Baird Funds NPORT-P Baird Short-Term Municipal Bond Fund (Mar 2024 report)

Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of March 31, 2024 (Unaudited)
MUNICIPAL BONDS - 98.9%	Par		Value
Alabama - 4.5%
Alabama Housing Finance Authority
3.50%, 08/01/2025 (Callable 08/01/2024) (a)	$	5,000,000	$	4,981,650
5.00%, 05/01/2026  (a)		4,000,000		4,037,461
Black Belt Energy Gas District
5.25%, 12/01/2028		3,205,000		3,371,422
4.00%, 10/01/2052 (Callable 09/01/2026) (a)		300,000		301,422
5.25%, 02/01/2053 (Callable 03/01/2029) (a)		3,250,000		3,435,496
5.00%, 05/01/2053  (a)		13,000,000		13,551,018
City of Phenix City AL, 2.00%, 04/01/2027		1,435,000		1,360,930
Health Care Authority of the City of Huntsville/The, 5.00%, 06/01/2053 (Callable 03/01/2030) (a)		5,500,000		5,999,355
Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034  (a)		8,400,000		8,426,963
Lauderdale County Agriculture Center Authority, 5.00%, 07/01/2024		495,000		495,377
Macon County Board of Education, 3.25%, 02/01/2026 (Callable 05/02/2024)		375,000		370,185
Pickens County Water Authority, 3.00%, 01/01/2025		160,000		158,888
Prattville Industrial Development Board, 5.30%, 09/01/2028		1,600,000		1,688,641
Selma Industrial Development Board, 2.00%, 11/01/2033  (a)		750,000		742,107
Southeast Alabama Gas Supply District/The
5.00%, 04/01/2026		1,000,000		1,014,465
5.00%, 04/01/2027		1,000,000		1,022,623
Southeast Energy Authority A Cooperative District
5.50%, 01/01/2053 (Callable 09/01/2029) (a)		1,250,000		1,334,145
5.00%, 05/01/2053 (Callable 05/01/2028) (a)		1,250,000		1,295,348
5.25%, 01/01/2054 (Callable 04/01/2029) (a)		8,000,000		8,495,368
Tender Option Bond Trust Receipts/Certificates, 4.30%, 07/01/2025  (a)(b)		3,000,000		3,000,000
Town of Berry AL Water & Sewer Revenue, 3.25%, 09/01/2028 (Callable 09/01/2026)		610,000		614,099
				65,696,963
Alaska - 0.6%
Alaska Housing Finance Corp.
3.75%, 12/01/2042 (Callable 06/01/2028)		5,115,000		5,036,073
4.00%, 12/01/2048 (Callable 06/01/2027)		1,275,000		1,264,433
University of Alaska
4.00%, 10/01/2025		330,000		330,888
4.00%, 10/01/2026 (Callable 05/02/2024)		1,400,000		1,400,300
5.00%, 10/01/2026		865,000		892,828
				8,924,522
Arizona - 1.6%
Arizona Industrial Development Authority
5.00%, 05/01/2025		405,000		243,000
5.00%, 07/01/2027 (Callable 07/01/2026)		230,000		235,295
5.00%, 11/01/2028 (Callable 05/01/2028)		7,500,000		7,982,356
5.00%, 07/01/2029 (Callable 07/01/2026)		260,000		267,198
5.00%, 07/01/2030 (Callable 07/01/2026)		380,000		390,771
1.76%, 09/01/2030  (a)(b)		5,765,883		5,365,832
5.00%, 07/01/2031 (Callable 07/01/2026)		195,000		200,395
3.63%, 05/20/2033		3,909,351		3,685,830
Chandler Industrial Development Authority, 5.00%, 09/01/2042 (Callable 03/01/2027) (a)(c)		1,000,000		1,030,275
Glendale Industrial Development Authority
4.00%, 05/15/2025 (Callable 05/15/2024)		340,000		335,349
4.00%, 05/15/2026 (Callable 05/15/2024)		320,000		313,249
Maricopa County Industrial Development Authority, 4.00%, 07/01/2024		135,000		134,843
Salt Verde Financial Corp., 5.25%, 12/01/2026		2,500,000		2,568,457
University of Arizona/The, 5.00%, 06/01/2032 (Callable 06/01/2026)		1,020,000		1,053,930
				23,806,780
Arkansas - 0.4%
Arkansas Development Finance Authority
4.00%, 07/01/2024		100,000		99,684
4.00%, 07/01/2025		140,000		138,605
4.00%, 07/01/2026		190,000		187,591
4.00%, 07/01/2027		225,000		222,045
4.00%, 07/01/2028		230,000		225,866
Batesville Public Facilities Board
5.00%, 06/01/2024		1,000,000		1,000,191
5.00%, 06/01/2025		1,385,000		1,394,882
5.00%, 06/01/2026		850,000		865,580
City of Bentonville AR Sales & Use Tax Revenue, 1.05%, 11/01/2046 (Callable 05/01/2024)		115,000		114,729
City of Brookland AR Sales & Use Tax Revenue, 1.50%, 09/01/2046 (Callable 09/01/2026)		690,000		660,437
City of Elkins AR Sales & Use Tax Revenue
1.50%, 09/01/2046 (Callable 09/01/2026)		465,000		445,665
1.50%, 09/01/2046 (Callable 09/01/2026)		315,000		299,933
City of Fayetteville AR, 3.05%, 01/01/2047 (Callable 01/01/2027)		170,000		166,709
City of Forrest City AR Sales & Use Tax Revenue, 1.55%, 11/01/2044 (Callable 11/01/2029)		705,000		638,582
City of Hot Springs AR, 4.00%, 12/01/2027 (Callable 05/02/2024)		255,000		255,188
City of Mountain View AR Sales & Use Tax, 1.38%, 11/01/2050 (Callable 11/01/2027)		220,000		218,675
City of Osceola AR Sales & Use Tax, 4.00%, 06/01/2054 (Callable 06/01/2031) (i)		500,000		498,510
City of Pine Bluff AR, 3.00%, 02/01/2047 (Callable 08/01/2027)		265,000		254,784
Conway Health Facilities Board, 5.00%, 08/01/2024		410,000		410,927
County of Cross AR Sales & Use Tax, 2.25%, 10/01/2030 (Callable 10/01/2024)		395,000		364,340
Jacksonville North Pulaski County School District, 4.00%, 06/01/2029 (Callable 06/01/2027)		1,240,000		1,271,220
Van Buren School District No 42, 2.00%, 04/01/2024		130,000		130,000
				9,864,143
California - 3.2%
Anaheim Public Financing Authority
5.00%, 09/01/2025		2,610,000		2,662,210
5.00%, 09/01/2026		1,290,000		1,341,778
Bay Area Toll Authority, 4.74% (SIFMA Municipal Swap Index + 1.10%), 04/01/2045 (Callable 02/02/2024)		3,500,000		3,500,000
California Community Choice Financing Authority
5.00%, 10/01/2024		300,000		300,335
5.00%, 10/01/2025		710,000		714,416
5.00%, 10/01/2026		625,000		632,853
5.00%, 10/01/2027		700,000		713,723
5.00%, 10/01/2028		475,000		487,103
5.00%, 10/01/2029		650,000		670,885
California Infrastructure & Economic Development Bank
4.34% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 06/01/2025)		5,550,000		5,421,869
1.75%, 08/01/2055 (Callable 02/01/2026) (a)		1,265,000		1,200,023
California Municipal Finance Authority
4.00%, 10/01/2031 (Callable 10/01/2026)		2,280,000		2,307,307
4.00%, 10/01/2032 (Callable 10/01/2026)		1,500,000		1,517,745
California Public Finance Authority
2.38%, 11/15/2028 (Callable 04/22/2024) (b)		4,250,000		4,148,715
3.13%, 05/15/2029 (Callable 04/22/2024) (b)		1,000,000		974,291
California Statewide Communities Development Authority
5.00%, 08/01/2026 (Callable 04/22/2024) (a)		3,300,000		3,299,654
5.00%, 09/01/2026 (Callable 04/22/2024) (a)(b)		1,000,000		998,505
Indio Finance Authority, 3.55%, 09/02/2029 (Callable 04/22/2024) (b)		4,681,000		4,646,614
Los Angeles County Development Authority, 3.75%, 12/01/2046 (Callable 02/01/2026) (a)		1,650,000		1,647,457
Newman-Crows Landing Unified School District/CA, 0.00%, 08/01/2025  (d)		1,000,000		952,212
Ontario Public Financing Authority
5.00%, 11/01/2025		250,000		257,297
5.00%, 11/01/2027		175,000		188,478
Sacramento City Unified School District/CA, 0.00%, 07/01/2026  (d)		300,000		280,114
San Diego Housing Authority, Inc., 5.00%, 05/01/2057 (Callable 05/01/2026) (a)		1,687,000		1,739,832
Sutter Union High School District, 0.00%, 06/01/2050 (Callable 08/01/2025) (d)		300,000		47,198
Vallejo City Unified School District, 5.90%, 08/01/2025		75,000		75,159
Western Placer Unified School District
2.00%, 06/01/2025 (Callable 05/02/2024)		5,735,000		5,574,080
2.00%, 06/01/2025 (Callable 05/02/2024)		3,300,000		3,200,159
				49,500,012
Colorado - 3.1%
Bromley Park Metropolitan District No. 2, 5.00%, 12/01/2025		315,000		322,198
City & County of Denver CO Airport System Revenue
5.25%, 11/15/2026  (c)		2,000,000		2,090,014
5.00%, 12/01/2026  (c)		5,035,000		5,225,386
5.25%, 11/15/2027  (c)		1,500,000		1,599,382
Colorado Bridge Enterprise, 4.00%, 06/30/2025  (c)		570,000		569,575
Colorado Educational & Cultural Facilities Authority
4.00%, 12/15/2025  (b)		505,000		500,146
5.00%, 06/15/2027 (Callable 06/15/2026)		635,000		653,334
Colorado Health Facilities Authority
5.00%, 05/15/2025		525,000		527,239
5.00%, 05/15/2026		475,000		480,492
5.00%, 05/15/2027		400,000		407,372
2.13%, 05/15/2028 (Callable 05/02/2024)		2,905,000		2,766,924
5.25%, 05/15/2028 (Callable 05/15/2027)		250,000		256,705
5.00%, 08/01/2028		1,235,000		1,328,767
3.50%, 05/15/2030 (Callable 05/02/2024)		3,500,000		3,243,475
5.00%, 12/01/2030 (Callable 06/01/2025)		1,030,000		1,037,792
5.00%, 11/15/2048  (a)		195,000		199,075
4.19% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026)		3,000,000		2,979,010
5.00%, 05/15/2062 (Callable 08/15/2027) (a)		7,515,000		8,072,338
Colorado Housing and Finance Authority
5.00%, 07/01/2026 (Callable 01/01/2026) (a)		1,000,000		1,014,595
4.00%, 05/01/2048 (Callable 11/01/2026)		530,000		525,779
4.25%, 11/01/2049 (Callable 11/01/2028)		535,000		533,280
3.25%, 05/01/2052 (Callable 11/01/2030)		4,465,000		4,334,804
Denver Convention Center Hotel Authority, 5.00%, 12/01/2024		1,170,000		1,172,667
Denver Health & Hospital Authority, 4.00%, 12/01/2027 (Callable 05/02/2024)		255,000		255,007
E-470 Public Highway Authority, 3.93% (SOFR + 0.35%), 09/01/2039 (Callable 06/01/2024)		7,525,000		7,512,572
Ravenna Metropolitan District
5.00%, 12/01/2025		200,000		203,435
5.00%, 12/01/2026		240,000		247,470
5.00%, 12/01/2028		290,000		307,593
5.00%, 12/01/2029		315,000		339,005
Vauxmont Metropolitan District
5.00%, 12/15/2026 (Callable 12/15/2024)		135,000		140,446
5.00%, 12/15/2027 (Callable 12/15/2024)		160,000		166,419
Vista Ridge Metropolitan District, 4.50%, 12/01/2024		200,000		200,969
				49,213,265
Connecticut - 1.4%
City of Bridgeport CT
5.00%, 08/01/2025		200,000		203,841
5.00%, 02/15/2027		2,480,000		2,599,336
5.00%, 08/01/2027		300,000		317,240
City of West Haven CT, 4.00%, 09/15/2027		245,000		249,012
Connecticut Housing Finance Authority
4.00%, 11/15/2045 (Callable 11/15/2027)		90,000		89,258
4.00%, 05/15/2049 (Callable 11/15/2028)		935,000		927,365
3.50%, 11/15/2051 (Callable 05/15/2031)		3,170,000		3,091,973
Connecticut State Health & Educational Facilities Authority
5.00%, 07/01/2024		965,000		964,676
5.00%, 07/01/2028 (Callable 07/01/2024)		685,000		686,255
3.20%, 07/01/2037  (a)		3,245,000		3,238,778
2.80%, 07/01/2057  (a)		3,425,000		3,365,602
East Hartford Housing Authority, 4.25%, 02/01/2027 (Callable 08/01/2024) (a)		1,000,000		1,001,135
State of Connecticut
4.00%, 06/15/2025		1,000,000		1,008,873
5.00%, 09/15/2026		1,000,000		1,046,979
5.00%, 06/15/2027		500,000		531,843
State of Connecticut Special Tax Revenue, 5.00%, 10/01/2026		1,080,000		1,131,847
Town of Stratford CT
5.00%, 05/15/2026		265,000		275,677
5.00%, 05/15/2028		400,000		434,524
				21,164,214
Delaware - 0.1%
Delaware Municipal Electric Corp., 5.00%, 10/01/2025		140,000		143,030
Delaware State Economic Development Authority, 5.00%, 10/01/2029 (Callable 05/02/2024)		1,000,000		1,000,077
Delaware State Housing Authority, 2.60%, 07/01/2043 (Callable 04/22/2024)		88,595		78,677
				1,221,784
District of Columbia - 1.3%
District of Columbia
5.00%, 07/01/2025		500,000		502,857
3.00%, 06/01/2030		2,205,000		1,983,038
District of Columbia Housing Finance Agency, 0.35%, 04/01/2025  (a)		1,125,000		1,125,000
District of Columbia Water & Sewer Authority, 3.00%, 10/01/2057 (Callable 07/01/2027) (a)		12,100,000		11,790,699
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2028  (c)		2,400,000		2,578,758
				17,980,352
Florida - 3.1%
Broward County Housing Finance Authority
3.50%, 04/01/2041 (Callable 10/01/2025) (a)		1,000,000		991,900
4.05%, 09/01/2056  (a)		1,750,000		1,757,128
Capital Projects Finance Authority/FL
5.00%, 10/01/2025		1,000,000		1,005,244
5.00%, 10/01/2026		1,000,000		1,012,614
5.00%, 10/01/2028		1,000,000		1,029,657
Capital Trust Agency, Inc., 4.00%, 12/15/2024		75,000		74,505
Capital Trust Authority, 5.00%, 06/15/2034 (Callable 06/15/2029) (b)		610,000		624,799
City of Cape Coral FL Water & Sewer Revenue
4.35%, 03/01/2027		1,200,000		1,225,372
4.45%, 03/01/2028		1,420,000		1,463,502
City of Jacksonville FL, 5.00%, 11/01/2028 (Callable 11/01/2027)		445,000		464,899
City of Lakeland FL, 5.00%, 11/15/2028 (Callable 11/15/2026)		640,000		664,987
City of Port St Lucie FL, 5.00%, 07/01/2026		3,005,000		3,132,251
City of Tallahassee FL
5.00%, 12/01/2026 (Callable 12/01/2025)		955,000		971,267
5.00%, 12/01/2027 (Callable 12/01/2025)		400,000		407,085
Collier County Industrial Development Authority, 5.00%, 10/01/2054 (Callable 10/01/2028) (a)		1,300,000		1,406,528
County of Broward FL Airport System Revenue, 4.00%, 10/01/2042 (Callable 05/02/2024)		300,000		297,903
County of Miami-Dade FL
5.00%, 06/01/2027 (Callable 06/01/2025)		1,500,000		1,522,932
4.50%, 03/01/2033 (Callable 05/02/2024)		200,000		200,191
County of Osceola FL Transportation Revenue, 0.00%, 10/01/2028  (d)		500,000		414,811
Florida Development Finance Corp.
4.00%, 06/15/2024		860,000		858,178
2.63%, 12/15/2024  (b)		190,000		186,955
5.00%, 06/15/2025		370,000		371,264
5.00%, 06/15/2026		1,310,000		1,332,700
5.00%, 06/15/2026		405,000		412,018
5.00%, 11/15/2026		1,000,000		1,038,797
5.00%, 06/15/2027		430,000		442,626
5.00%, 06/15/2027		390,000		401,451
5.00%, 06/15/2028 (Callable 06/15/2027)		355,000		366,186
5.25%, 06/15/2029 (Callable 06/15/2027) (b)		1,700,000		1,735,992
3.00%, 07/01/2031  (b)		1,210,000		1,127,953
6.13%, 07/01/2032 (Callable 04/02/2026) (a)(b)(c)		2,715,000		2,769,866
Florida Housing Finance Corp.
5.00%, 12/01/2026  (a)		4,000,000		4,063,537
4.00%, 07/01/2047 (Callable 07/01/2025)		20,000		19,898
Florida Municipal Loan Council, 0.00%, 11/01/2024  (d)		100,000		97,319
Herons Glen Recreation District, 2.50%, 05/01/2027		250,000		240,076
Miami Beach Redevelopment Agency, 5.00%, 02/01/2027 (Callable 05/02/2024)		1,000,000		1,002,945
Miami-Dade County Housing Finance Authority
3.55%, 01/01/2027  (a)		3,750,000		3,706,460
5.00%, 03/01/2027  (a)		1,000,000		1,013,926
Orange County Health Facilities Authority
4.00%, 08/01/2024		25,000		24,902
5.00%, 08/01/2028 (Callable 08/01/2024)		2,000,000		2,005,437
Orange County Housing Finance Authority
4.00%, 09/01/2040 (Callable 09/01/2024)		15,000		14,971
4.25%, 09/01/2049 (Callable 09/01/2027)		165,000		164,512
Osceola County Expressway Authority, 0.00%, 10/01/2024  (d)		380,000		372,831
Pinellas County Housing Authority, 1.00%, 11/01/2027		2,095,000		1,957,336
Pinellas County Industrial Development Authority, 5.00%, 07/01/2029		575,000		590,373
Sarasota County Public Hospital District, 5.25%, 07/01/2024		75,000		75,222
School Board of Miami-Dade County/The, 5.00%, 05/01/2029 (Callable 05/01/2025)		4,000,000		4,052,576
Seminole County Industrial Development Authority
4.00%, 06/15/2024  (b)		130,000		129,684
4.00%, 06/15/2025  (b)		100,000		98,944
4.00%, 06/15/2026  (b)		155,000		152,613
4.00%, 06/15/2027  (b)		240,000		235,531
St Johns River Power Park, 5.00%, 10/01/2024 (Callable 05/02/2024)		105,000		105,099
				49,835,753
Georgia - 2.7%
Atlanta Development Authority/The, 5.00%, 07/01/2024		140,000		140,391
City of Atlanta GA, 4.00%, 07/01/2026 (Callable 05/02/2024)		100,000		99,851
Cobb-Marietta Coliseum & Exhibit Hall Authority, 5.50%, 10/01/2026		480,000		495,726
Development Authority for Fulton County, 5.00%, 10/01/2027		1,015,000		1,070,281
Development Authority of Appling County, 4.40%, 09/01/2041 (Callable 04/01/2024) (a)		2,700,000		2,700,000
Development Authority of Burke County/The
1.50%, 01/01/2040  (a)		6,695,000		6,460,335
1.70%, 12/01/2049  (a)		2,180,000		2,149,695
Development Authority of Monroe County/The, 2.25%, 07/01/2025 (Callable 06/13/2024)		1,390,000		1,344,806
Forsyth County Hospital Authority, 6.38%, 10/01/2028		460,000		497,925
Main Street Natural Gas, Inc.
5.00%, 05/15/2025		1,785,000		1,795,274
5.00%, 09/01/2026 (Callable 06/01/2026)		500,000		508,288
5.50%, 09/15/2028		1,000,000		1,055,054
4.00%, 03/01/2050 (Callable 06/01/2026) (a)		6,680,000		6,705,242
4.00%, 07/01/2052 (Callable 06/01/2027) (a)		3,700,000		3,729,341
4.00%, 08/01/2052 (Callable 05/01/2027) (a)(b)		7,500,000		7,297,420
5.00%, 12/01/2052 (Callable 03/01/2029) (a)		1,650,000		1,728,371
State of Georgia, 5.00%, 12/01/2026		750,000		791,073
				38,569,073
Illinois - 5.5%
Adams & Hancock Counties Community Unit School District No 4/IL, 4.00%, 12/01/2026 (Callable 12/01/2025)		275,000		278,305
Chicago Midway International Airport
5.00%, 01/01/2027  (c)		1,595,000		1,653,106
5.00%, 01/01/2028 (Callable 01/01/2026) (c)		1,750,000		1,779,523
Chicago O'Hare International Airport, 5.00%, 01/01/2029 (Callable 01/01/2025) (c)		2,000,000		2,014,919
City of Chicago IL, 0.00%, 01/01/2027  (d)		5,660,000		5,102,079
City of Chicago IL Waterworks Revenue
5.00%, 11/01/2025		2,000,000		2,041,296
5.00%, 11/01/2026 (Callable 11/01/2024)		1,410,000		1,419,516
5.00%, 11/01/2028 (Callable 11/01/2026)		1,000,000		1,037,576
5.00%, 11/01/2028 (Callable 11/01/2024)		900,000		903,932
5.00%, 11/01/2029 (Callable 11/01/2026)		1,550,000		1,612,442
City of Galesburg IL
5.00%, 10/01/2025		125,000		126,159
5.00%, 10/01/2026		145,000		146,522
5.00%, 10/01/2027		225,000		229,134
5.00%, 10/01/2028		250,000		256,386
City of Plano IL Special Service Area No 3 & No 4, 4.00%, 03/01/2030 (Callable 03/01/2025)		185,000		186,606
City of Springfield IL, 5.00%, 12/01/2031 (Callable 12/01/2025)		325,000		331,939
Community Unit School District Number 427 DeKalb and Kane Counties Illinois
0.00%, 01/01/2026  (d)		1,000,000		934,760
0.00%, 01/01/2027  (d)		2,980,000		2,689,152
Cook County School District No 130 Blue Island, 5.00%, 12/01/2025		1,320,000		1,354,466
Cook County School District No 144 Prairie Hills, 0.00%, 12/01/2025  (d)		730,000		682,884
Cook County School District No 99 Cicero
4.00%, 12/01/2026		1,150,000		1,162,284
4.00%, 12/01/2027		1,195,000		1,216,054
Cook County School District No. 154, 3.50%, 12/01/2024		58,000		57,789
Cook County Township High School District No. 201, 0.00%, 12/01/2025  (d)		165,000		154,225
County of Cook IL Sales Tax Revenue, 5.00%, 11/15/2032 (Callable 11/15/2027)		1,000,000		1,060,707
Hampshire Special Service Area No 13, 3.00%, 03/01/2026		90,000		87,993
Illinois Development Finance Authority, 0.00%, 07/15/2025  (d)		2,885,000		2,758,119
Illinois Finance Authority
5.00%, 05/15/2024		350,000		350,350
5.00%, 11/01/2024		385,000		385,645
4.30%, 08/01/2028  (b)		1,215,000		1,227,377
5.00%, 09/01/2029 (Callable 09/01/2026)		1,575,000		1,625,152
4.94% (SOFR + 1.20%), 11/01/2034 (Callable 03/01/2025)		1,940,000		1,935,320
5.00%, 09/01/2042 (Callable 09/01/2024)		570,000		572,735
Illinois Housing Development Authority
4.00%, 06/01/2026 (Callable 06/01/2025) (a)		1,800,000		1,797,705
2.45%, 06/01/2043 (Callable 05/02/2024)		168,455		133,823
4.50%, 10/01/2048 (Callable 04/01/2028)		385,000		385,281
4.64% (SIFMA Municipal Swap Index + 1.00%), 05/15/2050 (Callable 11/15/2024)		1,250,000		1,249,729
6.25%, 10/01/2052 (Callable 04/01/2032)		4,630,000		4,964,670
6.25%, 04/01/2054 (Callable 10/01/2032)		3,000,000		3,345,958
Joliet Park District
5.00%, 02/01/2026		575,000		587,395
5.00%, 02/01/2027		605,000		626,695
Kankakee Will Grundy Etc Counties Community College District No 520 Kankakee, 3.50%, 12/01/2026		2,415,000		2,408,282
Knox & Warren Counties Community Unit School District No 205 Galesburg, 5.00%, 12/01/2038 (Callable 12/01/2027)		2,000,000		2,086,803
Lake County Elementary School District No 6 Zion, 0.00%, 12/01/2024  (d)		70,000		67,778
Lake County School District No 38 Big Hollow, 0.00%, 02/01/2025  (d)		210,000		202,431
Metropolitan Pier & Exposition Authority
0.00%, 06/15/2024  (d)		35,000		34,708
0.00%, 06/15/2027  (d)		1,000,000		895,617
Northern Illinois University
5.00%, 04/01/2027		550,000		570,159
5.00%, 04/01/2028		650,000		682,915
5.00%, 10/01/2029		780,000		841,479
Park Ridge Park District, 2.50%, 12/01/2028		2,500,000		2,388,428
Pike & Adams Counties Community Unit School District No 4, 4.00%, 12/01/2024		345,000		345,305
Shelby Christian Macon Counties Community School District No. 21
4.00%, 12/01/2025 (Callable 05/02/2024)		400,000		400,074
4.00%, 12/01/2026 (Callable 05/02/2024)		435,000		433,577
Southwestern Illinois Community College District No 522
5.00%, 12/01/2027		1,300,000		1,368,163
5.00%, 12/01/2028		1,500,000		1,603,319
St Charles Public Library District, 4.00%, 11/01/2028 (Callable 11/01/2024)		455,000		456,404
St Clair County Community Unit School District No 187 Cahokia
5.00%, 01/01/2026		125,000		127,550
5.00%, 01/01/2027		180,000		186,462
5.00%, 01/01/2028		200,000		210,532
5.00%, 01/01/2029		300,000		320,070
5.00%, 01/01/2030		225,000		243,415
5.00%, 01/01/2031		250,000		273,905
State of Illinois, 5.00%, 10/01/2025		4,350,000		4,446,984
State of Illinois Sales Tax Revenue, 5.00%, 06/15/2026		6,580,000		6,831,097
United City of Yorkville IL
3.90%, 03/01/2025		140,000		139,997
4.05%, 12/01/2027 (Callable 05/02/2024)		120,000		120,067
Upper Illinois River Valley Development Authority, 5.00%, 12/01/2028		1,050,000		1,095,801
Village of Calumet Park IL, 5.25%, 12/01/2029 (Callable 12/01/2024)		500,000		505,742
Village of Hillside IL, 5.00%, 01/01/2030 (Callable 01/01/2027)		2,690,000		2,707,236
Village of Lyons IL, 5.00%, 12/01/2025 (Callable 05/02/2024)		25,000		25,026
Village of Rantoul IL, 4.30%, 01/01/2025 (Callable 05/02/2024)		125,000		125,062
Village of Romeoville IL
5.00%, 10/01/2025 (Callable 04/01/2025)		1,100,000		1,106,228
5.00%, 10/01/2030 (Callable 04/01/2025)		1,000,000		1,005,389
Village of Schaumburg IL
5.00%, 12/01/2025		870,000		890,162
4.00%, 12/01/2026		915,000		937,650
Village of Stone Park IL
4.00%, 02/01/2025		140,000		140,302
4.00%, 02/01/2026		220,000		222,209
4.75%, 02/01/2028 (Callable 05/02/2024)		50,000		50,056
Village of Sugar Grove IL, 3.00%, 12/15/2025 (Callable 05/02/2024)		225,000		223,024
Washington County Community Unit School Dist No 10 West Washington, 4.00%, 12/15/2024		250,000		250,508
				87,435,624
Indiana - 1.6%
Cass County Indiana Building Corp., 5.00%, 01/15/2028		400,000		423,670
City of Hobart IN, 3.00%, 07/01/2025		395,000		388,092
City of Valparaiso IN, 4.00%, 08/01/2026 (Callable 05/02/2024)		375,000		375,083
County of St Joseph IN, 5.00%, 04/01/2027		1,500,000		1,561,031
Frankton-Lapel Community Schools Building Corp.
5.00%, 01/15/2027		1,325,000		1,388,541
5.00%, 07/15/2027		1,390,000		1,469,077
Hammond Multi-School Building Corp., 5.00%, 01/15/2025		525,000		530,196
Indiana Finance Authority
5.00%, 09/01/2024		390,000		389,909
5.00%, 09/15/2024		815,000		817,072
5.00%, 09/15/2024		155,000		155,318
5.00%, 09/01/2025		445,000		446,155
5.00%, 09/15/2025		325,000		326,645
5.00%, 10/01/2025		675,000		681,066
5.00%, 07/01/2026		730,000		744,430
5.00%, 09/01/2026		1,520,000		1,534,156
5.00%, 09/15/2026 (Callable 09/15/2024)		700,000		685,952
5.00%, 10/01/2028		260,000		269,433
4.00%, 03/01/2038 (Callable 05/01/2028) (a)(c)		5,000,000		4,957,568
Indiana Housing & Community Development Authority
5.00%, 11/01/2025 (Callable 11/01/2024) (a)		1,300,000		1,304,990
3.50%, 01/01/2049 (Callable 01/01/2029)		680,000		667,229
Indianapolis Board of School Commissioners, 5.00%, 07/15/2025		750,000		765,248
Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/01/2030 (Callable 05/02/2024)		1,025,000		1,025,569
Mount Vernon Community School Corp.
5.00%, 07/15/2025		395,000		402,031
5.00%, 01/15/2026		1,065,000		1,092,774
MSD of Wabash County Multi-School Building Corp.
5.00%, 01/15/2026		330,000		339,010
5.00%, 07/15/2026		410,000		424,931
5.00%, 01/15/2027		445,000		465,371
Posey County Redevelopment Authority, 5.00%, 07/15/2025		6,000,000		6,080,347
Tippecanoe County School Building Corp.
5.00%, 07/15/2026		330,000		342,239
5.00%, 01/15/2027		300,000		314,223
				30,367,356
Iowa - 1.4%
City of Coralville IA
4.00%, 06/01/2024		300,000		299,079
4.00%, 06/01/2025 (Callable 06/01/2024)		455,000		447,883
Clear Creek-Amana Community School District, 4.00%, 06/01/2027 (Callable 06/01/2026)		2,900,000		2,929,790
Iowa Finance Authority
5.00%, 02/15/2031 (Callable 04/22/2024)		2,225,000		2,236,153
7.50%, 01/01/2032 (Callable 01/01/2030) (b)		2,250,000		2,179,266
3.50%, 07/01/2046 (Callable 01/01/2026)		50,000		49,426
4.00%, 07/01/2047 (Callable 07/01/2028)		640,000		634,886
4.00%, 07/01/2047 (Callable 07/01/2027)		365,000		362,000
3.00%, 07/01/2051 (Callable 01/01/2031)		880,000		843,046
6.00%, 07/01/2052 (Callable 07/01/2032)		3,190,000		3,395,277
Iowa Higher Education Loan Authority
3.00%, 04/01/2025		775,000		765,052
3.00%, 04/01/2026		800,000		783,921
3.00%, 04/01/2028		845,000		822,333
Lake Panorama Improvement Zone
3.00%, 06/01/2024		420,000		418,061
3.00%, 06/01/2025		430,000		420,247
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026) (a)		6,600,000		6,757,098
				23,343,518
Kansas - 0.8%
City of Manhattan KS, 4.00%, 06/01/2027 (Callable 06/01/2025)		850,000		849,203
City of Osawatomie KS, 3.75%, 03/01/2027 (Callable 03/01/2025)		2,935,000		2,930,378
City of Park City KS, 3.75%, 09/01/2026 (Callable 09/01/2024)		6,075,000		6,077,782
				9,857,363
Kentucky - 1.8%
City of Henderson KY, 3.50%, 11/01/2028		2,430,000		2,449,460
City of Versailles KY, 3.00%, 08/15/2026 (Callable 08/15/2024)		2,570,000		2,504,096
County of Carroll KY, 1.55%, 09/01/2042  (a)		750,000		696,195
County of Kenton KY, 5.00%, 04/01/2026		725,000		750,696
County of Owen KY, 3.88%, 06/01/2040  (a)		1,750,000		1,763,368
County of Trimble KY, 4.70%, 06/01/2054 (Callable 03/03/2027) (a)(c)		1,000,000		1,008,994
Frankfort Independent School District Finance Corp., 2.05%, 08/01/2024		310,000		306,823
Kentucky Economic Development Finance Authority
0.00%, 12/01/2024  (d)		210,000		204,967
0.00%, 10/01/2025  (d)		585,000		548,390
5.00%, 06/01/2026		240,000		242,811
0.00%, 10/01/2026  (d)		100,000		90,162
Kentucky Housing Corp., 5.00%, 09/01/2043 (Callable 03/01/2026) (a)		3,000,000		3,069,987
Kentucky Public Energy Authority
4.77% (1 mo. LIBOR US + 1.12%), 12/01/2049 (Callable 03/01/2025) (e)		4,410,000		4,405,277
4.00%, 12/01/2050 (Callable 03/01/2026) (a)		1,925,000		1,921,225
Northern Kentucky University, 3.50%, 09/01/2028		2,800,000		2,838,255
Perry County School District Finance Corp., 2.00%, 12/01/2029		2,240,000		2,165,984
Rural Water Financing Agency, 3.10%, 11/01/2024 (Callable 04/17/2024)		1,000,000		988,325
University of Louisville
5.00%, 09/01/2026		845,000		875,930
5.00%, 03/01/2034 (Callable 09/01/2026)		2,000,000		2,072,026
				28,902,971
Louisiana - 1.2%
City of Shreveport LA
5.00%, 08/01/2028 (Callable 08/01/2027)		1,615,000		1,696,082
3.13%, 10/01/2030  (b)		1,965,000		1,882,699
Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2024		1,925,000		1,928,749
Louisiana Housing Corp.
3.50%, 07/01/2025 (Callable 07/01/2024) (a)		5,000,000		4,985,074
5.00%, 07/01/2046 (Callable 02/01/2026) (a)		2,250,000		2,291,194
Louisiana Local Government Environmental Facilities & Community Development Auth
5.00%, 08/01/2024 (Callable 05/02/2024)		185,000		185,129
3.02%, 04/01/2031 (Callable 04/01/2025) (b)		4,901,000		4,839,614
Louisiana Public Facilities Authority
5.50%, 05/15/2027 (Callable 05/15/2026)		2,015,000		2,070,913
5.00%, 10/01/2028  (f)		210,000		223,739
6.75%, 10/01/2053 (Callable 07/03/2028) (a)(b)(c)		1,000,000		1,064,231
Morehouse Parish Hospital Service District No 1, 4.00%, 10/01/2027		635,000		614,992
New Orleans Aviation Board, 5.00%, 10/01/2025		200,000		204,594
St Tammany Parish Wide School District No 12
5.00%, 03/01/2025		500,000		507,221
5.00%, 03/01/2026		415,000		429,017
5.00%, 03/01/2027		605,000		638,991
				23,562,239
Maine - 0.3%
Maine State Housing Authority
3.50%, 11/15/2045 (Callable 05/15/2025)		135,000		134,411
4.00%, 11/15/2045 (Callable 11/15/2025)		10,000		9,973
4.00%, 11/15/2046 (Callable 05/15/2026)		410,000		407,517
3.50%, 11/15/2047 (Callable 11/15/2026)		365,000		360,317
4.00%, 11/15/2049 (Callable 05/15/2028)		690,000		684,285
4.00%, 11/15/2050 (Callable 05/15/2029)		1,175,000		1,165,313
5.00%, 11/15/2052 (Callable 11/15/2031)		3,510,000		3,599,448
				6,361,264
Maryland - 3.0%
City of Baltimore MD
5.00%, 07/01/2024		30,000		30,086
5.00%, 10/15/2025		1,465,000		1,504,583
County of Baltimore MD, 5.00%, 03/01/2026		2,500,000		2,592,461
County of Frederick MD, 5.00%, 04/01/2027		1,145,000		1,217,045
County of Howard MD, 5.00%, 08/15/2026		1,305,000		1,367,140
County of Prince George's MD
5.00%, 07/15/2026		1,000,000		1,045,631
7.00%, 08/01/2048 (Callable 11/01/2026)		1,500,000		1,632,056
Howard County Housing Commission, 5.00%, 12/01/2027		525,000		555,780
Maryland Community Development Administration
3.25%, 08/01/2024		6,000,000		5,945,233
4.05%, 10/01/2024		2,000,000		1,993,219
4.60%, 12/01/2024		7,545,000		7,494,807
3.85%, 03/01/2025		4,000,000		3,963,838
5.00%, 09/01/2052 (Callable 03/01/2031)		2,755,000		2,827,747
Maryland Health & Higher Educational Facilities Authority
5.00%, 01/01/2026		495,000		502,167
5.00%, 01/01/2027		430,000		440,118
5.00%, 07/01/2027		1,650,000		1,697,808
5.00%, 07/01/2045 (Callable 01/01/2027) (a)		3,200,000		3,331,047
Maryland Stadium Authority Built to Learn Revenue, 5.00%, 06/01/2027		1,515,000		1,607,777
Montgomery County Housing Opportunities Commission, 4.00%, 07/01/2048 (Callable 07/01/2026)		215,000		213,319
State of Maryland, 5.00%, 03/15/2029 (Callable 03/15/2028)		3,350,000		3,643,255
				43,605,117
Massachusetts - 0.9%
Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026) (d)		9,900,000		7,891,973
Massachusetts Development Finance Agency
5.00%, 07/01/2025		530,000		530,713
4.24% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049 (Callable 04/01/2024) (b)		3,300,000		3,288,319
Massachusetts Educational Financing Authority, 5.00%, 01/01/2026 (Callable 01/01/2025) (c)		1,365,000		1,372,196
Massachusetts Housing Finance Agency
4.00%, 12/01/2044 (Callable 06/01/2025)		45,000		44,818
4.00%, 12/01/2048 (Callable 06/01/2027)		380,000		376,886
4.00%, 12/01/2048 (Callable 06/01/2027)		215,000		213,344
4.00%, 06/01/2049 (Callable 12/01/2028)		490,000		485,971
Massachusetts State College Building Authority, 0.00%, 05/01/2027  (d)		25,000		22,598
				14,226,818
Michigan - 2.3%
Bad Axe Public Schools, 4.00%, 05/01/2027 (Callable 05/01/2024)		630,000		630,028
City of Detroit MI
5.25%, 05/01/2025		1,410,000		1,426,310
5.25%, 05/01/2026		910,000		934,308
5.25%, 05/01/2027		290,000		301,364
Detroit Wayne County Stadium Authority, 5.00%, 10/01/2026 (Callable 05/02/2024)		65,000		65,026
Grand Valley State University, 5.00%, 12/01/2032 (Callable 06/01/2026)		1,000,000		1,021,131
Ingham County Brownfield Redevelopment Authority, 4.13%, 08/01/2024 (Callable 05/02/2024)		105,000		105,053
Michigan Finance Authority
5.00%, 09/01/2025		200,000		202,017
4.00%, 05/01/2026		60,000		60,747
5.00%, 09/01/2026		200,000		204,430
5.00%, 11/01/2026		930,000		934,319
5.00%, 09/01/2027		280,000		290,046
5.00%, 11/01/2027		975,000		985,232
5.00%, 04/01/2028 (Callable 10/01/2026)		1,000,000		1,037,927
4.50%, 10/01/2029 (Callable 10/01/2024)		3,000,000		3,006,203
5.00%, 07/01/2033 (Callable 07/01/2024)		2,000,000		2,003,645
5.00%, 11/15/2044 (Callable 05/16/2026) (a)		3,735,000		3,849,803
Michigan State Housing Development Authority
4.00%, 06/01/2046 (Callable 12/01/2024)		175,000		174,453
3.50%, 06/01/2047 (Callable 06/01/2026)		1,585,000		1,565,179
5.50%, 06/01/2053 (Callable 12/01/2031)		2,885,000		3,021,491
5.75%, 06/01/2054 (Callable 12/01/2032)		3,850,000		4,109,498
Michigan Strategic Fund, 0.88%, 04/01/2035  (a)(c)		1,050,000		943,731
Roseville Community Schools
5.00%, 05/01/2025		2,175,000		2,209,450
5.00%, 05/01/2026		2,700,000		2,793,190
5.00%, 05/01/2027		2,265,000		2,389,306
Southeastern Oakland County Resource Recovery Authority, 4.00%, 07/01/2024		580,000		578,870
Wayne County Airport Authority, 5.00%, 12/01/2025  (c)		500,000		508,830
				35,351,587
Minnesota - 2.1%
City of Burnsville MN, 2.10%, 12/20/2027 (Callable 12/20/2026)		1,040,000		957,070
City of Mounds View MN, 5.38%, 05/01/2027 (Callable 01/01/2025) (a)		2,080,000		2,074,977
City of Virginia MN, 5.00%, 12/15/2026 (Callable 06/15/2025)		7,500,000		7,557,256
Duluth Economic Development Authority, 5.00%, 06/15/2026		350,000		356,286
Eastern Carver County Schools Independent School District No 112, 2.50%, 02/01/2029		1,780,000		1,681,286
Golden Valley Housing & Redevelopment Authority, 4.00%, 02/01/2030 (Callable 05/02/2024)		1,070,000		1,069,959
Housing & Redevelopment Authority of The City of St Paul Minnesota
5.00%, 11/15/2025		465,000		471,246
5.00%, 12/01/2025		285,000		288,611
2.00%, 09/01/2026 (Callable 09/01/2024)		250,000		235,414
5.00%, 12/01/2027		1,065,000		1,089,961
Minnesota Higher Education Facilities Authority
4.00%, 12/01/2024		100,000		99,402
5.00%, 03/01/2027 (Callable 03/01/2026)		250,000		254,452
5.00%, 10/01/2053 (Callable 04/01/2029) (a)		1,000,000		1,075,395
Minnesota Housing Finance Agency
4.00%, 01/01/2038 (Callable 05/02/2024)		165,000		164,018
2.63%, 01/01/2040 (Callable 07/01/2029)		4,530,000		3,677,407
2.80%, 01/01/2044 (Callable 07/01/2029)		1,200,000		917,673
3.50%, 07/01/2046 (Callable 07/01/2025)		1,310,000		1,292,767
4.00%, 01/01/2047 (Callable 01/01/2026)		55,000		54,633
4.00%, 07/01/2047 (Callable 01/01/2027)		145,000		143,873
3.00%, 07/01/2052 (Callable 07/01/2031)		4,640,000		4,464,259
6.00%, 07/01/2053 (Callable 01/01/2033)		2,420,000		2,609,702
Northern Municipal Power Agency, 5.00%, 01/01/2027 (Callable 07/01/2024)		230,000		230,660
Zumbro Education District, 4.00%, 02/01/2025		330,000		329,241
				31,095,548
Mississippi - 0.1%
City of Florence MS
7.13%, 08/01/2028		240,000		272,275
7.13%, 08/01/2029		250,000		291,110
City of Louisville MS
5.63%, 09/01/2026		180,000		187,391
5.63%, 09/01/2027		190,000		201,328
City of Oxford MS, 3.00%, 09/01/2024		90,000		88,941
City of Ridgeland MS, 3.00%, 10/01/2024		1,505,000		1,494,764
Mississippi Development Bank
5.00%, 10/01/2024  (b)		600,000		600,297
5.00%, 11/01/2024		720,000		716,896
5.00%, 11/01/2025		240,000		245,327
5.00%, 09/01/2027		485,000		498,960
5.00%, 09/01/2028		575,000		596,509
5.00%, 11/01/2029 (Callable 11/01/2027)		300,000		297,691
Mississippi Home Corp.
4.00%, 12/01/2048 (Callable 06/01/2028)		245,000		242,954
3.50%, 12/01/2049 (Callable 12/01/2028)		545,000		535,092
				6,269,535
Missouri - 1.5%
Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026)		6,400,000		6,398,128
Hanley Road Corridor Transportation Development District, 2.00%, 10/01/2039 (Callable 10/01/2029)		595,000		595,000
Health & Educational Facilities Authority of the State of Missouri
5.00%, 09/01/2024		295,000		294,991
4.00%, 08/01/2025		150,000		147,179
5.00%, 08/01/2025 (Callable 08/01/2024)		350,000		348,509
5.00%, 09/01/2026		620,000		624,788
5.00%, 02/01/2029 (Callable 05/02/2024)		4,775,000		4,777,336
5.00%, 02/01/2029 (Callable 02/01/2026)		1,195,000		1,210,976
Missouri Housing Development Commission
3.40%, 11/01/2030 (Callable 11/01/2024)		35,000		34,529
4.75%, 11/01/2052 (Callable 05/01/2032)		3,920,000		3,988,792
Missouri Joint Municipal Electric Utility Commission, 5.00%, 12/01/2027 (Callable 06/01/2025)		2,125,000		2,153,545
Missouri Southern State University
5.00%, 10/01/2026		105,000		108,861
5.00%, 10/01/2027		100,000		105,514
Northwest Missouri State University, 5.00%, 06/01/2026		500,000		513,547
St Louis Land Clearance for Redevelopment Authority, 4.25%, 06/01/2026		2,655,000		2,646,003
				23,947,698
Montana - 1.4%
City of Forsyth MT
3.88%, 07/01/2028 (Callable 04/02/2028)		2,455,000		2,488,774
3.90%, 03/01/2031 (Callable 05/02/2024) (a)		11,000,000		10,665,574
Montana Board of Housing
3.50%, 08/01/2025 (Callable 08/01/2024) (a)		4,000,000		3,985,320
4.00%, 12/01/2043 (Callable 12/01/2027)		450,000		446,409
4.00%, 06/01/2049 (Callable 12/01/2027)		460,000		456,371
6.00%, 06/01/2053 (Callable 06/01/2032)		1,990,000		2,116,243
Montana Facility Finance Authority
4.00%, 07/01/2025		155,000		154,001
5.00%, 07/01/2025		110,000		112,115
4.00%, 07/01/2026		330,000		327,412
				20,752,219
Nebraska - 0.4%
Douglas County Hospital Authority No 2, 5.00%, 05/15/2030 (Callable 05/15/2024)		1,500,000		1,501,317
Nebraska Investment Finance Authority, 3.00%, 03/01/2052 (Callable 03/01/2031)		4,310,000		4,133,921
				5,635,238
Nevada - 0.6%
City of Reno NV, 5.00%, 06/01/2031 (Callable 05/02/2024)		2,590,000		2,589,972
County of Clark NV, 5.00%, 12/01/2026		1,450,000		1,527,118
County of Clark NV Passenger Facility Charge Revenue, 5.00%, 07/01/2025		490,000		500,387
Las Vegas Redevelopment Agency
5.00%, 06/15/2026		1,000,000		1,020,709
3.00%, 06/15/2032 (Callable 06/15/2026)		790,000		729,962
Nevada Housing Division
4.00%, 10/01/2049 (Callable 10/01/2028)		840,000		833,074
3.00%, 04/01/2051 (Callable 10/01/2030)		1,330,000		1,285,757
				8,486,979
New Hampshire - 0.1%
Hollis School District, 2.77%, 06/28/2027 (Callable 04/22/2024) (b)		1,212,469		1,164,665
New Hampshire Business Finance Authority, 4.00%, 01/01/2028 (Callable 01/01/2026)		575,000		561,670
				1,726,335
New Jersey - 2.5%
Atlantic City Board of Education, 3.40%, 08/15/2024  (b)		793,000		788,633
Borough of Berlin NJ
2.00%, 03/15/2026		550,000		531,430
2.00%, 03/15/2027		770,000		731,328
New Jersey Economic Development Authority
5.25%, 07/01/2025		6,250,000		6,339,324
4.89% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 (Callable 03/01/2025)		20,000		20,030
3.13%, 07/01/2029 (Callable 07/01/2027)		935,000		894,179
New Jersey Housing & Mortgage Finance Agency
5.00%, 05/01/2025  (c)		2,190,000		2,202,930
5.00%, 11/01/2025  (c)		1,615,000		1,629,045
3.60%, 05/01/2026		3,045,000		3,034,717
4.50%, 10/01/2048 (Callable 10/01/2027)		420,000		420,806
4.75%, 10/01/2050 (Callable 04/01/2028)		930,000		935,693
5.00%, 10/01/2053 (Callable 04/01/2031)		3,320,000		3,411,502
New Jersey Transportation Trust Fund Authority
0.00%, 12/15/2026  (d)		210,000		192,213
0.00%, 12/15/2027  (d)		2,245,000		2,002,411
0.00%, 12/15/2027  (d)		165,000		146,368
0.00%, 12/15/2028  (d)		4,850,000		4,202,217
0.00%, 12/15/2029  (d)		3,210,000		2,700,884
New Jersey Turnpike Authority, 5.00%, 01/01/2029 (i)		4,000,000		4,327,676
Newark Housing Authority, 5.00%, 12/01/2028 (Callable 12/01/2026)		1,500,000		1,574,543
River Dell Regional School District, 1.00%, 09/01/2028		735,000		654,450
Salem County Improvement Authority, 4.00%, 08/15/2026		475,000		476,642
Township of Mahwah NJ, 1.00%, 01/15/2026		1,320,000		1,262,482
				38,479,503
New Mexico - 0.3%
Los Lunas School District No 1, 2.00%, 07/15/2024 (Callable 05/02/2024)		800,000		793,163
New Mexico Mortgage Finance Authority
5.00%, 02/01/2042 (Callable 04/01/2025) (a)		1,073,000		1,083,815
3.50%, 03/01/2045 (Callable 03/01/2026)		40,000		39,391
3.75%, 03/01/2048 (Callable 03/01/2027)		260,000		257,078
4.25%, 07/01/2049 (Callable 01/01/2028)		220,000		219,256
4.25%, 01/01/2050 (Callable 07/01/2028)		1,575,000		1,569,212
Roswell Independent School District, 3.00%, 08/01/2024		545,000		542,541
				4,504,456
New York - 6.1%
Albany Capital Resource Corp., 5.00%, 05/01/2027 (Callable 05/01/2026)		1,000,000		1,021,810
Albany County Capital Resource Corp., 2.60%, 07/01/2025		430,000		426,200
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025) (a)		8,250,000		8,237,829
BluePath TE Trust, 2.75%, 09/01/2026 (Callable 05/02/2024) (b)		1,564,731		1,521,714
City of Amsterdam NY, 5.00%, 06/20/2024		1,597,914		1,597,913
City of New York NY, 5.00%, 06/01/2044 (Callable 06/01/2025) (a)		4,000,000		4,056,927
City of Poughkeepsie NY
4.00%, 04/15/2024		280,000		279,862
4.00%, 04/15/2026		450,000		445,258
Genesee Valley Central School District
5.00%, 06/15/2027		1,390,000		1,479,839
5.00%, 06/15/2028		1,460,000		1,588,806
Hempstead Town Local Development Corp., 5.00%, 07/01/2025 (Callable 05/02/2024)		815,000		815,910
Huntington Local Development Corp., 4.00%, 07/01/2027		3,910,000		3,788,205
Monroe County Industrial Development Corp., 5.00%, 07/01/2028 (Callable 07/01/2027) (a)		3,905,000		4,006,184
New York City Housing Development Corp.
2.95%, 11/01/2045 (Callable 05/01/2025) (a)		725,000		709,430
3.00%, 02/15/2048 (Callable 05/15/2024)		8,150,000		8,123,807
3.50%, 02/15/2048 (Callable 05/15/2024)		5,100,000		5,080,212
0.70%, 11/01/2060 (Callable 04/22/2024) (a)		2,590,000		2,472,872
0.60%, 05/01/2061 (Callable 04/22/2024) (a)		1,910,000		1,814,164
3.40%, 11/01/2062 (Callable 05/01/2025) (a)		4,000,000		3,956,385
New York State Housing Finance Agency
0.70%, 11/01/2024 (Callable 04/22/2024)		2,500,000		2,426,680
1.60%, 11/01/2024 (Callable 04/22/2024)		3,955,000		3,895,135
0.75%, 05/01/2025 (Callable 04/22/2024)		4,300,000		4,131,331
0.75%, 11/01/2025 (Callable 04/22/2024)		5,950,000		5,593,077
1.65%, 05/15/2039		3,395,883		2,488,187
0.65%, 11/01/2056 (Callable 04/22/2024) (a)		4,300,000		4,036,920
4.50%, 11/01/2062 (Callable 11/01/2025) (a)		1,000,000		1,014,096
Oneida County Local Development Corp., 5.00%, 12/01/2029 (Callable 05/02/2024)		715,000		715,448
State of New York Mortgage Agency Homeowner Mortgage Revenue, 4.00%, 10/01/2046 (Callable 04/01/2025)		85,000		84,584
Westchester County Local Development Corp.
2.88%, 07/01/2026  (b)		1,000,000		1,000,000
3.20%, 07/01/2028  (b)		5,855,000		5,754,043
				82,562,828
North Carolina - 2.9%
City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027		775,000		830,727
County of Forsyth NC, 5.00%, 06/01/2027		4,915,000		5,245,129
County of Wake NC, 5.00%, 11/01/2027		1,140,000		1,228,201
Fayetteville State University, 5.00%, 04/01/2030		265,000		289,601
Inlivian
4.00%, 04/01/2025 (Callable 04/01/2024) (a)		8,332,000		8,332,000
5.00%, 06/01/2043 (Callable 12/01/2025) (a)		5,348,000		5,435,116
North Carolina Housing Finance Agency
4.00%, 07/01/2048 (Callable 07/01/2027)		160,000		158,528
4.00%, 07/01/2050 (Callable 07/01/2029)		2,165,000		2,147,359
6.00%, 07/01/2053 (Callable 07/01/2031)		4,120,000		4,382,956
6.25%, 01/01/2055 (Callable 07/01/2032)		2,500,000		2,728,328
North Carolina Medical Care Commission, 4.00%, 10/01/2027		1,020,000		1,028,284
Raleigh Housing Authority
5.00%, 10/01/2026  (a)		4,000,000		4,037,100
5.00%, 12/01/2026  (a)		4,000,000		4,053,234
				39,896,563
North Dakota - 2.0%
Cass County Joint Water Resource District
0.48%, 05/01/2024 (Callable 02/02/2024)		2,500,000		2,493,059
3.45%, 04/01/2027 (Callable 01/01/2026)		6,000,000		5,998,717
City of Horace ND
4.00%, 01/01/2025 (Callable 04/22/2024)		2,000,000		1,995,577
3.00%, 05/01/2025		250,000		243,629
3.00%, 05/01/2025		205,000		199,463
5.13%, 07/01/2025 (Callable 07/01/2024)		1,000,000		1,002,583
3.00%, 05/01/2026		345,000		331,233
3.00%, 05/01/2026		100,000		95,730
3.00%, 05/01/2027 (Callable 05/01/2026)		265,000		250,828
3.00%, 05/01/2028 (Callable 05/01/2027)		305,000		283,693
5.00%, 05/01/2031		3,465,000		3,622,001
City of Mayville ND, 3.75%, 08/01/2025 (Callable 05/02/2024)		4,000,000		3,893,880
North Dakota Housing Finance Agency
4.00%, 07/01/2048 (Callable 01/01/2027)		240,000		238,072
4.00%, 01/01/2051 (Callable 07/01/2029)		1,605,000		1,591,983
3.00%, 07/01/2052 (Callable 01/01/2031)		2,670,000		2,563,707
Williston Parks & Recreation District
4.50%, 03/01/2025 (Callable 04/17/2024)		300,000		296,680
4.63%, 03/01/2026 (Callable 04/17/2024)		2,620,000		2,564,659
Williston Public School District No 1/ND, 3.00%, 08/01/2026 (Callable 08/01/2024)		1,015,000		999,658
				28,665,152
Ohio - 4.6%
Akron Bath Copley Joint Township Hospital District
5.00%, 11/15/2025		150,000		152,509
5.00%, 11/15/2028		1,240,000		1,304,683
City of Huron OH, 3.13%, 12/01/2024		115,000		113,675
City of Kirtland OH, 4.25%, 04/18/2024		1,002,000		1,001,952
City of Lorain OH
3.00%, 12/01/2024		130,000		129,104
3.00%, 12/01/2025		135,000		133,646
3.00%, 12/01/2026		135,000		133,208
City of Middleburg Heights OH, 5.00%, 08/01/2026		270,000		277,926
City of Waterville OH, 1.00%, 12/01/2026		1,255,000		1,180,144
Cleveland-Cuyahoga County Port Authority, 5.00%, 08/01/2026 (Callable 08/01/2024)		550,000		551,875
Columbus-Franklin County Finance Authority, 4.00%, 05/15/2035 (Callable 11/15/2032)		1,625,000		1,619,197
County of Allen OH Hospital Facilities Revenue, 5.00%, 10/01/2049 (Callable 02/03/2027) (a)		850,000		891,982
County of Montgomery OH
5.00%, 11/15/2025		2,500,000		2,533,578
5.00%, 11/15/2027		2,015,000		2,093,746
County of Van Wert OH, 6.13%, 12/01/2049 (Callable 12/01/2029)		12,226,000		13,922,744
Cuyahoga Metropolitan Housing Authority, 4.75%, 12/01/2027  (a)		2,550,000		2,571,347
Northeast Ohio Medical University, 5.00%, 12/01/2025		125,000		126,704
Northwest Local School District/Stark Summit & Wayne Counties, 0.00%, 12/01/2026  (d)		440,000		401,058
Ohio Air Quality Development Authority, 4.00%, 09/01/2030  (a)		6,570,000		6,605,265
Ohio Higher Educational Facility Commission
5.00%, 05/01/2024		705,000		705,403
5.00%, 05/01/2024		415,000		415,237
5.00%, 03/01/2025		550,000		549,740
5.00%, 05/01/2025		595,000		602,465
5.00%, 05/01/2025		455,000		460,709
5.00%, 05/01/2026 (Callable 05/01/2025)		750,000		761,871
5.00%, 12/01/2027		715,000		721,285
Ohio Housing Finance Agency
3.35%, 07/01/2025  (a)		2,500,000		2,486,978
4.00%, 11/01/2025  (a)		7,000,000		6,971,799
6.00%, 02/01/2026 (Callable 02/01/2025) (b)		1,500,000		1,510,231
5.00%, 08/01/2026  (a)		175,000		176,837
5.00%, 12/01/2026  (a)		1,000,000		1,014,917
4.00%, 03/01/2047 (Callable 09/01/2025)		35,000		34,722
4.50%, 03/01/2050 (Callable 09/01/2028)		1,655,000		1,658,321
3.75%, 09/01/2050 (Callable 03/01/2029)		1,995,000		1,967,297
Port of Greater Cincinnati Development Authority
5.00%, 05/01/2025 (Callable 05/02/2024) (b)		8,040,000		7,994,624
5.00%, 04/01/2027		250,000		260,823
4.00%, 11/15/2028		770,000		782,156
State of Ohio, 5.00%, 05/01/2034 (Callable 05/01/2025)		575,000		584,347
Toledo-Lucas County Port Authority, 2.00%, 11/15/2031		905,000		812,848
University of Akron/The, 5.00%, 01/01/2034 (Callable 07/01/2026)		2,195,000		2,242,635
Village of Bluffton OH, 5.00%, 12/01/2025		1,500,000		1,522,618
				69,982,206
Oklahoma - 1.8%
Catoosa Industrial Authority, 4.00%, 10/01/2028 (Callable 10/01/2026)		20,000		20,000
Garfield County Educational Facilities Authority, 5.00%, 09/01/2027 (Callable 09/01/2026)		3,780,000		3,905,699
Grady County School Finance Authority
5.00%, 12/01/2024		565,000		567,832
5.00%, 12/01/2026		1,015,000		1,047,633
Muskogee Industrial Trust, 5.00%, 09/01/2026		1,775,000		1,823,783
Oklahoma County Finance Authority, 5.00%, 09/01/2024		350,000		351,392
Oklahoma County Independent School District No 52 Midwest City-Del City
4.00%, 07/01/2027		4,140,000		4,263,549
4.00%, 07/01/2028		3,990,000		4,157,908
Oklahoma Development Finance Authority, 5.00%, 08/01/2024		585,000		584,326
Oklahoma Housing Finance Agency
4.00%, 06/01/2028 (Callable 06/01/2025) (a)		1,250,000		1,248,255
5.00%, 03/01/2052 (Callable 03/01/2031)		1,785,000		1,831,267
6.00%, 03/01/2054 (Callable 09/01/2032)		2,615,000		2,873,774
6.50%, 09/01/2054 (Callable 09/01/2032)		1,630,000		1,839,833
Purcell Public Works Authority, 5.00%, 03/01/2027		880,000		922,413
Sallisaw Municipal Authority
4.00%, 06/01/2024		655,000		653,430
4.00%, 06/01/2025		680,000		673,495
4.00%, 06/01/2026		710,000		701,857
4.00%, 06/01/2028 (Callable 06/01/2026)		765,000		759,623
Tulsa County Independent School District No 9 Union, 0.05%, 04/01/2026 (i)		2,250,000		2,093,702
				30,319,771
Oregon - 0.4%
County of Yamhill OR, 4.00%, 10/01/2024		425,000		422,942
Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028) (a)		2,605,000		2,637,576
State of Oregon
5.00%, 08/01/2026		1,750,000		1,830,078
4.00%, 12/01/2048 (Callable 12/01/2026)		320,000		317,582
State of Oregon Housing & Community Services Department
3.88%, 01/01/2033 (Callable 07/01/2024)		235,000		235,026
3.50%, 07/01/2036 (Callable 01/01/2025)		20,000		19,865
4.50%, 01/01/2049 (Callable 07/01/2027)		570,000		569,008
4.50%, 07/01/2049 (Callable 07/01/2027)		180,000		179,753
Yamhill County Hospital Authority
2.13%, 11/15/2027 (Callable 04/22/2024)		7,000		6,770
2.50%, 11/15/2028 (Callable 04/22/2024)		2,550,000		2,315,435
				8,534,035
Pennsylvania - 2.7%
Bucks County Industrial Development Authority, 5.00%, 07/01/2025		350,000		345,913
Caernarvon Township Authority/The
4.00%, 09/01/2027 (Callable 09/01/2024)		130,000		129,108
4.00%, 09/01/2028 (Callable 09/01/2024)		165,000		163,975
4.00%, 09/01/2029 (Callable 09/01/2024)		170,000		169,497
4.00%, 09/01/2030 (Callable 09/01/2024)		175,000		174,980
Chester County Industrial Development Authority, 5.00%, 03/01/2027 (Callable 09/01/2026)		1,000,000		1,016,265
City of Bradford PA, 2.50%, 11/01/2025		395,000		383,811
City of Erie Higher Education Building Authority
5.00%, 05/01/2025		160,000		160,125
5.00%, 05/01/2027		225,000		228,085
City of Scranton PA
5.00%, 09/01/2025  (b)		405,000		405,503
5.00%, 09/01/2026  (b)		420,000		423,053
5.00%, 09/01/2027  (b)		440,000		446,637
City of York PA, 5.00%, 11/15/2025		1,505,000		1,511,858
County of Allegheny PA, 4.28% (SOFR + 0.55%), 11/01/2026 (Callable 05/02/2024)		1,520,000		1,508,601
County of Lackawanna PA, 4.00%, 09/01/2026		1,445,000		1,466,816
Cumberland County Municipal Authority
5.00%, 01/01/2029 (Callable 01/01/2025)		490,000		492,858
5.00%, 01/01/2029 (Callable 01/01/2025)		190,000		191,756
Delaware Valley Regional Finance Authority, 4.53% (1 mo. LIBOR US + 0.88%), 09/01/2048 (Callable 09/01/2024) (e)		2,000,000		1,999,726
East Hempfield Township Industrial Development Authority, 5.00%, 07/01/2029 (Callable 07/01/2024)		1,730,000		1,733,462
Health Care Facilities Authority of Sayre, 4.53% (3 mo. LIBOR US + 0.78%), 12/01/2024 (Callable 05/02/2024) (e)		65,000		65,001
Indiana County Municipal Services Authority
5.00%, 10/01/2027		310,000		322,724
5.00%, 10/01/2028		325,000		342,519
Latrobe Industrial Development Authority
5.00%, 03/01/2027		395,000		399,548
5.00%, 03/01/2028		215,000		218,754
5.00%, 03/01/2029		150,000		153,431
5.00%, 03/01/2030		125,000		128,228
Lycoming County Authority, 4.00%, 11/01/2043  (a)		1,260,000		1,259,090
Montgomery County Industrial Development Authority/PA
4.00%, 12/01/2024		200,000		199,295
4.00%, 12/01/2025		390,000		388,120
4.10%, 04/01/2053  (a)		6,650,000		6,822,832
North Penn Water Authority, 4.20% (SIFMA Municipal Swap Index + 0.56%), 11/01/2024 (Callable 04/22/2024)		845,000		845,013
Northampton County General Purpose Authority, 4.85% (1 mo. Term SOFR + 1.04%), 08/15/2048 (Callable 04/09/2024)		75,000		75,001
Northeastern Pennsylvania Hospital and Education Authority, 5.00%, 03/01/2027 (Callable 03/01/2026)		635,000		636,097
Pennsylvania Economic Development Financing Authority
5.00%, 12/31/2029  (c)		3,000,000		3,254,860
5.00%, 06/30/2030  (c)		1,500,000		1,637,053
Pennsylvania Economic Development Financing Authority Parking System Revenue
5.00%, 01/01/2025		2,000,000		2,012,743
5.00%, 01/01/2025		485,000		488,090
5.00%, 01/01/2026		1,250,000		1,275,292
Pennsylvania Higher Educational Facilities Authority, 5.00%, 05/01/2025		575,000		582,093
Pennsylvania Housing Finance Agency
4.00%, 10/01/2046 (Callable 04/01/2026)		565,000		561,412
4.00%, 10/01/2049 (Callable 10/01/2028)		2,980,000		2,960,552
4.25%, 10/01/2052 (Callable 04/01/2032)		1,090,000		1,089,768
6.25%, 10/01/2053 (Callable 04/01/2033)		4,000,000		4,374,544
Pennsylvania Turnpike Commission, 5.00%, 12/01/2028  (f)		450,000		473,879
Reading School District, 0.00%, 01/15/2026  (d)		670,000		622,405
Sayre Area School District, 3.00%, 05/15/2024		25,000		24,947
School District of Philadelphia/The, 5.00%, 09/01/2026		1,000,000		1,037,862
Scranton-Lackawanna Health and Welfare Authority, 5.00%, 11/01/2025		40,000		40,795
State Public School Building Authority, 0.00%, 05/15/2028  (d)		2,075,000		1,779,966
Township of North Fayette PA, 4.00%, 04/15/2025 (Callable 05/02/2024)		210,000		210,031
Westmoreland County Industrial Development Authority/PA
4.00%, 07/01/2024		450,000		448,700
4.00%, 07/01/2025		550,000		545,765
4.00%, 07/01/2026		725,000		722,841
5.00%, 07/01/2029		1,555,000		1,621,713
Wilkes-Barre Finance Authority, 5.00%, 11/01/2024		40,000		40,213
				50,613,206
Puerto Rico - 0.0%(g)
Puerto Rico Public Finance Corp.
5.13%, 06/01/2024		245,000		245,445
6.00%, 08/01/2026		545,000		578,829
				824,274
Rhode Island - 0.6%
Providence Public Building Authority
5.00%, 09/15/2026		3,230,000		3,334,550
5.00%, 09/15/2028		2,425,000		2,589,046
Rhode Island Housing & Mortgage Finance Corp., 3.75%, 10/01/2049 (Callable 04/01/2029)		1,185,000		1,169,276
Tobacco Settlement Financing Corp./RI, 5.00%, 06/01/2027 (Callable 06/01/2025)		1,075,000		1,092,691
				8,185,563
South Carolina - 2.3%
City of Myrtle Beach SC, 5.00%, 10/01/2027 (Callable 10/01/2026)		1,000,000		1,040,015
Greenville Housing Authority/SC, 5.00%, 07/01/2027 (Callable 07/01/2026) (a)		832,000		851,141
Greenwood Fifty Schools Facilities, Inc., 5.00%, 12/01/2027 (Callable 06/01/2026)		1,125,000		1,167,750
South Carolina Jobs-Economic Development Authority
5.25%, 11/15/2028 (Callable 05/15/2025)		2,150,000		2,164,030
5.75%, 11/15/2029 (Callable 05/15/2025)		1,700,000		1,679,847
4.32%, 05/01/2048 (Callable 04/01/2024) (a)		9,000,000		9,000,000
South Carolina State Housing Finance & Development Authority
4.00%, 07/01/2036 (Callable 07/01/2025)		50,000		49,607
4.00%, 07/01/2047 (Callable 01/01/2027)		210,000		208,452
4.50%, 07/01/2048 (Callable 07/01/2027)		205,000		204,868
4.00%, 01/01/2050 (Callable 07/01/2028)		1,410,000		1,397,641
4.00%, 07/01/2050 (Callable 07/01/2029)		1,335,000		1,322,980
3.00%, 01/01/2052 (Callable 07/01/2030)		8,605,000		8,304,791
Spartanburg County School District No 5/SC, 5.00%, 03/01/2027		2,750,000		2,913,191
Spartanburg Housing Authority, 2.00%, 03/01/2026 (Callable 03/01/2025) (a)		2,671,000		2,611,157
				32,915,470
South Dakota - 0.5%
City of Rapid City SD Airport Revenue, 5.00%, 12/01/2025		310,000		313,330
South Dakota Health & Educational Facilities Authority
3.00%, 09/01/2025		100,000		98,280
3.00%, 09/01/2027		105,000		101,460
3.00%, 09/01/2028		200,000		191,314
South Dakota Housing Development Authority
3.00%, 11/01/2051 (Callable 05/01/2030)		1,340,000		1,297,203
5.00%, 05/01/2053 (Callable 11/01/2031)		2,885,000		2,955,875
6.25%, 05/01/2055 (Callable 05/01/2032)		2,500,000		2,731,413
				7,688,875
Tennessee - 2.1%
City of Jackson TN
5.00%, 04/01/2024		335,000		335,000
5.00%, 04/01/2024		10,000		10,000
5.00%, 04/01/2026 (Callable 04/01/2025)		1,065,000		1,073,700
5.00%, 04/01/2027 (Callable 04/01/2025)		645,000		651,576
5.00%, 04/01/2027 (Callable 04/01/2025)		20,000		20,234
City of Manchester TN, 2.00%, 08/01/2028		1,535,000		1,440,161
City of Memphis TN Electric System Revenue, 5.00%, 12/01/2029 (Callable 12/01/2026)		2,165,000		2,271,917
City of Memphis TN Gas Revenue, 5.00%, 12/01/2029 (Callable 12/01/2026)		2,185,000		2,292,905
City of Morristown TN, 2.00%, 03/01/2029		1,635,000		1,528,283
City of Sevierville TN, 5.00%, 06/01/2027		2,845,000		3,026,313
Cleveland Housing Authority, 4.00%, 08/01/2026  (a)(b)		2,880,000		2,873,593
Johnson City Health & Educational Facilities Board, 5.00%, 07/01/2025		1,125,000		1,138,105
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
4.00%, 10/01/2028		125,000		122,889
3.85%, 02/01/2048  (a)		2,250,000		2,250,015
Tennergy Corp./TN
5.25%, 12/01/2026		700,000		713,504
5.50%, 12/01/2027		770,000		798,872
5.50%, 12/01/2028		1,000,000		1,046,865
5.50%, 12/01/2029		2,230,000		2,365,933
5.50%, 10/01/2053 (Callable 09/01/2030) (a)		2,500,000		2,671,519
Tennessee Energy Acquisition Corp., 5.63%, 09/01/2026		2,005,000		2,029,960
Tennessee Housing Development Agency
3.85%, 07/01/2032 (Callable 01/01/2025)		685,000		685,731
4.00%, 07/01/2039 (Callable 04/22/2024)		85,000		84,765
4.00%, 01/01/2043 (Callable 07/01/2027)		330,000		327,275
3.75%, 01/01/2050 (Callable 01/01/2029)		1,555,000		1,531,287
3.00%, 01/01/2051 (Callable 01/01/2030)		730,000		706,701
5.00%, 01/01/2053 (Callable 07/01/2031)		1,705,000		1,756,914
6.25%, 01/01/2054 (Callable 07/01/2032)		2,000,000		2,181,141
				35,935,158
Texas - 12.4%
Abilene Convention Center Hotel Development Corp., 3.75%, 10/01/2031  (b)		1,120,000		1,027,098
Alief Independent School District, 5.00%, 02/15/2027		1,035,000		1,093,832
Arlington Higher Education Finance Corp.
5.00%, 08/15/2024		535,000		536,996
5.00%, 08/15/2026		450,000		467,653
5.00%, 08/15/2027		500,000		528,806
4.00%, 08/15/2028		370,000		379,111
4.88%, 06/15/2056 (Callable 06/15/2025) (a)(b)		1,750,000		1,765,220
Arlington Housing Finance Corp.
4.50%, 04/01/2041 (Callable 04/01/2026) (a)		4,000,000		4,061,268
3.50%, 11/01/2043 (Callable 05/01/2025) (a)		6,500,000		6,477,606
Austin-Bergstrom Landhost Enterprises, Inc., 5.00%, 10/01/2024		1,595,000		1,597,184
Bexar County Housing Finance Corp., 4.05%, 03/01/2028 (Callable 09/01/2025) (a)		4,000,000		4,012,285
Brazoria County Municipal Utility District No 17, 4.00%, 09/01/2024 (Callable 05/02/2024)		175,000		175,003
Central Texas Turnpike System
0.00%, 08/15/2026  (d)		9,060,000		8,344,093
5.00%, 08/15/2027 (Callable 08/15/2024)		545,000		547,028
Chisum Independent School District
5.00%, 08/15/2026		620,000		646,194
5.00%, 08/15/2027		325,000		345,864
Cimarron Municipal Utility District, 4.00%, 03/01/2025		70,000		70,230
City of Dallas Housing Finance Corp.
5.00%, 07/01/2042 (Callable 01/01/2027) (a)		2,000,000		2,066,319
3.50%, 02/01/2044 (Callable 06/01/2025) (a)		1,900,000		1,873,008
City of Dallas TX Hotel Occupancy Tax Revenue, 4.00%, 08/15/2030 (Callable 08/15/2026)		1,000,000		1,006,974
City of Hearne TX, 3.00%, 08/01/2024		240,000		238,667
City of Houston TX, 5.50%, 12/01/2024		325,000		328,960
City of Houston TX Hotel Occupancy Tax & Special Revenue, 5.00%, 09/01/2029 (Callable 09/01/2024)		1,500,000		1,505,728
City of Pearland TX, 5.00%, 03/01/2030 (Callable 03/01/2026)		810,000		832,191
City of Temple TX, 5.00%, 08/01/2028		360,000		387,182
Clifton Higher Education Finance Corp., 5.00%, 08/15/2026		1,010,000		1,030,178
Collin County Municipal Utility District No 2, 7.00%, 09/01/2029		2,435,000		2,690,471
Collin County Water Control & Improvement District No 3, 2.00%, 09/15/2024		350,000		344,827
Colony Municipal Utility District No 1A
7.00%, 08/15/2027		280,000		307,864
7.00%, 08/15/2028		295,000		333,062
Comal County Water Control & Improvement District No 6
4.00%, 03/01/2025		510,000		509,734
4.00%, 03/01/2026		535,000		543,114
4.00%, 03/01/2027		555,000		566,906
4.00%, 03/01/2028		580,000		596,558
Cool Water Municipal Utility District, 7.00%, 08/15/2029		1,325,000		1,480,579
Cotulla Independent School District, 5.00%, 02/15/2028		1,250,000		1,348,141
County of McLennan TX, 5.00%, 06/01/2025		240,000		242,555
County of Wise TX, 5.00%, 08/15/2026		850,000		876,175
Cypress-Fairbanks Independent School District
5.00%, 02/15/2027		2,740,000		2,897,298
5.00%, 02/15/2028		1,025,000		1,111,348
Dallas Convention Center Hotel Development Corp., 0.00%, 01/01/2025  (d)		4,650,000		4,496,387
Dallas County Utility & Reclamation District, 5.00%, 02/15/2026		290,000		297,710
Decatur Hospital Authority, 5.75%, 09/01/2029		1,000,000		1,071,211
Denton Independent School District
2.00%, 08/01/2044  (a)		1,450,000		1,441,561
2.00%, 08/01/2044  (a)		1,045,000		1,038,000
2.00%, 08/01/2044  (a)		190,000		188,801
Duncanville Independent School District/TX, 5.00%, 02/15/2027 (Callable 02/15/2025)		220,000		223,182
Eanes Independent School District, 5.00%, 08/01/2028		1,060,000		1,151,677
Fort Bend County Municipal Utility District No 132, 6.75%, 09/01/2029		985,000		1,072,846
Fort Bend County Municipal Utility District No 139, 4.00%, 09/01/2024		200,000		200,057
Fort Bend County Municipal Utility District No 215, 6.50%, 09/01/2030		2,020,000		2,270,133
Fort Bend County Municipal Utility District No 58, 3.50%, 04/01/2024		125,000		125,000
Frisco Independent School District, 0.00%, 08/15/2029  (d)		100,000		84,489
Galena Park Independent School District, 0.00%, 08/15/2026  (d)		1,000,000		925,283
Goliad Independent School District, 5.00%, 02/15/2026		1,005,000		1,038,909
Harris County Health Facilities Development Corp.
5.75%, 07/01/2027		3,720,000		3,848,094
5.75%, 07/01/2027		865,000		897,168
Harris County Municipal Utility District No 120, 3.25%, 08/01/2025 (Callable 05/02/2024)		350,000		347,487
Harris County Municipal Utility District No 63, 3.00%, 09/01/2025 (Callable 09/01/2024)		100,000		98,705
Housing Options, Inc./TX, 3.90%, 02/01/2026 (Callable 02/01/2025) (a)		8,035,000		8,002,557
Houston Independent School District, 3.50%, 06/01/2039  (a)		4,885,000		4,854,602
Katy Development Authority
3.00%, 06/01/2028 (Callable 06/01/2027)		375,000		357,163
3.00%, 06/01/2029 (Callable 06/01/2027)		450,000		425,155
Kendall County Water Control & Improvement District No 2A, 7.00%, 09/01/2030		1,335,000		1,499,275
Klein Independent School District, 5.00%, 08/01/2028		750,000		818,060
Lake Dallas Independent School District, 0.00%, 08/15/2026  (d)		1,000,000		923,775
Lakes Fresh Water Supply District of Denton County
6.00%, 09/01/2026		505,000		537,262
6.50%, 09/01/2026		300,000		322,622
6.00%, 09/01/2027		645,000		704,760
6.50%, 09/01/2027		300,000		332,617
Leander Independent School District
5.00%, 08/15/2026		1,150,000		1,202,070
0.00%, 08/15/2036 (Callable 08/15/2024) (d)		35,000		19,659
0.00%, 08/15/2040 (Callable 08/15/2024) (d)		175,000		79,968
0.00%, 08/15/2041 (Callable 08/15/2024) (d)		435,000		175,032
0.00%, 08/15/2042 (Callable 08/15/2024) (d)		700,000		289,563
Llano Independent School District, 5.00%, 02/15/2027		1,400,000		1,477,601
Love Field Airport Modernization Corp., 5.00%, 11/01/2034 (Callable 11/01/2025) (c)		3,775,000		3,836,368
Lower Colorado River Authority, 4.75%, 01/01/2028		90,000		92,711
Manor Independent School District
5.00%, 08/01/2026		100,000		104,369
5.00%, 08/01/2027		1,015,000		1,082,933
Meyer Ranch Municipal Utility District, 6.75%, 08/15/2028		1,080,000		1,171,952
Midland Independent School District, 5.00%, 02/15/2028		2,000,000		2,162,141
Montgomery County Municipal Utility District No 105, 2.00%, 09/01/2027 (Callable 09/01/2025)		435,000		400,550
Montgomery County Municipal Utility District No 112, 3.00%, 10/01/2024		215,000		213,653
Montgomery County Municipal Utility District No 186, 7.00%, 12/01/2029		1,120,000		1,243,755
New Hope Cultural Education Facilities Finance Corp., 4.00%, 06/15/2024		50,000		49,960
Newark Higher Education Finance Corp., 5.00%, 08/15/2028 (Callable 08/15/2024)		705,000		708,891
North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026		265,000		271,605
Northeast Travis County Utility District/TX, 0.00%, 09/01/2024  (d)		470,000		460,139
Northlake Municipal Management District No 1, 6.75%, 03/01/2027		545,000		590,778
Northside Independent School District
5.00%, 08/01/2026  (f)		500,000		521,845
5.00%, 08/01/2027  (f)		500,000		532,318
5.00%, 08/01/2028  (f)		2,880,000		3,131,533
2.00%, 06/01/2052  (a)		3,640,000		3,460,227
Paseo del Este Municipal Utility District No 10, 4.00%, 08/15/2024		180,000		179,803
Port of Port Arthur Navigation District, 4.35%, 04/01/2040 (Callable 04/01/2024) (a)		3,000,000		3,000,000
Prosper Independent School District, 4.00%, 02/15/2050  (a)		1,250,000		1,260,243
PSC/TX, 3.75%, 12/01/2040  (f)		6,200,000		5,973,055
San Antonio Independent School District/TX
5.00%, 08/15/2027		1,500,000		1,601,760
5.00%, 08/15/2028		750,000		817,774
Sedona Lakes Municipal Utility District No 1, 3.00%, 09/01/2024		105,000		104,211
Sienna Municipal Utility District No 4
2.00%, 09/01/2027 (Callable 09/01/2025)		500,000		460,186
2.00%, 09/01/2028 (Callable 09/01/2025)		315,000		283,692
Sienna Municipal Utility District No 6, 6.50%, 09/01/2029		1,500,000		1,641,841
State of Texas
4.00%, 08/01/2028 (Callable 08/01/2025)		2,500,000		2,520,839
3.20%, 10/01/2028 (Callable 10/01/2025)		3,000,000		2,971,688
Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026) (a)		2,000,000		1,987,829
Tarrant County Cultural Education Facilities Finance Corp.
5.00%, 11/15/2024		335,000		334,744
2.25%, 11/15/2025		225,000		215,984
5.00%, 11/15/2026		490,000		493,834
5.00%, 11/15/2028 (Callable 11/15/2027)		1,050,000		1,067,360
5.00%, 11/15/2029 (Callable 11/15/2027)		1,835,000		1,870,348
Tarrant County Housing Finance Corp., 5.00%, 03/01/2027 (Callable 03/01/2026) (a)		1,000,000		1,020,327
Texas Department of Housing & Community Affairs
5.00%, 03/01/2041 (Callable 03/01/2025) (a)		2,000,000		2,018,151
4.75%, 03/01/2049 (Callable 09/01/2027)		395,000		396,782
5.50%, 09/01/2052 (Callable 03/01/2032)		2,910,000		3,068,616
Texas Municipal Gas Acquisition & Supply Corp. III
5.00%, 12/15/2027		6,250,000		6,468,331
5.00%, 12/15/2028		1,500,000		1,564,065
Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2029) (a)		3,500,000		3,787,820
Texas Municipal Gas Acquisition and Supply Corp. I, 5.20% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 04/01/2024)		8,300,000		8,233,974
Texas Municipal Gas Acquisition and Supply Corp. II, 4.62% (3 mo. Term SOFR + 1.05%), 09/15/2027		8,315,000		8,316,946
Texas State Affordable Housing Corp.
5.00%, 04/01/2043 (Callable 09/01/2025) (a)		1,500,000		1,531,554
4.25%, 03/01/2049 (Callable 03/01/2029)		300,000		298,761
5.50%, 09/01/2053 (Callable 03/01/2033)		2,970,000		3,121,248
Tioga Independent School District Public Facility Corp.
4.00%, 08/15/2024		185,000		184,594
3.25%, 08/15/2026 (Callable 08/15/2024)		195,000		188,807
Travis County Housing Finance Corp., 4.13%, 06/01/2045 (Callable 12/01/2025) (a)		4,400,000		4,410,162
Viridian Municipal Management District
5.00%, 12/01/2025		170,000		173,553
5.00%, 12/01/2025		100,000		102,090
4.00%, 12/01/2026 (Callable 05/02/2024)		340,000		340,061
5.00%, 12/01/2026		200,000		205,714
5.00%, 12/01/2026		195,000		200,571
5.00%, 12/01/2027		250,000		260,444
5.00%, 12/01/2028		250,000		263,847
5.00%, 12/01/2028		200,000		211,077
Waller Consolidated Independent School District, 6.00%, 02/15/2027		2,680,000		2,895,586
Waller County Municipal Utility District No 37, 7.25%, 09/01/2030		575,000		651,869
Williamson County Municipal Utility District No 31, 6.00%, 08/15/2028		1,030,000		1,095,188
				195,862,808
Utah - 0.6%
City of Salt Lake City UT Sales and Excise Tax Revenue, 4.00%, 10/01/2027 (Callable 10/01/2025)		1,220,000		1,235,808
County of Emery UT, 4.15%, 11/01/2024 (Callable 04/01/2024) (a)		8,000,000		8,000,000
Duchesne County School District, 5.00%, 06/01/2025		200,000		202,585
Utah Charter School Finance Authority
5.00%, 04/15/2024		240,000		240,041
5.00%, 04/15/2025		135,000		136,421
3.63%, 06/15/2029 (Callable 06/15/2027) (b)		635,000		594,567
Utah Housing Corp., 4.00%, 01/01/2045 (Callable 01/01/2026)		35,000		34,771
				10,444,193
Vermont - 0.5%
Vermont Educational & Health Buildings Financing Agency
5.00%, 10/15/2026		695,000		693,304
5.00%, 10/15/2028 (Callable 10/15/2026)		875,000		876,735
Vermont Housing Finance Agency
4.00%, 11/01/2044 (Callable 05/02/2024)		20,000		19,834
4.00%, 11/01/2048 (Callable 05/01/2027)		670,000		664,812
4.00%, 11/01/2049 (Callable 05/01/2028)		1,610,000		1,596,587
3.75%, 11/01/2050 (Callable 05/01/2029)		1,020,000		1,005,307
Vermont Student Assistance Corp.
5.00%, 06/15/2024  (c)		850,000		850,747
5.00%, 06/15/2025  (c)		825,000		832,722
				6,540,048
Virginia - 2.1%
Alexandria Industrial Development Authority, 5.00%, 10/01/2050 (Callable 10/01/2025)		2,275,000		2,327,252
Arlington County Industrial Development Authority, 5.00%, 01/01/2026		3,750,000		3,824,601
Charles City County Economic Development Authority, 2.88%, 02/01/2029 (Callable 11/01/2026) (f)		1,000,000		948,039
Chesapeake Bay Bridge & Tunnel District, 5.50%, 07/01/2025		685,000		690,593
Fairfax County Redevelopment & Housing Authority, 5.00%, 01/01/2045 (Callable 07/01/2027) (a)		5,000,000		5,205,102
Harrisonburg Redevelopment & Housing Authority, 4.00%, 12/01/2028 (Callable 12/01/2026) (a)		1,650,000		1,663,253
Norfolk Redevelopment & Housing Authority
4.00%, 01/01/2025 (Callable 05/02/2024)		2,100,000		2,085,412
5.00%, 05/01/2043 (Callable 05/01/2026) (a)		1,500,000		1,529,036
Portsmouth Redevelopment & Housing Authority, 3.50%, 07/01/2025 (Callable 07/01/2024) (a)		3,591,000		3,579,397
Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026)		1,500,000		1,560,276
Virginia Public Building Authority
5.00%, 08/01/2029 (Callable 08/01/2026) (c)		3,500,000		3,620,855
5.00%, 08/01/2029		2,400,000		2,675,230
Virginia Small Business Financing Authority
5.00%, 01/01/2028 (Callable 07/01/2027)		1,115,000		1,149,572
5.25%, 10/01/2029 (Callable 10/01/2024)		1,005,000		1,010,902
				31,869,520
Washington - 3.0%
Central Puget Sound Regional Transit Authority
4.75%, 02/01/2028 (Callable 05/02/2024)		185,000		186,419
3.84% (SIFMA Municipal Swap Index + 0.20%), 11/01/2045 (Callable 11/01/2025)		9,000,000		8,868,924
Central Washington University
4.00%, 05/01/2024 (Callable 02/02/2024)		260,000		259,838
4.00%, 05/01/2026 (Callable 05/02/2024)		410,000		410,024
City of Seattle WA Municipal Light & Power Revenue, 3.89% (SIFMA Municipal Swap Index + 0.25%), 05/01/2045 (Callable 05/01/2026)		8,840,000		8,619,094
County of King WA Sewer Revenue, 0.88%, 01/01/2042 (Callable 04/01/2025) (a)		450,000		416,334
King County Public Hospital District No 1, 5.00%, 12/01/2036 (Callable 12/01/2026)		1,250,000		1,277,119
Pend Oreille County Public Utility District No 1 Box Canyon
5.00%, 01/01/2025		735,000		738,283
5.00%, 01/01/2025		445,000		447,020
San Juan County School District No 137 Orcas Island, 4.00%, 12/01/2028 (Callable 05/02/2024)		675,000		673,973
Seattle Housing Authority
1.25%, 06/01/2024 (Callable 04/22/2024)		2,000,000		1,985,673
4.00%, 09/01/2025 (Callable 03/01/2025)		6,200,000		6,203,436
1.00%, 06/01/2026 (Callable 04/22/2024)		2,000,000		1,866,809
State of Washington, 5.00%, 07/01/2024 (Callable 05/02/2024)		15,000		15,014
Tacoma Metropolitan Park District
5.00%, 12/01/2024		415,000		416,135
4.00%, 12/01/2026		175,000		174,515
4.00%, 12/01/2027 (Callable 12/01/2026)		4,630,000		4,595,989
4.00%, 12/01/2027		2,505,000		2,499,220
Washington Health Care Facilities Authority
5.00%, 10/01/2026		1,520,000		1,567,434
5.00%, 12/01/2026  (b)		285,000		294,529
Washington State Housing Finance Commission
6.00%, 07/01/2025  (b)		555,000		561,708
6.50%, 07/01/2030 (Callable 07/01/2025) (b)		800,000		824,450
6.75%, 07/01/2035 (Callable 07/01/2025) (b)		1,130,000		1,167,937
				44,069,877
West Virginia - 0.2%
West Virginia Housing Development Fund, 3.00%, 11/01/2026		2,745,000		2,669,330
Wisconsin - 4.0%
City of Appleton WI Waterworks Revenue, 3.00%, 01/01/2026 (Callable 05/02/2024)		625,000		617,989
City of Marinette WI Waterworks System Revenue, 4.00%, 05/01/2027 (Callable 05/02/2024)		150,000		148,980
City of Milwaukee WI Sewerage System Revenue, 4.00%, 06/01/2027 (Callable 06/01/2026)		960,000		974,602
City of Oshkosh WI Storm Water Utility Revenue, 4.00%, 05/01/2029 (Callable 05/02/2024)		125,000		125,083
County of St Croix WI, 2.60%, 03/01/2027		625,000		598,453
County of Waushara WI, 4.50%, 06/01/2027 (Callable 06/01/2025)		2,500,000		2,536,514
D C Everest Area School District/WI
3.63%, 04/01/2038 (Callable 04/01/2027)		1,310,000		1,334,176
3.63%, 04/01/2038 (Callable 04/01/2027)		1,290,000		1,315,665
Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027)		7,000,000		7,153,583
Palmyra-Eagle Area School District/WI, 3.00%, 03/01/2025 (Callable 05/02/2024)		175,000		171,665
Public Finance Authority
5.00%, 10/01/2024  (b)		1,605,000		1,610,073
5.00%, 04/01/2025		155,000		155,394
5.00%, 07/01/2025  (c)		265,000		266,163
5.00%, 07/01/2026  (c)		465,000		470,999
5.00%, 07/01/2027  (b)		290,000		299,116
5.00%, 07/01/2028  (c)		1,245,000		1,286,334
5.00%, 07/01/2028  (b)		250,000		260,973
9.00%, 11/01/2028 (Callable 11/01/2027) (b)		1,850,000		1,853,990
5.50%, 12/15/2028 (Callable 06/01/2025) (b)		2,900,000		2,916,083
5.00%, 07/01/2029  (c)		1,365,000		1,423,562
5.00%, 07/01/2029  (b)		480,000		507,093
0.00%, 09/01/2029 (Callable 09/01/2026) (b)(d)		100,000		66,843
5.00%, 10/01/2029  (b)		2,850,000		2,983,668
6.13%, 12/15/2029 (Callable 12/15/2027) (b)		2,500,000		2,479,077
5.00%, 07/01/2030  (b)		995,000		1,062,400
3.30%, 10/01/2046  (a)		1,260,000		1,246,882
Village of Waunakee WI Waterworks & Electric System Revenue, 3.20%, 10/01/2026 (Callable 05/02/2024)		225,000		219,659
Wisconsin Center District
0.00%, 12/15/2024  (d)		125,000		121,520
5.25%, 12/15/2027		1,295,000		1,360,205
5.25%, 12/15/2027		50,000		52,024
Wisconsin Health & Educational Facilities Authority
5.00%, 07/01/2025 (Callable 07/01/2024)		660,000		661,899
2.75%, 08/15/2025 (Callable 08/15/2024)		1,440,000		1,418,729
4.00%, 09/15/2025		765,000		757,443
5.00%, 11/01/2025		245,000		244,659
5.00%, 02/15/2026		855,000		869,199
5.00%, 10/01/2026		2,000,000		2,083,762
5.00%, 11/01/2026		710,000		707,596
5.00%, 08/01/2027 (Callable 07/01/2026) (b)		6,500,000		6,646,830
4.00%, 09/15/2027		830,000		812,439
5.00%, 11/01/2029 (Callable 11/01/2026)		815,000		803,671
3.00%, 02/15/2035 (Callable 08/15/2025)		220,000		217,562
5.00%, 02/15/2051 (Callable 08/15/2026) (a)		5,450,000		5,573,720
5.00%, 02/15/2052 (Callable 08/15/2024) (a)		2,050,000		2,050,291
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
3.50%, 09/01/2046 (Callable 09/01/2025)		90,000		88,637
4.00%, 03/01/2048 (Callable 03/01/2027)		170,000		168,677
4.25%, 03/01/2049 (Callable 09/01/2028)		440,000		439,114
				59,162,996
Wyoming - 0.3%
Carbon County Specific Purpose Tax Joint Powers Board
5.00%, 06/15/2024		735,000		736,426
5.00%, 06/15/2025		950,000		963,073
5.00%, 06/15/2026		340,000		347,583
Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 06/15/2025)		2,000,000		1,995,502
Wyoming Community Development Authority
4.00%, 12/01/2043 (Callable 06/01/2027)		230,000		229,073
3.75%, 12/01/2049 (Callable 12/01/2028)		905,000		895,972
				5,167,629
TOTAL MUNICIPAL BONDS (Cost $1,549,141,991)				1,531,597,731
SHORT-TERM INVESTMENTS - 1.5%
Money Market Funds - 1.5%	Shares
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.34%(h)		23,570,099		23,570,099
TOTAL SHORT-TERM INVESTMENTS (Cost $23,570,099)				23,570,099
TOTAL INVESTMENTS - 100.4% (Cost $1,572,712,090)			$	1,555,167,830
Liabilities in Excess of Other Assets - (0.4)%				(5,564,916	)
TOTAL NET ASSETS - 100.0%			$	1,549,602,914
Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of March 31, 2024.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $99,880,014 or 6.4% of the Fund’s net assets.
(c)	Security subject to the Alternative Minimum Tax ("AMT"). As of March 31, 2024, the total value of securities subject to the AMT was $52,477,992 or 3.4% of net assets.
(d)	Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.
(e)	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(f)	Step coupon bond. The rate disclosed is as of March 31, 2024.
(g)	Represents less than 0.05% of net assets.
(h) (i)	The rate shown represents the 7-day effective yield as of March 31, 2024. Security or a portion of the security purchased on a when-issued or delayed delivery basis.

Baird Short-Term Municipal Bond Fund

Summary of Fair Value Exposure at March 31, 2024 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a 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 and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds		–		1,531,597,731		–		1,531,597,731
Money Market Funds		23,570,099		–		–		23,570,099
Total Assets		23,570,099		1,531,597,731		–		1,555,167,830
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements. Refer to the Schedule of Investments for industry classifications.