| MUNICIPAL BONDS - 100.0% | Par | | | Value | |
| Alabama - 2.7% |
| Alabama Corrections Institution Finance Authority, 5.00%, 07/01/2037 (Callable 07/01/2032) | | $ | 500,000 | | $ | 560,808 | |
| Alabama Special Care Facilities Financing Authority-Birmingham AL, 5.00%, 06/01/2026 (Callable 06/01/2025) | | 110,000 | | | 111,357 | |
| Black Belt Energy Gas District |
4.00%, 12/01/2049 (Callable 09/01/2025) (a) | | 100,000 | | | 100,573 | |
5.00%, 05/01/2053 (a) | | 750,000 | | | 786,162 | |
| Chilton County Health Care Authority, 3.00%, 11/01/2027 (Callable 11/01/2025) | | 100,000 | | | 99,679 | |
| County of Jefferson AL Sewer Revenue, 5.50%, 10/01/2053 (Callable 10/01/2033) | | 1,000,000 | | | 1,100,945 | |
Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034 (a) | | 600,000 | | | 608,945 | |
| Jacksonville State University, 5.00%, 12/01/2036 (Callable 12/01/2027) | | 500,000 | | | 531,041 | |
Southeast Alabama Gas Supply District, 5.00%, 08/01/2054 (Callable 01/01/2032) (a) | | 500,000 | | | 543,326 | |
| Southeast Energy Authority A Cooperative District |
5.50%, 01/01/2053 (Callable 09/01/2029) (a) | | 250,000 | | | 272,686 | |
5.00%, 01/01/2054 (Callable 03/01/2030) (a) | | 1,250,000 | | | 1,346,144 | |
5.25%, 01/01/2054 (Callable 04/01/2029) (a) | | 1,000,000 | | | 1,077,537 | |
| | | | 7,139,203 | |
| | | | | | | | |
| Alaska - 0.1% |
| CIVICVentures/AK, 5.00%, 09/01/2027 (Callable 09/01/2025) | | 200,000 | | | 201,661 | |
| | | | | | | | |
| Arizona - 2.7% |
| Arizona Industrial Development Authority |
5.00%, 07/01/2026 (b) | | 215,000 | | | 217,673 | |
4.00%, 07/15/2027 (b) | | 125,000 | | | 125,498 | |
4.75%, 12/15/2028 (Callable 12/15/2026) (b) | | 225,000 | | | 230,928 | |
4.00%, 07/15/2030 (Callable 07/15/2027) (b) | | 225,000 | | | 225,402 | |
5.00%, 10/01/2030 (Callable 10/01/2026) (b) | | 100,000 | | | 96,870 | |
| 4.00%, 07/01/2032 (Callable 01/01/2028) | | 100,000 | | | 100,638 | |
| 3.63%, 05/20/2033 | | 682,292 | | | 668,722 | |
| 4.50%, 04/01/2044 (Callable 04/01/2033) | | 590,000 | | | 598,817 | |
| 5.25%, 11/01/2053 (Callable 11/01/2032) | | 1,250,000 | | | 1,343,255 | |
| Glendale Industrial Development Authority |
| 4.00%, 05/15/2027 (Callable 10/22/2024) | | 175,000 | | | 173,449 | |
| 4.00%, 05/15/2031 (Callable 10/22/2024) | | 500,000 | | | 486,458 | |
2.13%, 07/01/2033 (Callable 07/01/2029) (c) | | 730,000 | | | 609,942 | |
| Industrial Development Authority of the County of Pima, 4.00%, 07/01/2029 | | 25,000 | | | 25,280 | |
| Maricopa County School District No 83-Cartwright Elementary |
| 5.00%, 07/01/2040 (Callable 07/01/2033) | | 500,000 | | | 559,685 | |
| 5.00%, 07/01/2042 (Callable 07/01/2033) | | 875,000 | | | 973,169 | |
| Town of Marana AZ Pledged Excise Revenue |
| 5.00%, 07/01/2037 (Callable 07/01/2029) | | 190,000 | | | 204,764 | |
| 5.00%, 07/01/2038 (Callable 07/01/2029) | | 225,000 | | | 241,988 | |
| 5.00%, 07/01/2039 (Callable 07/01/2029) | | 225,000 | | | 241,236 | |
| | | | 7,123,774 | |
| | | | | | | | |
| Arkansas - 0.9% |
| Arkadelphia Water & Sewer System, 5.00%, 12/01/2053 (Callable 06/01/2029) | | 450,000 | | | 468,699 | |
| Arkansas Development Finance Authority, 5.00%, 02/01/2036 (Callable 02/01/2031) | | 790,000 | | | 826,639 | |
| Batesville Public Facilities Board, 5.00%, 06/01/2026 | | 150,000 | | | 150,794 | |
| City of Heber Springs AR Sales & Use Tax, 1.63%, 06/01/2047 (Callable 06/01/2028) | | 130,000 | | | 125,043 | |
| City of West Memphis AR Public Utility System Revenue |
| 3.00%, 12/01/2041 (Callable 12/01/2028) | | 380,000 | | | 327,304 | |
4.25%, 12/01/2054 (Callable 12/01/2031) (d) | | 500,000 | | | 495,728 | |
| | | | 2,394,207 | |
| | | | | | | | |
| California - 4.2% |
California Community Choice Financing Authority, 5.25%, 01/01/2054 (Callable 10/01/2030) (a) | | 200,000 | | | 216,077 | |
| California Housing Finance Agency |
| 3.75%, 03/25/2035 | | 480,054 | | | 490,209 | |
| 4.38%, 09/20/2036 | | 495,196 | | | 526,183 | |
| California Municipal Finance Authority, 4.00%, 12/01/2043 (Callable 12/01/2034) | | 1,000,000 | | | 988,746 | |
California Pollution Control Financing Authority, 5.00%, 07/01/2029 (b) | | 250,000 | | | 263,683 | |
| California Public Finance Authority |
2.38%, 11/15/2028 (Callable 10/22/2024) (b) | | 165,000 | | | 163,055 | |
3.13%, 05/15/2029 (Callable 10/22/2024) (b) | | 250,000 | | | 246,786 | |
California State University, 3.13%, 11/01/2051 (Callable 05/01/2026) (a) | | 750,000 | | | 754,648 | |
City of Los Angeles Department of Airports, 5.00%, 05/15/2033 (Callable 05/15/2029) (c) | | 500,000 | | | 533,479 | |
| City of Vernon CA Electric System Revenue, 5.00%, 08/01/2025 | | 500,000 | | | 507,351 | |
| Freddie Mac Multifamily ML Certificates, 2.25%, 09/25/2037 | | 1,383,037 | | | 1,184,743 | |
| Freddie Mac Multifamily Variable Rate Certificate, 2.88%, 07/25/2036 | | 715,629 | | | 668,950 | |
| Los Alamitos Unified School District, 6.05%, 08/01/2042 (Callable 08/01/2029) | | 375,000 | | | 421,012 | |
| Mayers Memorial Hospital District |
0.00%, 08/01/2029 (e) | | 160,000 | | | 130,281 | |
0.00%, 08/01/2030 (e) | | 360,000 | | | 277,053 | |
| Morongo Unified School District, 0.00%, 08/01/2041 (Callable 08/01/2030) | | 175,000 | | | 182,556 | |
| Orland Unified School District, 0.00%, 08/01/2051 (Callable 08/01/2037) | | 1,000,000 | | | 793,337 | |
| Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041 (Callable 05/15/2032) | | 330,000 | | | 372,509 | |
San Francisco City & County Airport Comm-San Francisco International Airport, 5.75%, 05/01/2048 (Callable 05/01/2033) (c) | | 1,000,000 | | | 1,131,575 | |
San Ysidro School District, 0.00%, 08/01/2031 (e) | | 600,000 | | | 487,464 | |
Siskiyou Community College District, 0.00%, 08/01/2031 (e) | | 240,000 | | | 194,200 | |
| Stockton Unified School District, 0.00%, 08/01/2050 (Callable 08/01/2037) | | 500,000 | | | 575,206 | |
| | | | 11,109,103 | |
| | | | | | | | |
| Colorado - 2.1% |
| Baseline Metropolitan District No 1, 4.00%, 12/01/2046 (Callable 12/01/2029) | | 1,000,000 | | | 985,996 | |
| Colorado Bridge Enterprise |
4.00%, 12/31/2030 (Callable 12/31/2027) (c) | | 750,000 | | | 756,172 | |
4.00%, 06/30/2031 (Callable 12/31/2027) (c) | | 250,000 | | | 251,755 | |
| Colorado Educational & Cultural Facilities Authority |
| 5.00%, 10/01/2028 (Callable 10/01/2025) | | 350,000 | | | 350,260 | |
| 2.00%, 09/01/2030 (Callable 09/01/2028) | | 80,000 | | | 73,987 | |
| 5.00%, 10/01/2030 (Callable 10/01/2025) | | 420,000 | | | 419,316 | |
| 5.00%, 12/01/2038 (Callable 12/01/2028) | | 75,000 | | | 78,004 | |
Colorado Housing and Finance Authority, 3.50%, 11/01/2043 (Callable 05/01/2026) (a) | | 500,000 | | | 503,912 | |
| Denver City & County Housing Authority, 5.00%, 07/01/2027 (Callable 07/01/2026) | | 500,000 | | | 518,783 | |
| Denver Convention Center Hotel Authority, 5.00%, 12/01/2024 | | 300,000 | | | 300,555 | |
| Denver Health & Hospital Authority, 5.00%, 12/01/2033 (Callable 12/01/2029) | | 100,000 | | | 104,299 | |
| Grand River Hospital District, 5.25%, 12/01/2031 (Callable 12/01/2028) | | 75,000 | | | 80,501 | |
| Regional Transportation District, 4.00%, 07/15/2039 | | 115,000 | | | 116,792 | |
| Vauxmont Metropolitan District, 3.25%, 12/15/2050 (Callable 12/15/2024) | | 145,000 | | | 125,198 | |
| Windy Gap Firming Project Water Activity Enterprise, 5.00%, 07/15/2046 (Callable 07/15/2031) | | 1,000,000 | | | 1,081,710 | |
| | | | 5,747,240 | |
| | | | | | | | |
| Connecticut - 1.3% |
| Connecticut Housing Finance Authority |
1.70%, 11/15/2028 (c) | | 1,465,000 | | | 1,340,612 | |
2.75%, 11/15/2052 (Callable 11/01/2024) (a) | | 85,000 | | | 84,476 | |
| Connecticut State Health & Educational Facilities Authority |
| 4.00%, 07/01/2029 (Callable 07/01/2028) | | 40,000 | | | 40,295 | |
| 4.00%, 07/01/2031 (Callable 07/01/2028) | | 30,000 | | | 30,075 | |
2.95%, 07/01/2049 (a) | | 1,000,000 | | | 1,004,281 | |
| Connecticut State Higher Education Supplement Loan Authority |
5.00%, 11/15/2026 (c) | | 400,000 | | | 414,757 | |
5.00%, 11/15/2033 (c) | | 540,000 | | | 595,342 | |
| | | | 3,509,838 | |
| | | | | | | | |
| Delaware - 0.4% |
| Delaware State Housing Authority, 6.00%, 01/01/2055 (Callable 07/01/2033) | | 1,000,000 | | | 1,119,355 | |
| | | | | | | | |
| Florida - 5.1% |
| Brevard County Health Facilities Authority, 5.00%, 04/01/2052 (Callable 04/01/2032) | | 750,000 | | | 797,873 | |
Capital Trust Agency, Inc., 3.38%, 07/01/2031 (b) | | 380,000 | | | 371,000 | |
| City of Cape Coral FL Water & Sewer Revenue |
| 5.25%, 10/01/2048 (Callable 10/01/2033) | | 750,000 | | | 847,457 | |
| 5.65%, 03/01/2054 (Callable 03/01/2033) | | 1,000,000 | | | 1,125,284 | |
| City of Fort Lauderdale FL Water & Sewer Revenue, 5.50%, 09/01/2048 (Callable 09/01/2033) | | 550,000 | | | 629,962 | |
| City of Gainesville FL Utilities System Revenue, 5.00%, 10/01/2051 (Callable 10/01/2031) | | 1,000,000 | | | 1,068,957 | |
| City of Tampa FL Water & Wastewater System Revenue |
| 5.00%, 10/01/2047 (Callable 10/01/2032) | | 1,000,000 | | | 1,104,189 | |
| 5.25%, 10/01/2057 (Callable 10/01/2032) | | 750,000 | | | 829,335 | |
| County of Okeechobee FL Half-Cent Sales Tax Revenue, 5.00%, 09/01/2044 (Callable 09/01/2034) | | 435,000 | | | 476,655 | |
| County of Pasco FL, 5.00%, 09/01/2048 (Callable 03/01/2033) | | 500,000 | | | 535,901 | |
| County of Sarasota FL Utility System Revenue, 5.25%, 10/01/2047 (Callable 10/01/2032) | | 1,000,000 | | | 1,111,916 | |
| Florida Development Finance Corp. |
5.25%, 06/15/2029 (Callable 06/15/2027) (b) | | 500,000 | | | 508,135 | |
5.00%, 08/15/2032 (b) | | 455,000 | | | 460,436 | |
| Florida Housing Finance Corp., 4.20%, 01/01/2045 (Callable 01/01/2028) | | 40,000 | | | 39,511 | |
| Greater Orlando Aviation Authority |
5.00%, 10/01/2029 (Callable 10/01/2025) (c) | | 1,000,000 | | | 1,017,313 | |
5.00%, 10/01/2036 (Callable 10/01/2027) (c) | | 1,000,000 | | | 1,037,021 | |
| Mid-Bay Bridge Authority, 5.00%, 10/01/2024 | | 545,000 | | | 545,000 | |
| Palm Beach County Educational Facilities Authority |
| 4.00%, 10/01/2027 | | 260,000 | | | 264,119 | |
| 4.00%, 10/01/2028 | | 270,000 | | | 275,235 | |
St Johns County Housing Finance Authority, 5.50%, 12/01/2028 (Callable 06/01/2026) (a)(b) | | 500,000 | | | 500,674 | |
| | | | 13,545,973 | |
| | | | | | | | |
| Georgia - 1.5% |
| Bartow County Development Authority |
3.95%, 12/01/2032 (a) | | 500,000 | | | 519,204 | |
2.88%, 08/01/2043 (a) | | 200,000 | | | 199,456 | |
| DeKalb County Housing Authority, 4.00%, 12/01/2033 (Callable 12/01/2030) | | 1,000,000 | | | 1,014,333 | |
| Development Authority of Burke County, 2.75%, 01/01/2052 (Callable 05/03/2031) | | 500,000 | | | 350,624 | |
Development Authority of Monroe County, 1.50%, 01/01/2039 (a) | | 500,000 | | | 493,553 | |
| Main Street Natural Gas, Inc. |
4.00%, 08/01/2049 (Callable 10/22/2024) (a) | | 800,000 | | | 800,157 | |
4.00%, 08/01/2052 (Callable 05/01/2027) (a)(b) | | 400,000 | | | 399,385 | |
5.00%, 12/01/2052 (Callable 03/01/2029) (a) | | 350,000 | | | 370,205 | |
| | | | 4,146,917 | |
| | | | | | | | |
| Idaho - 0.5% |
| Idaho Housing & Finance Association |
| 4.13%, 05/01/2039 (Callable 05/01/2032) | | 450,000 | | | 450,502 | |
| 3.00%, 05/01/2042 (Callable 05/01/2032) | | 340,000 | | | 279,266 | |
| 5.75%, 05/01/2058 (Callable 05/01/2031) | | 500,000 | | | 534,538 | |
| | | | 1,264,306 | |
| | | | | | | | |
| Illinois - 8.7% |
| Chicago Board of Education |
0.00%, 12/01/2025 (e) | | 500,000 | | | 479,901 | |
| 5.50%, 12/01/2026 | | 60,000 | | | 61,925 | |
| Chicago Board of Education Dedicated Capital Improvement Tax, 5.25%, 04/01/2034 (Callable 04/01/2033) | | 375,000 | | | 425,273 | |
| Chicago Midway International Airport |
5.00%, 01/01/2027 (c) | | 500,000 | | | 518,681 | |
5.00%, 01/01/2029 (Callable 01/01/2026) (c) | | 365,000 | | | 371,469 | |
| Chicago O'Hare International Airport |
5.00%, 01/01/2033 (Callable 01/01/2027) (c) | | 1,500,000 | | | 1,547,887 | |
5.50%, 01/01/2055 (Callable 01/01/2032) (c) | | 300,000 | | | 326,918 | |
| Chicago Transit Authority Sales Tax Receipts Fund, 5.25%, 12/01/2049 (Callable 12/01/2024) | | 500,000 | | | 500,663 | |
City of Chicago IL, 0.00%, 01/01/2027 (e) | | 100,000 | | | 93,552 | |
| City of Chicago IL Wastewater Transmission Revenue, 5.00%, 01/01/2042 (Callable 01/01/2034) | | 1,250,000 | | | 1,410,271 | |
| City of Chicago IL Waterworks Revenue, 5.00%, 11/01/2029 (Callable 11/01/2026) | | 1,050,000 | | | 1,096,114 | |
| Cook County School District No 86 Harwood Heights, 5.00%, 12/01/2039 (Callable 12/01/2033) | | 325,000 | | | 361,849 | |
| Exceptional Children Have Opportunities, 4.00%, 12/01/2035 (Callable 12/01/2029) | | 150,000 | | | 153,464 | |
| Illinois Finance Authority |
| 5.00%, 03/01/2030 (Callable 03/01/2027) | | 390,000 | | | 403,015 | |
| 5.00%, 11/01/2031 (Callable 11/01/2026) | | 135,000 | | | 138,373 | |
| 5.00%, 02/15/2032 (Callable 08/15/2027) | | 500,000 | | | 510,622 | |
| 5.00%, 05/15/2033 (Callable 11/15/2028) | | 640,000 | | | 670,974 | |
| 5.00%, 10/01/2034 (Callable 10/01/2030) | | 775,000 | | | 825,806 | |
| 5.00%, 02/15/2036 (Callable 02/15/2027) | | 400,000 | | | 418,021 | |
| 5.00%, 02/15/2037 (Callable 08/15/2027) | | 955,000 | | | 967,859 | |
| 4.13%, 11/15/2037 (Callable 11/15/2025) | | 60,000 | | | 60,135 | |
| 5.00%, 11/15/2039 (Callable 05/15/2025) | | 300,000 | | | 302,268 | |
| 5.25%, 04/01/2044 (Callable 04/01/2034) | | 1,200,000 | | | 1,295,190 | |
| 5.25%, 04/01/2047 (Callable 04/01/2034) | | 500,000 | | | 564,137 | |
| 5.25%, 04/01/2049 (Callable 04/01/2034) | | 350,000 | | | 393,094 | |
| Illinois Sports Facilities Authority, 5.00%, 06/15/2030 | | 1,000,000 | | | 1,071,243 | |
| Illinois State Toll Highway Authority, 5.00%, 01/01/2045 (Callable 01/01/2031) | | 580,000 | | | 625,810 | |
| Metropolitan Pier & Exposition Authority |
0.00%, 06/15/2029 (e) | | 100,000 | | | 86,185 | |
0.00%, 12/15/2034 (e) | | 500,000 | | | 346,537 | |
| 0.00%, 12/15/2042 (Callable 06/15/2038) | | 150,000 | | | 113,631 | |
| Moultrie Shelby & Coles Counties Community Unit School District No 300, 5.00%, 12/01/2044 (Callable 06/01/2029) | | 890,000 | | | 942,554 | |
| Sangamon & Christian Counties Community Unit School District No 3A Rochester, 5.50%, 02/01/2038 (Callable 02/01/2032) | | 450,000 | | | 502,733 | |
| St Clair County Community Unit School District No 187 Cahokia |
| 5.00%, 01/01/2044 (Callable 01/01/2034) | | 250,000 | | | 270,966 | |
| 5.00%, 01/01/2049 (Callable 01/01/2034) | | 1,000,000 | | | 1,068,314 | |
| 5.00%, 01/01/2054 (Callable 01/01/2034) | | 1,350,000 | | | 1,435,407 | |
| State of Illinois, 5.00%, 03/01/2027 | | 200,000 | | | 210,414 | |
Upper Illinois River Valley Development Authority, 5.00%, 01/01/2045 (Callable 01/01/2027) (b) | | 200,000 | | | 200,106 | |
| Village of Romeoville IL, 5.00%, 10/01/2035 (Callable 04/01/2025) | | 300,000 | | | 300,587 | |
| Village of Rosemont IL, 5.00%, 12/01/2042 (Callable 06/01/2030) | | 1,000,000 | | | 1,064,504 | |
| Will County Community High School District No 210 Lincoln-Way, 4.00%, 01/01/2034 (Callable 01/01/2029) | | 100,000 | | | 101,032 | |
| Will County Community High School District No. 210 |
0.00%, 01/01/2027 (e) | | 95,000 | | | 88,305 | |
0.00%, 01/01/2033 (e) | | 570,000 | | | 420,776 | |
| Winnebago County Community Unit School District No 320 South Beloit, 5.00%, 02/01/2032 | | 400,000 | | | 441,960 | |
| | | | 23,188,525 | |
| | | | | | | | |
| Indiana - 1.9% |
| Boone County Building Corp., 5.25%, 08/01/2038 (Callable 02/01/2032) | | 1,235,000 | | | 1,367,346 | |
| City of Carmel IN Waterworks Revenue, 4.00%, 05/01/2043 (Callable 05/01/2032) | | 400,000 | | | 399,667 | |
| Fishers Town Hall Building Corp., 5.63%, 07/15/2048 (Callable 01/15/2034) | | 25,000 | | | 28,904 | |
| Hammond Local Public Improvement Bond Bank, 5.50%, 07/15/2036 (Callable 07/15/2030) | | 500,000 | | | 540,812 | |
| Indiana Finance Authority |
| 2.50%, 11/01/2030 | | 100,000 | | | 93,147 | |
| 5.75%, 06/01/2048 (Callable 12/01/2033) | | 500,000 | | | 561,370 | |
| Indiana Health & Educational Facilities Financing Authority, 5.00%, 11/15/2046 (Callable 11/15/2026) | | 100,000 | | | 102,067 | |
| Noblesville Community Development Corp., 5.00%, 08/01/2039 (Callable 02/01/2034) | | 1,785,000 | | | 1,982,982 | |
St Joseph County Airport Authority, 0.01%, 07/01/2028 (c) | | 155,000 | | | 136,982 | |
| | | | 5,213,277 | |
| | | | | | | | |
| Iowa - 0.7% |
| City of Coralville IA, 4.00%, 06/01/2025 (Callable 11/01/2024) | | 100,000 | | | 99,399 | |
| City of Stuart IA, 4.75%, 06/01/2026 (Callable 06/01/2025) | | 680,000 | | | 683,402 | |
Iowa Finance Authority, 7.50%, 01/01/2032 (Callable 01/01/2030) (b) | | 250,000 | | | 248,664 | |
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026) (a) | | 730,000 | | | 750,783 | |
| | | | 1,782,248 | |
| | | | | | | | |
| Kansas - 1.1% |
City of Coffeyville KS Electric System Revenue, 5.00%, 06/01/2025 (b) | | 100,000 | | | 100,000 | |
| City of Osawatomie KS, 3.75%, 03/01/2027 (Callable 03/01/2025) | | 500,000 | | | 500,992 | |
| City of Wichita KS |
| 5.25%, 05/15/2039 (Callable 05/15/2031) | | 1,000,000 | | | 1,002,051 | |
| 6.00%, 05/15/2054 (Callable 05/15/2031) | | 1,000,000 | | | 1,001,971 | |
Wyandotte County-Kansas City Unified Government, 0.00%, 12/01/2027 (e) | | 245,000 | | | 216,480 | |
| | | | 2,821,494 | |
| | | | | | | | |
| Kentucky - 1.3% |
| Garrard County School District Finance Corp., 5.00%, 08/01/2037 (Callable 08/01/2031) | | 810,000 | | | 901,688 | |
Kenton County Airport Board, 5.00%, 01/01/2031 (c) | | 800,000 | | | 873,720 | |
| Kentucky Economic Development Finance Authority |
0.00%, 10/01/2027 (e) | | 180,000 | | | 160,663 | |
| 5.00%, 07/01/2033 (Callable 07/01/2025) | | 200,000 | | | 201,715 | |
| Kentucky Public Energy Authority |
| 5.00%, 07/01/2027 | | 525,000 | | | 546,510 | |
4.00%, 12/01/2050 (Callable 03/01/2026) (a) | | 250,000 | | | 252,406 | |
Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2047 (Callable 07/01/2026) (a) | | 500,000 | | | 519,558 | |
| | | | 3,456,260 | |
| | | | | | | | |
| Louisiana - 0.8% |
Louisiana Housing Corp., 5.00%, 07/01/2046 (Callable 02/01/2026) (a) | | 500,000 | | | 513,730 | |
| Louisiana Public Facilities Authority |
| 5.00%, 10/01/2025 | | 250,000 | | | 253,930 | |
5.75%, 09/01/2064 (Callable 09/01/2034) (c) | | 1,000,000 | | | 1,112,011 | |
| Plaquemines Port Harbor & Terminal District, 4.00%, 03/15/2025 | | 250,000 | | | 250,089 | |
| | | | 2,129,760 | |
| | | | | | | | |
| Maine - 0.3% |
| City of Lewiston ME, 1.38%, 02/15/2033 (Callable 02/15/2028) | | 345,000 | | | 275,249 | |
| Maine Health & Higher Educational Facilities Authority, 5.00%, 07/01/2037 (Callable 07/01/2030) | | 600,000 | | | 649,709 | |
| | | | 924,958 | |
| | | | | | | | |
| Maryland - 0.7% |
| Maryland Community Development Administration, 4.70%, 03/01/2046 (Callable 03/01/2031) | | 400,000 | | | 405,887 | |
| Maryland Economic Development Corp., 5.00%, 06/01/2030 (Callable 06/01/2028) | | 500,000 | | | 529,328 | |
| Maryland Health & Higher Educational Facilities Authority, 5.00%, 01/01/2030 | | 100,000 | | | 106,332 | |
| Montgomery County Housing Opportunities Commission, 5.13%, 01/01/2053 (Callable 01/01/2034) | | 700,000 | | | 772,687 | |
| | | | 1,814,234 | |
| | | | | | | | |
| Massachusetts - 0.8% |
| Massachusetts Development Finance Agency |
| 5.00%, 10/01/2024 | | 150,000 | | | 150,000 | |
5.00%, 07/15/2025 (b) | | 50,000 | | | 50,316 | |
| 5.25%, 10/01/2033 | | 775,000 | | | 829,162 | |
| 5.00%, 07/01/2044 (Callable 07/01/2027) | | 500,000 | | | 508,924 | |
| Massachusetts Educational Financing Authority |
2.00%, 07/01/2037 (Callable 07/01/2031) (c) | | 305,000 | | | 266,409 | |
4.25%, 07/01/2044 (Callable 07/01/2033) (c) | | 400,000 | | | 394,773 | |
| | | | 2,199,584 | |
| | | | | | | | |
| Michigan - 4.3% |
| Allegan Public School District, 5.00%, 05/01/2037 (Callable 05/01/2033) | | 250,000 | | | 285,109 | |
| Ann Arbor School District, 3.00%, 05/01/2027 | | 780,000 | | | 784,849 | |
| City of Detroit MI, 6.00%, 05/01/2043 (Callable 05/01/2033) | | 790,000 | | | 908,447 | |
| Flat Rock Community School District, 5.00%, 05/01/2041 (Callable 05/01/2032) | | 350,000 | | | 383,673 | |
| Fraser Public School District |
| 5.00%, 05/01/2038 (Callable 05/01/2033) | | 400,000 | | | 450,736 | |
| 5.00%, 05/01/2039 (Callable 05/01/2033) | | 180,000 | | | 199,087 | |
| 5.00%, 05/01/2048 (Callable 05/01/2033) | | 475,000 | | | 509,448 | |
| Gobles Public Schools |
| 5.00%, 05/01/2046 (Callable 05/01/2034) | | 850,000 | | | 930,472 | |
| 5.00%, 05/01/2050 (Callable 05/01/2034) | | 630,000 | | | 688,947 | |
| Michigan Finance Authority |
| 4.50%, 10/01/2029 (Callable 11/12/2024) | | 370,000 | | | 370,310 | |
| 5.00%, 05/15/2035 (Callable 05/15/2025) | | 1,010,000 | | | 1,019,429 | |
| 5.00%, 10/01/2039 (Callable 10/01/2024) | | 1,000,000 | | | 1,000,000 | |
| 5.00%, 11/15/2041 (Callable 11/15/2026) | | 500,000 | | | 511,606 | |
| 5.00%, 07/01/2044 (Callable 11/01/2024) | | 800,000 | | | 800,433 | |
Michigan Strategic Fund, 5.00%, 12/31/2043 (Callable 12/31/2028) (c) | | 305,000 | | | 313,376 | |
| Okemos Public Schools |
| 5.00%, 05/01/2040 (Callable 05/01/2034) | | 300,000 | | | 340,229 | |
| 5.00%, 05/01/2041 (Callable 05/01/2034) | | 400,000 | | | 448,491 | |
| Rockford Public Schools, 5.00%, 05/01/2040 (Callable 05/01/2033) | | 500,000 | | | 556,666 | |
| Walled Lake Consolidated School District, 5.00%, 05/01/2047 (Callable 05/01/2032) | | 1,000,000 | | | 1,081,818 | |
| | | | 11,583,126 | |
| | | | | | | | |
| Minnesota - 1.5% |
| City of Virginia MN, 5.00%, 12/15/2026 (Callable 06/15/2025) | | 1,000,000 | | | 1,008,631 | |
Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.62%, 08/25/2041 (Callable 08/25/2041) (a) | | 998,728 | | | 1,074,292 | |
| Housing & Redevelopment Authority of The City of St Paul Minnesota, 5.00%, 12/01/2036 (Callable 12/01/2030) | | 150,000 | | | 159,187 | |
| Minnesota Housing Finance Agency |
| 4.50%, 01/01/2043 (Callable 01/01/2033) | | 500,000 | | | 511,366 | |
| 4.25%, 01/01/2049 (Callable 01/01/2028) | | 125,000 | | | 127,035 | |
| 6.50%, 07/01/2054 (Callable 07/01/2033) | | 730,000 | | | 823,972 | |
| Northern Municipal Power Agency |
| 5.00%, 01/01/2039 (Callable 01/01/2031) | | 125,000 | | | 135,079 | |
| 5.00%, 01/01/2040 (Callable 01/01/2031) | | 100,000 | | | 107,550 | |
| | | | 3,947,112 | |
| | | | | | | | |
| Mississippi - 0.7% |
| City of Gulfport MS, 5.00%, 07/01/2026 | | 100,000 | | | 102,380 | |
| County of Hinds MS, 4.00%, 11/01/2034 (Callable 11/01/2025) | | 100,000 | | | 98,153 | |
| Mississippi Development Bank |
| 5.00%, 11/01/2030 (Callable 11/01/2027) | | 100,000 | | | 99,773 | |
| 4.00%, 05/01/2044 (Callable 05/01/2033) | | 360,000 | | | 358,691 | |
| 5.25%, 03/01/2045 (Callable 03/01/2028) | | 150,000 | | | 152,224 | |
| 5.00%, 05/01/2052 (Callable 05/01/2034) | | 1,000,000 | | | 1,070,787 | |
| | | | 1,882,008 | |
| | | | | | | | |
| Missouri - 4.7% |
| Boonville School District No R-1/MO, 5.00%, 03/01/2043 (Callable 03/01/2029) | | 1,600,000 | | | 1,697,038 | |
| Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | | 1,000,000 | | | 1,009,344 | |
City of Kansas City MO, 0.00%, 02/01/2029 (e) | | 635,000 | | | 540,845 | |
| City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | | 300,000 | | | 320,600 | |
| Clay County School District No 40 Excelsior Springs, 5.00%, 04/01/2039 (Callable 04/01/2033) | | 600,000 | | | 647,950 | |
| Health & Educational Facilities Authority of the State of Missouri |
| 4.00%, 08/01/2025 | | 150,000 | | | 149,871 | |
| 5.00%, 11/15/2032 (Callable 11/15/2025) | | 1,200,000 | | | 1,217,772 | |
| 5.00%, 11/15/2033 (Callable 11/15/2030) | | 360,000 | | | 398,092 | |
| Missouri Housing Development Commission |
| 2.35%, 11/01/2046 (Callable 05/01/2030) | | 1,000,000 | | | 708,473 | |
| 6.00%, 05/01/2055 (Callable 05/01/2033) | | 500,000 | | | 564,397 | |
| Missouri Joint Municipal Electric Utility Commission, 5.00%, 06/01/2034 | | 870,000 | | | 1,010,253 | |
| Monarch-Chesterfield Levee District, 4.13%, 03/01/2044 (Callable 03/01/2034) | | 1,000,000 | | | 1,009,345 | |
| St Louis Land Clearance for Redevelopment Authority |
| 4.25%, 06/01/2026 | | 55,000 | | | 55,247 | |
| 3.88%, 10/01/2035 (Callable 10/01/2029) | | 660,000 | | | 609,735 | |
| 5.00%, 04/01/2038 (Callable 04/01/2027) | | 1,000,000 | | | 1,032,026 | |
| St Louis Municipal Finance Corp., 5.00%, 10/01/2045 (Callable 10/01/2030) | | 1,000,000 | | | 1,053,734 | |
| University City Industrial Development Authority, 5.50%, 06/15/2042 (Callable 06/15/2033) | | 500,000 | | | 513,376 | |
| | | | 12,538,098 | |
| | | | | | | | |
| Montana - 1.2% |
| City of Forsyth MT, 3.88%, 07/01/2028 (Callable 04/02/2028) | | 1,000,000 | | | 1,026,644 | |
| Montana Board of Housing, 6.00%, 12/01/2054 (Callable 06/01/2033) | | 1,400,000 | | | 1,553,583 | |
| Montana Facility Finance Authority, 5.00%, 07/01/2033 (Callable 07/01/2028) | | 500,000 | | | 520,130 | |
| | | | 3,100,357 | |
| | | | | | | | |
| Nebraska - 0.8% |
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029) (a) | | 750,000 | | | 804,388 | |
| County of Sarpy NE, 1.75%, 06/01/2035 (Callable 06/01/2026) | | 1,750,000 | | | 1,424,344 | |
| | | | 2,228,732 | |
| | | | | | | | |
| Nevada - 0.9% |
| Carson City NV, 5.00%, 09/01/2031 (Callable 09/01/2027) | | 495,000 | | | 514,051 | |
County of Washoe NV, 4.13%, 03/01/2036 (a)(c) | | 500,000 | | | 507,451 | |
| Nevada Housing Division, 7.50%, 04/01/2049 (Callable 10/01/2033) | | 1,000,000 | | | 1,278,774 | |
| | | | 2,300,276 | |
| | | | | | | | |
| New Hampshire - 1.7% |
| New Hampshire Business Finance Authority |
| 4.50%, 10/01/2033 | | 1,000,000 | | | 1,051,184 | |
5.38%, 12/15/2035 (Callable 06/15/2026) (b) | | 1,500,000 | | | 1,498,880 | |
| 4.38%, 09/20/2036 | | 485,499 | | | 499,203 | |
| Series 2024-2, Class A, 3.63%, 08/20/2039 | | 998,028 | | | 955,982 | |
| New Hampshire Health and Education Facilities Authority Act, 5.00%, 10/01/2035 (Callable 10/01/2027) | | 450,000 | | | 471,895 | |
| | | | 4,477,144 | |
| | | | | | | | |
| New Jersey - 1.3% |
| Jersey City Municipal Utilities Authority, 5.00%, 05/01/2025 | | 1,000,000 | | | 1,008,182 | |
| New Jersey Housing & Mortgage Finance Agency, 5.00%, 10/01/2063 | | 496,229 | | | 530,898 | |
| New Jersey Turnpike Authority, 5.00%, 01/01/2028 | | 1,000,000 | | | 1,079,638 | |
| Newark Parking Authority |
| 5.25%, 02/01/2043 (Callable 02/01/2033) | | 200,000 | | | 214,548 | |
| 5.50%, 02/01/2051 (Callable 02/01/2033) | | 340,000 | | | 364,325 | |
| Township of Willingboro NJ, 2.13%, 09/01/2033 (Callable 09/01/2028) | | 225,000 | | | 191,762 | |
| | | | 3,389,353 | |
| | | | | | | | |
| New York - 3.4% |
| Albany County Capital Resource Corp., 3.10%, 07/01/2030 | | 100,000 | | | 93,074 | |
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025) (a) | | 400,000 | | | 400,666 | |
| Brookhaven Local Development Corp., 5.00%, 11/01/2024 | | 45,000 | | | 45,053 | |
Build NYC Resource Corp., 4.00%, 12/01/2031 (Callable 12/01/2029) (b) | | 300,000 | | | 289,170 | |
City of New York NY, 2.80%, 10/01/2046 (Callable 10/01/2024) (a) | | 1,000,000 | | | 1,000,000 | |
| Huntington Local Development Corp., 4.00%, 07/01/2027 | | 85,000 | | | 83,865 | |
| Monroe County Industrial Development Corp., 4.84%, 11/01/2040 | | 990,228 | | | 1,068,066 | |
| New York City Housing Development Corp. |
| 2.55%, 11/01/2045 (Callable 02/01/2029) | | 1,000,000 | | | 756,843 | |
| 3.00%, 02/15/2048 (Callable 10/22/2024) | | 500,000 | | | 498,482 | |
0.90%, 11/01/2060 (Callable 10/22/2024) (a) | | 500,000 | | | 481,082 | |
New York City Municipal Water Finance Authority, 2.80%, 06/15/2033 (Callable 10/01/2024) (a) | | 1,000,000 | | | 1,000,000 | |
| New York State Dormitory Authority, 5.00%, 03/15/2043 (Callable 03/15/2029) | | 250,000 | | | 264,752 | |
New York State Environmental Facilities Corp., 5.13%, 09/01/2050 (Callable 06/05/2030) (a)(b)(c) | | 500,000 | | | 525,954 | |
New York State Housing Finance Agency, 3.60%, 11/01/2062 (Callable 06/01/2025) (a) | | 500,000 | | | 501,985 | |
| Onondaga Civic Development Corp., 5.00%, 10/01/2040 (Callable 10/01/2025) | | 525,000 | | | 472,929 | |
| Schenectady County Capital Resource Corp., 5.25%, 07/01/2052 (Callable 07/01/2032) | | 350,000 | | | 389,043 | |
| Town of Hempstead NY, 2.13%, 06/15/2041 (Callable 06/15/2029) | | 1,000,000 | | | 737,639 | |
| Town of Ramapo NY, 3.75%, 03/01/2030 (Callable 10/22/2024) | | 50,000 | | | 47,301 | |
| Triborough Bridge & Tunnel Authority, 4.50%, 05/15/2047 (Callable 11/15/2032) | | 500,000 | | | 516,250 | |
| | | | 9,172,154 | |
| | | | | | | | |
| North Carolina - 1.4% |
City of Charlotte NC Airport Revenue, 5.00%, 07/01/2047 (Callable 07/01/2027) (c) | | 600,000 | | | 612,088 | |
| Fayetteville State University, 5.00%, 04/01/2043 (Callable 04/01/2031) | | 1,000,000 | | | 1,056,592 | |
| Greater Asheville Regional Airport Authority |
5.25%, 07/01/2038 (Callable 07/01/2032) (c) | | 350,000 | | | 386,522 | |
5.50%, 07/01/2047 (Callable 07/01/2032) (c) | | 500,000 | | | 549,737 | |
| Inlivian, 4.00%, 04/01/2025 (Callable 10/01/2024) | | 500,000 | | | 500,158 | |
| North Carolina Housing Finance Agency, 2.85%, 07/01/2040 (Callable 07/01/2029) | | 460,000 | | | 399,092 | |
| North Carolina Medical Care Commission, 5.00%, 01/01/2038 (Callable 01/01/2026) | | 250,000 | | | 259,824 | |
| | | | 3,764,013 | |
| | | | | | | | |
| North Dakota - 0.9% |
| City of Horace ND |
| 5.00%, 05/01/2048 (Callable 05/01/2031) | | 500,000 | | | 499,571 | |
| 6.00%, 05/01/2049 (Callable 05/01/2032) | | 500,000 | | | 530,831 | |
| City of Mandan ND Sales Tax Revenue, 3.00%, 09/01/2036 (Callable 11/01/2024) | | 200,000 | | | 180,281 | |
| North Dakota Housing Finance Agency, 5.75%, 01/01/2054 (Callable 07/01/2032) | | 995,000 | | | 1,076,936 | |
| Williston Parks & Recreation District, 4.50%, 03/01/2025 (Callable 10/17/2024) | | 25,000 | | | 24,929 | |
| | | | 2,312,548 | |
| | | | | | | | |
| Ohio - 3.7% |
| Akron Bath Copley Joint Township Hospital District, 5.00%, 11/15/2031 (Callable 11/15/2030) | | 100,000 | | | 107,349 | |
| Cleveland-Cuyahoga County Port Authority, 5.50%, 08/01/2052 (Callable 08/01/2032) | | 350,000 | | | 377,568 | |
| County of Hamilton OH, 5.00%, 02/01/2028 (Callable 11/01/2024) | | 550,000 | | | 550,492 | |
| County of Hamilton OH Sewer System Revenue, 5.00%, 12/01/2029 | | 900,000 | | | 1,011,690 | |
| County of Montgomery OH |
| 3.00%, 08/01/2034 (Callable 02/01/2031) | | 100,000 | | | 94,166 | |
| 5.25%, 09/01/2054 (Callable 09/01/2034) | | 1,000,000 | | | 1,073,694 | |
| Delaware County Finance Authority, 5.38%, 12/01/2038 (Callable 12/01/2034) | | 675,000 | | | 679,747 | |
| FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | | 470,000 | | | 419,105 | |
Ohio Air Quality Development Authority, 4.00%, 09/01/2030 (a) | | 520,000 | | | 529,119 | |
| Ohio Housing Finance Agency |
6.00%, 02/01/2026 (Callable 02/01/2025) (b) | | 500,000 | | | 501,988 | |
| 4.70%, 01/01/2043 | | 1,000,000 | | | 1,051,360 | |
| 2.90%, 09/01/2045 (Callable 03/01/2029) | | 800,000 | | | 638,283 | |
| Ohio Turnpike & Infrastructure Commission, 5.70%, 02/15/2034 (Callable 02/15/2031) | | 95,000 | | | 111,493 | |
| Port of Greater Cincinnati Development Authority |
| 5.25%, 12/01/2058 (Callable 06/01/2034) | | 500,000 | | | 547,928 | |
| 5.25%, 12/01/2063 (Callable 06/01/2034) | | 900,000 | | | 986,270 | |
| Shaker Heights City School District |
| 5.00%, 12/15/2040 (Callable 06/15/2034) | | 500,000 | | | 574,058 | |
| 5.00%, 12/15/2041 (Callable 06/15/2034) | | 450,000 | | | 509,918 | |
| Summit County Development Finance Authority, 5.75%, 12/01/2053 (Callable 12/01/2033) | | 250,000 | | | 272,703 | |
| | | | 10,036,931 | |
| | | | | | | | |
| Oklahoma - 1.7% |
| Caddo County Educational Facilities Authority, 5.00%, 09/01/2033 | | 1,000,000 | | | 1,086,827 | |
| Canadian County Educational Facilities Authority, 5.00%, 09/01/2029 | | 1,000,000 | | | 1,099,118 | |
| Muskogee Industrial Trust |
| 4.00%, 09/01/2032 (Callable 09/01/2029) | | 250,000 | | | 251,791 | |
| 4.00%, 09/01/2033 (Callable 09/01/2029) | | 500,000 | | | 501,814 | |
| Oklahoma County Finance Authority, 5.00%, 10/01/2045 (Callable 10/01/2034) | | 1,000,000 | | | 1,103,234 | |
| Oklahoma Turnpike Authority, 4.50%, 01/01/2053 (Callable 01/01/2032) | | 500,000 | | | 513,277 | |
| | | | 4,556,061 | |
| | | | | | | | |
| Oregon - 0.5% |
| Oregon Coast Community College District |
| 0.00%, 06/15/2044 (Callable 06/15/2034) | | 350,000 | | | 366,985 | |
| 0.00%, 06/15/2045 (Callable 06/15/2034) | | 400,000 | | | 418,057 | |
Port of Portland OR Airport Revenue, 5.00%, 07/01/2028 (c) | | 425,000 | | | 452,473 | |
| Salem Hospital Facility Authority, 5.00%, 05/15/2034 (Callable 05/15/2029) | | 50,000 | | | 54,076 | |
| | | | 1,291,591 | |
| | | | | | | | |
| Pennsylvania - 4.8% |
| Borough of Bellevue PA, 2.00%, 04/01/2031 (Callable 04/01/2027) | | 400,000 | | | 357,412 | |
| Chester County Industrial Development Authority, 5.00%, 08/01/2035 (Callable 11/01/2024) | | 145,000 | | | 145,033 | |
Delaware County Industrial Development Authority/PA, 4.38%, 06/01/2026 (b) | | 355,000 | | | 355,257 | |
| East Hempfield Township Industrial Development Authority, 5.00%, 12/01/2027 (Callable 12/01/2025) | | 400,000 | | | 408,276 | |
| Geisinger Authority, 5.00%, 02/15/2045 (Callable 02/15/2027) | | 1,000,000 | | | 1,023,043 | |
| Health Care Facilities Authority of Sayre, 4.22% (3 mo. Term SOFR + 0.83%), 12/01/2031 (Callable 11/01/2024) | | 500,000 | | | 491,646 | |
| Hempfield School District |
| 2.00%, 04/15/2030 (Callable 04/15/2027) | | 150,000 | | | 138,867 | |
| 2.00%, 04/15/2031 (Callable 04/15/2027) | | 200,000 | | | 180,827 | |
| Highlands School District, 5.00%, 04/15/2032 | | 610,000 | | | 680,699 | |
| Lancaster County Hospital Authority/PA, 5.00%, 11/01/2040 (Callable 11/01/2029) | | 275,000 | | | 291,344 | |
Mckeesport Area School District, 0.00%, 10/01/2033 (e) | | 400,000 | | | 280,913 | |
Pennsylvania Economic Development Financing Authority, 5.00%, 06/30/2042 (Callable 06/30/2026) (c) | | 425,000 | | | 430,213 | |
| Pennsylvania Economic Development Financing Authority Parking System Revenue |
0.00%, 01/01/2039 (e) | | 140,000 | | | 78,032 | |
| 4.25%, 01/01/2050 (Callable 01/01/2032) | | 1,000,000 | | | 997,034 | |
Pennsylvania Higher Education Assistance Agency, 4.13%, 06/01/2045 (Callable 06/01/2033) (c) | | 1,000,000 | | | 982,282 | |
| Pennsylvania Higher Educational Facilities Authority, 5.00%, 07/01/2035 (Callable 07/01/2026) | | 150,000 | | | 147,927 | |
| Pennsylvania Turnpike Commission |
| 6.38%, 12/01/2038 (Callable 12/01/2027) | | 45,000 | | | 49,264 | |
| 5.13%, 12/01/2039 (Callable 06/01/2029) | | 50,000 | | | 54,023 | |
| 5.13%, 12/01/2040 (Callable 06/01/2029) | | 125,000 | | | 134,871 | |
| 0.00%, 12/01/2041 (Callable 12/01/2035) | | 560,000 | | | 540,049 | |
| Philadelphia Authority for Industrial Development |
| 5.00%, 06/15/2032 (Callable 06/15/2030) | | 590,000 | | | 616,583 | |
| 5.25%, 11/01/2052 (Callable 11/01/2032) | | 250,000 | | | 272,359 | |
| Ridley School District, 5.00%, 11/15/2050 (Callable 05/15/2032) | | 1,500,000 | | | 1,601,921 | |
| State Public School Building Authority |
| 5.00%, 12/01/2029 (Callable 12/01/2026) | | 925,000 | | | 965,312 | |
0.00%, 05/15/2030 (e) | | 200,000 | | | 164,576 | |
| 5.00%, 06/01/2033 (Callable 12/01/2026) | | 1,000,000 | | | 1,037,388 | |
| Tulpehocken Area School District, 5.25%, 10/01/2049 (Callable 10/01/2031) | | 500,000 | | | 537,615 | |
| | | | 12,962,766 | |
| | | | | | | | |
| Rhode Island - 0.1% |
| Providence Redevelopment Agency, 5.00%, 04/01/2027 (Callable 04/01/2025) | | 410,000 | | | 412,710 | |
| | | | | | | | |
| South Carolina - 2.1% |
| Greenville-Spartanburg Airport District, 5.25%, 07/01/2054 (Callable 07/01/2034) | | 1,000,000 | | | 1,103,616 | |
| Scago Educational Facilities Corp. for Spartanburg School District No 1, 3.38%, 06/01/2030 (Callable 06/01/2025) | | 100,000 | | | 99,150 | |
| South Carolina Jobs-Economic Development Authority |
| 5.25%, 11/15/2028 (Callable 05/15/2025) | | 600,000 | | | 603,290 | |
| 4.00%, 08/15/2030 (Callable 08/15/2026) | | 100,000 | | | 99,841 | |
| 5.25%, 08/15/2033 (Callable 08/15/2026) | | 150,000 | | | 153,618 | |
| South Carolina Public Service Authority, 5.50%, 12/01/2054 (Callable 12/01/2034) | | 1,500,000 | | | 1,688,288 | |
| Spartanburg County School District No 4/SC, 5.25%, 03/01/2052 (Callable 03/01/2032) | | 1,000,000 | | | 1,099,156 | |
Three Rivers Solid Waste Authority/SC, 0.00%, 10/01/2025 (e) | | 750,000 | | | 725,641 | |
| | | | 5,572,600 | |
| | | | | | | | |
| South Dakota - 0.3% |
| City of Rapid City SD Airport Revenue |
| 5.00%, 12/01/2026 | | 220,000 | | | 226,010 | |
| 4.00%, 12/01/2035 (Callable 12/01/2029) | | 125,000 | | | 122,516 | |
| South Dakota Health & Educational Facilities Authority, 4.00%, 11/01/2034 (Callable 11/01/2024) | | 600,000 | | | 600,140 | |
| | | | 948,666 | |
| | | | | | | | |
| Tennessee - 1.1% |
| Chattanooga Health Educational & Housing Facility Board, 5.00%, 08/01/2033 (Callable 08/01/2029) | | 250,000 | | | 269,553 | |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/01/2053 (Callable 05/01/2033) | | 700,000 | | | 764,244 | |
| Metropolitan Government Nashville & Davidson County Sports Authority, 5.00%, 07/01/2037 (Callable 01/01/2034) | | 500,000 | | | 570,943 | |
| Shelby County Health Educational & Housing Facilities Board, 5.00%, 05/01/2035 (Callable 05/01/2027) | | 750,000 | | | 772,154 | |
Tennergy Corp./TN, 5.50%, 10/01/2053 (Callable 09/01/2030) (a) | | 400,000 | | | 436,331 | |
| Tennessee Housing Development Agency, 3.85%, 07/01/2043 (Callable 07/01/2027) | | 220,000 | | | 213,298 | |
| | | | 3,026,523 | |
| | | | | | | | |
| Texas - 13.1% |
| Arlington Higher Education Finance Corp. |
| 4.00%, 08/15/2036 (Callable 08/15/2031) | | 440,000 | | | 457,443 | |
| 4.00%, 08/15/2049 (Callable 08/15/2034) | | 805,000 | | | 782,148 | |
| 4.13%, 08/15/2054 (Callable 08/15/2034) | | 615,000 | | | 602,022 | |
Arlington Housing Finance Corp., 4.50%, 04/01/2041 (Callable 04/01/2026) (a) | | 1,815,000 | | | 1,854,038 | |
| Austin-Bergstrom Landhost Enterprises, Inc., 5.00%, 10/01/2035 (Callable 10/01/2027) | | 100,000 | | | 102,594 | |
| Bells Independent School District, 5.00%, 02/15/2041 (Callable 08/15/2033) | | 690,000 | | | 775,111 | |
| Brazoria County Toll Road Authority, 0.00%, 03/01/2038 (Callable 03/01/2030) | | 130,000 | | | 127,716 | |
Brazos Higher Education Authority, Inc., 2.35%, 04/01/2040 (Callable 04/01/2030) (c) | | 5,000 | | | 4,945 | |
| Brookfield Water Control & Improvement District, 4.00%, 09/01/2049 (Callable 09/01/2030) | | 1,000,000 | | | 975,032 | |
| Brushy Creek Regional Utility Authority, Inc., 4.00%, 08/01/2031 (Callable 08/01/2026) | | 400,000 | | | 404,510 | |
| Calallen Independent School District, 4.00%, 02/15/2049 (Callable 02/15/2034) | | 700,000 | | | 674,393 | |
| Chisum Independent School District, 4.00%, 08/15/2048 (Callable 08/15/2032) | | 500,000 | | | 493,405 | |
| City of Austin TX Airport System Revenue |
5.00%, 11/15/2034 (Callable 11/15/2026) (c) | | 1,000,000 | | | 1,027,769 | |
5.00%, 11/15/2041 (Callable 11/15/2026) (c) | | 500,000 | | | 509,799 | |
City of Magnolia TX, 5.70%, 09/01/2046 (b) | | 50,000 | | | 50,967 | |
| City of Mount Pleasant TX, 5.00%, 05/15/2042 (Callable 05/15/2034) | | 2,085,000 | | | 2,287,736 | |
| Clifton Higher Education Finance Corp., 5.75%, 08/15/2038 (Callable 08/15/2025) | | 10,000 | | | 10,183 | |
| Collin County Municipal Utility District No 2, 5.00%, 09/01/2038 (Callable 10/01/2029) | | 1,000,000 | | | 1,052,070 | |
| Conroe Municipal Utility District No 1, 2.25%, 09/01/2035 (Callable 09/01/2027) | | 620,000 | | | 509,734 | |
| Dalhart Independent School District, 5.00%, 02/15/2041 (Callable 02/15/2032) | | 1,000,000 | | | 1,101,942 | |
El Paso Housing Finance Corp., 4.50%, 03/01/2026 (a) | | 500,000 | | | 501,935 | |
| Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | 500,000 | | | 501,575 | |
| Far North Fort Worth Municipal Utility District No 1, 4.00%, 09/01/2037 (Callable 10/01/2029) | | 350,000 | | | 348,914 | |
Fort Bend Independent School District, 4.00%, 08/01/2054 (a) | | 1,000,000 | | | 1,030,626 | |
| Freddie Mac Multifamily ML Certificates, 4.14%, 01/25/2040 | | 494,184 | | | 509,260 | |
| Fulshear Municipal Utility District No 3A |
| 4.00%, 09/01/2038 (Callable 09/01/2030) | | 795,000 | | | 796,004 | |
| 4.00%, 09/01/2039 (Callable 09/01/2030) | | 830,000 | | | 827,735 | |
| 4.00%, 09/01/2039 (Callable 09/01/2030) | | 200,000 | | | 199,454 | |
Harris County-Houston Sports Authority, 0.00%, 11/15/2025 (e) | | 500,000 | | | 481,710 | |
| Houston Higher Education Finance Corp., 3.38%, 10/01/2037 (Callable 11/01/2024) | | 200,000 | | | 176,778 | |
| Kendall County Water Control & Improvement District No 2A, 5.00%, 09/01/2046 (Callable 11/01/2030) | | 510,000 | | | 534,954 | |
| Matagorda County Navigation District No 1 |
| 4.40%, 05/01/2030 | | 70,000 | | | 74,078 | |
4.55%, 05/01/2030 (c) | | 1,000,000 | | | 1,058,007 | |
| Mckinney Municipal Utility District No 1, 3.38%, 09/01/2034 (Callable 05/01/2030) | | 260,000 | | | 254,989 | |
| Montgomery County Municipal Utility District No 88, 4.25%, 09/01/2047 (Callable 09/01/2029) | | 500,000 | | | 486,080 | |
| Needville Independent School District, 4.25%, 08/15/2053 (Callable 08/15/2031) | | 1,000,000 | | | 1,003,617 | |
New Caney Independent School District, 4.00%, 02/15/2050 (a) | | 500,000 | | | 516,231 | |
| North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026 | | 340,000 | | | 350,668 | |
| North Texas Tollway Authority |
0.00%, 01/01/2035 (e) | | 600,000 | | | 425,244 | |
0.00%, 01/01/2036 (e) | | 335,000 | | | 228,127 | |
0.00%, 01/01/2037 (e) | | 1,000,000 | | | 653,091 | |
| Northwest Harris County Municipal Utility District No 5/TX, 2.50%, 05/01/2028 (Callable 11/01/2024) | | 350,000 | | | 341,259 | |
| Pecos Barstow Toyah Independent School District, 5.00%, 02/15/2042 (Callable 02/15/2026) | | 1,000,000 | | | 1,019,092 | |
Port of Port Arthur Navigation District, 3.00%, 04/01/2040 (Callable 10/01/2024) (a) | | 1,000,000 | | | 1,000,000 | |
| Rio Grande City Consolidated Independent School District, 3.00%, 08/15/2034 (Callable 08/15/2030) | | 250,000 | | | 245,675 | |
San Antonio Water System, 2.85%, 05/01/2054 (Callable 10/01/2024) (a) | | 1,000,000 | | | 1,000,000 | |
| Slidell Independent School District, 4.38%, 08/15/2053 (Callable 08/15/2032) | | 1,000,000 | | | 1,032,299 | |
| Tarrant County Cultural Education Facilities Finance Corp. |
| 2.25%, 11/15/2025 | | 150,000 | | | 146,842 | |
| 5.00%, 11/15/2027 (Callable 11/15/2026) | | 510,000 | | | 520,095 | |
| Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | | 250,000 | | | 253,203 | |
| Texas Department of Housing & Community Affairs, 3.75%, 09/01/2049 (Callable 09/01/2028) | | 655,000 | | | 604,562 | |
Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2033) (a) | | 500,000 | | | 568,550 | |
| Texas Municipal Gas Acquisition and Supply Corp. I, 6.25%, 12/15/2026 | | 50,000 | | | 51,707 | |
| Texas Municipal Gas Acquisition and Supply Corp. II, 4.35% (3 mo. Term SOFR + 1.05%), 09/15/2027 | | 145,000 | | | 145,556 | |
| Texas Public Finance Authority |
| 5.25%, 05/01/2041 (Callable 05/01/2033) | | 500,000 | | | 549,904 | |
| 5.25%, 05/01/2042 (Callable 05/01/2033) | | 750,000 | | | 821,598 | |
| Texas State Affordable Housing Corp., 6.00%, 09/01/2054 (Callable 03/01/2034) | | 1,000,000 | | | 1,119,614 | |
| Viridian Municipal Management District |
| 5.00%, 12/01/2037 (Callable 12/01/2029) | | 150,000 | | | 159,894 | |
| 5.00%, 12/01/2045 (Callable 12/01/2029) | | 200,000 | | | 207,397 | |
| 6.25%, 12/01/2049 (Callable 12/01/2029) | | 375,000 | | | 391,972 | |
| | | | 34,941,853 | |
| | | | | | | | |
| Utah - 1.3% |
City of Salt Lake City UT Airport Revenue, 5.00%, 07/01/2034 (Callable 07/01/2027) (c) | | 500,000 | | | 518,669 | |
County of Emery UT, 3.75%, 11/01/2024 (Callable 10/01/2024) (a) | | 500,000 | | | 500,000 | |
| Utah Housing Corp. |
| 4.50%, 10/21/2052 | | 1,421,143 | | | 1,396,589 | |
| 6.00%, 12/21/2052 | | 677,269 | | | 710,863 | |
| 6.50%, 05/21/2053 | | 450,747 | | | 477,269 | |
| | | | 3,603,390 | |
| | | | | | | | |
| Vermont - 0.2% |
Vermont Student Assistance Corp., 5.00%, 06/15/2026 (c) | | 500,000 | | | 513,526 | |
| | | | | | | | |
| Virginia - 1.4% |
Arlington County Industrial Development Authority, 5.00%, 07/01/2053 (Callable 07/01/2030) (a) | | 1,000,000 | | | 1,095,442 | |
| Chesapeake Bay Bridge & Tunnel District, 5.50%, 07/01/2025 | | 350,000 | | | 356,709 | |
| Farmville Industrial Development Authority, 5.38%, 07/01/2053 (Callable 07/01/2028) | | 150,000 | | | 160,639 | |
| Loudoun County Economic Development Authority, 3.00%, 12/01/2036 (Callable 12/01/2029) | | 475,000 | | | 453,158 | |
Louisa Industrial Development Authority, 3.65%, 11/01/2035 (a) | | 1,150,000 | | | 1,177,031 | |
| Virginia Small Business Financing Authority, 5.25%, 10/01/2029 (Callable 11/01/2024) | | 520,000 | | | 520,522 | |
| | | | 3,763,501 | |
| | | | | | | | |
| Washington - 3.2% |
| City of Lynnwood WA, 4.75%, 12/01/2042 (Callable 12/01/2032) | | 435,000 | | | 469,668 | |
| King County Housing Authority, 4.00%, 11/01/2036 (Callable 11/01/2029) | | 600,000 | | | 602,638 | |
| Pend Oreille County Public Utility District No 1 Box Canyon, 5.00%, 01/01/2038 (Callable 01/01/2029) | | 150,000 | | | 156,752 | |
| Port of Bellingham WA |
5.00%, 12/01/2027 (c) | | 325,000 | | | 339,931 | |
5.00%, 12/01/2030 (c) | | 230,000 | | | 247,025 | |
5.00%, 12/01/2031 (c) | | 600,000 | | | 648,146 | |
Port of Seattle WA, 5.25%, 07/01/2042 (Callable 07/01/2034) (c) | | 1,500,000 | | | 1,658,522 | |
| Snohomish County Housing Authority, 4.00%, 04/01/2033 (Callable 04/01/2031) | | 500,000 | | | 512,407 | |
| State of Washington, 5.00%, 02/01/2045 (Callable 02/01/2033) | | 1,000,000 | | | 1,105,673 | |
| Washington Health Care Facilities Authority |
| 4.55% (SIFMA Municipal Swap Index + 1.40%), 01/01/2035 (Callable 11/01/2024) | | 90,000 | | | 90,043 | |
| 5.00%, 08/15/2037 (Callable 08/15/2027) | | 1,025,000 | | | 1,045,305 | |
| 5.00%, 08/15/2037 (Callable 02/15/2028) | | 300,000 | | | 313,239 | |
| 5.00%, 08/01/2049 (Callable 08/01/2029) | | 250,000 | | | 259,085 | |
| Washington State Housing Finance Commission, 4.08%, 03/20/2040 | | 1,000,000 | | | 993,337 | |
| | | | 8,441,771 | |
| | | | | | | | |
| Wisconsin - 5.7% |
| Boscobel Area School District, 5.00%, 03/01/2038 (Callable 03/01/2031) | | 735,000 | | | 802,320 | |
| City of Arcadia WI, 2.00%, 03/01/2027 (Callable 11/01/2024) | | 365,000 | | | 348,093 | |
| City of Wausau WI Sewer System Revenue, 2.75%, 05/01/2039 (Callable 05/01/2027) | | 860,000 | | | 693,051 | |
| County of Waushara WI, 4.50%, 06/01/2027 (Callable 06/01/2025) | | 500,000 | | | 506,090 | |
| Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | | 1,000,000 | | | 1,025,201 | |
| Howard-Suamico School District/WI, 1.63%, 03/01/2031 (Callable 03/01/2028) | | 750,000 | | | 653,979 | |
| Palmyra-Eagle Area School District/WI, 3.00%, 03/01/2025 (Callable 11/01/2024) | | 75,000 | | | 74,425 | |
| Public Finance Authority |
5.00%, 05/15/2026 (Callable 05/15/2025) (b) | | 250,000 | | | 251,611 | |
5.00%, 10/01/2028 (b) | | 650,000 | | | 673,011 | |
9.00%, 11/01/2028 (Callable 11/01/2027) (b) | | 275,000 | | | 289,405 | |
| 3.25%, 01/01/2029 | | 460,000 | | | 447,189 | |
0.00%, 09/01/2029 (Callable 09/01/2026) (b)(e) | | 750,000 | | | 534,040 | |
6.13%, 12/15/2029 (Callable 12/15/2027) (b) | | 500,000 | | | 502,730 | |
| 5.00%, 01/01/2031 (Callable 01/01/2030) | | 550,000 | | | 588,513 | |
| 5.00%, 01/01/2036 (Callable 01/01/2030) | | 500,000 | | | 531,175 | |
| 5.00%, 10/01/2044 (Callable 04/01/2029) | | 250,000 | | | 260,811 | |
| 4.00%, 01/01/2046 (Callable 01/01/2027) | | 1,000,000 | | | 870,914 | |
3.30%, 10/01/2046 (a) | | 445,000 | | | 446,104 | |
| Village of Kewaskum WI |
| 4.25%, 04/01/2037 (Callable 04/01/2033) | | 645,000 | | | 641,983 | |
| 4.38%, 04/01/2038 (Callable 04/01/2033) | | 645,000 | | | 645,908 | |
| Westosha Central High School District, 1.60%, 03/01/2031 (Callable 03/01/2028) | | 400,000 | | | 341,428 | |
Wisconsin Center District, 0.00%, 12/15/2038 (Callable 12/15/2030) (e) | | 755,000 | | | 429,149 | |
| Wisconsin Health & Educational Facilities Authority |
5.00%, 08/01/2027 (Callable 07/01/2026) (b) | | 1,000,000 | | | 1,028,183 | |
| 5.00%, 03/01/2028 (Callable 10/22/2024) | | 300,000 | | | 299,206 | |
| 5.45%, 10/01/2039 (Callable 10/01/2032) | | 500,000 | | | 523,873 | |
| 6.00%, 10/01/2044 (Callable 10/01/2032) | | 500,000 | | | 530,405 | |
| 5.50%, 12/01/2052 (Callable 12/01/2032) | | 250,000 | | | 279,760 | |
Wisconsin Housing & Economic Development Authority, 3.50%, 07/01/2025 (b) | | 25,000 | | | 24,693 | |
| Wisconsin Housing & Economic Development Authority Housing Revenue, 2.45%, 11/01/2046 (Callable 05/01/2030) | | 1,500,000 | | | 1,085,788 | |
| | | | 15,329,038 | |
| | | | | | | | |
| Wyoming - 0.2% |
| Carbon County Specific Purpose Tax Joint Powers Board, 5.00%, 06/15/2025 | | 100,000 | | | 101,189 | |
| Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 06/15/2025) | | 500,000 | | | 501,471 | |
| | | | 602,660 | |
TOTAL MUNICIPAL BONDS (Cost $262,076,592) | | | 267,530,425 | |
| | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.9% | | | | | |
| Money Market Funds - 0.9% | | Shares | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.25% (f) | | 2,320,391 | | | 2,320,391 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,320,391) | | | 2,320,391 | |
| | | | | | | | |
TOTAL INVESTMENTS - 100.9% (Cost $264,396,983) | | | 269,850,816 | |
| Liabilities in Excess of Other Assets - (0.9)% | | | (2,489,240) | |
| TOTAL NET ASSETS - 100.0% | | | |
| $ | 267,361,576 | |
| | | | |
Percentages are stated as a percent of net assets. | | | |
Baird Municipal Bond Fund 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 September 30, 2024:
