Bond ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
